港股日评：三大股指上涨，港股通钢铁领涨-20250826

Core Insights - The Hong Kong stock market saw significant gains on August 25, 2025, with the Hang Seng Index rising by 1.94%, the Hang Seng Tech Index increasing by 3.14%, and the Hang Seng China Enterprises Index up by 1.85% [2][5][12] - The market's positive performance was driven by dovish signals from Federal Reserve Chairman Jerome Powell, indicating a potential policy adjustment and raising the probability of a rate cut in September to over 85%, which boosted global risk appetite and led to a return of foreign capital to undervalued emerging markets [2][7] - The Hong Kong market has underperformed compared to the A-share market since June, suggesting that there is still room for a rebound in the Hang Seng Tech and Hang Seng Index [2][7] Market Performance - On August 25, 2025, the total trading volume in the Hong Kong market reached HKD 369.7 billion, with southbound funds experiencing a net outflow of HKD 1.376 billion [2][5] - The top-performing sectors included steel (+5.80%), comprehensive (+5.17%), and retail (+4.67%), while the defense and military sector (-5.49%), light industry manufacturing (-2.41%), and agriculture, forestry, animal husbandry, and fishery (-0.74%) lagged behind [5][16] - In terms of concepts, cobalt metal index (+10.10%), small metal index (+6.54%), and satellite navigation index (+5.77%) led the gains, while online education index (-9.88%), financial IC index (-3.08%), and sapphire index (-2.54%) faced declines [5][16] Industry Insights - The Ministry of Industry and Information Technology emphasized the orderly guidance of computing power facility construction, which is expected to enhance the quality of computing resource supply and benefit the semiconductor sector in Hong Kong [7] - The introduction of the "Internet Platform Pricing Behavior Rules" is expected to improve market sentiment and significantly boost major internet stocks in Hong Kong [7] - The implementation of the "Total Control Management Measures for Rare Earth Mining and Smelting Separation" is anticipated to drive up rare earth concept stocks due to supply constraints and clear penalties for violations [7] Future Outlook - The report suggests three core directions for potential growth in the Hong Kong market: 1) AI technology and new consumption are expected to have significant growth potential, 2) Continued inflow of southbound funds into Hong Kong stocks, and 3) The impact of further rate cuts in the U.S. improving global liquidity, which could support the Hong Kong market's upward trajectory [7]