大市波幅收窄虽有助于消化短期压力，但随着前期政策及流动性利好逐步兑现，市场或短期因缺乏共识而延续震荡态

Market Overview - On September 8, the Hang Seng Index rose by 216 points or 0.9%, closing at 25,633 points, driven by major technology stocks[1] - The Hang Seng Tech Index increased by 1.2%, closing at 5,753 points, with a trading volume of over HKD 286 billion, indicating active market conditions[1] - Net inflow from the Hong Kong Stock Connect was HKD 16.71 billion, reflecting a high risk appetite among domestic investors[1] Sector Performance - Notable stocks like Alibaba, Tencent, and Baidu saw increases ranging from 1.9% to 9.5%, indicating strong capital inflow into sectors with positive earnings outlooks[1] - The biotechnology, robotics, consumer electronics, oil, transportation, and real estate sectors also performed well, while Pop Mart (9992 HK) fell by 7.1%[1] Market Sentiment and Valuation - The market is expected to continue its volatile trend due to a lack of consensus and high valuations, with the Hang Seng Index's forecasted PE at 11 times[2] - Without new catalysts, the market may be susceptible to overseas fluctuations, with earnings support showing structural divergence across sectors[2] Real Estate Dynamics - New home sales in 30 major cities reached 1.29 million square meters, a year-on-year increase of 3.7%, but down 30.3% month-on-month[3] - Performance varied across city tiers, with first-tier cities down 9.1% year-on-year, while third-tier cities rose by 12.8%[3] Industry Developments - Hesai Technology (HSAI US) is set to list on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion, with projected revenue of nearly HKD 2.1 billion in 2024[4] - The pharmaceutical sector showed strong performance, particularly in innovative drugs and CXO segments, with leading companies like Sinopharm and Hansoh seeing stock price increases[4] Renewable Energy Sector - The renewable energy sector saw gains, with companies like Longyuan Power (916 HK) and China General Nuclear Power (1164 HK) rising by 6.4% and 3.8%, respectively[5] - The National Development and Reform Commission has issued guidelines to promote AI integration in the energy sector, supporting high-quality development[5] Company Insights - Beijing Enterprises Urban Resources (3718 HK) reported a 13.1% increase in total revenue to RMB 3.04 billion, with adjusted operating profit up 24.7%[6] - The company is shifting focus from hazardous waste treatment to urban services, with the latter's gross profit margin rising from 87.2% in FY22 to 97.4% in H1 25[6] Financial Health - The company maintains a healthy financial status with a net debt ratio of 50.0% and a low price-to-book ratio of 0.41 times, below industry peers[9] Risk Factors - Key risks include project delays, receivables risk, price fluctuations, and regulatory changes[10]