Mei Ri Jing Ji Xin Wen·2025-09-08 01:36Market Overview - On September 5, Hong Kong's three major indices collectively strengthened, with the Hang Seng Index rising by 1.43% to 25,417.98 points, the Hang Seng Tech Index increasing by 1.95% to 5,687.45 points, and the National Enterprises Index up by 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index up by 1.36%, the Hang Seng Tech Index up by 0.23%, and the National Enterprises Index up by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both increasing by over 1.5% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of 56.23 billion HKD, with a cumulative net inflow of 10,120.58 billion HKD year-to-date, significantly exceeding last year's total net inflow [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down by 0.48%, the S&P 500 down by 0.32%, and the Nasdaq down by 0.03% [3] - Notable declines included JPMorgan falling over 3% and Nvidia dropping more than 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar increasing over 15% and SOTI Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [4] - The data has led to renewed expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, showing significant improvements in understanding Chinese and English, following complex instructions, and reducing knowledge hallucinations [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number of stocks from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, a total of 637 Hong Kong stocks were short-sold, with total short selling amounting to 33.389 billion HKD [5] - The top three stocks by short selling amount were Alibaba at 3.572 billion HKD, Pop Mart at 1.934 billion HKD, and Horizon Robotics at 1.931 billion HKD [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported their financials, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised downwards due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] ETF Insights - 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 encompasses technology leaders that are also relatively scarce compared to A-shares [8]