Mei Ri Jing Ji Xin Wen·2025-08-29 02:31Market Overview - On August 28, Hong Kong's three major indices closed lower, with the Hang Seng Index down 0.81% at 24,998.82 points, the Hang Seng Tech Index down 0.94% at 5,644.02 points, and the National Enterprises Index down 1.15% at 8,916.93 points [1] - Technology stocks generally declined, while semiconductor company SMIC saw a significant increase of over 10.5%, reaching a new high [1] - Notable declines in individual stocks included Meituan down over 12.5%, JD Group down over 5%, Alibaba down over 4.5%, and Tencent down nearly 1% [1] Southbound Capital - On August 28, southbound capital recorded a net outflow of 20.441 billion HKD; however, the cumulative net inflow for the year reached 966.952 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - U.S. stock indices experienced slight gains overnight, with the Dow Jones up 0.16%, the S&P 500 up 0.32%, and the Nasdaq up 0.53%, with both the Dow and S&P 500 reaching new closing highs [3] - Notable performers included Cisco and Salesforce, both rising over 1%, while Chinese concept stocks showed mixed results, with Ctrip up nearly 15% and Newegg down over 18% [3] Company Earnings Reports - Li Auto reported Q2 2025 earnings of 30.2 billion CNY, a 16.7% increase from Q1, with a net profit of 1.1 billion CNY, up 69.6%, marking 11 consecutive quarters of profitability [4] - SMIC disclosed mid-year results showing revenue of 4.456 billion USD, a 22% year-on-year increase, with wafer foundry revenue at 4.229 billion USD, up 24.6%. The company's gross profit was 956 million USD, a substantial increase of 89.3%, and net profit attributable to shareholders was 321 million USD, up 35.6% [4] Short Selling Data - On August 28, a total of 638 Hong Kong stocks were short-sold, with total short selling amounting to 47.967 billion HKD. The top three stocks by short selling amount were Meituan at 7.124 billion HKD, Alibaba at 3.441 billion HKD, and BYD at 2.348 billion HKD [5] Institutional Insights - Huaxi Securities noted that the significant drop in internet stocks may be related to Meituan's disappointing earnings report. However, there was net inflow into SMIC and Huahong, indicating continued interest in self-sufficient technology [6] - The report suggested that the market may experience a "big drop - rebound" pattern, with a solid expectation of market stability. The technology sector is expected to remain a key driver of market recovery [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology companies, also relatively scarce compared to A-shares [8]