个股方面，百度集团涨8.08%，创维集团涨14.51%，中国铝业涨7.32%，心动公司涨3.22%，灵宝黄金涨 7.07%，国富氢能涨16.05%，宁德时代涨0.93%，药捷安康涨77.09%，泡泡玛特涨1.24%，恒大物业涨 20.65%，蔚来涨4.84%，华润电力跌0.85%，耀才证券金融跌2.34%，商汤涨7.11%。 成交额前三的个股中，阿里巴巴涨5.44%，成交超259亿港元；腾讯控股涨2.22%，成交超134亿港元； 美团收平，成交105亿港元。 （文章来源：新华财经） 新华财经香港9月12日电（记者林迎楠）12日，港股主要指数大幅高开后波动整理，截至收盘，恒生指 数上涨1.16%至26388.16点，恒生科技指数上涨1.71%至5989.27点，国企指数上涨1.13%至9364.94点。 当日恒指高开453.12点，开盘后涨至日内最高26585.95点，随后震荡回落至26378点附近，最终恒指涨 301.84点，主板成交超3207亿港元。当日，港股通（南向）净流入超过73亿港元。 整体来看，多数板块上涨，生物医药、科网、房地产、黄金等股多有上涨，券商、保险、新能源汽车、 芯片等股有涨有跌，银行、 ...

Market Overview - The Hong Kong stock market rebounded, with all three major indices rising, and the Hang Seng Index reaching a four-year high, closing up 1.16% at 26,388.16 points, with a total turnover of HKD 32.07 billion [1] - For the week, the Hang Seng Index increased by 3.82%, the Hang Seng China Enterprises Index rose by 3.4%, and the Hang Seng Tech Index gained 5.31% [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 8.08% to HKD 115.1, contributing 17.27 points to the Hang Seng Index [2] - Other notable blue-chip performers included China Hongqiao (01378) up 7.02%, Alibaba-W (09988) up 5.44%, while Chow Tai Fook (01929) and Alibaba Health (00241) saw declines of 2.91% and 2.64% respectively [2] Sector Highlights - Large tech stocks surged, with Baidu and Alibaba benefiting from reports of using self-designed chips for AI model training [3] - The non-ferrous metals sector performed well, with China Aluminum (02600) up 7.32%, Jiangxi Copper (00358) up 7.07%, and China Hongqiao (01378) up 7.02% [3] - The pharmaceutical sector saw a rebound, with notable gains from companies like Innovent Biologics (09969) up 14.09% and Hutchison China MediTech (00013) up 11.2% [4] Regulatory Developments - The National Medical Products Administration proposed to optimize the clinical trial review process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [5] - Recent rumors regarding patent trading bans have created short-term sentiment impacts, but major pharmaceutical companies are lobbying against such measures [5] Real Estate Sector - The real estate sector saw collective gains, with companies like Oceanwide Holdings (03377) up 13.07% and Sunac China (01918) up 8.72% [6] - Recent policy changes in major cities aimed at easing purchase restrictions are expected to boost market activity in the upcoming traditional marketing season [6] Cloud Computing and AI - The cloud computing sector continued its upward trend, with companies like GDS Holdings (09698) up 15.67% and Alibaba-W (09988) up 5.44% [7] - Oracle's recent financial disclosures and OpenAI's agreement to purchase significant computing power from Oracle are expected to positively impact the cloud computing landscape [7] Notable Stock Movements - Yaojie Ankang-B (02617) surged 77.09% after announcing clinical trial approvals for its core product [8] - Evergrande Property (06666) saw a significant rise of 20.65% following news of non-binding acquisition interest [9] - Giant Star Legend (06683) increased by 13.15% due to media coverage of its new product launch [10] - Longi Green Energy (06869) experienced a decline of 5.32% amid profit-taking recommendations from analysts [11]

Market Overview - Hong Kong stocks rebounded strongly, with the Hang Seng Index reaching a four-year high, closing up 1.16% at 26,388.16 points, with a total turnover of HKD 32.07 billion [1] - The Hang Seng Index increased by 3.82% over the week, while the Hang Seng China Enterprises Index and Hang Seng Tech Index rose by 3.4% and 5.31% respectively [1] Blue Chip Performance - Baidu Group-SW (09888) led blue-chip stocks, rising 8.08% to HKD 115.1, contributing 17.27 points to the Hang Seng Index [2] - Other notable blue-chip performers included China Hongqiao (01378) up 7.02%, Alibaba-W (09988) up 5.44%, while Chow Tai Fook (01929) and Alibaba Health (00241) saw declines of 2.91% and 2.64% respectively [2] Sector Highlights - Large tech stocks surged, with Baidu and Alibaba benefiting from reports of using self-designed chips for AI model training [3] - The non-ferrous metals sector performed well, with China Aluminum (02600) up 7.32% and Jiangxi Copper (00358) up 7.07% [3] - Pharmaceutical stocks rebounded, with notable gains from Innovent Biologics (09969) up 14.09% and Hutchison China MediTech (00013) up 11.2% [4] Policy and Regulatory Developments - The National Medical Products Administration proposed to optimize the clinical trial review process for innovative drugs, aiming to complete reviews within 30 working days for eligible applications [5] - Recent policy changes in major cities to relax purchase restrictions are expected to boost market activity in the real estate sector [6] Cloud Computing and AI Developments - Cloud computing stocks continued to rise, with GDS Holdings (09698) up 15.67% and Alibaba-W (09988) up 5.44% [7] - Oracle reported a significant increase in future contract revenue, and OpenAI is set to purchase substantial computing power from Oracle [7] Notable Stock Movements - Yaojie Ankang-B (02617) surged 77.09% after receiving clinical trial approval for a new cancer treatment [8] - Evergrande Property (06666) saw a 20.65% increase following news of non-binding acquisition interest [9] - Giant Star Legend (06683) rose 13.15% due to a new product launch [10] - Longi Green Energy (06869) experienced a decline of 5.32% amid profit-taking recommendations [11]

Market Overview - The three major indices closed up over 1.1%, with the Hang Seng Index rising 1.16% to above 26,000 points, the Hang Seng China Enterprises Index up 1.13%, and the Hang Seng Tech Index up 1.71% [1][2] - Market sentiment is bullish, with significant gains in large tech stocks, particularly Baidu, which surged 8% [2][5] Sector Performance - Large tech stocks collectively rose, with notable increases from Baidu (+8%), Alibaba (+5.44%), and Tencent (+2.22%) [5][6] - Education stocks saw substantial gains, led by Yuhua Education, which soared over 43%, following the announcement of government subsidies for childcare and free preschool education [6][7] - Real estate and property management stocks also experienced upward momentum, with Evergrande Property rising over 20% [7][8] Investment Insights - The market liquidity remains ample, and valuation levels are considered reasonable, providing a window for allocation in tech and pharmaceutical sectors due to significant long-term recovery potential [5] - UBS anticipates strong demand for gold, projecting central bank purchases to remain robust at around 900 to 950 tons this year, slightly below last year's record [8][10] Capital Flows - Southbound funds recorded a net inflow of 7.331 billion HKD, indicating strong interest from investors [13][15] - Morgan Stanley noted that U.S. investors' interest in the Chinese market has reached its highest level since 2021, suggesting a favorable outlook for Hong Kong stocks compared to A-shares [15]

Group 1 - China Aluminum (02600.HK) experienced a significant increase in stock price, rising over 5% and reaching a peak increase of 7.18% to 7.61 HKD per share [2] - The trading volume for China Aluminum was reported at 893 million HKD [2]

Core Viewpoint - China Aluminum (601600) shares rose over 5%, reaching a peak increase of 7.18% at HKD 7.61, with a trading volume of HKD 893 million [1] Group 1: Company Performance - Goldman Sachs reported that China Aluminum's net profit for the first half of the year was RMB 7.1 billion, or earnings per share of RMB 0.412, reflecting a year-on-year growth of 1% [1] - Goldman Sachs raised its profit forecast for China Aluminum for 2025-2026 by 11% to 15%, expecting regular net profits to remain strong at RMB 13.3 billion in 2025 and RMB 14 billion in 2026, supported by projected aluminum price spreads of RMB 4,820 per ton in 2025 and RMB 4,700 per ton in 2026 on the Shanghai Futures Exchange [1] - Goldman Sachs maintained a "Buy" rating on China Aluminum's H-shares, increasing the target price from HKD 6.3 to HKD 7.6 [1] - UBS also assigned a "Buy" rating to China Aluminum, raising the target price from HKD 6.2 to HKD 7.9 [1] Group 2: Industry Insights - The Ministry of Commerce recently released the "2024 Annual Statistical Bulletin on China's Foreign Direct Investment," indicating that the mining sector remains highly active in foreign direct investment, ranking among the top five concentrated areas for such investments [1] - The bulletin's data shows that China's mining sector continues to attract strong investment interest and confidence from enterprises [1]

Group 1 - China Aluminum (02600) saw a stock price increase of over 5%, reaching a rise of 7.18% to HKD 7.61, with a trading volume of HKD 893 million [1] - Goldman Sachs reported that China Aluminum's net profit for the first half of the year was RMB 7.1 billion, or earnings per share of RMB 0.412, reflecting a year-on-year growth of 1% [1] - Goldman Sachs raised its profit forecast for China Aluminum for 2025-2026 by 11% to 15%, predicting recurring net profits of RMB 13.3 billion in 2025 and RMB 14 billion in 2026, supported by aluminum price differentials of RMB 4,820 per ton in 2025 and RMB 4,700 per ton in 2026 [1] Group 2 - Goldman Sachs maintained a "Buy" rating on China Aluminum's H-shares, increasing the target price from HKD 6.3 to HKD 7.6 [1] - UBS also assigned a "Buy" rating to China Aluminum, raising the target price from HKD 6.2 to HKD 7.9 [1] - The Ministry of Commerce's 2024 report indicated that China's mining sector remains highly active in foreign direct investment, being one of the five key areas for such investments, with strong investment willingness and confidence among enterprises [1]

Core Viewpoint - The green power sector is experiencing significant positive developments, with institutions optimistic about industry valuation recovery due to accelerated subsidy payments from the government [3][4]. Group 1: Market Performance - As of September 12, 2025, the China Securities National New Central Enterprise Modern Energy Index rose by 0.55%, with notable increases in component stocks such as Yunnan Copper (up 9.19%) and Yunnan Aluminum (up 8.16%) [3]. - The Central Enterprise Modern Energy ETF (561790) increased by 0.95%, with a latest price of 1.17 yuan, and has seen a cumulative increase of 2.65% over the past week [3]. - The ETF recorded a turnover rate of 2.24% during the trading session, with a transaction volume of 1.0211 million yuan, and an average daily transaction volume of 6.4351 million yuan over the past year [3]. Group 2: Subsidy Developments - Several green power companies, including Jidian Co., Yunnan Energy Investment, and Linyang Energy, received substantial national renewable energy subsidies in August, indicating a significant acceleration in the subsidy payment process [3][4]. - The subsidies received by solar energy companies in August amounted to 1.68 billion yuan for Jidian Co., 939 million yuan for Jinkai New Energy, 633 million yuan for Jinko Solar, and 203 million yuan for Linyang Energy, representing approximately 13% of their respective total receivables [4]. - The accelerated subsidy payments are expected to significantly improve the balance sheets of green power companies and enhance the speed of green energy construction [4]. Group 3: ETF Growth and Composition - The Central Enterprise Modern Energy ETF has seen a growth of 2.5306 million yuan in scale over the past year, ranking in the top third among comparable funds [4]. - The index tracks 50 listed companies involved in modern energy industries, including green energy and fossil energy, reflecting the overall performance of central enterprise modern energy theme stocks [4]. - As of August 29, 2025, the top ten weighted stocks in the index accounted for 48.28% of the total, including major players like Changjiang Electric Power and China Nuclear Power [4].

Market Performance - The Hang Seng Index rose by 1.53% at midday on the 12th [2] - The Hang Seng Tech Index increased by 2.18% [2] - The Hong Kong Stock Connect ETF (159318) gained 0.77% [2] - The Hong Kong Tech ETF (159751) saw an increase of 0.94% [2] Sector Performance - The metals and mining sector, along with the machinery manufacturing sector, showed strong gains [2] - The diversified REITs and biotechnology sectors experienced the largest declines [2] Individual Stock Movements - Baidu Group-SW surged by 8.54% [2] - China Hongqiao increased by 6.06% [2] - Alibaba-WR rose by 6.03% and Alibaba-W by 5.93% [2] - China Aluminum gained 5.92% [2] - Luoyang Molybdenum rose by 5.28% [2] - Kangfang Biotech increased by 4.38% [2] - Yimeng Biotech-B fell by 5.18% [2] - Hongteng Precision Technology dropped by 5.47% [2] - Yaojie Ankang-B surged over 55% [2] - Evergrande Property increased by 30.43% [2]

Group 1 - The core viewpoint of the articles highlights the positive impact of the Federal Reserve's interest rate cut on the prices of precious and industrial metals, leading to a significant rise in the non-ferrous metal index by 2.93% [3] - The non-ferrous metal ETF fund (516650) saw an increase of 3.06%, with major holdings like Yunnan Copper and Northern Copper reaching their daily limit up, indicating strong market performance [3] - The non-ferrous metal ETF fund has experienced continuous net inflows over the past 15 days, totaling 346 million yuan, with its latest share count reaching 389 million and total assets hitting 575 million yuan, both marking new highs in the past year [3] Group 2 - According to Minsheng Securities, the expectation of further interest rate cuts by the Federal Reserve, combined with seasonal demand improvements in September and October, provides strong upward momentum for industrial metal prices [3] - Concerns have arisen regarding a month-on-month decline in electrolytic copper production in September, which is expected to impact October's supply, while the demand fundamentals remain robust due to the consumption peak in September [3] - In the aluminum sector, supply-side adjustments and a resurgence of holding merchants' price support sentiment, along with downstream replenishment activities, indicate sustained demand [3] Group 3 - The non-ferrous metal ETF fund closely tracks the CSI Non-Ferrous Metal Industry Theme Index, with the top ten weighted stocks as of August 29, 2025, including Zijin Mining, Northern Rare Earth, and Luoyang Molybdenum, collectively accounting for 51.86% of the index [4] - The top ten stocks by weight in the non-ferrous metal ETF fund include Zijin Mining (15.80%), Northern Rare Earth (4.98%), and Luoyang Molybdenum (4.68%), among others, reflecting a diverse portfolio [6]