国信证券(香港)·资讯日报 港股市场表现 美股市场表现 日股市场表现 2025 年 9 月 12 日 | 资讯日报 | | --- | 资讯日报：美国初请失业金人数超预期创近四年新 高 股票市场概览 富时新加坡海峡指数一年表现 JIANG CHAOYI SFC CE No.: BWT372 +852 62345097 jadejiang@guosen.com.hk 注：以上数据均来官方披露、公司资料，国信证券（香港）研究部整理，请务必阅读正文之后的信息披露及其项下所有内容。 数据日期：2025 年 9 月 11 日 资料来源：万得，国信证券（香港）财富研 究部整理 海外市场主要股市上日表现 | 指数 | 收盘价 | 单日 涨跌（%） | 周涨跌 （%） | 年初至今 涨跌（%） | | --- | --- | --- | --- | --- | | 上证指数 3875.31 | | 1.65 | 1.65 | 13.73 | | 道琼斯工业指数 46108.00 | | 1.36 | 1.56 | 8.30 | | 日经225 44372.50 | | 1.22 | 3.15 | 11.22 | | 标普50 ...

Market Performance - The Hang Seng Technology Index closed at 5902.69, up 1.27% for the day and 31.15% year-to-date[3] - The S&P 500 Index closed at 6512.61, up 0.30% for the day and 10.25% year-to-date[3] - Oracle's stock surged 36% to a record high, with a market capitalization increase of approximately $250 billion, reaching $922.24 billion[9] Sector Highlights - Major technology stocks in Hong Kong saw significant gains, with JD.com up 3.6% and Baidu up over 2%[9] - Financial stocks also performed well, with Agricultural Bank rising 3.5% and China Construction Bank up 2.84%[9] - Semiconductor stocks were active, with SMIC gaining 3.6%[9] Economic Indicators - The U.S. Producer Price Index (PPI) unexpectedly fell by 0.1% month-over-month in August, marking the first decline in four months, strengthening the case for potential interest rate cuts by the Federal Reserve[9] - Japan's manufacturing sentiment index rose to 13, the highest in three years, indicating improved economic confidence[14] Investment Trends - Net inflows from mainland investors into Hong Kong stocks amounted to HKD 7.566 billion on September 10[9] - AI infrastructure stocks like CoreWeave rose by 16.88%, reflecting growing investor interest in the sector[9]

Market Performance - US stock indices closed at record highs, with the Dow Jones Industrial Average at 45,711.34 (+0.43%), Nasdaq at 21,879.49 (+0.37%), and S&P 500 at 6,512.61 (+0.27%) [2] - Hong Kong's Hang Seng Index reached a nearly four-year high at 25,938.13 (+1.19%), driven by significant inflows of southbound funds totaling HKD 10.231 billion [10] - Major technology stocks in the US saw gains, with Google up over 2% and Meta, Nvidia, and Amazon rising over 1% [10] Sector Highlights - Gold and precious metals stocks maintained strong performance, with Zijin Mining and Shandong Gold reaching historical highs [10] - Real estate stocks surged, particularly Shimao Group and Country Garden, both increasing over 27% due to policy optimizations in major cities [10] - Bank stocks also performed well, with UnitedHealth Group rising over 8% and Goldman Sachs nearly 3% [10] Economic Indicators - US labor market data showed weakness, reinforcing expectations for Federal Reserve interest rate cuts [10] - Japan's machine tool orders for August increased by 8.1% year-on-year, indicating improved manufacturing demand [13] - The NFIB small business confidence index in the US reached 100.8, the highest since January 2025 [13] Notable Company Developments - Oracle's stock rose 1.32% and surged over 26% in after-hours trading following a strong earnings report, projecting a 77% increase in cloud infrastructure revenue for FY2026 [10] - Nebius, an AI infrastructure company, saw its stock jump nearly 50% after securing a $19.7 billion contract with Microsoft [10] - Apple launched its iPhone 17 series, with the base model starting at $799, while the iPhone 17 Pro starts at $1,099 [14]

行业研究 美股"七巨头"最新季报：AI 投资步入收获期，多项核心业绩超预期 美股"七巨头"最新季报整体超预期 截至 2025 年 6 月（英伟达截至 7 月），美股"七巨头"总营收平均 同比增长 17%，超出市场预期幅度平均达 3 个百分点；净利润表现 更为强劲，平均同比大增 24%，超出市场预期幅度平均达 13 个百分 点。本季度，在这七家公司中，英伟达的总营收与净利润增速均领 跑，总营收同比增长 56%，净利润同比飙升 59%。从超预期幅度 看，Meta 的营收超预期幅度最大，而亚马逊的净利润超预期幅度最 大。特斯拉是其中唯一一家总营收与净利润双双下滑且均不及预期 的公司，总营收同比减少 12%，净利润同比下降 16%。 苹果：FY2025Q3（截至 6 月季度）总营收为 940 亿美元，同比增长 10%，超出市场预期（893 亿美元）约 5%。收入的稳健增长主要得 益于 iPhone 业务的强劲表现（同比大增 14%至 446 亿美元）。Mac 和软件服务业务同样表现优异，分别实现 15%和 13%的两位数增 长。净利润为 234 亿美元，同比增长 9%，超出市场预期（214 亿美 元）10%。 亚马逊 ...

Market Overview - On September 8, the Hong Kong stock market saw significant gains, with net inflows from southbound funds amounting to HKD 16.705 billion[9] - Major tech stocks surged, with Baidu rising by 9.48% and Alibaba and NetEase both increasing by over 4%[9] - The Hang Seng Index closed at 25,633.91, reflecting a 0.85% increase year-to-date[3] Sector Performance - The AI hardware sector experienced a pullback, while the previously lagging robotics sector saw a strong rebound, driven by government support for technological innovation[9] - Several paper manufacturers implemented a dual strategy of price hikes and production halts, leading to a strong performance in the paper sector, with Chenming Paper rising by 8%[9] - Gold stocks showed mixed results, with some declining despite a general rise in the sector, as gold prices reached a new high of USD 3,640 per ounce[12] IPO and Market Activity - Dahon, a folding bike manufacturer, is set to list in Hong Kong on September 9, with initial fundraising of approximately HKD 390 million and an oversubscription rate of 6,688 times[9] - The Nasdaq China Golden Dragon Index rose by 2.12%, reflecting a positive trend in popular Chinese stocks[12] Economic Indicators - China's August exports totaled USD 321.81 billion, a year-on-year increase of 4.4%, while imports were USD 219.48 billion, up 1.3%[14] - The trade surplus for August was USD 102.33 billion, exceeding expectations[14] Global Market Trends - The Nikkei 225 index closed at 43,643.81, up 1.45%, with a year-to-date increase of 9.40%[3] - The S&P 500 index rose by 0.21%, with a year-to-date increase of 9.96%[3]

国信证券(香港)·宏观周报 宏观周报（2025/9/1-9/5） 降息交易 or 衰退交易？重温资产配置时钟 要点摘要 【上周焦点】 【宏观经济概览】 2025 年 9 月 8 日 宏观周报 主要股市指数近一年表现 主要利率近一年表现 主要商品指数一年表现 主要汇率一年表现 曾伟杰 SFC CE No.: BUH477 +852 2899 8300 javezeng@guosen.com.cn 美国：8 月政府财政赤字，8 月核心 PPI&CPI 中国：8月进出口、金融、官方储备数据，8月PPI&CPI 日本：二季度GDP同比，8月PPI 【观点及配置建议】 国信证券(香港)·宏观周报 曾伟杰, +852 2899 8300，javezeng@guosen.com.cn ⚫ 我们再次提醒：（1）抓住降息周期带来的债券资产确定性机会；（2）经济衰退的 发生不会是渐进式，而是"深V"爆发。目前阶段，在微观上享受流动性充裕并把 握风险资产结构性机会的同时，应重视宏观对冲，持续跟踪并预防经济的尾部风险。 注：以上数据均来官方披露、公司资料，国信证券（香港）研究部整理，请务必阅读正文之后的信息披露及其项下所有内容。 国 ...

Market Overview - The Hong Kong stock market continued its downward trend, with the Hang Seng Index closing at 25,059, down 1.12% for the day and up 24.92% year-to-date[3] - The Hang Seng Technology Index fell by 1.85%, while the Hang Seng China Enterprises Index decreased by 1.25%, reflecting a broader market decline[3] - Major sectors such as semiconductor and chip stocks led the decline, while film, banking, and dining stocks showed resilience with gains[9] Oil and Gold Market - Oil stocks declined as investors focused on the upcoming OPEC+ meeting, with international oil prices dropping over 2% on September 4[9] - Gold stocks experienced significant losses, with Tongguan Gold falling nearly 9%, despite spot gold prices reaching new highs recently[9] U.S. Market Performance - On September 4, U.S. markets saw all three major indices rise, with the S&P 500 closing at a record high, up 0.83%[9] - The ADP report indicated a weaker-than-expected increase in private sector employment, with only 54,000 jobs added in August, raising expectations for a potential Fed rate cut[9] Company Highlights - Broadcom's Q3 adjusted net revenue reached $15.95 billion, exceeding analyst expectations, and the company projected Q4 revenue of approximately $17.4 billion, also above forecasts[10] - Lululemon lowered its fiscal year earnings forecast, with Q2 net revenue of $2.53 billion slightly below expectations, leading to a nearly 16% drop in after-hours trading[10] Japanese Market Insights - The Japanese stock market rebounded on September 4, with the Nikkei 225 index rising by 1.5%, driven by strong performances in the technology sector[13] - Notable gains were seen in SoftBank Group, which surged 6.5%, and Advantest, which rose 4.7%[13]

Market Overview - The Hang Seng Index closed at 25,343, down 0.60% for the day and up 26.34% year-to-date[3] - The Hang Seng Tech Index fell 0.78% to 5,684, with a year-to-date increase of 27.21%[3] - The S&P 500 index rose 0.51% to 6,448, with a year-to-date gain of 9.63%[3] Sector Performance - Major technology stocks in Hong Kong experienced declines, impacting the overall market sentiment[9] - The banking, insurance, and brokerage sectors showed weak performance, contributing to the market downturn[9] - Real estate stocks weakened, with Shimao Group dropping over 6% and several others falling more than 3%[9] Economic Indicators - U.S. job openings fell to a 10-month low, indicating a gradual decrease in labor demand amid policy uncertainties[9] - Market expectations for a 25 basis point rate cut by the Federal Reserve this month have risen to nearly 100%[9] Notable Stock Movements - Morgan Stanley raised its year-end gold price target to $3,800 per ounce, which positively influenced gold and precious metal stocks, with Zhaojin Mining and Lingbao Gold both rising over 6%[9] - Salesforce reported Q2 revenue of $10.24 billion, a 9.8% year-on-year increase, but its stock fell 4% post-earnings due to a less optimistic Q3 outlook[10] International Market Trends - The Nikkei 225 index in Japan fell 0.88% amid political uncertainties and reduced expectations for short-term interest rate hikes[13] - Foreign investment in the Japanese stock market has reached its highest level in a decade, indicating strong interest from international investors[13]

Market Overview - On September 2, the Hong Kong stock market saw all three major indices decline, failing to maintain the previous day's upward momentum[9] - Southbound capital recorded a net inflow of HKD 9.281 billion on the same day[9] - Major tech stocks generally fell, with Kuaishou down over 2%, and Meituan, Alibaba, Baidu, and JD.com each down over 1%[9] Sector Performance - Semiconductor and chip stocks experienced a pullback, with Shanghai Fudan down nearly 8%[9] - ZTE Corporation's stock dropped over 7% due to second-quarter earnings falling short of market expectations, reporting revenue of CNY 71.553 billion, a year-on-year increase of 14.51%, and a net profit of CNY 5.058 billion, a year-on-year decrease of 11.77%[9] - Automotive stocks showed gains, with expectations of a 10% year-on-year increase in national retail sales of passenger vehicles in 2025[9] Banking and Oil Sector - Banking stocks rose, with Agricultural Bank of China up nearly 3%, and other major banks also seeing gains[9] - As of the end of August, 42 listed banks reported a total revenue exceeding CNY 2.9 trillion, a year-on-year increase of over 1%[9] - Oil stocks strengthened as international oil prices rose, with WTI crude up 0.94% to USD 64.61 per barrel, and Brent crude up 1.01% to USD 68.16 per barrel[9] U.S. Market Impact - On September 2, U.S. stock indices collectively fell as investors weighed the latest developments in trade tensions[9] - A U.S. appeals court ruled that many of Trump's global tariffs were illegal, which could lead to the federal government potentially having to refund tens of billions of dollars, further straining the fiscal situation[9] - The yield on the 10-year U.S. Treasury bond rose above 4.3%, while the 30-year yield reached 4.99%, the highest level since July 18[12]

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 9 月 1 日假期休市。 日股市场表现 ⚫ 受前一日美国三大股指普遍收跌、尤其是半导体与芯片类股 大幅下挫的拖累，东京股市两大股指在9月1日低开。截至收 盘，日经指数下跌1.24%，东证指数下跌0.39%。 2025 年 9 月 2 日 资讯日报 海外市场主要股市上日表现 | 指数 | 收盘价 | ■ 365 | 目的关 | 年初至今 | | --- | --- | --- | --- | --- | | | | (%) | (%) | 涨跌 | | | | | | (%) | | 恒生指数 | 25.617 | 2.15 | 2.15 | 27.70 | | 恒生科技 | 5.799 | 2.20 | 2.20 | 29.79 | | 恒生国企 | 9.122 | 1.95 | 1.95 | 25.13 | | 上证指数 | 3.876 | 0.46 | 0.46 | 15.63 | | 日经225 | 42.189 | (1.24) | (1.24) | 5.75 | | 新加坡海峡 | 4.276 | 0.15 | 0.15 | 0. ...