Northbound funds | Northbound trading saw a net sell of 1.974 billion, with domestic investors selling off chip and PCB concepts while adding nearly 400 million Hong Kong dollars to UBTECH ROBOTICS (09880) throughout the day.

On July 2nd, the Hong Kong stock market saw a net outflow of 1.974 billion Hong Kong dollars from Northbound investors. Among them, the Shanghai-Hong Kong Stock Connect saw a net inflow of 2.277 billion Hong Kong dollars, while the Shenzhen-Hong Kong Stock Connect saw a net outflow of 4.251 billion Hong Kong dollars. The top stocks with the highest net buying by Northbound investors were UBTECH ROBOTICS (09880), KNOWLEDGE ATLAS (02513), and BABA-W (09988). The top stocks with the highest net selling by Northbound investors were Hua Hong Grace Semiconductor (01347), KB LAMINATES (01888), and KINGBOARD HLDG (00148). Active trading stocks in the Shanghai-Hong Kong Stock Connect Active trading stocks in the Shenzhen-Hong Kong Stock Connect UBTECH ROBOTICS (09880) saw a net inflow of 396 million Hong Kong dollars. Morgan Stanley released a research report stating that UBTECH ROBOTICS recently held a global launch event and announced that this year will be the year for humanoid robots and embodied intelligence to move from early-stage capabilities to scale and commercialization. The company has significantly increased its forecast for the shipment volume of its super humanoid robots this year from 7,000 to 8,000 units to around 20,000 units. It is reported that as of June 30th, the U1 series has received 13,400 orders, with deliveries expected to start on September 16th, and overseas expansion planned for next year. KNOWLEDGE ATLAS (02513) saw a net inflow of 337 million Hong Kong dollars. KNOWLEDGE ATLAS recently released the open-source weight model GLM-5.2. Several researchers believe that GLM-5.2's performance in some vulnerability mining and network security testing scenarios is comparable to Anthropic's advanced model Mythos, showing that Chinese AI models are rapidly narrowing the gap with top models in the United States in professional capabilities. BABA-W (09988) saw a net inflow of 301 million Hong Kong dollars. It is reported that Alibaba plans to integrate the capabilities of "QoderWork", "Wukong", and "MuleRun" to create a new AI product for enterprise productivity scenarios. The new product will be led by Chen Yusen. Alibaba responded that the existing products and services of QoderWork, Wukong, and MuleRun will seamlessly upgrade in the future, and all user rights will not be affected. YOFC (06869) saw a net inflow of 177 million Hong Kong dollars. On the afternoon of June 30th, Yangtze Optical Fibre And Cable Joint Stock held its annual shareholders' meeting for 2025. Executive Director and President Zhuang Dan stated at the meeting that it is expected that in the next three to five years, AI-related computational infrastructure will continue to receive high investment. The specific duration of the current shortage of optical fiber depends on the balance of supply and demand. "In the market competition process, you can only control what you can control, which for the company is to strengthen its internal strength and maintain a larger share in the case of strong demand for AI." Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) saw net outflows of 604 million and 1.719 billion Hong Kong dollars, respectively. Meta is developing a new cloud business plan aimed at selling computing resources to external clients. This news has led the market to believe that computational power is becoming excessive and that major factories' capital expenditures may decrease. However, some institutions believe that Meta's actions do not mean abandoning basic model research and development or slowing down investment. Among the four major CSPs in North America, only Meta does not have a mature cloud service, making it unable to allocate computational resources reasonably based on its own and market demands. KB LAMINATES (01888) and KINGBOARD HLDG (00148) saw net outflows of 1.413 billion and 758 million Hong Kong dollars, respectively. It is reported that Samsung Electronics and SK hynix are negotiating prices with upstream substrate manufacturers for deliveries in the second half of the year. In addition, Citibank believes that market concerns about excessive construction of AI infrastructure may provide good buying opportunities. The bank believes that KB LAMINATES and KINGBOARD HLDG still have ample room for profit growth in 2026 to 2027, benefiting from the further expansion of AI fabric production capacity by the end of 2026, and the prospect of copper-clad laminate products obtaining NVIDIA certification by mid-2027. In addition, GigaDevice Semiconductor Inc. (03986) saw a net inflow of 92.92 million Hong Kong dollars, while Tencent (00700) saw a net outflow of 503 million Hong Kong dollars.