港股开盘 | 恒生指数低开0.81% 创新药概念股多数低开

Group 1 - The Hang Seng Index opened down 0.81%, and the Hang Seng Tech Index fell by 0.97%, with most innovative drug concept stocks also opening lower, including Hansoh Pharmaceutical down nearly 15% and CSPC Pharmaceutical down over 9% [1] - Open-source Securities suggests that the Hong Kong stock market may have a chance to catch up relative to the A-share market, as the A-share market is entering a phase of valuation digestion after a rise, highlighting the relative advantages of Hong Kong stocks [1][2] - From a liquidity perspective, the dovish signals from the Jackson Hole meeting and significant downward revisions in non-farm employment data (a reduction of 911,000 jobs projected until March 2025) have strengthened market expectations for Federal Reserve rate cuts, potentially leading global investors to reassess the attractiveness of various markets, including Hong Kong stocks [1][2] Group 2 - There is a growing interest in AI hardware and applications, positioning the Hong Kong internet sector to potentially benefit, with Alibaba increasing its investment in AI chip self-research and Oracle's AI cloud business guidance exceeding expectations, indicating strong demand for AI and cloud services [2] - The trend of AI-driven technology cycles is entering a realization phase, making the Hong Kong internet sector increasingly attractive for investment [2] - According to China International Capital Corporation, the current environment of accelerated domestic substitution and rapid development of the AI industry cycle is expected to benefit technology stocks, with large-cap tech companies having room for further price increases [2][3] Group 3 - Analysts suggest maintaining a cautiously optimistic strategic outlook on the Hong Kong stock market, with expectations of an economic cycle turning point due to improved supply-demand dynamics [3] - The capital expenditure and R&D investments in the technology sector are anticipated to translate into corporate profits, serving as a new growth engine, with continued inflows of southbound and foreign capital expected amid rising rate cut expectations from the Federal Reserve [3] - The Hong Kong stock market is characterized by structural rather than index-driven trends, with a focus on sectors with solid profit growth prospects, such as pharmaceuticals, tech hardware, non-bank financials, and certain new consumption and automotive parts industries [3][4] Group 4 - Investment opportunities in the Hong Kong stock market are suggested to focus on three main directions: sectors with high earnings growth but low to medium valuations, sectors benefiting from policy support such as the AI industry chain, and financial sectors expected to provide stable returns amid domestic and international uncertainties [4]