Zhi Tong Cai Jing·2025-09-15 06:18Group 1 - The report from Haitong International indicates that A-shares are expected to consolidate in September, while Hong Kong stocks may receive short-term support due to easing liquidity pressures and a strengthening RMB [1] - Last week, A-shares experienced significant volatility, with the Shanghai Composite Index rising by 1.5% and the ChiNext Index increasing by 2.1%. Hong Kong stocks also saw gains, with the Hang Seng Index up by 3.8% and the Hang Seng Tech Index up by 5.3% [1] - Following the dovish signals from Powell at the Jackson Hole meeting, gold prices rebounded over 9%. However, recent US inflation data confirmed rate cut expectations, leading to fluctuations in gold prices [1] Group 2 - The report highlights that Alibaba's self-developed chips and the next-generation Qwen3 model have led to a significant rise in stock prices, indicating a continued increase in risk appetite [2] - The liquidity in Hong Kong remains stable, with the HIBOR maintaining stability. The RMB has appreciated moderately against the USD, although a potential rebound in the USD could weaken this support for Hong Kong stocks [2] - Southbound capital inflow surged to HKD 60.8 billion last week, with Alibaba receiving HKD 22 billion of this inflow, totaling HKD 37 billion since September [2]