Group 1 - The Hong Kong stock market indices collectively declined, with the semiconductor sector rising and innovative drug concepts experiencing significant losses [1] - Southbound funds have net bought Hong Kong stocks for nine consecutive trading days, with over 10 billion HKD net purchases on the day of reporting [1] - There has been a notable shift in southbound fund preferences, moving away from Pop Mart, which had surged earlier in the year, and favoring core AI assets like Alibaba [1] Group 2 - Open Source Securities suggests that funds are seeking "outlets" for AI hardware and applications, positioning the Hong Kong internet sector as a potential beneficiary [2] - Alibaba is increasing its investment in self-developed AI chips, enhancing its influence in the core computing power segment, while Oracle's AI cloud business guidance exceeded expectations, indicating strong demand for AI and cloud services [2] - The Hang Seng Technology Index ETF (513180) includes leading companies in AI, smart driving, gaming media, chip manufacturing, consumer electronics, and platform economy, with major holdings in Alibaba, Tencent, Xiaomi, and others [2]

Group 1 - The Hong Kong stock market indices collectively declined on September 11, with technology stocks experiencing more losses than gains, and innovative drug concept stocks plummeting [1] - The Hang Seng Technology Index ETF (513180) saw a drop of over 1%, with major holdings such as Meituan, Bilibili, Kuaishou, Baidu Group, Xpeng Motors, Li Auto, JD Group, and Xiaomi Group among the biggest losers [1] - Southbound funds recorded a net purchase of HKD 75.66 billion on September 10, marking the ninth consecutive trading day of net buying in Hong Kong stocks, with a total net purchase amount of HKD 10,465.60 billion this year [1] Group 2 - Southbound funds have shown a renewed interest in Hong Kong's AI core assets, with a total net purchase of Alibaba amounting to HKD 334.14 billion over 14 consecutive trading days [1] - The Hang Seng Technology Index ETF (513180) includes leading companies in sectors such as artificial intelligence, smart driving, gaming media, consumer electronics, and platform economy, with major holdings including Alibaba, Tencent Holdings, Xiaomi Group, NetEase, and SMIC [1] - Only JD Health and Alibaba Health are involved in the healthcare concept within the Hang Seng Technology Index, accounting for a combined weight of just 3.06% [1]

Market Overview - The Hong Kong stock market opened lower on September 11, with the Hang Seng Index down 0.81% at 25,987.49 points, the Hang Seng Tech Index down 0.97%, and the National Enterprises Index down 1.02% [1] - Technology stocks saw more declines than gains, while gold stocks were active. The cloud computing sector had several stocks rising, and some insurance stocks also increased. However, innovative drug concepts opened lower, and automotive stocks declined [1] Fund Flow - As of September 10, southbound funds have net bought Hong Kong stocks for nine consecutive trading days, with a net purchase exceeding 5 billion HKD on the day of reporting [1] - Southbound funds have shown a preference for AI core assets in Hong Kong stocks, with Alibaba receiving a total net purchase of 33.414 billion HKD over 14 consecutive trading days [1] Company Developments - Gaode Map launched the "Gaode Street Ranking," focusing on offline dining businesses, leveraging navigation, search, and user behavior data, and emphasizing authenticity without commercialization [1] - Gaode also introduced a "Good Store Support Plan," committing over 1 billion HKD in subsidies to bring an average of 10 million customers daily to offline businesses [1] Strategic Insights - Haitong International views the Gaode Street Ranking as a key step in Alibaba's local life strategy, with limited short-term impact on Meituan and Douyin's market share but potential for long-term growth in offline consumption ecosystems [2] - The Hang Seng Tech Index ETF (513180) includes leading companies in sectors such as AI, smart driving, gaming media, consumer electronics, and platform economy, with major holdings including Alibaba, Tencent, Xiaomi, and others [2] - Within the Hang Seng Tech Index, only JD Health and Alibaba Health are involved in the healthcare sector, accounting for a combined weight of 3.06% [2]

Core Viewpoint - The A-share market shows a mixed performance with the Shanghai Composite Index slightly up while the Shenzhen Component and ChiNext Index decline, indicating a divergence in market sentiment [1] Market Performance - As of midday, the Shanghai Composite Index increased by 0.08%, while the Shenzhen Component decreased by 0.19% and the ChiNext Index fell by 0.56% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 686.3 billion, a decrease of 119.6 billion compared to the previous trading day [1] - Over 3,200 stocks in the market were in the red, reflecting a broad market decline [1] Sector Performance - The liquor sector led the gains, with stocks like Huangtai Liquor hitting the daily limit, and other companies such as Yingjia Gongjiu, Jinzongzi Liquor, and Gujing Gongjiu also rising [1] - The photolithography sector was active, with stocks like Strongly New Materials, Chipone Technology, and Kent Catalysts reaching the daily limit [1] - The BC battery sector saw significant gains, with Zhengye Technology, Saiwu Technology, and Xiexin Integration also hitting the daily limit [1] - The banking sector experienced a slight upward trend, with banks like Hangzhou Bank, Pudong Development Bank, and Bank of Communications reaching historical highs [1] - The precious metals sector was the biggest loser, with Western Gold falling nearly 7% [1] - The IP economy concept faced volatility, with stocks like Yuanlong Yatu nearing the daily limit down and Zhongwen Online dropping nearly 8% [1] - The brain-computer interface and gaming media sectors experienced corrections [1] New Stocks - Newly listed stocks such as N Xin Heng Hui surged by 268.7%, while N Hua Zhi Jie increased by 216.7% [1]