港股小幅回调，日股创出新高 A 股能否迎来开门红？

Market Overview - Hong Kong stocks experienced a slight pullback after reaching new highs, with the Hang Seng Index down 0.68% to 26,957.77 points, and the Hang Seng Tech Index down 1.09% [1] - The market saw a significant rise prior to the pullback, with the Hang Seng Index gaining over 500 points on October 2, surpassing the 27,000-point mark, marking a four-year high [3] Sector Performance - Precious metals performed exceptionally well, with China Silver Group rising 18.57%, and other companies like Tan Gold Mining and Zhu Feng Gold also seeing substantial gains of 15.38% and 15.13% respectively [3] - The semiconductor sector emerged as a market leader, driven by breakthroughs in domestic chip technology and increasing global computing power demand, with companies like SMIC and Hua Hong Semiconductor seeing significant stock price increases [3] Policy and Market Dynamics - The Hong Kong Stock Exchange's "Tech Enterprise Line" policy has facilitated listings for tech and biopharmaceutical companies, enhancing market vitality [3] - Continuous inflow of southbound funds has provided liquidity support to the Hong Kong market [3] Japanese Market Reaction - The Nikkei 225 index rose 4.75% to a record closing high of 47,944.76 points, influenced by the election of new Liberal Democratic Party leader, Sanae Takaichi, which is expected to positively impact the Japanese stock market [4][6] - Following Takaichi's election, there is a growing sentiment among institutions to bet on stocks while shorting Japanese government bonds, particularly long-term bonds [6] A-Share Market Expectations - Despite the A-share market being closed for the National Day holiday, strong overseas market performance and capital flows have raised expectations for a positive opening after the holiday [7] - Historical data indicates a stable "National Day effect" in the A-share market, with median returns of +0.94% and +2.20% for the first and fifth trading days post-holiday, respectively [7] Investment Sentiment - Analysts remain optimistic about the Hong Kong market's future despite short-term adjustments, citing a long-term bull market that began in Q4 of the previous year [8] - The key to post-holiday performance will depend on the sustainability of core sectors and the ability of capital to support them [8]