Northbound funds | Northbound trading net sold 4.226 billion, Northbound trading increased position in KNOWLEDGE ATLAS (02513) by nearly 500 million Hong Kong dollar, and once again sold AI hardware stocks.

On July 23rd, in the Hong Kong stock market, the net sales of Beishui amounted to 4.226 billion Hong Kong dollars. Among them, the net sales of Hong Kong Stock Connect (Shanghai) were 1.885 billion Hong Kong dollars, and the net sales of Hong Kong Stock Connect (Shenzhen) were 2.341 billion Hong Kong dollars. The stocks with the most net purchases by Beishui were MEITUAN-W (03690), KNOWLEDGE ATLAS (02513), and Montage Technology (06809). The stocks with the most net sales by Beishui were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and BABA-W (09988). Active trading stocks in the Hong Kong Stock Connect (Shanghai) Active trading stocks in the Hong Kong Stock Connect (Shenzhen) MEITUAN-W (03690) received a net purchase of 641 million Hong Kong dollars. Recently, Meituan announced the official release of LongCat-2.0, including all model weights, inference engines, and core technical documentation. This model is the first in the industry to complete the entire training and inference process on a domestic computing power cluster of 50,000 cards, with a total of 1.6 trillion parameters and pre-training data scale exceeding 30 trillion tokens, supporting native ultra-long contexts of 1 million characters. Citi stated that the release of Meituan's LongCat-2.0 is expected to further strengthen its leading position in the local life services market. KNOWLEDGE ATLAS (02513) received a net purchase of 494 million Hong Kong dollars. Zhongjin Securities noted that the KNOWLEDGE ATLAS GLM series has always been at the forefront of domestic models, with GLM-5.2 being the first domestic open-source model to reach Opus-4.8 level. The firm believes that the continuous iteration of model capabilities bodes well for the future of KNOWLEDGE ATLAS in the dimensions of model capabilities, computing power expansion, AI infrastructure optimization, and commercial realization. Montage Technology (06809) received a net purchase of 104 million Hong Kong dollars. According to public business registration information, Shanghai Zhiweilingfeng Entrepreneurship Investment Partnership (Limited Partnership) has been officially established, with the total subscribed capital reaching 2.1 billion yuan, focusing on venture capital investments in unlisted companies. The company was jointly established by Advanced Micro-Fabrication Equipment Inc. China and Montage Technology, among others. As a benchmark enterprise in the domestic semiconductor equipment and chip design field, the joint investment by Advanced Micro-Fabrication Equipment Inc. China and Montage Technology has strong industry orientation significance. CNOOC (00883) received a net purchase of 53.21 million Hong Kong dollars. The IEA stated that member countries have already released nearly three-quarters of the 400 million barrels of emergency reserves announced in March, and in a few weeks, the market-participating supply would be exhausted. EB SECURITIES pointed out that if the US-Iran conflict continues, the regulatory mechanisms of the oil market may malfunction, leading to a greater degree of market volatility. AI hardware stocks faced another round of selling, with GigaDevice Semiconductor Inc. (03986), KB LAMINATES (01888), Hua Hong Grace Semiconductor (01347), YOFC (06869), and Semiconductor Manufacturing International Corporation (00981) experiencing net sales of 84.01 million, 351 million, 420 million, 600 million, and 892 million Hong Kong dollars, respectively. Alphabet, Google's parent company, announced that its second-quarter capital expenditure had doubled to $44.9 billion, with free cash flow decreasing to negative $5.9 billion for the first time in decades. At the same time, Alphabet raised its full-year capital expenditure guidance to $195-205 billion and expected spending to continue to increase significantly until 2027. Market doubts have been raised about the sustainability of such high levels of AI capital expenditure in the long term. BABA-W (09988) and Tencent (00700) experienced net sales of 10.96 billion and 15.4 billion Hong Kong dollars, respectively. A report released by Lyon stated that Tencent's stock price fell yesterday mainly because of reports that the US Treasury Secretary mentioned concerns about intellectual property theft related to open-source AI models from China. The report noted that flagship models like Tencent and Alibaba have far exceeded model distillation, and Tencent and Alibaba are the core holdings of the vast majority of global funds. Recent inflows of funds into storage and hardware stocks may put pressure on their stock prices and the industry. TRACKER FUND OF HONG KONG (02800) experienced a net sale of 25.19 billion Hong Kong dollars. Huatai pointed out that as the hedge closure may be halfway through and short selling funds are starting to accumulate again, considering that A-shares and K-shares are gradually confirming their bottoming out, and Hong Kong stock market sentiment index is gradually recovering, the fund-driven rebound may be sustainable on a monthly basis, but the core elements of long-term reversal may still lie in the restoration of fundamental performance after the earnings season.