资金动向 | 科技股火热！北水加仓阿里近6亿港元，抛售小米超15亿港元

Group 1: Market Activity - Southbound funds recorded a net sell of HKD 1.376 billion on August 25, with notable net buys in Alibaba-W (HKD 586 million), Kuaishou-W (HKD 471 million), and ZTE Corporation (HKD 407 million) [1] - The largest net sell was in the Yingfu Fund (HKD 2.352 billion) and Xiaomi Group-W (HKD 1.525 billion) [1] - Southbound funds have continuously net bought Tencent for 7 days, totaling HKD 6.21391 billion, and Meituan for 4 days, totaling HKD 2.64745 billion [3] Group 2: Company Performance - Alibaba-W's stock increased by 5.5%, with a net buy of HKD 623 million, while its trading volume was HKD 6.576 billion [3] - Tencent Holdings reported a 15% year-on-year revenue increase in Q2 2025, with a gross profit margin up by 22% [5][6] - Xiaomi Group's automotive revenue grew by 40% year-on-year, with a gross margin reaching 26.4%, marking a historical high [6] Group 3: Industry Insights - The National Development and Reform Commission and other agencies are drafting rules for internet platform pricing, which may lead to e-commerce platforms maintaining subsidies to secure market share [5] - Dongfang Zhenxuan is projected to see a 32.7% decline in sustainable revenue for FY2025, primarily due to the divestment of a subsidiary [5] - The domestic AI chip market is expected to grow as local design and manufacturing technologies improve, supported by the development of domestic large models [6]