On October 28 in the Hong Kong stock market, southbound trading recorded a net sell of HK$804 million.
Of this, the Shanghai Stock Connect recorded a net buy of HK$56 million, while the Shenzhen Stock Connect recorded a net sell of HK$860 million.
The stocks with the largest southbound net buying were Z.AI (02513), SMIC (00981), and CNOOC (00883). The stocks with the largest southbound net selling were Yangtze Optical Fibre and Cable (06869), Kingboard Laminates (01888), and Alibaba-W (09988).
Among the active stocks on the Shanghai Stock Connect and the Shenzhen Stock Connect, Z.AI (02513) and MINIMAX-W (00100) received net buying of HK$554 million and HK$133 million, respectively.
Anthropic plans to hold its IPO in the week of November 16, targeting a valuation of as much as US$2 trillion. If successfully completed, it would become the largest IPO in history.
CITIC Securities said in a research note that although the market is currently becoming more cautious toward large models, it remains firmly optimistic about the long-term commercial value and valuation growth potential of Chinese and US models.
CNOOC (00883) received net buying of HK$487 million. Ping An Securities noted that the geopolitical deadlock in the Middle East is unlikely to be resolved in the short term, with risks of escalation in both the US-Iran and Yemen situations. The security situation in the Strait of Hormuz has deteriorated, and the probability of a new round of US military strikes against Iran has risen. At the same time, the Yemen situation is escalating in a spiral manner, with Houthi armed forces continuing to launch attacks on airports and oil facilities inside Saudi Arabia, greatly affecting Saudi Arabia's crude oil exports and refining operations. In summary, Ping An Securities believes that geopolitical risks continue to provide strong support for international oil prices.
Optical communication concept stocks showed divergence. ZJ INNOLIGHT (03308) received net buying of HK$344 million, while Yangtze Optical Fibre and Cable (06869) suffered net selling of HK$288 million. Huatai Securities believes that optical modules are benefiting from port rate upgrades and expanding cluster scale, while fiber demand is growing with increased scale-up and scale-out connections. Continued investment is expected to support orders and performance delivery across the supply chain. The optical module and fiber sectors have already gone through a period of bottoming out, and with performance catalysts approaching, leading companies are worth watching for valuation repair opportunities.
GENSCRIPT B-1K (01548) received net buying of HK$114 million. In September this year, GenScript announced a collaboration with Eli Lilly's AIDD collaboration platform Lilly TuneLab. Under the agreement, the company will provide wet lab services to enterprises participating in TuneLab, helping them rapidly generate experimental data, convert AI predictions into biological validation data, and accelerate candidate drug evaluation. Sinolink Securities pointed out that the AI pharmaceutical market has broad room for growth, which is accelerating the expansion of wet lab demand.
Kingboard Laminates (01888) suffered net selling of HK$145 million. CITIC Securities noted that cloth-free material is a key step in the upgrade of high-speed copper interconnection, but it does not mean removing all glass fiber cloth from the entire PCB. Instead, based on performance and reliability constraints, less cloth or no cloth is applied in specific dielectric layers. The shift toward cloth-free solutions is driving industry chain value toward the CCL/PP segment. Investors should prioritize leading CCL/PP players while also paying attention to incremental opportunities in PCB processing and upstream materials. As high-speed copper interconnection upgrades toward less cloth or no cloth, CCL/PP is expected to become a core beneficiary segment.
In addition, SMIC (00981) received net buying of HK$533 million, while BrainAurora-B (06681) and Alibaba-W (09988) suffered net selling of HK$7.71 million and HK$15.20 million, respectively.
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