根据华安基金和Wind的数据，目前国内政策的逆周期调节正在发力，增量的货币和财政政策有望进一 步出台。中国明确将财政政策视为稳定经济增长和扩大内需的重要工具，强调加大财政支出的力度和速 度。财政赤字、地方政府专项债券的发行额度，乃至必要时的特别国债等措施都将为经济注入更多流动 性。此外，提振内需，尤其是刺激国内消费，已被提升至前所未有的高度，预计还将出台更多超常规措 施，通过补贴和减税等手段激励消费，显示出财政扩张的广泛空间。 未来，随着内地实施一系列旨在稳定增长和扩展内需的宏观政策，港股市场中内地企业的盈利能力和基 本面将有望得到改善，为整体市场表现提供有力支持。 02 AI技术发展带动港股科技股业绩增长 来源：市场资讯 （来源：ETF炼金师） 01 港股市场基本面因政策刺激而改善 长久以来，港股市场受内地经济波动的显著影响，主要由于在香港证券交易所上市的内地企业（包括H 股、红筹股和中资民营股）占据了港交所总市值的75%。这些上市公司的核心业务运作和收入来源均依 赖于内地经济，因而其盈利能力直接受到内地宏观政策和经济环境变化的影响。当内地经济数据表现强 劲且政策环境向好时，港股往往表现活跃；相反，经济下行 ...

Group 1 - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index rising over 28%, leading major global indices and reaching a nearly four-year high [1] - Foreign capital is rapidly increasing its allocation to Chinese assets, with emerging market funds reducing their holdings in Indian stocks and increasing their allocations to H-shares and A-shares [1][3] - In July, foreign funds saw a significant inflow into Chinese stocks, increasing from $1.2 billion in June to $2.7 billion [1][3] Group 2 - Domestic investors are also increasing their investments in the Hong Kong stock market, with southbound capital net buying reaching a record high of HKD 35.876 billion on August 15 [1][5] - Southbound capital has become a core source of funds for the Hong Kong market, with cumulative net inflows exceeding HKD 970 billion this year [5] - The technology, new consumption, and innovative pharmaceutical sectors have attracted significant capital, with the Hong Kong Stock Connect innovative drug index rising over 58% in the past year [5][6] Group 3 - Analysts believe that the rise of the Hong Kong stock market is driven by both internal and external factors, including a weakening US dollar and a low interest rate environment in mainland China [3][4] - The "barbell strategy" is prevalent among institutional investors, focusing on both dividend-yielding assets and growth sectors like technology and innovative pharmaceuticals [8][9] - The potential for a preventive interest rate cut by the Federal Reserve could drive international capital towards emerging markets, including Hong Kong [11][12] Group 4 - The performance of the Hong Kong stock market is sensitive to changes in US monetary policy, with historical data showing varying impacts of rate cuts on market performance [11][12] - Current trends indicate that the technology sector in Hong Kong may maintain strong momentum, supported by favorable policies and market conditions [13]

Group 1 - Southbound funds traded approximately HKD 191.17 billion today, an increase of nearly HKD 43 billion compared to the previous day, accounting for 51.48% of the total turnover of the Hang Seng Index [2] - Despite the decline in Hong Kong stocks, southbound funds significantly increased their positions, with a net purchase of approximately HKD 15.37 billion, including a net inflow of about HKD 9.00 billion from the Shanghai-Hong Kong Stock Connect and HKD 6.37 billion from the Shenzhen-Hong Kong Stock Connect [2] - Major ETFs such as the Tracker Fund of Hong Kong, Hang Seng China Enterprises Index ETF, and Southern Hang Seng Technology ETF saw substantial inflows of HKD 5.55 billion, HKD 3.04 billion, and HKD 0.95 billion respectively [2] Group 2 - Individual stocks with significant net purchases included Alibaba Group (HKD 2.18 billion), Meituan (HKD 1.78 billion), and CanSino Biologics (HKD 0.57 billion) [3] - Stocks with notable net outflows included SMIC (HKD 0.66 billion) and Xiaomi Group (HKD 0.30 billion) [3] Group 3 - Alibaba Group's stock rose by 0.16%, with short-term fund trends remaining unclear, having reduced holdings by 1.54 million shares over the past five days [4] - Meituan's stock fell by 3.08%, but short-term funds accelerated inflows, increasing holdings by 24.10 million shares over the past five days [4] - CanSino Biologics' stock dropped by 7.10%, with short-term fund trends remaining unclear, having reduced holdings by 90,000 shares over the past five days [4] - SMIC's stock rose by 0.09%, with short-term funds primarily flowing in, having increased holdings by 4.22 million shares over the past five days [4] - Xiaomi Group's stock fell by 0.56%, with short-term fund inflows slowing down, having increased holdings by 2.53 million shares over the past five days [4] Group 4 - In the past month, the top active stocks in the Shanghai-Hong Kong Stock Connect included SMIC, Alibaba Group, and Tencent Holdings, with net outflows of HKD 0.59 billion, HKD 1.14 billion, and HKD 0.54 billion respectively [6] - In the Shenzhen-Hong Kong Stock Connect, the top active stocks included SMIC, Alibaba Group, and the Tracker Fund of Hong Kong, with net outflows of HKD 0.72 billion, HKD 1.04 billion, and HKD 2.49 billion respectively [7]

智通财经APP获悉，8月27日港股市场，北水成交净买入153.71亿港元，其中港股通(沪)成交净买入90.05亿港元，港股通(深) 成交净买入63.66亿港元。 北水净买入最多的个股是盈富基金(02800)、恒生中国企业(02828)、阿里巴巴-W(09988)。北水净卖出最多的个股是中芯国际 (00981)、小米集团-W(01810)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 | 31.06亿 | 36.93 乙 | 67.99 亿 | | HK 00981 | | | -5.86 Z | | 阿里巴巴-W | 27.47 乙 | 16.12 Z | 43.60亿 | | HK 09988 | | | +11.35 亿 | | 腾讯控股 | 20.66亿 | 20.12亿 | 40.78亿 | | HK 00700 | | | +5389.26万 | | 恒生中国 ... | 31.25亿 | 8153.80万 | 32.06亿 | | HK 02828 | | | +30.43 亿 | | 盈富基 ...

Market Overview - The Hong Kong stock market experienced a significant decline in the afternoon, with the Hang Seng Index dropping by 1.27%, losing over 300 points. The Hang Seng China Enterprises Index and the Hang Seng Tech Index fell by 1.4% and 1.47% respectively, with the former barely holding above the 9000-point mark [2] - Major technology stocks, which serve as market indicators, continued to decline in the afternoon. Kuaishou and Meituan fell over 3%, while JD.com dropped by 2.5%. Baidu, NetEase, and Tencent saw declines close to 2%, and Xiaomi fell by 0.56%. Alibaba managed to stay slightly positive [3] Sector Performance - The financial sector, including banks, insurance companies, and Chinese brokerage firms, collectively underperformed, contributing to the overall market decline. The performance of individual stocks continued to be affected by ongoing earnings reports, with property management and real estate stocks experiencing significant drops [3] - Biopharmaceutical stocks faced a collective downturn, particularly in the innovative drug sector, following comments from Trump regarding the rapid imposition of tariffs on pharmaceuticals. This led to notable declines in various biopharma stocks [3] Specific Stock Movements - Several biopharmaceutical companies saw substantial declines, including Kanghao Ya-B (-8.59%), Qiansirui Biotechnology (-7.42%), and Kangfang Biotechnology (-7.10%). Other notable decliners included Xiansheng Pharmaceutical (-6.79%) and Shiyao Group (-6.36%) [3] - In contrast, the rare earth sector remained strong, benefiting from the implementation of supply reforms and multiple catalysts. Apple’s upcoming event on September 9, where the iPhone 17 series is expected to be launched, led to a rise in Apple-related stocks, with Lens Technology (300433) surging nearly 8% and reaching a new high since its listing [4]

Core Viewpoint - The ongoing debate between Gree and Xiaomi highlights the importance of fair comparisons in technology, with Gree's executive emphasizing that outdated products should not be compared to new innovations from competitors [1][7]. Group 1: Gree's Position - Gree's executive, Zhu Lei, criticized the comparison of Gree's 2021 products with Xiaomi's 2025 new models, arguing that such comparisons are unreasonable [1][7]. - Gree claims that Xiaomi currently only offers entry-level products in the central air conditioning sector, specifically mentioning their wind pipe machine [1][8]. - Gree's recent innovations, such as the internationally certified reversible distributed air conditioning system and constant temperature dehumidification system, have no direct counterparts in Xiaomi's lineup [1][8]. Group 2: Xiaomi's Response - Xiaomi's public relations manager, Wang Hua, suggested that the analysis and interpretations from netizens should be considered, indicating a level of engagement with public opinion [2]. - The emphasis on "core technology" in manufacturing suggests that poetic comparisons are insufficient for demonstrating technological advancements [9].

Core Viewpoint - The ongoing dispute between Gree Electric Appliances and Xiaomi regarding air conditioning sales and technology highlights the competitive tensions in the home appliance industry, particularly between the "Dong Mingzhu system" and the "Lei Jun system" as they vie for market share in 2025 [1]. Group 1: Company Responses - Gree's marketing director, Zhu Lei, criticized Xiaomi's comparisons of its new products with Gree's outdated models, calling such comparisons unreasonable [1]. - Zhu Lei emphasized that core technology in manufacturing cannot be developed through poetic expressions, responding to Xiaomi's public relations manager, Wang Hua, who used poetry to counter Gree's claims [1]. Group 2: Market Share Data - According to data from Aowei Cloud Network, as of July 2025, the online market shares for air conditioners were reported as follows: Midea 18.61%, Xiaomi 16.71%, and Gree 15.22% [1]. - In response, Gree presented alternative data showing Midea at 19.98%, Gree at 16.41%, and Xiaomi at 13.50%, accusing Xiaomi of spreading false information [1]. - The discrepancy in market share data is attributed to Aowei Cloud Network modifying its statistical methodology in August, resulting in two different sets of results for the same period [2].

Group 1 - Gree Electric Appliances' marketing director Zhu Lei emphasized that comparisons between Gree's older products and Xiaomi's new models are unreasonable, highlighting that Xiaomi currently only offers entry-level products in the central air conditioning sector [1] - Zhu Lei pointed out that Gree's advanced products, such as the internationally certified air conditioning systems, have no direct counterparts from Xiaomi, indicating a significant technological gap [1] - The ongoing debate about air conditioning sales between Xiaomi and Gree has escalated, with Xiaomi executives claiming online sales surpass Gree, while Gree maintains its market leadership based on different data interpretations [4] Group 2 - Xiaomi executives, including Wang Hua and Lu Weibing, have publicly acknowledged the sales competition, with Wang expressing surprise at the rapid changes in the market [4] - Gree's Zhu Lei responded to claims of Xiaomi's sales success by asserting that even Gree's older products remain technologically superior to Xiaomi's upcoming models, suggesting a generational gap in technology [4] - The controversy has led to discussions about data accuracy, with claims that the data metrics used by market research firms have been altered, affecting the sales comparisons [4]

Core Viewpoint - The discussion surrounding the comparison between Gree Electric Appliances and Xiaomi's air conditioning products is deemed unreasonable, as Gree's older models are being compared to Xiaomi's new entry-level products [1]. Group 1: Company Positioning - Gree Electric emphasizes that its technology is sound and should be transparently presented, avoiding indirect comparisons that mislead consumers [1]. - The company highlights that Xiaomi currently only offers entry-level ducted air conditioning units, while Gree has advanced products that have received international certifications [1]. - Gree asserts that it is unnecessary to compare its high-end central air conditioning systems with Xiaomi's basic offerings, reinforcing its market leadership [1]. Group 2: Industry Context - The manufacturing industry values tangible results and core technology, suggesting that superficial marketing tactics, such as poetry, do not equate to genuine technological advancement [1].

Group 1 - The core viewpoint of the article revolves around Xiaomi's response to the controversy regarding air conditioner sales, indicating that the company has reviewed public analyses and is not inclined to further elaborate on the matter [1] - The company acknowledges the interpretations made by netizens and suggests that there are differing opinions on the sales data, hinting at potential discrepancies in the reported figures [1] - The commentary reflects a broader sentiment of criticism towards the company's product recognition and market performance over the years, suggesting a disconnect between product offerings and consumer perception [2][3] Group 2 - The article implies a sense of stagnation within the company, as it highlights a lack of proactive engagement with market challenges and consumer feedback [3] - There is an encouragement for the company to embrace change and adapt to new market realities, as indicated by the phrase "walk into the new era," suggesting a need for innovation and forward-thinking strategies [4]