Market Overview - The S&P 500 reached a new intraday high just shy of 6,700, marking the 28th record close of the year, with a year-to-date return of 13% [2][3] - There are concerns regarding market overvaluation following comments from Fed Chair Powell, which led to a slight pullback of about 40 points [3][6] Technical Analysis - The Relative Strength Index (RSI) has moved below the 70 level, indicating a potential pause in the uptrend, with possible pullbacks to the 20-day moving average around 6,550 (2% drop) or the 50-day moving average at approximately 6,440 (less than 4% drop) [4][5] - Traders are advised to be prepared for pullbacks and to have strategies in place for potential market changes [5][6] Company Focus: Soundhound - Soundhound's stock broke above the $17 level, which may attract bullish traders, despite being down 19% year-to-date [7][8] - Traders may target previous highs around $24, with risk management strategies suggesting a stop loss near the 20-day moving average at around $14.5 [8][9] - The breakout occurred on significant volume, indicating strong interest in the stock within the AI sector [10] Company Focus: United Healthcare - United Healthcare's stock has rebounded 45% from July lows and has maintained its 20-day moving average for over five weeks [11] - A recent move above the high of the low day may present an entry opportunity for traders, with a low-risk area identified around the 20-day moving average at approximately $329 [12][13] - Potential resistance levels are noted at the bottom of the gap around $377 and the 200-day moving average at around $410 [13][14]

Group 1 - The Sci-Tech Innovation 50 Index opened flat on September 23, then fluctuated and eventually closed down slightly at 1407.30 points, with a decline of 0.10% and an intraday fluctuation of 3.89% [1] - The Sci-Tech Comprehensive Index fell by 0.77% to close at 1645.56 points, with a total trading volume of 290.2 billion [2] - Excluding suspended stocks, the average decline of the remaining 588 stocks on the Sci-Tech Board was 1.07%, with an average turnover rate of 3.88% and a total trading volume of 290.2 billion [2] Group 2 - Among individual stocks, Mengke Pharmaceutical reached the daily limit, showing the highest increase, while Kaipu Cloud dropped by 12.29%, marking the largest decline [3] - In terms of trading volume, SMIC had a trading volume of 18.12 billion, ranking first, while ST Pava had a trading volume of 1.568 million, ranking last [4] - Regarding turnover rates, Zhongke Lanyun had a turnover rate of 31.66%, leading the list, while Longteng Optoelectronics had a turnover rate of 0.28%, ranking last [5]

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]

Core Viewpoint - The Hong Kong stock market is experiencing significant net inflows, with the Hong Kong Stock Connect seeing over HKD 1 trillion in net inflows year-to-date, surpassing the total for the entire year of 2024, indicating a potential record high for the year [1][4]. Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect has reached HKD 60.8 billion, accounting for 24.5% of the overall market [4]. - In August 2025, the Hong Kong stock market recorded a net inflow of HKD 112.2 billion, marking the ninth highest monthly inflow on record [6]. - The Southbound trading of ETFs has seen an average daily trading volume of HKD 3.8 billion in the first half of 2025, setting a new semi-annual record [6]. Group 2: Sector Analysis - The financial sector remains the largest holding in the Hang Seng Stock Connect, accounting for 32%, followed by information technology at 20% and consumer discretionary at 16% [6]. - The healthcare sector has seen the largest increase in weight from 3% to 7% year-to-date, while consumer discretionary and information technology sectors have increased by 3 and 2 percentage points, respectively [6]. Group 3: Earnings and Growth Outlook - The Hong Kong stock market has stabilized, with positive earnings growth in the first half of 2025, showing revenue and profit growth rates of 1.9% and 4.6%, respectively [8]. - The sectors of technology, healthcare, and materials are expected to maintain high growth, while some sectors like energy and utilities are still under pressure [8]. - The second half of 2025 is anticipated to see a turning point in earnings growth, with expectations for a rebound in previously underperforming sectors [8]. Group 4: Investment Trends - AI remains a key theme in the Hong Kong stock market, with internet stocks expected to benefit significantly [9]. - The demand for AI cloud services is driving revenue growth, with private cloud service providers outpacing state-owned telecom companies for the first time in four years [10].

Core Insights - The Hang Seng Technology Index increased by 5.1% this week, while the Hang Seng New Economy Index rose by 3.6% [1] - The ChiNext Hong Kong Stock Connect Internet Index and the Consumption Theme Index saw increases of 2.8% and 1.5%, respectively, while the ChiNext Hong Kong Stock Connect Healthcare Index decreased by 2.2% [1] - The E Fund Hang Seng Technology ETF (513010) experienced a net inflow of over 500 million yuan this week, bringing its total size to over 20 billion yuan [1] - CITIC Securities indicated that after entering September, the A-share market has entered a consolidation phase with increasing volatility, while external and internal funds are showing heightened interest in Hong Kong stocks [1] Index Performance - The weekly performance of various indices is as follows: - Hang Seng Technology Index: +5.1% - Hang Seng New Economy Index: +3.6% - ChiNext Hong Kong Stock Connect Internet Index: +2.8% - ChiNext Hong Kong Stock Connect Consumption Theme Index: +1.5% - ChiNext Hong Kong Stock Connect Healthcare Index: -2.2% [3] Valuation Metrics - The rolling price-to-earnings (P/E) ratios and their respective percentiles are: - Hang Seng Technology Index: 23.8x, 34.0% percentile - ChiNext Hong Kong Stock Connect Internet Index: 25.5x, 28.9% percentile - ChiNext Hong Kong Stock Connect Consumption Theme Index: 22.3x, 25.1% percentile - ChiNext Hong Kong Stock Connect Healthcare Index: 31.8x, 49.1% percentile [3][5] Historical Performance - Year-to-date performance for various indices shows significant growth: - Hang Seng New Economy Index: +48.3% - Hang Seng Technology Index: +40.9% - ChiNext Hong Kong Stock Connect Healthcare Index: +94.9% - ChiNext Hong Kong Stock Connect Internet Index: +54.1% - ChiNext Hong Kong Stock Connect Consumption Theme Index: +33.0% [8]

Group 1 - The 42nd World Conference of the International Association of Science Parks (IASP) was held in Beijing from September 16 to 19, 2025, with participation from emerging market partners and representatives from universities, research institutions, and innovative enterprises [1] - The Middle East is becoming a new blue ocean for Chinese enterprises in manufacturing, digital economy, and local life sectors, with 90% of Chinese companies planning to expand their business in the region, and 44% having formal plans [1] - Sharjah, as a key economic hub in the Gulf region, presents extensive investment opportunities, hosting over 700 Chinese enterprises, with 472 located in the mainland and 245 in free zones [1] Group 2 - Chinese companies looking to enter the Sharjah market are advised to understand the investor-friendly legislative and investment policy environment, and to actively participate in forums and events to build partnerships and reach commercial agreements [3] - The Sharjah Chamber of Commerce is willing to provide services to Chinese investors, including support for business establishment, organization of special business meetings, training development, issuance of certificates of origin, and facilitation of exhibitions [3] - Sharjah welcomes core industries with significant competitive advantages, such as culture, tourism, education, logistics, healthcare, renewable energy, human capital and innovation technology, advanced manufacturing, and agricultural and food technology [3] Group 3 - Companies in the Middle East are seeking advanced partners in greenhouse technology and hydroponics due to the region's complex climate, which requires flexibility between traditional farming and modern cultivation techniques [3] - The CEO of WAHATALFAW highlighted the need for seasonal adaptability in agriculture, using traditional methods from October to March and modern techniques during the hot months from June to September [3] - Ahmed Salim Saeed Alshaiba Almheiri is actively seeking partnerships in China, particularly interested in core planting technologies, and has been participating in organic agriculture exchange meetings during his visits [5]

Core Viewpoint - Hong Kong stocks in H1 2025 have stabilized and achieved positive growth, with net profit margins and ROE remaining at high levels, indicating robust operational efficiency [1][5] Group 1: Overall Performance - Hong Kong stocks in H1 2025 recorded revenue and profit growth rates of 1.9% and 4.6% respectively, despite facing significant pressure [1] - The overall net profit margin has increased quarter-on-quarter, while ROE has slightly decreased year-on-year to 5.2%, reflecting stable operational efficiency [1] - Among the 107 stocks with effective mid-year reports, nearly 50% exceeded profit expectations, indicating better-than-expected performance in the Hong Kong market [1] Group 2: Sector Performance - High-growth sectors include technology, healthcare, and materials, while energy, public utilities, real estate, and most consumer sectors continue to face performance pressures [2][3] - The technology sector's profit growth remains strong at 11.2%, outperforming stagnant growth in the Hang Seng Index and Hang Seng China Enterprises Index [1] - The materials and industrial sectors are experiencing upward profit growth, while energy-related sectors are under pressure due to low demand and falling prices [2] Group 3: Defensive and Financial Sectors - Public utilities are under pressure, particularly electricity companies facing demand shortages and price declines, while telecommunications maintain around 5% profit growth [3] - The financial sector shows steady growth, with non-bank financials performing well due to a booming stock market and specific asset restructuring [3] - Insurance sector growth remains moderate, while banks continue to experience low single-digit growth due to narrowing net interest margins [3] Group 4: Growth Sectors - The technology sector benefits from hardware and semiconductor demand, with gaming and software companies also showing positive growth [4] - The healthcare sector is seeing steady growth, particularly in medical devices and services, while biotech is entering a performance realization phase [4] - Consumer sectors are mixed, with home appliances and media entertainment showing growth, while other consumer segments face profit pressures [4] Group 5: Future Outlook - Full-year performance expectations have improved post-earnings reports, with upward revisions in most sectors, particularly in materials, healthcare, and finance [5] - The second half of 2025 is expected to see a rebound in performance growth, especially in real estate, essential consumption, public utilities, and energy sectors [5] - The focus for investment strategies should be on sectors with high or improving growth prospects, such as metals, retail, pharmaceuticals, and semiconductors [6]

Core Viewpoint - The Hong Kong stock market showed signs of stabilization and positive growth in the first half of 2025, with net profit margins and ROE remaining at high levels, indicating robust operational efficiency [1] Industry Performance - The technology, pharmaceutical, and raw materials sectors exhibited high prosperity, supporting the overall performance of the Hong Kong stock market in the first half of 2025 [1] - Non-bank and certain consumer sectors also reported favorable performance, while the energy, public utilities, real estate, and most consumer sectors continued to face performance pressures [1] Future Outlook - The earnings outlook for the Hong Kong stock market is optimistic, with expectations of a turning point in earnings growth for the second half of 2025 [1] - It is anticipated that the raw materials, healthcare, and technology sectors will maintain their high prosperity, with upward revisions in expectations [1] - Sectors that experienced low prosperity in the first half, such as energy and essential consumer goods, are expected to see a reversal in performance in the second half of 2025 [1]

美国上周初请失业金人数创下近四年来的最大降幅，扭转了前一周异常大的增幅，并与经济中较低的裁 员水平保持一致。 根据劳工部周四公布的数据，在截至9月13日的一周内，初请失业金人数减少了3.3万人，至23.1万人。 这与今年以来的水平基本一致，离疫情前的趋势也不远。续请失业金人数（代表领取救济金的总人数） 在此前一周降至192万人，但仍高于190万人这一关键阈值。 初请失业金人数的总体下降表明，在不确定的经济环境中，公司仍在留住员工。即便如此，从近几个月 就业增长步伐的大幅放缓，到劳动力供需两端的降温，劳动力市场仍存在疲软迹象。 在全年维持利率不变后，美联储因就业市场出现压力迹象，于周四恢复了降息。美联储主席鲍威尔表 示，他已不能再将其描述为"非常稳固"，决策者们也看到了失业率上升的更大风险。 "今天的报告对上周关于裁员突然激增的任何理论都提出了质疑，"High Frequency Economics的首席经 济学家卡Carl B. Weinberg在一份报告中说。"它也削弱了美联储内部和市场上要求更多、更大幅度降息 的呼声。" 有助于消除波动的四周移动平均初请失业金人数变化不大，为24万人。 此次下降扭转了前一 ...

Core Viewpoint - TA Securities suggests that if the Federal Reserve lowers interest rates by 25 basis points to a range of 4.00%-4.25%, the market may react with a "buy the expectation, sell the fact" approach, as most investors have already priced in this rate cut [1] Group 1: Market Reaction - A 25 basis point cut will be perceived as a cautious and supportive "insurance-style" rate cut aimed at maintaining growth momentum without signaling distress [1] - The environment created by this rate cut is favorable for sectors such as consumer staples, healthcare, and technology, which benefit from lower borrowing costs and exhibit defensive or long-term growth characteristics [1] Group 2: Sector Impacts - Financial stocks are likely to suffer due to reduced profit margins from narrowing interest spreads, often underperforming the broader market [1]