On October 27, the Hong Kong stock market saw net northbound capital inflows of HK$2.87 billion, with the Shanghai-Hong Kong Stock Connect recording net purchases of HK$1.65 billion and the Shenzhen-Hong Kong Stock Connect at HK$1.23 billion. The top net buys were SMIC (00981), Tencent (00700), and HUA HONG SEMI (01347), while the largest net sells were BABA-W (09988), Li Auto-W (02015), and Xiaomi Group-W (01810).

Northbound capital aggressively piled into chip stocks, with SMIC (00981) and HUA HONG SEMI (01347) attracting net inflows of HK$1.14 billion and HK$986 million, respectively. Market sentiment was buoyed by the Fourth Plenum’s emphasis on high-quality development and technological self-reliance in the "15th Five-Year Plan." Analysts highlight robust demand for AI computing power, driving expansion in logic and memory chip production, with etching and thin-film deposition equipment in high demand. Long-term prospects for domestic substitution remain strong under China’s tech self-sufficiency strategy.

Tencent (00700) saw net inflows of HK$1.03 billion, supported by steady Q3 mobile gaming growth, with domestic revenue up nearly 15% year-on-year, led by titles like *Honor of Kings* and *Peacekeeper Elite*. Morgan Stanley forecasts a 13% YoY revenue rise for the quarter.

CNOOC (00883) gained HK$544 million in net buys amid geopolitical tensions, as the U.S. imposed sanctions on Russian oil giants Rosneft and Lukoil. Analysts expect volatile crude markets but note rising demand for high-dividend assets, with "Big Three" Chinese oil firms offering attractive yields at $65/bbl.

Pop Mart (09992) surged with HK$489 million in net purchases after Q3 sales growth of 245–250%, far exceeding expectations. Morgan Stanley cited strong performance across all regions, while CICC raised profit forecasts citing overseas seasonal demand.

UBTech (09880) secured HK$198 million in net buys after winning a RMB126 million robotics contract, bringing its 2025 Walker series orders to over RMB630 million. Analysts remain bullish on its accelerating product iteration and large-scale orders.

BABA-W (09988) faced net outflows of HK$1.98 billion as Goldman Sachs projected its capital expenditure to hit RMB460 billion, exceeding prior targets due to surging AI inference demand. The firm is doubling down on enterprise AI cloud investments.

Other notable moves included net buys for ZTE (00763) and Horizon Robotics-W (09660), while Li Auto-W (02015) and Xiaomi Group-W (01810) saw net sells of HK$812 million and HK$117 million, respectively.