Northbound funds | Northbound trading net bought 10.97 billion Hong Kong dollars. Northbound investors continue to aggressively buy shares of KNOWLEDGE ATLAS (02513), with total net purchases exceeding 20 billion Hong Kong dollars in the past week.

On July 14th, in the Hong Kong stock market, the net buying of Beishui amounted to 10.997 billion Hong Kong dollars. Among them, the net buying of Hong Kong Stock Connect (Shanghai) was 8.205 billion Hong Kong dollars, and the net buying of Hong Kong Stock Connect (Shenzhen) was 2.792 billion Hong Kong dollars. The stocks with the highest net buying by Beishui were KNOWLEDGE ATLAS (02513), NTES (09999), and KUAISHOU-W (01024). The stocks with the highest net selling by Beishui were KB LAMINATES (01888). Active turnover stocks for the Hong Kong Stock Connect (Shanghai) Active turnover stocks for the Hong Kong Stock Connect (Shenzhen) KNOWLEDGE ATLAS (02513) received a net buying of 2.988 billion Hong Kong dollars. Since Wednesday, July 8th, the cumulative net buying has exceeded 20 billion Hong Kong dollars. JP Morgan released a research report stating that the basic model industry is entering a more capital-intensive stage, and the ability to raise funds will support longer model development cycles and infrastructure expansion. However, the ultimate investment return still depends on whether companies can convert resources into model capability improvement, customer adoption rates, and annual recurring revenue growth. For KNOWLEDGE ATLAS, the current demand is close to the service capacity limit, and the additional computing power resources are expected to be converted into annual recurring revenue growth within 12 months. The conversion effect of this financing is already quite significant. NTES (09999) received a net buying of 2.87 billion Hong Kong dollars. NTES's PC version of "Sea of Forgetfulness" officially started public beta testing on July 9th, while the mobile version is scheduled for release on July 23rd. Goldman Sachs predicts that "Sea of Forgetfulness" will contribute over 5.8 billion yuan in revenue over the next 12 months, driving double-digit growth in game revenue and income in the second half of the year. In addition, HAITONG INT'L believes that after NTES is included in the Hong Kong Stock Connect, the daily average turnover is expected to increase to around 3.4 billion yuan, an increase of about 60%. KUAISHOU-W (01024) received a net buying of 1.459 billion Hong Kong dollars. CICC previously pointed out that the independent pricing of Kanling AI assets opens up the valuation ceiling of the group; alleviates the pressure of capital expenditure of the group, optimizes resource allocation; introduces diversified strategic investors, strengthens industrial synergy, and helps Kanling to form a stronger ecological synergy in technology, computing power, and entertainment content. In addition, Beijing Kanling has also implemented an employee stock incentive plan, which is expected to further bind the core team to the long-term interests of the company. GigaDevice Semiconductor Inc. (03986) received a net buying of 0.81 billion Hong Kong dollars. GigaDevice Semiconductor Inc. expects revenue of about 11.5 billion yuan in the first half of the year, a year-on-year increase of 177%; net profit attributable to shareholders is about 6.9 billion yuan, a year-on-year increase of 1099%; non-GAAP net profit is about 4.85 billion yuan, a year-on-year increase of 791%. In addition, on July 16th, Changxin Technology will initiate the subscription. This time, Changxin Technology plans to raise 29.5 billion yuan, becoming the second largest IPO in the history of the Sci-Tech Innovation Board and the largest IPO in the entire A-share market this year. GigaDevice Semiconductor Inc. stated that the company currently holds a 1.8% stake in Changxin Technology Group. YOFC (06869) received a net buying of 0.602 billion Hong Kong dollars. Yangtze Optical Fibre And Cable Joint Stock announced after trading hours that the net profit for the first half of the year is expected to be between 2.4 billion and 3 billion yuan, a year-on-year increase of 711% to 914%. Among them, the net profit for the second quarter is expected to be between 1.905 billion and 2.505 billion, with a quarter-on-quarter increase of 284% to 405%. The performance growth is attributed to the continuous expansion of the demand for new types of optical fiber and cable products at home and abroad due to the accelerated construction of computing data centers, as well as the continuous improvement of the industry's supply-demand structure. Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) received a net buying of 0.553 billion and 34.75 million Hong Kong dollars, respectively. It was reported that TSMC plans to raise the prices of mature process wafer foundry services from January 2027, marking the first price hike in over three years for mature process chip manufacturing. In addition, TSMC's combined revenue in June was about 442.68 billion New Taiwan dollars, a month-on-month increase of 6.2% and a year-on-year increase of 67.9%, setting a new historical monthly high. KINGBOARD HLDG (00148) received a net buying of 0.405 billion Hong Kong dollars, while KB LAMINATES (01888) suffered a net selling of 0.272 billion Hong Kong dollars. There were rumors in the market that Rubin Ultra might be delayed until 2028. On July 11th local time, Morgan Stanley released a non-public roadshow transcript of Nvidia's management. Nvidia CEO Huang Renxun denied rumors of the delay of Rubin Ultra and confirmed that it will be shipped next year as planned. Galaxy Securities believes that the demand for AI chips will continue to increase the high-end PCB demand, leading to a continuous rise in copper-clad laminate prices and a valuation adjustment of PCBs. It is recommended to pay attention to leading companies in the AI PCB-related industries. In addition, Tencent (00700) and BABA-W (09988) received net buying of 0.122 billion and 0.104 billion Hong Kong dollars, respectively.