Market Performance - The Hang Seng Index increased by 0.43% at midday [1] - The Hang Seng Tech Index rose by 1.91% [1] Sector Highlights - Semiconductor stocks continued their strong performance, with Hua Hong Semiconductor rising over 6% and SMIC increasing nearly 2% [1] - Technology stocks collectively performed well, with JD.com up over 6%, Baidu rising over 4%, and Xiaomi Group increasing nearly 4% [1] New Listings - Chery Automobile saw an impressive debut, with its stock rising 8.55% on the first trading day [1]

Group 1 - The Hang Seng Index rose by 0.43% at midday on September 25, while the Hang Seng Tech Index increased by 1.91% [1] - Semiconductor stocks continued their strong performance, with Hua Hong Semiconductor rising over 6% and SMIC increasing nearly 2% [1] - Technology stocks collectively strengthened, with JD.com up over 6%, Baidu rising over 4%, and Xiaomi Group increasing nearly 4% [1] - Chery Automobile saw an impressive debut, with its stock rising 8.55% on the first day of trading [1]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1] - The market saw a net inflow of funds through the Hong Kong Stock Connect, totaling 484 million, with 283 million from Shanghai and 201 million from Shenzhen [1] - On the following day, the Hang Seng Index rebounded, closing at 26,518.65 points, up 1.37%, with significant contributions from tech stocks like Alibaba and SMIC [1][2] US Market Performance - The US stock market saw declines, with the Dow Jones down 0.37% and the Nasdaq down 0.33% [2] - AI-related stocks, including Oracle and Nvidia, faced pressure, while Micron Technology reported better-than-expected earnings, boosting market confidence [2] Investment Opportunities - The report highlights the continued inflow of southbound funds into Hong Kong stocks, with a cumulative net inflow of 1,132.1 billion HKD year-to-date, surpassing last year's total of 807.9 billion HKD [3] - Recommended sectors for investment include AI applications, semiconductors, industrial software, and upstream non-ferrous metals benefiting from anticipated interest rate cuts [3] - The report emphasizes the potential of companies in the "AI+" sector and state-owned enterprises with low valuations and high dividends [3] Key Company Highlights - Alibaba launched Qwen3-Max, its largest and most capable AI model, achieving industry-leading performance in various benchmarks [9] - Tencent upgraded its EdgeOne Pages platform, aiming to become a leading full-stack development platform for developers in China [9] - Li Ning Company reported a revenue of 14.817 billion HKD for the first half of 2025, a year-on-year increase of 3.3%, despite a slight decline in gross margin [10] Stock Performance - The Hang Seng Index and its sub-indices showed positive performance over the past month, with the Hang Seng Technology Index up 2.5% [15] - Notable stock performances include Alibaba's 9.2% increase and Tencent's 2.0% rise over the past month [15] Economic Data - China's mobile internet user base reached 1.601 billion by the end of August, with a year-on-year increase of 31.32 million users [9] - The average mobile internet access traffic per user reached 20.87 GB in August, reflecting a 14.3% annual growth [9]

Market Overview - The Hong Kong stock market experienced significant fluctuations, with the Hang Seng Index closing at 23,831 points, down 145 points or 0.61% [1][5] - The US stock market saw declines across major indices, with the Dow Jones down 0.2% at 46,292 points, and the S&P 500 down 0.6% at 6,656 points [2] - Concerns over the sustainability of the AI bull market led to declines in several AI-related stocks, including Nvidia, which fell 2.8% [2] Industry Insights - The Chinese government emphasized the importance of vocational education, highlighting the establishment of the world's largest vocational education system with 34 million students [3] - The report suggests continued focus on sectors such as artificial intelligence, semiconductors, and industrial software, which are seen as new productivity drivers [3] - The report also indicates a favorable outlook for upstream non-ferrous metals due to expectations of interest rate cuts by the Federal Reserve [3] Company Performance - Li Ning Company reported a revenue of 14.817 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.3% [10] - The company's gross margin was 50%, a slight decrease of 0.4 percentage points, attributed to increased promotional competition [10] - The net profit for Li Ning was 1.737 billion yuan, down 11% year-on-year, with a net profit margin of 11.7% [10] Electricity Consumption - In August, China's total electricity consumption reached 1,015.4 billion kilowatt-hours, a year-on-year increase of 5% [9] - Industrial electricity consumption accounted for nearly 60% of the total, with manufacturing electricity consumption growing by 5.5% year-on-year, marking the highest level this year [9]

Group 1 - The Hang Seng Index experienced a weak fluctuation, closing down by 0.7%, while the Hang Seng Tech Index fell by 1.45% [1] - The consumer, real estate, and healthcare sectors saw widespread declines, with companies like CSPC Pharmaceutical Group and Vanke Enterprises dropping nearly 5% [1] - Most tech stocks retreated, with Baidu Group declining by over 5% [1] Group 2 - Companies like Constellation Brands and Weigang Yuma both surged by over 20%, as they proposed discounted placements exceeding 15% [1]

Market Performance - The Hong Kong stock market indices opened high but closed lower, with the Hang Seng Index down by 0.70% at 26,159.12 points [1] - The Hang Seng Tech Index fell by 1.45%, and the National Enterprises Index decreased by 0.86% [1] Sector Performance - Technology stocks experienced more declines than gains, with Baidu dropping over 5% and JD.com falling over 4% [1] - Meituan, Bilibili, and Lenovo saw declines of over 2%, while Xiaomi decreased by over 1% [1] - NetEase, however, recorded an increase of over 1% [1] Specific Stock Movements - Gold stocks surged in the afternoon, with Tongguan Gold rising by over 5% [1] - Banking stocks were active, with HSBC Holdings increasing by over 1% [1] - Apple-related stocks weakened, with Lens Technology dropping by over 7% [1] - Chinese brokerage stocks generally fell, with Zhongzhou Securities down by over 4% [1] - Newly listed companies saw significant gains, with one group increasing by over 43% on their first trading day [1]

Group 1 - The Hang Seng Index opened down 0.32%, with the Hang Seng Tech Index falling 0.68%. Most tech stocks weakened, with Kuaishou down over 6%, Anta Sports down over 4%, and NetEase down over 1%. Zijin Mining rose over 2% [1] - The Hong Kong stock market has seen a net inflow of funds for 26 consecutive months, with a record monthly net inflow of 112.2 billion HKD in August 2025, indicating strong interest from mainland investors [3] - The average daily trading amount of southbound trading ETFs reached a new high of 3.8 billion HKD in the first half of 2025, with the number of eligible ETFs increasing from 5 to 17 [4] Group 2 - According to CITIC Securities, the Hong Kong stock market's performance stabilized in the first half of 2025, achieving positive growth in earnings, with revenue and profit growth rates of 1.9% and 4.6% respectively [5] - The technology, healthcare, and materials sectors showed high prosperity, supporting the performance of the Hong Kong stock market, while energy, utilities, and real estate sectors faced performance pressures [5] - AI remains a key theme in the Hong Kong stock market, with significant growth in AI cloud services and a shift towards self-developed chips among major AI companies [6]

来源：滚动播报 港股午后持续走低，恒指跌1%，恒生科技指数跌0.48%，此前一度涨2%，芯片股涨幅回落，科网股部 分走低，腾讯控股跌2.6%，哔哩哔哩、小米集团跌2%。 ...

Macro Dynamics - The Chinese Foreign Ministry commented on the recent postponement or cancellation of concerts by Korean artists in China, indicating that China does not oppose healthy cultural exchanges between China and South Korea [2] Industry Developments - The Ministry of Commerce announced the establishment of five industry standardization technical committees, including those for automotive circulation and pharmaceutical circulation [3] Financial Data - The Ministry of Finance reported that from January to August 2025, the securities transaction stamp duty reached 118.7 billion yuan, a year-on-year increase of 81.7% [4] - The retail sales of passenger cars in China from September 1 to 14 totaled 732,000 units, a year-on-year decrease of 4%, while the cumulative retail sales for the year reached 15.497 million units, a year-on-year increase of 9% [5][6] Market Performance - On September 17, the A-share market saw all three major indices rise, with the Shanghai Composite Index up 0.37% and the ChiNext Index up 1.95%. The total trading volume was approximately 23,767.46 billion yuan [9] - The financing balance of the two markets increased by 22.54 billion yuan, with the Shanghai Stock Exchange reporting a balance of 1,205.86 billion yuan and the Shenzhen Stock Exchange reporting 1,162.11 billion yuan [10] Company News - Xinhua Insurance reported a cumulative original insurance premium income of 158.086 billion yuan from January to August 2025, representing a year-on-year increase of 21% [8] - Tempus Co., Ltd. announced that its stock will resume trading on September 18, 2025, after a significant price increase, but noted uncertainties regarding control changes and potential risks of a rapid decline in stock price [13] - Peak's chairman denied reports of a company-wide salary reduction, stating that the overall reduction was less than 10% and not applicable to all employees [14] - Mindray Medical responded to rumors of a potential secondary listing in Hong Kong, confirming that it would rely on official announcements for information [15]

今日， 香港特区行政长官李家超 发表 2025年《施政报告》 ，提及多项金融和科技发展举措，包括 探索缩短股票结算周期至T+1，推动 更多海外企业来港第二上市 等。 | 恒生指数 | 恒生国企 | 恒生科技 | | --- | --- | --- | | 26908.39 | 9596.77 | 6334.24 | | +469.88 +1.78% | +210.38 +2.24% | +256.58 +4.22% | | 恒指期货 | 港股通50 | 恒生生物科技 | | 26902 | 4004.40 | 17349.35 | | +438 +1.66% | +67.38 +1.71% | -16.21 -0.09% | | 成交额3603亿 | | 南向资金净买入94亿 | 科网股全线爆发， 百度和阿里表现瞩目 截至收盘，商汤和百度涨超15%。阿里巴巴大涨5.28%， 创2021年10月以来新高，市值重回3万亿港元。 消息面上，百度与招商局集团签署战略合作框架协议，双方将围绕大模型、云计算等前沿人工智能技术，在科创产业、交通物流、综合金 融、地产园区等领域开展合作。 【 导读 】 港股大爆发，恒生科技指 ...