中泰国际每日晨讯-20250912

Market Overview - On September 11, the Hang Seng Index fell by 114 points or 0.4%, closing at 26,086 points, maintaining above the 26,000 mark[1] - The Hang Seng Tech Index slightly decreased by 0.2%, closing at 5,888 points[1] - Total market turnover reached over HKD 325.2 billion, with net inflow from the Stock Connect at HKD 18.99 billion[1] Sector Performance - The biopharmaceutical sector was heavily impacted, declining by 3.1%, but many stocks saw significant rebounds, with Jiangsu Hengrui Medicine (2617 HK) and others rising between 10.1% and 20.8%[1] - Alibaba (9988.HK) announced a USD 3.2 billion zero-coupon convertible bond issuance, with 80% allocated for AI infrastructure, leading to a 0.4% increase in its stock price[1] - Stocks related to AI infrastructure and semiconductors, such as ZTE Corporation (763 HK) and SMIC (981 HK), saw gains between 4.9% and 12.8%[1] Trade Relations and Economic Outlook - The U.S.-China trade tensions are resurfacing, with Mexico raising tariffs on Chinese and other Asian cars to 50%, indicating a shift towards regional trade systems[2] - Upcoming APEC summit discussions and potential breakthroughs in U.S.-China negotiations are critical to monitor, especially regarding trade and technology restrictions[2] Real Estate Market Insights - 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[5] - First-tier cities showed mixed results, with Beijing down 6.6% and Guangzhou up 11.1% year-on-year[6] - The land transaction volume in 100 major cities fell by 43.5% year-on-year, indicating a significant slowdown in real estate activity[8] Policy Adjustments - Shenzhen has optimized its housing purchase and credit policies, allowing families to buy unlimited properties in certain districts[9] - The overall sentiment in the real estate sector remains cautious, with expectations for policy measures to stimulate demand during the "Golden September and Silver October" period[11]