On August 10, the Hong Kong stock market saw a net northbound capital inflow of 2.021 billion Hong Kong dollars. The Shanghai-Hong Kong Stock Connect recorded a net buy of 2.796 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect posted a net sell of 776 million Hong Kong dollars.
Among individual stocks, the largest net northbound purchases were MINIMAX-W (00100), KB LAMINATES (01888), and GENSCRIPT BIO (01548). The largest net sales were SMIC (00981) and KB LAMINATES (00148).
In terms of active stocks on the Shanghai-Hong Kong Stock Connect, MINIMAX-W (00100) and Z.AI (02513) saw net inflows of 1.013 billion and 313 million Hong Kong dollars, respectively. China Merchants Securities released a research note stating that DeepSeek's official announcement of a significant API price increase, combined with data from Silicon Flow confirming a continued rise in the Token price index for open-source models, marks a shift away from the loss-making expansion model focused on low prices. The industry is entering a new commercialization phase that emphasizes performance, computing power, service-based pricing, and profitability quality. The broker recommends focusing on model vendors with strong product capabilities and proven volume and price growth, highlighting Z.AI and suggesting attention to MINIMAX.
KB LAMINATES (01888) received a net buy of 599 million Hong Kong dollars, while KB LAMINATES (00148) saw a net sell of 50.3 million Hong Kong dollars. Goldman Sachs has significantly raised its market size forecast for AI server-related segments. The investment bank projects the global AI server PCB market will reach 37.5 billion US dollars by 2027, a 38% upward revision from its previous forecast, and further expand to 84 billion US dollars by 2028. The CCL market is expected to hit 22.1 billion US dollars in 2027, an 18% upgrade, and could grow to 48 billion US dollars by 2028.
GENSCRIPT BIO (01548) and WUXI BIOLOGICS (02269) saw net purchases of 472 million and 29.41 million Hong Kong dollars, respectively. WUXI APPTEC announced that the U.S. District Court for the District of Columbia approved the company's preliminary injunction motion on August 7. While the company challenges its inclusion on the 1260H list, the U.S. Department of Defense is barred from enforcing the designation or taking any related actions. Experts note that the temporary buffer could ease concerns among U.S. clients, but the risk of U.S. policy changes remains a factor to watch.
XIAOMI-W (01810) received a net buy of 384 million Hong Kong dollars. On August 2, Xiaomi announced its third price increase of the year, raising prices on flagship models such as the Mi 17 series, the entire REDMI K90 line, and the REDMI Turbo 5 by 300 to 500 yuan. Guosheng Securities believes that with narrower storage cost increases in the third quarter and beyond, along with improved product mix and smoother price hikes, the gross profit margin trend for the smartphone business is expected to stabilize.
TENCENT (00700) and Alibaba-W (09988) saw net purchases of 376 million and 81.16 million Hong Kong dollars, respectively. Goldman Sachs, looking ahead to the second-quarter earnings of internet giants, expects key themes to include cloud growth as a highlight, upward revisions to full-year capital expenditure, a turning point in trading platform profitability, and increased market focus on sum-of-the-parts valuation methods. Additionally, YANGTZE OPTICAL FIBRE (06869) and GigaDevice (03986) saw net purchases of 422 million and 315 million Hong Kong dollars, respectively, while SMIC (00981) experienced a net sell of 452 million Hong Kong dollars.
Comments