港股速报｜恒指失守26000点 恒生科技指数创近两个月新低 半导体股逆势走强

Market Overview - The Hong Kong stock market experienced a decline for the third consecutive day, with the Hang Seng Index closing below 26,000 points at 25,930.03, down 454.25 points, a decrease of 1.72% [1] - The Hang Seng Tech Index reached a new closing low since September 5, ending at 5,645.73, down 111.15 points, a drop of 1.93% [3] Sector Performance - Major sectors fell across the board, with technology stocks experiencing significant declines. Lenovo Group (00992.HK) dropped over 4%, Kuaishou-W (01024.HK) fell over 3%, and Tencent Holdings (00700.HK) and Xiaomi Group-W (01810.HK) both decreased by over 2% [5] - Gold stocks also saw declines, with Lingbao Gold (03330.HK) down over 8%. Lithium battery stocks continued to weaken, with Ganfeng Lithium (01772.HK) and Tianqi Lithium (09696.HK) both falling over 6%. Automotive stocks were broadly down, with Xpeng Motors-W (09868.HK) dropping over 10% [5] - Notably, the semiconductor sector was the only one to rise against the trend, with Huahong Semiconductor (01347.HK) up over 3%, Hongguang Semiconductor (06908.HK) rising over 2%, and SMIC (00981.HK) increasing over 1% [5] Capital Flow - As of the market close, southbound funds recorded a net purchase of over 7.4 billion HKD in Hong Kong stocks [6] Market Outlook - Most institutions believe that the Hong Kong market lacks clear direction in the short term due to a lack of new macroeconomic stimuli and a cooling expectation of interest rate cuts by the Federal Reserve, leading to reduced market risk appetite [7] - However,招商证券国际 indicates that the foundation for a market turnaround is being established, driven by breakthroughs in China's AI industry, improved policy transmission efficiency, and expectations for future growth stabilization policies [7] - Huatai Securities notes that liquidity pressure in the Hong Kong market may persist until the end of the year, with a slowdown in the inflow of southbound funds, but marginal improvement in liquidity is expected after December, potentially leading to a spring rally in early next year [7]