Northbound funds | Northbound trading net sold 3.942 billion yuan, LABUBU appeared at the World Cup opening ceremony, domestic investors increased their holdings of POP MART (09992) by nearly 400 million Hong Kong dollars.

On June 12th, in the Hong Kong stock market, the net selling of Beishui amounted to 3.942 billion Hong Kong dollars. Among them, Hong Kong Stock Connect (Shanghai) had a net selling of 1.543 billion Hong Kong dollars, and Hong Kong Stock Connect (Shenzhen) had a net selling of 2.4 billion Hong Kong dollars. The top three stocks with the most net buying by Beishui were YOFC (06869), CNOOC (00883), and KB LAMINATES (01888). The top three stocks with the most net selling by Beishui were TRACKER FUND OF HONG KONG (02800), BABA-W (09988), and KINGBOARD HLDG (00148). Active trading stocks in the Hong Kong Stock Connect (Shanghai) included YOFC (06869), with a net buying of 883 million Hong Kong dollars. Industry insiders stated that in the short term, the shortage of optical fiber supply will continue to be solidified periodically, and companies with optical fiber production capacity will be the biggest beneficiaries of this round of market conditions. Guosheng believes that the optical fiber cable industry is undergoing a different cycle from the traditional cycles led by past operator purchases, with the current cycle's long-term growth logic of optical fiber cables continuing to strengthen, leading to a systematic restructuring of the industry's valuation system. CNOOC (00883) had a net buying of 609 million Hong Kong dollars. Shenwan Hongyuan Group stated that the Brent oil price range for 2026 is expected to be between 80-120 US dollars per barrel. On the supply side, geopolitical tensions have led to restrictions on the Strait of Hormuz, limiting the export of nearly 20 million barrels per day of crude oil and products. Although geopolitical tensions are easing, the global oil inventory has already been reduced, and the subsequent recovery of Middle Eastern oil fields will take time, providing strong support from the supply side. On the demand side, short-term consumer demand is being suppressed by high oil prices, but long-term demand continues to grow. There was a differentiation in the Jian Tao series, with KB LAMINATES (01888) receiving a net buying of 526 million Hong Kong dollars, while KINGBOARD HLDG (00148) suffered a net selling of 5.85 million Hong Kong dollars. Citi Research released a report stating that this year's major CCL manufacturers have only increased their production capacity by just over 20%, far below the downstream PCB expansion rates. With the surge in AI demand in the third quarter, some PCB manufacturers may begin to face shortages of CCL. M7 and lower-grade CCL has generally increased in price by at least 20%, while the low-end M4 products have risen by 30% to 40%. High-end M8 materials related to AI have seen relatively moderate price increases as manufacturers focus more on long-term customer relationships. POP MART (09992) had a net buying of 387 million Hong Kong dollars. On June 11th, the 2026 FIFA World Cup kicked off. LABUBU appeared in the opening ceremony in a World Cup-themed outfit, becoming a prominent Chinese element in the opening ceremony. It is reported that the World Cup collaboration line "LABUBU" is priced at 599 yuan, with tens of thousands of units already sold out shortly after being listed in the live broadcast room. Tencent (00700) had a net buying of 315 million Hong Kong dollars. Goldman Sachs pointed out that Tencent has recently made preliminary progress in its AI strategy, including a significant year-on-year increase in AI capital expenditure, its Hy3 mixed modeling ranked first in Token usage on third-party API channels, and its enterprise AI business such as Workbuddy is developing well. Goldman Sachs expects Tencent Cloud's growth to accelerate, advertising revenue to maintain high double-digit to 20% growth, and the WeChat AI agent is expected to be pilot-launched in the second half of the year. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Semiconductor (01347) had a net buying of 308 million and 127 million Hong Kong dollars, respectively. According to the supply chain, TSMC is expected to moderately increase its foundry prices in the second half of the year, with a 15% increase expected for the most sought-after 3-nanometer process. Chip industry insiders noted that the queue of customers has not significantly eased, despite TSMC continuously increasing its wafer capacity. The monthly capacity in the second quarter is expected to reach 160,000 to 175,000 pieces, but the growth rate of AI demand exceeds market expectations. TRACKER FUND OF HONG KONG (02800) suffered a net selling of 38.95 billion Hong Kong dollars. EB SECURITIES stated that the Hong Kong stock market is currently facing multiple negative factors, including the expectations of a US interest rate hike and the sharp drop in overseas tech stocks from their highs, renewed tensions in the Middle East, and the tightening of cross-border capital flows between the Mainland and Hong Kong, putting pressure on market liquidity. It is predicted that the Hong Kong stock market will have a difficult short-term performance, with weak market sentiment. However, some heavyweight Internet companies have been falling in valuation for a long time, reaching a low point, which could provide some stability for the market. In addition, XIAOMI-W (01810) had a net buying of 387 million Hong Kong dollars, while BABA-W (09988) suffered a net selling of 1.286 billion Hong Kong dollars.