Market Overview - On October 10, Hong Kong's three major indices opened lower, with the Hang Seng Index down 0.85% and the Hang Seng Tech Index down 1.4% [1] - Popular sectors such as lithium batteries and non-ferrous metals experienced a general pullback, with companies like CATL and Luoyang Molybdenum falling over 3% [1] Future Outlook for Hong Kong Stocks - Global capital is flowing into more markets as the Federal Reserve begins a new round of interest rate cuts, positioning the Hong Kong stock market favorably due to its valuation advantages and close ties to the mainland economy [2] - There is a consensus among public fund institutions to increase allocations to Hong Kong stocks, with a notable increase in external capital inflow expected [2] Focus on Technology Sector - The "Hang Seng Tech" index has been frequently mentioned by fund managers, with increased volatility attributed to intensified competition among domestic internet firms and rising capital expenditures in AI [3] - Long-term prospects for the Hang Seng Tech sector remain positive, with a distinction made between "hard tech" in A-shares and "soft tech" in Hong Kong stocks, which focus more on AI applications and software [3] - Current valuation metrics show the Hang Seng Tech Index at a price-to-earnings ratio of 23.32, which is significantly below its historical average [3] Investment Strategies - Analysts predict that the Hang Seng Index could reach new highs in Q4, with the tech sector expected to lead the way [4] - The potential for a 15% increase in the Hang Seng Tech Index is noted if undervalued tech stocks recover, with a possibility of over 30% growth if valuations return to historical averages [4] - The combination of ample liquidity and ongoing AI investments is seen as a key driver for the Hong Kong stock market [4] Sector Recommendations - The market is advised to focus on technology (including AI and high-end manufacturing) and non-ferrous metals, while also considering undervalued insurance stocks and high-dividend strategies [5] - The AI sector is highlighted as a primary focus for the Hong Kong market, with expectations for significant benefits from the ongoing AI narrative [5]

恒生指数高开0.12%，恒生科技指数涨0.41%。新东方、美团、京东集团涨超1%。恒生银行涨近15%， 汇丰建议将恒生银行私有化。 国信证券：由于美联储的态度已经事实上更加鸽派，这有助于改善来自海外的流动性。此外8、9月份港 股在业绩下修的背景下出现了进一步的上涨，这种不寻常恰恰代表了以中债利率为基础的风险溢价框架 开始系统性发生作用，为年内港股进一步上行打开了空间。该行以加权风险溢价测算，上调2025年港股 目标价到29000点。 交银国际：9月港股延续震荡上行态势，在中美谈判重启和海外降息预期双重利好助推下，叠加科技板 块轮动上涨，对大盘形成重要提振。外部环境延续向好，中美贸易谈判重启，双方就关税削减、出口管 制等关键议题展开磋商，市场对双边关系进展预期有所升温。国庆及中秋长假影响，市场预计将短暂进 入"淡季"模式，叠加美国政府短期融资法案不确定性，海外扰动影响或放大。同时，市场对美联储降息 时点和幅度仍存分歧，短期内可能仍以"有条件降息"为主调，预期反复或引起市场震荡。 关于港股后市 本文转载自"腾讯自选股"，智通财经编辑：蒋远华。 浙商国际：回顾9月港股市场走势，市场震荡向上加速上涨，连续5个月收涨。 ...

"恒生科技"是不少基金经理在策略会上频繁提及的热词。 国庆长假期间，A股休市，港股市场表现受到投资者重点关注。10月以来，港股市场整体走势较为震 荡，恒生指数在10月2日涨超1.6%后，随后三个交易日连续调整。 近期，全球资本"活水"随着美联储开启新一轮降息周期而流向更多市场。当流动性宽松的闸门再次开 启，估值优势显著、与内地经济联动紧密的港股市场，站在了风口之上。在近期多家公募机构举办的策 略会上，加大对港股的配置成为了共识性的判断。有业内人士表示，外部资金流入港股市场的意愿显著 增强，以港股为代表的中国资产或得到外资的进一步增持。 港股市场或迎增量资金 汇丰晋信基金的基金经理许廷全表示，今年以来港股显著走强，主要受益于三大因素。第一是估值的修 复，"一些互联网大厂经过近3年的降本增效，从去年三季度开始，业绩持续好于市场预期，互联网巨头 持续业绩超预期带动港股估值回升"。其次是投资者情绪的修复，"DeepSeek大模型公布、人形机器人产 业向好、创新药集体出海等因素，都让全球投资者有了更强的信心"。第三是全球货币政策转向，"美联 储进入了新一轮降息周期。未来可能会加快降息节奏，这利好包括港股在内的其他市场" ...

浙商国际发布研报称，回顾9月港股市场走势，市场振荡向上加速上涨，连续5个月收涨。整体来看，港 股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。当 下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。对 于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的汽 车、新消费、创新药、科技等。 恒生指数低开0.21%，恒生科技指数跌0.11%。黄金股表现强势，紫金黄金国际涨超2%；科网股多数低 开，阿里巴巴跌1.33%。 关于港股后市 交银国际发布研报称，9月港股延续震荡上行态势，在中美谈判重启和海外降息预期双重利好助推下， 叠加科技板块轮动上涨，对大盘形成重要提振。外部环境延续向好，中美贸易谈判重启，双方就关税削 减、出口管制等关键议题展开磋商，市场对双边关系进展预期有所升温。国庆及中秋长假影响，市场预 计将短暂进入"淡季"模式，叠加美国政府短期融资法案不确定性，海外扰动影响或放大。同时，市场对 美联储降息时点和幅度仍存分歧，短期内可能仍以"有条件降息"为主调，预期反复或引起市场震荡。 本文转载自"腾讯自 ...

浙商国际发布研报称，回顾9月港股市场走势，市场振荡向上加速上涨，连续5个月收涨。整体来看，港 股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。当 下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。对 于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的汽 车、新消费、创新药、科技等。 从各个角度简要总结当下市场环境。基本面：8月经济数据整体表现进一步走弱，国内经济仍处于筑底 期；政策面：政策基调强调更加积极有为，以巩固经济稳增长的基础；资金面：内部南向资金加速流 入，外部资金环境进一步改善，更多资金开始介入港股；情绪面：市场强势表现驱动看多情绪，但市场 对于基本面的担忧仍在。 2025年10月港股市场展望及配置策略 港股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。 当下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。 对于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的 汽车、新消 ...

港股市场策略周报 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 2 n 本周有色、科技、医药相关概念继续强势，在上周的略微调整后，市场继续上攻，恒生综指/恒生指数/恒生科技分别 +4.34%/ +3.88%/+6.90%。本周市场一级行业板块除电讯业外全部收涨，原材料业继续表现强势，周涨幅超10%， 周涨幅排在第一。科技股本周表现出色，带动可选消费和资讯科技周涨幅分别超过6%和5%。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点为83.81%，估值水平超5年均值向上一个标准差。 l 港股市场宏观环境： n 基本面：9月制造业和服务业PMI表现有所分化，但综合PMI显示整体经济景气表现平稳，继续表现出筑底企稳的特征。 n 资金面：本周美国非农就业数据因美政府停摆延期发布，而本周小非农ADP数据明显不及预期，带动降息预期升温。 l 港股市场展望： n 基本面：经济数据整体表现进一步走弱，国内经济仍处于筑底期；政策面：后续政策基调偏向以更积极有为的政策巩固 稳增长基础，内需刺激和重点产业扶持将是政策重点；资金面：美国近期数据反映了经济走弱、通胀趋稳和就业走弱的 状态，降息预期有所升温；情绪面：市 ...

新股方面，轩竹生物-B（02575.HK）于10月6日至10月10日招股，该公司拟全球发售6733.35万股，其中香港发售占10%，国际发售占90%，另有15%超额配 股权，每股发售价11.6港元。该股每手500股，预期股份将于10月15日在联交所开始买卖。 轩竹生物是一家以创新为驱动的中国生物制药公司，凭借对中国医药行业的理解和对其独特临床需求的洞察，改善患者健康和生活。公司有超过十种药物资 产在积极开发中，涵盖消化系统疾病、肿瘤和非酒精性脂肪性肝炎(NASH)，包括三项NDA批准资产，一个药物项目处于NDA注册阶段，一个药物项目处于 III期临床试验阶段，四个药物项目处于I期临床试验阶段，五个已获IND批准。 今日（10月6日），港股市场小幅低开。截至发稿，恒生指数报27003点，下跌137点，跌幅0.50%。 其他方面，盘面上，科网股普跌，网易低开超2%，随后回升。哔哩哔哩、联想、阿里巴巴、京东、百度跌超1%。腾讯逆势走强，一度涨超1%。黄金股普 涨，中国白银集团涨超10%、珠峰黄金涨超5%；芯片股活跃，宏光半导体涨超1%；汽车股走弱，小鹏汽车跌超4%。 国信证券最新研报指出，由于美联储的态度已经事实上 ...

午后，港股维持疲弱走势。个股方面，小米集团跌近2%。 港股跌逾1% 恒生指数盘中跌超1%，恒生科技指数一度跌超1.7%。 交银国际研报认为，9月港股延续震荡上行态势，在中美谈判重启和海外降息预期双重利好助推下，叠加科技板块轮动上涨，对大盘形成重要提振。外部 环境延续向好，中美贸易谈判重启，双方就关税削减、出口管制等关键议题展开磋商，市场对双边关系进展预期有所升温。与此同时，中国内地宏观政策 保持连续性和稳定性，"稳增长"政策工具箱储备充足，亦为港股提供了基本面预期支撑。 该机构认为，国庆及中秋长假影响，港股市场预计将短暂进入"淡季"模式，叠加美国政府短期融资法案不确定性，海外扰动影响或放大。同时，市场对美 联储降息时点和幅度仍存分歧，短期内可能仍以"有条件降息"为主调，预期反复或引起市场震荡。港股部分优质板块估值已接近历史高位，短期获利了结 压力犹存，可重点关注美联储降息节奏、中美关系进展及中国内地稳增长政策情况。 小米集团早盘下跌，午后跌近2%。 近日，"小米汽车自己开走"的话题冲上微博热搜。 个股方面，大众公用涨超23%，上海电气涨近16%。 有网络报道称，10月2日，山东威海一位车主发视频反映，自己的小 ...

Core Viewpoint - The trend of net inflow of southbound funds into Hong Kong stocks is expected to continue long-term, although the intensity and pace may fluctuate due to market conditions [1] Group 1: Southbound Funds and Market Dynamics - Professional institutional investors in southbound funds provide liquidity support and enhance the vitality of sectors like technology and innovative pharmaceuticals [1] - The listing of high-quality A-share companies in Hong Kong increases the diversity of listed companies, attracting long-term international capital and enhancing mainland investors' willingness to allocate to Hong Kong stocks [1] - The initial high attention and trading enthusiasm for new listings can boost market activity, creating a positive cycle of liquidity recovery, valuation rebound, and improved investment sentiment [1] Group 2: Sector Performance and Drivers - The technology sector has shown strong performance, driven by the demand for high-end AI servers and GPUs due to the requirements of AI model training and inference [2] - Internet giants with strong R&D capabilities are competing to develop large models, playing dual roles as "computing power providers" and "model developers" in the AI wave [2] - AI applications are creating new business models and optimizing existing operations across various industries, including advertising, smart electric vehicles, and healthcare [2] Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector has surged due to three main drivers: increasing medical spending from an aging population, policy changes accelerating drug approvals, and the introduction of a new medical insurance directory to support high-quality innovative drugs [2] - The approval timeline for innovative drugs has been shortened from 60 to 30 working days, facilitating faster market entry [2] Group 4: Global Liquidity and Capital Flows - With the Federal Reserve entering a rate-cutting cycle, global liquidity is improving, and lower funding costs may attract international capital to Hong Kong stocks, particularly benefiting the AI and internet sectors [3] - A low-interest-rate environment is also favorable for commodity prices, potentially benefiting cyclical sectors [3]

Core Viewpoint - The article emphasizes a positive outlook for the A-share market in the fourth quarter, driven by strong economic fundamentals and a focus on new productivity sectors such as technology and "anti-involution" strategies [2][3]. Group 1: Market Performance and Drivers - The A-share market has shown a "slow bull" trend, rising from around 3300 to above 3800 points this year, with sectors like innovative drugs, humanoid robots, and computing power leading the way [2]. - The strong performance of the A-share market since April is attributed to multiple supportive factors, including favorable policies, industrial advancements, and increased capital participation [8][19]. - Key drivers of the current market rally include systematic improvements in innovation capabilities, strong policy support, and the trend of technology companies expanding globally [19][20]. Group 2: Investment Focus and Sector Trends - The investment focus for the fourth quarter includes technology growth sectors and "anti-involution" strategies, reflecting a shift of capital towards industries supported by national strategies [21][22]. - The structural differentiation in market styles indicates a transition from traditional growth models to sectors with clear industrial trends, particularly in hard technology fields like AI and semiconductors [22][23]. - The article suggests that the market is likely to see a new round of main rising trends, with a focus on policy and industrial developments [24][25]. Group 3: Future Market Outlook - The economic fundamentals in China exhibit strong resilience, and the market is expected to maintain upward potential, particularly in new productivity sectors like AI [25][26]. - The fourth quarter is anticipated to witness a more balanced market style, with growth and value sectors both receiving attention from investors [28][29]. - The article highlights the importance of monitoring policy developments and industry progress, particularly in the context of the "14th Five-Year Plan" and its implications for investment opportunities [27][30]. Group 4: Hong Kong Market Insights - The Hong Kong market has shown a strong upward trend this year, outperforming major global indices, and is expected to continue benefiting from favorable liquidity conditions and asset revaluation [34][35]. - Key sectors to watch in the Hong Kong market include technology, healthcare, and consumer services, which are poised for recovery and growth [36][37]. - The article notes that the increasing number of A-share companies listing in Hong Kong will enhance liquidity and investment opportunities in the region [37][38].