Zhi Tong Cai Jing·2025-08-04 11:10Summary 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]