On April 30, Hong Kong's stock market saw northbound capital record a net purchase of HK$12.192 billion. The Shanghai-Hong Kong Stock Connect accounted for net buying of HK$10.134 billion, while the Shenzhen-Hong Kong Stock Connect contributed HK$2.058 billion in net inflows. The top stocks by net purchase volume were SMIC (00981), PETROCHINA (00857), and XIAOMI-W (01810). The most heavily sold stocks were TENCENT (00700) and BABA-W (09988).
Northbound capital resumed adding positions in semiconductor stocks. SMIC (00981) and HUA HONG SEMI (01347) received net purchases of HK$1.492 billion and HK$556 million respectively. This follows the official release of DeepSeek-V4, which completed validation of a fine-grained expert parallel solution on Huawei's Ascend NPU, achieving deep adaptation between domestic large models and domestic chips. Additionally, Morgan Stanley noted that new U.S. export restrictions would have minimal impact on HUA HONG SEMI's Fab 9B, as it focuses on mature 40-55nm nodes rather than advanced processes.
Energy stocks saw increased northbound buying. PETROCHINA (00857) and CNOOC (00883) attracted net purchases of HK$1.167 billion and HK$703 million respectively. Analysts at CLSA highlighted that PETROCHINA's solid first-quarter results have not yet reflected the positive impact of rising oil prices since March, due to a one-month lag in realizing exploration and production earnings. Stronger quarter-on-quarter growth is expected when second-quarter results are announced in August. HSBC suggested that CNOOC might raise its guidance if oil prices remain elevated.
XIAOMI-W (01810) received net purchases of HK$1.107 billion. Huatai Securities analysis indicates that XIAOMI positions AI as its next strategic development opportunity following smart electric vehicles, planning at least RMB 60 billion in R&D and capital expenditure over the next three years. By leveraging its comparative advantage in the "person-vehicle-home" ecosystem, XIAOMI is expected to develop a suitable path in the Agent AI and physical AI era.
Technology stocks showed significant divergence. MEITUAN-W (03690) gained net purchases of HK$597 million, while TENCENT (00700) and BABA-W (09988) saw net selling of HK$1.068 billion and HK$188 million respectively. CITIC Securities analysis suggests the current market adjustment stems from combined geopolitical tensions and capital diversion effects, with renewed overseas geopolitical risks and capital flows to South Korea's high-performing semiconductor sector collectively suppressing market performance. Overseas geopolitical fluctuations have increased global risk aversion, weakening overall appetite for equity assets. Hong Kong stocks, with their significant offshore characteristics, are particularly sensitive to external shocks, leading to continued outflows of避险 capital and noticeable pressure on the technology sector.
CIG (06166) and YOFC (06869) received net purchases of HK$285 million and HK$109 million respectively. Sinolink Securities research notes that AI development is driving expansion in training cluster scale, while推理端 token consumption continues to increase computing power demands, boosting needs for both computing resources and networks. Huatai Securities points out that the current optical fiber and cable industry cycle is primarily driven by a restructuring of supply-demand dynamics.
POP MART (09992) attracted net purchases of HK$101 million. The company announced the April 30 official launch of its LABUBU refrigerator, with pre-sale secondary market prices already surging as high as HK$92,300 on some platforms. Industry analysis indicates that LABUBU, as POP MART's top IP, has demonstrated historical appreciation potential.
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