港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周三港股延续强势，收盘香港恒生指数涨 1.01% 报 26200 点，恒生科技指数涨 1.27%报 5903 点， 恒生中国企业指数涨 0.93%报 9328 点。大市成交 2882.09 亿港元，南向资金净买入 75.66 亿港 元。金融、地产业续涨；科网股持续活跃，其中 哔哩哔哩涨超 7%；医药股逆势下挫，三生制药跌 超 8%；新消费行业普跌，老铺黄金跌逾 7%，泡泡 玛特跌 4%。 美股市场 1. 美股周三收盘涨跌不一，道指下跌 220 点，纳指 与标普 500 指数再创新高。8 月生产者价格意外 下降 0.1%，使市场预计 ...

（文章来源：中国新闻网） 从盘面具体表现来看，科网股板块普涨，成为拉动指数上升的重要力量。其中，哔哩哔哩涨7.57%，京 东集团涨3.61%，百度集团涨2.83%，美团涨2.06%，快手涨1.64%，腾讯控股涨1.04%，阿里巴巴涨 0.63%。 近期恒生指数呈现持续攀升格局。中银证券指出，未来一段时间，美股或面临波动，港股短期受益于全 球流动性转向与中国内地企业盈利拐点的双重催化，稀缺科技资产及高股息国企或成为配置主线。(完) 港股三大指数10日齐涨。恒生指数盘中最高触及26296.6点，收盘报26200.26点，涨幅1.01%，不仅"站 稳"26000点整数关口，更创下近4年新高。 恒生科技指数与国企指数亦同步走强，分别收报5902.69点和9328.16点，涨幅达1.27%和0.93%。 ...

Group 1 - The Hong Kong stock market indices collectively rose, with technology stocks showing mixed performance while property stocks surged and the solar energy sector advanced [1] - The earnings season for Hong Kong stocks has recently concluded, with a stable performance reported, particularly in the technology sector, which continues to exhibit high growth [1] - The forecast for Hong Kong's non-financial earnings growth in H1 2025 shows a slight improvement compared to H2 2024, with the Hang Seng Technology Index maintaining high growth [1] Group 2 - The improvement in profitability is supporting the rise of Hong Kong stocks, with recommendations to focus on sectors with high earnings growth but low to medium valuations, such as consumer discretionary, consumer staples, and utilities [1] - The upcoming interest rate cuts by the Federal Reserve are expected to enhance global liquidity, which may benefit the high-growth and high-volatility technology sector in Hong Kong [2] - The Hang Seng Technology Index is currently in a historically undervalued range and is highly sensitive to changes in the US-China interest rate differential, making it likely to benefit from a more accommodative overseas liquidity environment [2]

Group 1 - The three major indices of Hong Kong stocks collectively rose in the first week of September, with the Hang Seng Index increasing by 1.36% to close at 25,417.98 points [1][3] - On September 5, the Hang Seng Index rose by 1.43%, reaching 25,417.98 points, following a strong start to the month with a 2.15% increase on September 1 [3] - The market saw significant trading volume, with a total turnover of 380.23 billion HKD during the week [3] Group 2 - Various sectors showed strong performance, particularly technology stocks, with notable increases from companies such as Kuaishou (+4.36%), SenseTime (+2.6%), and Tencent (+2.19%) [3] - The metals sector also experienced gains, with Tianqi Lithium rising by 13.33% and Ganfeng Lithium by 12.55% [3] Group 3 - Institutions are generally optimistic about the future performance of Hong Kong stocks, with expectations of a gradual rise starting in late September due to anticipated interest rate cuts by the Federal Reserve [4] - Dongwu Securities believes that the Hong Kong stock market is in a trend of oscillating upward, with the Fed's rate cut expectations likely to boost market sentiment [4]

Group 1 - The Hong Kong stock market indices collectively rose, with technology stocks performing well and semiconductor sector showing signs of recovery [1] - Southbound capital has continuously flowed into Hong Kong stocks, with a cumulative net inflow of 10064.35 billion HKD this year, surpassing last year's total and reaching the highest level since the launch of the mutual market access mechanism [1] - Alibaba has seen a continuous increase in holdings for 10 consecutive days, indicating a preference for core assets in the AI sector among southbound funds [1] Group 2 - The expectation of a Federal Reserve interest rate cut is rising, with a 99.3% probability of a 25 basis point cut in the upcoming meeting, which may improve liquidity conditions for Hong Kong stocks [2] - Hong Kong stocks are considered to have a favorable valuation, and the combination of southbound capital inflow and potential Fed rate cuts could lead to positive performance for the indices [2] - The technology sector in Hong Kong, represented by the Hang Seng Tech Index ETF, is currently in a historically undervalued range, with expectations for a "catch-up" rally due to external liquidity and ongoing policy support [3] Group 3 - The "anti-involution" policies and Alibaba's better-than-expected earnings report may lead the Hong Kong technology sector to shift focus back to AI narratives, suggesting a potential for valuation reconstruction [3]

Group 1 - The Hong Kong stock market experienced a slight rebound after three consecutive days of decline, with the Hang Seng Index rising 0.35% to 25,145 points and the Hang Seng Tech Index increasing 0.52% to 5,608 points [1] - The textile and apparel sector showed overall strength, with notable gains from companies such as Li Ning (up over 3.5%), Anta Sports, and others [1] - The State Council issued an opinion aimed at enhancing sports consumption potential and promoting high-quality development in the sports industry, targeting a total scale exceeding 7 trillion yuan by 2030 [1] Group 2 - Goldman Sachs raised its target price for Hong Kong Exchanges and Clearing (HKEX) from 509 HKD to 524 HKD, maintaining a "Buy" rating, reflecting confidence in the company's strategic direction and long-term growth potential [2] - Despite a recent weak performance in the Hong Kong stock market, analysts believe that the market remains undervalued globally, with significant inflows from southbound funds exceeding 112.1 billion HKD in August [2] - Analysts from Guotai Junan Securities (Hong Kong) and Guoyuan Hong Kong express optimism about the structural opportunities in the Hong Kong market, particularly in the technology, consumer, and pharmaceutical sectors [2]

Group 1 - The Hong Kong stock market opened slightly higher, with the Hang Seng Index at 25,489.13 points, up 0.57%, and the Hang Seng Tech Index at 5,725 points, up 0.74% [1] - Southbound funds net bought over 5.5 billion HKD in Hong Kong stocks, with Alibaba, Xiaomi, and Meituan being the most favored, receiving net purchases of 2.489 billion HKD, 699 million HKD, and 570 million HKD respectively [3] - Technology stocks showed a mixed performance, with Lenovo, Baidu, Tencent, Kuaishou, and JD.com rising over 1%, while Bilibili fell nearly 0.5% [4] Group 2 - The robotics sector saw strong performance, with UBTECH rising over 6%, reaching a new high [5] - The innovative drug concept continued its upward trend, with WuXi AppTec opening 2% higher [6] - Apple-related stocks generally rose, with AAC Technologies up 3%, GoerTek up over 6%, and BYD Electronics up over 4% [7] Group 3 - Gold stocks were active, with Zhaojin Mining rising nearly 2% [8] - The outlook for the market suggests a potential long-term bull market for both A-shares and Hong Kong stocks, driven by a unique financial development path in China [8] - The expectation of a long bull market is supported by the positive feedback between the Chinese stock market, economy, and policy expectations, aligning with high-quality economic development and modernization strategies [8] Group 4 - The September market outlook indicates accumulated momentum for Hong Kong stocks to catch up, with a slow upward trend expected to continue [9] - Despite potential volatility in September, the overall direction is upward, with recommendations to focus on technology stocks and innovative pharmaceuticals [9] - Other sectors worth attention include new consumption, banking, non-banking financials, metals, and chemicals [9]

港股晨报 周三港股大市成交 2676.47 亿港元，南向资金净 买入 55.08 亿港元。南向资金今年年初以来已累 计净流入 10057 亿港元，已大幅超越去年全年的 8079 亿港元。南向资金大幅净流入的背后，是全 球资本"再平衡"的逻辑调整。今年以来，港股 市场出现了不少"稀缺性"新消费标的，分布于 美妆饰品、休闲商品等板块；还有科技股、高息 股等，满足了内地投资者多样化的配置需求。 以中国资产为核心的港股配置价值仍然凸显，建 议继续关注：1)人工智能、机器人、半导体、工 业软件等新质生产力等科技板块；2)政策加力支 持的婴幼消费、体育服饰及 IP 影视动漫等新消费 板块；3)仍属较低估值和较高股息的各细分行业 的央国企龙头公司板块；4）受益于"人工智能 +"赋能的科网板块及各行业龙头公司。 2025 年 9 月 4 日 | 五震荡走低，险守二十天线。恒指随外围低开 132 | | | | | 港股回顾 | | --- | --- | --- | --- | --- | --- | | 周三港股指数继续小幅下跌，收盘恒生指数报 点，跌幅随即扩大至 点，低见 点，其后跌幅 247 23730 | | | | ...

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.60% to 25,343.43 points, the Hang Seng Tech Index down by 0.78% to 5,683.74 points, and the National Enterprises Index decreasing by 0.64% to 9,050.02 points [1] - The Hang Seng Index opened lower at 25,660.65 points, dropped significantly before stabilizing around 25,374 points in the afternoon session, ultimately closing down by 153.12 points with a total turnover exceeding 267.6 billion HKD [1] Stock Performance - A total of 935 stocks rose, while 1,248 stocks fell, and 985 stocks remained unchanged [1] - Notable gainers included: - Haotian International Construction Investment up by 5.77% - Fuyao Glass up by 4.36% - Changfei Optical Fiber Cable up by 12.61% - Heng Rui Medicine up by 8.32% [1] - Significant decliners included: - XPeng Motors down by 2.23% - China Resources Land down by 0.65% - Longfor Group down by 1.99% - China Pacific Insurance down by 2.49% - China Merchants Securities down by 2.55% [1] Top Traded Stocks - The top three traded stocks were: - Alibaba down by 0.45% with a turnover exceeding 14.1 billion HKD - Tencent Holdings down by 0.33% with a turnover exceeding 9.3 billion HKD - Xiaomi Group down by 2.06% with a turnover exceeding 7.4 billion HKD [2]

Market Overview - The A-share market experienced a high-level adjustment, leading to short-term fluctuations in the Hong Kong stock market, with the Hang Seng Index closing at 25,496.55 points, down 120.87 points, a decline of 0.47% [1] - The Hang Seng Technology Index also fell, closing at 5,728.46 points, down 70.50 points, a decrease of 1.22% [1] Robotics Sector Performance - Despite the overall market weakness, the robotics sector in Hong Kong stocks showed resilience, with notable gains: MicroPort Robotics-B surged over 12%, and Delta Electronics Holdings rose over 8% [3][4] - Other companies in the robotics sector, such as First Journey Holdings, UBTECH, and Yujian, also recorded significant increases [3] Tesla's Impact on Robotics - A major rumor suggested that a leading robotics company held a meeting with Tesla, which provided optimistic production guidance for the next year, indicating a potential weekly production capacity of 10,000 units by Q3 next year [5] - Tesla's recent "Master Plan Part IV" emphasizes the importance of innovation and autonomous technology, aiming to drive global transformation towards a sustainable society [5] - Analysts believe that the upcoming launch of Tesla's humanoid robot could stabilize the robotics sector, with expectations for the V3 robot to be operational by Q4 [5] Other Sector Movements - The medical beauty, smart home, and chain hotel sectors also saw rebounds, while Chinese bank stocks served as a safe haven, with several banks reporting gains exceeding 1% [6] - Conversely, Chinese brokerage stocks performed poorly, with most experiencing declines, particularly Orient Securities and Huatai Securities, which fell over 4% [6] Technology Sector Trends - Tech stocks, including Alibaba, JD.com, Meituan, and Tencent, experienced slight declines after a previous surge [7] - Semiconductor stocks, such as SMIC, saw a drop of over 4%, attributed to a shift in fund flows towards traditional sectors [7] Future Market Outlook - The adjustment in the Hong Kong market is linked to concerns over the A-share market overheating, raising questions about the sustainability of the upward trend in Hong Kong stocks [8] - Morgan Stanley highlighted three core issues facing the A-share market: deposit migration, regulatory attitudes, and market narratives, suggesting that while challenges remain, the narrative is improving [9] - Zhongyuan Securities noted a favorable environment for the A-share market, with signs of improved liquidity and increased capital inflows, indicating a potential continuation of the upward trend seen since August [10]