Mainland capital recorded a net purchase of HK$2.11 billion in the Hong Kong stock market on June 15th. Specifically, the Shanghai-Hong Kong Stock Connect saw a net inflow of HK$872 million, while the Shenzhen-Hong Kong Stock Connect recorded a net inflow of HK$1.238 billion.

The stocks receiving the highest net purchases from mainland investors were KNOWLEDGE ATLAS (02513), Kingboard Laminates Holdings Ltd (01888), and Kingboard Holdings Ltd (00148). Conversely, the stocks with the highest net sales were Alibaba Group Holding Ltd - W (09988), CNOOC Ltd (00883), and Tencent Holdings Ltd (00700).

KNOWLEDGE ATLAS (02513) attracted a net purchase of HK$2.293 billion. The company announced the launch of its latest flagship model, GLM-5.2, which features a long context length of up to 1M and maintains leading performance in long-range tasks. The model will be open-sourced under the MIT license. It is anticipated that this model will boost the usage volume for the company's subsequent open platform and API business. Analysts at CICC noted that due to the rapid iteration of KNOWLEDGE ATLAS's model capabilities, which exceeded market and their own expectations, they are optimistic about the accelerated release of the company's future API revenue. Consequently, they raised their target price by 39% to HK$1,250.

Mainland investors increased their holdings in the Kingboard group once again. Kingboard Laminates Holdings Ltd (01888) and Kingboard Holdings Ltd (00148) received net purchases of HK$1.02 billion and HK$534 million, respectively. Reports indicate that NVIDIA and its major clients are bypassing copper-clad laminate (CCL) manufacturers to directly engage with suppliers of HVLP4 copper foil and T-glass fiberglass fabric, locking in key production capacity over a year in advance through a direct consignment model. Analysts at Citigroup believe that due to limited loom supply, the average selling price of electronic fiberglass cloth will remain elevated in the second half of 2026, and the profitability of AI-related fiberglass cloth is expected to be higher than anticipated.

Pop Mart International Group Ltd (09992) saw a net purchase of HK$407 million. The company's IP, LABUBU, made an appearance at the opening ceremony of the 2026 FIFA World Cup in North America, becoming the first original Chinese IP invited in World Cup history. It was reported that in April this year, the LABUBU family, THE MONSTERS, collaborated with FIFA to launch an exclusive co-branded series, which has seen strong sales following the World Cup's commencement.

Semiconductor stocks showed mixed performance. Semiconductor Manufacturing International Corporation (00981) received a net purchase of HK$335 million, while Hua Hong Semiconductor Ltd (01347) experienced net sales of HK$335 million and HK$255 million. The world's leading chip foundry, TSMC, stated that due to inflationary pressures increasing business operating costs, the company does not rule out the possibility of raising chip prices, while also clarifying that there would not be a sudden, sharp price increase of several times in the short term.

CNOOC Ltd (00883) faced net sales of HK$651 million. The United States and Iran reached a peace agreement. U.S. President Trump stated on social media on the 14th that the U.S.-Iran deal is "now complete" and will open the Strait of Hormuz. Analysts at Saxo Bank noted that the current oil price is approximately $13 higher than pre-conflict levels, and whether it can decline further depends on multiple factors, including the pace of inventory restocking, the progress of restarting idled oil wells, and the scale of permanent demand destruction caused by prolonged high energy prices.

Alibaba Group Holding Ltd - W (09988) saw net sales of HK$853 million. Analysts at HSBC believe recent concerns over a price war in MaaS token pricing may be excessive. The MaaS business is currently severely undervalued in Alibaba's stock valuation. Goldman Sachs analysts indicated that Alibaba's stock price decline this year was primarily due to increased investment in consumer AI dragging down profit forecast revisions. They expect Alibaba's earnings per share downgrade cycle to be bottoming out, with profit performance likely to improve in the second half of the year, which should provide support for the stock price.

Additionally, Yangtze Optical Fibre and Cable Joint Stock Ltd Co (06869) and Tencent Holdings Ltd (00700) experienced net sales of HK$471 million and HK$487 million, respectively.