Beishui Trends | Beishui's net purchase of 9.038 billion AI hardware stocks is significantly divided, and Beishui continues to increase its position with Zhi Spectrum (02513) exceeding HK$4.7 billion

The Zhitong Finance App learned that on July 13, in the Hong Kong stock market, Beishui traded a net purchase of HK$9.038 billion. Among them, Hong Kong Stock Connect (Shanghai) had net purchases of HK$7.884 billion and Hong Kong Stock Connect (Shenzhen) had net purchases of HK$1,164 billion.

The individual stocks that Beishui Net bought the most were Zhiguo (02513), Yingfu Fund (02800), and NetEase (09999). The individual stocks sold the most by Beishui Net were Jiantao Laminated Board (01888), Jiantao Group (00148), and Changfei Optical Cable (06869).

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$4.736 billion. On July 11, Tang Jie, founder of Smart Spectrum, released an internal letter entitled “The Big Wave Has Arrived”. The core message is that Zhi Spectrum is preparing to advance the “Touch High Touch High Plan” for the next two years to challenge the physical and algorithmic limits of current technology. The next two years will not pursue short-term application monetization, but will directly point to the next highland of AGI. Specifically, it includes focusing on long-range tasks, autonomous agents, self-training, and model safety.

Yingfu Fund (02800) received a net purchase of HK$2.27 billion. Guoxin Securities believes that the intensive disclosure window for the July-August interim report will push the pricing logic to switch from style games to performance verification. Under the resonance of multiple factors, it is likely that the extreme market in the second quarter will not continue. Cathay Pacific Haitong believes that as the impact gradually dissipates, the possibility of compounding the Hong Kong stock interim report to bottom out is increasing, and the market is expected to return to its basic perception of cost performance.

NetEase (09999) received a net purchase of HK$1,527 billion. NetEase was transferred to the Hong Kong Stock Exchange Index list, effective June 30. Haitong International believes that after inclusion in Hong Kong Stock Connect, the average daily turnover of NetEase is expected to increase to about 3.4 billion yuan, an increase of about 60%. Guosheng Securities said that a new product cycle from the second half of '26 to the beginning of '27 is expected to boost performance.

GigaYi Innovation (03986) received a net purchase of HK$827 million. The memory chip sector has come to a standstill. Staff at GigaYi Innovation said that the current round of stock price adjustments is highly linked to peripheral markets. “The current reduction in the company's stock price is about the same as SK Hynix. Until now, it has basically been reduced by more than 30%. Everyone uses storage, and the trend was similar when it was rising before.” As for market concerns about the company's business, the staff member said, “The performance forecast is the most convincing proof of our performance.”

SMIC (00981) received a net purchase of HK$479 million, while Huahong Hongli (01347) received a net sale of HK$1,034 million. Morgan Stanley warns that there are more signs that chipmakers' limited pricing power means these stocks may have risen too much due to optimism about AI spending. Analysts at the bank pointed out that they saw that the AI data center technology stack is being redesigned to include lower-cost self-developed chips, and many hyperscale cloud service providers are now designing these chips themselves.

Jiantao laminated board (01888), Jiantao Group (00148), and Changfei optical fiber cable (06869) were net sold at HK$3.214 billion, $1,836 million, and HK$1.1 billion respectively. The Guolian Security Fund said that this round of overseas market sell-off stemmed from the loosening of traffic congestion on the AI hardware circuit. The market was worried that AI hype was too intense in the early stages, and the funds collectively began risk hedging and reducing positions. In the first half of the year, core circuits such as semiconductors, AI computing power, and optical modules emerged from strong markets. Most popular targets rose significantly during the year. The sector as a whole accumulated a large amount of floating profit chips, and the risk of a short-term pullback continued to accumulate. The adjustment was the first to be launched from the popular target with the highest increase during the year, and has clear profit settlement characteristics.

Additionally, Alibaba-W (09988) received a net purchase of HK$583 million, while Tencent (00700) had a net sale of HK$230 million.