資金動向 | 北水淨買入港股超110億港元，繼續搶籌阿里巴巴、中芯國際
9月25日，南下資金今日淨買入港股110.46億港元。
其中，淨買入阿里巴巴-W 46.32億、騰訊控股11.11億、中芯國際9.58億、快手-W 4.62億、地平線機器人-W 3.39億、商湯-W 2.77億、華虹半導體1.95億、美團-W 1.84億；淨賣出小米集團-W 8.02億、晶泰控股1.2億。
據統計，南下資金已連續25日淨買入阿里巴巴，共計693.8589億港元；連續5日淨買入中芯國際，共計25.6019億港元；連續3日淨賣出小米，共計11.4574億港元。
北水關注個股
阿里巴巴：中金髮布研報，2025年阿里雲棲大會上阿里巴巴集團CEO、阿里雲智能集團董事長兼CEO吳泳銘提及了超級人工智能之路的三個階段，阿里雲的定位是全棧人工智能服務商，宣佈阿里加大基礎設施投入力度。中金認為，阿里雲具備人工智能時代的全棧能力，從通義大模型、百鍊和PAI等AI服務平台到中國第一的AI基礎設施和計算網絡，阿里雲具備領先的供給側優勢和開發者黏性，隨着AI需求持續發展，阿里雲將在各個維度受益，看好阿里雲商業價值的持續釋放和對公司估值的持續提振。
中芯國際：英偉達加碼AI投資及美光科技超預期淨流出強化存儲芯片需求邏輯，催化封裝測試環節熱度。公募人士指出，近期半導體設備板塊領升並非偶然，而是市場在用腳投票，選擇更具確定性的方向，業內頻出的產業利好即是佐證。展望後市，半導體設備材料的國產化率長期將提升，相關公司持續導入後業績提升是大趨勢；且在全球半導體景氣度持續較高後，資本開支擴張也利好設備材料等公司的盈利預期。
快手-W：香港交易所信息顯示，摩根大通在快手-W的持股比例於09月18日從5.24%升至5.43%。此外，高盛預期可靈AI的新模型將推動快手用户參與度持續提升，現時維持快手2025財年AI相關收入達到1.54億美元的預測(相對公司指引為1.25億美元)，並重申“買入”評級，基於2026年底每股盈利預測的約14倍，給予目標價83港元。
地平線機器人-W：9月25日，奇瑞汽車在港交所主板正式掛牌上市。本次IPO奇瑞汽車引入13名基石投資者，包括高瓴HHLR、上海景林、黃山國資委旗下黃山建投、國資基金璟泉善瑞以及港股公司地平線機器人。早在2022年，奇瑞汽車便對地平線進行戰略投資，雙方由此開啟面向汽車智能化的深度合作，是對彼此多年合作信任的印證，也是雙方在發展戰略與產業佈局上高度協同所促成的結果。
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