During today's (September 10) morning trading session, the Hong Kong stock market continued its upward momentum with another strong opening, setting fresh highs. As of press time, the Hang Seng Index stood at 26,042 points, opening 0.40% higher, while the Hang Seng Tech Index reached 5,869 points, up 0.70% at the open.

On the news front, Hong Kong-listed companies have maintained active share buyback programs throughout this year. According to Wind Information statistics, as of September 9, a total of 223 Hong Kong-listed companies have collectively repurchased 5.32 billion shares year-to-date, with total buyback value reaching HK$122.569 billion.

Among key corporate developments, YUNFENG FIN (00376.HK) received sudden positive news, opening nearly 15% higher in early trading. The company announced that its wholly-owned subsidiary, Yunfeng Securities Limited, received approval from the Hong Kong Securities and Futures Commission on September 8, 2025, to upgrade its existing Type 1 (Securities Dealing) license to provide virtual asset trading services through the SFC-licensed platform.

In other market movements, technology stocks showed mixed but predominantly positive performance. JD.com and Alibaba gained over 2%, while Bilibili and NetEase rose more than 1%. Tencent advanced nearly 1%, reaching new highs, while Meituan declined over 1%. The innovative pharmaceutical sector showed signs of recovery, with Alphamab Oncology surging over 9%, Akesobio rising more than 9%, and WuXi Biologics gaining over 2%. Automotive stocks remained active with NIO climbing over 2%. Gold stocks pulled back, with Chifeng Jilong Gold Mining falling more than 3%.

Market Outlook:

The strategy team at China Merchants Securities (Hong Kong) believes that with improving supply-demand dynamics, China's economic cycle is poised for a positive turning point. Capital expenditure and R&D investments in the technology sector will gradually translate into corporate earnings, becoming new growth drivers. Against the backdrop of rising expectations for Federal Reserve rate cuts, southbound funds and foreign capital are expected to continue flowing into the Hong Kong stock market. As a global value destination, Hong Kong stocks show promising medium to long-term upside potential, driven by fundamental improvements, earnings expectation upgrades, and valuation recovery.

Huatai Securities' Chief Macroeconomist Yi Xianrong noted that the ample liquidity environment for Hong Kong stocks remains unchanged, with rising fundamental expectations providing important support. Market earnings recovery stems from two sources: technology, new consumption, and pharmaceutical sectors achieving growth that transcends economic cycles, and stronger domestic policy support compared to last year, creating greater economic and policy stability that drives steady corporate profitability.

Zheshang Securities believes that Federal Reserve rate cuts will serve as a key catalyst for foreign capital returning to Hong Kong and A-share markets. As the US dollar weakening pattern takes shape, the Hang Seng Tech Index is expected to enter a strong upward phase.

Haitong Securities views Hong Kong's scarce assets as highly attractive in the current weak macroeconomic environment. Southbound funds may still have incremental space within the year, with full-year net inflows potentially exceeding HK$1.2 trillion.