Northbound funds | Northbound trading saw a net sell of 8.874 billion yuan, with continued buying of AI hardware stocks. TRACKER FUND OF HONG KONG (02800) faced a net sell of 4.3 billion Hong Kong dollars.

In the Hong Kong stock market on June 25, Beishui had a net selling of 8.874 billion Hong Kong dollars. The net selling was 4.62 billion Hong Kong dollars for Shanghai-Hong Kong Stock Connect and 4.255 billion Hong Kong dollars for Shenzhen-Hong Kong Stock Connect. The stocks with the highest net buying by Beishui were KINGBOARD HLDG (00148), Semiconductor Manufacturing International Corporation (00981), and KB LAMINATES (01888). The stocks with the highest net selling by Beishui were TRACKER FUND OF HONG KONG (02800), BABA-W (09988), and Tencent (00700). Active trading stocks in Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect: KINGBOARD HLDG (00148) and KB LAMINATES (01888) received net buying of 2.831 billion and 1.507 billion Hong Kong dollars respectively. Jiantao has implemented price increases five times this year, with cumulative increases of 68% in board materials and 84% in PP semi-cured sheets. Securities issued a research report stating that the gradual introduction of new technologies and products such as CoWoP and orthogonal backplanes is expected to further open up the value growth space for PCBs in the future. In terms of production capacity, Vera Rubin is expected to enter full production in the fall of 2026, with PCBs as upstream core components that usually require advance inventory stocking, benefiting related manufacturers. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received net buying of 2.636 billion and 0.903 billion Hong Kong dollars respectively. TSMC has notified customers of a price increase for wafer foundry, covering all advanced processes from 3nm to 7nm and below, with an overall increase of about 5% to 10%. In addition, the penetration of large-scale applications is driving the explosive demand for upstream chips. The maturity of the domestic computing power ecology will directly drive the demand expansion of domestic chip design enterprises, further accelerating the domestic substitution process. GigaDevice Semiconductor Inc. (03986) received net buying of 0.206 billion Hong Kong dollars. Changxing Technology's science and technology innovation board IPO is accelerating, and HSBC Qianhai Securities believes that with a stable relationship with Changxing Memory, the company is one of the few companies that can expand DDR4 capacity between 2026 and 2028. At the same time, the company's customized DRAM products for automotive and AI applications are expected to make profit contributions in the second half of 2026, consolidating the company's strategic layout in the high-value niche DRAM market and supporting continuous growth in product prices. KNOWLEDGE ATLAS (02513) received a net buying of 0.163 billion. KNOWLEDGE ATLAS launched the latest flagship model GLM-5.2, providing processing capability of up to 1M long contexts. According to reports, GLM-5.2 ranked first in the global available model blind test in the Code Arena and first in the open source model list in the Artificial Analysis comprehensive list. Huachuang Securities pointed out that the launch and open source of GLM-5.2 further verified KNOWLEDGE ATLAS's technical leadership, engineering capability, and ecological expansion capability in domestic large models. CNOOC (00883) suffered a net selling of 0.209 billion Hong Kong dollars. Market service agency Kpler data shows that after the signing of a related memorandum of understanding between the US and Iran, the daily oil transportation volume in the Strait of Hormuz has rebounded to around 4.8 million barrels, with several large oil tankers passing through the strait from the 23rd to the 24th. Market insiders believe that the current oil price decline does not indicate the complete elimination of geopolitical risks, but rather that spot supply recovery is faster than expected, and traders are gradually removing the previously included risk premiums. BABA-W (09988) suffered a net selling of 2.251 billion Hong Kong dollars. Anthropic recently wrote to the US Congress, accusing Alibaba of illegally extracting the core capabilities of its AI model Claude through a large number of fraudulent accounts. Anthropic described this as the largest-scale "distillation attack" the company has encountered so far. In addition, Alibaba sued the US Department of Defense to have it removed from the "Chinese military enterprise list". TRACKER FUND OF HONG KONG (02800) suffered a net selling of 4.378 billion Hong Kong dollars. Huatai's chief macroeconomist Yi Yi expressed that the Hong Kong stock market sentiment is still at a panic level and there are no signs of improvement. Attributing to this, the main driving factor behind this round of decline in Hong Kong stocks may come from the increase in short selling forces rather than the pressure from long positions. Yi Yi stated that the central reversal still depends on the progress of large factories in AI and the catalyzation of consumption recovery, which has not yet reached the right time. In addition, YOFC (06869) and Tencent (00700) suffered a net selling of 0.182 billion and 0.477 billion Hong Kong dollars respectively.