On October 16, in the Hong Kong stock market, northbound trading recorded a net purchase of HK$15.822 billion, with net purchases of HK$8.672 billion through the Shanghai Stock Connect and HK$7.15 billion through the Shenzhen Stock Connect. The stocks with the highest net purchases include Zijin Gold International (02259), Xiaomi-W (01810), and Alibaba-W (09988). In contrast, the stocks with the highest net sales were SMIC (00981), Giant Biogene (02367), and Tencent (00700).

Specifically, Zijin Gold International (02259) saw a net purchase of HK$1.738 billion. This aligns with an announcement from the Shenzhen Stock Exchange, which stated that Zijin Gold International was added to the Stock Connect securities list effective October 16. UBS previously stated in a report that Zijin Gold International is a spin-off of Zijin Mining's overseas gold operations, and it is expected to achieve a compound annual growth rate of around 20% in production from 2025 to 2027, with total output increasing from 45 tons to 65 tons, leading to a 30% compound annual growth rate in profit.

Xiaomi-W (01810) garnered a net purchase of HK$1.06 billion. The company’s stock has been volatile this week, influenced by various news and market rumors, including incidents like the Chengdu SU7 Ultra fatal accident, the road test of a third model in Xinjiang, and the readiness of the second-phase factory in Beijing. Furthermore, despite the superior performance of the Xiaomi 17 series compared to the Xiaomi 15 series, the company is expected to hit a bottom margin in gross profit this second half of the year.

Alibaba-W (09988) received a net inflow of HK$762 million, coinciding with the official launch of Tmall's Double 11 event on October 15. Additionally, Goldman Sachs has raised its forecast for Alibaba's capital expenditure over the next three years to a substantial HK$460 billion, the highest among market predictions. The firm has also revised its expectations for Alibaba’s cloud revenue growth for the next three quarters, projecting year-on-year growth rates of 31%, 38%, and 37%, supported by breakthroughs in AI models and diversification in chip supply.

Kangfang Biologics (09926) achieved a net purchase of HK$602 million. On October 16, the company announced that its independently developed dual-specific antibody drug Aiyuoxi (PD-1/VEGF dual antibody) combined with chemotherapy has been accepted for publication in the prestigious international medical journal Lancet, with the findings to be presented at the upcoming ESMO conference in 2025.

Pop Mart (09992) saw a net purchase of HK$470 million. JPMorgan commented that while Labubu's production capacity has increased tenfold since Q1, both Labubu 3.0 and Mini Labubu remain sold out in all regions. Meanwhile, a new IP, 「Star People,」 is quickly gaining traction and is expected to contribute 8% to sales by 2027. With a projected P/E ratio of 20 times for 2026, the company’s valuation appears attractive against its robust growth prospects.

Chip stocks continue to show varied performance, with Huahong Semiconductor (01347) receiving a net purchase of HK$140 million, while SMIC (00981) experienced a net sale of HK$294 million. According to the report from Jiangyin International, they remain optimistic about the domestic substitution trend and believe that AI infrastructure development will benefit local wafer foundry companies.

Giant Biogene (02367) faced a net sale of HK$237 million. The Double 11 shopping festival for 2025 has quietly begun, and according to Zheshang Securities, the cosmetics sector showed softer demand in Q3. Analysts highlight that KeFengMei underperformed during the 618 shopping festival earlier this year, and the market will focus on its e-commerce sales performance during the Double 11 period. In addition, ZTE Corporation (00763), Jointown Pharmaceutical Group Co., Ltd.-B (02617), and Tencent (00700) recorded net purchases of HK$90.03 million, HK$38.99 million, and HK$5.47 million, respectively. Meanwhile, Laopu Gold (06181) faced a net sale of HK$1.19 million.