Northbound funds | Northbound trading saw a net buying of 5.895 billion yuan, with chip stocks and Henderson Land gaining additional positions. The Tracker Fund of Hong Kong (02800) faced a net selling of nearly 3 billion Hong Kong dollars.

On June 30, the net purchase of Northbound funds in the Hong Kong stock market was 5.895 billion Hong Kong dollars. Among them, the net purchase of Hong Kong Stock Connect (Shanghai) was 5.574 billion Hong Kong dollars, and the net purchase of Hong Kong Stock Connect (Shenzhen) was 0.321 billion Hong Kong dollars. The stocks with the most net purchases by Northbound funds were Semiconductor Manufacturing International Corporation (00981), Tencent (00700), and KB LAMINATES (01888). The stocks with the most net sales by Northbound funds were TRACKER FUND OF HONG KONG (02800), CSOP Hang Seng TECH Index ETF (03033), and YOFC (06869). Active trading stocks for Hong Kong Stock Connect (Shanghai) and Hong Kong Stock Connect (Shenzhen) were also mentioned in the report. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received net purchases of 2.134 billion and 0.756 billion Hong Kong dollars respectively. It was reported that TSMC raised the prices of its wafer foundry services, covering not only the rumored 3nm process, but also all advanced processes of 7nm and below, with an overall increase of about 5% to 10%, affecting around 75% of its wafer revenue sources. Tencent (00700) received a net purchase of 1.231 billion Hong Kong dollars. Guosheng pointed out that ecosystem construction is one of the core competitive barriers for Agent. WeChat's integration with Agent is expected to fully unleash the value of its users and application resources, establishing an efficient and diverse Agent ecosystem, driving WeChat to become a new "super gateway" in the AI era, and helping Tencent to advance in the AI competition. In addition, WeChat is actively promoting cooperation on mobile and other terminal sides, aiming to make WeChat a new operating system in the AI era. KB LAMINATES (01888) and KINGBOARD HLDG (00148) received net purchases of 0.817 billion and 0.175 billion Hong Kong dollars respectively. The latest research report from Morgan Stanley predicts that the global AI optical module PCB market size is expected to grow from 620 million US dollars in 2025 to 3.77 billion US dollars in 2028, with a three-year increase of over 5 times and a high compound annual growth rate of 83%, far exceeding the 60% growth rate of the optical module market. PCB, as the core carrier of AI servers, switches, and optical modules, is becoming one of the fastest-growing links in AI infrastructure construction. GigaDevice Semiconductor Inc. (03986) received a net purchase of 0.402 billion Hong Kong dollars. On June 27, the Roundhill Memory ETF, a scarce pure storage active management ETF in the US market, announced its latest holdings, including GigaDevice Semiconductor Inc. for the first time, with a weight of 2.91%, ranking it as the 8th largest holding. This is the first time since the ETF was listed in April that it has included A-share storage targets, and it is the only A-share storage chip company in its holdings, indicating that the Chinese storage industry chain is gaining substantial recognition from global passive funds. YOFC (06869) was sold a net of 0.43 billion Hong Kong dollars. Nomura stated that the shortage of optical fiber supply will continue in the short term, and Yangtze Optical Fibre And Cable Joint Stock could continue to benefit from higher optical fiber spot prices, as well as profit margin expansion due to more involvement in the AI data center market. However, if new entrants can successfully develop high-end products and implement their capacity expansion plans smoothly, the market competition may intensify, and existing participants such as Yangtze Optical Fibre And Cable Joint Stock may face pressure on profit margin expansion. TRACKER FUND OF HONG KONG (02800) and CSOP Hang Seng TECH Index ETF (03033) were sold a net of 2.971 billion and 1.202 billion Hong Kong dollars respectively. China Securities Co., Ltd. believes that since 2026, Hong Kong stocks have significantly underperformed other Asian stock markets, facing three main pressures: at the molecular end, the profit concentration of weighted stocks is revised downwards. The profit expectations of industries such as internet platforms and automotive chains have been significantly reduced, while the profit revision of hard-tech companies cannot offset the degree of upward revision. At the denominator end, the US dollar and US Treasury constitute a double constraint on the offshore market, with continuous outflows of foreign capital. At the micro trading level, Hong Kong stocks in the third quarter face disruptions in liquidity supply caused by IPOs and unblocking. Additionally, KNOWLEDGE ATLAS (02513) received a net purchase of 85.15 million Hong Kong dollars. BABA-W (09988) was sold a net of 36.27 million Hong Kong dollars.