During Tuesday's Hong Kong market session, southbound trading recorded a net sell-off of HK$6.605 billion. The Shanghai-Hong Kong Stock Connect saw net outflows of HK$4.482 billion, while its Shenzhen counterpart registered net selling of HK$2.124 billion.

Leading the buying list were Meituan-W (03690), Minimax-W (00100), and WuXi Biologics (02269), while the most heavily sold names included KB Laminates (01888), Southern Hang Seng Tech (03033), and Yangtze Optical Fibre (06869).

Meituan-W (03690) attracted net buying of HK$867 million. With the company set to release second-quarter results at the end of August, Citi anticipates the figures could meet or slightly exceed expectations, maintaining its existing forecasts of 10.7% year-on-year revenue growth to RMB 101.7 billion and adjusted net profit of approximately RMB 633 million, compared with consensus estimates of RMB 100.9 billion and RMB 270 million. The brokerage believes that under regulatory oversight of subsidies and competition, the unit economics of the food delivery business could recover faster than anticipated, potentially boosting overall performance.

Minimax-W (00100) and Zhipu (02513) saw net inflows of HK$376 million and HK$123 million respectively. Ping An Securities noted that Zhipu's GLM-5.3 model has entered the global frontier capability tier, and through smaller parameter counts and lower invocation costs, it has significantly reduced the barrier to accessing cutting-edge model capabilities. Meanwhile, Alibaba's AI commercialization is accelerating across the board, with quarterly cloud external commercial revenue climbing 45% year-on-year and AI-related products achieving triple-digit growth for the 12th consecutive quarter. The continuous improvement in domestic large-model iteration capabilities is expected to push these models from merely "functional" to truly "effective," accelerating adoption across numerous industries and use cases.

WuXi Biologics (02269) received net buying of HK$194 million. Overseas CXO companies have generally posted better-than-expected results. Xiangcai Securities believes the recent strong performance across the CXO sector reflects a global trend of improving industry fundamentals amid a recovery in healthcare financing. Chinese CXO firms, benefiting from an engineer dividend, are well-positioned to capture these industry tailwinds, and the sustainability of this positive trajectory is expected to be robust given the improving global outlook.

Alibaba-W (09988) saw net selling of HK$183 million. The company recently announced a HK$80 billion new share placement, with proceeds fully allocated to full-stack AI capabilities and AI infrastructure construction. The placement attracted strong interest from long-term investors, including sovereign wealth funds, ultimately achieving nearly three times oversubscription. Following the announcement, Alibaba's chairman Joe Tsai and CEO Eddie Wu increased their holdings by approximately HK$120 million combined, signaling confidence in the company's AI strategy.

SMIC (00981) and Hua Hong Semiconductor (01347) recorded net outflows of HK$315 million and HK$436 million respectively. Goldman Sachs noted that semiconductor capital expenditure data from the second-quarter earnings season broadly exceeded expectations, coupled with more optimistic guidance from equipment suppliers, driving this round of significant forecast revisions. The bank has substantially raised its global wafer fab equipment spending projections for the next three years, lifting 2026-2028 market size estimates to US$150 billion, US$218 billion, and US$281 billion respectively — increases that significantly surpass previous forecasts.

Southern Hang Seng Tech (03033) experienced net selling of HK$742 million. Guoyuan International believes that reduced short-end rate pressure is supportive for Hong Kong equity valuations, but elevated long-end US Treasury yields, a relatively weak domestic fundamental backdrop, and insufficient incremental capital continue to constrain further index upside. The firm maintains "index consolidation with sector divergence and rotation" as its base case scenario.

KB Laminates (01888) faced the largest net outflow at HK$1.194 billion. UBS reported that the company's interim profit surged 209% year-on-year to HK$2.9 billion, with gross margin reaching 30.7% — an expansion of 12.3 percentage points versus the same period last year and 2.1 percentage points above the bank's estimates. This outperformance was driven by vertical integration cost advantages and higher average selling prices for copper clad laminates and upstream materials. Revenue grew 55% year-on-year to HK$14.9 billion, 7% below UBS expectations, though operating expense control and operational leverage exceeded forecasts.

Additionally, Tencent (00700) received marginal net buying of HK$3.61 million, while Yangtze Optical Fibre (06869) and GigaDevice (03986) saw net outflows of HK$526 million and HK$168 million respectively.