Mei Ri Jing Ji Xin Wen·2025-08-22 01:24Market Overview - On August 21, Hong Kong's three major indices collectively declined, with the Hang Seng Index down 0.24% to 25,104.61 points, the Hang Seng Tech Index down 0.77% to 5,498.50 points, and the National Enterprises Index down 0.43% to 8,974.77 points [1] - The technology sector saw more declines than gains, while internet healthcare stocks strengthened, and high-speed rail infrastructure stocks rose broadly [1] Southbound Capital - On August 21, southbound capital recorded a net inflow of 74.61 billion HKD, bringing the total net inflow for the year to 951.66 billion HKD, significantly exceeding last year's total net inflow [2] U.S. Market Performance - U.S. stock indices experienced slight declines overnight, with the Dow Jones down 0.34%, the S&P 500 down 0.4%, marking five consecutive days of decline, and the Nasdaq down 0.34% [3] - Notably, Walmart fell over 4% and IBM dropped more than 1%, leading the Dow's decline, while the Chinese concept stocks mostly rose, with Xiaoying Technology up over 16% and XPeng Motors up over 11% [3] Key Company Announcements - DeepSeek officially released version V3.1 on August 21, featuring enhanced agent capabilities, hybrid thinking modes, and improved efficiency, while also raising API call prices [4] - XPeng Motors' CEO revealed plans for humanoid robots to be mass-produced in the second half of 2026, along with L4 models and pilot Robotaxi operations in select areas [4] - Kuaishou reported a 13.1% year-on-year revenue increase to 35 billion CNY for Q2 2025, with adjusted net profit reaching 5.6 billion CNY and a net profit margin of 16%, the highest in a single quarter [4] Short Selling Data - On August 21, a total of 641 Hong Kong stocks were short-sold, with a total short-selling amount of 32.95 billion HKD. The top three stocks by short-selling amount were Meituan at 2.526 billion HKD, Xiaomi Group at 1.858 billion HKD, and Tencent Holdings at 1.768 billion HKD [5] Institutional Insights - CITIC Securities indicated that the mid-year earnings period in August will be a crucial point for the continuation of the Hong Kong stock market, suggesting a shift from liquidity-driven to earnings-driven and policy-validated market dynamics [6] - Recommended sectors include solar energy, rare earths, lithium, and express delivery, which directly benefit from the "anti-involution" policy, as well as pharmaceuticals and technology with high growth potential [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, while the Hang Seng Technology Index ETF (513180) encompasses core AI assets and technology leaders that are relatively scarce compared to A-shares [7]