The Zhitong Finance App learned that on September 23, in the Hong Kong stock market, Beishui traded a net purchase of HK$3.449 billion. Among them, the Hong Kong Stock Connect (Shanghai) transaction had a net purchase of HK$4.423 billion, and the Hong Kong Stock Connect (Shenzhen) transaction had a net sale of HK$975 million.
The individual stocks that Beishui Net bought the most were Tencent (00700), Yingfu Fund (02800), and Xiaomi Group-W (01810). The individual stocks sold the most by Beishui Net are Jiantao Laminate (01888), Jiantao Group (00148), and SMIC (00981).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Tencent (00700) received a net purchase of HK$2,035 billion. The stock fell 2.35% on the same day, and Beishui absorbed a large amount when it hit a low. Muse, an AI assistant owned by Meta, became a phenomenal hit just two weeks after it went live. Comparing the development logic of overseas Muses, the agency believes that Tencent has a natural card slot advantage on the consumer agent circuit. Its WeChat ecosystem integrates social networking chains, public account and video account content matrices, applet light application clusters, WeChat Pay, and industry-wide merchant networks.
Yingfu Fund (02800) received a net purchase of HK$600 million. Guoyuan International believes that the market may have fully calculated the single rate hike in September, but there is still uncertainty about the number of subsequent interest rate hikes and the “higher and longer” duration. In this context, Hong Kong stocks are still based on “index fluctuations, structural differentiation, and rotation” in the short term, and the market will pay more attention to whether companies' own profits and cash flows can absorb the valuation pressure brought about by high interest rates.
Xiaomi Group-W (01810) received a net purchase of HK$457 million. On September 22, Xiaomi released and open-sourced the Xiaomi MiMO-v2.6 series, which includes two native full-modal models, Pro and Flash. Goldman Sachs expects that the pricing of the MIMO-v2.6 series will receive attention when it is officially released. V2.6 will consolidate Xiaomi's focus on proxy coding and multi-modal integration, and provide higher API pricing potential, but Xiaomi may continue to disrupt the market pricing structure along with DeepSeek.
PCB concept stocks surged against the market. Shenghong Technology (02476) received a net purchase of HK$166 million, while Jiantao Laminate (01888) and Jiantao Group (00148) were drastically reduced by Beishui due to net sales of HK$2,168 million and HK$336 million respectively. On September 22, Jiangxi Hongruixing raised the factory price of copper-clad sheets by 10%, another round of material price increases following China Jushi's electronic fabric price increase of 15% to 20% in September. According to the J.P. Morgan Chase Research Report, it was covered for the first time with Jiantao laminate, giving it an “increase in weight” rating, with a target price of HK$65. The bank pointed out that demand for artificial intelligence and general servers has caused a sharp shortage of glass cloth. The price of electronic grade glass cloth has risen by more than 100% since this year, which is expected to increase the company's consolidated profit margin and market share.
Alibaba-W (09988) had a net sale of HK$241 million. The stock fell 4.36% on the same day, making it the biggest decline component of the Hang Seng Index. Ali had “full firepower” at this year's Yunqi conference. Alibaba CEO Wu Yongming said at the Yunqi conference a few days ago that customer demand for AI is very strong and will fully invest in AI infrastructure construction. The goal is that the global data center operated by Alibaba Cloud will exceed 20 GW by 2032. The new domestic AI chip Zhenwu V900 increases the computing power to 3 times that of the Zhenwu M890.
In addition, SMIC (00981) received a net sale of HK$331 million, while Changfei Optical Cable (06869) received a net purchase of HK$31.7914 million.