On September 29 in the Hong Kong stock market, southbound trading recorded a net buy of HKD 15 million. Among this, the Shanghai Stock Connect saw a net buy of HKD 2.314 billion, while the Shenzhen Stock Connect recorded a net sell of HKD 2.299 billion. The stocks with the largest net buys from southbound funds were AIA (01299), XIAOMI-W (01810), and Z.AI (02513). The stocks with the largest net sells were CSOP Hang Seng TECH Index ETF (03033), SMIC (00981), and BABA-W (09988).

AIA (01299) received a net buy of HKD 809 million. Jefferies previously issued a research report stating that Thailand is one of AIA's third-largest and highest-quality segments, with over 90% of sales being protection or fee-based business. As of the first half of 2026, AIA Thailand is expected to account for 15% of the group's value of new business (VONB) and 12% of embedded value (EV). The firm maintains a "Buy" rating on AIA with a target price of HKD 114, believing that the Thailand business is undervalued by investors.

XIAOMI-W (01810) received a net buy of HKD 383 million. Citi recently stated that Xiaomi launched its latest flagship 18 Pro/Pro Max, priced starting at RMB 5,999 and RMB 6,999 respectively, which is lower than competitors at the same level, but with specifications comparable to or better than peers. The firm believes this launch reinforces Xiaomi's premiumization strategy and cost-effectiveness positioning, with the next catalysts being shipment data and third-quarter results this year.

KB LAMINATES (01888) received a net buy of HKD 75.52 million. Citi issued a research report stating that amid the ongoing AI material shortage, KB Laminates has upside potential in earnings, giving it a "Buy/High Risk" rating with a target price of HKD 95. The firm believes that KB Laminates can still leverage its high quality and vertical integration advantages to obtain AI-CCL test certifications from Chinese and US GPU and CSP companies.

WUXI BIO (02269) received a net buy of HKD 45.82 million. Goldman Sachs published a research report indicating that Wuxi Bio executives at a recent Goldman Sachs healthcare and CDMO industry exchange event revealed that the company's overall backlog performance is strong, growing 24% year-over-year to USD 25.1 billion, with backlog orders for the next three years increasing by about 30% year-over-year to USD 5.5 billion, improving commercialization visibility.

YOFC (06869) faced a net sell of HKD 226 million. Fiber optic leader Hengtong Optic-Electric disclosed a private placement plan, proposing to issue no more than 740 million A-shares, raising a total of no more than RMB 6.636 billion, intended for nine projects including optical communications. Specifically, the "Next-Generation Fiber R&D and Production Project" is planned to invest RMB 758 million, and the "Inner Mongolia High-End Optical New Materials Construction Project" is planned to invest RMB 862 million, both forming the core of fiber preform and specialty fiber capacity expansion.

BABA-W (09988) faced a net sell of HKD 551 million. Alibaba showcased its end-to-end full-stack AI capabilities at the Yunqi Conference, aiming to operate over 20GW of global data center capacity by 2032; BOCI issued a report maintaining a "Buy" rating but lowering the target price from HKD 195 to HKD 166. The firm raised Alibaba's capital expenditure estimates for fiscal years 2027 and 2028 to approximately RMB 230 billion and RMB 250 billion, and lowered adjusted earnings per share forecasts for fiscal years 2027, 2028, and 2029 by 9.6%, 5.6%, and 0.8%, respectively.

CSOP Hang Seng TECH Index ETF (03033) faced a net sell of HKD 570 million. Galaxy Securities pointed out that the market needs to reprice the "higher for longer" interest rate environment, and Hong Kong stocks lack short-term upward catalysts. Previously, some funds bet on a rebound once rate hikes landed, but the overall tone of the Federal Reserve's September meeting was more hawkish than market expectations. The firm noted that this means the logic of "bad news exhausted" has been broken, and uncertainty has not been eliminated but delayed to the fourth quarter. Additionally, Z.AI (02513) received a net buy of HKD 162 million, while TENCENT (00700) and SMIC (00981) faced net sells of HKD 26.66 million and HKD 568 million, respectively.