On September 23 in the Hong Kong stock market, northbound capital recorded a net purchase of HK$3.449 billion. Specifically, the Shanghai Connect saw net buying of HK$4.423 billion, while the Shenzhen Connect reported net selling of HK$975 million. The stocks attracting the largest net inflows were TENCENT (00700), Tracker Fund (02800), and XIAOMI-W (01810). On the flip side, the most heavily sold names included KB LAMINATES (01888), KINGBOARD HLDG (00148), and SMIC (00981).
The active trading lists for both the Shanghai and Shenzhen Connects highlighted TENCENT (00700), which secured net buying of HK$2.035 billion. The stock slipped 2.35% on the day, prompting northbound investors to aggressively accumulate positions at lower levels. Following the phenomenal success of Meta's AI assistant Muse, which went viral within just two weeks of launch, institutions believe TENCENT holds a natural strategic advantage in the consumer-grade agent arena. Its WeChat ecosystem integrates social relationship chains, official account and video account content matrices, a cluster of mini-programs, WeChat Pay, and an extensive merchant network spanning all industries.
Tracker Fund (02800) received net buying of HK$600 million. According to Guoyuan International, the market may have already priced in a single rate hike in September, but uncertainty lingers over the number of subsequent increases and the duration of the "higher for longer" stance. In this context, Hong Kong stocks are likely to see "index volatility, structural divergence, and rotation" as the baseline scenario, with the market placing greater emphasis on whether corporate earnings and cash flows can digest the valuation pressure from elevated interest rates.
XIAOMI-W (01810) attracted net buying of HK$457 million. On September 22, the company released and open-sourced its Xiaomi MiMo-V2.6 series, which includes both Pro and Flash native full-modal models. Goldman Sachs anticipates that the pricing of the MiMo-V2.6 series upon official launch will draw attention. V2.6 is expected to reinforce Xiaomi's focus on agentic coding and multimodal integration, offering higher API pricing potential. However, Xiaomi may continue to disrupt the market pricing structure alongside DeepSeek.
PCB concept stocks surged against the market trend, with VGT (02476) recording net buying of HK$166 million. In contrast, KB LAMINATES (01888) and KINGBOARD HLDG (00148) saw significant reductions by northbound investors at elevated levels, with net selling of HK$2.168 billion and HK$336 million, respectively. On September 22, Jiangxi Hongruixin raised its copper clad laminate factory prices by 10%, following another round of material price increases after China Jushi hiked electronic yarn prices by 15% to 20% in September. A J.P. Morgan research report initiated coverage on KB LAMINATES with an "Overweight" rating and a target price of HK$65. The bank noted that surging demand from AI and general servers has caused a substantial shortage of glass fiber cloth, with electronic-grade glass fiber cloth prices rising over 100% year-to-date, which is expected to enhance the company's integrated profit margins and market share.
BABA-W (09988) saw net selling of HK$241 million. The stock dropped 4.36% on the day, marking it as the worst performer among Hang Seng Index constituents. Alibaba's recent Apsara Conference showcased aggressive moves. Alibaba CEO Eddie Wu stated at the event that customer AI demand is exceptionally strong, and the company will fully commit to AI infrastructure investment, targeting a global data center scale exceeding 20GW for Alibaba Cloud by 2032. The newly unveiled domestic AI chip, Zhenwu V900, boasts a computing power three times that of the Zhenwu M890. Additionally, SMIC (00981) faced further net selling of HK$331 million, while YOFC (06869) secured net buying of HK$31.79 million.