On February 24, the Hong Kong stock market saw a net inflow of HK$3.131 billion from northbound capital. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net purchase of HK$960 million, while the Shenzhen-Hong Kong Stock Connect recorded a net purchase of HK$2.17 billion. The top stocks receiving net northbound inflows were the Southern Hang Seng Tech ETF (03033), Meituan-W (03690), and Xiaomi Group-W (01810). In contrast, the largest net outflows were observed in CNOOC (00883), Tencent (00700), and Alibaba-W (09988).
The Southern Hang Seng Tech ETF (03033) attracted a net purchase of HK$1.584 billion. Analysts at Galaxy Securities noted that Hong Kong’s technology sector remains a key long-term investment theme. Following recent adjustments, valuation pressures have eased. With rapid advancements in AI models and accelerating application deployment, the sector is poised for a rebound. Similarly, Kaiyuan Securities emphasized that Hong Kong tech valuations remain relatively manageable, and with moderate AI investments by domestic internet firms, sector differentiation should be contained, reinforcing the "technology-first" strategy.
Meituan-W (03690) received a net inflow of HK$687 million. The company’s 2026 Spring Festival consumption report revealed a 79% year-on-year increase in group travel and vacation spending during the holiday period, with families emerging as a major driver of cultural and tourism consumption. This year, Meituan users visited an average of 2.2 cities per person, and the number of travelers visiting multiple cities rose by 50% compared to the previous year. Bookings for family tickets surged by 76%, highlighting a growing trend of multi-generational travel.
Xiaomi Group-W (01810) saw a net purchase of HK$437 million. Lei Jun, Chairman and CEO of Xiaomi Group, announced that the company plans to focus over the next five years on core technologies such as chips, artificial intelligence, and operating systems, advancing toward its goal of becoming a global leader in cutting-edge technology.
UBTECH Robotics (09880) attracted a net inflow of HK$242 million. Soochow Securities highlighted that significant improvements in robotic core capabilities were key to the renewed prominence of robotics at the Spring Festival Gala and essential for transitioning robots from laboratory settings to industrial applications. Between 2021 and 2025, the robotics industry chain completed its initial development phase. Looking ahead to 2026, Tesla and leading domestic companies are expected to begin large-scale production, marking a new chapter of expansion. Investment focus is likely to narrow to leading players with proven mass-production capabilities and supply chain integration.
SMIC (00981) received a net purchase of HK$220 million. The company has signaled a positive outlook for 2026, projecting that its annual revenue growth will exceed the industry average. Capital expenditures are expected to remain largely stable compared to 2025, with a steady pace of capacity expansion. In 2025, SMIC’s capital expenditure reached $8.1 billion, adding approximately 50,000 12-inch wafer capacity per month. For 2026, the company plans to further increase monthly capacity by an equivalent of 40,000 12-inch wafers.
CNOOC (00883) experienced a net outflow of HK$99.89 million. Geopolitical risks remain elevated. Shenyin & Wanguo Futures pointed out that future market attention will focus on whether the U.S. implements military strikes and the scale of such actions. If strikes are limited, similar to the July nuclear facility attacks, the impact on global oil markets may be modest, with prices likely returning to fundamentals after a brief spike. However, should the U.S. launch an offensive aimed at regime change in Iran, prolonged or expanded conflict could trigger a significant surge in oil prices.
Additionally, Kuaishou-W (01024) and Changfei Optical Fiber & Cable (06869) recorded net inflows of HK$304 million and HK$86.14 million, respectively. Meanwhile, Tencent (00700) and Alibaba-W (09988) saw net outflows of HK$86.77 million and HK$69.01 million.
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