港股早参丨现货白银周四冲破50美元大关，机构称中期港股科技仍有重要配置价值

Market Overview - On October 9, Hong Kong's three major indices showed mixed performance, with the Hang Seng Index down 0.29% to 26,752.59 points, the Hang Seng Tech Index down 0.66% to 6,471.34 points, and the Hang Seng China Enterprises Index up 0.07% to 9,530.13 points [1] - The pharmaceutical sector experienced a significant pullback, while the semiconductor industry saw a notable decline in the afternoon session, and the metals sector accelerated its gains [1] - Notable stock movements included Alibaba down nearly 2.5%, Hua Hong Semiconductor down nearly 6.5%, and Kuaishou up over 3.5% [1] Southbound Capital - On October 9, southbound funds net bought HK stocks worth HKD 30.43 billion, with Kuaishou receiving a net purchase of HKD 10.86 billion; year-to-date, the cumulative net purchase amount reached HKD 11,705.58 billion, significantly exceeding last year's total [2] U.S. Market Performance - Overnight, U.S. stock indices saw slight declines, with the Dow Jones down 0.52%, S&P 500 down 0.28%, and Nasdaq down 0.08%; Boeing fell over 4% and Travelers Group nearly 3%, leading the Dow's decline [2] - Chinese concept stocks mostly fell, with Alibaba down 4% and XPeng down 5%; the Nasdaq Golden Dragon China Index closed down 2% [2] Key Messages - Alibaba's team for the Tongyi Qianwen large language model is exploring the transition from a language model to an intelligent agent capable of real-world actions [3] - Silver prices recently surpassed USD 51 per ounce, marking the highest level since the 1980s; year-to-date, silver futures have risen over 70%, outperforming gold [3] - Federal Reserve officials expressed support for further interest rate cuts this year to address potential labor market slowdowns, though caution was advised due to inflation and employment uncertainties [3] Short Selling Data - On October 9, a total of 653 Hong Kong stocks were short-sold, with total short-selling amounting to HKD 41.163 billion; notable short-selling amounts included Alibaba at HKD 32.86 billion, Tencent at HKD 19.8 billion, and HSBC at HKD 17.45 billion [4] Institutional Views - Huatai Securities believes that the upward trend of Hong Kong stocks may continue post-holiday, citing historical patterns of increased volatility after holidays; they emphasize the importance of scarce and certain assets amid global uncertainties and the ongoing demand for cross-asset and cross-regional capital reallocation [5] - The firm highlights the strengthening narrative around AI and technology, along with a moderate recovery in consumer demand, particularly in experiential consumption [5] Hong Kong Stock ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [6] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology firms that are also relatively scarce compared to A-shares [7]