The Zhitong Finance App learned that the US “exploded” in August, and the interest rate hike bet focused on getting 60% back. The three major indices of Hong Kong stocks fell under pressure. At the close, the Hang Seng Index fell 0.93% or 237.75 points to 25413.12 points, with a full-day turnover of HK$209.673 billion; the Hang Seng State-owned Enterprises Index fell 1.46% to 8429.73 points; and the Hang Seng Technology Index fell 0.92% to 4527.71 points.
Galaxy Securities believes that the US non-agricultural data exceeds expectations, and the short-term probability is that the valuation of Hong Kong stocks will be suppressed by boosting US bond yields and strengthening expectations of high interest rates, but this is more biased towards a market stress test; it is not a confirmation sign of a reversal in the market trend. Whether Hong Kong stocks can break the game in the future is whether their own capital and industrial logic can hedge against disturbances in overseas interest rates.
Blue-chip stock performance
Huahong Hongli (01347) is now officially dyed blue. At the close, it rose 4.92% to HK$1,151, with a turnover of HK$3.337 billion. He Tingbo, head of Huawei semiconductors, updated his paper on the law of (Tao) to respond positively to questions about the heat generation of 3D stacked chips. Open Source Securities said that it is recommended to focus on Fab, CP testing and additional equipment. Fab side: Tao's law directly drives demand for advanced process wafers, and Tao's law's design innovation mainly comes from the cooperative research and development of Qiandao fab.
In terms of other blue-chip stocks, BYD Electronics (00285) rose 6.84% to HK$26.88, contributing 2.1 points to the Hang Seng Index; Ideal Automobile-W (02015) rose 5.4% to HK$50.4, contributing 5.54 points to the Hang Seng Index; China Merchants Bank (03968) fell 2.72% to HK$51.9, dragging down the Hang Seng Index by 8.64 points.
Popular sector aspects
On the market, the weight of AI applications and technology weakened, with Tencent down 0.99% and Ali down 0.45%. The computing power hardware chain strengthened against the market, with optical communication and PCB concepts leading the way. Cambridge Technology rose more than 24%, and the leading copper-clad board manufacturer Jiantao laminated board rose nearly 8%; the folding screen “Super Launch Week” kicked off, and some consumer electronics stocks rose. On the other side, domestic housing stocks, domestic bank stocks, etc. have generally been adjusted.
Starting today, Hong Kong Stock Exchange's list of securities will be adjusted. Incorporated into Hong Kong Stock Connect, Qunnac Technology (00068) rose 29.9% to HK$12.47; Jinhai Medical Technology (02225) rose 14.05% to HK$4.79; Jettech Technology-P (07666) rose 11.51% to HK$15.41; on the other hand, individual stocks of Hong Kong Stock Connect were excluded. Shiteng Holdings (02562) fell 37.04% to HK$0.765; Reshape Energy (02570) fell 29.55% to HK$9.87.
The Shanghai Stock Exchange and the Shenzhen Stock Exchange issued separate announcements stating that due to the adjustment of the constituent stocks of the Hang Seng Composite Index, the Hong Kong Stock Exchange list has been adjusted and will take effect on September 7. As a result of the current Hong Kong Stock Connect adjustment, a total of 54 stocks were transferred to the Hong Kong Stock Connect list, and 15 stocks were transferred out of the Hong Kong Stock Connect list. Among them, Qun Nuclear Technology, Huayan Robotics, Haiguang Xinzheng, Zhongke Wenge, and Jietai Technology were transferred, while stocks such as Shiteng Holdings, Haichang Ocean Park, and Reshaping Energy were excluded.
Computing power hardware stocks such as optical communications. At the close, Cambridge Technology (06166) rose 24.37% to HK$120.2; Zhongji Innox (03308) rose 19.58% to HK$1203; and Huiju Technology (01729) rose 10.91% to HK$18.5.
Recently, OpenAI officially released GPT-6Astra and called it currently the smartest and most aligned model in the world. Galaxy Securities pointed out that Astra's announcement once again confirms that cutting-edge model training is still in an expansion channel that relies on huge clustering, heavy capitalization, and strong connectivity, and the computational power scale of model training is expected to continue to advance from the 10^26 Flops level to the 10^27 Flops level. The bank pointed out that the most direct benefit is the 800G/1.6T/future 3.2T high-speed optical module chain.
Meanwhile, according to Goldman Sachs's latest research report, it is optimistic about the future growth prospects of the optical module market and will raise global optical module shipments of 1.6T and above by 29%, 61%, and 50% respectively from 2026-2028. At the same time, Goldman Sachs is once again “singing many” Zhongji Xuchuang, covering its H shares for the first time and giving it a 12-month target price of HK$3,267 per share. The target price for A-shares is 2,645 yuan/share. Both have room for growth of 225%.
The PCB concept had the highest rise. At the close, Guanghe Technology (01989) rose 14.68% to HK$127.3; Shenghong Technology (02476) rose 9.47% to HK$216.2; and Jiantao Laminate (01888) rose 7.82% to HK$47.68.
Guojin Securities Research Report said it continues to be optimistic about the direction of AI PCBs. Starting in the third quarter, the PCB industry's performance growth rate is expected to accelerate. The core reason is that new high-end AI products have already begun to be shipped. According to industry chain tracking, some new high-end AI products were shipped at the end of July, and are expected to remain full until the end of this year. PCBs, as the link with the biggest AI exposure, will benefit significantly; second, PCB prices will begin to spread. PCB manufacturers failed to fully transfer part of the price increase to customers in the first half of the year, but this situation is actively improving, and the PCB profit level is expected to increase further in the second half of the year.
Domestic bank stocks were generally adjusted. At the close, China Merchants Bank (03968) fell 2.72% to HK$51.9; Agricultural Bank (01288) fell 2.45% to HK$6.38; and ICBC (01398) fell 2.47% to HK$7.505.
On September 6, ICBC and the Agricultural Bank disclosed plans to issue A-shares to specific targets on the same day. In total, they plan to raise no more than 260 billion yuan. Among them, the Agricultural Bank does not exceed 160 billion yuan, the ICBC does not exceed 100 billion yuan. The Ministry of Finance takes the lead and the tobacco department follows the investment. All of the funds raised are used to supplement the core Tier 1 capital. At this point, the two major state-owned banks that were absent in the first round of 2025 have completed capital injections. According to Zhongtai Securities, capital injections from the six major banks came to an end, targeted issuance of funds was not diverted, and the majority shareholders' holdings increased at no lower than the market price underpinned the valuation. There was no substantial change in the dividend rate of the major banks around 4%, and the dividend logic was not affected.
Popular exotic stocks
Tieba (01753) continues to rise. At the close, it rose 30.65 percent to HK$0.81.
As of September 3, the total number of broadcasts of Duiba AI skits on the Internet was close to 30 billion, and there were 45 “hit dramas” over 100 million, and 256 10-million-level repertoire. They were originally in the top three on Douyin in July and August. Duibar is verifying and amplifying the ability to commercialize AI skits on a large scale at a very rapid pace.
MeiG Smart (03268) is trending strongly. At the close, it was up 22.35 percent to HK$23.1.
MeiG Intelligence plans to jointly fund the establishment of MeiGe Optoelectronics (Shanghai) Technology Co., Ltd. with a registered capital of 100 million yuan with Zhaoge Venture and Xingyuan Optoelectronics. The joint venture will carry out R&D, design, and package manufacturing of optical devices, optical engines, and related modules and subsystems based on optical chips such as high-end indium phosphide laser chips developed by Xingyuan Optoelectronics, and integrate core resources such as electronic chips in the supply chain to carry out R&D, design, and package manufacturing of optical communication modules in data centers.
Heartbeat (02400 ) rose significantly. At the close, it rose 1.2.66% to HK$45.04.
CITIC Construction Investment pointed out that the launch of GPT6 showed impressive development performance in the game category, and TapTap Maker, a subsidiary of Xindong, supports access to various third-party models. The bank believes that AI's drive for small and medium-sized creators is expected to drive AI UGC tools such as TapTap Maker and low-cost distribution platforms such as TapTap, and is optimistic about the valuation center of TapTap.
Fosun Pharmaceuticals (02196) performed well. At the close, it was up 7.1% to HK$1.7.35.
Fosun Pharmaceutical announced that the company plans to repurchase H shares within 12 months from August 27, 2026, with a total capital of no more than HK$1 billion to repurchase H shares. The company will determine the purpose of such repurchased H shares based on factors such as H share repurchase authorization and market conditions, including but not limited to cancelling the repurchased H shares or holding them as treasury shares.