Market Performance - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 26,622.88 points, up 494.86 points, a rise of 1.89% [1] - The Hang Seng Tech Index surged by 129.14 points, closing at 6,324.25 points, reflecting a gain of 2.08% [1] Fund Flow - Despite the strong performance of the Hong Kong stocks, southbound funds showed a cautious attitude, with a net sell of over 1.6 billion HKD by the close [3] - In the previous week, southbound funds had a net buy of approximately 44 billion HKD in Hong Kong stocks [3] - Analysts suggest that the net selling may be related to the upcoming National Day and Mid-Autumn Festival holidays, as the A-shares will be closed for 8 days, leading to a temporary exit of some southbound funds [3] Sector Performance - Chinese brokerage stocks saw significant gains, with Huatai Securities (06886.HK), GF Securities (01776.HK), and Shenwan Hongyuan Hong Kong (00218.HK) rising over 12% [5] - Other notable performers included CITIC Securities (06030.HK) and Dongfang Securities (03958.HK), both up over 11% [5] - Tech stocks also performed well, with Alibaba-W (09988.HK) and Kuaishou-W (01024.HK) rising over 4%, and JD Group (09618.HK) increasing over 3% [7] - Gold stocks and lithium battery stocks also saw gains, with Tongguan Gold (00340.HK) up over 6% and CATL (03750.HK) up over 3% [7] Market Outlook - Huatai Securities noted a historical pattern in the Hong Kong market, indicating a "pre-holiday defense, mid-holiday rally, and post-holiday switch" effect [8] - Despite the closure of the southbound trading, internal factors are expected to remain more significant than external ones, with investor focus on domestic consumption data and fourth-quarter policy strength [9] - Historical data suggests a high success rate for "holding stocks over the holiday," with recommendations to maintain allocations in growth and consumer sectors before the holiday and shift to defensive positions afterward [9]

Market Performance - The Hong Kong stock market experienced a strong rebound, with the Hang Seng Index closing at 26,622.88 points, up 494.86 points, a rise of 1.89% [1] - The Hang Seng Tech Index surged by 129.14 points, closing at 6,324.25 points, reflecting a gain of 2.08% [1] Capital Flow - Despite the strong performance of the Hong Kong market, southbound capital showed a cautious attitude, with a net sell of over 1.6 billion HKD by the close [3] - In the previous week, southbound capital had a net buy of approximately 44 billion HKD, indicating a shift in sentiment possibly related to the upcoming National Day and Mid-Autumn Festival holidays [3] Sector Performance - Chinese brokerage stocks saw significant gains, with Huatai Securities, GF Securities, and Shenwan Hongyuan Hong Kong all rising over 12% [6] - Other sectors also performed well, including tech stocks like Alibaba and Kuaishou, which rose over 4%, and gold stocks, with Tongguan Gold increasing over 6% [8] Market Outlook - Huatai Securities noted a historical pattern in the Hong Kong market characterized by a "defensive stance before holidays, a rally during holidays, and a switch post-holiday," suggesting a potential strategy for investors [9] - The firm emphasized that internal factors may outweigh external ones, with a focus on domestic consumption data and policy measures for the fourth quarter [9] - Recommendations include maintaining positions in growth and consumer sectors before the holiday and shifting to defensive strategies afterward, with a focus on technology, consumer goods, and local financial stocks [9]

Group 1 - The Hong Kong stock market indices collectively rose, with the Hang Seng Tech Index increasing by 1.5% at one point, driven by solid-state battery stocks and strong performance in gold stocks [1] - Major stocks in the Hang Seng Tech Index ETF (513180) included Kuaishou, Trip.com, Tongcheng Travel, and Alibaba leading the gains, while NIO, Xpeng Motors, and Baidu Group lagged [1] - Historical patterns indicate a "pre-holiday defense - mid-holiday rise - post-holiday switch" calendar effect in the Hong Kong market, with significant inflows into consumer and defensive sectors before the holiday [1] Group 2 - The institution noted that while the closure of the Hong Kong Stock Connect led to a slight increase in correlation with US stocks, internal factors remain more significant than external ones, with investor focus on domestic consumption data and fourth-quarter policy measures [2] - Historical experience suggests a high success rate for "holding stocks over the holiday," recommending a focus on growth and consumer sectors before the holiday, with a shift to defensive strategies afterward [2] - The Hang Seng Tech Index has Alibaba as its largest weighted stock at 9.14%, providing an opportunity for investors without a Hong Kong Stock Connect account to access core Chinese AI assets through the Hang Seng Tech Index ETF (513180) [2]