Southbound trading data for the Hong Kong market on September 18 shows a net buy of HK$1.193 billion. The Shanghai-Hong Kong Stock Connect recorded a net buy of HK$17 million, while the Shenzhen-Hong Kong Stock Connect posted a net buy of HK$1.176 billion.
The stocks with the highest net buying from southbound capital were Baidu Group-W (09888), Zhipu (02513), and YOFC (06869). On the selling side, the most significant net outflows targeted Tracker Fund (02800), Alibaba-W (09988), and GigaDevice (03986).
Looking at active trading on both the Shanghai and Shenzhen connect channels, Baidu Group-W (09888) attracted a substantial net buy of HK$4.261 billion. Baidu's first-half AI cloud infrastructure revenue reached RMB 16.1 billion, up 65% year-over-year. Within that segment, GPU cloud revenue surged 230% annually. During the 2026 Smart Economy Forum, Baidu Intelligent Cloud introduced the "Industrial Agent Operating System" concept, opened its Baidu Dazi ecosystem platform for partner onboarding, and announced that its Tianchi supernode has achieved full-stack domestic production while publishing technical specifications for six core modules.
Zhipu (02513) received a net buy of HK$853 million. The company officially launched GLM-5.3-FlashX with its API now fully accessible. The new version delivers inference speeds up to 200 tokens per second, a fivefold improvement over the existing GLM-5.3-Flash, with pricing set at 2.5 times the prior version. Zhipu noted that an inference cluster built on 100,000 domestic chips reached full utilization immediately upon launch.
YOFC (06869) and Cambridge Industries (06166) saw net buys of HK$564 million and HK$296 million, respectively. China Galaxy Securities noted that the optical fiber industry is transitioning from a traditional telecom cyclical sector to a computing power infrastructure track, with backbone network upgrades and data center internal demand creating long-cycle structural growth opportunities. Leading companies with core material self-sufficiency are positioned to unlock significant profit potential.
SMIC (00981) and Hua Hong (01347) attracted net buys of HK$528 million and HK$479 million, respectively. Goldman Sachs projects that China's semiconductor industry capital expenditure will grow 10%-15% annually from 2026 to 2030, reaching $82 billion by 2030. The firm also estimates China's AI chip addressable market will achieve a compound annual growth rate of 69% from 2025 to 2030, reaching $678 billion.
Tracker Fund (02800) faced a net sell of HK$2.264 billion. Guoyuan International believes the current Hong Kong market correction stems mainly from external factors including oil prices, inflation, and rising overseas interest rates. The near-term outlook remains one of "index volatility with sector divergence and rotation." However, southbound capital continues to flow in, and some early contrarian positioning has emerged during the tech sector pullback, with no significant deterioration in Hong Kong's underlying fundamentals or liquidity conditions.
Additionally, Kingboard Laminates (01888), GigaDevice (03986), and Alibaba-W (09988) recorded net sells of HK$16.17 million, HK$93.51 million, and HK$1.123 billion, respectively.