Beishui Trends | After a net sale of 4.469 billion CNOOC (00883), Beishui Jiacang was sold off by CCB

The Zhitong Finance App learned that on November 2, in the Hong Kong stock market, Beishui traded net sales of HK$4.469 billion. Among them, Hong Kong Stock Connect (Shanghai) had net sales of HK$2,837 million and Hong Kong Stock Connect (Shenzhen) had net sales of HK$1,632 billion.

The individual stocks that Beishui Net bought the most were CNOOC (00883), Zhiguo (02513), and SMIC (00981). The individual stocks sold the most by Beishui Net were HSBC Holdings (00005), Changfei Optical Cable (06869), and Alibaba-W (09988).

Hong Kong Stock Connect (Shanghai) active trading stocks

Hong Kong Stock Connect (Shenzhen) active trading stocks

CNOOC (00883) received a net purchase of HK$887 million. Citigroup released a research report saying that CNOOC's net profit for the third quarter was 33.3 billion yuan, down 29% from quarter to quarter and up 3% from year to year. Compared with the quarterly decline, oil prices fell 8% quarterly to $88.03 per barrel. The performance was lower than expected. It was mainly dragged down by a one-time depreciation of RMB 7.2 billion in specific overseas assets, which is expected to reduce future cash flow due to changes in the business environment and revisions to production/sales arrangements. CICC, on the other hand, said that net profit after removing the effects of impairment was basically in line with expectations.

Smart Spectrum (02513) and MINIMAX-W (00100) received net purchases of HK$365 million and HK$4.27 million respectively. According to a research report published by Nomura, after recently communicating with experts from overseas AI infrastructure company Together AI, the bank believes that the Chinese open source weight model is gaining popularity in overseas markets with better cost and capability performance. Lightweight models such as DeepSeek 4.1 Flash have become one of the most popular models on the Together AI platform, and even surpass some open source weighted flagship models, because of their ability to cope with users' daily tasks, and the reasoning cost is significantly lower than that of large flagship models.

Meituan-W (03690) received a net purchase of HK$62.46 million. Meituan released a new generation large model, LongCat-2.5. This is a native multi-modal model for long-range smart tasks. The total parameters are 1.6 trillion yuan, and the entire training process is completed by domestic computing power. Meituan said that the release of LongCat-2.5 marks a step further for the “Guoxin National Model”. Not only does it natively support multiple modes, but the overall capabilities of the model are also comparable to the current mature international closed source model and leading open source model.

Cambridge Technology (06166) and Changfei Optical Fiber Cable (06869) were net sold at HK$11.11 million and HK$347 million respectively. Fangzheng Securities previously pointed out that the continued expansion of cloud companies' capital investment is an important support for the current round of the AI hardware market, but the increase in investment scale is not always in sync with the rise in stock prices. Whether the market expectation that the cloud factory capital expenditure growth rate is peaking in this round is true may have great guiding significance for the sustainability of the AI hardware stock market in the future.

CCB (00939) and ICBC (01398) were net sold at HK$35.98 million and HK$137 million respectively. Gao Zhengyang, a special researcher at Sushang Bank, pointed out that against the backdrop of heightened risk aversion, capital risk appetite has declined, and it continues to flow into defensive sectors such as banks with stable cash flow and strong dividend capacity. Overall, there is a clear seesaw effect between defensive sectors such as banks and technology growth sectors. If risk appetite picks up in the future, the banking sector may face phased pressure.

HSBC Holdings (00005) had a net sale of HK$393 million. Xiaomo pointed out that the focus of HSBC Holdings' third-quarter analyst briefing was neutral to negative. Management acknowledged the intensification of deposit competition between the UK and Hong Kong, with the Hong Kong market under greater pressure. Considering that Hong Kong's loan-to-deposit ratio is only 43%, this situation came as a surprise to the bank. Management also reminded the market to pay attention to the impact of the sale of business. Of the $2.2 billion related revenue loss, about half is expected to be reflected in net interest income by 2028. Cost realignment is expected to generate incremental revenue that exceeds the revenue loss described above, but there is a time lag.

In addition, SMIC (00981) received a net purchase of HK$81.44 million, while Tencent (00700) and Alibaba-W (09988) had net sales of HK$27.9 million and HK$152 million respectively.