Ge Long Hui·2025-09-01 04:08Market Overview - The Hong Kong stock market saw all three major indices rise collectively, with gains exceeding 2% during the morning session, driven by Alibaba's significant increase in stock price [1] - The Hang Seng Index rose by 1.77%, gaining nearly 450 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 1.54% and 1.77%, respectively [1] Key Drivers - Major technology stocks led the market rally, with Alibaba surging over 17% due to better-than-expected earnings and substantial investments in AI and cloud computing [1] - Other tech stocks also performed well, including Baidu (+3.6%), JD.com (+2.5%), Xiaomi, Tencent, and NetEase, which all saw gains [1] Sector Performance - Precious metals stocks, including gold and silver, reached new highs, supported by concerns over the independence of the Federal Reserve and expectations of interest rate cuts [1] - Gold mining companies such as Zhaojin Mining, Lingbao Gold, and China Gold International also hit historical highs [1] - The biopharmaceutical sector showed strength, attributed to China's continuous capacity supply in global markets [1] - Other sectors that experienced gains included semiconductor chips, coal, domestic real estate, home appliances, gaming, and oil [1] Underperforming Sectors - The automotive sector faced declines, with BYD's gross margin significantly dropping in Q2, leading to a nearly 7% drop in its stock price [1] - Other automotive companies, including GAC Group and Geely, also saw declines [1] - Additional sectors that performed poorly included military, paper, rare earth, high-speed rail infrastructure, and dairy products [1]