Zhong Guo Zheng Quan Bao·2025-10-03 05:53Market Overview - The Hong Kong stock market experienced fluctuations with the Hang Seng Index down by 0.87% to 27,049.73 points, the Hang Seng China Enterprises Index down by 1.03% to 9,624.37 points, and the Hang Seng Tech Index down by 1.44% to 6,586.55 points [1][2]. Sector Performance - The electric power equipment sector showed strong performance, with the Wind Hong Kong Electric Power Equipment Index rising by 6.58%. Notable stocks included Shanghai Electric up by 12.56%, Dongfang Electric up over 6%, and Harbin Electric up over 5% [2][3]. - Other strong-performing sectors included medical devices and services, defense and military industry, and real estate investment, while sectors such as automotive and parts, media, consumer services, and food and beverage saw declines [2]. Alibaba Performance - Alibaba-W's stock price reached a nearly four-year high, increasing by 0.33% and accumulating a total rise of 10.33% over four consecutive trading days [4][5]. - As of September 30, southbound funds held over 2.1 billion shares of Alibaba-W, with a market value exceeding 370 billion HKD. Multiple institutions have given Alibaba-W a buy rating [6]. - Analysts noted that the valuation gap between Hong Kong internet giants and their overseas counterparts is rapidly closing, with Alibaba's investments in AI expected to significantly increase, similar to trends seen with Microsoft and Meta [6].