Northbound funds | Northbound trading saw a net selling of 8.565 billion yuan. Northbound investors sold technology and internet stocks as well as Hong Kong ETFs. Throughout the day, the net selling of Tracker Fund of Hong Kong (02800) exceeded 3.7 billion Hong Kong dollars.

On May 6th, in the Hong Kong stock market, Beishui had a net sale of 8.565 billion Hong Kong dollars. Among them, the turnover of the Shanghai-Hong Kong Stock Connect was a net sale of 1.361 billion Hong Kong dollars, and the turnover of the Shenzhen-Hong Kong Stock Connect was a net sale of 7.204 billion Hong Kong dollars. The stocks with the most net purchases by Beishui were Cig Shanghai (06166), Semiconductor Manufacturing International Corporation (00981), and CNOOC Limited (00883). The stocks with the most net sales by Beishui were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and Hang Seng H-Share Index ETF (02828). Active trading stocks in the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect: Cig Shanghai (06166) received a net purchase of 144 million Hong Kong dollars. On the news front, Cig Shanghai recently disclosed its first quarter performance, with the company achieving operating income of 1.287 billion yuan, a year-on-year increase of 43.98%; net profit attributable to shareholders of the listed company was 118 million yuan, a significant increase of 276.44% year-on-year. The main driver of the high growth in performance was the significant increase in the scale of the high-speed optical module business, with strong demand for 800G and 1.6T high-speed optical modules in global data centers. Chip stocks showed differentiation. Semiconductor Manufacturing International Corporation (00981) received a net purchase of 79.25 million Hong Kong dollars, while HUA HONG SEMI (01347) suffered a net sale of 168 million Hong Kong dollars. On the news front, DeepSeek released its new flagship large model, DeepSeek-V4, and made it open source. Orient believes that the powerful performance and high cost-performance ratio of DeepSeek-V4 will significantly enhance the global competitiveness of domestic models, and it is expected to significantly drive AI application demand at low cost, thereby boosting the prosperity of the domestic calculation chip and semiconductor equipment industry chain. BABA-W (09988) and Tencent (00700) suffered net sales of 89.14 million and 2.396 billion Hong Kong dollars, respectively. On the news front, Huachuang Securities pointed out that in May, as we enter the internet financial report season, the market may still be cautious about the profitability repair of e-commerce/local life; the release of new AI models is beneficial for the mid-term efficiency and commercialization of internet platforms, but still needs to be reflected in performance. In the short term, wind bias driving > fundamental improvement, the sustainability of the rebound may depend on the degree of profit realization. In addition, the pre-holiday release of overseas internet giant financial reports continues to verify the strong demand for downstream AI, and the certainty of converting AI Capex of platforms into revenue. YOFC (06869) suffered a net sale of 266 million Hong Kong dollars. On the news front, UBS believes that YOFC's first-quarter net profit was 495 million yuan, lower than the market's buyer's expectation of 800 million to 1 billion yuan, and the market is expected to react negatively in the short term. However, the bank remains confident in the company's future earnings growth, believing that the increase in fiber optic prices will take time to fully reflect, and with the continuous increase in data center demand, the company is expected to meet the bank's full-year forecast. Hang Seng H-Share Index ETF (02828) and TRACKER FUND OF HONG KONG (02800) suffered net sales of 741 million and 3.739 billion Hong Kong dollars, respectively. On the news front, Zhongyin Research stated that under the mainstream expectation of easing geopolitical environment, the profit fundamentals of Hong Kong stocks are expected to marginally recover, coupled with the overseas liquidity dividend released by the drop in the US dollar index, the market as a whole will maintain a pattern of fluctuating and rising. However, the pace of the market's upward trend is slow, and the overall market strength may lag behind A shares. In addition, CNOOC Limited (00883) received a net purchase of 990,000 Hong Kong dollars.