Market Overview - The Hong Kong stock market opened slightly higher on September 19, with the Hang Seng Index at 26,583.03 points, up 38.18 points, a gain of 0.14% [1] - The Hang Seng Tech Index opened at 6,298.91 points, increasing by 27.69 points, a rise of 0.44% [1] Analyst Ratings and Predictions - Goldman Sachs maintains an "overweight" rating for both A-shares and H-shares, predicting potential upside of 8% and 3% respectively over the next 12 months [3] - The firm recommends investors to buy on dips, focusing on themes such as "Top Ten Private Enterprises in China," AI, anti-involution, and shareholder returns [3] - Goldman Sachs has raised its growth assumptions for Alibaba Cloud for fiscal year 2026 to 30%-32%, increasing its target price for Alibaba's U.S. stock from $163 to $179 and for its Hong Kong stock from HKD 158 to HKD 174, maintaining a buy rating [3] - Citigroup also maintains a buy rating for Tencent, setting a target price of HKD 735, anticipating that Tencent will leverage its AI capabilities to enhance core business monetization [3] Company-Specific Developments - Sunhigh Holdings (山高控股) saw its stock price drop nearly 15% in early trading [3] - The Hong Kong Securities and Futures Commission reported that as of September 1, 2025, 20 shareholders collectively held 24% of Sunhigh Holdings, along with two major shareholders holding 68.46%, totaling 92.46% of shares [5] - The stock price of Sunhigh Holdings increased by 193.6% from HKD 5.82 to HKD 17.09 between April 16, 2025, and September 1, 2025, and was at HKD 14.80 as of September 17, 2025, reflecting a 154.3% increase since April 16 [6] Sector Performance - Technology stocks showed mixed performance, with JD.com rising over 2% and Xiaomi increasing nearly 1%, while NetEase fell over 3% [6] - Chip stocks continued to rise, with Beike Micro (贝克微) gaining over 5% [6] - The innovative drug sector was active, with Xiansheng Pharmaceutical (先声药业) rising over 1% [6] - New consumption concepts mostly opened higher, with NIO (蔚来) increasing over 3% and Jinfang Pharmaceutical-B (劲方医药-B) surging over 115% on its first trading day [6]

Group 1 - The Hong Kong stock market opened positively on September 19, with the Hang Seng Index rising by 0.14% and the Hang Seng Tech Index increasing by 0.44% [1] - The Hong Kong Tech 30 ETF (513160) saw an initial increase of 0.51%, with a trading volume exceeding 26 million HKD and a premium rate of 0.25% [1] - Notable stocks within the ETF included Oriental Selection, which rose over 5%, along with other companies like InnoCare Pharma, Hua Hong Semiconductor, SMIC, SenseTime-W, Lenovo Group, and ZTE Corporation [1] Group 2 - On September 18, the total trading volume of active stocks through the Hong Kong Stock Connect reached 763.71 billion HKD, with a net buying amount of 33.31 billion HKD [2] - Alibaba-W was a significant contributor, with a trading volume of 210.72 billion HKD and a net buying amount of 12.10 billion HKD, marking 20 consecutive days of net buying totaling 561.02 billion HKD [2] - According to Citic Securities, the outlook for Hong Kong stocks is positive, with expectations of performance improvement in sectors like raw materials, healthcare, and technology, while some underperforming sectors like energy and consumer staples may see a turnaround in the second half of the year [2]

Group 1 - The Hang Seng Index opened up 0.14% and the Hang Seng Tech Index opened up 0.44%, with the largest ETF in the same sector, 513180, following the index's rise, driven by stocks like SMIC, Hua Hong Semiconductor, NIO, Lenovo Group, and JD Group showing significant gains [1] - The Hong Kong stock market experienced an overall adjustment, with the three major indices retreating after an initial rise, as the Federal Reserve's interest rate cut expectations did not exceed market expectations, leading some funds to take profits [1] - On September 18, southbound funds continued to show a net buying trend, with a total net purchase amount of HKD 6.288 billion, indicating ongoing interest in internet stocks like Meituan and Alibaba [1] Group 2 - AI applications are advancing in Hong Kong's internet sector, with Kuaishou's Keling AI launching a new digital human feature that generates high-quality videos from images and text or audio [1] - S&P Global announced a strategic partnership with Alibaba Cloud to introduce AI-ready data into China, which will integrate seamlessly with Alibaba Cloud's analytical services and AI engines, enhancing the narrative around AI in the Hang Seng Tech sector [1] - The competition between Alibaba and Baidu in self-developed chips is intensifying, fueled by the AI boom, suggesting a potential upward breakthrough for the Hang Seng Tech Index [2]

Market Overview - On September 18, Hong Kong's three major indices experienced a pullback, with the Hang Seng Index down 1.35% to 26,544.85 points, the Hang Seng Tech Index down 0.99% to 6,271.22 points, and the National Enterprises Index down 1.46% to 9,456.52 points. The tech sector saw a decline, while the semiconductor and robotics industries performed well, with Hua Hong Semiconductor rising over 8.5% and SMIC up over 2.5% [1] Southbound Capital - On September 18, southbound funds recorded a net inflow of HKD 62.88 billion, with Meituan, Alibaba, and Pop Mart receiving net purchases of HKD 14.12 billion, HKD 12.1 billion, and HKD 12.07 billion, respectively. Year-to-date, the cumulative net inflow of southbound funds has reached HKD 1,099.89 billion, significantly surpassing last year's total [2] U.S. Market Performance - U.S. stock indices reached new closing highs, with the Dow Jones up 0.27%, the S&P 500 up 0.48%, and the Nasdaq up 0.94%. Notable gains were seen in Caterpillar and NVIDIA, both rising over 3%. However, many Chinese concept stocks declined, with the Nasdaq Golden Dragon China Index down 1.79% [3] Key Developments 1. NVIDIA announced a USD 5 billion investment in Intel, purchasing shares at USD 23.28 each, a 6.5% discount to Intel's previous closing price [4] 2. At Huawei's Connect 2025 event, the company unveiled its Ascend chip roadmap, planning three series of chips through 2028, including the Ascend 950 series [4] 3. Kuaishou's Keling AI launched a new digital human feature, allowing users to create 1080p/48FPS videos from images and text or audio [4] Short Selling Data - On September 18, a total of 641 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 37.879 billion. Alibaba, Baidu, and Tencent had the highest short-selling amounts, at HKD 47.94 billion, HKD 25.6 billion, and HKD 23.06 billion, respectively [5] Institutional Insights - Zheshang Securities highlighted the rapid development of AI applications in Hong Kong's internet sector, suggesting that the sector is at a historical low in valuation. The firm recommends focusing on leading internet companies with AI advancements, such as Alibaba, Baidu, and Tencent, as well as vertical application companies like Kuaishou and Meitu [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, while the Hang Seng Tech Index ETF (513180) includes core AI assets and leading tech companies [7][8]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.75%), Gree Power Environmental (69.11%), and China Shenhua (68.06%) [1] - Alibaba-W, BeiGene, and China Pacific Insurance saw the largest increases in holdings over the last five trading days, with increases of +171.65 billion, +19.60 billion, and +15.85 billion respectively [1] - Xiaomi Group-W, Tencent Holdings, and Great Wall Motors experienced the largest decreases in holdings, with reductions of -13.16 billion, -12.81 billion, and -8.09 billion respectively [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.959 billion shares, representing 71.75% [1] - Gree Power Environmental (01330) has a holding of 280 million shares, representing 69.11% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] - Other notable companies in the top 20 include COSCO Shipping Energy (67.64%) and Kaisa New Energy (67.48%) [1] Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +171.65 billion, with an addition of 10.836 million shares [1] - BeiGene (06160) increased by +19.60 billion, with an addition of 970.45 thousand shares [1] - China Pacific Insurance (02601) increased by +15.85 billion, with an addition of 512.87 thousand shares [1] Recent Decreases in Holdings - Xiaomi Group-W (01810) decreased by -13.16 billion, with a reduction of 2.314 million shares [2] - Tencent Holdings (00700) decreased by -12.81 billion, with a reduction of 199.52 thousand shares [2] - Great Wall Motors (02333) decreased by -8.09 billion, with a reduction of 4.667 million shares [2]

Core Insights - The article highlights the top short-selling stocks in the market, with specific focus on their short-selling ratios and amounts [1][2][3] Short-Selling Ratios - The top three stocks by short-selling ratio are: - China Resources Beer (80291) at 100.00% - AIA Group (81299) at 89.92% - Sun Hung Kai Properties (80016) at 85.69% [1][2] Short-Selling Amounts - The leading stocks by short-selling amounts are: - Alibaba (09988) with a short-selling amount of 4.794 billion - Baidu (09888) with 2.560 billion - Tencent Holdings (00700) with 2.306 billion [1][3] Deviation Values - The stocks with the highest deviation values are: - China Resources Beer (80291) at 40.95% - Uni-President China (00220) at 39.40% - Dongfang Electric (01072) at 38.26% [1][2][3]

Group 1 - The Chinese Ministry of Commerce hopes that the EU will not weaponize tariffs and will eliminate market barriers to encourage fair competition and contribute positively to industrial development and green transformation [2] - The Ministry of Commerce congratulated EU automakers on their upcoming launch of a €20,000 small electric vehicle, aligning with market demands for diverse, advanced, and affordable products [2] - The Ministry emphasized that Chinese electric vehicles have driven the industry's electrification and intelligent transformation, and EU automakers are capable of adapting to market competition [2] Group 2 - The Chinese Ministry of Commerce reiterated its stance against politicizing technology and trade issues regarding TikTok, stating that it will not sacrifice principles or corporate interests for any agreement [3] - A basic framework consensus was reached between China and the US to address TikTok-related issues and reduce investment barriers [3] Group 3 - Reports of China instructing companies like Alibaba to halt purchases of Nvidia chips were met with disappointment by Nvidia's CEO, but the Chinese government did not confirm these reports [4][5] - The Chinese government expressed willingness to maintain dialogue and cooperation to stabilize global supply chains [5] Group 4 - Chinese companies are actively addressing pollution claims in Zambia, with reports indicating that they are cooperating with the government and compensating affected residents [6] Group 5 - Huawei's Vice Chairman Xu Zhijun unveiled the company's AI computing roadmap, highlighting a series of chip iterations aimed at doubling computing power annually [8] - The Ascend 950 series will be launched in Q1 2026, followed by the Ascend 960 in 2027 and the Ascend 970 in 2028, with significant advancements in various technical aspects [8] Group 6 - Nvidia announced a $5 billion investment in Intel, marking a significant shift in their relationship as they plan to collaborate on AI infrastructure and personal computing products [9] - Intel will customize x86 CPUs for Nvidia, which will integrate them into AI infrastructure platforms [9] Group 7 - A significant decrease in deposits and an increase in wealth management products were noted in August, with a drop of ¥600 billion in new resident deposits year-on-year [10] - The trend of "deposit migration" is attributed to declining deposit rates and a recovering equity market, making wealth management products more attractive [10][11] Group 8 - The stock market saw fluctuations, with the A-share market experiencing a decline on September 18, while the US stock market reached new highs [21][22][24] - European stocks rose following a US interest rate cut, with the Stoxx Europe 600 index increasing by 0.8% [23]

智通财经APP获悉，9月16日,阿里巴巴-W（09988）、美团-W（03690）、紫金矿业（02899）南向资金 净流入金额位列市场前三，分别净流入30.20 亿、7.15 亿、4.60 亿 盈富基金（02800）、恒生中国企业（02828）、腾讯控股（00700）南向资金净流出金额位列市场前 三，分别净流出-46.39 亿、-19.81 亿、-8.34 亿 在净流入比方面，易方达恒指ESG（03039）、现代牧业（01117）、安井食品（02648）以100.00%、 54.94%、50.92%位列市场前三。 在净流出比方面，四川成渝高速公路（00107）、中国重汽（03808）、康基医疗（09997） 以-75.28%、-67.69%、-55.43%位列市场前三。 | 中国海外宏洋集团 | 44.06% | 1443.53 万 | 2.560（-0.78%） | | --- | --- | --- | --- | | (00081) | | | | | 金界控股(03918) | 44.06% | 7927.82 万 | 6.710（+4.52%） | | 万洲国际(00288) | 43.87% | ...

18日，高盛发布最新观点，称维持对A股和H股的超配评级，并预测未来12个月两个市场的潜在上行空 间分别为8%和3%。 与此同时，国际资本也在积极加仓中国科技板块，其认为，在AI、机器人、生物科技等前沿领域，中 国已具备全球竞争力，股市估值修复窗口正在打开。 高盛：维持中国股市超配评级 当前市场属于盘整而非反转 9月18日，高盛研究部首席中国股票策略分析师刘劲津及团队发表最新观点称，维持对A股和H股的超配 评级，预测未来12个月两个市场的潜在上行空间分别为8%和3%；建议投资者逢低吸纳，看好"中国民 营企业十杰"、AI、反内卷及股东回报等主题。 高盛表示，本轮由估值及流动性驱动的股市上涨在全球资本市场均有所体现。长期看上涨需要盈利支 持，但"流动性"是所有上涨趋势的必要条件。当前，A股形成向上趋势的条件较此前更好。本轮中国市 场的上涨中，基本面支撑也是贡献因素之一。中国主要指数的盈利在今年及明年仍将维持中高个位数增 长趋势。 作为衡量境内风险偏好的综合指标，高盛构建的A股散户情绪指标显示，当前市场更多属于盘整而非反 转。估值方面，多数指标显示大盘股并未被高估，指数市盈率处于中段区间。 资金面上，高盛认为，数据显 ...

Group 1 - Shanghai Municipal Education Commission is investigating a food safety incident involving a dish served in schools, with results expected within a week [5][7] - The market supervision bureau in Jiangxi Province is investigating a hotel for price gouging during the National Day holiday, with room rates reportedly increasing from around 90 yuan to approximately 1000 yuan [9] - The Chinese Ministry of Commerce urges the EU to avoid protectionism and eliminate market barriers in the context of electric vehicle tariffs [6] Group 2 - The Chinese Ministry of Science and Technology reported that national R&D investment exceeded 3.6 trillion yuan in 2024, a 48% increase from 2020, with a focus on foundational research [6] - The film "731" achieved a single-day box office of over 3 billion yuan, setting two records in Chinese film history [10] - Hong Kong police arrested 13 individuals in connection with a gold theft case, recovering stolen gold valued at approximately 50 million HKD [8] Group 3 - Huawei's Xu Zhijun announced that the Atlas 950 super node will have a computing power of 8192 cards, expected to launch in Q4 2024, positioning it as a leading product in AI computing infrastructure [14] - Alibaba's market capitalization has returned to 3 trillion HKD, with reports of founder Jack Ma's increased involvement in the company [16] - Cambrian's revenue for the first half of 2025 reached 2.881 billion yuan, a staggering increase of 4347.82% year-on-year, driven by AI chip products [17]