Group 1 - The Hang Seng Index opened down 0.32%, with the Hang Seng Tech Index falling 0.68%. Most tech stocks weakened, with Kuaishou down over 6%, Anta Sports down over 4%, and NetEase down over 1%. Zijin Mining rose over 2% [1] - The Hong Kong stock market has seen a net inflow of funds for 26 consecutive months, with a record monthly net inflow of 112.2 billion HKD in August 2025, indicating strong interest from mainland investors [3] - The average daily trading amount of southbound trading ETFs reached a new high of 3.8 billion HKD in the first half of 2025, with the number of eligible ETFs increasing from 5 to 17 [4] Group 2 - According to CITIC Securities, the Hong Kong stock market's performance stabilized in the first half of 2025, achieving positive growth in earnings, with revenue and profit growth rates of 1.9% and 4.6% respectively [5] - The technology, healthcare, and materials sectors showed high prosperity, supporting the performance of the Hong Kong stock market, while energy, utilities, and real estate sectors faced performance pressures [5] - AI remains a key theme in the Hong Kong stock market, with significant growth in AI cloud services and a shift towards self-developed chips among major AI companies [6]

恒生指数9月19日发布的报告显示，港股通年初至今获得了超过1万亿港元的资金净流入，已超过2024年全年数据，有望创 年度历史新高。 而随着ETF纳入互联互通，亦带动南向交易ETF成交额创下新高。中信证券研究所指出，港股今年上半年筑底企稳，业绩实现 正增长，基本面预期向好的板块或继续享有市场关注。 南下资金净流入将创历史新高 恒生指数称，自2014年11月股票互联互通启动以来，内地投资者已成为香港股票市场中的新势力。港交所数据显示，2025年 前8个月，港股通的平均每日成交金额（单边）为608亿港元，相当于市场整体24.5%。截至9月12日，今年港股通资金净流入 达到10729亿港元，比2024年全年还高33%，有望创下年度新高。 截至2025年8月，香港股票市场已经录得连续26个月的资金净流入。8月单月净流入达1122亿港元，居有记录以来第九。实际 上，2025年有6个月份跻身单月净流入前十，7个交易日位处单日净流入前十。其中，2025年8月15日的359亿港元为有记录以 来最高水平。 从内地投资者持仓来看，截至2025年9月12日，金融业仍为恒生港股通高持股50指数的最大行业，比重为32%，资讯科技业及 非 ...

Core Viewpoint - The Hong Kong stock market is experiencing significant net inflows, with the Hong Kong Stock Connect seeing over HKD 1 trillion in net inflows year-to-date, surpassing the total for the entire year of 2024, indicating a potential record high for the year [1][4]. Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect has reached HKD 60.8 billion, accounting for 24.5% of the overall market [4]. - In August 2025, the Hong Kong stock market recorded a net inflow of HKD 112.2 billion, marking the ninth highest monthly inflow on record [6]. - The Southbound trading of ETFs has seen an average daily trading volume of HKD 3.8 billion in the first half of 2025, setting a new semi-annual record [6]. Group 2: Sector Analysis - The financial sector remains the largest holding in the Hang Seng Stock Connect, accounting for 32%, followed by information technology at 20% and consumer discretionary at 16% [6]. - The healthcare sector has seen the largest increase in weight from 3% to 7% year-to-date, while consumer discretionary and information technology sectors have increased by 3 and 2 percentage points, respectively [6]. Group 3: Earnings and Growth Outlook - The Hong Kong stock market has stabilized, with positive earnings growth in the first half of 2025, showing revenue and profit growth rates of 1.9% and 4.6%, respectively [8]. - The sectors of technology, healthcare, and materials are expected to maintain high growth, while some sectors like energy and utilities are still under pressure [8]. - The second half of 2025 is anticipated to see a turning point in earnings growth, with expectations for a rebound in previously underperforming sectors [8]. Group 4: Investment Trends - AI remains a key theme in the Hong Kong stock market, with internet stocks expected to benefit significantly [9]. - The demand for AI cloud services is driving revenue growth, with private cloud service providers outpacing state-owned telecom companies for the first time in four years [10].

国泰海通证券 | 研究所 价值主张 做务实的增量研究。 年度代表作 、《港股是本轮牛市主战场》 o ... " "1/10. 吴信坤 海外策略首席分析师 行业核心洞察 港股是本轮牛市的主战场 点击下方图片 查看电话会回放详细议程 重要提醒 本订阅号所载内容仅面向国泰海通证券研究服务签约客户。因本资料暂时无法设置访问限制，根据《证 券期货投资者适当性管理办法》的要求，若您并非国泰海通证券研究服务签约客户，为保证服务质量、 控制投资风险 还请取消关注 请勿订阅 接收或使用本订阅号中的任何信息 我们对由此给您造成的 推 荐 阅 读 上线了！国泰海通2025研究框架培训视频版｜洞察价值，共创未来 报告来源 观点来自国泰海通证券已发布的研究报告。 报告名称：港股是本轮牛市主战场；报告日期： 20250607；报告作者：吴信坤S0880525040061；风险提示：稳增长政策落地进度不及预期，国内经 济修复不及预期。 扫码关注 星标不迷路 国泰海通证券研究所官方公众号 海量研报 | 热门活动 | 视听内容 ...

Core Viewpoint - The article discusses the performance and outlook of the Hong Kong stock market, particularly focusing on the technology sector, and highlights the differences in investor behavior between Hong Kong and A-shares [8][10][12]. Group 1: Market Performance - The overall market showed slight declines, with large-cap stocks slightly up and small-cap stocks slightly down, indicating low volatility [2][3]. - Value style stocks experienced an overall increase, while growth style stocks also saw minor gains [3][5]. - The Hong Kong stock market showed mixed results, with technology stocks leading the gains [7][8]. Group 2: Investor Behavior - The investor structure in Hong Kong is different from that in A-shares, with a higher proportion of institutional and Western investors who prefer large and mid-cap stocks [10][11]. - Historically, during bull markets, large and mid-cap stocks in Hong Kong tend to rise significantly, while small-cap stocks do not see as much upward movement [12][14]. Group 3: Technology Sector Analysis - The Hong Kong Technology Index fell nearly 70% from 2021 to 2022 due to several factors, including rising USD interest rates and concerns over the delisting of Chinese stocks from US exchanges [21][22][23]. - The technology sector's earnings declined for two consecutive years, leading to a bear market characterized by both valuation drops and profit declines [25]. - By 2023, the earnings of Hong Kong technology stocks stabilized, and by 2024, profits grew over 110% year-on-year, indicating a recovery phase [26][31]. Group 4: Sector Performance and Valuation - The most prosperous sectors in Hong Kong this year are technology and pharmaceuticals, both showing over 100% year-on-year profit growth in Q1 [40][41]. - The Hang Seng Consumer Index also saw a profit increase of over 20%, outperforming A-share consumer stocks [44][45]. - The article provides valuation data for various indices, indicating that the Hong Kong market has returned to a more favorable valuation compared to A-shares [52][53]. Group 5: Market Cycles and Investment Strategy - The article emphasizes that market cycles are crucial; strong fundamentals lead to higher valuations, while weak fundamentals can result in undervaluation opportunities [50][51]. - The article suggests monitoring quarterly earnings reports to gauge the potential for further increases in the Hong Kong Technology Index [35][36].

Core Viewpoint - CITIC Securities indicates that Hong Kong stocks' performance in the first half of 2025 has stabilized and achieved positive growth, with net profit margins and ROE maintaining high levels, reflecting robust operational efficiency [1] Industry Summary - The technology, pharmaceutical, and raw materials sectors are experiencing high prosperity, supporting the performance of Hong Kong stocks in the first half of 2025 [1] - Non-bank and certain consumer sectors also show positive performance, while the energy, public utilities, real estate, and most consumer sectors continue to face performance pressures [1] Performance Outlook - The earnings outlook for Hong Kong stocks is optimistic, with a projected turning point in performance growth for the second half of 2025 [1] - It is expected that the raw materials, healthcare, and technology sectors will continue to maintain high prosperity, with upward revisions in expectations [1] - Sectors that experienced low prosperity in the first half, such as energy and essential consumer goods, are anticipated to see a performance reversal in the second half [1] Market Dynamics - In the current bull market driven by liquidity, sectors with positive fundamental expectations are likely to continue attracting market attention [1]

责任编辑：石秀珍 SF183 8月21日，沪指创新高，逼近3800点。面对当前的市场行情，投资者们不禁疑问：行情还能持续吗？当 下又该如何布局投资？新浪证券特别连线"民间股神"、林园投资董事长林园，为投资者们解析当下的炒 股"秘籍">>视频直播 林园表示，港股和A股实际上是同步的，从大的时间框架上看是同步的。如果我们回顾过去一年，会发 现港股的表现比A股还要强劲。它们也在走趋势，正在朝着牛市的方向发展。甚至可以说，港股已经进 入牛市。虽然我们对指数的回调没有过多关注，但基于我们的判断，现在港股已经进入牛市。 MACD金叉信号形成，这些股涨势不错！ ...

Core Viewpoint - The A-share market has shown strong performance recently, with significant fluctuations and a notable recovery after initial declines influenced by the US market [1][2][3][4]. Market Performance - The A-share market experienced a decline at the opening but rebounded in the afternoon, leading to an overall increase for the day, returning to a rating of 4.4 stars [2][3][4]. - Large-cap stocks performed strongly today, while small-cap stocks showed slight increases after previous strong performances [5]. - Value styles, including dividends and free cash flow, have seen overall gains [6]. - Growth styles initially fell in the morning but also rallied in the afternoon [7]. - The STAR Market (科创板) has seen significant increases, with the STAR 50 index approaching overvaluation levels [8]. - The consumer sector has been relatively strong, marking one of the few industries that have declined this year and is currently undervalued [9][10]. Market Characteristics - A-share and Hong Kong markets typically exhibit characteristics of rapid bull markets, often experiencing significant gains over short periods after prolonged downturns [16][17]. - Historical data indicates that substantial gains occur in approximately 7% of trading days, contributing to the majority of market returns [18][19]. - The market is characterized by structural bull markets rather than broad-based rallies, with specific sectors leading the gains [21][22][23]. - Bull markets often experience intermittent pullbacks, with fluctuations being a normal part of the upward trend [27][28][29]. - Investor behavior tends to follow a pattern of chasing gains, with many entering the market at high points during bull runs [30][31]. Long-term Outlook - Despite market volatility, the long-term trend remains upward, with each bear market's bottom generally higher than the previous one [34][35]. - The relationship between index points, valuations, and earnings suggests that long-term growth in corporate earnings will drive index increases [36]. - Historical observations indicate that even during significant market downturns, prices eventually recover and surpass previous highs [37].

Group 1 - The Hang Seng Index opened down 0.77%, with the Hang Seng Tech Index falling 1.2%. Most tech stocks declined, including Alibaba down over 2%, JD Group down 2%, and NetEase down nearly 3%. In contrast, new energy vehicle stocks were active, with Xpeng Motors rising nearly 2% [1] - CITIC Securities predicts that the upcoming half-year earnings report period in August will be a crucial point for the continuation of the Hong Kong stock market. The market is expected to shift from liquidity-driven to performance-driven and policy validation phases, with stocks exceeding earnings expectations likely to benefit [1] - Industrial Securities maintains a bullish outlook on Hong Kong stocks, expecting a long-term bull market driven by increasing investor confidence, particularly among Chinese investors. The firm anticipates a continued upward trend in the second half of the year, with potential new highs [1] Group 2 - Cathay Pacific Securities forecasts that the Hong Kong stock market will continue its bull market trend in the second half of the year, driven by incremental capital inflows and structural asset advantages. The firm notes that the overall reduction pressure from stock unlocks has eased, although high valuations in new consumption sectors may still face unlock pressure [2] - Huatai Securities attributes recent market corrections to adjustments in internal and external expectations but maintains that the medium-term liquidity easing logic remains unchanged. The firm recommends focusing on sectors with improving sentiment and low valuations, particularly in technology [2] - Bank of China International reports that the Hong Kong Monetary Authority's sale of USD for HKD has minimal impact on the stock market, as these funds are primarily risk-averse. The firm predicts the Hang Seng Index will reach 27,500 points by the end of the year, with a forecasted P/E ratio of 12.3 times, reflecting a 5% premium over the past 20-year average [3]

Group 1 - The Hang Seng Index opened up 0.83%, with the Hang Seng Tech Index rising 0.94%. Tech stocks were active, with Tencent Holdings up over 1% and Alibaba up nearly 3%. However, the new energy vehicle sector was weak, with NIO down over 5% and Xpeng down over 2% [1] - Citic Securities believes that the upcoming half-year report period will be a crucial point for the continuation of the Hong Kong stock market, shifting focus from liquidity-driven to performance-driven and policy validation phases. Stocks with better-than-expected performance and upgraded guidance are expected to benefit [1] - Industrial Securities maintains a bullish outlook on Hong Kong stocks, predicting a long-term bull market driven by increasing investor confidence, particularly among Chinese investors. The market is expected to trend upwards in the second half of the year, with potential new highs [1] Group 2 - Cathay Pacific Securities forecasts that the Hong Kong stock market will continue its bull market trend in the second half of the year, driven by incremental capital inflows and structural asset advantages. The firm notes that the total financing scale for the year may approach 300 billion HKD, while the pressure from stock unlocks is easing [2] - Huatai Securities attributes recent market corrections to adjustments in internal and external expectations but maintains that the logic of liquidity easing remains unchanged. The firm recommends focusing on sectors with improving sentiment and low valuations, particularly in technology [2] - Bank of China International reports that the Hong Kong Monetary Authority's sale of USD for HKD has minimal impact on the stock market, as these funds are primarily risk-averse. The average daily trading volume in July 2025 is projected to reach 262.9 billion HKD, a year-on-year increase of 167% [3]