On July 28, the Hong Kong stock market saw southbound capital flows record a net sell-off of 2.495 billion Hong Kong dollars. The Shanghai-Hong Kong Stock Connect recorded a net sell-off of 552 million Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect recorded a net sell-off of 1.942 billion Hong Kong dollars.
The stocks that attracted the most net buying from southbound capital were Xiaomi Group-W (01810) and Z.AI (02513). The stocks that saw the most net selling were Hua Hong Grace (01347), SMIC (00981), and YOFC (06869).
Xiaomi Group-W (01810) received a net purchase of 358 million Hong Kong dollars. Xiaomi's founder, chairman, and CEO Lei Jun announced on social media that the Xiaomi Pengcheng series technology conference is officially scheduled for 7:00 PM on July 30. Lei Jun stated that this conference, which is the second technology event held by Xiaomi Auto, will focus on showcasing the latest progress in its car-making technology. At that time, the two SUV models, Xiaomi Pengcheng N90 and N70, will be officially unveiled.
Z.AI (02513) received a net purchase of 268 million Hong Kong dollars. Z.AI previously released its new generation flagship model, GLM-5.2. This model is designed for long-duration task capabilities and supports a million-token long context that is practically usable. In international comprehensive evaluations, GLM-5.2 ranked among the top open-source models globally, achieving internationally advanced levels in core capabilities such as programming and long-duration tasks.
KB Laminates (01888), Gigadevice (03986), and YOFC (06869) saw net sell-offs of 271 million, 272 million, and 640 million Hong Kong dollars, respectively.
On Monday, the credit default swap price for Nvidia recorded its largest single-day increase on record. Nvidia is reportedly pushing forward with AI infrastructure-related collaborations totaling over $750 billion. Analysts point out that as Nvidia simultaneously plays multiple roles in the AI industry chain—including chip supplier, investor, and financing supporter—the market is closely watching the financing models within AI infrastructure construction, as these agreements possess a cyclical nature.
Alibaba-W (09988) faced a net sell-off of 374 million Hong Kong dollars. The European Commission announced a fine of 550 million euros against Alibaba's cross-border e-commerce platform AliExpress, based on the EU's Digital Services Act, marking the highest penalty since the DSA took effect.
Notably, the stock performance following the latest earnings reports from Google and Tesla indicates that the AI trade has shifted from a "story-driven" phase to a "cash flow validation" phase.
CNOOC (00883) experienced a net sell-off of 501 million Hong Kong dollars. Macquarie released a research report expecting that CNOOC's half-year profit may fall short of market expectations, primarily due to a widening discount between its realized crude oil prices and Brent crude oil futures, as well as potential impairment charges. The firm predicts CNOOC's first-half net profit will be 83.9 billion yuan, up 21% year-on-year. Macquarie maintains an "underperform" rating on CNOOC and has lowered its target price by 2% to 17.5 Hong Kong dollars, reflecting weaker oil price realization and higher impairment assumptions.
Additionally, Tencent (00700), SMIC (00981), and Hua Hong Grace (01347) saw net sell-offs of 513 million, 682 million, and 884 million Hong Kong dollars, respectively.
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