Stock Market Performance - In August 2025, global stock markets experienced a broad rally, with the CSI 300 index rising over 10%[4] - The Hang Seng Tech index, Nikkei 225, and Dow Jones increased by 4.1%, 4.0%, and 3.2% respectively, while the KOSPI and DAX fell by 1.8% and 0.7%[4] Hong Kong Stock Sector Performance - The Hang Seng industry indices showed a majority of sectors rising, with the materials sector surging by 24.3%, followed by information technology and industrial sectors with increases of 7.5% and 4.5% respectively[8] - Conversely, the composite and utilities sectors declined by 2.5% and 1.8% respectively[8] IPO and Financing Overview - In August 2025, the Hong Kong IPO market saw 5 new listings, raising approximately HKD 52.9 million, primarily in the TMT and pharmaceutical sectors[13] - The first-day performance of new stocks was strong, with three stocks doubling in value[13] - A total of 56 companies announced share placements, expected to raise around HKD 204.9 billion, mainly in the pharmaceutical, TMT, and energy sectors[13] Macro Economic Insights - The U.S. job market showed significant pressure in August, with initial jobless claims rising to 235,000, the highest since June, indicating increasing unemployment challenges[14] - The Federal Reserve's Jackson Hole meeting indicated a shift towards a more dovish stance, with market expectations for at least two rate cuts by the end of the year[14] Domestic Economic Policies - China is focusing on strengthening domestic circulation, with significant infrastructure projects and financial support to stabilize the economy[16] - The relaxation of merger loan financing aims to support active mergers and acquisitions, enhancing industrial upgrades[16] Market Outlook - The outlook for the Hong Kong market remains positive, with three key investment themes: technology growth sectors (AI, internet, semiconductors), improving industry sectors (new energy, building materials), and stable dividend assets[18]