Xin Lang Cai Jing·2025-09-09 09:38Core Viewpoint - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index and Hang Seng Tech Index both rising over 1%, reaching a nearly four-year high above 26,000 points, driven by significant gains in major technology stocks [1]. Group 1: Market Performance - The Hang Seng Index surpassed the 26,000-point mark, marking a new high in nearly four years [1]. - Major technology stocks showed strong performance, with Bilibili-W up over 5%, Kuaishou-W up over 4%, Alibaba-W up over 3%, Xiaomi Group-W up over 2%, and Tencent Holdings up over 1% [1]. Group 2: ETF and Fund Flows - The Hong Kong Internet ETF (513770) opened high and rose by 1.17%, indicating strong market interest and liquidity [3]. - The Hong Kong Internet ETF has seen significant inflows, accumulating a total of 7.2 billion yuan over the past four days, with net inflows of 17.5 billion yuan and 23.4 billion yuan over the past 10 and 20 days, respectively [6]. Group 3: Macro and Fundamental Factors - The macroeconomic environment is favorable, with expectations of a Federal Reserve interest rate cut, which could enhance liquidity in the Hong Kong market, particularly benefiting high-growth technology stocks [4]. - Alibaba's recent cloud revenue and capital expenditures exceeded market expectations, suggesting a shift back to AI narratives, which could aid in valuation recovery for the sector [6]. - Southbound capital has shown a strong buying trend, with a cumulative net inflow of 1.03 trillion HKD this year, particularly favoring major technology stocks like Alibaba-W, Tencent Holdings, and Meituan-W [6]. Group 4: Future Outlook - Analysts predict that the Hong Kong stock market may continue its upward trend, supported by increased capital inflows and a shift towards AI-driven narratives in the fourth quarter [8]. - The Hong Kong Internet ETF has outperformed the Hang Seng Tech Index, with a cumulative increase exceeding 10 percentage points, highlighting its strong performance and potential for future growth [10].