港股三大指数集体下跌，恒生科技指数ETF（513180）跌超1%

Market Overview - The Hong Kong stock market opened lower on September 11, with the Hang Seng Index down 0.81% at 25,987.49 points, the Hang Seng Tech Index down 0.97%, and the National Enterprises Index down 1.02% [1] - Technology stocks saw more declines than gains, while gold stocks were active. The cloud computing sector had several stocks rising, and some insurance stocks also increased. However, innovative drug concepts opened lower, and automotive stocks declined [1] Fund Flow - As of September 10, southbound funds have net bought Hong Kong stocks for nine consecutive trading days, with a net purchase exceeding 5 billion HKD on the day of reporting [1] - Southbound funds have shown a preference for AI core assets in Hong Kong stocks, with Alibaba receiving a total net purchase of 33.414 billion HKD over 14 consecutive trading days [1] Company Developments - Gaode Map launched the "Gaode Street Ranking," focusing on offline dining businesses, leveraging navigation, search, and user behavior data, and emphasizing authenticity without commercialization [1] - Gaode also introduced a "Good Store Support Plan," committing over 1 billion HKD in subsidies to bring an average of 10 million customers daily to offline businesses [1] Strategic Insights - Haitong International views the Gaode Street Ranking as a key step in Alibaba's local life strategy, with limited short-term impact on Meituan and Douyin's market share but potential for long-term growth in offline consumption ecosystems [2] - The Hang Seng Tech Index ETF (513180) includes leading companies in sectors such as AI, smart driving, gaming media, consumer electronics, and platform economy, with major holdings including Alibaba, Tencent, Xiaomi, and others [2] - Within the Hang Seng Tech Index, only JD Health and Alibaba Health are involved in the healthcare sector, accounting for a combined weight of 3.06% [2]