The Zhitong Finance App learned that on October 26, in the Hong Kong stock market, Beishui traded net sales of HK$2,075 billion. Among them, Hong Kong Stock Connect (Shanghai) had net sales of HK$732 million and Hong Kong Stock Connect (Shenzhen) had net sales of HK$1,344 million.
The individual stocks that Beishui Net bought the most were Zhipu (02513), Baidu Group-W (09888), and Premium Choice (09880). The individual stocks sold the most by Beishui Net were Alibaba-W (09988), CNOOC (00883), and SMIC (00981).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Smart Spectrum (02513) and MINIMAX-W (00100) received net purchases of HK$431 million and HK$73.5 million respectively. CITIC Construction Investment pointed out that following the intensive upgrade of overseas core models in September-October, the Q4 domestic model will also usher in a round of intensive iterative upgrades. Looking forward to GLM5.5, M3Pro, K3.1, etc. CITIC Securities released a research report saying that although the market is currently cautious about the big model, it is still firmly optimistic about the long-term commercial value and valuation growth space of the Sino-US model.
Baidu Group-W (09888) received a net purchase of HK$265 million. According to a research report published by Daiwa, Baidu's AI cloud infrastructure business growth will accelerate significantly. Revenue growth in the third quarter is expected to increase by about 90% year-on-year, far higher than the 50% growth rate in the second quarter. It is mainly driven by strong demand for GPU computing power and increased AI training and inference loads from large external customers. More customers sign multi-year contracts and prepay to lock in GPU production capacity.
Preferred Choice (09880) received a net purchase of HK$141 million. On October 22, Preferred Choice signed a memorandum of understanding with the Brussels-based international association China-Europe Digital Association to deepen cooperation in the European robotics market. The two sides will jointly explore business opportunities in key European markets, focus on manufacturing, logistics and other industrial and commercial fields, and promote humanoid robots to improve production efficiency and optimize operation.
Tencent (00700) and Alibaba-W (09988) had net sales of HK$174 million and HK$602 million respectively. Shen Wan Hongyuan said that the recent trend between Hang Seng Technology and US software stocks may be related to valuation restrictions brought about by rising interest rates on US bonds and differences in profit expectations between the technology sectors in the two regions. In the future, if the molecular side dominates, US software stocks may return to Hang Seng Technology; if the denominator side dominates, Hang Seng Technology is expected to move closer to US software stocks as interest rate restrictions ease.
AI hardware stocks were sold off again. Jiantao Laminate (01888), Changfei Optical Cable (06869), and SMIC (00981) were net sold at HK$88.13 million, $192 million, and HK$314 million respectively. According to Nomura's latest report, AI capital expenditure is in a dilemma. If capital expenditure of hyperscale manufacturers continues to accelerate, the market will focus heavily on the continued consumption of free cash flow and further question the sustainability of overall financing; if capital expenditure of hyperscale manufacturers decelerates substantially, AI transactions will face an even more severe impact.
CNOOC (00883) had a net sale of HK$504 million. Citi said that the normalization of crude oil exports in the Arabian Gulf is mainly reflected in quantity rather than logistics, and that unprecedented shipping inefficiency has kept the cost of landed crude oil high. The freight rate for very large tankers (VLCCs) from the Arabian Gulf to China has recently approached 250 US dollars per ton, which is about 35 US dollars per barrel, which is more than 20 times higher than the average of the past ten years.