Northbound funds | Northern funds net sold 481 million. Xiaomi (01810) has entered the extended-range market, with Northern funds aggressively purchasing over 1.7 billion Hong Kong dollars throughout the day.

On July 31, in the Hong Kong stock market, northbound capital recorded a net sell of HKD 481 million. Among them, the net buy from the Shanghai Stock Connect was HKD 559 million, while the Shenzhen Stock Connect saw a net sell of HKD 1.04 billion. The individual stocks with the highest net buy from northbound capital were XIAOMI-W (01810), BABA-W (09988), and Tencent (00700). The stocks with the highest net sell were YOFC (06869), Semiconductor Manufacturing International Corporation (00981), and Hua Hong Grace Semiconductor (01347). Active trading stocks on the Shanghai Stock Connect Active trading stocks on the Shenzhen Stock Connect XIAOMI-W (01810) recorded a net buy of HKD 1.716 billion. Xiaomi Group held a car technology press conference, launching the new Xiaomi automotive technology platform, the Xiaomi Kunlun technology architecture, and the new car series SkyNomad (Xiaomi Peng Cheng), priced at HKD 259,900 and HKD 299,900 respectively. Nomura reported that the launch of SkyNomad (Peng Cheng) marks the first step from pure battery electric vehicles (BEVs) to extended-range electric vehicles (EREVs). BABA-W (09988) saw a net buy of HKD 1.234 billion. On July 31, Changxin Technology's market value briefly exceeded HKD 4 trillion during the trading session, closing with a market value of over HKD 3.6 trillion. It is reported that after Changxin Technology successfully went public and issued 10% new shares, Alibaba's shareholding was diluted to approximately 4.48%, but it remains the largest industrial investor in Changxin Technology. Based on its investment of about HKD 7.6 billion, its floating profit exceeds HKD 150 billion. Tencent (00700) received a net buy of HKD 794 million. Bank of China International released a research report indicating that investors are increasingly focused on Tencent's earnings per share forecasts and returns on AI investments. The bank predicts that Tencent's capital cash expenditure will reach RMB 160 billion to 180 billion in 2026 but believes Tencent will maintain a cautious investment pace to ensure business resilience. The bank stated that it is still too early to discuss the level of capital expenditure after 2027 and anticipates that Tencent will adopt a more moderate growth capital expenditure plan post-2027 compared to this year. Z.AI (02513) recorded a net buy of HKD 575 million. Z.AI announced that as infrastructure continuously expands, the paid subscription service GLM Coding Plan, aimed at developers, is now open for subscription. Previously, due to an explosion in AI coding demand, there was a growth in user demand, leading to temporary limits on subscription slots. GigaDevice Semiconductor Inc. (03986) saw a net buy of HKD 408 million. GigaDevice Semiconductor Inc. announced that it plans to repurchase A-shares, with the total repurchase funds not less than HKD 1 billion and not exceeding HKD 2 billion. The repurchased shares will all be used for cancellation and reduction of registered capital. Furthermore, the actual controller, Zhu Yiming, plans to increase his holdings in the company by no less than HKD 1 billion and has also committed not to reduce his holdings for 12 months starting from July 29, 2026. KB LAMINATES (01888) reported a net buy of HKD 115 million. The leading copper-clad laminate manufacturer KB LAMINATES issued a positive profit warning, expecting a net profit exceeding HKD 2.8 billion in the first half of the year, a significant year-on-year increase of over 200%. The high growth in performance is mainly due to the ongoing tight supply-demand dynamics in the industry. Currently, upstream raw materials such as copper-clad panels, electronic glass fiber yarn, electronic cloth, and copper foil are in short supply, leading to a significant increase in product prices, while sales of copper-clad laminates are also rising. YOFC (06869) experienced a net sell of HKD 216 million. Corning's second-quarter performance slightly exceeded expectations, but its stock price fell over 20% at one point. Analysts pointed out that Corning's net profit margin has significantly increased, confirming that AI data center optical fibers have shifted from scale-driven to high value-added driven. However, the implied quarter-on-quarter growth rate for the third quarter is declining, and the company plans to significantly increase its optical fiber and optical connectivity capacity, indicating that the global supply bottleneck is being actively broken. In addition, Semiconductor Manufacturing International Corporation (00981) and Hua Hong Grace Semiconductor (01347) faced net sells of HKD 147 million and HKD 115 million, respectively.