Mei Ri Jing Ji Xin Wen·2025-08-28 01:35Market Overview - On August 27, Hong Kong's three major indices collectively declined, with the Hang Seng Index falling by 1.27% to 25,201.76 points, the Hang Seng Tech Index down 1.47% to 5,697.53 points, and the National Enterprises Index decreasing by 1.40% to 9,020.26 points. Most sectors, including pharmaceuticals, brokerage, real estate, tea, and technology, saw declines, while semiconductor stocks performed well [1] Southbound Capital - On August 27, southbound capital recorded a net inflow of 15.371 billion HKD, bringing the total net inflow for the year to 987.393 billion HKD, significantly exceeding last year's total net inflow [2] U.S. Market Performance - U.S. stock indices saw slight gains overnight, with the Dow Jones up 0.32%, S&P 500 rising 0.24%, and Nasdaq increasing by 0.21%. Notably, the seven major U.S. tech companies index rose by 0.15%, with Microsoft and Apple gaining nearly 1% and 0.51%, respectively. However, popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 2.58% [3] Key Company News - Nvidia reported Q2 revenue of 46.74 billion USD, a 56% year-over-year increase, with net profit of 26.422 billion USD, up 59% from the previous year. However, its data center business revenue of 41 billion USD fell short of expectations for two consecutive quarters. Nvidia expects Q3 revenue of 54 billion USD and has approved an additional 60 billion USD stock buyback. Following the announcement, Nvidia's stock price dropped over 3% [4] - Meituan's Q2 revenue reached 91.84 billion CNY, an 11.7% year-over-year increase, but adjusted net profit fell by 89% to 1.49 billion CNY. The Meituan app's monthly active users surpassed 500 million, and the average annual transaction frequency reached a new high. In July, Meituan's instant retail daily order volume peaked at over 150 million, setting a new record [4] Short Selling Data - On August 27, a total of 643 Hong Kong stocks were short-sold, with total short selling amounting to 42.199 billion HKD. The top three stocks by short selling amount were Meituan (3.359 billion HKD), Alibaba (3.259 billion HKD), and Tencent Holdings (2.386 billion HKD) [5] Institutional Insights - Zheshang Securities indicated that the drawdown of the Hang Seng Tech Index may be nearing its end. The index has underperformed in the current market cycle, influenced by the "takeaway war" affecting profit expectations and the Hong Kong Monetary Authority's continuous liquidity withdrawal to stabilize the currency. Current data suggests that liquidity in Hong Kong's banking sector has returned to normal levels, and the Hong Kong dollar has appreciated significantly, indicating limited room for further tightening of liquidity [6] Hong Kong Stock ETFs - The focus on hard technology and new consumption is evident in Hong Kong stock ETFs, such as the Hong Kong Consumption ETF (513230), which covers e-commerce and new consumption sectors, and the Hang Seng Tech Index ETF (513180), which includes key AI assets and technology leaders that are relatively scarce compared to A-shares [7]