09:23 港股双登股份上市首日高开超55% 恒指低开0.45%，恒生科技指数跌0.76%。科网股普遍回调，蔚来跌近8%，阿里巴巴跌2%；医药股反 弹，百济神州涨1%。海底捞绩后低开逾3%。 | 代码 | 名称 | 现价 涨跌 | | 涨跌幅 | | --- | --- | --- | --- | --- | | H2l | 恒生指数 | 25714.91 -115.00 | | -0.45% | | HSTECH 恒生科技 | | 5780.95c -44.14 | | -0.76% | | HSHKBIO 恒生生物科技 | | 17417.60c -40.02 | -0.23% | | | HSCEI | 恒生中国企业指数 | 9211.78c -36.22 | -0.39% | | | HSCI | 恒生综合指数 | 3947.21c -15.73 | -0.40% | | | 双景股份 | | 6960 | | | --- | --- | --- | --- | | 22.500 | | +7.990 +55.07 | 20.512(CNY) | | HKEX HKD 9:20:27 | | | C ...

回购期间：2025年8月18日至8月25日 回购总量：5,537,000股（6个交易日累计） 回购价格区间： 589.79-615.37港元/股 8月25日单日：回购895,000股，价格区间608.5-620港元，耗资5.51亿港元 股本结构变化 腾讯控股(00700)股份变动及回购公告要点 新股发行 期权行使：根据2023年购股权计划行使550,802份期权，增发新股 发行价格：每股334.74港元（加权平 均价） 结算方式：247,877股以非现金形式结算，302,925股以现金形式结算 变动日期：2025年8月25日 股份回购情况 其他要点 回购股份拟注销但尚未完成注销 购回授权总额：918,901,866股 新股发行暂止期：截至2025年9月24日 期初股本：9,171,323,697股（8月22日） 期末股本：9,171,874,499股（8月25日） 净增加：550,802股 ...

Group 1 - The Hang Seng Index opened lower by 0.45%, closing at 25,714.91, down 115.00 points [2][3] - The Hang Seng Tech Index fell by 0.76%, with a current value of 5,780.95, down 44.14 points [2][3] - Technology stocks experienced a general pullback, with NIO dropping nearly 8% and Alibaba declining by 2% [2] - Pharmaceutical stocks saw a rebound, with BeiGene rising by 1% [2] - After its earnings report, Haidilao opened down over 3% [2] Group 2 - The trading volume for the day was reported at 9.204 million, with a turnover rate of 6.48% [1] - The average price for the day was 27.237, with the lowest price recorded at 22.500 [1] - The total trading amount reached 251 million [1]

Market Overview - On August 25, Hong Kong's three major indices collectively rose, with the Hang Seng Index increasing by 1.94% to 25,829.91 points, reaching a nearly four-year high [1] - The Hang Seng Tech Index rose by 3.14% to 5,825.09 points, while the National Enterprises Index increased by 1.85% to 9,248.00 points [1] - Notable stock performances included NIO rising over 15%, Alibaba up over 5.5%, Kuaishou up over 5%, Meituan up nearly 3.5%, and Tencent Holdings up nearly 2.5% [1] - The Hang Seng Tech Index ETF (513180) saw a significant increase of 4.2% [1] Southbound Capital - On August 25, southbound capital recorded a net outflow of 1.376 billion HKD; however, the cumulative net inflow for the year reached 955.45 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - U.S. stock indices closed lower overnight, with the Dow Jones down 0.77%, S&P 500 down 0.43%, and Nasdaq down 0.22% [3] - Notable declines included Merck dropping over 2% and Amgen falling over 1%, leading the Dow's decline [3] - Chinese concept stocks showed mixed results, with Daqo New Energy rising over 4% and Newegg falling over 15% [3] - The Hang Seng Index ADR fell, closing at 25,638.43 points, down 191.48 points or 0.74% compared to Hong Kong's close [3] Industry Highlights - As of August 22, the total market size of ETFs in China reached 4.97 trillion CNY, nearing the 5 trillion CNY mark, with over 100 ETF products exceeding 10 billion CNY in size [4] - Pinduoduo reported its Q2 2025 earnings, showing a 7% year-on-year revenue increase to 103.98 billion CNY, while adjusted net profit decreased by 5% to 32.71 billion CNY, both exceeding market expectations [4] - The National Press and Publication Administration announced that in August, 166 domestic games and 7 imported games received licenses, benefiting major companies like Tencent, NetEase, Bilibili, and others [4] Short Selling Data - On August 25, a total of 638 Hong Kong stocks were short-sold, with total short selling amounting to 40.985 billion HKD [5] - The top three stocks by short selling amount were Tencent Holdings at 3.172 billion HKD, Alibaba at 2.495 billion HKD, and Meituan at 1.939 billion HKD [5] Institutional Insights - According to the latest strategy from China Merchants Securities, changes in liquidity narratives may support a rebound in Hong Kong stocks, as recent increases in Hibor rates have stabilized, indicating a marginal improvement in liquidity conditions [6] - The institution believes that this improvement in liquidity is sufficient to support a phase of rebound in Hong Kong stocks, narrowing the gap with the rapidly rising A-shares [6] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [8]

Market Overview - The Hong Kong stock market opened lower on Tuesday, with the Hang Seng Index down 0.45% at 25,714.91 points, the Hang Seng Tech Index down 0.76% at 5,780.95 points, the National Enterprises Index down 0.39% at 9,211.78 points, and the Red Chip Index down 0.12% at 4,383.23 points [1] - Major tech stocks declined, with Alibaba down 2.01%, Tencent down 0.41%, JD.com down 1.11%, NetEase down 1.29%, Meituan down 0.25%, Kuaishou down 0.83%, and Bilibili down 1.98% [1] - Gold and non-ferrous metal stocks continued to rise, with Shandong Gold up nearly 2% [1] - New consumption concepts opened higher, with Laopu Gold up over 1% [1] - Automotive stocks corrected, with NIO down nearly 8% after a previous gain of over 15% [1] Company News - Haidilao reported a revenue of approximately 20.703 billion yuan, a year-on-year decrease of 3.7%, and a net profit of 1.76 billion yuan, down 13.7% year-on-year [2] - Shijie Group's revenue was about 12.594 billion HKD, a decrease of 7.7% year-on-year, with a net profit of approximately 264 million HKD, down 20.2% year-on-year [2] - China Software International achieved a revenue of about 8.51 billion yuan, a year-on-year increase of 7.3%, and a net profit of 316 million yuan, up 10.4% year-on-year [2] - Zhonghai Property reported a revenue of approximately 7.09 billion yuan, an increase of 3.7% year-on-year, and a net profit of about 769 million yuan, up 4.3% year-on-year [3] - BOE Technology Group's revenue was 6.671 billion HKD, an increase of about 8% year-on-year, with a net profit of approximately 180 million HKD, up 5% year-on-year [3] - Junda Co. reported a revenue of approximately 3.656 billion yuan, a decrease of 42.5% year-on-year, with a net loss of about 264 million yuan, widening by 58.5% year-on-year [3] - Yihai International reported a revenue of approximately 2.927 billion yuan and a net profit of about 310 million yuan, maintaining stable performance year-on-year [4] - Fuhong Hanlin reported a revenue of approximately 2.82 billion yuan, a year-on-year increase of 2.7%, and a net profit of about 390 million yuan, up approximately 1% year-on-year [5] - Maoyan Entertainment achieved a revenue of approximately 2.472 billion yuan, a year-on-year increase of 13.9%, but adjusted net profit fell by 33.2% to 235 million yuan [5] - Green Tea Group reported a revenue of approximately 2.29 billion yuan, a year-on-year increase of 23.1%, and a net profit of about 234 million yuan, up 34% year-on-year [6] - Hopson Development Group issued a profit warning, expecting a mid-term net loss exceeding 1.6 billion HKD, turning from profit to loss [7] Institutional Insights - Cathay Pacific Securities highlighted three key factors for the Hong Kong stock market: breakthroughs in AI technology catalyzing tech growth, potential unexpected foreign capital inflows under the backdrop of US Federal Reserve rate cuts, and the continued attraction of new capital to the market due to asset scarcity advantages [8] - Northeast Securities noted that emotional consumption and the rise of the "Guzi economy" are core drivers, with the market size expected to reach approximately 600 billion yuan, and the trend of collectible toys gaining traction among consumers [8] - CITIC Securities observed a significant divergence in performance among real estate companies, with those focused on core cities showing strong profit growth, while previously loss-making firms continue to face substantial losses [9]

Group 1 - The Hong Kong technology sector has recently outperformed, with expectations for continued benefits from technological advancements and policy support, particularly in the AI industry [1] - The ongoing domestic technology industry policies are likely to attract more capital attention towards Hong Kong technology companies [1] - Southbound funds are enhancing their marginal pricing power in Hong Kong stocks, which will draw more capital allocation in a low-interest-rate environment [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which selects up to 50 quality companies from the technology sector listed within the Stock Connect range [1] - The index covers multiple sub-sectors including Internet, biomedicine, and new energy vehicles, aiming to reflect the overall performance of core technology enterprises in the Hong Kong market [1] - Companies in this index not only hold advantages in the domestic market but also possess strong expansion capabilities in overseas markets [1] Group 3 - Investors without stock accounts can consider the Cathay CSI Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

恒生指数低开0.45%，恒生科技指数跌0.76%。阿里巴巴跌超2%。 华泰证券发布港股策略研报称，往后看，外资依然有继续增配中国市场空间：1)海外流动性易松难紧， 不仅因为货币政策，还有金融监管、发债久期调整等，美元流动性可能趋势偏松;2)国内基本面预期改 善，人民币汇率仍有升值空间。但也需要注意的是，当前外资在港股市场重要性已经有所下降，南向资 金在互联互通标的中成交占比已经超过40%，其未来流入的持续性同样甚至更加值得关注。 招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药(流动性宽松 +BD数据持续向好)，再互联网(外卖大战拐点出现)，最后新消费(宏观经济与盈利拐点出现)。 本文转载自腾讯自选股，智通财经编辑：陈雯芳。 关于港股后市 国金证券指出，由于9月降息或已成定局，考虑到港股今年相对A股的超额已经大幅回吐，A-H市场将重 回统一起跑线，企业盈利变化将成为两地市场表现差异的驱动。 ...

8月25日恒生指数上涨1.94%，南向资金全天合计成交金额为2024.76亿港元，其中，买入成交1005.50亿 港元，卖出成交1019.26亿港元，合计净卖出金额13.76亿港元。具体来看，港股通（深）累计成交金额 794.06亿港元，买入成交402.33亿港元，卖出成交391.73亿港元，合计净买入金额10.60亿港元；港股通 （沪）累计成交金额1230.70亿港元，买入成交603.17亿港元，卖出成交627.53亿港元，合计净卖出金额 24.36亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是中芯国际，合计成交额116.29亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交111.44亿港元、74.45亿港元。以净买卖金额统计， 净买入的个股共有7只，阿里巴巴-W净买入额为5.87亿港元，净买入金额居首，该股收盘股价上涨 5.51%，快手-W净买入额为4.72亿港元，中兴通讯净买入额为4.08亿港元。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，该股收盘股价上涨2.01%，小米集团-W、中芯国际遭净卖出15.25亿港元、 8.11亿港元。 今日上榜个股中，阿里巴巴-W、中 ...

Market Performance - The Hang Seng Index rose by 1.9% to 25,829 points, gaining nearly 500 points and approaching the 26,000 mark[1] - The Hang Seng Technology Index increased by 3.1%, closing at 5,825 points[1] - Market turnover reached HKD 369.6 billion, indicating strong bullish sentiment[1] Sector Highlights - Major technology stocks led the market rally, with Baidu and NetEase both rising over 6%, while Alibaba and Kuaishou gained over 5%[1] - Real estate stocks performed strongly due to new policies in Shanghai aimed at optimizing purchasing limits and credit, boosting market confidence[1] - The automotive sector saw a significant rise, with Dongfeng Group's stock increasing by 54% following a restructuring announcement[4] Economic Indicators - New home sales in 30 major cities fell by 12.9% year-on-year, indicating a continued decline in the real estate market[3] - The average coal price dropped by 15.3% to HKD 149 per ton, impacting the coal sector's profitability[10] Policy and Market Outlook - The market is driven by expectations of interest rate cuts, supportive policies, and strong earnings, particularly in technology and cyclical sectors[2] - The Hang Seng Index's price-to-earnings ratio has recovered to nearly the 80th percentile of the past seven years, suggesting potential for further gains[2] Company Performance - WuXi Biologics reported a 16.1% increase in revenue to RMB 9.95 billion, with a 56.0% rise in net profit, driven by strong demand for antibody-drug conjugates[7] - Yancoal Australia saw a 61.2% decline in net profit to AUD 16 million, attributed to lower coal prices and logistical challenges[10]

Global Macro - The Federal Reserve Chairman Powell's speech at the Jackson Hole global central bank meeting indicated a dovish stance, suggesting that the risks of a downturn in the labor market outweigh the risks of rising inflation, thus opening the door for a potential rate cut in September [1] - The Fed's policy framework is shifting from an average inflation targeting (AIT) to a flexible inflation target of 2%, eliminating the concept of inflation "compensation" [1] - The labor market's downward risks and the delayed inflation effects from tariffs are expected to support the case for a rate cut in September [1][2] Kuaishou (快手) - Kuaishou's Q2 2025 total revenue increased by 13% year-on-year, with adjusted net profit reaching 5.6 billion yuan, exceeding expectations by 10% due to improved gross margin and marketing expense ratio [3][5] - For Q3 2025, e-commerce GMV is expected to grow by 15%, driven by increased frequency across multiple scenarios, while advertising revenue is projected to grow by 13%, lower than previous expectations due to reduced advertising budgets [5] - The company has raised its full-year revenue guidance to 125 million USD, indicating further upside potential [5] Stone Pharmaceutical Group (石药集团) - In Q2 2025, the pharmaceutical business continued to face pressure, with revenue declining by 18% year-on-year, and product sales dropping by 25% after excluding licensing fees [6][7] - The management expects a sequential improvement in H2 2025, with revenue projected to grow by over 5% compared to H1 2025 and return to positive growth year-on-year [6] - The company announced an interim dividend of 0.14 HKD per share, with an expected full-year dividend of no less than 0.28 HKD per share [6] Jiumaojiu (九毛九) - Jiumaojiu's revenue in H1 2025 decreased by 10.1% year-on-year to 2.75 billion RMB, with a net profit decline of 16% to 60.69 million RMB due to same-store sales decline and store network adjustments [8][9] - The company is exploring new store models to drive same-store sales recovery, although the current network is still in a restructuring phase [9] - The management anticipates closing an additional 40-50 stores in H2 2025, indicating ongoing adjustments to the store network [9] Link REIT (领展房托) - Link REIT expects that the impact of potential interest rate cuts will outweigh rental adjustments, leading to a slight increase in target price to 49.80 HKD [10][11] - The company predicts that the recent decline in HIBOR/SORA/BBSY will help reduce financing costs, maintaining a buy rating [11] - The rental income from the mainland remains stable, with slight pressure on rental income from retail and office assets [12]