BABA(US:BABA) Guoxin Securities Hongkong·2025-09-12 09:39Market Overview - The initial jobless claims in the U.S. reached 263,000, exceeding market expectations of 235,000, marking the highest level in nearly four years[11] - The U.S. CPI for August increased by 2.9% year-on-year, aligning with expectations, while the month-on-month growth was 0.4%, surpassing the anticipated 0.3%[14] - The Dow Jones Industrial Average closed at 46,108.00, up 1.36% for the day and 8.30% year-to-date[5] Stock Market Performance - The Hang Seng Index closed at 26,086.32, down 0.43%, while the Hang Seng Tech Index fell by 0.24% to 5,888.77[11] - Major tech stocks in Hong Kong saw declines, with Meituan dropping 6% to a new low, while Alibaba and NetEase experienced slight increases[11] - In the U.S., major indices reached historical highs, with the Nasdaq gaining 0.72% to close at 22,043.07[11] Sector Highlights - Biopharmaceutical stocks in Hong Kong faced significant losses, with Genscript Biotech plunging 19.66% and Hansoh Pharmaceutical dropping nearly 9% due to regulatory concerns[11] - Semiconductor stocks showed strong performance, with InnoCare Technologies rising over 9% as it partnered with Nvidia to enhance data center operations[11] - Media stocks surged, with Warner Bros. Discovery soaring 28% amid acquisition rumors[11] Economic Indicators - The probability of a 50 basis point rate cut by the Federal Reserve in September rose to 10.9%, while the likelihood of a 25 basis point cut stood at 89.1%[14] - Japan's Producer Price Index (PPI) rose by 2.7% year-on-year, driven primarily by increasing food prices, particularly rice[14] - 96% of economists expect the Bank of Japan to maintain its key interest rate at 0.50% during the upcoming meeting[14]