資金動向 | 科技股火熱！北水加倉阿里近6億港元，拋售小米超15億港元
8月25日，南下資金淨賣出港股13.76億港元。
其中，淨買入阿里巴巴-W 5.86億、快手-W 4.71億、中興通訊4.07億、東方甄選2.02億、騰訊控股1.8億、東風集團股份1.49億、美團-W 1.12億；
淨賣出盈富基金23.52億、小米集團-W 15.25億、中芯國際8.11億、華虹半導體1.29億。
據統計，南下資金已連續7日淨買入騰訊，共計62.1391億港元；連續4日淨買入美團，共計26.4745億港元；連續3日淨買入中興通訊，共計13.544億港元；連續2日淨買入快手，共計16.4451億港元。
連續2日淨賣出小米，共計24.2761億港元。
北水關注個股
阿里巴巴：消息面上，8月23日，國家發展改革委、市場監管總局、國家網信辦日前宣佈聯合起草《互聯網平臺價格行爲規則(徵求意見稿)》。花旗指出，爲維持市場份額及應對中國新消費觀念下用戶消費行爲轉變，相信各大電商平臺仍將保留一定程度的補貼，從而鞏固市場地位，但估計有助於促使平臺更規範地管理定價內卷行爲。
東方甄選：國信證券研報指出，東方甄選FY2025（2024.6.1-2025.5.31）實現可持續性收入43.9億元/-32.7%，主因2024年7月剝離全資子公司“與輝同行”影響；可持續性淨利潤619萬元/-97.5%，若剔除出售“與輝同行”一次性開支及溢利，持續經營淨利潤爲1.35億元/+30.0%。FY2025H2，公司可持續性收入22.1億元/-46.4%；可持續性淨利潤1.03億元/+16.1%，受子公司剝離產生的收入基數影響，期內收入同比仍下滑、但利潤環比扭虧爲盈。
騰訊控股：2Q25公司收入同比15%，毛利同比+22%，Non-IFRS經營利潤同比+18%，Non-IFRS歸母淨利潤同比+10%，收入與利潤均超過彭博一致預期。2Q25收入明顯超彭博預期，主要來自遊戲、廣告收入強勁增長。2Q25綜合毛利率超彭博預期，主要由於本土市場遊戲、視頻號及微信搜一搜等高毛利率收入來源的增量貢獻。天風證券指出，騰訊2025Q2基本面維持強勁，AI應用潛力深厚
小米集團：消息面上，交銀國際此前發佈研報稱，小米二季度符合市場預期。汽車收入同比增40%；毛利率達26.4%，再創歷史新高。本季度業績一定程度受智能手機業務影響。智能手機業務方面，毛利率或隨高端新品發佈企穩回升。本季度智能手機毛利率走勢相比該機構之前的預測，下滑的趨勢更快。該機構認爲存儲器漲價對毛利率的影響或將至少持續至2025年底。
中芯國際、華虹半導體：消息面上，DeepSeek正式發佈其最新版本DeepSeek-V3.1。東方證券認爲，隨着國產AI芯片設計技術、製造工藝等方面的提升，且隨着國產大模型的持續發展以及對國產芯片的適配和支持，國產算力的市佔率有望持續提升，國產芯片的行情有望持續推進。
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