Northbound funds | The net buying of 11.318 billion yuan in the Northbound trading, Knowledge Atlas (02513) officially entered the Hong Kong Stock Connect. Northbound funds aggressively accumulated over 900 million Hong Kong dollars throughout the day.

On June 8, the Hong Kong stock market saw a net purchase of 11.318 billion Hong Kong dollars by Northbound investors. Out of this, the Shanghai-Hong Kong Stock Connect saw a net purchase of 9.967 billion HKD, while the Shenzhen-Hong Kong Stock Connect saw a net purchase of 1.351 billion HKD. The stocks with the highest net purchase by Northbound investors were TRACKER FUND OF HONG KONG (02800), Tencent (00700), and KNOWLEDGE ATLAS (02513). The stocks with the highest net sales by Northbound investors were Semiconductor Manufacturing International Corporation (00981) and Huahong Semiconductor (01347). Northbound funds increased their holdings in Hong Kong ETFs. TRACKER FUND OF HONG KONG (02800) and CSOP Hang Seng TECH Index ETF (03033) saw net purchases of 5.594 billion HKD and 639 million HKD respectively. Guotai Haitong stated that after the headwinds dissipate, the perception of value for Hong Kong stocks is expected to return. With most industries in Hong Kong having lower valuation percentiles, and international risks and liquidity issues easing, it is expected that the focus will return to the most basic understanding of value. Huatai believes that Hong Kong stocks may continue to outperform in terms of relative returns. Tencent (00700) saw a net purchase of 1.162 billion HKD. There were reports last week that Tencent is accelerating the development of an AI intelligent body embedded within WeChat, which is now in the prototype testing phase. In after-hours news today, the WeChat Open Platform launched WeChat AI ecosystem access capabilities, allowing developers to actively authorize access to WeChat AI in the "Mini Program Management Background-AI Capability". It is understood that the platform offers two options: automatic mode and development mode, both of which can be enabled simultaneously. KNOWLEDGE ATLAS (02513) saw a net purchase of 920 million HKD. Hang Seng Index Company previously announced the inclusion of KNOWLEDGE ATLAS in the Hang Seng Technology Index, which officially took effect from June 8. According to the Shanghai and Shenzhen Stock Exchanges, KNOWLEDGE ATLAS has officially entered the Hong Kong Stock Connect today. Open Securities is optimistic about the company's leading capabilities in large models, accelerated product iteration, and talent development pipeline, which are expected to continue to lead competitors in a single position and benefit from the process of high-end token volume and price rise. KB LAMINATES (01888) saw a net purchase of 324 million HKD. In early June, Jingtao, Shengyi Technology, Goldenmax International, and other copper foil manufacturers successively issued price increase notices for the third quarter, with a generally between 10% to 15%. This is the second comprehensive price increase since 2026. It is worth noting that KB LAMINATES has experienced 7 price increases since 2025, mainly driven by the tight demand for upstream raw materials. YOFC (06869) saw a net purchase of 311 million HKD. Data shows that the price of A2-type preform bars has risen from 22 to 30 yuan/equivalent core kilometer at the beginning of 2025 to 160 yuan/equivalent core kilometer in 2026, an increase of nearly 550%. Public information shows that YOFC is the only company in the world that masters the three mainstream optical bar preparation processes of PCVD, OVD, and VAD, building a "bar-fiber-cable" full industry chain competitive barrier, with a self-sufficiency rate of 100% for optical bars and the largest production capacity globally. UBTECH ROBOTICS (09880) saw a net purchase of 144 million HKD. On June 2, UBTECH ROBOTICS' consumer-grade humanoid brand Siasun Robot&Automation under the brand YOU+ officially announced the global launch of the world's first full-size ultra-bionic humanoid Siasun Robot&Automation on JD.com for pre-sale, aiming at the emotional companionship scene, which is scheduled for official release on June 30. On June 7, UBTECH ROBOTICS announced that YOU+ ultra-bionic humanoid Siasun Robot&Automation started pre-sale for 6 days, with a total pre-order volume exceeding 2,110 units. Northbound funds once again sold chip stocks. Semiconductor Manufacturing International Corporation (00981) and Huahong Semiconductor (01347) saw net sales of 925 million and 493 million HKD respectively. The discussion regarding whether the AI market in US stocks is overheated continues to ferment. Ray Dalio, founder of Bridgewater Fund, believes that the current AI race has shown characteristics of a bubble, which will eventually lead to a burst. He analyzes that major technological changes have often led to market bubbles, presenting industry participants with a difficult investment decision, with risks associated with aggressive deployment or conservative wait-and-see approaches. In addition, BABA-W (09988) and Shandong Molong Petroleum Machinery (00568) saw net purchases of 102 million and 68.39 million HKD respectively.