On March 23, northbound capital recorded a net purchase of HK$29.728 billion in the Hong Kong stock market. Within this, the Shanghai-Hong Kong Stock Connect saw net purchases of HK$14.911 billion, while the Shenzhen-Hong Kong Stock Connect recorded net purchases of HK$14.817 billion. The stocks with the highest net purchases by northbound capital were the Tracker Fund (02800), the CSOP Hang Seng Tech ETF (03033), and the Hang Seng China Enterprises Index Fund (02828). The stocks with the highest net sales were SMIC (00981) and Alibaba-W (09988).

Northbound capital took advantage of lower prices to accumulate Hong Kong-listed ETFs. The Tracker Fund (02800), the CSOP Hang Seng Tech ETF (03033), and the Hang Seng China Enterprises Index Fund (02828) received net purchases of HK$13.268 billion, HK$6.533 billion, and HK$4.842 billion, respectively. In terms of market news, China Securities Co., Ltd. believes that geopolitical conflicts have triggered short-term adjustments in global financial markets. Current sentiment-driven declines are relatively sufficient, and if the situation does not escalate further, the market will quickly return to the medium-to-long-term trend dominated by domestic economic conditions, policies, and liquidity. Future focus will be on dual main lines: sectors with strong growth momentum and those with high certainty. The growth momentum line benefits from accelerated capital expenditure in AI computing, while the core of the certainty line is the HALO trade.

XIAOMI-W (01810) received net purchases of HK$1.216 billion. On the news front, Xiaomi's founder Lei Jun revealed that orders for the new generation SU7 have exceeded 30,000 units. Goldman Sachs believes that the cost-performance ratio and configuration of the new SU7 Standard and Pro versions have significantly improved, expecting the Pro version to potentially become the best-selling model after the initial sales period. Furthermore, Lei Jun reiterated that AI-related investments this year will exceed RMB 16 billion, with cumulative investments over the next three years reaching RMB 60 billion.

TENCENT (00700) received net purchases of HK$793 million. Bank of America Securities released a research report stating that Tencent's fourth-quarter results de-risked full-year profit forecasts. The report anticipates a clear path for Tencent's valuation re-rating, including the launch of Hunyuan 3.0 and more large language model upgrades within the next six months, accelerated capital expenditure and cloud revenue growth within 6 to 12 months, and the launch of WeChat AI Agent within 9 to 18 months.

BYD COMPANY (01211) received net purchases of HK$726 million. Recently, influenced by the international situation, international oil prices have continued to rise. According to survey results from the China Passenger Car Association, rising oil prices increase vehicle operating costs, leading to heightened wait-and-see sentiment among fuel vehicle consumers. Institutions believe this is expected to accelerate the recovery of new energy vehicle orders and sales. Additionally, BYD COMPANY is expected to announce its results on March 28, 2026.

Pop Mart (09992) received net purchases of HK$358 million. Pop Mart and Sony Pictures jointly announced that they will collaborate to develop a live-action animated film based on Pop Mart's globally popular classic IP, THE MONSTERS (LABUBU). At the 2025 interim results briefing, Wang Ning stated that the company is actively exploring new businesses such as theme parks and digital entertainment, with IP-centric diversification remaining the core of the company's future development.

CNOOC (00883) received net purchases of HK$179 million. Due to the interruption of the Strait of Hormuz caused by the US-Iran conflict and increased structural risks to global supply, Goldman Sachs raised its oil price forecast for the second time. It expects the average price of Brent crude from March to April to reach $110 per barrel. Goldman Sachs forecasts the Brent crude price for 2026 to be $85 per barrel, noting significant upside risks, with the potential for daily prices in extreme scenarios to exceed the historical peak levels of 2008.

Furthermore, Yangtze Optical Fibre and Cable (06869) and Shandong Molong Petroleum Machinery (00568) received net purchases of HK$587 million and HK$53.75 million, respectively. In contrast, Alibaba-W (09988) and SMIC (00981) saw net sales of HK$65.22 million and HK$516 million, respectively.