On November 9, southbound trading in the Hong Kong stock market recorded a net inflow of HK$1.856 billion. Of that total, the Shanghai Stock Connect leg contributed a net inflow of HK$1.049 billion, while the Shenzhen Stock Connect leg added HK$807 million.
The stocks with the largest southbound net buying were Meituan-W (03690), China Mobile (00941), and CNOOC (00883). The stocks with the largest southbound net selling were Tencent (00700), Hua Hong Semiconductor (01347), and Yangtze Optical Fibre and Cable (06869).
Internet stocks showed divergence: Meituan-W (03690) and Alibaba-W (09988) attracted net buying of HK$591 million and HK$12.61 million respectively, while Tencent (00700) saw a net outflow of HK$322 million. Morningstar recently noted in a research report that Chinese chipmakers are currently benefiting from rising AI capital expenditure, but over the longer term, internet companies will be the ultimate beneficiaries. It named Tencent and Alibaba as top picks, pointing out that their existing businesses generate profits, and if AI adoption or monetization progresses slower than expected, their operating conditions should remain relatively resilient, while AI also supports the development of their internet, advertising, and gaming businesses.
China Mobile (00941) received net buying of HK$241 million. China Mobile held its 2026 Mobile Network Conference in Guangzhou from November 5 to 7, clearly shifting toward integrated communications, computing power, and intelligent infrastructure, with AI infrastructure becoming a clear investment priority. China Mobile expects total procurement and investment in 2027 to exceed RMB 500 billion, including more than RMB 100 billion in computing power investment and more than RMB 100 billion in terminal procurement.
CNOOC (00883) received net buying of HK$199 million. CNOOC reported attributable net profit of RMB 119.118 billion for the first three quarters, up 16.8% year on year; third-quarter attributable net profit was RMB 33.300 billion, up 2.7% year on year. Hua An Securities noted that impairments in the third quarter of 2026 weighed on results, while its cost competitiveness was reinforced. Oil prices rose sharply year on year, and oil and gas sales revenue reached a record high for the same period. The company is actively advancing new project start-ups and continues to increase reserves and production.
UBTech Robotics (09880) received net buying of HK$75.57 million. Recently, at the 7th World Media Summit forum on artificial intelligence and Chinese-style modernization, the world's first bionic humanoid robot news anchor was officially unveiled. The bionic humanoid robot news anchors, named "Xinyan" and "Xinyu," were jointly developed by Xinhua News Agency and UBTech Robotics, with Chinese director Zhang Yimou serving as chief designer of their image, created for news broadcasting scenarios.
SMIC (00981) received net buying of HK$46.98 million, while Hua Hong Semiconductor (01347) saw a net outflow of HK$73.90 million. Hua Hong Semiconductor reported third-quarter revenue of RMB 6.706 billion, up 13.95% year on year; attributable net profit was RMB 835 million, up 136.14% year on year. The announcement showed third-quarter depreciation and amortization of US$265.8 million, up about 31% year on year; the gross margin improvement was mainly due to higher average selling prices, but the announcement explicitly mentioned that this was "partially offset by higher depreciation costs."
In addition, Xiaomi Group-W (01810) and Zhongji Innolight (03308) received net buying of HK$98.87 million and HK$40.44 million respectively. Meanwhile, Yangtze Optical Fibre and Cable (06869) and Kingboard Laminates (01888) saw net outflows of HK$49.96 million and HK$12.46 million respectively.
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