On September 28 in the Hong Kong stock market, northbound capital recorded a net sell of HK$6.554 billion. Of this, the Shanghai Stock Connect saw a net sell of HK$1.738 billion, while the Shenzhen Stock Connect recorded a net sell of HK$4.816 billion. The stocks with the largest net buying by northbound capital were Kingboard Laminates (01888), CNOOC (00883), and MINIMAX-W (00100). The stocks with the largest net selling were the Tracker Fund (02800), Hang Seng China Enterprises (02828), and Tencent (00700).

The Kingboard group plunged today, prompting northbound capital to add positions on the dip. Kingboard Laminates (01888) and Kingboard Holdings (00148) received net buying of HK$434 million and HK$14.58 million respectively. Morgan Stanley said it expects the total addressable global CCL market to grow from US$19 billion in 2025 to US$47 billion in 2030, representing a 20% compound annual growth rate, significantly above the market consensus of US$35 billion to US$40 billion. JPMorgan said it forecasts Kingboard Laminates' earnings per share will grow eightfold between 2025 and 2028, driven by higher copper-clad laminate prices, capacity expansion, and a 75% increase in loom equipment scale.

CNOOC (00883) received net buying of HK$426 million. U.S. President Trump said on the 27th that he expects the U.S. and Iran to restart negotiations within the coming week. However, he also said he has "always been considering" whether to resume military strikes against Iran. Iranian Foreign Minister Araghchi said Iran is prepared to resume conflict with the U.S. but has not given up on diplomatic engagement.

MINIMAX-W (00100) received net buying of HK$55.05 million. On September 23, an anonymous large model called Space Bunny launched on the globally renowned model aggregation platform OpenRouter and the coding platform OpenCode. In statistics from September 27, Space Bunny recorded approximately 3.99 trillion token calls on OpenRouter and approximately 8.3 trillion on OpenCode, both ranking first. Space Bunny has now topped both platforms for three consecutive days. Netizens speculate that it is a new model from MiniMax.

Shandong Gold (01787) saw a net sell of HK$230 million. Shandong Gold announced that its 2026 production and operation plan will be adjusted from the original "gold output of no less than 49 tonnes" to "gold output of 36 to 38 tonnes." In 2025, the company's mined gold output was 48.89 tonnes, and 2026 mined gold output is expected to decrease by about 11 to 13 tonnes year-on-year. Net profit is expected to decline year-on-year in 2026.

Yangtze Optical Fibre and Cable (06869) saw a net sell of HK$477 million. Optical fibre leader Hengtong Optic-Electric disclosed a private placement plan to issue no more than 740 million A-shares, raising no more than 6.636 billion yuan, to be invested in nine projects including optical communications. Specifically, the "New Generation Optical Fibre R&D and Production Project" will receive 758 million yuan, and the "Inner Mongolia Optical High-End Optical New Materials Construction Project" will receive 862 million yuan, with the two forming the core of optical fibre preform and specialty optical fibre capacity expansion.

The Tracker Fund (02800) and Hang Seng China Enterprises (02828) saw net sells of HK$2.117 billion and HK$1.277 billion respectively. Galaxy Securities noted that the market needs to reprice a "higher for longer" interest rate environment, and Hong Kong stocks lack short-term catalysts for a trend reversal. Some funds had previously bet on a rebound once a rate hike landed, but the overall tone of the Federal Reserve's September meeting was more hawkish than market expectations. The dot plot shows at least one more rate hike is expected within the year, and Chairman Warsh listed inflation as the main contradiction, sending a clear anti-inflation signal. This means the logic of "bad news exhausted" has been broken, and uncertainty has not been eliminated but postponed to the fourth quarter. In addition, Alibaba-W (09988), SMIC (00981), and Tencent (00700) saw net sells of HK$137 million, HK$600 million, and HK$976 million respectively.