Southbound capital recorded a net buying position of HK$11.567 billion in the Hong Kong stock market on August 24, according to market data. The Shanghai-Hong Kong Stock Connect posted net purchases of HK$8.893 billion, while the Shenzhen-Hong Kong Stock Connect registered net inflows of HK$2.674 billion. The most actively acquired stocks by southbound funds were Tracker Fund of Hong Kong (02800), Alibaba-W (09988), and Tencent (00700), while SMIC (00981) and Hua Hong Grace (01347) led the net selling list.

Tracker Fund of Hong Kong (02800) and Southern Hang Seng Tech (03033) attracted net inflows of HK$3.862 billion and HK$1.139 billion, respectively. Galaxy Securities noted that Hong Kong equities are emerging from the previous environment of a strong US dollar and elevated US Treasury yields, with global capital rotating from dollar-denominated assets toward non-dollar markets in search of opportunities. This shift enhances Hong Kong's liquidity appeal and is widely interpreted as a notable signal of dollar weakness. However, rising US bond yields directly compress Hong Kong stock valuations and pressure capital flows, with growth-oriented technology stocks that depend heavily on future cash flows bearing the brunt of the impact. The market's valuation discount relative to global peers, combined with persistent southbound inflows, provides a cushion of resilience. Consequently, the market is expected to experience continued fluctuation ahead of the Federal Reserve's September policy meeting, a pivotal window for rate decisions.

Alibaba-W (09988) and Tencent (00700) secured net purchases of HK$2.184 billion and HK$1.542 billion, respectively. Alibaba announced the completion of pricing for its HK$80 billion new share placement, with the net proceeds to be fully deployed toward building full-stack AI capabilities and strengthening AI infrastructure. In the second quarter, capital expenditures at both Tencent and Alibaba showed a marked increase, with combined quarterly spending surpassing HK$120 billion—representing close to one-quarter of their combined quarterly revenues.

YOFC (06869) recorded net buying of HK$821 million. The company reported first-half net profit attributable to shareholders of RMB 2.925 billion, surging 888.88% year-on-year, while net profit excluding non-recurring items jumped an even more dramatic 1,680.48%. Revenue climbed in tandem to RMB 9.809 billion, up 53.64% year-on-year. The company also declared a cash dividend of RMB 10.6 per ten shares (tax inclusive), representing a substantial increase in payout intensity and underscoring management's confidence in earnings sustainability.

Ping An (02318) drew net buying of HK$596 million. The company released its results showing first-half operating revenue of RMB 575.138 billion, up 15.0% year-on-year, and net profit attributable to parent shareholders of RMB 92.585 billion, a robust 36.1% increase—the fastest first-half growth rate in seven years. Ping An will distribute an interim dividend of RMB 0.98 per share in cash, reflecting a 3.2% year-on-year increase in payout level.

Xiaomi-W (01810) attracted net buying of HK$471 million. On August 24, Xiaomi held a technical briefing on its Xuanji chips, disclosing specifications and terminal deployment plans for the Xuanji O3 flagship SoC, the Xuanji O100 AI accelerator, and the Xuanji D100 autonomous driving chip. These three chips correspond to consumer electronics main processors, AI inference acceleration, and automotive smart driving respectively, signaling that Xiaomi's self-developed chip initiative is advancing its platform-based strategy toward parallel implementation across multiple product lines.

Hua Hong Grace (01347) and SMIC (00981) experienced net selling of HK$871 million and HK$1.895 billion, respectively. Goldman Sachs published a research report indicating that semiconductor capital expenditure figures disclosed during the second-quarter earnings season broadly exceeded expectations, with equipment suppliers also offering more optimistic outlooks, collectively driving substantial upward revisions to forecasts. The investment bank significantly raised its global wafer fab equipment spending projections for the next three years, lifting 2026 through 2028 market size expectations to US$150 billion, US$218 billion, and US$281 billion respectively—revisions that notably exceeded previous forecasts. Additionally, MINIMAX-W (00100) and KB Laminates (01888) recorded net buying of HK$196 million and HK$4.876 million, respectively.