On January 30, the Hong Kong stock market saw northbound funds record a net purchase of HK$3.222 billion. Specifically, the Shanghai-Hong Kong Stock Connect recorded a net purchase of HK$2.039 billion, while the Shenzhen-Hong Kong Stock Connect recorded a net purchase of HK$1.183 billion. The stocks that attracted the most northbound inflows were CSPC PHARMA (01093), XIAOMI-W (01810), and the Tracker Fund (02800). Conversely, the stocks that experienced the most significant net selling were Zijin Mining Group (02899), China Mobile (00941), and CNOOC (00883). CSPC PHARMA (01093) received a substantial net purchase of HK$936 million. This surge in interest followed the company's announcement of a strategic collaboration and licensing agreement with AstraZeneca for the development of innovative long-acting peptide drugs. The partnership encompasses a clinical-ready long-acting GLP-1/GIP dual-target agonist project, SYH2082, along with three pre-clinical projects. The two parties will also collaborate on four additional new projects. Should all subsequent development and sales milestones be achieved, CSPC PHARMA stands to receive payments totaling up to $18.5 billion, marking its largest-ever BD transaction to date. The Tracker Fund (02800) garnered net inflows of HK$589 million. Analysts at Everbright Securities believe the Hong Kong market is trending positively, supported by a combination of earnings recovery, improved liquidity, low valuations, and policy support. They note the market is transitioning from being "fund-driven" to "earnings-driven," with a structural rebound anticipated in the first quarter, though the sustainability of earnings delivery and capital rotation requires close monitoring. Alibaba-W (09988) saw net buying of HK$329 million. The inflow coincided with the official launch of the high-end AI chip "Zhenwu 810E" on the website of Alibaba's semiconductor unit, T-Head. This development signifies the complete formation of Alibaba's AI "golden triangle," comprising the Tongyi Lab, Alibaba Cloud, and T-Head, solidifying Alibaba's position as the world's second tech company, after Google, with full-stack, self-developed capabilities in large models, cloud computing, and chips. Changfei Optical Fiber & Cable (06869) attracted net purchases of HK$241 million. CITIC Securities pointed out that the explosion in AI computing demand is driving upgrades in the optical communication industry. The continued expansion of capital expenditure by overseas cloud providers and TSMC underscores the robust demand for AI infrastructure, fueling strong demand for high-speed optical modules. China Spring College (01969) received a net purchase of HK$46.22 million. Earlier analysis from Huaxi Securities highlighted the company's growth potential, citing steady growth in its student population and anticipating new contributions from the consolidation of Tianping College. Furthermore, with its institutions located in Henan, Hubei, and Jiangsu provinces, the company has significant room for future tuition fee increases and is actively pursuing overseas collaborations to create synergistic effects between domestic and international schools. Gold stocks faced selling pressure. Shandong Gold-M (01787) and Zijin Mining Group (02899) saw net outflows of HK$206 million and HK$635 million, respectively. This occurred against a backdrop of historic volatility in the precious metals market on Thursday. On Friday, spot silver prices plummeted by $20.03 to $95.43 per ounce, a drop of 17.35%, while silver futures on the COMEX fell below $96 per ounce, declining 16.14% intraday. Huaxin Securities noted that traditional analytical frameworks for gold have limited explanatory power for the current surge in gold prices. SMIC (00981) experienced net selling of HK$54.58 million. This followed a market visit by NVIDIA's founder and CEO, Jensen Huang, which spurred rumors that the H200 chip had received approval for entry into the Chinese market. However, First Shanghai released a report stating that any relaxation on H200 imports would have a very limited impact on the domestic computing industry chain. Additionally, XIAOMI-W (01810) attracted net purchases of HK$914 million. In contrast, China Mobile (00941), CNOOC (00883), and Tencent (00700) saw net outflows of HK$541 million, HK$525 million, and HK$213 million, respectively.
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