Northbound funds | Northbound funds recorded a net buy of 2.021 billion yuan. The commercialization of large models is reaching a turning point. Northbound funds increased their holdings in MINIMAX (00100) by over 1 billion Hong Kong dollars.

On August 10, the Hong Kong stock market saw northbound capital with a net purchase of HKD 20.21 billion. Among this, the Shanghai-Hong Kong Stock Connect recorded a net buy of HKD 27.96 billion, while the Shenzhen-Hong Kong Stock Connect had a net sell of HKD 7.76 billion. The stocks with the highest net purchases from northbound capital were MINIMAX-W (00100), KB LAMINATES (01888), and GENSCRIPT BIO (01548). The stocks with the highest net sells were Semiconductor Manufacturing International Corporation (00981) and KINGBOARD HLDG (00148). Active stocks in the Shanghai-Hong Kong Stock Connect are: Active stocks in the Shenzhen-Hong Kong Stock Connect include: MINIMAX-W (00100) and Z.AI (02513) saw net purchases of HKD 1.013 billion and HKD 313 million, respectively. According to a report from CMSC, DeepSeek announced plans to significantly increase API prices. Coupled with data from Silicon Data confirming a continued rise in the price index of open-source model tokens, this signals that the industry is completely moving away from the loss-expansion model of low prices for scale and entering a new commercial phase focused on pricing based on performance, computing power, and service capabilities, while emphasizing profit quality. It is advised to focus on large model manufacturers with strong product capabilities and validated commercial potential, particularly Z.AI, and to also pay attention to MiniMax. KB LAMINATES (01888) received a net purchase of HKD 599 million, while KINGBOARD HLDG (00148) faced a net sell of HKD 50.3 million. Goldman Sachs' latest report shows a substantial upward revision of the market size forecast for AI server-related sectors. The firm projects that the global AI server PCB market will reach USD 37.5 billion by 2027, an increase of 38% from previous forecasts, and further rise to USD 84 billion by 2028; the CCL market is expected to reach USD 22.1 billion by 2027, up 18%, and is expected to grow to USD 48 billion by 2028. GENSCRIPT BIO (01548) and WUXI BIO (02269) saw net purchases of HKD 472 million and HKD 29.41 million, respectively. WuXi AppTec announced that the U.S. District Court for the District of Columbia approved the companys preliminary injunction motion on August 7. During the period of the companys lawsuit regarding being on the 1260H list, the U.S. Department of Defense is prohibited from executing related determinations or taking other actions based on this. Experts point out that this phase of buffering can reduce concerns among U.S. clients, but U.S. policy risks still need to be continuously monitored. XIAOMI-W (01810) received a net purchase of HKD 384 million. On August 2, Xiaomi officially announced its third price increase of the year, with prices of the Xiaomi 17 series, REDMI K90 series, and REDMI Turbo 5 and other key models raised by HKD 300 to HKD 500. Guosheng believes that as the pace of storage cost increases narrows in Q3 and beyond, along with product structure optimization and smoother price adjustments, the gross margin trend for the mobile business is expected to stabilize. Tencent (00700) and BABA-W (09988) received net purchases of HKD 376 million and HKD 81.16 million, respectively. Goldman Sachs released a report looking ahead to the upcoming second-quarter performance of internet giants, expecting key themes to include: strong cloud growth, upward revisions in capital expenditures for the year, turning points in trading platform profitability, and increased market focus on the classification and aggregation valuation method. Additionally, YOFC (06869) and GigaDevice Semiconductor Inc. (03986) saw net purchases of HKD 422 million and HKD 315 million, respectively, while Semiconductor Manufacturing International Corporation (00981) faced a net sell of HKD 452 million.