Northbound funds | Northbound trading recorded a net buy of 12.691 billion. Northbound funds continued to add positions in AI hardware and large models, increasing holdings in TRACKER FUND OF HONG KONG (02800) by nearly HK$2.7 billion throughout the day.

On September 22 in the Hong Kong stock market, northbound trading recorded a net buy of HK$12.691 billion. Among this, Hong Kong Stock Connect (Shanghai) recorded a net buy of HK$8.712 billion, and Hong Kong Stock Connect (Shenzhen) recorded a net buy of HK$3.979 billion. The stocks with the largest net buys by northbound funds were TRACKER FUND OF HONG KONG (02800), Z.AI (02513), and BABA-W (09988). The stocks with the largest net sells by northbound funds were Semiconductor Manufacturing International Corporation (00981), YOFC (06869), and Tencent (00700). Active stocks under Hong Kong Stock Connect (Shanghai) Active stocks under Hong Kong Stock Connect (Shenzhen) TRACKER FUND OF HONG KONG (02800) received a net buy of HK$2.676 billion. Soochow believes that the Hong Kong stock market is currently in a slight rebound trend. This rebound is closer to short covering after overseas phased negative factors have landed, rather than being based on an improvement in fundamentals. Overseas risks are difficult to clear all at once and will continue to repeatedly disturb the market, so a relatively neutral and dynamic allocation should be maintained for Hong Kong stocks. The rebound can be watched, but chasing highs should be done cautiously; a clear turning point still requires waiting for fundamental improvement. Z.AI (02513) received a net buy of HK$944 million. According to the latest daily ranking data from OpenRouter, the daily call volume of Z.AI's GLM-5.3-Flash reached 4.36 trillion tokens, up 73% from the previous statistical period, ranking first in model call volume on the platform. Soochow issued a research report stating that it maintains a "Buy" rating on Z.AI. The firm noted that the company has completed rectification regarding the security issues of the ZCode product and has open-sourced ZCode, and it expects the impact of this incident on fundamentals to be relatively small. BABA-W (09988) received a net buy of HK$871 million. Alibaba CEO Eddie Wu said at the Yunqi Conference that current customer AI demand is very strong, and the company will fully invest in AI infrastructure construction, with the goal that by 2032 the scale of global data centers operated by Alibaba Cloud will exceed 20GW. On the same day, T-Head released its strongest domestic AI chip, Zhenwu V900, with computing power increased to three times that of Zhenwu M890. It is reported that the annual shipment volume of T-Head AI chips will increase significantly. Zhongji Innolight (03308), KB LAMINATES (01888), and GigaDevice Semiconductor Inc. (03986) received net buys of HK$352 million, HK$344 million, and HK$148 million, respectively. However, YOFC (06869) suffered a net sell of HK$221 million. Meta's new AI assistant Muse quickly climbed to the top of the free charts on Apple's and Google's U.S. app stores, and early data shows its downloads have surpassed those of the previous generation product. Analysts believe this result is a tangible signal that Meta's hundreds of billions of dollars in AI investment is beginning to pay off, and it may open new monetization space for the company, including advertising, subscriptions, and transaction revenue sharing. XIAOMI-W (01810) received a net buy of HK$279 million. Xiaomi officially released and open-sourced the new Xiaomi MiMo-V2.6 series early in the morning. Goldman Sachs expects that pricing at the official launch of the MiMo-V2.6 series will attract attention, and V2.6 will consolidate Xiaomi's focus on agentic coding and multimodal integration while offering higher API pricing potential, but Xiaomi may continue to disrupt the market pricing structure together with DeepSeek. MINIMAX-W (00100) received a net buy of HK$225 million. MiniMax previously announced that ARR exceeded US$800 million in August. Changjiang pointed out that subsequent ARR growth may mainly depend on the release performance of M3.1, M3Pro, and H3.1. In the second half of the year, the company's core observation mainline on the product side is M3.1 taking over, M3Pro opening up capability and price ceilings, and the recovery of gross margin. The company is expected to further unleash growth potential and elasticity. CNOOC (00883) suffered a net sell of HK$40.1 million. Affected by several consecutive days of optimistic sentiment, crude oil futures prices fell for a fourth consecutive trading day. In addition, after the market close, reports said that a senior Iranian official revealed that Iran has told the Trump administration that if the United States accepts Iran's demands, including lifting the military blockade of Iranian ports, Iran will open the blockaded Strait of Hormuz "within seven days." In addition, Hua Hong Grace Semiconductor (01347) received a net buy of HK$320 million, while Tencent (00700) and Semiconductor Manufacturing International Corporation (00981) suffered net sells of HK$155 million and HK$373 million, respectively.