Northbound funds | Northbound trading recorded a net buy of 4.471 billion. Northbound funds added to AI hardware stocks on dips, snapping up Z.AI (02513) for over HK$1.2 billion throughout the day.

On September 14 in the Hong Kong stock market, northbound trading recorded a net buy of HK$4.471 billion. Among this, Hong Kong Stock Connect (Shanghai) recorded a net buy of HK$1.671 billion, and Hong Kong Stock Connect (Shenzhen) recorded a net buy of HK$2.800 billion. The stocks with the largest net buys by northbound funds were Z.AI (02513), YOFC (06869), and LENOVO GROUP (00992). The stocks with the largest net sells by northbound funds were Semiconductor Manufacturing International Corporation (00981), BABA-W (09988), and KINGBOARD HLDG (00148). Active stocks via Hong Kong Stock Connect (Shanghai) Active stocks via Hong Kong Stock Connect (Shenzhen) Z.AI (02513) received a net buy of HK$1.201 billion. Z.AI announced the completion of approximately US$5 billion (approximately RMB 33.5 billion) in financing, including approximately US$2 billion in share placement and approximately US$3 billion in zero-coupon convertible bonds. Approximately 60% of the net proceeds are used for the research and development of next-generation GLM foundation models and the "Fully Self Training" system, as well as the deployment and upgrading of large-scale training, production inference, computing resources, and related technical infrastructure; Northbound funds added to AI hardware stocks, with YOFC (06869), KB LAMINATES (01888), and Cig Shanghai (06166) receiving net buys of HK$382 million, HK$63.31 million, and HK$57.75 million, respectively. The three major U.S. AI giants Anthropic, OpenAI, and SpaceXAI rarely joined forces to collectively call for slowing the pace of AI development. In addition, the OpenAI CEO said that OpenAI will not conduct an initial public offering in 2026. The Microsoft CEO followed by saying that he supports prudent AI development and embedded evaluation mechanisms. Zheshang pointed out that this event puts short-term pressure on AI hardware companies and large model companies. LENOVO GROUP (00992) received a net buy of HK$180 million. The latest quarterly results of the world's three major AI server manufacturers LENOVO GROUP, Dell, and Hewlett Packard Enterprise all exceeded expectations, among which LENOVO GROUP's server business growth nearly doubled. In addition, Oracle management reiterated at its earnings briefing that its capital expenditure plan for fiscal year 2027 is as high as US$90 billion to US$95 billion, used to expand AI data centers and related infrastructure, and directly named Dell and Hewlett Packard Enterprise as the main recipients of this expenditure. The pharmaceutical sector also received additional positions. AKESO (09926) and WUXI BIO (02269) received net buys of HK$104 million and HK$13.85 million, respectively. From September 12-15, the 2026 World Conference on Lung Cancer (WCLC) was held, and multiple pieces of clinical data for Chinese innovative drugs were presented in a concentrated manner, with AKESO's ivonescimab monotherapy OS data and B7H3ADC becoming focal points. At the same time, the 2026 national medical insurance catalog negotiations concluded, and the commercial insurance innovative drug catalog advanced in parallel, with expectations for payment-side reform heating up, and the industry logic of "overseas commercialization + payment improvement" continuing to strengthen. XIAOMI-W (01810) received a net buy of HK$12.08 million. CLSA released a research report stating that Xiaomi Pengcheng locked in 10,000 orders four minutes after its debut, and it is expected that Xiaomi will deliver about 90,000 units in 2026; the company also simultaneously released Xiaomi 18 Fold and Xiaomi Pad 9 Pro Max, further advancing into the ultra-high-end market, prioritizing increases in average selling price and gross margin over shipment volume. With the launch of new flagship products, the bank believes that Xiaomi's revenue and profit should bottom out in the third quarter of 2026 and begin to rebound in the fourth quarter. In addition, Tencent (00700) received a net buy of HK$43.40 million, while Semiconductor Manufacturing International Corporation (00981), BABA-W (09988), and KINGBOARD HLDG (00148) were respectively subject to net sells of HK$636 million, HK$103 million, and HK$4.87 million.