Hong Kong Stock Market Report
Latest market trends and investment opportunities – September 1, 2025
Market Performance
Hong Kong Market
- Hang Seng Index 25,617.42 (+539.8, +2.15%)
- Hang Seng Tech Index 5,798.96 (+124.65, +2.2%)
- HSCEI 9,121.87 (+174.08, +1.95%)
- Turnover HK$274.9B
- Top Performers Alibaba-W +18.3%, BYD Electronic +5.7%
A-Share Market
- SSE Composite 3,875.53 (+0.46%)
- SZSE Component 12,828.95 (+1.05%)
- ChiNext 2,956.37 (+2.29%)
- Market Features Tech growth sectors led gains, AI chips and CPO concepts outperformed; financials dragged
US Market (Previous Close)
- Nasdaq 21,455.55 (-1.15%)
- S&P 500 (-0.64%)
- Dow Jones (-0.20%)
- Chinese ADRs Golden Dragon Index +1.55%, Alibaba +12.95%
Sector Highlights
Healthcare
Policy support for innovative drugs going global, AI medical applications accelerating
Top Gainers
- WuXi Biologics +8.2%
- Akeso +12.1%
- Innovent Biologics +6.5%
- GenScript Biotech +7.3%
- Ali Health +5.9%
Catalysts
NMPA optimized payment policies for innovative drugs; XtalPi signed HK$47B BD deal with DoveTree
AI & Robotics
Embodied AI breakthroughs, humanoid robot mass production expectations rising
Top Gainers
- Horizon Robotics +4.3%
- UBTech +7.2%
- SMIC +10.8%
- Hua Hong Semi +8.4%
- iFlytek +6.7%
Catalysts
UBTech secured $1B strategic investment; Tesla Optimus supply chain localization rate reached 60%
Global Expansion
AI+cloud business growth exceeded expectations, cross-border e-commerce demand recovered
Top Gainers
- Alibaba-W +18.3%
- JD.com-SW +3.2%
- Meituan-W +2.1%
- Xiaomi-W +2.5%
- Sunny Optical +1.9%
Catalysts
Alibaba Q2 AI+cloud capex reached ¥38.6B (+220% YoY); Temu overseas GMV exceeded $30B
Capital Flows
Southbound Capital
Main Inflows
Active Stocks
- Alibaba-W Net buy HK$2.167B
- Meituan-W Net buy HK$1.784B
- Tencent Net buy HK$1.183B
Main Capital Trends
Inflow Sectors
- Innolight, TFC
- SMIC, Hua Hong Semi
- Luxshare, Goertek
Outflow Sectors
- Country Garden, Longfor
- CNOOC, PetroChina
Market Sentiment & News
Macro Policies
Domestic
- China Aug manufacturing PMI rose to 49.4, new orders index up to 49.5
- NDRC emphasized avoiding disorderly competition in “AI+” initiatives
International
- Fed September rate cut probability rose to 87%, DXY fell to 93.5
- Offshore CNY strengthened past 7.12
Industry Trends
Semiconductors
US revoked Samsung/SK Hynix’s VEU authorization in China, accelerating memory chip localization (GigaDevice, YMTC)
Robotics
World Humanoid Robotics Federation established, 2025 World Robot Games opened in Beijing
Geopolitics
China-US trade talks: MOFCOM Vice Minister Li Chenggang visited US to discuss semiconductor supply chain cooperation
Market Outlook
Short-Term Trends (1-2 weeks)
Tech Growth
AI computing, robotics components (reducers, sensors) may extend gains (SMIC, Harmonic Drive)
Defensive Plays
Gold (Zhongjin Gold, 02099), precious metals (Shandong Gold, 01787) benefit from safe-haven demand
Key Indicators
Liquidity
Fed September meeting (Sep 18), sustainability of southbound inflows
Technical
HSI broke 25,500 resistance; may challenge 26,000 if turnover stays above HK$250B
Risks
US election uncertainty; stretched valuations (e.g. Cambricon PE over 500x)
Data Sources
HKEX, SSE, SZSE
Wind, East Money Choice, Bloomberg
Policy Documents:
NDRC “AI+ Action Guidelines”
NHSA “Innovative Drug Payment Optimization”