On July 6th, the Hong Kong stock market saw net purchases by Mainland capital via the Stock Connect schemes reach HK$20.528 billion.
Specifically, net buying through the Shanghai-Hong Kong Stock Connect totaled HK$12.552 billion, while the Shenzhen-Hong Kong Stock Connect recorded net purchases of HK$7.975 billion.
The stocks receiving the largest net inflows from northbound funds were the Tracker Fund of Hong Kong (02800), TENCENT (00700), and the Hang Seng China Enterprises ETF (02828). Conversely, the stocks facing the most significant net selling were YOFC (06869), KB LAMINATES (01888), and KINGBOARD HLDG (00148).
On the Shanghai-Hong Kong Connect, the Tracker Fund of Hong Kong (02800) and the Hang Seng China Enterprises ETF (02828) saw net inflows of HK$6.868 billion and HK$964 million, respectively. Analysis from Guotai Junan Securities suggests that as market shocks are gradually digested and the possibility of interim results forming a bottom in Hong Kong stocks increases, the market is expected to refocus on fundamental valuations.
Huatai Securities noted that for the Hong Kong market as a whole, clear signals of a fundamental reversal have not yet been observed. However, expectations for U.S. Federal Reserve tightening have cooled somewhat following the non-farm payrolls data, the momentum of a strong U.S. dollar has temporarily paused, and coupled with extremely low sentiment levels, a technical rebound has already emerged in the market. Compared to the broader indices, structural opportunities within the Hong Kong market are the key focus for allocation this year.
TENCENT (00700) attracted net purchases of HK$2.493 billion. On July 6th, the company officially launched its Hunyuan Hy3 model. Compared to the preview version, it demonstrates intelligence levels significantly stronger than models of similar size and comparable to flagship models with 2-5 times the parameters, while pricing has been further reduced, leading to a substantial improvement in overall stability and cost-effectiveness.
J.P. Morgan pointed out that as Tencent begins beta testing its WeChat AI Agent in June 2026, the firm's confidence in the company's previously conceptual framework has increased significantly. The visibility of the WeChat AI Agent service is now sufficient to distinguish between realized and pending functionalities; it is no longer a distant prospect but a project with a clear, phased rollout and visible milestones.
KNOWLEDGE ATLAS (02513) received net inflows of HK$681 million. Huachuang Securities previously noted in a research report that the launch and open-sourcing of GLM-5.2 further validate Knowledge Atlas's technological leadership, engineering capabilities, and ecosystem expansion within the domestic large model landscape. Over the past year, progressing from the GLM-4.5 code base to the GLM-4.7 domestic coding model, and now to GLM-5.2 for long-range tasks, the company's focus has evolved from "writing code" to "continuously completing complex engineering projects." The firm believes the core value of AI Coding is shifting from assisted generation towards understanding projects, breaking down tasks, continuous debugging, and final delivery, a transition where Knowledge Atlas is strategically positioning itself.
GIGADEVICE (03986) saw net purchases of HK$105 million. After the market closed on July 3rd, Jiangbolong announced an estimated net profit attributable to shareholders of RMB 9.2 billion to RMB 11.0 billion for the first half of 2026, representing a year-on-year increase of 62,204% to 74,394%. The company attributed the significant performance change primarily to increased downstream demand and limited growth in global memory wafer capacity. The company has secured wafer supply and is supporting edge-side AI demand with its self-developed chips and software architecture. Separate reports indicate that Samsung Electronics is in negotiations with customers for third-quarter general DRAM (memory) prices, aiming for a 20% quarter-on-quarter increase in the average selling price (ASP).
AI hardware stocks, including those in optical communications and PCBs, were sold off. YOFC (06869), KB LAMINATES (01888), KINGBOARD HLDG (00148), and SMIC (00981) saw net selling of HK$1.088 billion, HK$1.068 billion, HK$854 million, and HK$818 million, respectively.
This morning, semiconductor industry research firm SemiAnalysis published a series of six consecutive posts on social media, disclosing significant delays and multiple cancellations for Nvidia's Kyber NVL144 rack architecture. SemiAnalysis stated bluntly: "Major Delay: Just three months after Nvidia CEO Jensen Huang showcased Kyber NVL144 at GTC, the product has suffered a major setback, delayed by over 12 months, pushing it to 2028." The research firm attributed the product delay to "significant challenges remaining in the manufacturing process for the PCB mid-board."
In other notable flows, BABA-W (09988) received net purchases of HK$754 million, and HUA HONG GRACE (01347) attracted net inflows of HK$282 million.
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