国证国际港股晨报-20250905

Core Insights - The report highlights a significant increase in expectations for interest rate cuts in the US, with a focus on the upcoming non-farm payroll data [2][8] - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index dropping by 1.12% and the Hang Seng Technology Index falling by 1.85% [2][3] Company Analysis - The report discusses the impressive performance of ZhiZi City Technology (9911.HK), which reported a revenue of 3.18 billion RMB for the first half of 2025, marking a 40% year-on-year growth [10] - The social business segment of ZhiZi City Technology generated 2.83 billion RMB, reflecting a 37% increase, while the innovative business segment saw a remarkable 70.5% growth to 350 million RMB [11] - The gross profit margin improved from 50.2% to 55.8%, indicating enhanced profitability driven by organizational upgrades and strong performance in premium games and social e-commerce [10][11] - The company’s net profit attributable to shareholders reached 490 million RMB, a substantial increase of 117.8% year-on-year [10] Industry Trends - The report notes a continued decline in the semiconductor sector, with significant drops in stock prices for companies like Horizon Robotics (9660.HK) and SMIC (981.HK) [3] - The pharmaceutical and related sectors also faced collective pressure, with notable declines in stocks such as Jiahe Biology (6998.HK) and Singlomics (9688.HK) [4] - Conversely, the power sector showed resilience, with companies like Flat Glass (6865.HK) and Longyuan Power (916.HK) experiencing gains [5] Market Dynamics - The report indicates that southbound capital (North Water) continued to flow into the Hong Kong market, albeit with reduced intensity, with a net inflow of 706 million HKD [3] - The report also highlights the performance of the US stock market, where major indices saw gains, driven by expectations of interest rate cuts following weak employment data [6][8]