On the morning of September 5, the three major indices of the Hong Kong stock market collectively rose. In terms of market performance, pharmaceutical stocks strengthened, multiple photovoltaic concept stocks advanced, lithium battery stocks were active, and new EV forces rose collectively. Among mainstream ETFs, the Hang Seng Tech Index ETF (513180) once rose over 1%, with top gainers in its holdings including Midea Group, BYD Electronic, SMIC, and Li Auto. The Hong Kong Stock Connect Auto ETF (159323) rose over 2%, with top gainers in its holdings such as Ganfeng Lithium, Tianneng Power, and Tianqi Lithium. Automakers including XPeng, BYD, Li Auto, Geely Auto, Great Wall Motor, and Leapmotor collectively advanced.

On the news front, on September 4, the "Electronic Information Manufacturing Industry Steady Growth Action Plan for 2025–2026" was issued. It proposed that from 2025 to 2026, the average growth rate of value-added in the computer, communication, and other electronic equipment manufacturing industries above designated size should be around 7%. Including related fields such as lithium batteries, photovoltaics, and component manufacturing, the annual revenue growth rate of the electronic information manufacturing industry is expected to exceed 5%. Ping An Securities pointed out that the release of the steady growth action plan for the electronic information manufacturing industry is expected to promote the development of related industries such as advanced computing and smart vehicles.

Furthermore, since August this year, many regions across the country have suspended subsidies for vehicle replacement and renewal policies, while some regions had already pressed the "pause button" in the first half of the year. However, with funds being allocated, many local governments have recently restarted the "national subsidies," generally adopting a "first-come, first-served" mechanism and planning fund quotas. Wang Du, Vice President of the China Automobile Dealers Association, stated that the government is expected to invest over 180 billion yuan in subsidies for trade-ins this year, which will basically lead to a 10% increase in sales.

The Hong Kong tech sector, represented by the Hang Seng Tech Index ETF (513180), is still in a historically relatively undervalued range. Against the backdrop of continuous inflows of southbound funds and the potential start of a new U.S. interest rate cut cycle, the Hong Kong stock market may see resonance between domestic and foreign capital in September. The tech sector, which is sensitive to external liquidity and has been suppressed previously, is expected to experience a "catch-up rally." Additionally, with the continuous advancement of "anti-involution" policies and Alibaba's better-than-expected earnings report, the Hong Kong tech sector is expected to shift from "food delivery involution" back to the AI narrative, with valuation restructuring anticipated.