金融界8月26日消息，周二，港股市场低开后震荡续上行，截止午盘，恒生指数跌0.22%报25773.56点， 恒生科技指数涨0.27%报5840.71点，国企指数跌0.11%报9237.89点，红筹指数跌0.43%报4369.65点。 盘面上，大型科技股部分由跌转涨，网易、快手、小米、腾讯均翻红，阿里巴巴仍跌超1%，美团、百 度小幅走低；美联储转"鸽"，降息预期下金价上涨逻辑更为清晰，黄金股带领有色金属股齐涨，中国黄 金国际、灵宝黄金涨超6%；9月新品催化苹果概念股普升，高伟电子、蓝思科技领涨；濠赌股拉升，金 界控股绩后放量大涨超19%表现最佳，且刷新阶段新高，汽车股、纸业股、乳制品股、航空股多数上 涨。另一方面，特朗普称将迅速对药品征收关税，生物医药股普遍走低，信达生物、石药集团等创新药 概念股齐跌；昨日上海调整限购，分析指市场更需要的是"持续添柴"，昨日走强的内房股普跌，军工 股、中资券商股、半导体芯片股表现低迷。 企业新闻 海底捞(06862.HK)：上半年收入207.03亿元，同比下降3.7%；净利润17.6亿元，同比下跌13.7%。 钧达股份(02865.HK)：上半年收入约36.56亿元，同比减少4 ...

Market Overview - The Hang Seng Index opened down 0.45%, and the Hang Seng Tech Index fell by 0.76%, with Alibaba dropping over 2% [1] Future Outlook for Hong Kong Stocks - Guotai Junan Securities suggests that with a rate cut in September likely, the Hong Kong stock market will realign with the A-share market, making corporate earnings changes a key driver of performance differences between the two markets [1] - Huatai Securities indicates that foreign capital still has room to increase allocation to the Chinese market due to: 1) Overseas liquidity is likely to remain loose, influenced by monetary policy and financial regulation; 2) Improvement in domestic fundamentals and potential appreciation of the RMB [1] - It is noted that the importance of foreign capital in the Hong Kong stock market has decreased, with southbound capital accounting for over 40% of trading in interconnectivity stocks, making the sustainability of future inflows a point of focus [1] Earnings and Investment Strategy - According to招商策略, the outlook for the Hong Kong stock market remains optimistic, with interim earnings showing improvement and the earnings forecast rate reaching a three-year high. The profitability of Hong Kong stocks with a higher "new economy" component is expected to improve ahead of A-shares [1] - Historical data suggests that during previous bull markets, the Hong Kong index has slightly underperformed compared to A-shares, leading to a recommendation to focus on differentiated investment strategies, starting with innovative pharmaceuticals, followed by the internet sector, and finally new consumption [1]

招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药(流动性宽松 +BD数据持续向好)，再互联网(外卖大战拐点出现)，最后新消费(宏观经济与盈利拐点出现)。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 国金证券指出，由于9月降息或已成定局，考虑到港股今年相对A股的超额已经大幅回吐，A-H市场将重 回统一起跑线，企业盈利变化将成为两地市场表现差异的驱动。 华泰证券发布港股策略研报称，往后看，外资依然有继续增配中国市场空间：1)海外流动性易松难紧， 不仅因为货币政策，还有金融监管、发债久期调整等，美元流动性可能趋势偏松；2)国内基本面预期改 善，人民币汇率仍有升值空间。但也需要注意的是，当前外资在港股市场重要性已经有所下降，南向资 金在互联互通标的中成交占比已经超过40%，其未来流入的持续性同样甚至更加值得关注。 恒生指数高开1.06%，恒生科技指数涨1.49%。蔚来涨近15%，百度集团涨近3%， ...

Group 1 - The core viewpoint of the article highlights the increasing interest of Middle Eastern funds in the Hong Kong financial market, particularly since September 2022 [1] - The Hong Kong stock market has seen a robust performance, attracting more diverse new capital, with several newly listed stocks having Middle Eastern funds as cornerstone investors, with investments exceeding 100 million USD [1] - According to the International Monetary Fund, the investment positions of Saudi Arabia, Kuwait, and Bahrain in Hong Kong securities have increased to 6.3 billion USD in 2023, reflecting a compound annual growth rate of approximately 17% over the past five years [1]

Core Viewpoint - The Hang Seng Index will expand its constituent stocks from 85 to 88, with the changes effective from September 8, 2025, following a review by the Hang Seng Index Company [3][4]. Group 1: Index Changes - The Hang Seng Index will include three new stocks: China Telecom, JD Logistics, and Pop Mart [4][6]. - The Hang Seng Composite Index will also see an increase in constituent stocks from 502 to 504 [2][7]. - The Hang Seng China Enterprises Index will maintain 50 stocks, adding Pop Mart while removing Jitu Express [7]. Group 2: Market Performance - The Hong Kong stock market has shown relatively weak performance compared to the A-share market, with the Hang Seng Index rising by 0.27% this week [9]. - Notable stock performances include Anta Sports rising by 11.53% and NIO increasing by 27.75% [9]. - Southbound Stock Connect has shown strong interest in Hong Kong stocks, with net purchases exceeding HKD 50 billion on August 22, and a total of approximately HKD 900 billion in net purchases for August [10].

Core Viewpoint - The Hang Seng Index constituents will expand from 85 to 88 stocks, with the changes effective from September 8, 2025, following a previous increase from 83 to 85 stocks [1][2][4]. Group 1: Index Changes - The Hang Seng Index will include three new stocks: China Telecom, JD Logistics, and Pop Mart [4][5]. - The Hang Seng Composite Index will also see an increase in constituents from 502 to 504 stocks [7]. Group 2: Other Index Adjustments - The Hang Seng Technology Index will maintain its 30 constituents without any changes [6]. - The Hang Seng China Enterprises Index will keep 50 constituents, adding Pop Mart while removing Jitu Express [6]. - The Hang Seng Biotechnology Index will decrease from 50 to 30 constituents, adding InnoCare Pharma and removing 21 stocks including Sihuan Pharmaceutical and Xianjian Technology [7]. Group 3: Market Performance - The Hong Kong stock market has shown relatively weak performance compared to the A-share market, with the Hang Seng Index rising only 0.27% this week [9]. - Notable stock performance within the Hang Seng Index includes Anta Sports rising 11.53%, while several stocks like China Resources Power and Xinyi Solar fell over 5% [10]. - Southbound trading through the Hong Kong Stock Connect remains strong, with net purchases exceeding HKD 50 billion on August 22, and cumulative net purchases of approximately HKD 900 billion in August alone [10].

人民财讯8月22日电，招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股 中报盈利向好，业绩预喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几 次牛市中港股指数高度略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建 议先创新药(流动性宽松+BD数据持续向好)，再互联网(外卖大战拐点出现)，最后新消费(宏观经济与盈 利拐点出现)。 ...

经济观察网 港股开盘，恒生指数高开0.40%，恒生科技指数低开0.99%。小鹏汽车高开超9%，消息面 上，2025年第二季度，小鹏汽车总营收为人民币182.7亿元，较2024年同期增长125.3%，并较2025年第 一季度增长15.6%，创下单季度历史新高。 ...

Market Overview - The A-share market experienced fluctuations with mixed performance across the three major indices, and the total trading volume exceeded 2.4 trillion, marking a slight increase compared to the previous day, with trading volume surpassing 2 trillion for seven consecutive trading days [1] Index Performance - Major indices such as the CSI A50 and CSI A100 showed relative activity, while smaller indices like the Sci-Tech Innovation 200 and Shanghai Stock Exchange 580 faced declines [1] - The CSI A50 index rose by 0.77%, and the CSI A100 increased by 0.61%, while the Sci-Tech Innovation 200 fell by 1.33% [2] Sector Analysis - The Hong Kong pharmaceutical sector showed a strong recovery, with related indices such as the CSI Hong Kong Stock Connect Innovative Drug Index and the Hang Seng Innovative Drug Index rising over 2% [1] - The Hang Seng Innovative Drug ETF saw a net subscription of 16 million units, indicating high investor interest [1] Investment Outlook - According to China Merchants Securities, there is an optimistic outlook for the Hong Kong market, with improving mid-year earnings and a higher proportion of "new economy" companies compared to A-shares [1] - The recommendation is to focus on sectors that differ from A-shares, suggesting a sequence of investment starting with innovative drugs, followed by the internet sector, and finally new consumption [1]

Core Insights - The A-share market experienced a pullback after reaching a ten-year high, with the three major indices closing lower on August 19, while total trading volume reached 2.59 trillion yuan [1] - Stock ETFs saw a net inflow of 8.6 billion yuan on the same day, with a total net inflow of 20 billion yuan for August [1][4] - The number of stock ETFs in the market reached 1,176, with a total scale of 3.96 trillion yuan [1] Fund Flows - On August 19, significant net inflows were observed in various sectors, including Hong Kong pharmaceuticals (2.87 billion yuan), Hong Kong technology (2.19 billion yuan), and securities (1.39 billion yuan) [2] - The top 20 stock ETFs by net inflow included nine Hong Kong-related ETFs, focusing on innovative pharmaceuticals, internet, non-bank financials, technology, and securities [2] - Leading fund companies reported substantial net inflows in their ETFs, with E Fund's China Internet ETF seeing 290 million yuan and its AI ETF 280 million yuan [2] ETF Performance - The top net inflows on August 19 were recorded in the SSE 50 ETF (802 million yuan) and the benchmark government bond ETF (553 million yuan), with their latest scales at 174.47 billion yuan and 1.94 billion yuan respectively [3] - The Hang Seng Technology Index ETF had a net inflow of 389 million yuan, while the A500 ETF saw 279 million yuan [3] Outflows in Broad-based ETFs - Certain broad-based ETFs experienced significant outflows, with the CSI 500 ETF losing over 1.15 billion yuan and the CSI 1000 ETF losing over 1.1 billion yuan [4] - The overall trend for stock ETFs in August has been positive, with a total net inflow of 20 billion yuan, while Hong Kong-related ETFs accumulated over 25 billion yuan [4] Market Sentiment - Current market sentiment in the A-share market is high, with notable sector differentiation, yet overall valuations are not at bubble levels [5] - The Buffett Indicator and relative returns between stocks and bonds suggest that the current market still holds investment value [5]