Northbound funds | Northbound capital net bought 4.093 billion, continuing to increase positions in large model concept stocks, while selling off gold stocks throughout the day.

On September 2, the Hong Kong stock market saw a net buy of HKD 4.093 billion from northbound trading. Among them, the Shanghai Stock Exchange northbound trading recorded a net buy of HKD 5.763 billion, while the Shenzhen Stock Exchange northbound trading recorded a net sell of HKD 1.67 billion. The stocks with the highest net buy from northbound trading are AIA (01299), Zhongji Innolight (03308), and Tencent (00700). The stocks with the highest net sell are BABA-W (09988), Hua Hong Grace Semiconductor (01347), and Semiconductor Manufacturing International Corporation (00981). Active trading stocks on Hong Kong Stock Connect (Shanghai) Active trading stocks on Hong Kong Stock Connect (Shenzhen) AIA (01299) saw a net buy of HKD 965 million. Jefferies published a research report indicating that AIA's new business value grew 0.4% year-on-year, exceeding market forecasts, and the after-tax operating profit exceeded expectations by 4.1%. The firm raised its earnings per share estimate for the company for the fiscal year 2026 by 3.5% and also raised the forecast for new business value by 0.7%. Zhongji Innolight (03308) received a net buy of HKD 451 million. Zhongji Innolight announced a plan to repurchase part of its A-shares. The total amount for the repurchase will be no less than HKD 4 billion and no more than HKD 8 billion, with the repurchase price not exceeding HKD 1,200 per share. The repurchased shares will be used for equity incentives or employee stock ownership plans. Based on the upper limit of the repurchase amount, the estimated number of shares to be repurchased is approximately 6.67 million shares, accounting for about 0.57% of the total share capital. Tencent (00700) had a net buy of HKD 336 million. At the launch event for Tencent WorkBuddy's ecosystem, Tencent announced that the open platform is officially online, with over a hundred ecological partners introduced in the first batch, opening up underlying Agent capabilities to smart hardware, industry applications, and developers. MINIMAX-W (00100) and Z.AI (02513) saw net buys of HKD 335 million and HKD 317 million, respectively. Anthropic plans to publicly file its prospectus after September 7, with the IPO potentially happening as soon as late September to early October, aiming for a valuation of USD 1.5 trillion to USD 2 trillion, which could become the largest IPO in history. If Anthropic goes public at a USD 2 trillion valuation, it may systematically uplift the valuation center for global large models/domestic large models, bringing potential valuation recovery expectations. Northbound trading reduced positions in gold stocks, with Shandong Gold Mining (01787), Zijin Mining Group (02899), and CHINAGOLDINTL (02099) experiencing net sells of HKD 81.87 million, HKD 156 million, and HKD 255 million, respectively. Ongoing geopolitical crises continue to affect inflation expectations. The U.S. launched a new round of airstrikes on targets within Iran on Tuesday, which Iran subsequently retaliated against, marking the second outbreak of hostilities in three days. Under pressure from global bond sell-offs, a stronger dollar, and rising oil prices, gold prices saw a significant drop, falling below USD 4,300 this morning, down over 8% from last week's high of nearly USD 4,700. BABA-W (09988) faced a net sell of HKD 764 million. Alibaba previously announced a new share placement totaling HKD 80 billion. This is Alibaba's first new share placement since going public in Hong Kong in 2019. The net proceeds from this placement will be used 100% for investing in full-stack AI capabilities, strengthening AI infrastructure, and further consolidating Alibaba's leading position in the AI field. Moreover, YOFC (06869) and MEITUAN-W (03690) had net buys of HKD 287 million and HKD 98.72 million, respectively. Meanwhile, Hua Hong Grace Semiconductor (01347), Semiconductor Manufacturing International Corporation (00981), and KB LAMINATES (01888) experienced net sells of HKD 404 million, HKD 262 million, and HKD 155 million, respectively.