Trends in Beishui | Beishui's net purchase of 2,099 billion intellectuals (02513) raised year-end ARR guidelines, Beishui rushed to raise Smart Spectrum over HK$3.1 billion throughout the day

The Zhitong Finance App learned that on September 16, in the Hong Kong stock market, Beishui traded a net purchase of HK$2,099 billion. Among them, Hong Kong Stock Connect (Shanghai) had net purchases of HK$2,669 million and Hong Kong Stock Connect (Shenzhen) had net sales of HK$570 million.

The individual stocks that Beishui Net bought the most were Zhi Spectrum (02513), SMIC (00981), and MINIMAX-W (00100). The individual stocks sold the most by Beishui Net were Yingfu Fund (02800), Changfei Optical Fiber Cable (06869), and Kingsley Biotechnology (01548).

Hong Kong Stock Connect (Shanghai) active trading stocks

Hong Kong Stock Connect (Shenzhen) active trading stocks

Smart Spectrum (02513) received a net purchase of HK$3.121 billion. On September 16, according to the intelligence spectrum analyst exchange meeting, the company completed total equity and debt financing of US$5 billion on September 11, and raised the 2026 year-end recurring revenue (ARR) guideline from US$2.4 billion to US$3 billion, an increase of about 25%. As of the first half of September, the company's total business caliber monthly ARR had reached 1.8 billion US dollars.

SMIC (00981) received a net purchase of HK$600 million, while Huahong Hongli (01347) received a net sale of HK$15.56 million. Goldman Sachs pointed out that, driven by generative AI and local demand, the capital expenditure of China's semiconductor industry is expected to record a 10% to 15% increase from 2026 to 2030, reaching 82 billion US dollars by 2030; the potential market size of AI chips in China is expected to grow at an average compound annual rate of 69% from 2025 to 2030, reaching 678 billion US dollars by 2030.

MINIMAX-W (00100) received a net purchase of HK$499 million. Huatai Securities and many other institutions have published research reports, and the market maintains a highly consistent bullish attitude towards MINIMAX-W. They expect the commercialization of AI models to accelerate across the board in the next 4-6 months. The M3 Pro model with parameters reaching the 3 trillion level is expected to be launched in September-October, which will further boost revenue growth.

Jiantao Laminate (01888) received a net purchase of HK$375 million. Previously, the entire PCB industry chain faced a wave of intense price increases. Guojin Securities pointed out that in the second half of the year, PCB is expected to start collecting new products and recovering profits. Starting in the third quarter, PCB's performance slope is expected to accelerate, and PCB is expected to become the most prominent sector.

Zhongji Xuchuang (03308) received a net purchase of HK$72.35 million, while Cambridge Technology (06166) and Changfei Optical Cable (06869) received net sales of HK$231 million and HK$390 million respectively. Recently, the US AI giants have called for “deceleration”, raising concerns about AI pointing out a slowdown. Citi pointed out that the market's concerns about the slowdown in AI spending have clearly been excessive. The bank believes that the continued increase in demand for AI inference, combined with continued supply-side tension, will further expand capital investment to support the entire industrial ecosystem.

Kingsley Biotech (01548) had a net sale of HK$302 million. Kingsley Biotech recently announced that it plans to sell 77.126 million shares at a 4.7% discount, with a net proceeds of about HK$2.33 billion. Approximately 70% will be used to expand the production capacity and infrastructure of the Group's AIDD platform. Xiaomo believes that the market still has strong interest in Kingsley's AIDD business. It is worth noting that the company plans to split its subsidiary BoboBio and list it independently on the main board of the Stock Exchange.

Yingfu Fund (02800) had a net sale of HK$604 million. Dongwu Securities pointed out that judging from the data, there is a possibility that the Federal Reserve will not raise interest rates, but the market is already full of interest rate hike deals. If the Federal Reserve remains on hold, the market will not buy; if 25 basis points are added as scheduled, it is expected to be fulfilled. Regardless of the situation, if there is no significant decline in the long term, Hong Kong stocks will be under pressure.

In addition, Tencent (00700) received a net purchase of HK$349 million, while CNOOC (00883) had a net sale of HK$98.07 million.