Northbound trading in the Hong Kong stock market recorded a net buying of HK$2.603 billion on October 12, according to data. Of this, the Shanghai Stock Connect recorded a net buying of HK$1.955 billion, while the Shenzhen Stock Connect recorded a net buying of HK$649 million.

The stocks with the largest net buying by northbound funds were Xiaomi-W (01810), AIA Group (01299), and WuXi Biologics (02269). The stocks with the largest net selling were Yangtze Optical Fibre and Cable (06869), SMIC (00981), and Kingboard Laminates (01888).

Xiaomi Group-W (01810) received a net buying of HK$974 million. On October 8, according to Xiaomi Auto's official statement, as of October 7, one month after its launch, cumulative locked orders for the Xiaomi Pengcheng N70 and N90 series exceeded 70,000 units. UOB Kay Hian noted that demand was concentrated in higher-end models such as the N70 Max and N90 Max, with the product mix being better than the firm's previous expectations. The firm maintained a "Hold" rating and raised its target price from HK$26.2 to HK$27.6.

AIA Group (01299) received a net buying of HK$729 million. UBS expects AIA's third-quarter new business value to decline 4% year-on-year at constant exchange rates, but as the base effect fades, group new business value is expected to rebound strongly year-on-year in the fourth quarter. Overall, new business value is expected to grow 10% year-on-year at constant exchange rates in 2026.

Tencent (00700) received a net buying of HK$19.72 million. According to foreign media citing people familiar with the matter, Tencent told fixed-income investors on Monday that it plans to issue bonds worth approximately US$5 billion to fund AI-related capital expenditures, further stepping up its presence in the AI sector. The sources said Tencent indicated during a conference call with investors that the bond issuance could be priced as early as Tuesday.

Kingboard Holdings (00148) and Kingboard Laminates (01888) suffered net selling of HK$241 million and HK$348 million, respectively. Recently, the U.S. Printed Circuit Board Association (PCBAA) formally pressured the U.S. government and the Department of Defense, explicitly proposing the core demand to completely remove Chinese PCB products from the military supply chain. The United States has set January 1, 2027 as the final deadline for the complete removal of PCB products from relevant countries in the military supply chain. Soochow Securities pointed out that the PCBAA's demand this time targets only the military PCB sector and does not involve commercial PCBs.

SMIC (00981) suffered a net selling of HK$434 million. On October 8, TSMC's latest revenue report showed that TSMC's September revenue was NT$511.86 billion, down 0.6% month-on-month and up 54.6% year-on-year. TSMC's revenue for the first three quarters of 2026 was NT$3,898.73 billion, up 41.1% year-on-year.

Yangtze Optical Fibre and Cable (06869) suffered a net selling of HK$569 million. UBS previously issued a research report stating that since its share price peaked in June, Yangtze Optical Fibre and Cable's stock has fallen 37%, as investors worry that optical fiber capacity expansion announced by peers and new companies could cause the company's earnings to peak in 2027. However, UBS believes the risk of overcapacity is limited. It raised its target price from HK$290 to HK$330 and reiterated its "Buy" rating.

In addition, WuXi Biologics (02269) and CIG Shanghai (06166) received net buying of HK$79.5 million and HK$11.43 million, respectively. Meanwhile, Alibaba-W (09988) and CNOOC (00883) suffered net selling of HK$110 million and HK$12.21 million, respectively.