Northbound funds | Northbound trading recorded a net selling of 10.339 billion yuan, with Northbound investors continuing to buy AI hardware stocks. Throughout the day, Tracker Fund of Hong Kong (02800) was sold off by over 7.3 billion Hong Kong dollars.

On June 29th, in the Hong Kong stock market, the net sales of Beishui amounted to 10.339 billion Hong Kong dollars. Among them, the net sales of Hong Kong stocks through Shanghai Connect were 5.475 billion Hong Kong dollars, while the net sales through Shenzhen Connect were 4.864 billion Hong Kong dollars. The stocks with the most net purchases by Beishui were Tencent (00700), Semiconductor Manufacturing International Corporation (00981), and Hua Hong Grace Semiconductor (01347). The stocks with the most net sales by Beishui were TRACKER FUND OF HONG KONG (02800), CSOP Hang Seng TECH Index ETF (03033), and BABA-W (09988). Active trading stocks through Hong Kong stocks Shanghai Connect Active trading stocks through Hong Kong stocks Shenzhen Connect Tencent (00700) received a net purchase of 1.511 billion Hong Kong dollars. Goldman Sachs pointed out that Tencent's WeChat has unique advantages: the largest user base in China, rich social scene data, and a mature mini program ecosystem. The combination of these three factors makes it one of the most potential landing platforms for consumer-side AI intelligence. The report explicitly points out that the future valuation multiple repair of Tencent in the coming quarters will mainly depend on the effectiveness of its AI narrative, and the penetration rate of WeChat's AI assistant is a key variable in this. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received net purchases of 948 million and 619 million Hong Kong dollars respectively. The Chairman of the world's leading wafer foundry, Fanglei, stated that the 8-inch wafer foundry market in 2026 is currently in short supply, and customer demand is expected to remain strong. Order visibility is at a 3-5 month level, and it is expected that the 8-inch wafer foundry market in 2026 will remain in short supply. In addition, there are reports that TSMC's advanced process foundry may raise prices across the board. KB LAMINATES (01888) and KINGBOARD HLDG (00148) received net purchases of 603 million and 486 million Hong Kong dollars respectively. KINGBOARD HLDG launched a special project in Shaoguan City, Guangdong Province with an annual production of 70,000 tons of electronic grade fiberglass yarn on June 26th, three months ahead of the original plan. After the project is put into operation, it will alleviate the current extremely tight situation of upstream raw materials in the PCB industry chain. In addition, KB LAMINATES has raised the selling prices of copper-clad laminates and semi-cured sheets five times this year, with the latest increase on June 16th being 15%, totaling over 40% increase. YOFC (06869) received a net purchase of 120 million Hong Kong dollars. The wave of expansion in optical rods and optical fibers is coming. Nomura stated that short-term supply constraints will continue, and Yangtze Optical Fibre And Cable Joint Stock and other existing participants may face pressure on profit margin expansion. GigaDevice Semiconductor Inc. (03986) received a net purchase of 35.31 million Hong Kong dollars. According to a report cited by China News Economic Longitude and Latitude, six informed sources revealed that Apple is lobbying the U.S. government to purchase memory chips from Longxin Storage to alleviate the cost pressure brought about by the rising prices of memory chips. Citi believes that obtaining approval to purchase Longxin Storage memory could face challenges, but Apple's consideration itself provides strong endorsement for Longxin Storage's technological progress. The news is expected to bring positive news to Longxin Storage and its supply chain. TRACKER FUND OF HONG KONG (02800) and CSOP Hang Seng TECH Index ETF (03033) suffered net sales of 73.46 billion and 1.202 billion Hong Kong dollars respectively. China Securities Co., Ltd. stated that since 2026, Hong Kong stocks have significantly underperformed other (core) Asian stock markets, with threefold pressures: on the side of the numerator, core stock earnings are concentrated, with significant downward revisions in earnings expectations for internet platforms, automotive chains, etc., while the upward revisions for hard-tech companies cannot offset them. On the denominator side, the dual constraints of the U.S. dollar and U.S. bonds constitute offshore market restrictions, with foreign capital outflows continuing. At the micro-trading level, Hong Kong stocks in the third quarter are facing disruptions in liquidity supply due to IPOs and unlockings. In addition, Montage Technology (06809) received a net purchase of 73.96 million Hong Kong dollars, while BABA-W (09988) suffered a net sale of 427 million Hong Kong dollars.