Northbound funds | Northern capital's net sales reached 5.287 billion, with Northern capital noticeably adjusting its holdings by selling off technology stocks and continuing to offload chip stocks.

On December 12th, in the Hong Kong stock market, the net selling by institutional investors from the north totaled 5.287 billion Hong Kong dollars. Among them, the Shanghai-Hong Kong Stock Connect had a net selling of 6.595 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect had a net buying of 1.309 billion Hong Kong dollars. The top stocks with net buying by institutional investors from the north were MEITUAN-W (03690), XIAOMI-W (01810), and BEKE-W (02423). The top stocks with net selling by institutional investors from the north were BABA-W (09988), Tencent (00700), and HUA HONG SEMI (01347). Active trading stocks through the Shanghai-Hong Kong Stock Connect were... Active trading stocks through the Shenzhen-Hong Kong Stock Connect were... MEITUAN-W (03690) had a net buying of 2.481 billion Hong Kong dollars, while Alibaba (09988) had a net selling of 3.368 billion Hong Kong dollars. On the news front, Morgan Stanley pointed out that with the recent issuance of the "Basic Requirements for Online Platform Services Management" by the State Administration of Market Regulation, competition in the online delivery sector is expected to peak in the third quarter, with Alibaba and Meituan both committing to ensure rational competition within the industry. Morgan Stanley expects competition to gradually slow down starting from the fourth quarter. XIAOMI-W (01810) had a net buying of 2.361 billion Hong Kong dollars. In terms of news, Changjiang released a research report stating that with the expansion of the brand and continuous expansion of the company's offline channels, the company's high-end process in smartphones has achieved significant results, IoT business has grown rapidly, car production capacity has quickly increased, all businesses are entering the fast lane, and the company's adjusted net profits attributable to shareholders are expected to be 44.6 billion, 51.5 billion, and 62.2 billion yuan in 2025-2027, maintaining a "buy" rating. BEKE-W (02423) had a net buying of 996 million Hong Kong dollars. In terms of news, Sinolink recently issued a research report, stating that Beike is currently affected by the real estate market conditions this year, and a decline in revenue and profits is inevitable. However, with AI technology empowerment and cost control, the company has demonstrated strong alpha capabilities, far exceeding the broader market. The firm is optimistic about the sustained profit release of Beike's non-real estate transactions. KUAISHOU-W (01024) had a net buying of 598 million Hong Kong dollars. In terms of news, Dahua Jiuxian reported that it is expected that Kuaishou's revenue contribution from AI in 2026 will exceed expectations, as it continues to focus on user growth rather than profitability. The firm believes that Kuaishou's strong performance in monetization will form a moat in the competitive environment. They maintain a "buy" rating on Kuaishou with a target price of 88 Hong Kong dollars. ZTE Corporation (00763) had a net selling of 156 million Hong Kong dollars. In terms of news, ZTE Corporation plans to use its own funds of 1-1.2 billion yuan to repurchase company stocks. The company announced yesterday that it is aware of recent news reports regarding compliance investigations under the US Foreign Corrupt Practices Act. The company is communicating with the US Department of Justice on related matters and will resolutely defend its rights through legal means. Semiconductor Manufacturing International Corporation (00981) and HUA HONG SEMI (01347) had a net selling of 578 million and 735 million Hong Kong dollars respectively. In terms of news, Trump previously stated on social media that the US government will allow NVIDIA to sell H200 AI chips to China. Trump stated that the US Department of Commerce is finalizing the details of the arrangement, which will also apply to other AI chip companies such as AMD and Intel. In addition, China Mobile Limited (00941), CNOOC Limited (00883), and Tencent (00700) had a net selling of 67.13 million, 467 million, and 996 million Hong Kong dollars respectively.