Beishui Trends | Beishui Trading's net purchase of 881 million model concept stocks was significantly differentiated from Smart Spectrum (02513), and another HK$700 million increase in positions
The Zhitong Finance App learned that on September 15, in the Hong Kong stock market, Beishui traded a net purchase of HK$881 million. Among them, Hong Kong Stock Connect (Shanghai) had a net purchase of HK$804 million and Hong Kong Stock Connect (Shenzhen) had a net purchase of HK$76 million.
The individual stocks that Beishui Net bought the most were Zhiguo (02513), Yingfu Fund (02800), and Changfei Optical Cable (06869). The individual stocks sold the most by Beishui Net were Tencent (00700), Huahong Hongli (01347), and Alibaba-W (09988).
Hong Kong Stock Connect (Shanghai) active trading stocks
Hong Kong Stock Connect (Shenzhen) active trading stocks
There is a marked differentiation between big model concept stocks and science network stocks. Smart Spectrum (02513) and MINIMAX-W (00100) received net purchases of HK$717 million and HK$30.36 million respectively. Alibaba-W (09988) and Tencent (00700) had net sales of HK$414 million and HK$1 billion respectively. Fangzheng Securities pointed out that the basic model still has platform value, but not all model companies can become platforms; the Chinese market focuses on the actual TCO of domestic accelerators, the overseas token usage structure, the speed of API replacement for private deployment, and the viability of coding/agents to expand the platform's capabilities, while tech giants need to focus on observing computing power utilization, revenue growth, and free cash flow returns corresponding to AI capital expenditure.
Yingfu Fund (02,800) received a net purchase of HK$574 million. Huatai Securities pointed out that if the Federal Reserve were to pay off, the market pricing gap would fall, and it may usher in a short-term recovery. However, if the Federal Reserve hesitates again, it has taken into account relatively full expectations of interest rate hikes. Not raising interest rates will instead exceed expectations, or further lead to heightened uncertainty, rising interest rates on long-term US bonds, and challenges to credibility.
CNOOC (00883) received a net purchase of HK$137 million. Currently, traffic through the Strait of Hormuz has not returned to normal, and crude oil exports from the Middle East are clearly restricted; red sea shipping, Saudi energy facilities, and tanker safety risks are still rising. Global stocks of refined oil products such as diesel are low, making it difficult for refineries to rapidly increase processing capacity in the short term. Ling Chuanhui, an energy and chemical analyst at Nanhua Futures, pointed out that there is still a risk that oil prices will rise at the end of the day for some time to come.
Xiaomi Group-W (01810) received a net purchase of HK$194 million. According to a research report released by Lyon, Xiaomi Pengcheng locked 10,000 orders in the first four minutes, and is expected that Xiaomi will deliver about 90,000 vehicles in 2026. The company also simultaneously released the Xiaomi 18 Fold and Xiaomi Pad 9 Pro Max to further promote the ultra-high-end market, giving priority to increasing the average sales price and gross margin higher than shipment volume. With the launch of the new flagship product, the bank believes that Xiaomi's revenue and profits should bottom out in the third quarter of 2026 and begin to rebound in the fourth quarter.
SMIC (00981) and Huahong Hongli (01347) were net sold at HK$92.07 million and HK$478 million respectively. UBS released a report saying that in July of this year, global semiconductor sales fell somewhat from the record high of the previous month. Among them, the decline in memory chip sales was particularly significant. Citing data from the Semiconductor Industry Association, UBS said global chip sales fell 9.8% month-on-month in July. Among them, sales of memory chips fell 16.3% month-on-month.
China Gold International (02099) had a net sale of HK$322 million. UBS believes that even if the Federal Reserve raises interest rates in September, gold prices may fall in the short term due to real interest rates and the trend of the US dollar, the decline is expected to be limited, and the overall recovery trend will not necessarily be disrupted. Seasonal physical demand should improve, and institutional and official sector investors looking to establish strategic positions may become more active when prices are lower.
In addition, Changfei Optical Fiber Cable (06869) and Jiantao Group (00148) received net purchases of HK$194 million and HK$2.68 million respectively, while Jiantao laminated board (01888) had a net sale of HK$165 million.