On February 10th, the Hong Kong stock market saw a net inflow of HKD 0.085 billion from northbound capital. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net inflow of HKD 1.103 billion, while the Shenzhen-Hong Kong Stock Connect registered a net outflow of HKD 0.119 billion.

The stocks receiving the largest net purchases from northbound capital were MEITUAN-W (03690), CNOOC (00883), and SMIC (00981). TENCENT (00700) experienced the largest net selling.

MEITUAN-W (03690) attracted a net purchase of HKD 545 million. This follows the company's recent announcement on February 5th of its agreement to acquire 100% of the China business of Dingdong Maicai for an initial consideration of approximately USD 717 million. This acquisition is expected to significantly reshape the competitive landscape of the fresh produce instant retail sector in China. MEITUAN aims to integrate the resources of its Xiaoxiang Supermarket with Dingdong Maicai to further solidify its comprehensive advantage in instant retail.

CNOOC (00883) received a net purchase of HKD 420 million. Guolian Minsheng Securities noted in a research report that the latest EIA data showed a 3.5% week-on-week decline in US crude oil production due to cold weather, providing some support for oil prices. The report suggested that geopolitical factors remain the primary driver of short-term oil price fluctuations, advising investors to monitor developments in US-Iran relations and the broader Middle East situation.

SMIC (00981) saw a net purchase of HKD 376 million ahead of its earnings announcement released after the market close. The company reported its Q4 2025 revenue reached USD 2.489 billion, representing a quarter-on-quarter increase of 4.5%, with a gross margin of 19.2%. Capacity utilization remained high at 95.7%. For the full year 2025, revenue was USD 9.327 billion, a year-on-year increase of 16.2%, with a gross margin of 21.0%, up 3.0 percentage points year-on-year. The company anticipates its Q1 2026 revenue to be roughly flat compared to Q4 2025, with a gross margin projected to be between 18% and 20%.

YOFC (06869) garnered a net purchase of HKD 287 million. This follows the completion of the evaluation process for China Mobile's centralized procurement project for special optical cable products for 2026-2027. Bidding information indicated that, with the exception of the top-ranked bidder, seven other manufacturers submitted bids at the maximum price ceiling. Huayuan Securities pointed out that fiber optic prices have been rising moderately for about half a year, with the price of G.652.D bare fiber accelerating its increase since the start of 2026.

China Literature (00772) received a net purchase of HKD 163 million. The company's CEO, Hou Xiaonan, issued an internal Spring Festival letter stating that the faster AI develops, the more valuable original content becomes, and the value of good stories will be amplified like never before. He noted that China Literature's vast library of high-quality IP presents new opportunities for visualization. The company plans to fully embrace AI across content incubation, premium content production, IP development, and industrial globalization, focusing on new scenarios like AI-generated comics to enhance the efficiency and value of IP development.

VOBILE GROUP (03738) attracted a net purchase of HKD 88.2 million. This comes after ByteDance's recent launch of its new-generation AI video generation model, Seedance2.0, which gained significant attention online for its breakthrough performance. CITIC Securities previously released a report stating that against the backdrop of a global explosion in AI video applications, concurrent copyright issues are further incentivizing content owners to invest in copyright protection. The report highlighted that VOBILE GROUP, with its deep presence in overseas markets, leading technology, API channels, and key client resources, is well-positioned to benefit from this trend.

Additionally, XIAOMI-W (01810) and Alibaba-W (09988) received net purchases of HKD 203 million and HKD 160 million, respectively. In contrast, TENCENT (00700) saw a net sell-off of HKD 1.402 billion.