On September 5, after three consecutive days of declines, the Hong Kong stock market saw a slight rebound in early trading. As of the time of writing, the Hang Seng Index was at 25,145 points, up 0.35%, while the Hang Seng Tech Index was at 5,608 points, up 0.52%.

Sector-wise, the textile and apparel sector showed overall strength. Among individual stocks, Li Ning opened over 3.5% higher, while Anta Sports, Xtep International, Prada, and Shenzhou International rose over 1%.

On the news front, on September 4, the General Office of the State Council issued the "Opinions on Unleashing Sports Consumption Potential and Further Promoting the High-Quality Development of the Sports Industry" (hereinafter referred to as the "Opinions"), proposing 20 key measures across six areas. The "Opinions" explicitly stated that by 2030, a number of sports enterprises and events with global influence will be cultivated, the development level of the sports industry will significantly leap forward, and its total scale will exceed 7 trillion yuan. Industry experts believe that sports apparel and goods companies such as Anta, Li Ning, and Xtep are expected to benefit.

In other sectors, technology stocks were mixed: Tencent, JD.com, and Xiaomi rose over 1%, while Alibaba fell over 1%. Robotics concept stocks opened higher, with Ubtech gaining nearly 2%. Innovative drug concepts continued their upward trend, with 3SBio rising over 1%. Domestic brokerage stocks generally opened higher, with Everbright Securities up over 1%. Apple concept stocks mostly advanced, with Lens Technology rising over 2%. Gold stocks were active, with Zhufeng Gold gaining over 2%.

Regarding key companies, Goldman Sachs raised the target price for Hong Kong Exchanges and Clearing (HKEX).

In a recent report, Goldman Sachs pointed out that HKEX is moving toward improving market efficiency and international integration through reforms such as simplifying trading and settlement fees and expanding derivatives position limits. Although, based on predictions for the Hong Kong Interbank Offered Rate (HIBOR), Goldman Sachs lowered its forecast for HKEX's yield from margin balances for this year, next year, and 2027, it simultaneously raised its earnings per share forecast for the same period. The target price was increased from HK$509 to HK$524, with a "buy" rating maintained. This adjustment reflects Goldman Sachs' continued optimism about HKEX's strategic layout and long-term development potential.

Looking ahead, Guodu Securities (Hong Kong) believes that although the recent performance of Hong Kong stocks has been weak, with the Hang Seng Index falling for three consecutive days and breaking below the 20-day moving average, the valuation of Hong Kong stocks remains low compared to global markets. Additionally, sustained inflows of southbound funds (with a net inflow of over HK$112.1 billion in August) and growing expectations of a Fed rate cut in September suggest that Hong Kong stocks still present structural opportunities amid volatility. The firm recommends paying attention to the valuation repair potential of the Hang Seng Tech Index, as well as defensive sectors such as consumer goods and pharmaceuticals.

Guoyuan Hong Kong believes that the accelerated inflow of southbound funds has kept market trading volumes high. With the support of incremental funds, Hong Kong stocks possess strong upward momentum, and the firm remains optimistic about the current structural rally in the market. If subsequent stimulus measures lead to a significant recovery in domestic demand or if certain high-valuation sectors develop new growth drivers, the long-term outlook for Hong Kong stocks could be promising.