Mei Ri Jing Ji Xin Wen·2025-09-22 01:28Market Overview - On September 19, Hong Kong's three major indices experienced fluctuations, with the Hang Seng Index closing at 26,545.1 points, the Hang Seng Tech Index rising by 0.37% to 6,294.42 points, and the National Enterprises Index increasing by 0.17% to 9,472.35 points [1] - The materials sector remained active, while pharmaceutical stocks saw significant declines. Over the past week, the Hang Seng Index rose by 0.59%, the Hang Seng Tech Index increased by 5.09%, and the National Enterprises Index gained 1.15% [1] - Notable stocks included NIO, which rose nearly 4.5%, Hua Hong Semiconductor, which increased over 4%, and Alibaba, which gained nearly 0.5%. Kuaishou saw a decline of over 0.5% [1] Southbound Capital - On September 19, southbound funds net bought Hong Kong stocks worth 9.838 billion HKD, with Alibaba receiving a net purchase of 1.727 billion HKD. For the week up to September 19, the cumulative net purchase reached 36.851 billion HKD, and the total for the year so far is 1,109.73 billion HKD, significantly exceeding last year's total net purchase [2] U.S. Market Performance - Overnight, U.S. stock indices reached new closing highs, with the Dow Jones up 0.37%, the S&P 500 rising by 0.49%, and the Nasdaq increasing by 0.72%. Notable gains were seen in Amgen and Apple, both rising over 3% [3] - The Nasdaq Golden Dragon China Index saw mixed performance among popular Chinese concept stocks, closing down 0.25%. The Hang Seng Index ADR fell, closing at 26,462.40 points, down 82.70 points or 0.31% compared to the Hong Kong market close [3] Key News - The 2025 Alibaba Cloud Summit will be held from September 24 to 26 in Hangzhou, focusing on AI, cloud computing, and industry applications, featuring three main forums and over 110 discussion topics [4] - Taobao and Ele.me are launching a merchant group-buying service, starting with restaurant group purchases in major cities like Shanghai and Shenzhen on September 20 [4] - The Hang Seng Index Company reported over 1 trillion HKD in net inflows for the Hong Kong Stock Connect this year, indicating a strong trend of capital inflow over the past two years [4] Short Selling Data - On September 19, a total of 648 Hong Kong stocks were short-sold, with a total short-selling amount of 38.141 billion HKD. The top three stocks by short-selling amount were Alibaba (3.598 billion HKD), Baidu (2.53 billion HKD), and Xiaomi (1.466 billion HKD) [5] Institutional Insights - Guotai Junan Securities indicated that the Hang Seng Tech Index is likely to transition from "catching up" to "leading." The observation of the divergence and convergence of returns between the ChiNext Index and the Hang Seng Tech Index suggests a high probability of relative return reversal for the latter [6] - The influx of southbound funds and increased foreign interest in Chinese assets are noted, with historical trends indicating that once the Federal Reserve begins to cut interest rates, the Hang Seng Tech Index often experiences both absolute and excess returns [6] Hong Kong Related ETFs - The Hong Kong Consumption ETF focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [8]