Core Viewpoint - The A-share and Hong Kong stock markets experienced a strong rally, driven by the technology growth sector, with significant gains in the ChiNext Index and the Hang Seng Technology Index, indicating a positive market sentiment ahead of anticipated Federal Reserve interest rate cuts [1][2]. Market Performance - A-share market continued its upward trend, with the ChiNext Index breaking through 3100 points, closing up 1.95% at 3147.35 points. The Shanghai Composite Index rose 0.37% to 3876.34 points, while the Shenzhen Component increased by 1.16% to 13215.46 points. The total market turnover reached 2.4 trillion yuan, an increase of 359 billion yuan from the previous trading day [2]. - In the Hong Kong market, the Hang Seng Index rose 1.78% to 26908.39 points, and the Hang Seng Technology Index surged 4.22% to 6334.24 points, with significant inflows from southbound funds totaling 9.441 billion HKD [2]. Industry Highlights and Driving Logic - The A-share market saw a dual drive from high-end manufacturing and technology sectors, with the new energy industry chain experiencing a broad rally. The power equipment sector led with a 2.55% increase, while the automotive sector rose 2.05%, supported by better-than-expected new energy vehicle export data [3]. - In the Hong Kong market, technology and education sectors saw significant gains, with the Sapphire Index soaring 7.45% and the online education index rising 6.66%, driven by improved policy expectations [3]. Underperforming Sectors and Driving Logic - In the A-share market, consumer and cyclical sectors showed weak performance, with the agriculture, forestry, animal husbandry, and fishery sector declining by 1.02% due to falling pork prices. The retail and social services sectors also faced declines of 0.98% and 0.86%, respectively, due to weak consumption data [4]. - In the Hong Kong market, the precious metals and healthcare sectors faced significant declines, with the precious metals index dropping 2.20% amid concerns over overbought conditions in gold [4]. Investment Strategy Recommendations - The market exhibited a structural characteristic of "growth dominance, value consolidation," with a focus on technology and high-end manufacturing in the medium to long term. The A-share market is advised to focus on "new energy + hard technology" dual lines, particularly in the lithium battery and semiconductor sectors [5][6]. - For the Hong Kong market, a strategy focusing on "technology leaders + policy beneficiaries" is recommended, particularly in AI chips and cloud computing sectors, which still have upward potential [5][6].

9月17日午后，港股三大指数集体上涨，恒生科技指数一度涨超4%。盘面上，科网股表现活跃，百度集 团涨超17%；汽车股普涨。主流ETF方面，港股通汽车ETF（159323）涨超1.5%；恒生科技指数ETF （513180）涨超3.5%，持仓股中，百度集团、商汤、蔚来、海尔智家、京东集团、中芯国际等领涨， 其中，蔚来一度涨超11%。 AI点燃看涨狂潮，恒生科技指数盘中突破6300点。展望后市，美联储降息或将重启，南向资金有望持 续呈现结构性流入，在内外资共振以及AI叙事回归的共同催化下，恒生科技估值重构可期。没有港股 通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资产。 （文章来源：每日经济新闻） 消息面上，最新数据显示，8月份，社会消费品零售总额39668亿元，同比增长3.4%。其中，汽车消费 额4093亿元、同比增1%。8月汽车生产275万台，同比增11%；新能源汽车生产133万台，同比增23%， 渗透率48%；燃油车生产142万台，同比增1%。2025年1-8月汽车生产2083万台，同比增11%；新能源汽 车生产938万台，同比增31%，渗透率45%；燃油车生产1145万台，同 ...

中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 消息面上，2025年国家网络安全宣传周网络安全企业家座谈会在昆明滇池国际会展中心举行。国家网信 办副主任杨建文指出，头部企业需扛起"卡脖子"技术攻关责任，聚焦芯片等关键领域，联合高校院所打 造创新联合体，加速研发自主可控安全芯片以突破垄断，通过"传帮带"助力中小微企业提升安全能力。 此外，9月15日，招商局集团与百度在深圳签署战略合作框架协议。 科网股集体上涨，带动恒科指数盘中涨超2.5%，创21年11月至今新高。成份股方面，截至发稿，百度 集团-SW(09888)涨10.34%，报124.9港元；蔚来-SW(09866)涨764%，报54.95港元；京东集团-SW(09618) 涨4.77%，报136.2港元；阿里巴巴-W(09988)涨3.39%，报158.7港元。 ...

消息面上，2025年国家网络安全宣传周网络安全企业家座谈会在昆明滇池国际会展中心举行。国家网信 办副主任杨建文指出，头部企业需扛起"卡脖子"技术攻关责任，聚焦芯片等关键领域，联合高校院所打 造创新联合体，加速研发自主可控安全芯片以突破垄断，通过"传帮带"助力中小微企业提升安全能力。 此外，9月15日，招商局集团与百度在深圳签署战略合作框架协议。 中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 智通财经APP获悉，科网股集体上涨，带动恒科指数盘中涨超2.5%，创21年11月至今新高。成份股方 面，截至发稿，百度集团-SW(09888)涨10.34%，报124.9港元；蔚来-SW(09866)涨764%，报54.95港元； 京东集团-SW(09618)涨4.77%，报136.2港元；阿里巴巴-W(09988)涨3.39%，报158.7港元。 ...

Group 1 - The Hang Seng Technology Index has officially broken through the previous high, reaching above 6200 points, with a notable increase of nearly 2.5% [1][2] - The technology sector in Hong Kong is experiencing a surge, particularly in AI core assets, with significant inflows from southbound funds, totaling a net purchase of 10,841.63 million HKD year-to-date [1] - Major stocks such as Baidu, NIO, JD.com, SMIC, and Meituan have led the gains, with Baidu seeing an increase of over 11% at one point [1] Group 2 - The continuous inflow of southbound funds and the potential initiation of a new interest rate cut cycle in the US may lead to a "catch-up" rally for the Hang Seng Technology Index in September [2] - The ongoing anti-involution policies, combined with Alibaba's better-than-expected earnings report and rapid iterations in AI models, suggest a potential revaluation for the Hang Seng Technology Index [2] - Investors without a Hong Kong Stock Connect account can consider the Hang Seng Technology Index ETF (513180) to gain exposure to China's AI core assets [2]

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][5] - The market turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The US stock market also saw declines, with the Dow Jones down 125.18 points or 0.27%, and the Nasdaq down 14.79 points or 0.07% [2] Industry Insights - The report highlights the potential for growth in the AI sector following recent antitrust violations by Nvidia, suggesting a renewed focus on domestic AI computing and related industries [3] - The Chinese government has introduced policies to expand service consumption, indicating opportunities in various domestic consumption sectors [3] - The report emphasizes the value of Hong Kong stocks centered on Chinese assets, recommending focus on sectors such as AI applications, semiconductors, and industrial software [3] Company Highlights - Tencent has been active in share buybacks, repurchasing 853,000 shares for 550 million HKD, and has issued 9 billion RMB in notes [12] - Alibaba completed the issuance of approximately 3.2 billion USD in zero-coupon convertible senior notes, indicating strong capital market activity [12] - The report suggests monitoring companies like Ctrip and China Southern Airlines, which are expected to benefit from increased domestic tourism [9]

华泰证券首席宏观经济学家易峘认为，后市港股流动性宽裕环境并未改变，基本面预期回升也起到了重 要支撑。市场盈利修复一方面来自科技、新消费和医药等板块能够实现超越经济周期的增长，另一方面 因国内政策较去年力度更大，经济和政策稳定性更强，推动了企业稳健盈利。 关于港股后市 恒生指数高开0.44%，恒生科技指数涨0.91%。科网股延续强势表现，蔚来涨超7%，百度集团涨超6%， 京东集团涨超3%，药捷安康-B跌近4%。阿里巴巴高开2.74%续创近4年新高，港股总市值重回3万亿港 元，今年来累计涨超96%。 中银国际指出，在当前国产替代加速与AI产业周期快速发展的基本面环境下，科技股有望受益于本轮 人民币资产重估机遇。由于宏观"弱复苏"的格局未变，科技大市值公司后续仍有上涨空间，绝对景气优 势依然明显。结合近期港股科技股走势与大市情绪的联动效应，多重催化下市场或迎来情绪与动能的双 重转强。 招商证券(香港)策略团队认为，随着供需格局改善，中国经济周期有望迎来景气拐点。科技产业的资本 开支和研发投入将逐步转化为企业盈利，成为新的增长引擎。在美联储降息预期升温的背景下，南向资 金和外资有望持续流入港股市场。港股作为全球估值洼 ...

阿里巴巴 -W 放量大涨 阿里巴巴 -W 盘中涨幅一度达 6% ，收涨 5.44% ，成交额达 259.32 亿港元。 【导读】恒指创 4 年新高，港股生物医药板块集体大涨 中国基金报记者 格林 9 月 12 日，恒指高开后震荡。截至收盘，恒生指数涨 1.16% ，报 26388.16 点，创 2021 年 9 月以来新高；恒生科技指数涨 1.71% ，报 5989.27 点；恒生国企指数涨 1.13% ，报 9364.94 点。全日大市成交额达 3207.34 亿港元，较上一交易日略微缩量。南向资金净 买入 73.31 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 | 26388.16c | 301.84 | 1.16% | 3207亿 | 31.55% | | 2 | HSTECH | 恒生科技 | 5989.27c | 100.50 | 1.71% | 1016亿 | 34.04% | | 3 | HSHKBIO | ...

Group 1 - The Hong Kong stock market indices collectively rose, with technology stocks and property stocks showing significant strength, while gold and metal sectors also increased [1] - The Hang Seng Technology Index ETF (513180) saw a strong performance, with major holdings like Tencent Holdings and Alibaba Group experiencing notable gains, including Tencent reaching a new high of 649 HKD [1] - Long-term prospects for the Hong Kong stock market may improve, contingent on three conditions: growth in AI technology and new consumption, continued inflow of southbound funds, and favorable monetary conditions from the US [1] Group 2 - The Hang Seng Technology Index is currently considered undervalued, with expectations of a rebound driven by both domestic and foreign capital inflows, particularly in light of a potential new round of interest rate cuts in the US [2] - The ongoing "anti-involution" policies and strong earnings from Alibaba, along with rapid advancements in AI, are expected to support a valuation reconstruction for the Hang Seng Technology Index [2] - The Hang Seng Technology Index ETF (513180) includes leading companies in sectors such as AI, smart driving, gaming, and consumer electronics, providing an accessible investment option for those without a Hong Kong Stock Connect account [2]

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 turnover decreased to 82.799 billion HKD, with net inflows of 484 million HKD recorded in the Hong Kong Stock Connect [1][5] - The technology sector showed resilience, with the Hang Seng Technology Index down only 0.24% [1][5] Key Companies and Performance - Semiconductor stocks performed well, with SMIC rising by 5.0% and China Hongqiao increasing by 3.6% [1][5] - Pharmaceutical companies faced declines, with Hansoh Pharmaceutical dropping 8.8% due to concerns over increased scrutiny of Chinese innovative drugs by the US [1][5] - The report highlights the strong performance of Alibaba's AI model Qwen3-Next, which has shown significant improvements in efficiency and cost-effectiveness [8] Investment Recommendations - The report suggests focusing on sectors such as artificial intelligence, semiconductors, and industrial software, which are expected to benefit from the ongoing technological advancements [3] - It also recommends monitoring upstream non-ferrous metals companies that are likely to benefit from anticipated interest rate cuts by the Federal Reserve [3] - The report emphasizes the value of investing in state-owned enterprises with low valuations and high dividends [3] Economic Data and Trends - The report notes that the cumulative net inflow of southbound funds has reached 1,065.5 billion HKD this year, surpassing last year's total of 807.9 billion HKD [3] - The automotive industry in China showed growth, with production and sales of new energy vehicles increasing by 27.4% and 26.8% year-on-year, respectively [8] - The report indicates that the market is currently favoring companies with strong fundamentals and growth potential in the context of economic recovery [3]