港股早参丨爆买！南向资金年内“扫货”突破万亿港元，刷新历史纪录

Market Overview - On September 2, Hong Kong's three major indices experienced a decline, with the Hang Seng Index down 0.47% to 25,496.55 points, the Hang Seng Tech Index down 1.22% to 5,728.46 points, and the Hang Seng China Enterprises Index down 0.15% to 9,108.12 points [1] - Technology stocks fell broadly, with notable declines in semiconductor concepts, while domestic bank stocks showed strength [1] - Key individual stocks included Xiaomi Group rising nearly 3.5%, SMIC falling over 4.5%, Kuaishou down over 2.5%, Meituan down nearly 2%, and Alibaba down over 1.5% [1] - The Hang Seng Tech Index ETF (513180) closed down 0.89% [1] Southbound Capital - On September 2, southbound capital recorded a net inflow of 9.281 billion HKD, bringing the total net inflow for the year to 1,000.221 billion HKD, marking a record high since the launch of the Stock Connect mechanism and significantly exceeding last year's total net inflow [2] - Southbound capital has continuously net bought Alibaba for 8 consecutive days, totaling 14.33952 billion HKD, and has net bought Tencent for 3 consecutive days, totaling 3.31065 billion HKD [3] U.S. Market Performance - U.S. stock indices closed lower overnight, with the Dow Jones down 0.55%, the S&P 500 down 0.69%, and the Nasdaq down 0.82% [4] - Nike fell over 3%, and Goldman Sachs dropped nearly 2%, leading the decline in the Dow [4] - The Nasdaq Golden Seven Index fell 1.1%, with Nvidia down nearly 2% and Amazon down over 1% [4] - Chinese concept stocks mostly rose, with Huya and BeiGene up over 8% [4] - The Hang Seng Index ADR fell, closing at 25,485.7 points, down 10.85 points or 0.04% from Hong Kong's close [4] Company News - NIO reported its Q2 2025 financial results, showing total revenue of 19.0087 billion CNY, a year-on-year increase of 9%, and an adjusted net loss of 4.127 billion CNY, a 9% reduction in loss compared to the previous year [5] - NIO's Q3 delivery guidance is between 87,000 to 91,000 units, with revenue guidance of 21.81 billion to 22.88 billion CNY, both setting historical highs but falling short of market expectations [5] - Tencent's Youtu Lab announced the open-source release of its intelligent framework Youtu-Agent, which does not require model training or reliance on closed-source APIs for excellent performance [5] Commodity Market - Recent trends in gold futures prices have seen a breakthrough, with London spot gold surpassing 3,500 USD per ounce, reaching a new historical high [5] - COMEX gold futures rose 1.51% to close at 3,599.5 USD per ounce, with intraday prices exceeding 3,600 USD [5] - COMEX silver futures rose 0.01% to close at 41.73 USD per ounce [5] Short Selling Data - On September 2, a total of 647 Hong Kong stocks were short-sold, with total short-selling amounting to 37.599 billion HKD [6] - The top three stocks by short-selling amount were Alibaba at 4.308 billion HKD, Xiaomi Group at 2.115 billion HKD, and Tencent Holdings at 1.355 billion HKD [6] Institutional Insights - Guotai Junan believes that the Chinese market will continue to rise, with future indices expected to reach new highs [7] - The probability of a Fed rate cut in September may provide opportunities for the Chinese central bank to ease and restart government bond trading [7] - The firm sees sustainable upward momentum in the Chinese stock market, particularly in emerging technology and cyclical finance sectors, and anticipates a rebound in Hong Kong stocks [7] - The focus is on new technology trends and consumer demand, with recommendations for investments in internet/media, innovative pharmaceuticals, electronics, semiconductors, military industry, and certain retail/cosmetics brands [7] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [8] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [9]