Beishui Trends | Beishui traded net sales of 4.226 billion, Beishui Jiacang Zhipu (02513) sold AI hardware stocks again for nearly HK$500 million
The Zhitong Finance App learned that in the Hong Kong stock market on July 23, Beishui traded net sales of HK$4.226 billion. Among them, Hong Kong Stock Connect (Shanghai) had net sales of HK$1,885 billion and Hong Kong Stock Connect (Shenzhen) had net sales of HK$2,341 billion.
The individual stocks that Beishuijing bought the most were Meituan-W (03690), Zhi Spectrum (02513), and Lanqi Technology (06809). The individual stocks sold the most by Beishui Net were Yingfu Fund (02800), Tencent (00700), and Alibaba-W (09988).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
Meituan-W (03690) received a net purchase of HK$641 million. Recently, Meituan announced the official open source of all LongCat-2.0 model weights, inference engines and core technical documentation. This model is the first trillion-parameter model in the industry to complete the entire process of training and inference on a 50,000 card domestic computing power cluster. The total parameters are 1.6T, the pre-training data scale exceeds 30T tokens, and natively supports 1M ultra-long contexts. Citi said that Meituan's open source LongCat-2.0 is expected to further consolidate its leading position in the local lifestyle services market.
Smart Spectrum (02513) received a net purchase of HK$494 million. CICC said that the Zhi Spectrum GLM series has always led domestic models, and GLM-5.2 is the first domestic open source model to reach the Opus-4.8 level. The bank believes that the model's capabilities continue to be iterated, and it is optimistic that subsequent intelligence spectra will improve in multiple dimensions of model capability, computational power expansion, AI infrastructure optimization, and commercial implementation.
Lanqi Technology (06809) received a net purchase of HK$104 million. According to public business information, the Shanghai Zhiwei Ling Feng Venture Capital Partnership (Limited Partnership) was officially established, with a pledged investment amount of 2.1 billion yuan, focusing on the venture capital sector for unlisted companies. The company was jointly funded by China Micro Corporation and Lanqi Technology and a number of organizations. As a benchmark enterprise in the field of semiconductor equipment and chip design in China, the joint initiative of China Micro and Lanqi Technology has strong industry-oriented significance.
CNOOC (00883) received a net purchase of HK$53.21 million. According to the IEA, member states have released nearly three-quarters of the crude oil in the 400 million barrels emergency reserve plan announced in March, and in a few weeks, this part of the supply to the market will be exhausted. Everbright Securities pointed out that if the conflict between the US and Iran continues, the crude oil market regulation mechanism may fail, causing the market to face greater fluctuations.
AI hardware stocks were sold off again. GigaYi Innovation (03986), Jiantao Laminated Board (01888), Huahong Hongli (01347), Changfei Optical Cable (06869), and SMIC (00981) were net sold at HK$84.1 million, 351 million, 420 million, 600 million, and 892 million respectively. Google's parent company Alphabet announced that capital expenditure doubled year-on-year to 44.9 billion US dollars in the second quarter, and free cash flow fell to negative 5.9 billion US dollars, the first negative in decades. At the same time, Alphabet also raised its annual capital expenditure guidelines to US$195 billion to US$205 billion, and it is expected that spending will continue to increase significantly in 2027. The market questioned that such strong AI capital expenditure could not be sustainable for a long time.
Alibaba-W (09988) and Tencent (00700) had net sales of HK$1,096 billion and HK$1.54 billion respectively. Lyon released a research report saying that Tencent's stock price fell yesterday mainly due to reports that US Treasury Secretary Bezent said that the US will carefully review open source AI models from China to prevent concerns about intellectual property theft. The bank said that flagship models such as Tencent and Ali have far surpassed model distillation; Tencent and Ali are the core holdings of the vast majority of global funds, and a large amount of capital has recently flowed into storage and hardware stocks, which may put pressure on both stock prices and the industry.
Yingfu Fund (02800) had a net sale of HK$2,519 billion. Huatai Securities pointed out that since hedging positions have been closed halfway, and short selling capital has begun to accumulate again, considering that A shares and Korean stocks may gradually confirm the bottom since then, and the Hong Kong stock sentiment index is gradually recovering, the capital-driven rebound may be sustainable on a monthly basis, but the core element of the long-term reversal may still be the restoration of fundamentals after the end of the performance period.