Hong Kong's three major stock indexes ended mixed on August 13. At the market close, the Hang Seng Index fell 0.17% to 25,396.51 points, while the Hang Seng Tech Index edged up 0.33% and the State-owned Enterprises Index slipped 0.23%.

In sector performance, tech stocks were mostly lower, with Tencent dropping over 4% and Bilibili declining more than 2%. However, Lenovo Group surged over 20%, driving the computer and peripheral equipment sector higher. Gold stocks declined, with Lingbao Gold falling over 9%. Real estate stocks weakened, as Shimao Group dropped more than 8%.

Lenovo Group rose over 20%, boosting the computer and peripherals sector. The company reported a 176% year-on-year increase in adjusted net profit for the first fiscal quarter, reaching $1.075 billion, surpassing the $1 billion mark for the first time. Its adjusted net profit margin was 4%, nearly doubling year-on-year. The order book for AI servers stood at $54 billion, up 157% quarter-on-quarter. The company noted that AI-related revenue rose 60% year-on-year, accounting for 35% of total group revenue, indicating that its hybrid AI strategy is entering a value realization phase.

Gold stocks declined, with Lingbao Gold falling over 9%. U.S. July CPI moderated from 3.5% to 3.4%, and core CPI eased from 2.6% to 2.5%, both in line with market expectations. The mild inflation data contained no major surprises, easing pressure on the Federal Reserve to accelerate rate hikes. However, the lack of a clear directional signal from the data led to a tug-of-war between bulls and bears in the gold market, with gold prices losing the $4,400 mark after the data release.

Real estate stocks weakened, with Shimao Group falling over 8%. BOC International Research noted that the property market continues to experience a traditional off-season in August, with sales expected to recover starting in the fourth quarter. From an investment perspective, some developers have shown structural improvements, including shifts in sales layouts and strong land acquisition performance. The pace suggests a high probability of a sector rally in the fourth quarter, driven by key factors such as seasonal sales increases from the "Golden September and Silver October" period, reforms to the housing provident fund system and related policy implementations, and the still-low valuations of some developers that have shown structural improvements but remain overlooked. The firm mentioned that most developers expect significant impairment provisions in 2025, with a potential bottoming out in 2026. Therefore, sector profit margins and earnings could rebound in 2027, leading to a shift in market expectations for 2027 valuations in the fourth quarter of this year.