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<Research>HSBC Research Lists H-Shrs Most Favored by Domestic Active Mutual Funds/ Southbound Capital in 2Q (Table)
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HSBC Global Research released a report listing the H-shares most favored by domestic active mutual funds in 2Q25 as follows:

Stock|Industry|Net Buy (RMB)
INNOVENT BIO (01801.HK)|Healthcare|5 billion
3 3SBIO (01530.HK)|Healthcare|4.9 billion
JD HEALTH (06618.HK)|Healthcare|2.9 billion
CSPC PHARMA (01093.HK)|Healthcare|1.9 billion
HKEX (00388.HK)|Financials|1.4 billion

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SMOORE INTL (06969.HK)|Consumer Discretionary|1.1 billion
LI AUTO-W (02015.HK)|Consumer Discretionary|1 billion
TCL ELECTRONICS (01070.HK)|Consumer Discretionary|1 billion
AKESO (09926.HK)|Healthcare|0.9 billion
PING AN (02318.HK)|Financials|0.9 billion
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HSBC also listed the H-shares most favored by Southbound capital in 2Q as follows:

Stock|Industry|Net Buy (RMB)
MEITUAN-W (03690.HK)|Consumer Discretionary|39.9 billion
BABA-W (09988.HK)|Consumer Discretionary|33 billion
CCB (00939.HK)|Financials|29.3 billion
CM BANK (03968.HK)|Financials|17.7 billion
CHINA MOBILE (00941.HK)|Telecomm|17.4 billion

CHINA SHENHUA (01088.HK)|Energy|12.5 billion
BANK OF CHINA (03988.HK)|Financials|11.8 billion
INNOVENT BIO (01801.HK)|Healthcare|10.1 billion
GTHT (02611.HK)|Financials|9.7 billion
LI AUTO-W (02015.HK)|Consumer Discretionary|8.7 billion

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