Trends in Beishui | Beishui sold a net sale of 1,316 billion yuan, and Beishui continued to seize the double success of domestic large model chips, then diverged

The Zhitong Finance App learned that on August 14, in the Hong Kong stock market, Beishui traded net sales of HK$1,316 billion. Among them, Hong Kong Stock Connect (Shanghai) had net purchases of HK$287 million and Hong Kong Stock Connect (Shenzhen) had net sales of HK$1,603 million.

The individual stocks that Beishui Net bought the most were MINIMAX-W (00100), Zhiguo (02513), and Tencent (00700). The individual stocks sold the most by Beishui Net were Alibaba-W (09988) and Huahong Hongli (01347).

Hong Kong Stock Connect (Shanghai) active trading stocks

Hong Kong Stock Connect (Shenzhen) active trading stocks

MINIMAX-W (00100) and Smart Spectrum (02513) received net purchases of HK$1,364 billion and HK$1,321 billion respectively. On August 8, DeepSeek announced that it would drastically raise the API price. Morgan Stanley interpreted this move as a positive sign of improved pricing discipline in the industry. The bank believes that the industry is shifting from price competition to commercialization driven by intelligent capabilities, and three major structural changes are occurring simultaneously: pricing is becoming more rational, open source licensing is being tightened, and the scale of model parameters is rising.

Tencent (00700) received a net purchase of HK$1,114 billion. BOC International said that the market will still pay attention to whether the increase in Tencent AI revenue will be sufficient to cover the rise in R&D expenses and capital expenses, putting pressure on short-term profits and cash flow. Overall, the bank still agrees with Tencent's strategic logic of speeding up investment in the AI wave to explore more ambitious business routes. The second half of the year will focus on whether key variables such as the subsequent release of Hybrid 4, the commercialization conversion rate of AI applications, and user feedback are sufficient to support the increase in valuation.

SMIC (00981) received a net purchase of HK$644 million. SMIC's second-quarter revenue was US$3.06 billion, up 36.1% year on year, up 20% month on month, breaking the $3 billion mark for the first time in a single quarter; gross margin for the second quarter was 25.3%, up 4.9 percentage points year on year, up 5.2 percentage points from month to month. Goldman Sachs said that SMIC's revenue and gross margin for the second quarter were higher than the bank's and market expectations, and also surpassed previous guidance. Maintain SMIC's buy rating and take a positive view of the company's long-term growth prospects.

Changfei Optical Fiber Cable (06869) received a net purchase of HK$395 million. According to a research report released by Daiwa, Changfei Optical has benefited from the current strong upward cycle of the optical fiber industry. The company is expected to be supported by technology leadership and upward space in the optical interconnection business. Among them, the compound annual gross profit growth rate of the optical interconnection business is predicted to be 137%, driving the net profit compound annual growth rate of 135% from 2025 to 28.

Huahong Hongli (01347) had a net sale of HK$166 million. According to a report published by Jefferies, Huahong Hongli's second-quarter revenue was in line with expectations, but benefiting from an increase in average sales prices and cost control measures, gross margin and profit before interest and tax were better than expected. Net profit lagged behind as other revenues fell short of expectations. Revenue guidance for the third quarter fell short of expectations, and gross margin was in line with expectations. The bank pointed out that intense competition in mature processes and overcapacity problems may still put pressure on its overall profitability.

In addition, Jiantao Laminate (01888) received a net purchase of HK$254 million. Meanwhile, Alibaba-W (09988) had a net sale of HK$1,062 million.