The Zhitong Finance App learned that in the Hong Kong stock market on July 20, Beishui traded net sales of HK$5.962 billion. Among them, Hong Kong Stock Connect (Shanghai) had net sales of HK$3.165 billion and Hong Kong Stock Connect (Shenzhen) had net sales of HK$2,798 billion.
The individual stocks that Beishui Net bought the most were Alibaba-W (09988), NetEase (09999), and Meituan-W (03690). The individual stocks sold the most by Beishui Net were Yingfu Fund (02800), Southern Hang Seng Technology (03033), and Tencent (00700).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Alibaba-W (09988) received a net purchase of HK$1,863 billion. On July 19, Alibaba released a preview version of the flagship model Qwen3.8 Max, with parameters as high as 2.4 trillion yuan. Officially, it is positioned as “one of the most powerful models today, comparable to leading cutting-edge AI models”, second only to Anthropic's Fable 5 globally. At the same time, Ali promised to release full model weights “soon”.
NetEase (09999) received a net purchase of HK$1,408 billion. According to CICC's research report, it is expected that overall revenue side performance will be steady in the second quarter, with “Dream West Journey” PC deferred revenue, etc., but considering that the new version of the flagship product and the event update node are close to the end of June, it is expected that more incremental contributions will be reflected in the third quarter. In terms of gross margin, benefiting from the increase in revenue share of self-developed high-margin PC games and the optimization of channel sharing costs, it is expected to remain at a high level in the second quarter.
Meituan-W (03690) received a net purchase of HK$471 million. Meituan announced the official open source of all LongCat-2.0 model weights, inference engines and core technical documentation. Citigroup released a research report saying that Meituan officially opened up the trillion parameter model LongCat-2.0. It is believed that this strategic move will further strengthen its leading position in the local lifestyle services market. The model's advanced Agentic architecture will improve internal R&D efficiency and attract external developers.
CNOOC (00883) received a net purchase of HK$39.54 million. Ping An Securities pointed out that the short-term conflict between the US and Iran escalated again, and the Strait of Hormuz was once again blocked, compounding the recovery in demand for refined oil products during the peak season, and oil prices returned to rise; however, we believe that the intensity and persistence of this round of conflict may be weaker than in the early stages of the outbreak of the conflict. The overall direction of geographical risk is declining, and Brent oil prices may return to around 80 US dollars/barrel later.
AI hardware stocks continued to be sold off. Huahong Hongli (01347), Jiantao Laminate (01888), SMIC (00981), and Changfei Optical Fiber Cable (06869) were net sold at HK$96.29 million, $290 million, $380 million, and HK$468 million respectively. Following South Korea's regulators taking steps to rectify this kind of chip stock leveraged ETF chaos. According to the latest report released by J.P. Morgan's global market strategy team, the investor deleveraging process that began in the US in June continues, and there is room for further deleveraging in the three fields of leveraged stock ETFs, options markets, and margin accounts, which will continue to suppress stock market performance over the next few months.
Southern Hang Seng Technology (03033) and Yingfu Fund (02800) were net sold at HK$1,278 billion and HK$5.185 billion respectively. Dongwu Securities said that Hong Kong stocks are currently in a recovery window. Short-term risk appetite correction is driving the index to rebound, but the continuation of the rebound in the Hong Kong stock market is still facing disturbances. Huatai Securities believes that the rebound in Hong Kong stocks at this stage is more due to the global style of capital rebalancing demand driving bears' recovery, and the short-term market is recovering from a sharp rise in a low mood position.
In addition, GigaYi Innovation (03986) and Smart Spectrum (02513) received net purchases of HK$311 million and HK$310 million respectively, while Tencent (00700) had a net sale of HK$580 million.