On September 30 in the Hong Kong stock market, southbound trading recorded a net buy of HK$6.864 billion. Among this, the Shanghai Stock Connect southbound leg saw a net buy of HK$5.094 billion, while the Shenzhen Stock Connect southbound leg recorded a net buy of HK$1.769 billion.
The stocks with the largest southbound net buying were Tencent (00700), CNOOC (00883), and China Resources Land (01109). The stocks with the largest southbound net selling were SMIC (00981), Genscript Biotech (01548), and Yangtze Optical Fibre and Cable (06869).
Active southbound stocks under Shanghai Stock Connect. Active southbound stocks under Shenzhen Stock Connect.
Tencent (00700) received a net buy of HK$1.406 billion. Morningstar believes that Muse topping the US iOS App Store chart sends a positive signal of strong consumer demand for AI agents, although users' willingness to pay has yet to be verified. Morningstar noted that Muse's success has not changed its earnings forecasts for Tencent, but it challenges a prior market assumption that Tencent's AI agent business has negligible or even negative economic value — a view that has driven Tencent's share price down nearly 30% so far this year.
CNOOC (00883) received a net buy of HK$339 million. Bank of America recently raised its forecast for the average Brent crude oil price in the second half of 2026 from US$83 per barrel to US$95 per barrel, mainly factoring in persistent geopolitical tensions and restricted shipping through the Strait of Hormuz. Bank of America believes that if related disruptions continue into next year, nearby Brent contracts still carry further upside risk.
China Resources Land (01109) received a net buy of HK$253 million. The Ministry of Finance, the People's Bank of China, and the National Financial Regulatory Administration made clear that a mortgage interest subsidy policy for residential home purchases will take effect from October 1. CLSA said the mortgage interest subsidy in China is a positive surprise, but its intensity is smaller than market expectations, and mainland property stocks may digest the gains from the past two days in the near term. The brokerage remains bullish on a faster rebound in tier-one city home prices around November and a recovery in the property market after the Lunar New Year.
Alibaba-W (09988) received a net buy of HK$203 million. Alibaba fully showcased its end-to-end full-stack AI capabilities at the Yunqi Conference, targeting more than 20GW of global data center capacity in operation by 2032. BOCI issued a report maintaining a "Buy" rating but lowering its target price from HK$195 to HK$166. The brokerage raised its capital expenditure estimates for Alibaba's fiscal years 2027 and 2028 to approximately RMB230 billion and RMB250 billion, and cut its adjusted earnings per share forecasts for fiscal years 2027, 2028, and 2029 by 9.6%, 5.6%, and 0.8%, respectively.
WuXi Biologics (02269) received a net buy of HK$178 million. Caitong Securities said the transmission chain for AI drug discovery has entered a positive cycle, with a model of accelerating design, validating through wet-lab experiments, and feeding results back into AI model iteration now initially established, benefiting upstream segments such as protein synthesis and preclinical CRO first.
MINIMAX-W (00100) received a net buy of HK$166 million. MiniMax publicly beta-tested its text model M3.1-Flash-Preview. The model supports native multimodality and a million-token context, and can complete bug fixes and full feature development, improve regression testing, and form a development loop from issue identification to delivery. The model was immediately linked to the recently popular anonymous model Space Bunny.
Kingboard Laminates (01888) received a net buy of HK$77.08 million. Citi released a research report stating that amid a continued shortage of AI materials, Kingboard Laminates has upside room in earnings, assigning a "Buy/High Risk" rating with a target price of HK$95. The brokerage believes Kingboard Laminates can still leverage its high quality and vertical integration advantages to obtain AI-CCL test certifications from Chinese and US GPU and CSP companies.
In addition, CIG Shanghai (06166) received a net buy of HK$103 million, while SMIC (00981), Genscript Biotech (01548), and Yangtze Optical Fibre and Cable (06869) were net sold HK$971 million, HK$53.42 million, and HK$7.72 million, respectively.
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