Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling 180.92 billion HKD, with notable net selling in specific stocks such as the Tracker Fund and Hang Seng China Enterprises. Group 1: Northbound Capital Flow - Northbound capital recorded a net selling of 180.92 billion HKD on August 4, with 111.24 billion HKD from the Shanghai Stock Connect and 69.68 billion HKD from the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), InnoCare Pharma (02577), and Kuaishou-W (01024) [1] - The stocks with the highest net selling included Tracker Fund (02800), Hang Seng China Enterprises (02828), and Southbound Hang Seng Technology (03033) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) received a net inflow of 7.28 billion HKD, with Morgan Stanley predicting significant growth in cloud computing revenue as a catalyst for its performance [5] - InnoCare Pharma (02577) saw a net inflow of 3.62 billion HKD, driven by its inclusion in NVIDIA's supplier list, which could enhance its market position in the GaN sector [5] - Kuaishou-W (01024) had a net inflow of 2.19 billion HKD, supported by its recent AI initiatives and positive growth outlook from CICC [6] - Semiconductor company SMIC (00981) received a net inflow of 2.17 billion HKD amid concerns over NVIDIA's chip security issues, which may accelerate the domestic chip industry's growth [6] - Li Auto-W (02015) experienced a net inflow of 40.81 million HKD, despite a decline in vehicle deliveries, with expectations for improved sales from the upcoming i8 model [7] Group 3: ETF and Broader Market Trends - The Tracker Fund (02800), Hang Seng China Enterprises (02828), and Southbound Hang Seng Technology (03033) faced significant net selling of 145.34 billion HKD, 63.25 billion HKD, and 14.53 billion HKD respectively [7] - Concerns over rising overseas risks and potential tariff negotiations are influencing market sentiment, leading to a cautious outlook for Chinese assets [7]

Core Insights - On August 4, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800), Hang Seng China Enterprises (02828), and InnoCare Pharma (02577) with trading volumes of 94.85 billion, 46.53 billion, and 41.25 billion respectively [1] - In the Southbound Stock Connect for Shenzhen, the top three companies were Yingfu Fund (02800), Tencent Holdings (00700), and Hang Seng China Enterprises (02828) with trading volumes of 50.64 billion, 22.09 billion, and 17.90 billion respectively [1] Southbound Stock Connect (Shanghai) Active Companies - Yingfu Fund (02800) had a trading amount of 94.85 billion with a net buy of -94.77 billion [2] - Hang Seng China Enterprises (02828) recorded a trading amount of 46.53 billion with a net buy of -45.52 billion [2] - InnoCare Pharma (02577) achieved a trading amount of 41.25 billion with a net buy of +2.80 billion [2] - Tencent Holdings (00700) had a trading amount of 24.71 billion with a net buy of +6.17 billion [2] - Alibaba-W (09988) recorded a trading amount of 20.88 billion with a net buy of +7.26 billion [2] Southbound Stock Connect (Shenzhen) Active Companies - Yingfu Fund (02800) had a trading amount of 50.64 billion with a net buy of -50.58 billion [2] - Tencent Holdings (00700) recorded a trading amount of 22.09 billion with a net buy of -5.65 billion [2] - Hang Seng China Enterprises (02828) achieved a trading amount of 17.90 billion with a net buy of -17.74 billion [2] - Alibaba-W (09988) had a trading amount of 12.93 billion with a net buy of +228.97 million [2] - InnoCare Pharma (02577) recorded a trading amount of 12.76 billion with a net buy of +823.66 million [2]

Market Overview - On August 4, the Hang Seng Index rose by 0.92%, closing at 24,733.45 points, while southbound funds through the Stock Connect recorded a net sell of 18.092 billion HKD [1] - The total trading volume for the Stock Connect on August 4 was 130.07 billion HKD, with a net sell of 18.092 billion HKD [1] Trading Activity - In the Shanghai Stock Connect, the trading volume was 83.126 billion HKD with a net sell of 11.124 billion HKD, while in the Shenzhen Stock Connect, the trading volume was 46.944 billion HKD with a net sell of 6.968 billion HKD [1] - The most actively traded stock in the Shanghai Stock Connect was the Tracker Fund of Hong Kong (盈富基金), with a trading volume of 9.485 billion HKD, followed by Hang Seng China Enterprises and InnoCare Pharma, with trading volumes of 4.653 billion HKD and 4.125 billion HKD respectively [1] Net Buy/Sell Analysis - Alibaba-W recorded the highest net buy amount of 726 million HKD, despite a closing price drop of 0.60% [1] - The Tracker Fund of Hong Kong had the highest net sell amount of 9.477 billion HKD, while its closing price increased by 0.88% [1] - In the Shenzhen Stock Connect, the Tracker Fund of Hong Kong also led in trading volume with 5.064 billion HKD, and had a net sell of 5.058 billion HKD, closing up by 0.88% [2] Key Stocks Performance - Kuaishou-W had the highest net buy amount in the Shenzhen Stock Connect, with a net buy of 220 million HKD and a closing price increase of 3.22% [2] - Tencent Holdings and Hang Seng China Enterprises followed in trading volume with 2.709 billion HKD and 1.790 billion HKD respectively [2]

Core Insights - The Hang Seng Index rose by 0.92% on August 4, with southbound trading totaling HKD 130.07 billion, resulting in a net sell of HKD 18.09 billion [1] - The most actively traded stock by southbound funds was the Tracker Fund of Hong Kong, with a total trading amount of HKD 14.55 billion, followed by Hang Seng China Enterprises and InnoCare Pharma [1][2] - Alibaba-W had the highest net buy amount of HKD 728 million, despite a closing price drop of 0.60% [1][3] Southbound Trading Summary - Total southbound trading amounted to HKD 130.07 billion, with buy transactions at HKD 55.99 billion and sell transactions at HKD 74.08 billion, leading to a net sell of HKD 18.09 billion [1] - The southbound trading for Stock Connect (Shenzhen) was HKD 46.94 billion, with net selling of HKD 6.97 billion, while Stock Connect (Shanghai) had a total of HKD 83.13 billion with net selling of HKD 11.12 billion [1] - The stocks with the highest net buy amounts included Alibaba-W (HKD 728 million), InnoCare Pharma (HKD 363 million), and Kuaishou-W (HKD 220 million) [1][2] Continuous Net Buying Stocks - Three stocks experienced continuous net buying for more than three days, with Tencent Holdings, Xiaomi Group-W, and Kuaishou-W leading in net buying days at 8, 7, and 3 days respectively [2] - The highest net buying amounts during this period were for Xiaomi Group-W (HKD 4.16 billion), Tencent Holdings (HKD 3.59 billion), and Kuaishou-W (HKD 1.80 billion) [2]

Core Viewpoint - The Hong Kong stock market experienced significant net selling from northbound capital, totaling HKD 180.92 billion, with notable net selling in specific stocks and sectors [1] Group 1: Northbound Capital Activity - Northbound capital recorded a net selling of HKD 180.92 billion on August 4, with HKD 111.24 billion from the Shanghai Stock Connect and HKD 69.68 billion from the Shenzhen Stock Connect [1] - The stocks with the highest net buying included Alibaba-W (09988), InnoCare Pharma (02577), and Kuaishou-W (01024) [1] - The stocks with the highest net selling included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises Index (02828), and Southern Hang Seng Technology Index (03033) [1] Group 2: Individual Stock Performance - Alibaba-W (09988) saw a net inflow of HKD 7.28 billion, supported by Morgan Stanley's report predicting significant subsidies in the mainland food delivery sector [4] - InnoCare Pharma (02577) had a net inflow of HKD 3.62 billion, with a report from Jefferies highlighting its inclusion in NVIDIA's 800V power supply vendor list [5] - Kuaishou-W (01024) received a net inflow of HKD 2.19 billion, with ongoing developments in its AI initiatives contributing to positive market sentiment [5] - Semiconductor company SMIC (00981) experienced a net inflow of HKD 2.17 billion, amid concerns regarding NVIDIA's chip security issues [6] - Li Auto-W (02015) had a net inflow of HKD 40.81 million, despite a decline in vehicle deliveries due to sales team adjustments and increased competition [6] Group 3: ETF and Broader Market Trends - Northbound capital sold off Hong Kong ETFs, with the Tracker Fund of Hong Kong (02800) facing a net outflow of HKD 145.34 billion [7] - Concerns about rising overseas risks and the potential impact of tariff negotiations are influencing market sentiment [7] - Tencent (00700) and Xiaomi Group-W (01810) saw net inflows of HKD 52.6 million and HKD 26.66 million, respectively [7]

智通财经APP获悉，8月4日港股市场，北水成交净卖出180.92亿港元，其中港股通(沪)成交净卖出111.24 亿港元，港股通(深)成交净卖出69.68亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、英诺赛科(02577)、快手-W(01024)。北水净卖出最多的 个股是盈富基金(02800)、恒生中国企业(02828)、南方恒生科技(03033)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 盈富基金 | 372.81万 | 94.81亿 | 94.85亿 | | HK 02800 | | | -94.77 亿 | | 恒生中国 ... HK 02828 | 5044.50万 | 46.02亿 | 46.53 亿 | | | | | -45.52 乙 | | 英诺赛科 | 22.03亿 | 19.22 乙 | 41.25亿 | | HK 02577 | | | +2.80 乙 | | 腾讯控股 | 15.44 Z | 9.27亿 | 24.71亿 | | HK 00700 | | | +6.17 Z ...

Market Overview - Hong Kong stocks opened lower but closed higher, with all three major indices ending in the green. The Hang Seng Index rose by 0.92% to 24,733.45 points, with a total turnover of HKD 234.68 billion [1] - The overall upward trend in Hong Kong stocks is considered healthy, shifting from previous risk-averse sentiment to improvements in fundamentals and positive policy expectations [1] Blue Chip Performance - New Oriental-S (02057) led blue-chip stocks, rising by 6.49% to HKD 36.58, contributing 2.7 points to the Hang Seng Index. Its revenue for the fourth fiscal quarter grew by 9.4% year-on-year, exceeding market expectations [2] - Other notable blue-chip performances included Zhongsheng Holdings (00881) up 5.59%, Lenovo Group (00992) up 4.95%, while Xinyi Glass (00868) fell by 5.87% [2] Sector Highlights - Gold stocks performed strongly due to lower-than-expected U.S. non-farm payroll data, with Shandong Gold (01787) rising by 10.7% and Chifeng Jilong Gold Mining (06693) up 8.89% [3] - Semiconductor stocks also saw significant gains, with Hua Hong Semiconductor (01347) up 8.69% and Shanghai Fudan (01385) up 5.66% [4] Stablecoin Sector - The stablecoin sector continued to decline, with Yunfeng Financial (00376) down 6.91% and Guotai Junan International (01788) down 6.48%. The Hong Kong Monetary Authority's new regulations on stablecoins are expected to delay the issuance of licenses until early 2026 [5][6] Notable Stock Movements - InnoCare Pharma (02577) surged by 30.47% after announcing a partnership with NVIDIA to promote a new power architecture for AI data centers [7] - Huajian Medical (01931) rose by 20.7% following a strategic cooperation agreement with BGI [8] - China Resources Medical (01515) fell by 15.58% due to a profit warning, expecting a decline of 20% to 25% in profit for the upcoming six months [9]

Group 1 - The majority of stablecoin-related stocks experienced declines in the afternoon trading session, with notable drops including Yunfeng Financial down 7.24% to HKD 2.82, Guotai Junan International down 5.43% to HKD 5.4, and OSL Group down 1.83% to HKD 14.49 [1] - The Hong Kong Stablecoin Regulation officially came into effect on August 1, requiring any entity issuing fiat-backed stablecoins in Hong Kong to apply for a license from the Financial Management Commissioner [1] - Zheshang Securities highlighted that the Hong Kong Monetary Authority emphasizes three core requirements for licensing: strict compliance review, specificity, and sustainability, with the first licenses expected to be issued in early 2026, later than market expectations [1] Group 2 - Currently, the active stablecoins in Hong Kong are primarily USD-backed, such as USDT and USDC, and failure to obtain a license post-transition period will prevent these stablecoins from operating on compliant VATP exchanges in Hong Kong [2] - Citigroup projects the median market size for stablecoins in Hong Kong to be USD 16 billion, with potential fluctuations of USD 8 billion depending on various factors, including monetary expansion and increased external demand for Hong Kong stablecoins [2]

智通财经APP获悉，稳定币概念股午后多数下跌，截至发稿，云锋金融(00376)跌7.24%，报2.82港元； 国泰君安国际(01788)跌5.43%，报5.4港元；耀才证券金融(01428)跌2.53%，报11.54港元；OSL集团 (00863)跌1.83%，报14.49港元。 浙商证券还指出，当前活跃于中国香港的稳定币多属于美元稳定币，如USDT或USDC。如果过渡期结 束后相关发行商未取得牌照，也就意味着这些美元稳定币将无法在香港的合规VATP交易所运营。此 外，花旗表示，预计香港稳定币市场规模中位数为160亿美元(上下浮动80亿美元，视不同工具而定)， 上行风险来自货币总量扩张、对香港稳定币的外部需求增加及链上活动激增。 消息面上，8月1日，香港《稳定币条例草案》正式生效。《稳定币条例》实施后，任何人如在业务过程 中在香港发行法币稳定币，或在香港或以外发行宣称锚定港元价值的法币稳定币，必须向金融管理专员 申领牌照。浙商证券认为，中国香港金管局强调发牌需严格审核合规性、具体性及可持续性三大核心要 求。其中，在可持续性方面，需证明具备长期运营的财力与技术资源。由于审核流程复杂，且需确保申 请机构完全达标， ...

Group 1 - The core point of the article highlights that Guotai Junan International (01788) experienced a decline of 5.08% in its stock price, trading at 5.42 HKD per share with a transaction volume of 583 million HKD as of 10:05 AM on August 4 [1] - Guotai Junan International Holdings Limited is a Chinese securities company based in Hong Kong, focusing on expanding in Southeast Asia through Singapore and Vietnam, with major business segments including brokerage, corporate finance, asset management, lending and financing, financial products, market making, and investment [1] - The company has transformed from a traditional brokerage firm into a large-scale comprehensive financial service provider, covering three main dimensions: personal finance (wealth management), institutional finance (services for institutional investors and corporate financing), and investment management [1] Group 2 - As of the 2024 annual report, Guotai Junan International reported total operating revenue of 4.1 billion HKD and a net profit of 322 million HKD [2]