On September 8, the Hong Kong stock market saw southbound capital record a net purchase of HK$6.128 billion. Specifically, the Shanghai-Hong Kong Stock Connect posted a net buy of HK$3.457 billion, while the Shenzhen-Hong Kong Stock Connect registered a net buy of HK$2.671 billion. The top stocks by net purchases included Yangtze Optical Fibre and Cable Joint Stock Ltd (06869), Alibaba-W (09988), and Xiaomi-W (01810), with the largest net sell-off seen in Semiconductor Manufacturing International Corp (SMIC) (00981).

Among the most actively traded stocks on the Shanghai-Hong Kong Stock Connect, Yangtze Optical Fibre and Cable Joint Stock Ltd (06869) and CIG Cambridge Technology (06166) received net purchases of HK$654 million and HK$20.23 million, respectively. The Ministry of Industry and Information Technology issued the 15th Five-Year Plan for the Information and Communication Industry, which emphasizes accelerating the construction of computing power transmission channels, deploying 400G and above high-speed transmission technologies, building direct optical fiber links, and promoting the down-scaling of 100G optical network equipment. Furthermore, Goldman Sachs projects the global optical module market to reach approximately USD 67.7 billion, USD 131.4 billion, and USD 148.5 billion in 2026, 2027, and 2028, respectively, representing upward revisions of 33%, 81%, and 115% from previous estimates.

Alibaba-W (09988) secured a net purchase of HK$627 million. The company unveiled its digital employee product, QoderWake 1.0. According to the release, users simply describe a job position in one sentence, and QoderWake generates a role document. After the user revises, configures, and confirms it, a digital employee is created that understands job responsibilities, collaboration relationships, and work permissions. Currently, QoderWake comes pre-loaded with 10 job roles, including front-end developer, back-end developer, product manager, content operator, data analyst, project administrator, and UI designer.

Xiaomi-W (01810) attracted a net buy of HK$559 million. Morgan Stanley noted that at its autumn launch event, Xiaomi officially introduced the Pengcheng (Mi SU7) model and recorded robust initial order flows. Customer feedback has been overwhelmingly positive, with lock-in orders surpassing 10,000 units within just 4 minutes of the launch. The model is highly likely to succeed, and the firm anticipates that the strong order momentum will boost Xiaomi's electric vehicle shipments in the coming months. The bank reiterated its "Overweight" rating with a target price of HK$33.

Kingboard Laminates Holdings (01888) saw a net purchase of HK$398 million. The company recently issued its seventh price hike notice to customers this year, raising FR-4 copper clad laminate prices by 10% and semi-cured prepreg prices by up to 20%. Since March this year, Kingboard has maintained a near-monthly cadence of price increases, with the cumulative compounded rise in FR-4 copper clad laminate prices already exceeding 100%. The industry leader's aggressive pricing has prompted rapid follow-through from competitors. Panasonic announced a price increase for copper clad laminates starting September 1, with select products rising by as much as 30%. Nan Ya Plastics has also matched with hikes of 20% to 25%.

CNOOC Ltd (00883) recorded a net purchase of HK$198 million. In addition to tensions in the US-Iran situation, the Saudi-Yemen conflict has also escalated sharply recently. Since September, Shanghai crude oil futures have breached USD 100 per barrel, and the price spread with Brent crude has narrowed significantly from a low of -USD 20 in April to a positive premium, indicating that Chinese refineries have shifted from "watchful waiting and reduced volumes" to "actively securing supply." As the world's largest crude importer, China is aggressively sourcing replacement barrels from markets such as Africa, Canada, and Latin America.

Tencent Holdings (00700) attracted a net buy of HK$48.7 million. According to the latest research from HSBC, Tencent's Chief Strategy Officer disclosed during an investor roadshow call that the company prepaid over RMB 50 billion in the second quarter to lock in supplies of current and next-generation memory chips. Additionally, the monetization potential of its Harness product is becoming evident, with paid users' inference gross margins now on par with its MaaS business, and paid users consuming tokens at more than twice the rate of free users. Elsewhere, GigaDevice Semiconductor (03986) saw a net purchase of HK$9.15 million, while Semiconductor Manufacturing International Corp (SMIC) (00981) faced a net sell-off of HK$662 million.