Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Index and Hang Seng Tech Index closing down by 1.12% and 1.85% respectively, following a similar trend in the A-share market [1] - Major tech and internet stocks such as Alibaba, Xiaomi, and Tencent saw significant declines, while Meituan and Bilibili managed to rise against the trend [1] - The Hong Kong Internet ETF (513770) closed down by 1.52%, but showed strong buying interest as it traded at a wide premium during the day, indicating a robust buying attitude [1] Group 2 - Recent data shows a surge in interest towards Hong Kong tech stocks, with the Hong Kong Internet ETF (513770) attracting a net inflow of 1.477 billion yuan over the past 10 days [3] - Factors contributing to this trend include the easing of negative influences on the Hong Kong market since July, the Hong Kong dollar moving away from the weak end of its trading band, and expectations of further monetary easing from the Federal Reserve [3] - The market is speculating on a potential rebound in Hong Kong tech stocks, following the "tech bull" trend observed in the A-share market [3] Group 3 - According to Industrial Securities, the rebound in Hong Kong stocks will be driven by the revaluation of major tech stocks and global capital allocation needs [5] - The price-to-earnings ratio (PE-TTM) of the Hang Seng Index stands at 12.3 times, significantly lower than the S&P 500's 27.4 times, indicating a valuation gap [5] Group 4 - The risk premium of the Hang Seng Index relative to the 10-year Chinese government bond yield is at 6.4%, which is considerably higher than the negative premiums seen in US, Japanese, and European stocks [6] - Alibaba's strong earnings report has positively influenced market sentiment, reflecting the rapid rise and global competitiveness of China's tech industry in AI and cloud computing [6] - The AI narrative is expected to reshape the valuation of Hong Kong tech stocks, moving from a focus on food delivery competition to AI applications [6] Group 5 - The Hong Kong Internet ETF (513770) has outperformed the Hang Seng Tech Index, with a cumulative increase exceeding 10 percentage points over the same period [7] - The ETF tracks the CSI Hong Kong Internet Index, which has shown significant growth, with the top four holdings being Xiaomi, Tencent, Alibaba, and Meituan, collectively accounting for 54.74% of the fund [8] Group 6 - The latest fund size of the Hong Kong Internet ETF (513770) exceeds 9.3 billion yuan, with an average daily trading volume of 596 million yuan, indicating good liquidity [9]

2025年9月3日，欧盟普通法院维持欧盟27个成员国家与美国达成的数据传输协议，驳回了法国议员菲利 普·拉通贝（Philippe Latombe）对此提起的诉讼。 拉通贝议员提起诉讼的理由是欧美数据传输协议没有完全尊重欧盟自身的数据保护规则，并认为美国情 报机构在从欧盟运输途中大量收集个人数据的做法是非法的。然而，位于卢森堡的欧盟普通法院在裁决 中却指出："在作出有争议的裁决之日，美国确保了从欧盟向该国组织传输的个人数据得到充分的保 护。" 讽刺的是，欧盟议会甚至早就注意到了，特朗普当选后解雇隐私和公民自由监督委员会（PCLOB）所 有三名民主党成员，导致该机构无法正常运作，已经影响到了此前对欧盟-美国数据隐私框架（DPF） 的充分性认定，并在2025年5月就此问题向欧盟委员会提出质询。 一、脆弱的法律平衡：从"充分性认定"到监督机制缺陷 自1995年以来，欧盟法律禁止将个人数据输出到欧盟以外的国家，除非有绝对必要。当非欧盟国家对欧 洲人的个人数据提供"基本等同"的保护时，数据可以被输出到国外。 另一方面，自斯诺登披露以来，我们得知，美国通过从美国大型科技公司窃取个人数据，对全球用户进 行大规模监控。美国拥有 ...

Market Overview - The Hong Kong stock market continued its downward trend, with the Hang Seng Index falling 1.12% to stay above the 25,000-point mark, while the Hang Seng China Enterprises Index dropped 1.25% and the Hang Seng Tech Index fell 1.85% [1] Technology Sector - Major technology stocks mostly declined, with Alibaba down over 3%, Kuaishou and Xiaomi Group down over 2%, and Tencent Holdings down 1%. Meituan saw a slight increase, while Baidu rose over 2% [2] Semiconductor Sector - Semiconductor and chip stocks experienced significant declines, with Jingmen Semiconductor and Innodisk down over 7%. Other companies like SMIC, Shanghai Fudan, Huahong Semiconductor, and China Electronics Technology also followed suit [3] Oil Sector - Oil stocks fell, with China Petroleum & Chemical Corporation, China National Petroleum Corporation, and CNOOC down over 1%. Analysts expect OPEC+ to consider increasing production targets in their upcoming meeting, contributing to the decline in oil prices [4] Gold Sector - Gold stocks saw a sharp decline, with Tongguan Gold down nearly 9%. The spot gold market has been volatile, with prices dropping 0.27% to below $3,550 per ounce, indicating a potential technical correction after recent highs [5] Entertainment Sector - The film and entertainment sector showed strength, with Orange Sky Golden Harvest rising over 7%. The summer box office exceeded 11.9 billion yuan, with over 320 million attendees, surpassing last year's figures [6] Coal Sector - Coal stocks were active, with Jiutai Bangda Energy up 4%. Analysts predict that coal prices have reached a low point, and profitability for coal companies is likely to rebound, with potential for price increases by year-end [7] Banking Sector - Banking stocks rose, with Agricultural Bank of China up over 2%. Other banks like China Everbright Bank, Bank of Communications, and Postal Savings Bank also saw gains [8] Individual Stock Movement - Zai Lab saw a significant drop of nearly 12%, closing at 23.04 HKD, with a total market capitalization of 25.75 billion HKD. Recent clinical trial results showed a reduction in previously observed survival benefits for a cancer treatment [9] Capital Flow - Southbound funds recorded a net inflow of 706 million HKD, with the Shanghai-Hong Kong Stock Connect seeing a net inflow of 1.386 billion HKD, while the Shenzhen-Hong Kong Stock Connect had a net outflow of 680 million HKD [10]

Market Overview - The Hong Kong stock market continued its downward trend, with the Hang Seng Index closing down 1.12%, barely holding above the 25,000-point mark [1] - The Hang Seng China Enterprises Index fell by 1.25%, while the Hang Seng Tech Index dropped by 1.85% [1] Sector Performance - Major technology and financial stocks, including Alibaba (down 3.2%) and Xiaomi (down over 2%), contributed to the market decline [1] - Securities firms like China Merchants Securities and GF Securities both fell nearly 2%, while China Pacific Insurance led the decline among domestic insurance stocks with a drop of over 5% [1] - Semiconductor stocks experienced significant losses, with GlobalFoundries down over 7% and leading stock SMIC down 6.67% [1] - Gold stocks retreated sharply due to profit-taking, with Tongguan Gold down nearly 9% and both China National Gold and Lingbao Gold down over 7% [1] Consumer and Other Sectors - Conversely, certain consumer stocks such as agricultural products, dining, and dairy sectors saw gains, with companies like Little Vegetable Garden, Yum China, and Xiaobai Xiaobai showing positive performance [1] - Wind power and entertainment stocks experienced intraday surges, with Orange Sky Golden Harvest rising over 25% at one point [1]

Meta Platforms的马克·扎克伯格，苹果公司的蒂姆·库克， 和微软公司的Satya Nadella等业领袖预计将于 当地时间周四参加由美国第一夫人梅拉尼娅·特朗普主持的人工智能（AI）活动，然后参加美国总统唐 纳德·特朗普在新装修的玫瑰园举行的晚宴招待会。 "白宫的玫瑰园俱乐部是华盛顿乃至全世界最热门的地方。总统期待着欢迎商界、政界和科技界的顶级 领袖参加这次晚宴，以及未来在新装修的、美丽的新玫瑰园露台上举行的许多晚宴。"白宫发言人Davis Ingle在给The Hill的一份声明中说道，也由此率先报道了这次活动和预期嘉宾名单。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 一位白宫官员表示，其他与会者预计包括OpenAI的Sam Altman，Alphabet的Sergey Brin和Sundar Pichai 以及微软联合创始人比尔·盖茨。最近加入Meta AI项目的Alexandr W ...

Group 1 - Spot gold prices reached a historic high of $3,570 per ounce, peaking at $3,578 per ounce, leading to significant gains in the gold sector [1] - The U.S. Labor Department reported that July JOLTS job openings were 7.181 million, below expectations, indicating a weakening demand for labor [3][6] - The decline in the dollar index, which fell by 0.26% to 98.0684, is seen as beneficial for gold and other precious metals priced in dollars [6] Group 2 - Major U.S. tech stocks, including Google, saw substantial gains, with Google's stock rising over 8% and its market cap surpassing $2.76 trillion [3] - The performance of gold stocks was notably strong, with Harmony Gold rising over 8% and other companies like AngloGold and Coeur Mining also experiencing significant increases [4] - The overall market showed mixed results, with the Dow Jones down 0.05%, while the Nasdaq and S&P 500 indices rose by 1.02% and 0.51%, respectively [5] Group 3 - Morgan Stanley predicts that the ongoing depreciation of the dollar, along with multiple favorable factors, will support gold prices, setting a year-end target of $3,800 per ounce [6] - UBS reiterated its forecast for gold prices to reach $3,700 per ounce by June 2026, with a possibility of prices hitting $4,000 in case of geopolitical or economic risks [6] - The Federal Reserve's Beige Book indicated moderate inflation and stable employment levels, with expectations of potential interest rate cuts in the near future [7]

Market Overview - The Nasdaq and S&P 500 indices rose, driven by Google's stock surge, while the Dow Jones fell slightly [2] - Google shares increased by 9.1% following a favorable court ruling, while Apple rose by 3.8% [2] - Tesla and Amazon saw minor gains, while Nvidia experienced a slight decline [2] Labor Market Data - U.S. job openings fell for the second consecutive month, decreasing from 7.36 million to 7.18 million [3] - The upcoming non-farm payroll report is expected to show an increase of 75,000 jobs, with the unemployment rate projected to rise from 4.2% to 4.3% [4] Federal Reserve Outlook - The likelihood of a 25 basis point rate cut by the Federal Reserve increased from 93% to 95% [5] - The labor market's weakening is influencing the Fed's potential policy shift, with upcoming employment reports being crucial for decision-making [5] Bond Market - Long-term U.S. Treasury yields declined, with the 10-year yield falling to 4.22% [6] - The Fed's Beige Book indicated little change in economic activity and employment levels since July [6] Individual Stock Performances - Macy's stock surged nearly 21% after reporting better-than-expected Q2 results and raising its full-year outlook [7] - Campbell Soup Company shares rose by 7.2% despite a decline in sales, as its Q4 earnings exceeded Wall Street expectations [8] Commodity Prices - International oil prices dropped, with WTI crude falling to $63.97 per barrel and Brent crude to $67.60 per barrel [8] - Gold prices reached new highs, with COMEX gold futures rising to $3,593.20 per ounce [9]

Core Viewpoint - The Nasdaq index has increased by 1.3%, while the S&P 500 index has risen by 0.6%, indicating a positive trend in the technology sector and overall market performance [1] Company Performance - Notable technology stocks have shown significant gains, with Google surging over 8%, Apple and Tesla rising more than 3%, and TSMC and Broadcom increasing nearly 2% [1]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.6% to 25,343.43 points and a total turnover of HKD 2,676.47 million [1] - The Hang Seng Tech Index fell 0.78% to 5,683.74 points, indicating a weak market sentiment despite improved funding conditions and a focus on industrial policies [1] Blue Chip Performance - Alibaba Health (00241) led blue-chip stocks, rising 4.58% to HKD 6.39, contributing 2.8 points to the Hang Seng Index [2] - Other notable gainers included CSPC Pharmaceutical (01093) up 4.47% and Zhongsheng Group (00881) up 3.1%, while BYD Electronic (00285) fell 4.99% [2] Sector Highlights - Large tech stocks showed mixed results, with Baidu up 2.79% and JD.com nearly 1% higher, while Alibaba fell 0.45% [3] - The innovative drug sector continued its upward trend, with WuXi AppTec (02268) up 9.3% and HAPO (02142) up 9.16% [3][4] - Gold stocks were active, benefiting from rising gold prices, with Lingbao Gold (03330) up 6.09% and Shandong Gold (01787) up 2.07% [5] Foreign Investment in Innovative Drugs - Foreign investments in Chinese innovative drug companies have increased, with GIC acquiring 40.22 million shares of HAPO at an average price of HKD 12.7133, totaling approximately HKD 5.11 billion [4] - The domestic innovative drug sector has seen significant growth, with 83 licensing agreements worth USD 84.53 billion this year [4] Robotics Sector Developments - The robotics sector is experiencing renewed interest, with Tesla emphasizing the importance of its robotics business [6] - MicroPort Robotics (02252) surged 13.28%, reflecting positive sentiment in the robotics industry [5] Notable Stock Movements - Changfei Optical Fiber (06869) rose 12.61% amid speculation about the demand for hollow-core optical fibers [7] - Huya Technology (01860) reported a 47% revenue increase to USD 938 million, with significant growth in its gaming segment [8] - China Tobacco Hong Kong (06055) reached a historical high, reporting an 18.52% revenue increase to HKD 10.316 billion [9] - Neway Group (01686) saw a decline of 13.81% despite a 10% revenue increase to HKD 2.938 billion [10]

Market Overview - The Hong Kong stock market opened high but closed lower, with the Hang Seng Index down 0.6% to 25,343.43 points and a total turnover of HKD 26.76 billion [1] - The market fundamentals remain weak, but there is an improvement in the funding environment and a focus on industrial policies [1] Blue Chip Performance - Alibaba Health (00241) led blue-chip gains, rising 4.58% to HKD 6.39, contributing 2.8 points to the Hang Seng Index [2] - Other notable blue-chip performers include CSPC Pharmaceutical (01093) up 4.47% and Zhongsheng Group (00881) up 3.1% [2] Sector Highlights - Large tech stocks showed mixed results, with Baidu up 2.79% and JD.com nearly 1% higher, while Alibaba fell 0.45% [3] - The innovative drug sector continued its upward trend, with WuXi AppTec (02268) up 9.3% and HAPO (02142) up 9.16% [3][4] Foreign Investment in Innovative Drugs - Foreign investments in Chinese innovative drug companies have increased, with GIC acquiring 40.22 million shares of HAPO at an average price of HKD 12.7133, totaling approximately HKD 5.11 billion [4] - The domestic innovative drug sector has seen significant growth, with 83 licensing agreements worth USD 84.53 billion this year [4] Gold Stocks Activity - Gold stocks were active, with Lingbao Gold (03330) up 6.09% and Shandong Gold (01787) up 2.07%, driven by rising gold prices amid increased risk aversion [5] - International gold prices reached new highs, with NY gold futures surpassing USD 3,600 per ounce [5] Robotics Sector Developments - The robotics sector showed mixed performance, with MicroPort Robotics (02252) up 13.28% and some stocks like Sanhua Intelligent Control (02050) down [6][5] - Tesla emphasized the strategic importance of its robotics business, indicating significant future value [6] Notable Stock Movements - Changfei Optical Fiber (06869) surged 12.61% due to market interest in hollow-core fiber optics, with a projected compound growth rate of 56.52% over the next six years [7] - Huya Technology (01860) reported a 47% year-on-year revenue increase, reaching USD 938 million [8] - China Tobacco Hong Kong (06055) reached a historical high, with a revenue increase of 18.52% to HKD 10.316 billion [9] - Neway Group (01686) saw a significant drop of 13.81% despite a 10% revenue increase to HKD 2.938 billion [10]