Northbound funds | Northbound trading net purchase of 6.53 billion, CanLing AI global monthly active users increase by 113% month-on-month, Northbound grabs over HK$1.5 billion for Kwai (01024).

On March 6th, in the Hong Kong stock market, the net buying of northbound funds was 6.53 billion Hong Kong dollars. Among them, the net buying of Stock Connect (Shanghai) was 1.24 billion Hong Kong dollars, and the net buying of Stock Connect (Shenzhen) was 5.291 billion Hong Kong dollars. The top stocks with the most net buying by northbound funds were KUAISHOU-W (01024), BABA-W (09988), and XIAOMI-W (01810). The top stocks with the most net selling by northbound funds were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and CNOOC (00883). Active trading stocks in Stock Connect (Shanghai) Active trading stocks in Stock Connect (Shenzhen) KUAISHOU-W (01024) received a net buying of 1.525 billion Hong Kong dollars. On the news front, on March 5th, Chen Changsheng, a member of the drafting team of the government work report and deputy director of the State Council Research Office, stated in response to a reporter's question that the government work report for 2024 first proposed to promote artificial intelligence + action. Before and after the Spring Festival, artificial intelligence in China accelerated. Chen Changsheng mentioned that DeepSeek has gained global recognition, Siasun Robot & Automation performed Yangko dance during the Spring Festival Gala, and the evaluation of KeLin (video large model) internationally has exceeded Sora. Many applications of artificial intelligence are accelerating in terms of implementation. It is reported that in January this year, the total global monthly active users of Kuaishou KeLin AI increased by 113% compared to the previous month. BABA-W (09988) received a net buying of 1.452 billion Hong Kong dollars. In terms of news, on March 6th, according to Alibaba Cloud's official Weibo account, Alibaba Cloud released and open-sourced a new inference model, Qianwen QwQ-32B. Alibaba Cloud stated that Qianwen QwQ-32B has made a qualitative leap in mathematics, code, and general capabilities, with overall performance comparable to DeepSeek-R1. The Alibaba Qwen team stated that this achievement highlights the effectiveness of applying reinforcement learning to large pre-trained powerful base models and hopes to prove that stacking powerful base models with large-scale reinforcement learning may be a feasible path to general artificial intelligence. China Mobile Limited (00941) received a net buying of 0.777 billion Hong Kong dollars. In terms of news, the government work report for the first time proposed new terms such as 6G, and advocated for establishing a mechanism for future industrial investment growth, nurturing future industries such as bio-manufacturing, quantum technology, sentient intelligence, 6G, etc., while expanding the scale of 5G applications, accelerating innovation and development in industrial internet, optimizing the national distribution of computing resources, and creating internationally competitive digital industry clusters. Galaxy Securities previously pointed out that the most important characteristics of 6G are the unity of heaven and earth and artificial intelligence; breakthroughs in frontier technologies of 6G are gradually occurring, and it is optimistic about the development of the 6G hardware industry chain led by the three major telecom operators. LI AUTO-W (02015) received a net buying of 0.421 billion Hong Kong dollars. In terms of news, Ideal Car delivered 26,263 new cars in February, a year-on-year increase of 29.7%. In addition, Ideal Car recently announced that its first pure electric SUV, Ideal i8, will be launched and listed in July this year. Dahua Jixian published a research report stating that the launch of the first pure electric SUV model i8 by Ideal Car marks the company's transition from focusing on extended-range electric vehicles (EREV) to expanding its diversified electric vehicle product matrix, and the design of the new model responds to market demands, aligns with its development strategy, and is expected to help consolidate the company's position in China's high-end electric vehicle market. There was a differentiation in chip stocks, with HUA HONG SEMI (01347) receiving a net buying of 0.266 billion Hong Kong dollars, while Semiconductor Manufacturing International Corporation (00981) suffered a net selling of 0.305 billion Hong Kong dollars. In terms of news, according to Chinese brokers, there have been rumors in the market recently that China plans to release guidance for the first time, encouraging the use of open-source RISC-V chips nationwide. In addition, Trump stated that the United States should abolish the Biden administration's chip law and not provide any funding from this law to chip manufacturers. Guodu Securities stated that the domestic semiconductor industry chain is expected to benefit from the algorithmic advantages of DeepSeek and open up new development space. CNOOC (00883) suffered a net selling of 0.418 billion Hong Kong dollars. In terms of news, OPEC+ announced that it will increase production as scheduled in April 2025. Guotai Junan pointed out that the world is set to shift from an era of reduced oil production to increased oil production, and the center of oil prices is expected to decline. On Wednesday, WTI crude oil futures fell by more than 4% at one point, while Brent crude oil futures fell by more than 3.5% at one point, hitting their lowest levels since December 2021. TRACKER FUND OF HONG KONG (02800) suffered a net selling of 1.409 billion Hong Kong dollars. In terms of news, Huatai released a Hong Kong stock strategy research report stating that last week there was a certain adjustment in the Hong Kong stock market, primarily due to accumulated high gains in the previous period, expectations of a slowdown in AI capital expenditure in US tech companies, and uncertainties such as tariffs. However, the logical certainty of the application of AI and other fields in China remains strong, and the pace of China's technology capital expenditure may be faster than that of the US by 2023; combined with the strong medium-term resilience of the Chinese economy, the market's expectations of tariff risks may be more sufficient, and relative returns on Chinese assets are still promising. In addition, XIAOMI-W (01810) received a net buying of 1.423 billion Hong Kong dollars, while Tencent (00700) suffered a net selling of 0.568 billion Hong Kong dollars.