Northbound funds | Northern funds have a net purchase of 5.039 billion, continuing to grab shares of science and technology stocks and large models, while selling AI hardware stocks throughout the day.

In the Hong Kong stock market on July 16, Beishui had a net purchase of 5.039 billion Hong Kong dollars. Among them, the Shanghai-Hong Kong Stock Connect had a net purchase of 2.01 billion Hong Kong dollars, and the Shenzhen-Hong Kong Stock Connect had a net purchase of 3.038 billion Hong Kong dollars. The stocks with the highest net purchases by Beishui were BABA-W (09988), KNOWLEDGE ATLAS (02513), and Tencent (00700). The stocks with the highest net sales by Beishui were KB LAMINATES (01888), YOFC (06869), and Hua Hong Grace Semiconductor (01347). Active trading stocks for Shanghai-Hong Kong Stock Connect Active trading stocks for Shenzhen-Hong Kong Stock Connect BABA-W (09988) had a net purchase of 2.833 billion Hong Kong dollars. According to the Science and Technology Innovation Board Daily, Ali Qianwen will integrate AI capabilities into Apple Intelligence and domestic Apple Intelligence has been filed. Furui stated that this news has multiple positive implications for Ali, including affirming the model capabilities of Qianwen, which has a comprehensive model selection to meet different user needs; increasing Qianwen's visibility in the international market; Ali has a complete cloud infrastructure that provides service experience and cost-effectiveness; with the successful cooperation with Apple, the adoption rate and usage of Qianwen models at the edge and cloud ends are expected to further increase. KNOWLEDGE ATLAS (02513) had a net purchase of 1.79 billion Hong Kong dollars. The founder of KNOWLEDGE ATLAS, Tang Jie, announced a strategic plan called "Touch High," focusing on AGI research rather than short-term commercialization. Western believes that recently, domestic large model companies such as DeepSeek, Kimi, KNOWLEDGE ATLAS, MiniMax, etc. have carried out financing, and with the strengthening of computing infrastructure after the completion of financing, the iteration speed of domestic large models is expected to accelerate. Tencent (00700) had a net purchase of 1.179 billion Hong Kong dollars. On July 6, Tencent's multi-element Hy3 was officially released, with performance improvements in various aspects compared to the preview version. As of July 15, the total call volume of Tencent's multi-element Hy3 model has increased by more than 68 times compared to the previous generation model (Hy2). One week after its release, Hy3 ranked first in the global large model call volume rankings on OpenRouter. KUAISHOU-W (01024) had a net purchase of 649 million Hong Kong dollars. According to the Hong Kong Stock Exchange filing, on July 15, Kuaishou repurchased 445,000 shares, with a repurchase amount of 19.8876 million Hong Kong dollars, and it was the third consecutive day that the company carried out share repurchase operations. Kuaishou has conducted a total of 34 repurchases within the year, repurchasing a total of 42.1946 million shares with a cumulative repurchase amount of 1.92 billion Hong Kong dollars. In addition, BlackRocks stake in Kuaishou increased from 4.71% to 5.29% on July 9. MEITUAN-W (03690) had a net purchase of 294 million Hong Kong dollars. On July 6, Meituan announced the official open sourcing of LongCat-2.0, including all model weights, inference engine, and core technology documentation. Citi released a research report stating that Meituan has officially open-sourced the trillion-parameter large model LongCat-2.0 and believes that this strategic move will further consolidate its leading position in the local life service market. The advanced Agentic architecture of this model will improve internal R&D efficiency and attract external developers. Citi maintained a "buy" rating on Meituan with a target price of 113 Hong Kong dollars. Montage Technology (06809) suffered a net sale of 144 million Hong Kong dollars. On July 15, Korean prosecutors conducted a surprise search on the Korean offices of three semiconductor companies, including Montage Technology, to investigate alleged semiconductor component price manipulation. According to the Science and Technology Innovation Board Daily, a staff member of Montage Technology's board office responded to reporters today, stating that the incident occurred yesterday and the company is currently understanding the situation. The company has always operated in compliance and will actively cooperate with the investigation, and its operations are currently normal. Beishui funds sold AI hardware stocks. Semiconductor Manufacturing International Corporation (00981), Hua Hong Grace Semiconductor (01347), YOFC (06869), and KB LAMINATES (01888) suffered net sales of 173 million, 181 million, 211 million, and 1.172 billion Hong Kong dollars, respectively. On Tuesday, New York Governor Kathy Hochul signed an executive order banning the construction of large data centers using 50 megawatts or more of electricity within one year. This state is the first in the United States to implement such a ban. Shenwan Hongyuan Group had previously pointed out in a research report that constraints on AI investment may include grid bottlenecks, equipment shortages, and opposition from residents to the construction of data centers, which may result in project delays or even cancellations.