On the morning of September 8, the three major indices of Hong Kong stocks collectively rose. In the market, tech stocks were mixed, mainland property stocks collectively surged, and the photovoltaic solar sector advanced. The largest A-share ETF tracking the same sector, the Hang Seng Tech Index ETF (513180), followed the index's fluctuations. Among its holdings, Horizon Robotics, Alibaba, and Baidu Group led the gains, while Kuaishou, SMIC, and Huahong Semiconductor led the declines.

The midterm earnings season for Hong Kong stocks recently concluded. Everbright Securities pointed out that Hong Kong stocks' performance remains stable, with the tech sector continuing to exhibit high prosperity. In H1 2025, the profit growth rate of non-financial Hong Kong stocks improved slightly compared to H2 2024, and the Hang Seng Tech Index maintained high growth performance. From the perspective of ROE (TTM), the ROE (TTM) of the Hang Seng Tech Index and the non-financial components of the Hang Seng Composite Index rebounded in H1 2025. From a DuPont analysis perspective, the improvement in net profit margin (TTM) and asset turnover ratio (TTM) contributed to the recovery of the Hang Seng Tech Index's ROE (TTM), while the rise in net profit margin (TTM) helped slightly improve the ROE (TTM) of the non-financial components of the Hang Seng Composite Index.

Galaxy Securities stated that improved profitability supports the rise of Hong Kong stocks. Looking ahead, it is recommended to focus on the following sectors: (1) Sectors with high earnings growth but overall valuations still at medium to low levels, such as discretionary consumption, daily consumption, and utilities. (2) Sectors with increasing policy benefits or sustained policy tailwinds, such as the AI industry chain, "anti-involution" industries, and the consumer sector. (3) Amid disturbances from domestic and international uncertainties, the financial sector with high dividend levels is expected to provide relatively stable returns for investors.

A September Fed rate cut appears "almost certain," and the marginal improvement in global liquidity is expected to spill over into Hong Kong stocks. The high-growth, high-elasticity tech sector of Hong Kong stocks may be among the first to benefit. The Hang Seng Tech Index is still in a historically relatively undervalued range, is more sensitive to shifts in the China-U.S. interest rate differential, and can benefit more deeply from a宽松 overseas liquidity environment. At the same time, the Hang Seng Tech Index has previously underperformed compared to the A-share tech sector. With improved liquidity narratives, its upward momentum may be stronger, potentially leading to a "catch-up rally." Investors without a Hong Kong Stock Connect account can gain one-click exposure to China's core AI assets through the Hang Seng Tech Index ETF (513180).