The Zhitong Finance App learned that on March 26, the Hong Kong Stock Exchange had a net purchase of HK$4,527 billion, of which Hong Kong Stock Connect (Shanghai) had a net purchase of HK$2,436 billion and the Hong Kong Stock Connect (Shenzhen) transaction made a net purchase of HK$2.09 billion.

The individual stocks that Beishui Net bought the most were Southern Hang Seng Technology (03033), Tencent (00700), and Xiaomi Group-W (01810). The individual stocks sold the most by Beishui Net were Yankuang Energy (01171) and HSBC Holdings (00005).

Hong Kong Stock Connect (Shanghai) actively traded stocks

Hong Kong Stock Connect (Shenzhen) actively traded stocks

Southern Hang Seng Technology (03033) received a net purchase of HK$819 million. According to the news, Haitong Securities pointed out that for the Hong Kong stock Internet sector, the domestic economy, the Federal Reserve's interest rate hike, etc. are still the current core macro-variables. It is expected that with subsequent economic improvements, optimization of the competitive landscape, and the continued release of cost reduction and efficiency, the revenue and profit side of various companies are expected to gradually pick up, and a new round of industrial revolution brought about by superimposed AI is expected to spawn new growth points. Furthermore, Internet companies continue to increase repurchases, demonstrating market confidence.

Tencent (00700) received a net purchase of HK$445 million. According to the news, according to Tencent's announcement, the company has repurchased for 2 consecutive days, with a total repurchase of 6.96 million shares, with a cumulative repurchase amount of HK$2.02 billion. According to reports, Tencent previously announced that the repurchase scale will at least double in 2024, from HK$49 billion in 2023 to over HK$100 billion in 2024. Zheshang Securities believes that the fundamentals of Tencent's performance in '24 are expected to be greatly boosted. Mainly due to strong core business, stock focus on effective operation, new travel star product registration, and rising game business growth; focusing on high-quality growth, video numbers and small games drive continuous improvement in revenue structure, which is expected to further increase profits in line with the company's cost reduction and efficiency.

Petroleum stocks received additional domestic investment, and CNPC (00857) and CNOOC (00883) received net purchases of HK$241 million and HK$68 million respectively. According to the news, CNPC announced its annual results. In 2023, revenue was 3011.012 billion yuan, down 7.04% year on year; net profit was 161,144 billion yuan, up 8.34% year on year. CICC expects that the global oil market may face a supply gap of around 640,000 b/d in 2024. It is expected that the Brent oil price center may move up to 90 US dollars/barrel to 95 US dollars/barrel in the second half of 2024. The risk of rising oil prices during the year may still outweigh the downside risk.

Beishui Capital re-increased its domestic bank stock positions. Bank of China (03988) and Industrial and Commercial Bank (01398) received net purchases of HK$218 million and HK$86.03 million respectively. According to the news, the LPR for the March two terms remained unchanged, in line with the MFL interest rate unchanged this month, which will help ease the downward pressure on bank interest spreads and enhance the steady development of the banking system. Analysts say MLF interest rates are likely to be lowered in the second quarter. Furthermore, CICC believes that high dividends are still the main line for banks to invest in high dividends, and it is recommended to pay attention to major state-owned banks with high discounts on H shares, such as CCB and Bank of China.

Ideal Automobile-W (02015) received a net purchase of HK$182 million. According to the news, Morgan Stanley published a report stating that the ideal guidance for the first quarter of this year is weak. Most investors expect that the second quarter will also perform flat. It is expected that when market demand and future visibility such as the commissioning of new models increase, it will be an important favorable factor for stock prices. The bank said that after entering the peak season of the industry, the launch of the company's new models can drive sales growth, and the downside is relatively limited. And potential policy support was also a catalyst for the second quarter.

China Mobile (00941) received a net purchase of HK$155 million. According to the news, China Mobile announced the results. Annual revenue reached 1009.3 billion yuan, up 7.7% year on year. Among them, main business revenue reached 863.5 billion yuan, up 6.3% year on year, higher than the industry average growth rate. Net profit attributable to mother was $131.8 billion, up 5.0% year over year. CITIC Construction Investment pointed out that the overall view is improving the quality of the company's operations and optimizing the revenue structure. The company increases investment in R&D and accelerates the optimization of the layout of the science and innovation system. The inflection point of the company's capital expenditure has arrived. It is expected that capital expenditure will decline steadily before 6G investment. Combined with depreciation and amortization period adjustments, cash flow is expected to improve further. The company announced that it will continue to increase its dividend payout ratio, and dividend returns are substantial.

Yankuang Energy (01171) had a net sale of HK$176 million. According to the news, Guotai Junan pointed out that in the short term, the supply-side production of thermal coal may resume faster than the recovery rate of non-electricity demand. It is expected that this round of price decline may bottom out around mid-April. In terms of coking coal, in a context where demand for steel is still falling, prices are still expected to drop in the 7th round or even the 8th round of price cuts, but considering the current situation where coke companies have overall losses and an operating rate of less than 50%, the price is expected to be close to the bottom of the market.