Market Overview - The Hong Kong stock market indices accelerated declines near midday, with the Hang Seng Tech Index dropping as much as 3.2% and closing down 2.89% at 6195 points [1] - The Hang Seng Index fell 1.35%, returning to around the 26000 mark, while the State-Owned Enterprises Index decreased by 1.49%, narrowly holding above 9300 points [1] Sector Performance - Technology stocks faced significant pressure, with notable declines including Xiaomi down 8%, JD.com down 3.7%, and Alibaba, Kuaishou, Baidu, NetEase, and Meituan all falling by over 2% [1] - Biopharmaceutical stocks collectively dropped following Trump's announcement of a 100% tariff on any brand or patented pharmaceutical products starting October 1 [1] - Semiconductor stocks also experienced declines due to potential U.S. restrictions on overseas chip imports, with leading company SMIC falling by 5% [1] Positive Trends - Wind power generation in China saw a cumulative increase of 10.4% from January to July 2025, leading to strong performance in wind energy stocks, with Goldwind Technology rising over 4% [1] - Small and medium-sized banks have been actively lowering deposit rates, which may alleviate pressure on the banks' liabilities, resulting in a counter-trend rise in domestic bank stocks, with Agricultural Bank and Construction Bank both increasing by over 1% [1] - Other sectors such as military, dairy products, and heavy machinery stocks showed relative activity [1]

Group 1 - The Hang Seng Index closed down 0.13% on September 25, while the Hang Seng Tech Index rose by 0.89% [1] - Automotive stocks led the gains, with Li Auto increasing nearly 7%, Chery Automobile rising nearly 4% on its first trading day, and Xpeng Motors up over 3% [1] - Technology stocks also performed well, with Xiaomi Group rising over 4% and JD.com increasing over 3% [1] Group 2 - Shanghai Electric surged over 10%, while Hua Hong Semiconductor rose over 4% [1]

Group 1 - The Hong Kong stock market saw mixed performance with the Hang Seng Technology Index slightly down by 0.13%, while the National Enterprises Index rose marginally by 0.01% [2] - The Hang Seng Technology Index experienced a peak increase of 2% during the trading session before closing with a minor decline [2] Group 2 - Major technology stocks generally maintained an upward trend, with Xiaomi rising by 4.48%, JD.com by 3.46%, and Baidu by 2.33% [4] - Automotive stocks collectively increased, with Chery Automobile seeing a significant rise of nearly 14% on its first trading day, while other companies like Li Auto, NIO, and BYD also posted gains [4] - Copper prices surged due to supply tightness following an accident at the world's second-largest copper mine, leading to strong performances in the copper sector, with China Daye Non-Ferrous Metals soaring by 25% [4]

Group 1 - The Hang Seng Index opened lower and maintained a downward trend throughout the day, closing down by 0.7% [1] - The real estate sector experienced significant declines, with major companies like Longfor Group down by 3.78% and Beike down by 3.08% [3] - The banking sector showed resilience, with a slight increase of 0.38% at the close, led by Chongqing Rural Commercial Bank which rose by 2.94% [3] Group 2 - The Hang Seng Technology Index initially dropped sharply, reaching a low of 2.94% before recovering slightly to close down by 1.45% [3] - Notable declines in technology stocks included NIO down by 5.95% and Baidu down by 5.38% [3] - Other sectors such as utilities and finance saw gains, contrasting with the overall market trend [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 weekly performance showed a rise of 156 points or 0.59%, with the Hang Seng Tech Index increasing by 5.09% [1][5] - The Southbound funds under the Stock Connect recorded a net inflow of HKD 4.84 billion, indicating continued interest in Hong Kong stocks [1] Key Industry Insights - The AI sector is highlighted as a significant growth area, with Baidu Group (9888HK) seeing a 14.3% increase last week, totaling a 52% rise since the recommendation [3] - The non-essential consumer sector surged by 4.86%, while the financial sector declined by 3% [1][5] - The report suggests focusing on technology sectors such as AI applications, semiconductors, and industrial software, as well as upstream non-ferrous metals benefiting from favorable economic conditions [3] Company Performance - Li Ning Company (2331HK) reported a revenue of HKD 14.817 billion for the first half of 2025, reflecting a year-on-year growth of 3.3% [10] - The company's gross margin was 50%, slightly down by 0.4 percentage points due to increased promotional activities [10] - The net profit for Li Ning was HKD 1.737 billion, a decline of 11% year-on-year, with a net profit margin of 11.7% [10] Upcoming IPOs - Upcoming IPOs include Zijin Mining International (2259) in the non-ferrous metals sector and Chery Automobile (9973) in the automotive sector, with listing dates set for late September 2025 [13]

Group 1 - The core point of the article highlights that southbound capital recorded a net inflow of 36.851 billion HKD from September 15 to 19, marking a 39.41% decrease week-on-week, while maintaining a streak of 18 consecutive weeks of net inflows [1] - Among the top ten active stocks, a total of 22 stocks were listed last week, with Alibaba-W leading in total trading volume on the Hong Kong Stock Connect, reaching 69.847 billion HKD [1] - Other notable stocks with significant trading volumes included SMIC, Meituan-W, Tencent Holdings, and Xiaomi Group-W, each exceeding 20 billion HKD in trading volume [1] Group 2 - In terms of changes in shareholding, 11 stocks experienced a more than 100% increase in holdings from southbound capital last week, with Baize Medical leading at a remarkable 2252.16% increase [1] - Other companies such as Nanshan Aluminum (600219), Hushang Ayi, Brainstorming-B, and Jinjing New Energy also saw their holdings increase by over 500% [1]

Core Viewpoint - The Federal Reserve's decision to cut interest rates by 25 basis points aligns with market expectations, indicating potential further cuts later this year as the economy faces rising risks [5][6]. Market Performance - On Wednesday, U.S. stocks showed mixed results with the Dow Jones rising by 260.42 points (0.57%) to 46018.32, while the Nasdaq fell by 0.33% to 22261.33, and the S&P 500 decreased by 0.10% to 6600.35 [2]. - The financial sector led the gains, while the technology sector experienced declines [2]. Technology Stocks - Performance among major tech stocks was varied, with Nvidia down 2.6%, Oracle down 1.7%, Amazon down 1.0%, Google down 0.6%, Meta down 0.4%, while Microsoft and Apple saw slight increases of 0.2% and 0.3% respectively [3]. Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 2.8%, with Baidu increasing over 11%, and Bilibili, Alibaba, JD.com, and NetEase also showing gains [4]. Federal Reserve Insights - The Federal Reserve lowered the benchmark interest rate to a range of 4.00%-4.25% and acknowledged rising risks in the job market [5]. - The latest dot plot indicates two more 25 basis point cuts this year and an additional cut next year [6]. - Fed Chair Powell described the rate cut as a risk management measure, highlighting a shift in the economic risk landscape [5][6]. Bond Market - Long-term U.S. Treasury yields rose, with the 10-year yield increasing by 4.2 basis points to 4.06% and the 2-year yield rising by 3.5 basis points to 3.54% [6]. Banking Sector - Bank stocks performed well, with Wells Fargo, Goldman Sachs, Bank of America, and Citigroup all rising over 1% [7]. Economic Data - In August, U.S. new home starts fell to an annualized rate of 1.3 million, down 3.7% from July, missing market expectations [8]. - Building permits also decreased from 1.362 million in July to 1.312 million, marking the lowest level since May 2020 [8]. Commodity Prices - International oil prices declined, with WTI crude oil down 0.73% to $64.05 per barrel and Brent crude down 0.76% to $67.95 per barrel [9]. - Gold prices experienced fluctuations, with COMEX gold futures for September delivery down 0.19% to $3681.80 per ounce [10].

Group 1 - The core viewpoint is that the global technology cycle is currently driven by AI, which is rapidly penetrating various aspects of the economy and society, while China is in a transitional phase of economic development, focusing on technological innovation to drive industrial upgrades [1] - Major AI models and intelligent products have been released both domestically and internationally, with the domestic model Kimi K2 making headlines and being compared to a significant moment in AI development, while international releases include xAI's Grok4 and OpenAI's ChatGPT Agent [1] - The easing of interest rates is expected to enhance market liquidity, potentially directing international capital towards higher-risk assets, with Hong Kong stocks likely to benefit from overseas liquidity inflows, particularly in the technology and financial sectors [1] Group 2 - The Hong Kong Stock Connect Technology ETF (159101) supports T+0 trading and does not occupy QDII quotas, allowing investors to flexibly apply their allocation strategies based on their needs [2] - Long-term investors can use the ETF as a core holding for growth assets, while trend investors can capture market movements due to the high elasticity of the technology sector [2] - Dollar-cost averaging investors can gradually build positions in the ETF during low valuation periods to smooth risks and enhance investment experience [2]

市场普遍预期美联储将在9月启动降息周期，这对港股科技和互联网板块构成实质性利好。其主要通过 改善全球流动性、吸引资金流入、压制美元利率、提振估值等途径实现。 【港股科技相关ETF】 科技全产业链——港股通科技ETF基金（159101） 降息带来的市场流动性宽松，有将利于国际资本流向风险偏好更高的资产，港股等新兴市场有望承接外 溢的海外流动性，而外资偏好代表中国新经济动力的科技互联网板块。港股科技板块目前估值处于历史 相对低估区间，并且囊括了中国AI核心资产，对于外资的吸引力或不断提升。 互联网龙头——恒生互联网ETF（513330） 浙商证券指出，随着美国非农就业数据公布，美国经济衰退压力陡增，特朗普新政带来的副作用逐步显 现，2025年4季度美联储降息势在必行，而通胀不确定性是影响降息节奏的关键因素，美国很有可能进 入类滞涨格局，美股面临回调风险。可以确定的是，降息将成为外资回流港股乃至A股的关键催化，随 着美元弱势格局形成，港股通科技、恒生科技等指数将迎来强势上行期。 每日经济新闻 ...

Group 1 - The Federal Reserve is expected to announce a rate cut this week, with a 92% probability of a 25 basis points cut and an 8% probability of a 50 basis points cut, which may improve global liquidity and benefit the Hong Kong stock market, particularly the high-growth technology sector [1] - Alibaba's recent quarterly cloud revenue and capital expenditure exceeded market expectations, potentially shifting the narrative in the Hong Kong technology and internet sector from "food delivery competition" back to AI, aiding in valuation recovery [1] - The Hong Kong stock market is home to key domestic AI assets across the entire industry chain, including computing power, models, software applications, and hardware terminals, positioning it as a leader in China's asset revaluation and expected to benefit from the accelerated penetration of AI [1] Group 2 - Several significant models and intelligent products have been released in Q3, including the domestic Kimi K2 model, which has been recognized internationally as a major advancement, and Alibaba's Qwen 3 Coder, a strong open-source code model [1] - Internationally, xAI released the Grok4 model and OpenAI launched the ChatGPT Agent, indicating a dual advancement in foundational models and agent applications [1] - The acceleration of various AI agents and the upcoming disclosures of financial reports from leading technology stocks in both the US and Hong Kong are expected to boost market sentiment and maintain high prosperity in the technology sector [1]