最近两天，当A股CPO表现相对强势之时，港股那边却比较低迷，无论是恒生指数还是恒生科技指数，普遍出现下跌，尤其是昨天，恒生科技指数一度下跌 1.9%，此前好不容易出现的反弹走势，感觉短期内又要泡汤了。 而恒生科技指数主要是靠新消费和互联网大厂，下半年新消费的下跌幅度比较明显，例如泡泡玛特、以及蜜雪冰城等，还有像外卖大战对大型互联网公司的 股价也带来了负面冲击。 以这种态势看，当前的恒生科技指数感觉调整的相对比较充分，估值已经相对较低了，现在的问题是看看市场资金什么时候才能出现共鸣，从而推动恒生科 技指数向上。 说到这个，就不得不说的是，今年的5月份之后，港股整体走势不是那么流畅，这个当中比较关键的是当前的港股似乎在重复着A股过去的老路，那就是持 续的IPO扩容，A股这边IPO收紧之后，而很多公司纷纷到港股上市，我想这对港股的流动性是最大的影响。 大家要知道一点，为什么A股今年整体走的相对强势，就是因为新股相对过去克制了很多，市场逐步的缓过气来了，但是到了4000点之后，A股也变得不强 了，而这也是流动性问题，因为大股东的减持又开始了变得加剧了，所以说无论是A股还是港股，流动性的影响是一块硬伤，也对港股走势影响 ...

Market Overview - A-shares experienced fluctuations with the three major indices adjusting, while sectors such as Hainan Free Trade Zone, pharmaceuticals, oil and gas, and banking saw gains [1] - The Hong Kong market also showed an overall adjustment, with the innovative drug sector leading the gains, while technology stocks that surged at the end of the previous day collectively retreated [1] Index Performance - The CSI 300 Index fell by 0.8% with a rolling P/E ratio of 14.4 times, placing it in the 67.7% valuation percentile since its inception in 2005 [2] - The CSI A500 Index also decreased by 0.8%, with a rolling P/E ratio of 17.0 times, corresponding to a 73.9% valuation percentile since its launch in 2004 [2] - The ChiNext Index dropped by 1.7%, with a rolling P/E ratio of 41.4 times, which is in the 36.3% valuation percentile since its establishment in 2010 [2] - The STAR Market 50 Index declined by 1.5%, with a rolling P/E ratio of 159.6 times, placing it in the 96.3% valuation percentile since its inception in 2020 [2] Hong Kong Market Index - The Hang Seng China Enterprises Index, which includes 50 large-cap and actively traded stocks from mainland companies listed in Hong Kong, showed a decline, with a rolling P/E ratio of 11.0 times and a valuation percentile of 67.6% since its launch in 2002 [4]

Market Overview - The A-share market experienced a collective pullback, with total market turnover exceeding 1.9 trillion yuan, a decrease of 194.5 billion yuan compared to the previous day [1] - The major indices closed lower: the CSI A500 index fell by 1.1%, the CSI 300 index decreased by 0.8%, the ChiNext index dropped by 2.0%, and the STAR Market 50 index declined by 1.0% [1] Sector Performance - Sectors that saw gains included: Fujian, banking, ice and snow industry, power grid equipment, film and television, and paper manufacturing [1] - Sectors that experienced declines included: non-ferrous metals, PEEK materials, weight loss drugs, wind power equipment, robotics, and battery sectors [1] Hong Kong Market - The Hong Kong market also faced adjustments, with significant declines in sectors such as pharmaceuticals, automobiles, and robotics [1]

Market Overview - On September 4, the Hang Seng Index fell by 1.1% to close at 25,058 points, barely holding above 25,000 points[1] - The Hang Seng Technology Index dropped by 1.9% to 5,578 points, with a total market turnover of HKD 302.2 billion[1] - Alibaba (9988 HK) declined by 3.2%, while Xiaomi (1810 HK) fell over 2%[1] Sector Performance - The financial sector showed mixed results, with China Pacific Insurance (2601 HK) down over 5%, while Agricultural Bank of China (1288 HK) rose by 2.1%[1] - Semiconductor stocks faced significant declines, with SMIC (981 HK) dropping by 6.7%[1] - Consumer stocks like dining and dairy showed resilience, rising against the overall market trend[1] Valuation Insights - The current forecasted PE for the Hang Seng Index is at 11.3 times, indicating it is at a high valuation range compared to 2018-2019[2] - Structural earnings differentiation is evident, with most sectors facing downward revisions, except for information technology, materials, and finance[2] - The Hang Seng Index is expected to find value in the 24,000-24,500 point range for potential buying opportunities[2] Company Updates - BYD (1211 HK) has reportedly lowered its sales target for the year from 5.5 million to 4.6 million units, a reduction of 16%[3] - The healthcare sector saw a decline of 3.8% in the Hang Seng Medical Care Index, with most major companies experiencing drops[3] Future Outlook - Anticipated liquidity benefits include a decrease in Hong Kong interbank rates post-month-end, continued inflow of southbound funds, and potential interest rate cuts by the Federal Reserve[2] - The global liquidity environment is expected to provide strong support for the Hong Kong stock market[2]

Market Overview - The market experienced a sudden decline, with the Shanghai Composite Index dropping by 34 points and reaching a low of 3353 points, while the ChiNext Index fell by 1.63% [1] - A significant bearish candlestick pattern was observed, indicating a potential downward breakout, particularly for the Shanghai Composite Index, which resembles an "M" formation [1] Influencing Factors - The Federal Reserve's recent meeting concluded without an interest rate cut, and the future path for rate cuts remains unclear, contributing to market uncertainty [1][2] - The geopolitical situation, particularly tensions involving Israel, Iran, and the U.S., has escalated, negatively impacting market sentiment across the Asia-Pacific region, including Hong Kong stocks [2] - The poor performance of Hong Kong stocks, particularly the significant drop in Pop Mart and its ripple effect on related companies, has further pressured the A-share market [2] Market Sentiment - The adjustment in the A-share market is attributed to both external influences and internal weaknesses, as the index struggles to break through the 3400-point level, leading to a sell-off [3] - There is a rising risk-averse sentiment among investors, prompting widespread selling of stocks [3] Future Outlook - The Shanghai Composite Index is at a critical juncture between 3330 and 3350 points, which is a sensitive area for potential market movement [5] - Historical patterns suggest that if the index can stabilize after a decline, it may lead to a recovery, but current conditions make predictions uncertain [5]