On February 12, the Hong Kong stock market recorded a net northbound capital inflow of HK$4.816 billion. Specifically, the Shanghai-Hong Kong Stock Connect saw a net purchase of HK$2.824 billion, while the Shenzhen-Hong Kong Stock Connect recorded a net inflow of HK$1.992 billion.
The top stocks by net northbound purchases were TENCENT (00700), XIAOMI-W (01810), and MEITUAN-W (03690). In contrast, the most net sold stocks were Zijin Mining Group (02899), Changfei Optical Fiber & Cable (06869), and Alibaba-W (09988).
TENCENT (00700) attracted a net purchase of HK$1.429 billion. Market analysis suggests that the Lunar New Year period remains the most intensive and historically effective launch window for consumer technology in China. If a new version of DeepSeek is released during this period, the key impact would likely be the unlocking of platform economic benefits. Among internet platforms, TENCENT is viewed as the most likely to benefit significantly from a potential new DeepSeek release.
XIAOMI-W (01810) and KINGSOFT CLOUD (03896) received net purchases of HK$1.019 billion and HK$189 million, respectively. A Goldman Sachs research report estimated that XIAOMI plans to invest approximately RMB 10 billion in artificial intelligence by 2026. KINGSOFT CLOUD is expected to be a primary beneficiary of XIAOMI's increased AI investment. The report noted that XIAOMI aims to integrate AI with the physical world through its "Human x Car x Home" ecosystem. It is anticipated that KINGSOFT CLOUD will update its connected transaction agreement with XIAOMI by mid-year, potentially raising the revenue cap from XIAOMI by 10% to 15% for 2026-2027.
MEITUAN-W (03690) saw a net inflow of HK$984 million. This follows the official launch of MEITUAN's LongCat native "Deep Research" intelligent agent. This agent was developed using a "real scenarios + scientific training" method, enabling it to base each research task on real-life experiences, thereby addressing the common issue of AI hallucinations when solving real-world physical problems.
CNOOC (00883) attracted a net purchase of HK$138 million. Reports indicate that as the U.S. military prepares for potential strikes against Iran, the U.S. Department of Defense has directed a second aircraft carrier strike group to deploy to the Middle East. Ping An Securities noted that uncertainty surrounding Iran remains high. Coupled with a U.S.-India trade agreement and India's commitment to halt Russian oil imports while increasing purchases from the U.S. and Venezuela, global crude oil trade flows are rapidly restructuring, providing strong short-term support for oil prices.
Zijin Mining Group (02899) experienced a net sell-off of HK$346 million. A Citigroup research report addressed investor concerns about increased control by local state-owned assets supervision authorities following the departure of former chairman Chen Jinghe, stating that such worries are unfounded. The report also suggested that investor concerns about the three-year production plan failing to meet 2030 goals are excessive, as the new board's term lasts until 2028. The firm believes the company is likely to provide clearer performance guidance, with a rolling three-year plan being more effective than a five-year plan, and does not anticipate a major board reshuffle in 2028.
Additionally, SMIC (00981) received a net purchase of HK$17.87 million. Conversely, Changfei Optical Fiber & Cable (06869), Alibaba-W (09988), and Shiteng Holding (02562) saw net outflows of HK$75.36 million, HK$10.41 million, and HK$1.24 million, respectively.