National Business Daily Reporter: Zeng Zijian National Business Daily Editor: Yuan Dong

Today (September 30), the Hong Kong stock market rose slightly, bringing the September market to a close.

As of the close, the Hang Seng Index stood at 24,613.27 points, up 89.70 points, an increase of 0.37%.

Although the Hang Seng Tech Index hit a new intraday low of 4,216 points this year, it eventually closed at 4,253.89 points, up 4.27 points, an increase of 0.10%.

In terms of hot sectors, the innovative drug sector became the leading sector among today's Hang Seng Index constituent stocks. Among them, CSPC Pharmaceutical Group (HK01093) rose over 6%, Hansoh Pharmaceutical rose over 5%, WuXi Biologics rose over 4%, and WuXi AppTec and BeiGene rose over 3%.

News-wise, on September 29, CSPC Pharmaceutical Group voluntarily announced that the company’s preventive biological product, a Class 1 new drug recombinant shingles vaccine, has been approved by the U.S. Food and Drug Administration for conducting related clinical studies in the United States. Previously, this product had been approved by the National Medical Products Administration to conduct clinical trials in China. This product is the company's first recombinant protein vaccine approved for clinical trials, with the clinical indication for adults aged 50 and above, used to prevent shingles and its complications.

In the tech and internet stocks sector, the two leading large models have seen a rebound. Among them, Zhipu (HK02513) rose more than 4%, and MINIMAX rose more than 3%. In addition, Kuaishou, Meituan, and AliHealth all saw slight increases.

Regarding new stocks, today Huanchuang Technology (HK06802) was listed for trading, and its closing price soared 265% to HK$215.2.

In terms of funds, today southbound funds, undeterred by the upcoming National Day holiday for A-shares, continued to net buy Hong Kong stocks on a relatively large scale. By the close, southbound funds had net bought over HKD 6.8 billion of Hong Kong stocks.

Market Outlook:

GF Fund believes that with a marginal improvement in profit expectations, Hong Kong tech stocks have considerable rebound potential. Currently, the valuation percentile and trading congestion of Hong Kong tech stocks are not high; previously, due to negative factors such as the food delivery battle, profit expectations for heavyweight Hong Kong tech stocks were continuously revised downward, but the latest financial reports show that the revenue and profit growth of some companies have stabilized, and AI business has become a new growth engine for performance. In the future, along with the positive trend of the AI industry and accelerated commercialization of applications, profit expectations are expected to marginally improve, and the mid-term elasticity of Hong Kong tech stock performance and prices is worth looking forward to.

In terms of allocation, GF Fund stated that, structurally, a balanced layout could be recommended. Dividend assets may be considered for long-term asset allocation, with preferred dividend and hedging assets serving as the base position. In addition, attention can be paid to Hong Kong-listed technology sectors such as semiconductors and the internet under the AI industry trend, as well as innovative drugs with positive fundamental expectations.

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