20250926-中州国际证券-港股晨报_8页_490kb

Summary of Globe Market Indices Performance

The report published by China State International Securities on September 26, 2025, provides an analysis of global and regional stock market performance. Hong Kong's Hang Seng Index closed at 26,485, declining 0.13% for the day, while the HShares China Enterprises Index rose 0.01%. China's A-shares showed modest gains, with the Shanghai Composite stable and Shenzhen Component up 0.67%. Emerging markets, such as Brazil and India, saw declines in their indices, with mixed year-to-date performance.

In contrast, US markets experienced broad declines due to economic data, including a higher-than-expected GDP growth and rising interest rates, affecting indices like the Dow Jones and S&P 500. Asia-Pacific markets, such as Japan and South Korea, recorded minor gains, while European indices also showed slight declines, impacted by ongoing trade tensions and geopolitical factors.

Key drivers influencing the markets include escalating US-China trade issues, the recent US Federal Reserve rate cuts to 4.00-4.25%, and global economic indicators like US CPI and inflation data. These factors suggest that short-term volatility may persist, with longer-term trends influenced by fundamentals and policies.

The report highlights the popularity of ETFs, such as the Hang Seng ETF and broad market funds, with strong year-to-date returns. It also offers a simulated Hong Kong stock portfolio and stock commentary on companies like Alibaba, emphasizing growth in AI and cloud computing sectors.

Hong Kong Market Focus

Hong Kong's key indices include the Hang Seng and HShares China Enterprises, with moderate trading volumes and valuation metrics. The market digressed from trends due to internal factors and external influences, with notable companies like Xiaomi and JD.com showing strength, while others like Haier and Lenovo underperformed.

Market Judgement and Trends

GSIX judges that global financial conditions remain sensitive to US-China dynamics, with policies and economic data key in shaping future market movements. US inflation data and Fed actions are likely to continue affecting investor sentiment.

Investment Insights

The report underscores the role of ETFs in diversifying risk and suggests potential opportunities in tech and emerging sectors, noting upcoming IPOs. Overall, it recommends cautious investment amid uncertainties, with simulated portfolios offering balanced exposure.