Northbound capital recorded a net purchase of HK$3.34 billion in the Hong Kong stock market on March 26. Specifically, the Shanghai-Hong Kong Stock Connect saw a net inflow of HK$3.708 billion, while the Shenzhen-Hong Kong Stock Connect recorded a net outflow of HK$369 million. The stocks with the highest net purchases by northbound capital were the Tracker Fund (02800), CNOOC (00883), and Kuaishou-W (01024). The stocks with the highest net sales were Alibaba-W (09988), SMIC (00981), and China Mobile (00941).

Domestic investors continued to increase their holdings in Hong Kong-listed ETFs. The Tracker Fund (02800) and the CSOP Hang Seng Tech Index ETF (03033) received net inflows of HK$1.376 billion and HK$331 million, respectively. Analysts note that sustained high oil prices could further delay a Federal Reserve policy pivot, increasing global liquidity pressures and posing continued headwinds for emerging market risk assets like Hong Kong stocks. However, Hong Kong equities are seen as possessing relative resilience among non-US assets due to their valuation discount, high dividend characteristics, and support from southbound capital.

CNOOC (00883) attracted net buying of HK$1.098 billion. The company reported its annual results after the market close, with full-year attributable net profit reaching 122.1 billion yuan, a decrease of 1.15% year-on-year, which was better than the performance of international oil prices during the same period. The company achieved record highs in both reserves and production for 2025, with net proved reserves of 7.77 billion barrels of oil equivalent, up 6.9% year-on-year. Full-year net oil and gas production reached 777 million barrels of oil equivalent, an increase of 7%, with natural gas production exceeding one trillion cubic feet for the first time, surging 11.6% year-on-year.

Kuaishou-W (01024) saw net purchases of HK$910 million. The company's CFO, Jin Bing, stated that the group's total capital expenditure for 2026 is projected to reach approximately 26 billion yuan, representing an increase of 11 billion yuan from 2025. Meanwhile, Cheng Yixiao, Founder and CEO of Kuaishou Technology, revealed during the earnings call that the annualized revenue run rate for its Kling AI had surpassed $300 million as of January 2026.

Meituan-W (03690) received net inflows of HK$679 million. This follows a Citigroup research report indicating that strong statements from the State Administration for Market Regulation on March 25 could signal a normalization of competition in the food delivery industry, with a significant reduction in subsidies expected in the coming months. The bank believes this regulatory stance will lead to a substantial decrease in subsidies, thereby helping to restore overall industry profitability.

Tencent (00700) attracted net buying of HK$339 million. Analysts suggest that Tencent's long-term AI opportunity lies within its WeChat ecosystem, leveraging AI and agent capabilities to improve task completion and deepen transactional behaviors, monetized through payments, mini-program stores, e-commerce commissions, and related advertising. Management positions AI as an enabler that can strengthen its role in user workflows and transaction processes.

China Mobile (00941) experienced net selling of HK$372 million. The company reported its annual results, with 2025 operating revenue of 1,050.2 billion yuan, up 0.9% year-on-year. Profit attributable to equity shareholders was 137.1 billion yuan, down 0.9% year-on-year but up 2.0% on a comparable basis. A final dividend of HK$2.52 per share was declared, bringing the total annual dividend to HK$5.27 per share, an increase of 3.5%, with a full-year payout ratio of 75%.

Additionally, Changfei Fiberoptic Cable (06869) and Shandong Molong Petroleum Machinery (00568) saw net inflows of HK$710 million and HK$60.9 million, respectively. In contrast, Alibaba-W (09988) and SMIC (00981) faced net outflows of HK$998 million and HK$522 million.