According to market data, on August 25 in Hong Kong's stock market, Northbound funds recorded net outflows of HK$13.76 billion, with Shanghai-Hong Kong Stock Connect posting net outflows of HK$24.36 billion and Shenzhen-Hong Kong Stock Connect registering net inflows of HK$1.06 billion. The top net purchases by Northbound funds were BABA-W (09988), KUAISHOU-W (01024), and ZTE Corp (00763). The largest net sales were Tracker Fund (02800), XIAOMI-W (01810), and SMIC (00981).
**Active Trading Stocks**
**Shanghai-Hong Kong Stock Connect Active Stocks** **Shenzhen-Hong Kong Stock Connect Active Stocks**
BABA-W (09988) and Meituan-W (03690) received net inflows of HK$586 million and HK$112 million respectively. On the news front, on August 23, the National Development and Reform Commission, State Administration for Market Regulation, and Cyberspace Administration jointly announced the drafting of "Internet Platform Pricing Behavior Rules (Draft for Comments)". Citigroup noted that to maintain market share and respond to changing consumer behavior under China's new consumption concepts, major e-commerce platforms are expected to retain certain levels of subsidies to consolidate their market positions, but this should help promote more standardized management of pricing competition.
KUAISHOU-W (01024) received net inflows of HK$471 million. On the news front, First Shanghai noted that Kuaishou launched the Keling AI2.1 series models in May, forming tiered services and pricing; in late July, it released the Lingdong Canvas feature, providing a one-stop creative experience. In terms of revenue, Keling's transaction volume exceeded 100 million yuan in both April and May, with Q2 revenue surpassing 250 million yuan. Meanwhile, the company maintains firm investment on the cost side: Capex budget doubled, related R&D personnel expenses maintained as expected, and it will improve quality and efficiency on the cost side while maintaining profit levels. In terms of commercialization progress, Keling is gradually developing deep application capabilities for industrial-level scenarios such as game production and professional film production, with profit paths becoming increasingly clear. Currently, Keling AI has established deep cooperation with the mobile game "Justice" and participated in the production of the first AI drama series, becoming a new benchmark for AI film creation.
Semiconductor stocks showed divergence, with ZTE Corp (00763) receiving net inflows of HK$407 million, while SMIC (00981) and Hua Hong Semiconductor (01347) faced net outflows of HK$811 million and HK$129 million respectively. On the news front, DeepSeek officially released its latest version DeepSeek-V3.1, which adopts UE8M0 FP8 Scale parameter precision. This technical specification is specifically optimized for the upcoming next-generation domestic chips. Orient Securities believes that with the improvement of domestic AI chip design technology and manufacturing processes, and with the continuous development of domestic large models and their adaptation and support for domestic chips, the market share of domestic computing power is expected to continue rising, and the trend for domestic chips is expected to continue advancing.
DONGFENG GROUP (00489) received net inflows of HK$149 million. On the news front, BOC International published a report stating that DONGFENG GROUP announced multiple proposed transactions, including the distribution and introduction listing of existing Voyah shares; a cash privatization offer by controlling shareholder DFM for the remaining business of the listed company excluding Voyah; and DMG's application for delisting. Given the independent H-share count of 2.198 billion shares, the total cash amount the controlling shareholder needs to pay for this privatization will reach 14.68 billion yuan. BOC International believes this transaction will achieve win-win results for all parties involved.
XIAOMI-W (01810) faced net outflows of HK$1.524 billion. On the news front, Bank of Communications International previously published a research report stating that Xiaomi's second quarter results met market expectations. Automotive revenue grew 40% year-on-year; gross margin reached 26.4%, hitting a new historical high. This quarter's performance was somewhat affected by the smartphone business. Regarding the smartphone business, gross margins may stabilize and recover with the launch of high-end new products. The smartphone gross margin trend in this quarter declined faster than the institution's previous forecasts. The institution believes the impact of memory price increases on gross margins may persist at least until the end of 2025.
Tracker Fund (02800) faced net outflows of HK$2.351 billion. On the news front, Huatai Securities published a Hong Kong stock strategy research report stating that looking ahead, foreign capital still has room to continue increasing allocation to the Chinese market. However, it's worth noting that the importance of foreign capital in the Hong Kong stock market has already declined, with southbound funds' trading share in Stock Connect targets exceeding 40%, and the sustainability of their future inflows deserves equal or even greater attention.
Additionally, East Buy (01797) and Tencent (00700) received net inflows of HK$202 million and HK$180 million respectively, while CNOOC (00883) faced net outflows of HK$33.26 million.