智通财经网·2025-06-19 09:55Group 1: Market Overview - Northbound trading recorded a net buy of 14.27 billion HKD, with 10.65 billion HKD from Shanghai Stock Connect and 3.63 billion HKD from Shenzhen Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), China Construction Bank (00939), and ZhongAn Online (06066) [1] - The most sold stocks were Tencent (00700), Alibaba-W (09988), and CSPC Pharmaceutical Group (01093) [1] Group 2: Stock Performance - Xiaomi Group-W (01810) saw a net buy of 4.95 billion HKD, driven by strong sales performance during the 618 shopping festival, with total payments exceeding 35.5 billion HKD [4] - China Construction Bank (00939) received a net buy of 3.7 billion HKD, supported by favorable dividend yields and valuation advantages in H-shares [5] - ZhongAn Online (06060) had a net buy of 2.78 billion HKD, benefiting from the recent passing of the Stablecoin Ordinance in Hong Kong [5] Group 3: Sector Insights - Oil and gas stocks showed mixed results, with United Energy Group (00467) and CNOOC (00883) receiving net buys, while Shandong Molong (00568) faced net selling [6] - The innovative drug sector also experienced divergence, with Innovent Biologics (01801) gaining net buys, while CSPC Pharmaceutical Group (01093) faced net selling [6] - Semiconductor company SMIC (00981) received a net buy of 252 million HKD following a strategic divestment to focus on core operations [7] Group 4: Market Sentiment - Market confidence in the AI sector has been shaken due to lower-than-expected capital expenditures and cloud revenue growth, impacting stocks like Alibaba-W (09988) and Tencent (00700) which faced significant net selling [7][8] - Despite current challenges, the long-term growth potential of AI remains positive, particularly in cloud services and user metrics improvement [8]