Northbound Capital Flow: Net Buying of HK$2.148 Billion; Doubao Partners with ZTE to Launch First AI Phone, Northbound Funds Snap Up ZTE (00763) with Over HK$600 Million

On December 1, the Hong Kong stock market saw a net buying of HK$2.148 billion by northbound capital, with the Shanghai-Hong Kong Stock Connect recording a net selling of HK$765 million and the Shenzhen-Hong Kong Stock Connect recording a net buying of HK$2.913 billion. The top stocks bought by northbound funds were Alibaba-W (09988), ZTE (00763), and Meituan-W (03690), while the top stocks sold were SMIC (00981), CNOOC (00883), and China P&C Insurance (02328).

Alibaba-W (09988) received a net buying of HK$1.321 billion. Reports indicate that Kuark AI glasses officially launched last Thursday, offering six models across the S1 and G1 series. The S1 series features comprehensive AI functionalities. Additionally, Morgan Stanley’s latest 2025 CIO survey highlighted growing enterprise interest in Alibaba’s Qianwen and cloud services, predicting Qianwen to surpass DeepSeek within three years.

ZTE (00763) saw a net buying of HK$606 million. On December 1, ZTE announced the limited release of the Nubia M153 engineering prototype, equipped with Doubao Mobile Assistant for developers and enthusiasts. ByteDance led the integration of Doubao’s AI model and interaction features, while ZTE handled hardware design and production.

Copper stocks showed mixed performance: Jiangxi Copper (00358) and MMG (01208) saw net buying of HK$137 million and HK$19.24 million, respectively, while Zijin Mining (02899) faced net selling of HK$84.84 million. Guosheng Securities noted that, barring disruptions, copper supply is expected to rise by only 630,000 tons by 2026, insufficient to meet demand growth, potentially benefiting copper stocks through earnings and valuation upside.

Pop Mart (09992) received a net buying of HK$96.91 million. Shenwan Hongyuan maintained a "buy" rating, citing Pop Mart’s strong IP portfolio and overseas expansion, with new holiday products driving sales surges and global popularity of IPs like Labubu enhancing brand value.

China P&C Insurance (02328) saw a net selling of HK$129 million amid unverified rumors about the alleged detention of its president, Yu Ze.

SMIC (00981) faced a net selling of HK$302 million after Guoke Micro announced the termination of its acquisition plan for SMIC’s subsidiary, SMIC Ningbo, initially disclosed on June 5.

Meituan-W (03690), Xiaomi Group-W (01810), and Tencent (00700) recorded net buying of HK$594 million, HK$100 million, and HK$93.97 million, respectively, while CNOOC (00883) saw a net selling of HK$272 million.

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Northbound Capital Flow: Net Buying of HK$2.148 Billion; Doubao Partners with ZTE to Launch First AI Phone, Northbound Funds Snap Up ZTE (00763) with Over HK$600 Million

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