港股早参丨美联储降息大消息！港股三大指数昨日集体收涨，南向资金净流出超180亿港元

Market Overview - On August 4, Hong Kong's three major indices closed higher, with the Hang Seng Index rising by 0.92% to 24,733.45 points, the Hang Seng Tech Index increasing by 1.55% to 5,481.25 points, and the National Enterprises Index up by 1.01% to 8,893.48 points [1] - The technology sector showed a general recovery, with significant gains in the semiconductor industry. Notable stocks included Hua Hong Semiconductor, which rose over 8.5%, Kuaishou up over 3%, Tencent Holdings increasing nearly 3%, and Xiaomi Group rising over 2%. Conversely, BYD fell nearly 1.5%, and Alibaba dropped over 0.5% [1] Southbound Capital - On August 4, southbound capital recorded a net sell-off of HKD 18.092 billion in Hong Kong stocks. Year-to-date, the cumulative net inflow of southbound capital stands at HKD 860.956 billion [2] U.S. Market Performance - Overnight, U.S. stock indices all closed higher, with the Dow Jones up 1.34%, the S&P 500 rising 1.47%, and the Nasdaq increasing by 1.95%. Notable performers included Nvidia, which rose over 3%, and Disney, which increased by more than 2%. The U.S. technology giants index rose by 2.03%, with Facebook and Google both gaining over 3%. Most Chinese concept stocks also saw gains, with Hesai Technology up over 8% and Pony.ai rising nearly 8% [2] Key Messages - San Francisco Federal Reserve President Mary Daly indicated that the timing for interest rate cuts is approaching due to signs of a weakening job market and the lack of sustained inflation from tariffs. Although the Federal Reserve maintained the interest rate at 4.25%-4.50% for the fifth consecutive time, she emphasized that they cannot wait indefinitely, viewing each meeting as a potential policy adjustment opportunity [3] - Preliminary estimates from the China Passenger Car Association indicated that wholesale sales of new energy passenger vehicles reached 1.18 million units in July, marking a 25% year-on-year increase but a 4% month-on-month decline. Tesla China sold 67,900 units in July, a 5.2% month-on-month decrease [3] - Tongyi Qianwen recently open-sourced Qwen-Image, the first image generation model in the Tongyi Qianwen series. Qwen-Image is a 20 billion parameter MMDiT model that has made significant progress in complex text rendering and precise image editing [3] Short Selling Data - On August 4, a total of 619 Hong Kong stocks were short-sold, with total short selling amounting to HKD 28.777 billion. Among these, 56 stocks had short selling amounts exceeding HKD 100 million, with Tencent Holdings, Meituan, and Xiaomi Group leading the way with short selling amounts of HKD 2.083 billion, HKD 1.741 billion, and HKD 1.477 billion, respectively [4] Institutional Views - Following a significant downward revision of U.S. non-farm employment data, institutions have raised their expectations for a Federal Reserve interest rate cut. The U.S. Labor Department reported that 73,000 new non-farm jobs were added in July, below the expected 104,000, with the previous value revised down to 14,000. The seasonally adjusted unemployment rate remained at 4.2% [5] - Longjiang Securities noted that the softening job market provides ample justification for the Federal Reserve to cut rates, especially with recent progress in U.S.-China trade negotiations reducing tariff uncertainties and clarifying inflation prospects. If inflation does not exceed expectations, a rate cut in September is highly probable, with the CME FedWatch Tool indicating a 94.4% probability of a 25 basis point cut at the September meeting [5] Hong Kong Stock-Related ETFs - Hang Seng Tech Index ETF (513180): Supports T+0 trading; the underlying index covers core AI assets in China [6] - Hong Kong Stock Connect Automotive ETF (159323): Supports T+0 trading; the underlying index focuses on leading new energy vehicle stocks in Hong Kong [7]