智通财经APP获悉，招商证券国际发布研报称，港股市场如期在 9 月中上旬反弹，AI 互联网等科技板 块和有色行业成为结构主线。美联储减息"靴子落地"后，市场可能迎来震荡加剧，但中长期向上趋势不 改。 外资净流入仍有长期提升空间，但美国本轮减息路径可能较为曲折。AI 发展和新移民政策对美国经济 影响复杂，美国政府力量介入市场等新因素可能导致历史经验失效，宏观经济和利率政策预期将出现剧 烈分歧，影响外资流入节奏。 短期实质利好政策有限。一方面银行净息差持续收窄难以通过压力测试，另一方面流动性未趋紧，预计 定向降准可能性更大。中美元首通话涉及 TikTok 问题，字节跳动可能保留20%股权并授权算法给美国 企业，但关税和出口管制等实质问题难以达成，短期对风险偏好提升作用有限。此外，8月经济数据继 续边际下行，基本面支撑有限，节前南向资金风偏较低。 该行指，投资建议继续把握科技(AI互联网大盘+高端制造小盘)和有色金属主线，同时增配预期差较大 的港股保险股、"困境反转"和高股息等价值策略，部分超跌优质创新药可自下而上配置。需警惕小盘股 操纵风险，如药捷安康-B(02617)、山高控股(00412)等通过坐庄拉抬进入港 ...

Group 1 - The core viewpoint of the articles highlights a significant rally in the Hong Kong stock market, particularly in the technology sector, with notable gains in innovative drug stocks and major tech companies like Alibaba, Xiaomi, and Tencent [1][5][9] - The Hang Seng Technology Index has shown a narrow trading range over the past two months, indicating a potential breakout due to the upward trend in the market [1][3] - The Hong Kong stock market has experienced substantial volatility and structural differentiation, with strong performances in new consumption and innovative drugs, while AI and major players like Alibaba and Meituan faced challenges [5][6] Group 2 - The Hong Kong Technology Index has a broader coverage compared to the Hang Seng Technology Index, with a higher allocation in software and pharmaceuticals, benefiting from the growth in AI and innovative drugs [3] - The Hong Kong IPO market has been robust, with 46 companies listed in the first half of the year, raising a total of HKD 113.2 billion (approximately USD 14.4 billion), surpassing the total for the entire year of 2024 [9] - Southbound capital has significantly increased its net purchases of Hong Kong stocks, amounting to HKD 725.973 billion year-to-date, indicating its growing influence on the market [6][9]