On September 24 in the Hong Kong stock market, northbound trading recorded a net buying of HK$290 million. Among this, the Shanghai Stock Connect saw a net buying of HK$3.099 billion, while the Shenzhen Stock Connect experienced a net selling of HK$199 million.

The stocks with the largest net buying by northbound funds were the Tracker Fund of Hong Kong (02800), Tencent (00700), and CSOP Hang Seng TECH Index ETF (03033). The stocks with the largest net selling were Genscript Biotech Corporation (01548), Semiconductor Manufacturing International Corporation (00981), and Kingboard Holdings Limited (00148).

Among the active stocks on the Shanghai Stock Connect and Shenzhen Stock Connect, the Tracker Fund of Hong Kong (02800), CSOP Hang Seng TECH Index ETF (03033), and Hang Seng China Enterprises Index ETF (02828) received net buying of HK$633 million, HK$555 million, and HK$512 million, respectively. Soochow Securities believes that the Hong Kong stock market is currently in a slight rebound trend. This rebound is more akin to short covering after the temporary resolution of overseas negative factors, rather than being driven by fundamental improvements. Overseas risks are unlikely to be cleared all at once and will continue to cause repeated disturbances, so a neutral and dynamic allocation approach should be maintained for Hong Kong stocks.

Tencent (00700) received a net buying of HK$630 million. Tencent WorkBuddy announced that its full-stack application generation capability now officially supports WeChat Mini Programs. After upgrading the PC client to version 5.6.1 or above, users can describe their requirements in natural language and complete the generation, preview, and publishing of mini programs within the platform, without the need to install developer tools, configure AppID, or manually upload code packages.

Kingboard Laminates Holdings Limited (01888) received a net buying of HK$298 million, while Kingboard Holdings Limited (00148) saw a net selling of HK$15.55 million. Citi released a research report stating that it recently communicated with the management of Kingboard Laminates Holdings and believes that the company's earnings have upside potential amid the ongoing shortage of AI materials. The report noted that the key bottleneck for electronic glass fiber cloth currently lies in the supply of weaving machines, and it is expected that the company will remain highly dependent on Toyota Industries Corporation over the next two years, as it holds over 80% of the global market share for high-end weaving machines. In addition, because AI power-related PCBs require 3oz thick copper foil compared to only 1oz for traditional FR4, production is more time-consuming, so copper foil is expected to become another bottleneck.

Yangtze Optical Fibre and Cable Joint Stock Limited Company (06869) received a net buying of HK$222 million. UBS initiated coverage of China's optical fiber and cable industry for the first time, believing that investors' concerns about overcapacity in 2027 and peak earnings are significantly overestimated. UBS pointed out that since its stock price peaked in June, Yangtze Optical Fibre and Cable has fallen 37%, due to investor worries that optical fiber capacity expansions announced by peers and new companies could cause the company's earnings to peak in 2027. However, UBS believes the risk of overcapacity is limited.

Alibaba-W (09988) received a net buying of HK$55.54 million. Alibaba CEO Eddie Wu stated at the Apsara Conference that customer AI demand is currently very strong, and the company will fully commit to AI infrastructure construction, aiming for the scale of global data centers operated by Alibaba Cloud to exceed 20GW by 2032. Citi released a research report stating that the second day of the Alibaba Apsara Conference further reinforced the company's unique capabilities in multi-layered monetization across IaaS, MaaS, and AI-native applications. Continuing from the first day's announcements, the second day showcased detailed end-to-end product execution across the entire AI technology stack.

MINIMAX-W (00100) received a net buying of HK$53.77 million. MiniMax Code CLI version v0.4.12 has been officially opened to global developers, and its source code has been officially released under the MIT license. MiniMax Code CLI is a core component of the MiniMax Code client. Changjiang Securities pointed out that future ARR growth may mainly depend on the release effects 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 to focus on M3.1 succession, M3Pro's ability to open up capability and price ceilings, and gross margin recovery. The company is expected to further unleash its growth potential and elasticity.

In addition, GigaDevice Semiconductor Inc. (03986) and Zhongji Innolight Co., Ltd. (03308) received net buying of HK$56.98 million and HK$35.53 million, respectively. Meanwhile, Genscript Biotech Corporation (01548) and Semiconductor Manufacturing International Corporation (00981) saw net selling of HK$278 million and HK$225 million, respectively.