Zheng Quan Shi Bao·2025-10-03 06:57Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index dropping over 1% and the Hang Seng Tech Index falling more than 1.7% [1][4]. Economic Analysis - According to a report from CMB International, the Hong Kong stock market continued its fluctuating upward trend in September, supported by the resumption of US-China negotiations and expectations of overseas interest rate cuts. The technology sector's rotation also provided significant support to the market [2]. - The resumption of US-China trade talks has led to increased market optimism regarding progress on key issues such as tariff reductions and export controls. Additionally, the stability of macroeconomic policies in mainland China, particularly the "stabilizing growth" measures, has provided fundamental support for the Hong Kong stock market [2]. - The report anticipates a temporary "off-season" for the Hong Kong market due to the National Day and Mid-Autumn Festival holidays, compounded by uncertainties surrounding the US government's short-term financing bill. This could amplify external disturbances [2]. - There remains a divergence in market expectations regarding the timing and extent of potential interest rate cuts by the Federal Reserve, which may lead to continued market volatility in the short term. Some quality sectors in the Hong Kong market are approaching historical high valuations, indicating potential profit-taking pressure [2]. Company Specifics - Xiaomi Group's stock fell nearly 2% during the trading session [4][6]. - A recent incident involving a Xiaomi vehicle reportedly driving away without human operation has gained significant attention on social media. The company responded that the vehicle's movement was due to mobile phone operation, although the car owner disputed this claim, stating that it was unlikely to have been a result of accidental phone interaction [5].