Mei Ri Jing Ji Xin Wen·2025-09-12 01:01Market Overview - On September 11, Hong Kong's three major indices collectively retreated, with the Hang Seng Index down 0.43% to 26,086.32 points, the Hang Seng Tech Index down 0.24% to 5,888.77 points, and the National Enterprises Index down 0.73% to 9,260.25 points [1] - Strong performance was noted in telecommunications equipment, non-ferrous metals, consumer electronics, and cement stocks, while pharmaceutical and new consumption concept stocks weakened [1] - Meituan fell over 5%, Kuaishou dropped over 1%, Tencent Holdings declined over 0.5%, Alibaba rose nearly 0.5%, and SMIC increased nearly 5% [1] - The Hang Seng Tech Index ETF (513180) rose 0.5% [1] Southbound Capital - On September 11, southbound capital accelerated its inflow, with a net purchase of HKD 18.989 billion, marking a new high for single-day inflows in nearly three weeks [1] - Year-to-date, the cumulative net purchase of southbound capital reached HKD 1,065.549 billion [1] U.S. Market Performance - U.S. stock indices reached historical highs, with the Dow Jones up 1.36%, S&P 500 up 0.85%, and Nasdaq up 0.72% [2] - 3M Company rose nearly 4%, and Sherwin-Williams increased over 3%, leading the Dow [2] - The Nasdaq China Golden Dragon Index rose 2.89%, driven by Alibaba's 8% surge in U.S. stocks [2] Economic Data - The U.S. Bureau of Labor Statistics reported that the August CPI was up 2.9% year-on-year, in line with expectations, while the month-on-month CPI rose 0.4%, slightly above the expected 0.3% [3] - Initial jobless claims increased by 27,000 to 263,000, the highest since October 2021 [3] Company Developments - Alibaba's Tongyi Qianwen released the next-generation foundational model architecture Qwen3-Next, which features significant improvements over the previous MoE structure, enhancing efficiency [3] - Alibaba's U.S. stock surged 8%, breaking through the previous high from March and reaching the highest level since the end of 2021 [3] Short Selling Data - On September 11, a total of 644 Hong Kong stocks were short-sold, with total short-selling amounting to HKD 36.579 billion [4] - The top three stocks by short-selling amount were Alibaba-W (HKD 7.482 billion), China Pacific Insurance (HKD 1.943 billion), and Meituan-W (HKD 1.42 billion) [4] Institutional Insights - Huatai Securities noted that the approaching U.S. Federal Reserve rate cuts, rising global political tensions, and potential inflation risks could lead to strong gold performance [5] - The expectation of U.S. dollar rate cuts and a stronger RMB may result in Hong Kong stocks outperforming A-shares in the short term [5] - Recommendations include focusing on innovative drugs, insurance, AI applications, solid-state batteries, and robotics within the tech sector [5] ETF Focus - The Hong Kong Consumption ETF (513230) targets e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [6] - The Hang Seng Tech Index ETF (513180) encompasses core AI assets and leading tech stocks that are also relatively scarce compared to A-shares [7]