Northbound funds | Northbound trading recorded a net buy of 3.449 billion. Northbound funds bucked the trend to snap up Tencent (00700) with over HK$2 billion, while selling the Kingboard group on rallies.

On September 23 in the Hong Kong stock market, northbound trading recorded a net buy of HK$3.449 billion. Among this, Hong Kong Stock Connect (Shanghai) recorded a net buy of HK$4.423 billion, while Hong Kong Stock Connect (Shenzhen) recorded a net sell of HK$975 million. The stocks with the largest net buys by northbound funds were Tencent (00700), TRACKER FUND OF HONG KONG (02800), and XIAOMI-W (01810). The stocks with the largest net sells by northbound funds were KB LAMINATES (01888), KINGBOARD HLDG (00148), and Semiconductor Manufacturing International Corporation (00981). Active stocks on Hong Kong Stock Connect (Shanghai) Active stocks on Hong Kong Stock Connect (Shenzhen) Tencent (00700) received a net buy of HK$2.035 billion. The stock fell 2.35% that day, and northbound funds aggressively bought on the dip. Meta's AI assistant Muse went viral just two weeks after launch. Benchmarking against the development logic of overseas Muse, institutions believe Tencent has a natural positioning advantage in the consumer-grade Agent track. Its WeChat ecosystem integrates social relationship chains, a content matrix of official accounts and Video Accounts, a cluster of mini-program light applications, WeChat Pay, and a merchant network across all industries. TRACKER FUND OF HONG KONG (02800) received a net buy of HK$600 million. Guoyuan International believes the market may have already fairly fully priced in a single rate hike in September, but uncertainty remains regarding the number of subsequent hikes and the duration of "higher for longer." Against this backdrop, the baseline scenario for the Hong Kong stock market in the short term remains "index consolidation, structural divergence, and rotation," and the market will place greater emphasis on whether companies' own earnings and cash flows can absorb the valuation pressure brought by high interest rates. XIAOMI-W (01810) received a net buy of HK$457 million. On September 22, Xiaomi released and open-sourced the Xiaomi MiMo-V2.6 series, including two native omni-modal models, Pro and Flash. 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, though Xiaomi may continue to disrupt the market pricing structure alongside DeepSeek. PCB concept stocks surged against the market trend. Victory Giant Technology (02476) received a net buy of HK$166 million, while KB LAMINATES (01888) and KINGBOARD HLDG (00148) were heavily reduced by northbound funds on rallies, with net sells of HK$2.168 billion and HK$336 million, respectively. On September 22, Jiangxi Hongruixing raised the ex-factory price of copper-clad laminates by 10%, another round of material price increases following China Jushi Co., Ltd's 15% to 20% increase in electronic cloth prices in September. A JPMorgan research report pointed out that it initiated coverage on KB LAMINATES with an "Overweight" rating and a target price of HK$65. The bank noted that surging demand from artificial intelligence and general servers has caused a major shortage of glass cloth, with electronic-grade glass cloth prices having risen by more than 100% year to date, which is expected to enhance the company's consolidated profit margin and market share. BABA-W (09988) recorded a net sell of HK$241 million. The stock fell 4.36% that day, making it the biggest decliner among Hang Seng Index constituents. Alibaba went all out at this year's Apsara Conference. Alibaba CEO Wu Yongming said at the Apsara Conference a few days ago that customer AI demand is very strong, and the company will fully invest in AI infrastructure construction, with the goal of exceeding 20GW in the scale of global data centers operated by Alibaba Cloud by 2032. The new domestic AI chip Zhenwu V900 has increased computing power to three times that of Zhenwu M890. In addition, Semiconductor Manufacturing International Corporation (00981) suffered another net sell of HK$331 million, while YOFC (06869) received a net buy of HK$31.7914 million.