Northbound funds | Beishui net sold 2.754 billion, Beishui continued to scramble to build the Tao series, with a total net purchase of nearly 6 billion Hong Kong dollars this week.

In the Hong Kong stock market on June 11th, the net selling volume of Beishui was 2.754 billion Hong Kong dollars. Among them, the net selling volume of Shanghai-Hong Kong Stock Connect was 420 million Hong Kong dollars, and the net selling volume of Shenzhen-Hong Kong Stock Connect was 2.335 billion Hong Kong dollars. The stocks with the most net purchases by Beishui were KINGBOARD HLDG (00148), KB LAMINATES (01888), and Tencent (00700). The stocks with the most net sales by Beishui were BABA-W (09988), CNOOC (00883), and YOFC (06869). Active trading stocks in Shanghai-Hong Kong Stock Connect Active trading stocks in Shenzhen-Hong Kong Stock Connect KINGBOARD HLDG (00148) and KB LAMINATES (01888) received net purchases of 1.061 billion and 0.569 billion Hong Kong dollars respectively today. The total net purchase amount of these two stocks for the week is close to 6 billion Hong Kong dollars. Citigroup pointed out that KB LAMINATES is expected to release strong earnings surprises for the first half of 2026 in mid-July. The bank predicts that KB LAMINATES' net profit for the first half of the year will increase by 273% year-on-year to 3.48 billion Hong Kong dollars, and revenue will increase by 74% year-on-year to 16.6 billion Hong Kong dollars. The profit performance in the first half of the year will surpass the full year of 2025 with 2.49 billion Hong Kong dollars, and the net profit margin will also more than double from 9.7% in the first half of 2025 to 20.9%. Tencent (00700) received a net purchase of 0.536 billion Hong Kong dollars. Goldman Sachs pointed out that Tencent has made preliminary progress in its AI strategy recently, including a significant increase in AI capital expenditure year-on-year, its Hy3 model ranking first in token usage on third-party API channels, and the good development of its enterprise AI business like Workbuddy. Goldman Sachs expects Tencent Cloud to accelerate its growth, advertising revenue to maintain high double-digit to 20% growth, and the launch of WeChat AI agents to be piloted in the second half of the year. Hua Hong Semiconductor (01347) and Semiconductor Manufacturing International Corporation (00981) received net purchases of 0.127 billion and 99.94 million Hong Kong dollars respectively. On June 9th, TSMC's CFO, Wendell Huang, told the media that inflation has indeed raised the company's operating costs, not ruling out future price adjustments, but explicitly denying the possibility of a "four to five-fold" surge. On the same day as the shareholders' meeting, TSMC Chairman and CEO, C.C. Wei, told shareholders that TSMC "hopes" to raise prices like its competitors. CNOOC (00883) suffered a net selling outflow of 1.458 billion Hong Kong dollars. Energy analyst John Kemp's data show that from the end of March to early June, Brent crude short positions doubled in size, with short positions hitting a new high since January this year as of June 2nd. The continuous reduction of long positions and the constant influx of short positions over the past eight weeks reflect the mainstream view in the market that the situation in the Middle East will soon undergo a turning point, with the rapid filling of the gap in oil supply. However, the sharp decline in inventories is gradually showing a crisis in the spot market. BABA-W (09988) suffered a net selling outflow of 2.182 billion Hong Kong dollars. On June 11th, Alibaba announced a management adjustment for DingTalk: Chen Hang stepped down as the CEO of DingTalk, and Chen Yusen took over. In addition, Goldman Sachs released a research report stating that Alibaba's stock price has fallen by 22% since the beginning of the year, mainly due to increased investment in consumer AI dragging down profit forecasts. It is expected that Alibaba's earnings downgrade cycle is bottoming out, with improved profit performance expected in the second half of the year, providing support for the stock price. In addition, Shandong Molong Petroleum Machinery (00568) received a net purchase of 16.9 million Hong Kong dollars, while YOFC (06869) suffered a net selling outflow of 3.78 billion Hong Kong dollars.