Report Summary Market Performance - The Hang Seng Index opened 145 points higher but then declined, closing down 284 points or 1.1% at 25,058 points. The H-share Index fell 112 points or 1.3% to 8,937 points, and the Hang Seng Tech Index dropped 104 points or 1.8% to 5,578 points. The total turnover of the market was HK$302.233 billion [1]. - A-share market indices declined significantly, with the Shanghai Composite Index down 47 points or 1.25% to 3765 points, the Shenzhen Component Index down 353 points or 2.83% to 12118 points, and the ChiNext Index down 123 points or 4.25% to 2776 points [1]. - U.S. stocks opened lower and closed higher. The Dow Jones Industrial Average rose 350 points or 0.8% to 45,621 points, the S&P 500 Index increased 53 points or 0.8% to 6,502 points (a new closing high), and the Nasdaq Composite Index gained 209 points or 1% to 21,707 points [2]. Policy and News - The People's Bank of China conducted 7-day reverse repurchase operations worth RMB212.6 billion on September 4, with an operating rate of 1.4%. There were RMB416.1 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB203.5 billion. The central parity rate of the RMB against the U.S. dollar was raised by 56 points to 7.1052 [1]. - U.S. President Donald Trump signed an executive order on Thursday to implement a trade agreement with Japan. Under the agreement, the U.S. will impose a maximum 15% tariff on most Japanese goods, including automobiles and parts [2]. Hong Kong Stock Exchange Data - The Hong Kong Exchanges and Clearing Limited (00388.HK) reported that the average daily trading volume in August 2025 reached HK$279.1 billion, a year-on-year increase of 192%. The average daily trading volume for the first eight months of the year was HK$248.3 billion, a year-on-year increase of 132%. There were 59 new listings in the first eight months, up 37% from 43 in the same period in 2024. The IPO fundraising amount in the Hong Kong stock market reached HK$134.5 billion, a year-on-year increase of 579% [2].

Group 1 - The Hang Seng Index closed at 25,037.73 points, down 1.21% [1] - The Hang Seng Tech Index closed at 5,589.17 points, down 1.66% [1] - The support services sector led the gains in the market [1] Group 2 - The semiconductor sector experienced significant declines, with SMIC falling over 6% [1]

Core Viewpoint - The Hong Kong stock market is experiencing a decline, with the Hang Seng Index falling by 1% and the Hang Seng Tech Index dropping by 1.37% [1] Group 1 - The Hang Seng Index has seen a significant decrease, indicating a bearish trend in the market [1] - The Hang Seng Tech Index is also underperforming, reflecting challenges in the technology sector [1]

Market Performance - The Hong Kong stock market continues to decline, with the Hang Seng Index dropping by 1.16% [1] - The Hang Seng Index closed at 25,049.17, down by 294.26 points [2] - The National Enterprises Index fell by 1.40%, closing at 8,923.69, down by 126.33 points [2] - The Hang Seng Technology Index decreased by 1.60%, ending at 5,592.93, down by 90.81 points [2]

Group 1 - The market experienced fluctuations with strong performance in photovoltaic and energy storage stocks, while the brokerage sector faced significant pullbacks, attracting investor attention [1] - The ETF tracking the CSI All Share Securities Company Index saw a net inflow of 2.35 billion yuan, leading the market, while the Hang Seng Technology Index and the National Robot Industry Index also had notable inflows [1][2] - The broad-based index ETFs experienced net redemptions, particularly in the ChiNext Index, STAR Market 50, and CSI A500, with the A500 ETF seeing over 300 million yuan in net inflow [1] Group 2 - The top three indices for net inflows included the Securities Company Index with 2.35 billion yuan, the Hang Seng Technology Index with 680 million yuan, and the Robot Industry Index with 520 million yuan [2] - The Securities Company Index had a daily decline of 3.52% and a five-day decline of 3.74%, while the Hang Seng Technology Index and Robot Industry Index also experienced declines [2] - The bottom three indices for net inflows included the STAR Market 50 with a net outflow of 1.56 billion yuan and the ChiNext Index with a net outflow of 2.64 billion yuan [2]

Group 1 - The Hang Seng Index closed down 0.4% at midday [1] - The Hang Seng Tech Index fell by 0.54% [1]

Core Viewpoint - The article presents a neutral stance on the opinions expressed by the author, indicating that the content does not reflect the views of Hexun and emphasizes the need for readers to independently verify the information provided [1]. Group 1 - The article highlights the importance of accuracy and reliability in financial reporting and analysis, suggesting that readers should approach the information with caution [1]. - It underscores the responsibility of readers to assess the content critically and make informed decisions based on their own judgment [1].

Group 1 - The Hang Seng Index has increased by 2%, while the Hang Seng Tech Index has risen by 2.08% [1] - Alibaba's stock has surged over 17%, indicating strong market performance [1] - WuXi Biologics has seen an increase of over 5%, reflecting positive investor sentiment [1] Group 2 - Semiconductor Manufacturing International Corporation (SMIC) and Baidu Group have both risen by over 3%, contributing to the overall market growth [1]

Core Viewpoint - The article discusses the recent performance of A-shares and Hong Kong stocks, highlighting the rapid style switching in the market and the potential for A-shares to catch up with Hong Kong stocks in terms of returns [11][12][40]. Market Performance - The overall market showed a slight increase, remaining at 4.3 stars, close to 4.2 stars [1]. - Large, medium, and small-cap stocks all experienced gains, with large-cap stocks rising slightly more [2]. - Both growth and value styles saw increases [3]. - There was significant divergence in performance among different stocks [4]. - The STAR Market 50 index declined, while the ChiNext index saw substantial gains [5]. - Recently lagging sectors like consumer stocks experienced significant rebounds [6]. - Hong Kong stocks also rose overall, with small-cap and dividend stocks leading the gains [7]. Market Trends - The speed of style switching in the market has been very rapid, occurring almost daily [8]. - Each category of undervalued stocks tends to have its performance phase [9]. - Investors are advised to remain patient and avoid chasing trends or frequent trading [10]. A-shares vs. Hong Kong Stocks - A-shares and Hong Kong stocks have historically similar long-term returns, but their phases of increase and decrease differ [11]. - Recently, A-shares have begun to catch up after previously lagging behind Hong Kong stocks [12]. - Both markets were at low valuation levels around September last year, coinciding with the Federal Reserve's first rate cut [13][14]. - The decline in USD interest rates has increased global market liquidity, benefiting non-USD assets [15]. Characteristics of Bull Markets - The bull markets in A-shares and Hong Kong stocks share several characteristics: - Rarely slow bull markets, mostly characterized by rapid increases [17]. - Predominantly structural bull markets, with growth style stocks leading the way [20][21]. - Bull markets often experience intermittent pullbacks, typically following a pattern of "advance three, retreat one" [23]. Recent Performance Analysis - In the past year, A-shares experienced two major upward waves, one in late September last year and another in July-August this year [25]. - After a significant rise at the end of September last year, A-shares remained in a sideways trend for nearly half a year before gradually rising after June this year [25][26]. - Hong Kong stocks exhibited a similar pattern but had an additional upward phase [27]. - As of August 28 this year, the Hang Seng Index had risen 24%, while the CSI 300 Index for A-shares had increased by 13% [29]. - Since the low point in September last year, the Hang Seng Index has surged by 69%, compared to a 43% increase for the CSI 300 Index [30]. Valuation Insights - The article provides a summary of the valuation of various Hong Kong stock indices, indicating that most indices have moved out of undervaluation, with only a few value styles remaining undervalued [34]. - The article also mentions that the valuation table for Hong Kong indices is updated daily in a mini-program for easy access [36]. Conclusion - The article emphasizes the importance of understanding market dynamics and the potential for A-shares to align more closely with the performance of Hong Kong stocks, suggesting a favorable outlook for investors who remain patient and strategic in their approach [40].

Core Viewpoint - The Hong Kong stock market continued to decline in the afternoon, with the Hang Seng Technology Index dropping over 2%, the Hang Seng Index falling by 1.4%, and the National Enterprises Index decreasing by 1.6% [1] Group 1 - The Hang Seng Technology Index experienced a decline of more than 2% [1] - The Hang Seng Index recorded a decrease of 1.4% [1] - The National Enterprises Index fell by 1.6% [1]