The Zhitong Finance App learned that on March 27, the Hong Kong Stock Exchange had a net purchase of HK$6.563 billion, of which the Hong Kong Stock Connect (Shanghai) transaction made a net purchase of HK$3,876 billion and the Hong Kong Stock Connect (Shenzhen) transaction made a net purchase of HK$2,688 billion.

The individual stocks that Beishui Net bought the most were Tencent (00700), Yingfu Fund (02800), and Bank of China (03988). The individual stocks sold the most by Beishui Net were Yankuang Energy (01171), SMIC (00981), and CNOOC (00883).

Hong Kong Stock Connect (Shanghai) actively traded stocks

Hong Kong Stock Connect (Shenzhen) actively traded stocks

Tencent (00700) received a net purchase of HK$876 million. According to the news, Tencent Holdings announced that it would spend HK$1.02 billion to repurchase 3.29 million shares on March 27. According to the announcement, since March 22, Tencent has repurchased shares for four consecutive trading days, involving a total capital of about HK$4.07 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. Huachuang Securities believes that Tencent's 100 billion repurchase plan is expected to offset shareholders' financial pressure to reduce their holdings.

Yingfu Fund (02800) received a net purchase of HK$851 million. According to the news, Guoyuan International pointed out that the Hang Seng Index fell again last week, which means that the previous recovery was still only due to external short-term factors. Lack of long-term upward momentum is still a problem that Hong Kong stocks need to solve. Until the fundamental support problem is resolved, Hong Kong stocks will still face the possibility of fluctuating and falling in the medium term. CICC said that high-frequency data for March showed that the economy was weak. Further policy support remains critical in this environment.

Beishui Capital continues to increase its domestic bank stock positions. Bank of China (03988) and China Construction Bank (00939) received net purchases of HK$509 million and HK$212 million respectively. According to the news, GF Securities said that bank stocks fluctuated reasonably at the end of the quarter. From the perspective of asset allocation, the demand for allocation at the beginning of the quarter still exists, and the logic of asset shortage will restart again. The adjustments at the end of the quarter have opened up some space for reallocation at the beginning of the 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.

China Mobile (00941) received a net purchase of HK$211 million. According to the news, Changjiang Securities pointed out that in 2023, China Mobile's revenue broke through the trillion mark, and profits reached another record high. In terms of traditional business, ARPU has achieved steady growth on the basis of maintaining a steady increase in the number of users; mobile cloud is growing rapidly, and revenue is expected to exceed 100 billion dollars in 24 years. The slight decline in CAPEX guidance will increase investment in computing power and capacity. The guidelines for 2024 are clear. The goal is to achieve good revenue and profit growth, and ARPU continues to grow steadily. With the implementation of the new dividend payment guidelines, the dividend payout ratio will be further increased.

Pharmaceutical Biotech (02269) received a net purchase of HK$101 million. According to the news, Yao Ming Biotech announced its annual results, with revenue of RMB 17.034 billion, an increase of 11.6% over the previous year; the company owner should account for a net profit of 3.4 billion yuan. Notably, the company's business rebounded significantly in the second half of 2023. The number of comprehensive projects increased from 588 in the same period last year to 698 as of December 31, 2023, including 132 new integrated projects and a record for the number of new non-COVID-19 projects added each year.

SMIC (00981) had a net sale of HK$124 million. Semiconductor Shanghai plans to transfer approximately 228.8 million shares of Jiangsu Changdian Technology Co., Ltd. in circulation with unlimited sales conditions to Panshi Hong Kong or its related parties at a price of 29.00 yuan/share. The total transfer price is approximately RMB 6.636 billion. The underlying shares account for 12.79% of the total number of shares issued by Changdian Technology. After the transaction is completed, Semiconductor Shanghai will no longer hold any shares in Changdian Technology. Based on this transaction, the company is expected to generate unaudited pre-tax revenue of approximately $1,245 million.

Yankuang Energy (01171) had a net sale of HK$142 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.

Additionally, Xiaomi Group-W (01810) received a net purchase of HK$430 million. Meanwhile, CNOOC (00883) had a net sale of HK$22.67 million.