Market Performance - After a significant rise, the Hong Kong stock market experienced a notable pullback on October 3, with the Hang Seng Index closing down 0.54% and the Hang Seng Tech Index down 0.9% [1][2] - The automotive sector was a major drag on the market, with BYD Co. Ltd. falling 3.95% and other new energy vehicle manufacturers like Li Auto and Xpeng also declining over 2% [2][3] - Despite the overall market decline, hydrogen energy stocks showed resilience, with Shanghai Electric surging 13%, reaching a new closing high not seen in over a decade [1][3] Sector Analysis - The automotive and components sector saw a decline of over 2%, significantly impacting the overall market performance [2] - Gold stocks reversed their earlier strong performance, with companies like Tongguan Gold and Lingbao Gold dropping 4.17% and 3.53%, respectively, amid a decrease in international gold prices [2] - The technology sector experienced volatility, particularly Alibaba, which initially dropped 4.7% but later closed up 1.09% [3] Historical Context and Future Outlook - Historically, the Hong Kong market exhibits a "calendar effect" during the National Day holiday, with an 86.7% probability of the Hang Seng Index rising during this period [4][6] - In September, the Hang Seng Tech Index rose 13.9%, leading among global indices, while the Hang Seng Index and Hang Seng China Enterprises Index increased by 7.1% and 6.8%, respectively [4][5] - Analysts suggest that while short-term adjustments are expected, the medium to long-term outlook for the Hong Kong market remains positive, driven by structural industry recovery and valuation improvements in certain sectors [6][7]

Group 1 - The Hong Kong stock market showed strong performance on October 2, with all three major indices closing higher. The Hang Seng Index rose by 1.61% to 27,287.12 points, the Hang Seng China Enterprises Index increased by 1.77% to 9,724.38 points, and the Hang Seng Tech Index surged by 3.36% to 6,682.86 points [3] - The semiconductor, electrical equipment, non-ferrous metals, pharmaceutical biology, and hardware equipment sectors performed strongly. Notably, the semiconductor sector saw a significant rise, with SMIC increasing by over 12% and Hua Hong Semiconductor rising by more than 7% [4] - SMIC's stock price reached a new high, increasing by 12.70% to 90.35 HKD per share, marking a cumulative increase of 22.89% over three consecutive trading days. As of September 30, southbound funds held over 2.5 billion shares of SMIC, with a market value exceeding 200 billion HKD, accounting for over 20% of its total market capitalization [6] Group 2 - The global semiconductor industry is experiencing a notable recovery, with a market size of 346 billion USD in the first half of the year, reflecting an 18.9% year-on-year growth. This growth is primarily driven by investments in AI infrastructure and demand for end-user applications [7] - The domestic market size is projected to reach 102.6 billion RMB by 2025, with SMIC playing a crucial role as a leading foundry in the expansion of mature processes and the localization of the supply chain [7]

2025 年前三季度 A 股市场强势运行， 主要股指累计涨幅均超 10% ，创业板指、科创 50 指数双双领涨，累计涨幅均达 51.2% ，北证 50 指数累计上涨 47.29% 。 有色金属累计涨幅达 65.52% ，位居行业涨幅榜榜首， 硬件设备、半导体涨幅均超 50% 。此外， 人工智能、有 色稀土、机器人等概念持续活跃，成为 前三季度资本市场焦点。 市场篇 1.1 A 股主要股指表现 前三季度 A 股主要股指均呈上涨态势。创业板指、科创 50 指数双双领涨，累计涨幅均达 51.2% ，北证 50 指数累计上涨 47.29% ，深 证成指、中证 1000 、万得全 A 指数累计涨幅均超 20% ，分别为 29.88% 、 27.15% 、 26.43% ，沪深 300 、上证指数、上证 50 指数累计涨幅均超 10% 。 前三季度，人工智能、有色稀土、机器人等概念表现强势。光模块（ CPO ）指数走势最为强劲，前三季度累计涨幅达 116.20% ，覆铜 板、人工智能 + 指数、光芯片、光通信指数均涨幅居前，累计涨幅分别为 114.60% 、 98.89% 、 96.36% 、 91.82% ；稀土指数、 ...

2025 年 9 月 29 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业、公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,128 | -1.35 | 30.25 | | 恒生国企 | 9,303 | -1.49 | 27.62 | | 恒生科技 | 6,195 | -2.89 | 38.65 | | 上证综指 | 3,828 | -0.65 | 14.21 | | 深证综指 | 2,471 | -1.54 | 26.22 | | 深圳创业板 | 3,152 | -2.60 | 47.16 | | 美国道琼斯 | 46,247 | 0.65 | 8.70 | | 美国标普 500 | 6,644 | 0.59 | 12.96 | | 美国纳斯达克 | 22,484 | 0.44 | 16.43 | | 德国 DAX | 23,739 | 0.87 | 19.24 ...

丨证券研究报告丨 投资策略丨专题报告 [Table_Title] 9 月 W4 港股资金：南向流入互联网，外资加码 消费者服务——"重估牛"系列之港股资金面 报告要点 [Table_Summary] 2025 年 9 月 22 日至 25 日，南向资金净流入 144.93 亿港元，主要流入可选消费零售、有色金 属、半导体、硬件设备、软件服务等行业，排名前五的行业合计净流入 122.34 亿港元。南向资 金净流入最多的五个行业是：可选消费零售（69.64 亿港元）、有色金属（19.92 亿港元）、半 导体（11.98 亿港元）、硬件设备（10.92 亿港元）、软件服务（9.89 亿港元）。主要流出医药 生物（-14.92 亿港元）、耐用消费品（-2.55 亿港元）、消费者服务（-2.25 亿港元）、汽车与 零配件（-2.16 亿港元）、化工（-1.37 亿港元）等行业。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 9 月 W ...

【 导读 】 小米集团跌逾8%，成交额超200亿港元 中国基金报记者 格林 消息面上， 9月26日，小米法务部在社交平台发文公布维权工作进展 称， 2025年至今，小米法务已完成对16465条舆情线索的法律评 估，重点监测网络账号231个，并针对其中92个恶意侵权账号提起民事诉讼，依法追究相关侵权人的法律责任。目前，部分案件已进入法 院审理阶段，将适时公布案件进展。其亦关注到部分小米车主无端遭受网络攻击的情形 。 小米法务已协助部分车主进行维权，目前已发起 车主维权诉讼共计35件，后续将持续重点关注此类网络侵权行为。 地平线机器人大跌 9月26日 早间，地平线机器人 发布 公告 称， 公司拟以 每股9.99港元 （折价约5.75%）配售股份， 筹资净额约63.39亿港元。 配售股 份占公司现有已发行股本约4.6%及公司已发行股本在股东大会上的投票权约1.9%。 9月26日，港股三大指数齐跌。恒生指数收跌1.35%，报26128.20点 ； 恒生科技指数跌2.89%，恒生国企指数跌1.49%。全日大市成交 额为3237亿港元，南向资金净买入105.4亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | ...

【导读】小米集团跌逾8%，成交额超200亿港元 中国基金报记者格林 9月26日，港股三大指数齐跌。恒生指数收跌1.35%，报26128.20点；恒生科技指数跌2.89%，恒生国企指数跌1.49%。全日大市成交额为3237亿港元，南向 资金净买入105.4亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26128.20c | -356.48 | -1.35% | 3237亿 | 30.25% | | 2 | HSTECH | 恒生科技 | 6195.11c | -184.08 | -2.89% | 1216亿 | 38.65% | | 3 | HSBIO | 恒生生物科技 | 16799.15c | -420.04 | -2.44% | 182亿 | 94.86% | | 4 | HSCEI | 恒生中国企业指数 | 9303.10c | -141.12 | -1.49% | 1257亿 | 27.62% | | 5 | ...

Market Overview - A-shares and Hong Kong stocks are experiencing a synchronized adjustment, with a cautious market risk preference as growth sectors retreat and second-tier themes rotate [1] - A-shares are influenced by the continuous decline of the Nasdaq and the upcoming long holiday, leading to a general adjustment in hard technology sectors, while funds shift towards automotive, wind power, and real estate sectors [1][2] - Hong Kong stocks are weakened by large technology stocks, but essential consumption and energy sectors provide counter-support [1][2] Index Performance - A-share market shows significant differentiation between large and small caps, with blue-chip sectors demonstrating resilience [2] - The Shanghai Composite Index fell 0.18% to 3846.33 points, while the Shenzhen Component Index dropped 0.79% to 13339.82 points [2] - The Hang Seng Index decreased by 0.65% to 26312.90 points, with the Hang Seng Technology Index down 1.04% [2] Industry Hotspots and Driving Logic - A-share market sees a rotation towards policy-sensitive sectors and cyclical stocks, with the petrochemical sector leading gains due to international oil price fluctuations [3] - The real estate sector stabilizes as ongoing property policies improve industry expectations [3] - The automotive and military sectors present thematic opportunities, with optimistic expectations for the new energy vehicle supply chain [3][4] Underperforming Sectors and Driving Logic - A-share technology growth sectors are experiencing a comprehensive pullback, particularly in AI hardware and media [5] - The hardware equipment index fell by 3.97%, with Apple-related and robotics stocks following the technology sector's adjustment [5] Investment Strategy Recommendations - The market is in a transitional phase of "growth retreat and defensive rise," suggesting a focus on policy dividends and low-valuation sector rotation [6] - Recommended areas include sectors with strong policy certainty such as real estate, national defense, and environmental protection [6] - Attention should also be given to energy and resource sectors under cyclical recovery logic, as well as high-dividend blue-chip stocks amid increased market volatility [6] Long-term Focus - Long-term attention should be on the opportunities arising from the correction in technology sectors, particularly in semiconductors and new energy storage, while waiting for signs of valuation digestion and stabilization in fund sentiment [7]

Core Insights - On September 25, 2025, the Hong Kong stock market recorded a total trading volume of HKD 314.89 billion, with net inflows from southbound funds amounting to HKD 11.046 billion [2][8] - The market exhibited structural differentiation, with the Hang Seng Index declining by 0.13%, while the Hang Seng Technology Index rose by 0.89% [5][8] - The copper price surged due to supply concerns following a landslide incident at a major copper mine in Indonesia, leading to a strong performance in the Hong Kong non-ferrous metals sector [2][8] - The Alibaba Cloud Summit released several positive developments in technology, boosting expectations for the artificial intelligence industry chain and driving gains in the hardware equipment sector [2][8] Market Performance - The Hang Seng Index closed at 26,484.68, down 0.13%, while the Hang Seng Technology Index closed at 6,379.19, up 0.89% [5][8] - The Hang Seng China Enterprises Index increased by 0.01% to 9,444.22, and the Hang Seng High Dividend Yield Index fell by 1.24% [5][8] - In the A-share market, the Shanghai Composite Index decreased by 0.01%, while the CSI 300 Index rose by 0.60% [5][8] Sector Analysis - Among the primary sectors in the Hong Kong stock market, Electronics (+2.33%), Power Equipment and New Energy (+2.28%), and Non-Ferrous Metals (+1.94%) led the gains, while the Comprehensive (-3.92%), Home Appliances (-3.26%), and Banking (-1.63%) sectors lagged [5][8] - Concept indices showed significant movements, with the Cobalt Metal Index rising by 11.38%, the Minor Metals Index by 8.00%, and the Rare Earth Permanent Magnet Index by 5.34% [5][8] Future Outlook - The report suggests three potential directions for the Hong Kong stock market to reach new highs: 1. AI technology and new consumption are expected to have significant growth potential, which could drive the market upward [8] 2. Continuous inflows from southbound funds are anticipated to enhance marginal pricing power in the market [8] 3. The transition from loose monetary policy to loose credit in China, along with potential interest rate cuts in the U.S., could further support the market's upward trajectory [8]

Core Insights - The new policy implemented a year ago has led to significant market capitalization growth for 43 listed companies, totaling over 9.5 trillion RMB, highlighting the emergence of core competitive companies in the A-share market [1][6][11] Industry Performance - The hard technology sector, particularly the semiconductor and hardware equipment industries, has shown remarkable performance, contributing 15 companies to the market capitalization growth, with Industrial Fulian and Cambricon leading the way [1][7][11] - The semiconductor industry saw Cambricon's stock price surge by 535.14%, resulting in a market capitalization increase of 4.76 billion RMB, while Industrial Fulian topped the list with a market capitalization increase of 10.36 billion RMB [1][7][8] Company Highlights - Industrial Fulian achieved a market capitalization increase of 10,356.21 million RMB, with a stock price increase of 286.21% [4][6] - Ningde Times, a leader in the battery sector, saw its market capitalization grow by 7,934.45 million RMB, with a stock price increase of 101.21% [11][12] - Agricultural Bank and Industrial and Commercial Bank recorded market capitalization increases of 6,480.66 million RMB and 4,529.49 million RMB, respectively, indicating a recovery in undervalued blue-chip stocks [6][8] Financial Sector Growth - The financial sector, including banks and non-bank financial institutions, has also experienced significant growth, with several banks seeing market capitalization increases exceeding 2 billion RMB [2][8] - Dongfang Wealth emerged as a standout in the non-bank financial sector, with a market capitalization increase of 2,434.23 million RMB and a stock price increase of 144.15% [10] Market Structure - The ChiNext and Sci-Tech Innovation Board have become important platforms for nurturing high-growth companies, with over 30% of the 43 companies listed on these boards [11][12] - Traditional industry leaders, including Guizhou Moutai and Hengrui Medicine, have also seen value recovery, with Guizhou Moutai's market capitalization increasing by 2,278.17 million RMB [13]