I. Weekly Changes:UNISOUND Leads Gains; Two New Listings Fell over 20% in Debut Week

Metric	Stock Code	Stock Name	Listing Date	Weekly Change (%)
op Weekly Gainer 1	9678.HK	UNISOUND	2025-06-30	32.31
Top Weekly Gainer 2	2718.HK	MININGLAMP-W	2025-11-03	25.06
Top Weekly Gainer 3	7688.HK	TOPNC	2026-05-20	23.61
Top Weekly Gainer 4	1879.HK	XIZHI TECH-P	2026-04-28	21.05
Top Weekly Gainer 5	0100.HK	MINIMAX-W	2026-01-09	20.31
Bottom Weekly Loser 5	6880.HK	MOMENTA-W	2026-07-08	-19.53
Bottom Weekly Loser 4	2597.HK	XUNZHONG	2025-07-09	-20.26
Bottom Weekly Loser 3	9615.HK	MECH-MIND ROBOTICS	2026-09-01	-21.34
Bottom Weekly Loser 2	0625.HK	SHEIN-W	2026-09-01	-21.36
Bottom Weekly Loser 1	2652.HK	CF PHARMTECH	2025-10-08	-24.19

The best-performing recently listed stocks this week included UNISOUND (+32.31%), MININGLAMP-W (+25.06%), TOPNC (+23.61%), XIZHI TECH-P (+21.05%) and MINIMAX-W (+20.31%). UNISOUND and MININGLAMP-W, which had fallen sharply on lock-up expiries in late June and late July respectively, both recorded notable gains this week. On the downside, CF PHARMTECH fell 24.19% this week, the biggest weekly drop among recently listed stocks; SHEIN-W and MECH-MIND ROBOTICS declined 21.36% and 21.34% respectively, both having listed on September 1 and retreating considerably in their debut week. XUNZHONG fell 20.26% and MOMENTA-W declined 19.53%. Of the five biggest weekly losers, SHEIN-W and MECH-MIND ROBOTICS were newly listed names, while the other three had no recent lock-up expiries.

II. Review of Lock-up Expiries This Week:AUX ELECTRIC Released 1.3 Billion Shares and Fell 5.05% on the Week

No.	Code	Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)	Weekly Change (%)
1	2580.HK	AUX ELECTRIC	2025-09-02	2026-09-02	130,092.13	-5.05

Only one recently listed stock had a lock-up expiry this week. AUX ELECTRIC released 1,300,921,300 shares on September 2, the largest single-issuer release recently, with the stock falling 5.05% over the week. Relative to the size of the release, the decline was mild, and the more than 30% single-week drops seen for some names after earlier expiries did not recur.

III. Next Week's Lock-up Expiry Preview: Three Stocks, All of Small Size

No.	Code	Name	Listing Date	Lock-up Expiry Date	Shares Unlocked (10,000 shares)
1	3268.HK	MEIG	2026-03-10	2026-09-10	1,588.74
2	2715.HK	ESTUN	2026-03-09	2026-09-09	3,404.86
3	2692.HK	ZHAOWEI	2026-03-09	2026-09-09	914.07

Three recently listed stocks will see lock-up expiries next week. ESTUN will release 34,048,600 shares on September 9, MEIG 15,887,400 shares on September 10 and ZHAOWEI 9,140,700 shares on September 9. All three releases are below 50 million shares, clearly smaller than AUX ELECTRIC's release this week, so overall lock-up pressure next week is light.

IV. Liquidity Observations: MINIMAX-W's Average Daily Turnover Overtakes Z.AI

Metric	Stock Code	Stock Name	Listing Date	Average Daily Turnover (HKD 10,000)	Average Daily Turnover Rate (%)
Most Liquid 1	0100.HK	MINIMAX-W	2026-01-09	716,762.0816	7.5594
Most Liquid 2	2513.HK	Z.AI	2026-01-08	674,414.8556	2.4335
Most Liquid 3	3308.HK	ZJ INNOLIGHT	2026-07-30	171,304.7661	2.6626
Most Liquid 4	3750.HK	CATL	2025-05-20	147,609.8472	1.1669
Most Liquid 5	2259.HK	ZIJIN GOLD INTL	2025-09-30	132,109.6118	0.3204
Least Liquid 5	2619.HK	XJ ELECTRICS	2025-06-25	2.9039	0.0352
Least Liquid 4	8549.HK	GOLDEN LEAF INT	2025-10-10	2.7197	0.0335
Least Liquid 3	8629.HK	SYNTRUST GK	2024-09-06	2.4072	0.0262
Least Liquid 2	2519.HK	AUGROUP	2024-11-08	1.9890	0.0012
Least Liquid 1	2613.HK	CONTIOCEAN	2025-01-09	1.0904	0.0009

The top of the liquidity rankings among recently listed stocks changed this week. MINIMAX-W's average daily turnover surged to HKD 7.168 billion from HKD 3.425 billion last week, jumping to first place with an average daily turnover rate of 7.56%. Z.AI's average daily turnover recovered to HKD 6.744 billion from HKD 4.672 billion last week but slipped to second, with an average daily turnover rate of 2.43%. ZJ INNOLIGHT averaged HKD 1.713 billion in daily turnover, CATL HKD 1.476 billion and ZIJIN GOLD INTL HKD 1.321 billion, ranking third to fifth. Among the least liquid names, CONTIOCEAN averaged HKD 10,904 in daily turnover, AUGROUP HKD 19,890, SYNTRUST GK HKD 24,072, GOLDEN LEAF INT HKD 27,197 and XJ ELECTRICS HKD 29,039. The bottom ranks were broadly unchanged from last week.

V. Deviation from IPO Price: DEEPZERO Extends Cumulative Gain to 1,599%; ZG GROUP-W Back to Deepest Discount

Metric	Stock Code	Stock Name	Listing Date	IPO Price (HKD)	Closing Price (HKD)	Deviation (%)
Largest Premium 1	2723.HK	DEEPZERO	2026-05-27	55.50	943.00	1599.10
Largest Premium 2	2797.HK	QIYUNSHAN FOOD	2026-07-09	8.00	86.50	981.25
Largest Premium 3	2513.HK	Z.AI	2026-01-08	116.20	1075.00	825.13
Largest Premium 4	0805.HK	NEW GONOW RV	2025-01-13	1.27	8.30	553.54
Largest Premium 5	2687.HK	ABLE DIGITAL	2025-12-08	67.50	365.20	441.04
Deepest Discount 5	2592.HK	CLOUDBREAK-B	2025-07-03	10.10	1.18	-88.32
Deepest Discount 4	2570.HK	REFIRE	2024-12-06	147.00	14.01	-90.47
Deepest Discount 3	2525.HK	HESAI-W	2025-09-16	212.80	18.19	-91.45
Deepest Discount 2	3881.HK	CIDI	2025-12-19	263.00	19.12	-92.73
Deepest Discount 1	6676.HK	ZG GROUP-W	2025-03-10	10.00	0.70	-93.05

Measured against its offering price, DEEPZERO closed at HKD 943.00, a deviation of 1,599.10% from its IPO price of HKD 55.50, ranking first among recently listed stocks for a second consecutive week, with the deviation widening further from 1,320.72% last week. QIYUNSHAN FOOD closed at HKD 86.50, a deviation of 981.25%, staying second. Z.AI closed at HKD 1,075.00, a deviation of 825.13%, ranking third. NEW GONOW RV (553.54%) and ABLE DIGITAL (441.04%) entered the top five this week. On the discount side, ZG GROUP-W closed at HKD 0.70, a deviation of -93.05%, regaining the title of the most deeply discounted recently listed stock. CIDI deviated -92.73%, HESAI-W -91.45%, REFIRE -90.47% and CLOUDBREAK-B -88.32%.

Matters to Watch Next Week

1. ESTUN, MEIG and ZHAOWEI will see lock-up expiries next week, each releasing no more than 35 million shares, implying light overall lock-up pressure.

2. MINIMAX-W's average daily turnover rose to HKD 7.168 billion this week, overtaking Z.AI to become the most liquid; Z.AI's average daily turnover recovered to HKD 6.744 billion, though still below its July high.

3. SHEIN-W and MECH-MIND ROBOTICS, both listed on September 1, fell 21.36% and 21.34% respectively in their debut week, the only two new listings among the week's five biggest losers, underscoring the high volatility of recently listed stocks in their early trading days.

Note: This report defines "newly listed stocks" as HK-listed targets listed for less than 24 months.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

1.MAN WAH HLDGS (01999.HK): On August 31, announced the acquisition of 7,684,126 shares of UK-based DFS, representing approximately 3.26% of DFS's issued shares, from Man Wah Wong Family Investment Limited for a consideration of GBP 12.4713 million (approximately HKD 132 million), lifting its stake to approximately 8.58% upon completion. DFS is a UK upholstered furniture retailer listed on the London Stock Exchange, which recorded revenue of GBP 1.03 billion in FY2025.

Outbound Partnerships

1.HUTCHMED (00013.HK): On September 3, announced that its subsidiary had entered into an exclusive development and licensing agreement with a GSK affiliate for HMPL-A830, a KRAS-EGFR antibody-targeted conjugate drug, granting rights to develop and commercialize the drug globally excluding Mainland China, Hong Kong SAR, Macao SAR and the Taiwan region, for an upfront payment of USD 110 million and development, regulatory and commercial milestone payments totalling up to USD 1.295 billion, plus royalties based on net sales; a global Phase I clinical trial is expected to commence in the second half of 2026.

2.SBP GROUP (01177.HK): On August 31, announced that its subsidiary Chia Tai Tianqing Pharmaceutical Group Co., Ltd. had entered into an exclusive licensing and supply agreement with Cipla for TQB2102, a HER2 bispecific antibody-drug conjugate, under which Cipla is licensed to develop and commercialize the drug in India, South Africa and five other emerging markets, entitling the group to up to USD 123 million in milestone payments plus double-digit royalties. This is the second regional licensing collaboration concluded for TQB2102.

3.KEYMED BIO-B (02162.HK): On September 2, signed an exclusive licensing agreement with Aeira Pte. Ltd. covering registration and commercialization of its self-developed IL-4Rαmonoclonal antibody, stapokibart injection (Kangyueda), in 18 countries and regions, including 11 Southeast Asian countries, 5 Central Asian countries and the Hong Kong and Macao SARs. The company will receive upfront payments, milestone payments and high-double-digit sales-based royalties.

4.PEGBIO CO-B (02565.HK): On September 2, entered into a material transfer agreement with South Korea's SN BioScience to apply its SNA long-acting delivery platform to three peptide drug candidates for metabolic diseases, including APGP6, for joint long-acting development studies.

Outbound Financing

1.SHEIN-W (00625.HK): On August 31, announced the results of its global offering at a final offer price of HKD 48.56 per share, with 279,992,500 Class B shares offered in total, raising approximately HKD 13.596 billion in gross proceeds and approximately HKD 13.214 billion in net proceeds; the shares commenced trading on The Stock Exchange of Hong Kong on September 1.

2.ANJI TECHNOLOGY (688019.SH): On September 3, submitted an application to HKEX for the issuance and listing of H shares.

3.AMLOGIC (688099.SH): On September 1, its H-share issuance received filing with the China Securities Regulatory Commission (CSRC), with a proposed issuance of no more than 53,815,500 H shares.

4.LONGSYS (09976.HK): On September 4, fixed the offer price for its H-share global offering at HKD 236.00 per share, offering 26,077,800 H shares, with listing expected on September 8.

Regulation and Compliance

1.SBP GROUP (01177.HK): On September 3, announced that TQB6426, a national Class 1 innovative drug and a GPC3-targeting antibody-drug conjugate independently developed by its subsidiary Chia Tai Tianqing, had received Investigational New Drug (IND) approval from the US Food and Drug Administration (FDA) for advanced malignant tumors. GPC3 is highly expressed in hepatocellular carcinoma, and no GPC3-targeting ADC has been approved for marketing worldwide.

Overseas Orders and Contract Wins

1.HONGHUA GROUP (00196.HK): On September 2, announced that its subsidiary Sichuan Honghua Petroleum Equipment Co., Ltd. had signed drilling rig sales agreements with a Middle East customer aggregating RMB 600 million, under which it will supply several large drilling rigs equipped with self-developed intelligent equipment, including automated tools and the Opera smart drilling system.

Overseas Operating Data

1.BYD COMPANY (01211.HK): On September 1, disclosed August sales of 440,300 new energy vehicles, of which 189,500 were exports.

2.GEELY AUTO (00175.HK): On September 1, disclosed total sales of 270,200 units in August, up 8% year on year, with ZEEKR-brand sales up 110% year on year and exports up 205% year on year.

NewTimeSpace Overseas Watch

This week's overseas hotspots centered on two fronts: pharmaceutical asset licensing and Hong Kong listings. Drugmakers are out-licensing self-developed pipelines through regional or even global exclusive agreements, with deals generally structured as upfront payments plus milestone payments and sales-based royalties, and licensed territories extending from emerging markets such as India and South Africa to Southeast Asia, Central Asia and global scope, while differentiated targets such as GPC3 ADCs are beginning to draw collaborations with multinational drugmakers. On the financing front, cross-border e-commerce and A-share semiconductor and memory companies are concentrating on or advancing H-share listings in Hong Kong, with both single-project fundraising scale and the density of H-share offerings rising in tandem. The observations show that pharma going global is evolving from one-off clinical approvals toward scaled global rights licensing, equipment manufacturers are locking in incremental demand in markets such as the Middle East through large orders, and automakers' exports continue to grow, as the going-global model shifts from product exports toward a balance of rights deals and capital market operations.

This article is for information organization only and does not constitute any investment advice.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 4, all three major Hong Kong indices advanced across the board. The Hang Seng Index rose 1.74% to 25,650.87 points, the Hang Seng TECH Index gained 2.27%, and the Hang Seng China Enterprises Index climbed 2.02%. Full-day turnover reached HKD 276.857 billion, expanding notably from the previous session.

On the trading floor, AI application plays led the gains: PHANCY (06682) jumped 14.66% and MARKETINGFORCE (02556) surged 13.52%, as OpenAI's release of GPT-6 Astra shifted market pricing logic from compute supply to application monetization. Mainland property developers extended their gains, with SUNAC (01918) up 14.29% and LONGFOR GROUP (00960) up 8.4%, following the "828" property policy package that systematically restructures the industry's regulatory framework. Hog-related plays strengthened, with MUYUAN (02714) up 9.21% as the national average hog price rebounded nearly 17% from its June trough. Innovative drug plays gained broadly, with AKESO (09926) up 11.45%. Semiconductor stocks plunged against the trend: HUA HONG GRACE (01347) fell 8.4%, and GENSCRIPT BIO (01548) dropped 13.33% on news of its proposed spin-off of Probio Technology Limited. SHEIN-W (00625) slid 9.19% to extend its new lows.

Southbound capital recorded net selling of HKD 10 billion during the day, with the Shanghai leg of southbound Stock Connect seeing net selling of HKD 4.708 billion and the Shenzhen leg net selling of HKD 5.313 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	06682.HK	PHANCY	14.66	30.98	6.19
Gainer 2	01918.HK	SUNAC	14.29	0.64	3.66
Gainer 3	02556.HK	MARKETINGFORCE	13.52	67.60	9.15
Gainer 4	09926.HK	AKESO	11.45	101.20	35.52
Gainer 5	00136.HK	CHINA RUYI	11.43	1.37	3.07
Loser 5	02575.HK	XUANZHUBIO-B	-6.21	10.43	0.47
Loser 4	01316.HK	NEXTEER	-6.45	4.94	1.08
Loser 3	02652.HK	CF PHARMTECH	-6.78	11.00	0.36
Loser 2	01347.HK	HUA HONG GRACE	-8.43	109.70	62.61
Loser 1	01548.HK	GENSCRIPT BIO	-13.33	31.46	32.05

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00100.HK	MINIMAX-W	65.21	9.48	1.80
2	00700.HK	TENCENT	47.47	-21.02	2.26
3	00981.HK	SMIC	45.20	-9.04	-1.25
4	02513.HK	Z.AI	41.84	6.07	-2.98
5	01347.HK	HUA HONG GRACE	37.72	-7.53	-8.43
6	01888.HK	KB LAMINATES	36.50	1.64	-5.27
7	09988.HK	ALIBABA-W	29.26	1.38	2.42
8	01548.HK	GENSCRIPT BIO	27.39	-8.24	-13.33
9	09926.HK	AKESO	26.90	-8.32	11.45
10	06869.HK	YOFC	15.85	-1.73	-2.80

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	520790	CIB CSI HK Equities Internet ETF	4.01	0.13
Gainer 2	159568	Bosera CSI HK Equities Internet ETF	3.39	0.83
Gainer 3	520740	HuaAn CSI HK Equities Internet ETF	3.38	0.05
Gainer 4	159040	Penghua CSI HK Equities Internet ETF	3.37	0.09
Gainer 5	159170	Maxwealth CSI HK Equities Internet ETF	3.29	0.31
Loser 5	159137	Hwabao CSI HK Equities Health Care Theme ETF	-1.73	0.67
Loser 4	158003	Harvest CSI HK Equities Health Care Theme ETF	-1.78	0.28
Loser 3	520850	E Fund CSI HK Equities Health Care Theme ETF	-1.98	0.34
Loser 2	159366	Maxwealth CSI HK Equities Health Care Theme ETF	-2.19	5.15
Loser 1	520510	ChinaAMC CSI HK Equities Health Care Theme ETF	-2.90	7.04

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	513310	Huatai-PB CSI KRX China-Korea Semiconductor ETF (QDII)	CSI China-Korea Semiconductor Index	68.64	60.04	0.11
2	513090	E Fund CSI Hong Kong Securities Investment Theme ETF	CSI Hong Kong Securities Investment Theme Index	57.42	30.73	1.92
3	513120	GF CSI HK Innovative Drugs Industry ETF (QDII)	CNI HK Equities Innovative Drugs Index	57.19	23.03	-0.68
4	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	27.21	7.41	3.24
5	513130	Huatai-PB CSOP Hang Seng Technology Index ETF (QDII)	Hang Seng TECH Index	25.09	7.65	1.62
6	513180	ChinaAMC Hang Seng Technology ETF (QDII)	Hang Seng TECH Index	23.71	5.92	1.59
7	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	18.57	8.08	0.81
8	513330	ChinaAMC Hang Seng Internet Technology Industry ETF (QDII)	Hang Seng Internet Technology Industry Index	18.09	6.96	2.50
9	513050	E Fund CSI Overseas China Internet 50 ETF	CSI Overseas China Internet 50 Index	17.51	4.79	2.03
10	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	14.88	67.39	0.31

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. Hang Seng Index quarterly review effective today; Goldman Sachs sees USD 870 million passive inflows into tech hardware and semiconductors

On September 4, the quarterly review of the Hang Seng Index family was formally implemented, with all changes effective after today's market close and new constituents to be included in index operations from September 7. The Hang Seng Index added HUA HONG GRACE (01347.HK) and WEICHAI POWER (02338.HK); the Hang Seng TECH Index added ILUVATAR COREX (09903.HK) and removed TONGCHENGTRAVEL (00780.HK); and constituents of the Hang Seng Composite Index increased from 534 to 580. Goldman Sachs estimates the review will generate over USD 7.2 billion in total two-way passive fund flows, with tech hardware and semiconductors expected to record the largest passive inflows of approximately USD 870 million.

2. GENSCRIPT BIO applies to spin off and separately list Probio Technology Limited on HKEX Main Board

On September 4, GENSCRIPT BIO (01548.HK) announced a proposal to spin off and separately list Probio Technology Limited (ProBio), an indirect non-wholly-owned subsidiary that operates the group's biologics and advanced therapy CDMO services, on the Main Board of the Stock Exchange of Hong Kong. The company has submitted an application to the Stock Exchange, and the Listing Committee confirmed on August 14, 2026 that the company may proceed with the proposed spin-off. Upon completion of the spin-off, GENSCRIPT BIO will continue to hold a controlling interest in ProBio, whose financial results will continue to be consolidated into the group's financial statements. GENSCRIPT BIO is a Stock Connect constituent.

3. STAR SHINE HLDG added to Hang Seng Composite Index and swung to profit in H1, with Stock Connect inclusion in prospect

On September 4, STAR SHINE HLDG (01440.HK), which was previously added to the Hang Seng Composite Index, will see the change implemented after today's market close and take effect on September 7. The company posted H1 revenue of RMB 163 million and profit attributable to owners of the company of RMB 24.249 million, versus a loss of RMB 22.511 million in the same period last year, swinging to profitability year on year. Following its inclusion in the Hang Seng Composite Index, STAR SHINE HLDG is expected to become a Stock Connect constituent in tandem.

4. LONGSYS fixes H-share offer price at HKD 236, listing expected September 8

On September 4, semiconductor memory maker LONGSYS (09976.HK) announced that the offer price for its global offering of H shares had been fixed at HKD 236.00 per share. The company plans to offer 26,077,800 H shares globally in board lots of 50 shares, with the H shares expected to commence trading on the Main Board of the Stock Exchange at 9:00 a.m. on September 8, 2026.

5. UDI's IPO subscription closes with margin financing oversubscribed 94.79 times; SENSETIME and 58 Group subsidiaries join as cornerstone investors

On September 4, the IPO subscription of Excelland Robotics (Wuxi) Co. Ltd. (03231.HK), a delivery and cleaning robot company, formally closed, recording HKD 4.214 billion in margin financing subscriptions and oversubscription of 94.79 times against the public fundraising amount of HKD 43.99 million. The company plans to offer 45 million H shares globally at an offer price range of HKD 14.45 to 19.55 per share, with listing expected on September 9. The IPO has brought in SensePower Management Limited, an indirect wholly-owned subsidiary of SENSETIME-W (00020.HK), and CYGG Holding Limited, a wholly-owned subsidiary of the 58 Group, as cornerstone investors.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 4, 2026, the three major Hong Kong indices opened higher and rebounded, with the Hang Seng Index up 1.74%, the Hang Seng TECH Index up 2.27%, and the Hang Seng China Enterprises Index up 2.02%. The Hang Seng Index's total market turnover was HK$276.9 billion, and southbound funds saw a net outflow of HK$10.021 billion. On that day, the majority of AI concept stocks rose, with the large model and intelligent driving themes mostly strengthening, while AI chips broadly weakened.

In the large model segment, MEITUAN-W (03690.HK) rose 5.28%, Baidu Group-W (09888.HK) rose 4.81%, and MINIMAX-W, ALIBABA-W, KUAISHOU-W, and TENCENT followed the gains. Z.AI (02513.HK) fell 2.98% against the trend.

In the AI chip segment, MONTAGE TECHNOLOGY (06809.HK) rose 1.24%, HUA HONG GRACE (01347.HK) fell 8.43%, and ILUVATAR COREX, SMIC, BIREN TECH, and GIGADEVICE followed the declines.

In the intelligent driving segment, influenced by Tesla Cybercab's official operation, PONY-W (02026.HK) rose 4.05%, and WERIDE-W, ROBOSENSE, and BLACK SESAME followed the gains, while HORIZONROBOT-W (09660.HK) dipped slightly by 0.34%.

In the embodied intelligence segment, XIAOMI-W (01810.HK) closed up 3.64%, and UBTECH ROBOTICS (09880.HK) rose 8.28%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
09880.HK	UBTECH ROBOTICS	85.650	8.28	Embodied AI
03690.HK	MEITUAN-W	81.750	5.28	LLM
09888.HK	BIDU-SW	95.900	4.81	LLM
02026.HK	PONY-W	57.750	4.05	Autonomous Driving
00800.HK	WERIDE-W	15.980	4.04	Autonomous Driving
02498.HK	ROBOSENSE	18.280	3.92	Autonomous Driving
02533.HK	BLACK SESAME	10.640	3.91	Autonomous Driving
01810.HK	XIAOMI-W	28.440	3.64	Embodied AI
01024.HK	KUAISHOU-W	33.660	2.75	LLM
09988.HK	BABA-SW	110.100	2.42	LLM
00700.HK	TENCENT	442.800	2.26	LLM
00100.HK	MINIMAX-W	361.400	1.80	LLM
06809.HK	MONTAGETECH	261.600	1.24	AI Chips
09660.HK	HORIZONROBOT-W	4.355	-0.34	Autonomous Driving
03986.HK	GIGADEVICE	464.800	-0.43	AI Chips
06082.HK	BIRENTECH	41.600	-1.14	AI Chips
00981.HK	SMIC	67.200	-1.25	AI Chips
02513.HK	Z.AI	1,075.000	-2.98	LLM
09903.HK	ILUVATAR COREX	383.600	-4.62	AI Chips
01347.HK	HUA HONG GRACE	109.700	-8.43	AI Chips

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 4, 2026. 

III. AI Industry & Corporate Developments

1. OpenAI Officially Releases GPT-6 Astra and Declares "Welcome to the AGI Era"

On September 4, OpenAI officially released GPT-6 Astra, calling it "the world's most intelligent and most aligned model to date," having achieved the current state of the art in computer operation, web browsing, software engineering, cybersecurity, scientific research, and professional work. The announcement stated that GPT-6 Astra will first be opened to some enterprises participating in the cybersecurity project Daybreak, and will subsequently be rolled out to all ChatGPT subscription users "in the coming days."

2. Tmall Launches Token Recharge Center, with First Batch Connecting Alibaba Cloud, Z.AI, Kimi, and MiniMax

On September 3, Tmall officially launched the AI Space Station (Token Recharge Center), where users can directly purchase subscription products of multiple leading large models. The page shows that the recharge center aggregates subscription services from leading domestic large model vendors such as Alibaba Cloud, Z.AI, Kimi, and MiniMax. Products on sale include periodically subscribed Token Plans and Coding Plans, as well as usage-based recharge schemes, supporting two delivery methods: card keys or direct recharge.

3. NVIDIA N1X Device to Be Listed in October

News on September 3: NVIDIA (NVDA.US) announced on Thursday that the NVIDIA RTX Spark device will begin shipping in October this year. The core selling point of this computer is precisely NVIDIA's N1X chip. To be able to run AI locally, this chip supports up to 128GB of unified memory, and the Blackwell GPU it carries can provide up to petaflops of floating-point computing power per second.

4. Z.AI GLM-5.3-Flash Launches Limited-Time Free Nighttime Use

Late on September 3, Z.AI announced that from now until September 20, the GLM Coding Plan will launch the "Flash × ZCode" Changdeng campaign. From 23:00 to 9:00 the next day each night, calling the GLM-5.3-Flash included in the plan is free to use within ZCode, and the usage quota is doubled when used in other agents supported by the plan; it takes effect automatically upon entering the designated time period.

5. Tesla Cybercab Officially Launched, Domestic High-Level Autonomous Driving Advances Rapidly

On September 3 local time, Tesla announced that the cyber driverless electric vehicle Cybercab has officially entered operation in Austin, USA. Tesla stated that the model requires no steering wheel, pedals, or rearview mirror, and will undertake more travel demand with higher usage efficiency. Notably, before this launch event, Tesla had already released signals of Cybercab's further scaled operation. It is reported that Tesla's official website has quietly launched an intention registration form, targeting enterprises or individuals interested in purchasing Cybercab fleets.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application “Miyu” has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI Agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
UBTECH ROBOTICS	09880.HK	The purest humanoid robot stock in Hong Kong	The company focuses on humanoid robot R&D, full‑stack motion control algorithms, and commercial deployment across industrial and logistics scenarios. Its flagship Walker S series has been integrated into assembly lines of leading new energy vehicle manufacturers for parts handling, precision assembly, and intelligent quality inspection, pioneering the transition from lab prototypes to industrial automation at scale.
PONY-W	02026.HK	Global commercialization leader in L4 autonomous mobility and logistics	The first autonomous driving company in China to secure fully driverless Robotaxi commercial operation permits across all four top-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen). Core operations span autonomous ride-hailing (Robotaxi) and freight services (Robotruck), with Robotaxi deployments across 9 countries and public operations in overseas markets including Croatia, Qatar, Singapore, and South Korea. Targeting a global fleet exceeding 3,000 vehicles across 20+ cities by 2026, the company has achieved positive unit economics per vehicle.
BIDU-SW	09888.HK	Dual-engine leader in China's AI infrastructure and autonomous driving	Financial results show AI revenue accounting for 52% of core business revenue, replacing traditional advertising as the primary growth driver. Ernie Model 5.1 is officially live, ranking 1st nationally and 4th globally on LMArena benchmarks. The Qianfan model platform aggregates mainstream foundation models for commercial API consumption, driving a 79% YoY surge in AI Cloud revenue. Apollo Go leads in fully driverless commercial operations, accumulating over 330 million operational kilometers and achieving breakeven per vehicle in select cities. Foundation model capabilities continue to penetrate AI Cloud, autonomous driving, and AI-native applications.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the market, by sector.Themes such as media, industrial trade & commerce, and conglomerates and food & beverage led the gains. Themes such as semiconductors, medical devices and services, and paper and packaging led the declines.

Among them, of the Hang Seng Index constituents, 80 rose and 11 fell.On the upside, LONGFOR GROUP gained 8.40%, LENOVO GROUP gained 6.09%, and MEITUAN-W gained 5.28%. On the downside, WUXI BIO fell 3.00%, OOIL fell 2.48%, and SMIC fell 1.25%.

Among the Hang Seng TECH Index constituents, 24 rose and 6 fell.On the upside, TONGCHENGTRAVEL gained 6.84%, SENSETIME-W gained 5.86%, and Baidu Group-W gained 4.81%. On the downside, HUA HONG GRACE fell 8.43%, Z.AI fell 2.98%, and NIO-SW fell 0.67%.

Among the HK Stock Connect constituents,PHANCY surged 14.66%; SUNAC surged 14.29%, and MARKETINGFORCE surged 13.52%. GENSCRIPT BIO fell 13.33%, CF PHARMTECH fell 6.78%, and NEXTEER fell 6.45%.

CINDA INTL HLDG pointed outthat yesterday's Hong Kong market turnover was weak, with the TECH Index falling to a low since July: the Hang Seng Index opened higher yesterday but eventually reversed to close lower, again falling near the early-August low of 25,089 points. The TECH Index performed even weaker, falling more than 1%, hitting a new low since July. Yesterday's Hong Kong market trading was relatively quiet, with total market turnover below HK$200 billion, the first time since May 5, though at that time it was the May Day Golden Week, and the HK Stock Connect suspension caused the lower turnover amount.

Hong Kong stocks should see a rebound this morning, but the momentum may be limited:the latest probability of a US rate hike in September has decreased, overseas long-bond yields have retreated slightly, and the Hang Seng Index's overnight futures traded at a premium; a rebound is expected this morning, but the momentum may be limited. In the short term, the upward resistance reference is the 250-day moving average at around 25,763 points, while the support level is the bottom of the mid-to-late-month consolidation range at around 24,800 points. (Source: CINDA INTL HLDG, September 4, 2026, "Hong Kong Morning Express")

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Fintech and blockchain themes were extremely strong during the session. Global X Innovative Finance ETF (3185.HK) rose 7.81%, the largest gain; SAMSUNG Blockchain Technologies ETF (3171.HK) advanced 5.41%; Pando Blockchain ETF (3112.HK) gained 4.48%; E Fund (HK) Wind Digital Technology Index ETF (3434.HK) rose 4.25%; E Fund (HK) CSI Liquor Index ETF (3189.HK) advanced 3.66%; Doo Wealth Selected Web3 ETF (3426.HK) rose 3.02%; Phillip HK Newly Listed Equities Index ETF (2835.HK) gained 2.95%; CSOP KOSPI 200 ETF (3121.HK) rose 2.93%; CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK) advanced 2.88%; and CSOP FTSE Vietnam 30 ETF (3004.HK) rose 2.86%. Overall, fintech, blockchain, digital technology and Korea/Vietnam themes formed a strong sector linkage, with all of the top-10 gainers up more than 2.8%.

HK shares ETFs Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	3185.HK	Global X Innovative Finance ETF	7.81	--	Mirae Asset Global Investments (Hong Kong)
2	3171.HK	SAMSUNG Blockchain Technologies ETF	5.41	--	Samsung Asset Management (Hong Kong) Limited
3	3112.HK	Pando Blockchain ETF	4.48	--	Pando Limited
4	3434.HK	E Fund (HK) Wind Digital Technology Index ETF	4.25	Wind Digital Technology Net Total Return Index (HKD)	E Fund Asset Management (Hong Kong) Limited
5	3189.HK	E Fund (HK) CSI Liquor Index ETF	3.66	CSI Liquor Index	E Fund Asset Management (Hong Kong) Limited
6	3426.HK	Doo Wealth Selected Web3 ETF	3.02	--	Doo Financial HK Limited
7	2835.HK	Phillip HK Newly Listed Equities Index ETF	2.95	Solactive Hong Kong Newly Listed Equities Index (Net Total Return)	Phillip Capital Management (Hong Kong) Limited
8	3121.HK	CSOP KOSPI 200 ETF	2.93	--	CSOP Asset Management Limited
9	3431.HK	CSOP FTSE HK-Korea Tech+ Index ETF	2.88	--	CSOP Asset Management Limited
10	3004.HK	CSOP FTSE Vietnam 30 ETF	2.86	FTSE Vietnam 30 Price Index	CSOP Asset Management Limited
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 4, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

On the downside, China Little Giant and STAR 50 ETFs led the declines. Global X China Little Giant ETF (2815.HK) fell 3.08%, the biggest drop; Premia China STAR50 ETF (3151.HK) declined 1.83%; Bosera STAR 50 Index ETF (2832.HK) fell 1.62%; CSOP STAR 50 Index ETF (3109.HK) declined 1.46%; Global X China Semiconductor ETF (3191.HK) fell 1.39%; CSOP YINHUA CSI 5G Communications Theme ETF (3193.HK) declined 1.16%; Global X China Robotics and AI ETF (2807.HK) fell 0.72%; CSOP CSI 500 ETF (3005.HK) declined 0.62%; Global X China Core TECH ETF (3448.HK) fell 0.57%; and iShares Core MSCI Taiwan Index ETF (3074.HK) declined 0.56%. China Little Giant, STAR 50, China semiconductor and 5G ETFs came under pressure during the session, but aside from the Little Giant complex, none of the declines exceeded 1.9%.

HK shares ETFs Top 10 Decliners
No.	Code	Name	Change (%)	Tracking Index	Manager
1	2815.HK	Global X China Little Giant ETF	-3.08	Solactive China Little Giant Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
2	3151.HK	Premia China STAR50 ETF	-1.83	SSE STAR 50 Index	Premia Partners
3	2832.HK	Bosera STAR 50 Index ETF	-1.62	SSE STAR 50 Index	Bosera Asset Management (International)
4	3109.HK	CSOP STAR 50 Index ETF	-1.46	SSE STAR 50 Index	CSOP Asset Management Limited
5	3191.HK	Global X China Semiconductor ETF	-1.39	FactSet China Semiconductor Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
6	3193.HK	CSOP YINHUA CSI 5G Communications Theme ETF	-1.16	CSI 5G Communication Index	CSOP Asset Management Limited
7	2807.HK	Global X China Robotics and AI ETF	-0.72	FactSet China Robotics and Artificial Intelligence Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
8	3005.HK	CSOP CSI 500 ETF	-0.62	CSI 500 Index	CSOP Asset Management Limited
9	3448.HK	Global X China Core TECH ETF	-0.57	Mirae Asset China Technology Top 30 Index (Net Return, HKD)	Mirae Asset Global Investments (Hong Kong)
10	3074.HK	iShares Core MSCI Taiwan Index ETF	-0.56	MSCI Taiwan Index	BlackRock Asset Management North Asia Limited
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 4, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

NewTimeSpace Research data showed that on September 4, 2026, the HK shares ETFs market featured a rotation in which fintech and blockchain themes exploded while China technology themes came under pressure. Fintech, blockchain, digital technology and Korea/Vietnam themes drew concentrated surges and led the gains, whereas China Little Giant, STAR 50, China semiconductor and 5G ETFs pulled back across the board. Market hotspots rotated swiftly from the previous session's gold miner and Taiwan/Japan themes to fintech and blockchain, with the fintech sector becoming the day's dominant line and China technology themes extending their adjustment; sector rotation continued to be fast-paced.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

According to China Business Journal, Xpeng recently held the“TIME”Physical AI Experience Day in Guangzhou. Its second‑generation VLA physical‑world large‑scale model has undergone its first major iteration. The brand‑new XOS 6.3.0 system will make its global debut on the Xpeng G9L.

Jiemian News reported that starting from September 1, multiple Chinese new‑energy vehicle startups released their August 2026 delivery figures. Leapmotor delivered 103,129 vehicles globally, representing an 80.7% year‑on‑year increase; Xpeng Group delivered 39,107 vehicles, up 4% year‑on‑year; Li Auto delivered 37,679 vehicles, a 32.1% year‑on‑year rise; NIO delivered 35,836 vehicles, growing 14.5% year‑on‑year.

XPENG-W (09868.HK) Focuses on the full-stack in-house R&D and large-scale deployment of end-to-end autonomous driving foundational models for mass-produced vehicles. Its proprietary XNGP (Advanced Driver Assistance System) has completely decoupled from high-definition maps, demonstrating exceptional generalization capabilities in complex urban NOA (Navigation Guided Pilot) scenarios. The activation rate of advanced ADAS and the mileage penetration rate among users of newly delivered models remain at the industry forefront, providing a highly deterministic benchmark for vehicle-side AI application delivery.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, Hua Hong Grace recently announced that the company and its wholly-owned subsidiary, Shanghai Hua Hong Grace Semiconductor Manufacturing Co., Ltd., intend to jointly increase the capital of Wuxi Hua Hong Grace Phase III Semiconductor Co., Ltd. together with three other companies including Wuxi Xihong Guoxin Phase II Investment Co., Ltd., to build a 12-inch specialty-process wafer foundry line with a planned monthly capacity of approximately 55,000 wafers.

Guosheng Securities pointed out that the capabilities of domestic chips have continued to improve, narrowing the generation gap with overseas chips. The adoption of domestic chips by internet and intelligent computing centers has accelerated, and domestic computing power demand is shifting faster toward local manufacturers. The expansion of application scenarios and the accumulation of experience have effectively driven the iterative upgrading of chip capabilities, and a positive R&D feedback loop is gradually taking shape.

HUA HONG GRACE(01347.HK)Specializes in specialty process wafer foundry, offering customized manufacturing of power discretes, embedded non-volatile memory, analog and power management ICs. Its 8-inch and 12-inch production lines serve automotive, industrial control and data center power management applications. The company holds multiple automotive-grade quality certifications and provides mass production foundry services to various domestic and international automotive clients. Its overall capacity utilization has remained high over an extended period.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, Shenzhen recently issued the "Shenzhen Work Plan for Promoting High-Quality Development of the Intelligent Robotics Industry (2026–2028)." The plan proposes that by 2028, Shenzhen will be built into the world's most influential smart robotics industry highland, creating the country's most vibrant smart robotics innovation enterprise cluster, a globally leading smart robotics software-and-hardware supporting cluster, and an international robot-friendly demonstration city center, as well as a Guangdong-Hong Kong-Macao Greater Bay Area robotics open-source ecosystem center, thereby forming a new industrial pattern featuring the coordinated development of the "two zones and two centers."

Western Securities believes that 2026 is expected to be the first year of scaled mass production for the humanoid robotics industry. At the policy level, embodied intelligence is explicitly promoted as a new economic growth driver; at the technology level, breakthroughs in AI and large models provide the "smart brain"; and at the demand level, the intensifying aging population gives rise to space for labor substitution.

MIDEA GROUP (00300.HK) Comprehensively positions itself within the industrial-grade embodied AI and core automation equipment supply chain through its wholly-owned subsidiary KUKA, one of the "Big Four" global industrial robot giants. The company focuses on the R&D and delivery of high-precision articulated robotic arms, heavy-duty logistics AGVs, and industrial automation software systems. Its intelligent manufacturing solutions are widely deployed across core heavy-asset production lines globally, including automotive manufacturing and electronic semiconductors. Backed by industry-leading delivery metrics for industrial-grade robots, it serves as the foundational infrastructure anchor for the sector.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 3, Hong Kong stocks opened higher but closed lower. The Hang Seng Index fell 0.39% to 25,213.31 points, the Hang Seng TECH Index dropped 1.08%, and the Hang Seng China Enterprises Index declined 0.77%. Full-day turnover reached HKD 199.38 billion, continuing to shrink from the previous session.

On the trading floor, non-ferrous metals including gold rallied against the market trend: TONGGUAN GOLD (00340) rose 9.2% and LINGBAO GOLD (03330) gained 5.75%, as soft US ADP employment data eased rate-hike expectations. Innovative drug plays extended their gains, with HUTCHMED (00013) jumping 14.32% after reaching a licensing collaboration with GSK that includes an upfront payment of USD 110 million and potential milestone payments of up to nearly USD 1.3 billion; SBP GROUP (01177) rose 6.27%. Shipping stocks performed well, with COSCO SHIP ENGY (01138) up 6.49% as geopolitical disruptions underpinned the risk premium for crude tanker shipping. Internet stocks closed lower across the board: ALIBABA-W fell over 2%, and TRIP.COM-S (09961) declined 5.41%. SHEIN-W (00625) slid 8.7% to hit a fresh low.

Southbound capital recorded net purchases of HKD 3.395 billion during the day, of which the Shanghai leg of southbound Stock Connect saw net purchases of HKD 698 million and the Shenzhen leg net purchases of HKD 2.697 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	02575.HK	XUANZHUBIO-B	18.23	11.12	1.48
Gainer 2	02255.HK	HAICHANG HLDG	15.57	0.25	1.90
Gainer 3	00013.HK	HUTCHMED	14.32	21.88	7.78
Gainer 4	02687.HK	ABLE DIGITAL	12.70	362.00	0.96
Gainer 5	09903.HK	ILUVATAR COREX	9.23	402.20	7.81
Loser 5	02192.HK	MEDLIVE	-5.34	7.01	0.14
Loser 4	02477.HK	WELLCELL HOLD	-5.45	0.21	0.41
Loser 3	02652.HK	CF PHARMTECH	-7.09	11.80	0.30
Loser 2	02889.HK	PATEO	-8.82	142.70	0.93
Loser 1	03268.HK	MEIG	-9.58	19.17	0.46

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00700.HK	TENCENT	45.75	2.88	-1.19
2	00100.HK	MINIMAX-W	38.30	4.11	3.62
3	09988.HK	ALIBABA-W	36.00	-7.60	-2.18
4	06869.HK	YOFC	33.78	4.64	-3.19
5	02513.HK	Z.AI	27.82	2.40	-0.81
6	01888.HK	KB LAMINATES	25.13	-1.10	3.18
7	00981.HK	SMIC	18.34	-1.48	-0.29
8	01810.HK	XIAOMI-W	16.31	3.75	-2.21
9	02269.HK	WUXI BIO	8.58	3.46	2.97
10	00148.HK	KINGBOARD HLDG	7.77	-1.83	-0.10

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	3.35	7.42
Gainer 2	159570	China Universal CNI HK Equities Innovative Drugs ETF	3.35	21.42
Gainer 3	159297	China Southern CNI HK Equities Innovative Drugs ETF	3.31	2.46
Gainer 4	159286	Penghua CNI HK Equities Innovative Drugs ETF	3.23	0.90
Gainer 5	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	3.17	6.78
Loser 5	159040	Penghua CSI HK Equities Internet ETF	-1.33	0.02
Loser 4	520630	GF CSI HK Equities Internet ETF	-1.39	0.05
Loser 3	513770	Hwabao CSI HK Equities Internet ETF	-1.45	2.74
Loser 2	520910	ChinaAMC CSI HK Equities Internet ETF	-1.45	0.23
Loser 1	159792	Fullgoal CSI HK Equities Internet ETF	-1.60	10.81

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	21.42	9.37	3.35
2	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	15.71	71.22	-0.21
3	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	10.81	3.00	-1.60
4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index	10.58	8.27	1.81
5	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	10.10	13.72	2.88
6	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	7.55	12.18	2.79
7	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	7.42	10.52	3.35
8	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	6.78	21.08	3.17
9	159506	Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF	Hang Seng HK Equities Innovative Drugs And Health Care Index	5.35	15.74	2.73
10	520700	Wanjia CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	5.04	66.66	2.91

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. Baidu completes dual primary listing conversion; inclusion in Stock Connect possible as early as September 7

On September 1, Baidu (09888.HK) announced that its voluntary conversion of its secondary listing status on The Stock Exchange of Hong Kong from secondary to dual primary listing had taken effect, with the "S" marker removed from its share short name. Market analysis, based on current rules and review cycles, suggests Baidu could be included in Stock Connect as early as September 7. Group CFO He Haijian said that, drawing on past cases, southbound capital could flow in within days to a week, with incremental inflows of 10% to 15% expected. Morgan Stanley forecasts southbound inflows of USD 3 billion to 6.8 billion over the first 6 to 12 months after inclusion. Baidu is a potential Stock Connect constituent.

2. Moonshot AI reportedly files confidentially with HKEX to kick off Hong Kong IPO process

According to market sources, Moonshot AI, a leading domestic developer of large language models, confidentially filed its A1 with the Hong Kong Stock Exchange this week, formally initiating its Hong Kong IPO process. The company is advancing a new funding round at a pre-money valuation of USD 50 billion, which may be its final round before the IPO. Kimi declined to comment on the rumors. If listed successfully, the company could become a potential Stock Connect constituent.

3. MANYCORE TECH added to Hang Seng Composite Index, effective September 7; inclusion expectations heat up

On August 21, Hang Seng Indexes Company announced the results of its semi-annual index review, with MANYCORE TECH (00068.HK) officially added as a constituent of the Hang Seng Composite Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. Inclusion in the Hang Seng Composite Index is a core prerequisite for entering the Stock Connect eligible universe. The company posted H1 revenue of RMB 405 million, a record-high gross margin of 83%, and adjusted net profit of RMB 55.42 million, up 211% year on year; revenue from new AI applications and new products grew 177% year on year.

4. CHINAGOLDINTL added to Hang Seng High Beta Index and Hang Seng SCHK Central SOEs Quality Index, effective September 7

On September 3, CHINAGOLDINTL (02099.HK) announced its inclusion in the Hang Seng High Beta Index and the Hang Seng SCHK Central SOEs Quality Index. The related changes will be implemented after the market close on September 4 and take effect on September 7. The Hang Seng SCHK Central SOEs Quality Index takes central state-owned enterprises as its stock selection universe, and all of its constituents are eligible for Stock Connect trading. CHINAGOLDINTL is a Stock Connect constituent.

5. LONGSYS subscription closes today; margin financing oversubscribed 26 times; listing expected September 8

On September 3, the public offering of semiconductor memory maker LONGSYS (09976.HK) closed today. The public tranche recorded HKD 17.05 billion in margin financing subscriptions, representing oversubscription of 26.2 times against the public fundraising amount of HKD 630 million. The company plans to offer 26,077,800 H shares globally at a maximum offer price of HKD 240.6 per share, in board lots of 50 shares, with listing expected on September 8.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 3, 2026, the three major Hong Kong indices opened higher but closed lower: the Hang Seng Index fell 0.39%, the Hang Seng TECH Index fell 1.08%, and the Hang Seng China Enterprises Index fell 0.77%. The Hang Seng Index's full-day turnover was HK$199.4 billion, and southbound funds recorded a net inflow of HK$3.395 billion. AI concept stocks showed a divergent performance on the day, with the intelligent-driving direction broadly strengthening, while the AI chip and large-model directions were mostly under pressure.

The large-model direction mostly weakened, with MINIMAX-W (00100.HK) rising 3.62% against the trend, KUAISHOU-W (01024.HK) falling 2.62%, and Z.AI, Baidu Group-W, TENCENT, ALIBABA-W, and MEITUAN-W following the declines.

In the AI chip direction, Iluvatar CoreX (09903.HK) rose 9.23%, with HUA HONG GRACE following the gains. BIREN TECH (06082.HK) fell 2.82%, with SMIC, MONTAGE TECHNOLOGY, and GIGADEVICE following the declines.

In the intelligent-driving direction, PONY-W (02026.HK) rose 5.11%, WERIDE-W (00800.HK) rose 2.88%, and HORIZONROBOT-W and ROBOSENSE followed the gains. BLACK SESAME (02533.HK) fell 3.40%.

In the embodied intelligence direction, UBTECH ROBOTICS (09880.HK) edged down 0.06%, and XIAOMI-W (01810.HK) fell 2.21%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
09903.HK	ILUVATAR COREX	402.200	9.23	AI Chips
02026.HK	PONY-W	55.500	5.11	Autonomous Driving
00100.HK	MINIMAX-W	355.000	3.62	LLM
00800.HK	WERIDE-W	15.360	2.88	Autonomous Driving
01347.HK	HUA HONG GRACE	119.800	1.96	AI Chips
09660.HK	HORIZONROBOT-W	4.370	1.51	Autonomous Driving
02498.HK	ROBOSENSE	17.590	1.44	Autonomous Driving
09880.HK	UBTECH ROBOTICS	79.100	-0.06	Embodied AI
00981.HK	SMIC	68.050	-0.29	AI Chips
02513.HK	Z.AI	1,108.000	-0.81	LLM
09888.HK	BIDU-SW	91.500	-0.92	LLM
03986.HK	GIGADEVICE	466.800	-1.14	AI Chips
00700.HK	TENCENT	433.000	-1.19	LLM
06809.HK	MONTAGETECH	258.400	-1.30	AI Chips
03690.HK	MEITUAN-W	77.650	-1.40	LLM
09988.HK	BABA-SW	107.500	-2.18	LLM
01810.HK	XIAOMI-W	27.440	-2.21	Embodied AI
01024.HK	KUAISHOU-W	32.760	-2.62	LLM
06082.HK	BIRENTECH	42.080	-2.82	AI Chips
02533.HK	BLACK SESAME	10.240	-3.40	Autonomous Driving

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 3, 2026. 

III. AI Industry & Corporate Developments

1. Kimi API now natively supports Codex and Claude Code

On September 2, Moonshot AI announced that, to meet users' need to connect Kimi API within Codex and Claude Code, Kimi API now supports OpenAI's Responses API format and also supports Anthropic's Messages API format. Users of Codex or Claude Code can directly connect to models such as kimi-k3, kimi-k2.7-code-highspeed, kimi-k2.7-code, and kimi-k2.6 via a custom model provider, without converting formats or using a local proxy.

2. Anthropic to release a new version of its AI model Fable

On September 2, it was reported that Anthropic will release a new version of its AI model Fable. The company said Fable 5.1 performs better on programming and scientific-research tasks while also costing less. Anthropic stated that Fable 5.1's per-token price for enterprise users will remain consistent with Fable 5, but it will lower the charge when the model re-invokes previously processed information. The company said the price for this step will be cut by 75%, thereby "significantly reducing" the model's overall operating cost.

3. Google launches two new Gemini models, strengthening programming and cybersecurity capabilities

On September 2, Google officially launched two AI models, Gemini 3.8 Flash and Gemini 3.8 Flash Cyber. Gemini 3.8 Flash focuses on optimizing software engineering, AI agents, and multi-step complex reasoning, with pricing maintained at the previous generation's level—delivering performance upgrades without a price increase. Gemini 3.8 Flash Cyber is a cybersecurity-specific model that can automatically discover vulnerabilities and generate remediation patches, and is made available through the Fairwind program to government agencies, critical infrastructure operators, and software maintenance organizations.

4. Tencent WorkBuddy announces platform launch, to fully open Agent foundation capabilities

On September 2, Tencent WorkBuddy announced that its open platform (open.WorkBuddy.cn) has officially launched, with over 100 ecosystem partners introduced in the first batch, opening up underlying Agent capabilities to smart hardware, industry applications, developers, and others. To date, brands including Plaud, Rokid, Insta360, iFLYTEK, Anker, Hollyland, and JD Jingzao have launched co-branded smart hardware, covering more than 20 fields such as finance, law, healthcare, education, and public welfare.

5. NVIDIA close to acquiring AI company Hugging Face for US$14 billion

On September 2, it was reported that NVIDIA is in advanced talks to acquire AI startup Hugging Face, in a deal that could be worth about US$14 billion. The report said NVIDIA's retention package for acquiring Hugging Face is valued at US$12.9 billion.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
MINIMAX-W	00100.HK	A top-tier player dedicated to omni-modal Artificial General Intelligence (AGI)	The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.
PONY-W	02026.HK	Global commercialization leader in L4 autonomous mobility and logistics	The first autonomous driving company in China to secure fully driverless Robotaxi commercial operation permits across all four top-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen). Core operations span autonomous ride-hailing (Robotaxi) and freight services (Robotruck), with Robotaxi deployments across 9 countries and public operations in overseas markets including Croatia, Qatar, Singapore, and South Korea. Targeting a global fleet exceeding 3,000 vehicles across 20+ cities by 2026, the company has achieved positive unit economics per vehicle.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full‑stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high‑level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full‑scenario urban driving solution, and the "Starry 6P" cockpit‑driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full‑year revenue of RMB 3.758 billion, up 57.7% YoY.
HUA HONG GRACE	01347.HK	Global leader in specialty process wafer foundry	A world‑leading specialty process wafer foundry, the company operates 8‑inch and 12‑inch production lines serving new energy vehicles, industrial control, and data center power management. It provides customized manufacturing in power devices, embedded non‑volatile memory, analog ICs, and power management chips, with multiple automotive‑grade certifications and sustained high capacity utilization.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the market breadth, by sector: themes such as non-ferrous metals, non-bank financials, and transportation rose against the trend, while themes such as coal, paper and packaging, and consumer discretionary retail led the declines.

Among the Hang Seng Index constituent stocks, 42 rose and 50 fell. On the downside, TRIP.COM-S fell 5.41%, CHOW TAI FOOK fell 4.22%, and WHARF REIC fell 3.28%. On the upside, SBP GROUP rose 6.27%, CSPC PHARMA rose 4.80%, and CHINA RES MIXC rose 3.59%.

Among the Hang Seng TECH Index constituent stocks, 7 rose and 23 fell. On the downside, TONGCHENGTRAVEL fell 4.50%, JD HEALTH fell 2.70%, and KUAISHOU-W fell 2.62%. On the upside, MINIMAX-W rose 3.62%, HUA HONG GRACE rose 1.96%, and HAIER SMART HOME rose 1.53%.

Among the Stock Connect constituent stocks, XUANZHUBIO-B surged 18.23%, HAICHANG HLDG surged 15.57%, and ABLE DIGITAL surged 12.70%. MeiG Intelligent Link fell 9.58%; PATEO fell 8.82%; and CF PHARMTECH fell 7.09%.

In its Hong Kong market outlook, China Zheshang International Financial Holdings stated that, on fundamentals: the domestic economy remains in a bottoming-out phase, with severe internal structural divergence within the economy; on policy: technological innovation and expanding domestic demand are the focus of subsequent policies; on liquidity: expectations of US rate cuts are under short-term pressure, while southbound funds increased their positions against the market trend this week; on sentiment: the market has pulled back from a phase high, and short-term market sentiment has turned cautious.

In terms of sector allocation, it favors sectors with relatively strong prosperity that also benefit from favorable policies, such as New Energy, innovative drugs, and AI technology; the undervalued central and state-owned enterprise (SOE) dividend sector with steady earnings and share prices that benefit from favorable policies; and Hong Kong local banks, telecom, and utility dividend stocks whose fundamentals are relatively independent and that benefit from the rate-cut cycle. (Source: China Zheshang International Financial Holdings, "Hong Kong Market Strategy Weekly Report," September 3, 2026)

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Gold miner and Taiwan themes performed strongly during the session. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK) rose 3.98%, the largest gain; iShares Core MSCI Taiwan Index ETF (3074.HK) advanced 3.24%; Global X Japan Global Leaders ETF (3150.HK) rose 2.22%; E Fund (HK) Solactive Biopharma Select Index ETF (3186.HK) gained 1.96%; Pando Blockchain ETF (3112.HK) rose 1.90%; ChinaAMC Hang Seng Hong Kong Biotech Index ETF (3069.HK) and CSOP Hang Seng Biotech ETF (3174.HK) both advanced 1.72%; Hang Seng Japan TOPIX 100 Index ETF (3410.HK) rose 1.67%; Global X China Biotech ETF (2820.HK) gained 1.47%; and CSOP Nikkei 225 Index ETF (3153.HK) rose 1.43%. Overall, gold miner, Taiwan, Japan and biopharma themes formed an evident rebound linkage, with all of the top-10 gainers up more than 1.4%.

HK shares ETFs Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	2824.HK	E Fund (HK) Solactive Global Gold Miner Select Index ETF	3.98	--	E Fund Asset Management (Hong Kong) Limited
2	3074.HK	iShares Core MSCI Taiwan Index ETF	3.24	MSCI Taiwan Index	BlackRock Asset Management North Asia Limited
3	3150.HK	Global X Japan Global Leaders ETF	2.22	FactSet Japan Global Leaders Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
4	3186.HK	E Fund (HK) Solactive Biopharma Select Index ETF	1.96	--	E Fund Asset Management (Hong Kong) Limited
5	3112.HK	Pando Blockchain ETF	1.90	--	Pando Limited
6	3069.HK	ChinaAMC Hang Seng Hong Kong Biotech Index ETF	1.72	Hang Seng Hong Kong-Listed Biotech Index	China Asset Management (Hong Kong)
7	3174.HK	CSOP Hang Seng Biotech ETF	1.72	Hang Seng Hong Kong-Listed Biotech Index	CSOP Asset Management Limited
8	3410.HK	Hang Seng Japan TOPIX 100 Index ETF	1.67	TOPIX Total Return Index	Hang Seng Investment Management
9	2820.HK	Global X China Biotech ETF	1.47	Solactive China Biotech Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
10	3153.HK	CSOP Nikkei 225 Index ETF	1.43	--	CSOP Asset Management Limited
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 3, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

On the downside, China internet and Hang Seng TECH ETFs led the declines, though losses were modest overall. ICBC UBS KraneShares KWEB CSI China Internet ETF (3102.HK) fell 1.59%, the biggest drop; Global X Asia Pacific High Dividend Yield ETF (3116.HK) declined 1.32%; Global X Hang Seng TECH ETF (2837.HK) fell 1.25%; ChinaAMC CSI 300 Index ETF (3188.HK) declined 1.20%; CMS Hang Seng Tech Index ETF (3423.HK) fell 1.17%; CSOP Hang Seng Tech Index ETF (3033.HK) declined 1.13%; Hang Seng TECH Index ETF (3032.HK) fell 1.06%; iShares Hang Seng TECH ETF (3067.HK) declined 1.05%; ChinaAMC Hang Seng Tech Index ETF (3088.HK) fell 0.96%; and Hang Seng FTSE China 50 Index ETF (2838.HK) declined 0.90%. China internet, high-dividend yield and Hang Seng TECH ETFs came under pressure during the session, but no decline exceeded 1.6%.

HK shares ETFs Top 10 Decliners
No.	Code	Name	Change (%)	Tracking Index	Manager
1	3102.HK	ICBC UBS KraneShares KWEB CSI China Internet ETF	-1.59	CSI Overseas China Internet Index	ICBC Credit Suisse Asset Management (International) Company Limited
2	3116.HK	Global X Asia Pacific High Dividend Yield ETF	-1.32	Solactive Asia Pacific High Dividend Yield Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
3	2837.HK	Global X Hang Seng TECH ETF	-1.25	Hang Seng TECH Index	Mirae Asset Global Investments (Hong Kong)
4	3188.HK	ChinaAMC CSI 300 Index ETF	-1.20	CSI 300 Index	China Asset Management (Hong Kong)
5	3423.HK	CMS Hang Seng Tech Index ETF	-1.17	Hang Seng TECH Index	CMS Asset Management (HK) Co., Limited
6	3033.HK	CSOP Hang Seng Tech Index ETF	-1.13	Hang Seng TECH Index	CSOP Asset Management Limited
7	3032.HK	Hang Seng TECH Index ETF	-1.06	Hang Seng TECH Index	Hang Seng Investment Management
8	3067.HK	iShares Hang Seng TECH ETF	-1.05	Hang Seng TECH Index	BlackRock Asset Management North Asia Limited
9	3088.HK	ChinaAMC Hang Seng Tech Index ETF	-0.96	Hang Seng TECH Index	China Asset Management (Hong Kong)
10	2838.HK	Hang Seng FTSE China 50 Index ETF	-0.90	FTSE China 50 Index	Hang Seng Investment Management
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 3, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

NewTimeSpace Research data showed that on September 3, 2026, the HK shares ETFs market featured a rotation in which gold miner and regional technology themes strengthened while Hang Seng TECH and China internet ETFs came under pressure. Gold miner, Taiwan, Japan and biopharma themes saw concentrated rebounds and led the gains, whereas China internet, high-dividend yield and Hang Seng TECH ETFs pulled back slightly. Market hotspots recovered markedly from the previous session's extremely depressed state, with gold miner and Japan/Taiwan themes becoming the day's main lines and biopharma extending its rebound; Hang Seng TECH and China internet ETFs, however, still face some adjustment pressure.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, Baidu’s voluntary conversion from secondary listing to dual‑primary listing on the Hong Kong Stock Exchange took effect on September 1. Baidu is now dual‑primary‑listed on both the Hong Kong Stock Exchange and Nasdaq Global Select Market.

According to Shanghai Securities, the Ministry of Industry and Information Technology (MIIT) has defined four deployment priorities for new‑energy vehicles under the 15th Five‑Year Plan. As reported by Autohome News, on August 26, the State Council Information Office held a press conference in the series“Kick‑off of the 15th Five‑Year Plan”. Xin Guobin, Vice‑Minister of MIIT, stated that the 15th Five‑Year Plan for the Development of Intelligent Connected New‑Energy Vehicle Industry has been formulated, covering product supply quality and supporting‑service provisions.

BIDU-W (09888.HK) Focuses on the R&D of L4 autonomous driving algorithms and the commercialization of unmanned Robotaxis. Leveraged by the ERNIE foundational model and optimized by the Qianfan compute base, its "Apollo Go" autonomous ride-hailing service has achieved large-scale, normalized commercial operations across multiple core cities in China, with cumulative autonomous test mileage exceeding hundreds of millions of kilometers. Through high-frequency, high-confidence real-world road test data cleansing, the company continues to solidify the most robust data asset and algorithmic moat within the HKEX autonomous driving sector.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Gold stock ETFs performed strongly during the session. Guotai CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF (517400.SH) rose 2.39%, the largest gain; Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF (517520.SH) rose 2.35%; ChinaAMC CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF (159562.SZ) advanced 2.16%; and Huaan CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stocks ETF (159321.SZ) gained 2.10%.

SSE STAR innovative drugs and energy-storage battery ETFs rallied in tandem: Guotai SSE Science And Technology Innovation Board Innovative Drugs ETF (589720.SH) rose 1.81%; E Fund CNI New Energy Batteries ETF (159566.SZ) gained 1.75%; and GF CNI New Energy Batteries ETF (159305.SZ) rose 1.65%. In addition, Hwabao WP CSI Non-ferrous Metal ETF (159876.SZ) rose 1.64%; Guotai CSI Oil and Gas Industry ETF (561360.SH) gained 1.63%; and Invesco Great Wall CNI Robot Industry ETF (159559.SZ) rose 1.61%. Overall, gold stocks, SSE STAR innovative drugs and energy-storage batteries formed an evident sector linkage, with all of the top-10 gainers up more than 1.6%.

Shanghai-Shenzhen Stock Connect ETF Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	517400.SH	Guotai CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	2.39	CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity Index	Guotai Asset Management
2	517520.SH	Maxwealth CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	2.35	CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity Index	Maxwealth Fund Management
3	159562.SZ	ChinaAMC CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity ETF	2.16	CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity Index	China Asset Management
4	159321.SZ	Huaan CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stocks ETF	2.10	CSI Shanghai-Shenzhen-Hong Kong Gold Industry Commodity Index	Huaan Fund Management
5	589720.SH	Guotai SSE Science And Technology Innovation Board Innovative Drugs ETF	1.81	SSE STAR Innovative Drugs Index	Guotai Asset Management
6	159566.SZ	E Fund CNI New Energy Batteries ETF	1.75	CNI New Energy Battery Index	E Fund Management
7	159305.SZ	GF CNI New Energy Batteries ETF	1.65	CNI New Energy Battery Index	GF Fund Management
8	159876.SZ	Hwabao WP CSI Non-ferrous Metal ETF	1.64	CSI Non-ferrous Metal Index	Hwabao WP Fund Management
9	561360.SH	Guotai CSI Oil and Gas Industry ETF	1.63	CSI Oil and Gas Industry Index	Guotai Asset Management
10	159559.SZ	Invesco Great Wall CNI Robot Industry ETF	1.61	CNI Robot Industry Index	Invesco Great Wall Fund Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 3, 2026

On the downside, STAR semiconductor equipment and semiconductor equipment ETFs led the declines, although losses were modest overall. Huatai-PB China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (588710.SH) fell 1.43%, the biggest drop; ChinaAMC China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (588170.SH) declined 1.27%; Penghua China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (589020.SH) fell 1.22%; ChinaAMC CSI Semiconductor Material Equipment Theme ETF (562590.SH) declined 1.14%; Wanjia CSI Semiconductor Material Equipment Theme ETF (159327.SZ) fell 1.09%; E Fund CSI Semiconductor Material Equipment Theme ETF (159558.SZ) declined 0.93%; Guotai CSI Animal Husbandry ETF (159865.SZ) fell 0.91%; China Merchants CSI Semiconductor Industry ETF (561980.SH) declined 0.90%; Penghua CSI Animal Husbandry ETF (159867.SZ) fell 0.89%; and GF CSI Semiconductor Material Equipment Theme ETF (560780.SH) declined 0.89%. STAR semiconductor equipment, semiconductor equipment and animal husbandry ETFs came under pressure during the session, but none of the declines exceeded 1.5%, pointing to limited overall pullback.

Shanghai-Shenzhen Stock Connect ETF Top 10 Losers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	588710.SH	Huatai-PB China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-1.43	SSE STAR Semiconductor Material Equipment Theme Index	Huatai-PineBridge Fund Management
2	588170.SH	ChinaAMC China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-1.27	SSE STAR Semiconductor Material Equipment Theme Index	China Asset Management
3	589020.SH	Penghua China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-1.22	SSE STAR Semiconductor Material Equipment Theme Index	Penghua Fund Management
4	562590.SH	ChinaAMC CSI Semiconductor Material Equipment Theme ETF	-1.14	CSI Semiconductor Material Equipment Theme Index	China Asset Management
5	159327.SZ	Wanjia CSI Semiconductor Material Equipment Theme ETF	-1.09	CSI Semiconductor Material Equipment Theme Index	Wanjia Asset Management
6	159558.SZ	E Fund CSI Semiconductor Material Equipment Theme ETF	-0.93	CSI Semiconductor Material Equipment Theme Index	E Fund Management
7	159865.SZ	Guotai CSI Animal Husbandry ETF	-0.91	CSI Animal Husbandry Index	Guotai Asset Management
8	561980.SH	China Merchants CSI Semiconductor Industry ETF	-0.90	CSI Semiconductor Industry Index	China Merchants Fund Management
9	159867.SZ	Penghua CSI Animal Husbandry ETF	-0.89	CSI Animal Husbandry Index	Penghua Fund Management
10	560780.SH	GF CSI Semiconductor Material Equipment Theme ETF	-0.89	CSI Semiconductor Material Equipment Theme Index	GF Fund Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 3, 2026

NewTimeSpace Research data showed that on September 3, 2026, the Shanghai-Shenzhen Stock Connect ETFs market featured a rotation in which gold stocks and innovative drugs strengthened while semiconductor equipment ETFs pulled back moderately. Gold stocks, SSE STAR innovative drugs, energy-storage batteries and robotics saw concentrated gains and led the advance, whereas STAR semiconductor equipment, semiconductor equipment and animal husbandry ETFs declined slightly. Market hotspots rotated swiftly from the previous session's military/defense theme to gold stocks and innovative drugs, with gold stock ETFs rallying across the board and SSE STAR innovative drugs and energy-storage battery ETFs also delivering solid performance. Market sentiment recovered from the previous session, though semiconductor equipment ETFs still face some adjustment pressure.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, on September 2, Broadcom predicted that its AI chip sales will surge sharply over the next two years. Chief Executive Officer Hock Tan stated that AI chip revenue will double to approximately USD 115 billion in fiscal year 2027 and soar to USD 230 billion in the next fiscal year.

Sinolink Securities pointed out that in the first half of 2026, the electronics industry's revenue and net profit grew 30.98% and 99.38% year-on-year respectively, with the PCB, semiconductor equipment, and design segments performing particularly prominently. Demand for AI servers and high-speed switches has driven both volume and price higher across the supply chain, while domestic substitution has accelerated; orders in the equipment and core components segments have maintained high growth, and profitability has improved markedly.

ASMPT(00522.HK)Engages in R&D and global sales of semiconductor assembly and packaging equipment, advanced packaging equipment, and surface mount technology. Its 2.5D/3D advanced packaging tools, such as thermo-compression bonding (TCB) machines, have been delivered to multiple leading OSATs, IDMs, and memory manufacturers worldwide for volume production of HBM and chiplet-based chips. The company has publicly disclosed multiple follow-on orders from AI-compute related customers.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, Elon Musk said at the G20 Summit that robotics technology will bring leapfrog growth in productivity. He predicted that within the next decade, the global number of humanoid robots will reach 1 billion units. The output of these robots will be at least five times that of humans. He believes the widespread application of humanoid robots could expand the global economic scale more than tenfold.

Kaiyuan Securities stated that the humanoid robot industry is moving from the technology-exploration stage to a critical period of scaled commercial validation and industrial ecosystem build-out. At the policy level, the "15th Five-Year Plan" explicitly identifies intelligent robots as an important direction of new quality productive forces, driving their empowerment of the digital-intelligent transformation of traditional manufacturing. In the first half of 2026, some companies' robot projects have shifted from sample delivery to mass production, with revenue from DC motors and components surging 202.29% year-on-year, indicating accelerated release of demand for core components. As projects in the industrial equipment field continue to increase, micro special motors for robots are expected to become a key development area for future technology and market, with broad application space.

XIAOMI-W(01810.HK) Leverages its massive AIoT ecosystem network and full-stack proprietary AI algorithms to advance the collaborative deployment of consumer- and industrial-grade embodied AI devices. Algorithms for its CyberOne humanoid robot and CyberDog bionic quadruped robot undergo continuous iteration. The underlying multi-modal machine vision, force-control algorithms, and automated scheduling logic are deeply integrated into the "dark factory" operations and flexible manufacturing workflows of Xiaomi's smart factories, establishing a complete closed-loop model of "algorithm + hardware + proprietary manufacturing application scenarios."

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 2, Hong Kong's three major indices declined across the board: the Hang Seng Index edged down 0.07% to 25,311.21 points, the Hang Seng TECH Index fell 0.74% and the Hang Seng China Enterprises Index shed 0.15%. Full-day turnover reached HKD 216.691 billion, contracting further from the previous trading day.

Biotech and pharmaceutical stocks stood out during the session: Biocytogen-B (02315) rose 11.52%, CStone Pharma-B (02616) gained 8.33% and Zai Lab (09688) added 5.45%. The property sector firmed, with China Overseas (00688) up 4.55% while Longfor Group fell 4.4%, showing divergence within the sector. Auto stocks were broadly under pressure: Li Auto-W (02015) hit a new low since its Hong Kong listing and XPeng-W (09868) fell 2.34%, with new-energy vehicle startups delivering divergent performance after August delivery figures were released. Non-ferrous metals traded weakly, with Zijin Mining (02899) down 1.7%. Power equipment stocks, PCB-related names and airline stocks also declined.

Southbound capital recorded net buying of HKD 4.093 billion on the day, of which the Shanghai leg of Stock Connect posted net buying of HKD 5.763 billion and the Shenzhen leg net selling of HKD 1.67 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Top Gainer 1	01686.HK	SUNEVISION	15.34	5.64	2.08
Top Gainer 2	02687.HK	ABLE DIGITAL	11.68	321.20	0.72
Top Gainer 3	02315.HK	BIOCYTOGEN-B	11.52	63.90	2.09
Top Gainer 4	02096.HK	SIMCERE PHARMA	7.64	11.83	1.71
Top Gainer 5	00668.HK	ANKER	6.73	134.80	1.26
Top Decliner 5	03939.HK	WANGUO GOLD GP	-7.13	14.72	10.92
Top Decliner 4	02652.HK	CF PHARMTECH	-7.97	12.70	0.24
Top Decliner 3	00268.HK	KINGDEE INT'L	-8.03	8.13	4.47
Top Decliner 2	09678.HK	UNISOUND	-9.14	77.55	3.01
Top Decliner 1	02718.HK	MININGLAMP-W	-9.23	49.20	2.79

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00700.HK	TENCENT	57.00	3.36	-0.72
2	06869.HK	YOFC	39.76	2.88	3.23
3	00100.HK	MINIMAX-W	29.38	3.35	1.72
4	02513.HK	Z.AI	27.11	3.17	-5.26
5	09988.HK	ALIBABA-W	25.91	-7.65	-0.45
6	03690.HK	MEITUAN-W	20.34	0.99	2.74
7	01888.HK	KB LAMINATES	19.49	-1.55	3.29
8	00981.HK	SMIC	15.96	-2.62	-0.87
9	01299.HK	AIA	10.21	9.66	0.07
10	03308.HK	ZJ INNOLIGHT	8.82	4.52	0.19

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Top Gainer 1	159297	China Southern CNI HK Equities Innovative Drugs ETF	0.55	3.79
Top Gainer 2	520880	Hwabao WP Hang Seng HK Innovative Drugs Selected ETF	0.44	2.97
Top Gainer 3	159567	Yinhua CNI HK Equities Innovative Drugs ETF	0.43	7.01
Top Gainer 4	520690	Bosera Hang Seng HK Innovative Drugs Selected ETF	0.41	0.86
Top Gainer 5	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	0.34	3.79
Top Decliner 5	520600	GF CSI HK Equities Vehicles Industry Theme ETF	-2.87	1.61
Top Decliner 4	159028	Tianhong Hang Seng HK Equities Automobile Theme ETF	-3.01	0.12
Top Decliner 3	520780	Hwabao WP CSI HK Equities Vehicles Industry Theme ETF	-3.06	0.13
Top Decliner 2	520680	China Southern CSI HK Equities Vehicles Industry Theme ETF	-3.20	0.07
Top Decliner 1	159210	China Universal CSI HK Equities Vehicles Industry Theme ETF	-3.26	0.19

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	21.94	9.70	0.28
2	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	12.37	3.42	-1.05
3	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index (HKD)	11.33	51.66	-1.22
4	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	7.01	9.72	0.43
5	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	5.73	9.41	0.26
6	513190	ChinaAMC CSI HK Equities Interior Finance ETF	CSI HK Equities Interior Finance Index (HKD)	5.34	28.67	-0.95
7	526000	ChinaAMC CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index (HKD)	5.04	240.31	-1.40
8	513780	Invesco Great Wall CSI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	4.95	15.66	0.12
9	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index (RMB)	4.68	3.72	-1.78
10	159506	Fullgoal Hang Seng HK Equities Innovative Drugs And Health Care ETF	Hang Seng HK Equities Innovative Drugs And Health Care Index	4.60	13.86	0.23

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. FTSE China 50 Quarterly Review: Hua Hong Grace and Montage Tech Added, Kuaishou-W and SF Holding Removed, Effective September 18

On September 2, FTSE Russell announced quarterly review changes to the FTSE China Index Series. FTSE China 50 will add Hua Hong Grace (01347.HK) and Montage Tech (06809.HK), and remove Kuaishou-W (01024.HK) and SF Holding (06936.HK); the changes will take effect after the market close on September 18. FTSE China 50 also released its reserve list for the new quarter, which includes China Coal Energy (01898.HK), CSC (06066.HK), Lens Technology (06613.HK), WuXi Biologics (02269.HK) and Yankuang Energy (01171.HK) among other Hong Kong-listed names. Hua Hong Grace and Montage Tech are both Stock Connect constituents.

2. NIO-SW Second-Quarter Revenue RMB 32.137 Billion, Up 69.1% Year on Year

On September 1, NIO-SW (09866.HK) reported its 2026 second-quarter results, with volume and price rising across its three brands. Total revenue reached RMB 32.137 billion in the quarter, up 69.1% year on year and 25.9% quarter on quarter; vehicle sales revenue stood at RMB 29.058 billion; adjusted net profit was RMB 26.1 million; the net loss narrowed sharply year on year to RMB 228 million; the gross margin was 18.4%; and the company held RMB 56.7 billion in cash. NIO is a potential Stock Connect constituent.

3. RiboLife-B Turned Profitable at the Interim as Revenue Surged 304%

On August 27, RiboLife-B (06938.HK) disclosed its 2026 interim results: revenue of RMB 420 million, up 304% year on year; net profit attributable to shareholders of RMB 20.3 million, swinging to a profit year on year; and cash and cash equivalents of RMB 2.24 billion at the end of the period. RiboLife was added to the Hang Seng Composite Index on August 21 and is expected to become a Stock Connect constituent.

4. Medcaptain's Public Offering Closed Today, Oversubscribed over 437 Times; Trading Expected to Commence September 7

On September 2, the public offering of Medcaptain (02041.HK), a medical device provider, closed at noon. According to reports, the public tranche drew preliminary subscriptions of 437.78 times, attracting around 58,000 applicants. The company plans a global offering of 38,910,600 H shares at an offer price of HK$15.42 per share, with a board lot of 100 shares and an application fee of about HK$1,557.55. Trading is expected to commence on September 7.

5. Haichang Ocean Park's First-Half Loss Widened; to Be Removed from Stock Connect from September 7

On September 2, Haichang Ocean Park (02255.HK) fell nearly 5% intraday, touching HK$0.213, a new low in more than five and a half years. The company's 2026 interim results showed first-half revenue of RMB 536 million, down 21.91% year on year, and a loss attributable to shareholders of RMB 332 million, widening 12.66% year on year. Under the Hang Seng Indexes Company's semi-annual index review, Haichang Ocean Park has been removed from the Hang Seng Composite Index; the change will be implemented after the close on September 4 and take effect from September 7, when the stock will also be dropped from Stock Connect.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Advancing products were extremely scarce during the session, with only 6 products posting gains, none exceeding 1%. E Fund (HK) Solactive Biopharma Select Index ETF (3186.HK) rose 0.82%, leading the gainers; CSOP Hang Seng Biotech ETF (3174.HK) added 0.70%; ChinaAMC Hang Seng Hong Kong Biotech Index ETF (3069.HK) gained 0.64%; Global X Hang Seng High Dividend Yield ETF (3110.HK) rose 0.58%; Samsung S&P High Dividend APAC ex NZ REITs ETF (3187.HK) edged up 0.12%; and HSI ESG Enhanced Select Index ETF (3136.HK) rose 0.07%. Overall, only biotech and high-dividend defensive names posted marginal gains, all within 1%, pointing to severely weak bullish appetite, with the number of advancing products hitting a recent low.

HK shares ETFs Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	3186.HK	E Fund (HK) Solactive Biopharma Select Index ETF	0.82	--	E Fund Asset Management (Hong Kong) Limited
2	3174.HK	CSOP Hang Seng Biotech ETF	0.70	Hang Seng Hong Kong-Listed Biotech Index	CSOP Asset Management Limited
3	3069.HK	ChinaAMC Hang Seng Hong Kong Biotech Index ETF	0.64	Hang Seng Hong Kong-Listed Biotech Index	China Asset Management (Hong Kong)
4	3110.HK	Global X Hang Seng High Dividend Yield ETF	0.58	Hang Seng High Dividend Yield Index	Mirae Asset Global Investments (Hong Kong)
5	3187.HK	Samsung S&P High Dividend APAC ex NZ REITs ETF	0.12	S&P High Yield Asia Pacific ex New Zealand REIT Select Index	Samsung Asset Management (Hong Kong) Limited
6	3136.HK	HSI ESG Enhanced Select Index ETF	0.07	HSI ESG Enhanced Select Index	Hang Seng Investment Management
7	/	/	/	/	/
8	/	/	/	/	/
9	/	/	/	/	/
10	/	/	/	/	/
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 2, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

On the downside, leveraged ChiNext, Korea and Taiwan ETFs suffered sharp sell-offs, with many ETFs falling more than 3%. Bosera SZSE ChiNext Daily (2x) Leveraged Product (7234.HK) plunged 4.75%, the biggest decliner; CSOP KOSPI 200 Covered Call Active ETF (3537.HK) fell 3.53%; Global X Asia Semiconductor ETF (3119.HK) dropped 3.37%; Xtrackers MSCI Korea UCITS ETF (2848.HK) fell 3.33%; Phillip HK Newly Listed Equities Index ETF (2835.HK) declined 3.18%; iShares Core MSCI Taiwan Index ETF (3074.HK) lost 3.16%; CSOP SZSE ChiNext ETF (3147.HK) fell 3.02%; Premia FTSE TWSE Taiwan 50 ETF (3453.HK) dropped 2.96%; Global X Innovative Finance ETF (3185.HK) fell 2.89%; and Global X Japan Global Leaders ETF (3150.HK) declined 2.62%. Leveraged ChiNext, Korea, Taiwan, Asia semiconductor and fintech products faced concentrated selling pressure during the session, with all ten of the biggest decliners falling more than 2.6%.

HK shares ETFs Top 10 Decliners
No.	Code	Name	Change (%)	Tracking Index	Manager
1	7234.HK	Bosera SZSE ChiNext Daily (2x) Leveraged Product	-4.75	ChiNext Index (HKD) (CNH)	Bosera Asset Management (International)
2	3537.HK	CSOP KOSPI 200 Covered Call Active ETF	-3.53	--	CSOP Asset Management Limited
3	3119.HK	Global X Asia Semiconductor ETF	-3.37	ICE FactSet Asia Semiconductor Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
4	2848.HK	Xtrackers MSCI Korea UCITS ETF	-3.33	--	DWS Investment S.A.
5	2835.HK	Phillip HK Newly Listed Equities Index ETF	-3.18	Solactive Hong Kong Newly Listed Equities Index (Net Total Return)	Phillip Capital Management (Hong Kong) Limited
6	3074.HK	iShares Core MSCI Taiwan Index ETF	-3.16	MSCI Taiwan Index	BlackRock Asset Management North Asia Limited
7	3147.HK	CSOP SZSE ChiNext ETF	-3.02	ChiNext Index	CSOP Asset Management Limited
8	3453.HK	Premia FTSE TWSE Taiwan 50 ETF	-2.96	FTSE TWSE Taiwan 50 30% Capped Index	Premia Partners
9	3185.HK	Global X Innovative Finance ETF	-2.89	--	Mirae Asset Global Investments (Hong Kong)
10	3150.HK	Global X Japan Global Leaders ETF	-2.62	FactSet Japan Global Leaders Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 2, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

NewTimeSpace Research data show that on September 2, 2026, the HK shares ETFs market exhibited an extreme skew in which decliners far outnumbered gainers, with gains feeble and losses steep — rarely seen in recent sessions. Only 6 products posted gains, all within 1%, while leveraged ChiNext, Korea, Taiwan and Asia semiconductor ETFs slumped sharply in unison. The previous day's hotspots — Taiwan semiconductor and Korea plays — vanished quickly, leaving virtually no effective rallying theme. Biotech and high-dividend defensive products held up modestly but could not reverse the overall downturn, as regional technology sectors retreated across the board, market sentiment turned extremely subdued and sector rotation largely stalled.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Aerospace and defense themes were relatively resilient during the session, but gains were extremely limited. ChinaAMC CNI Aerospace Industry ETF (159227.SZ) rose 1.27%, leading the gainers; Huaan CNI Aerospace Industry ETF (159267.SZ) added 1.27%; Tianhong CNI Aerospace Industry ETF (159241.SZ) gained 1.24%; Fullgoal CSI Military Top ETF (512710.SH) rose 0.79%; Penghua CSI Defense ETF (512670.SH) edged up 0.38%; Huatai-PB CSI All Share Aerospace ETF (563380.SH) rose 0.31%; Hwabao WP CSI Military Industry ETF (512810.SH) gained 0.30%; E Fund CSI Military Industry ETF (512560.SH) added 0.28%; Harvest CSI Smart Select Aerospace Technology ETF (159638.SZ) rose 0.24%; and GF CSI Military Industry ETF (512680.SH) gained 0.17%. Overall, aerospace and defense ETFs posted only marginal gains, all within 1.3%, indicating clearly weak bullish appetite.

Shanghai-Shenzhen Stock Connect ETF Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	159227.SZ	ChinaAMC CNI Aerospace Industry ETF	1.27	CNI Aerospace Industry Index	China Asset Management
2	159267.SZ	Huaan CNI Aerospace Industry ETF	1.27	CNI Aerospace Industry Index	Huaan Fund Management
3	159241.SZ	Tianhong CNI Aerospace Industry ETF	1.24	CNI Aerospace Industry Index	Tianhong Asset Management
4	512710.SH	Fullgoal CSI Military Top ETF	0.79	CSI Military Top Index	Fullgoal Fund Management
5	512670.SH	Penghua CSI Defense ETF	0.38	CSI Defense Index	Penghua Fund Management
6	563380.SH	Huatai-PB CSI All Share Aerospace ETF	0.31	CSI All Share Aerospace Index	Huatai-PineBridge Fund Management
7	512810.SH	Hwabao WP CSI Military Industry ETF	0.30	CSI Military Industry Index	Hwabao WP Fund Management
8	512560.SH	E Fund CSI Military Industry ETF	0.28	CSI Military Industry Index	E Fund Management
9	159638.SZ	Harvest CSI Smart Select Aerospace Technology ETF	0.24	CSI Smart Select Aerospace Technology Index	Harvest Fund Management
10	512680.SH	GF CSI Military Industry ETF	0.17	CSI Military Industry Index	GF Fund Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 2, 2026

On the downside, the grain sector suffered an unusually sharp sell-off, with the prior day's leader reversing in full. Penghua Guozheng Food industry ETF (159698.SZ) plunged 5.81%, the biggest decliner, after having surged 6.05% to lead the market the previous day. Rare metals ETFs slumped in tandem: ICBCCS CSI Rare Metals Theme ETF (159671.SZ) fell 3.15%; Harvest CSI Rare Metals Theme ETF (562800.SH) dropped 3.08%; GF CSI Rare Metals Theme ETF (159608.SZ) lost 3.04%. Guotai CSI Coal ETF (515220.SH) declined 2.91%.

Chemical ETFs also weakened across the board: Hwabao WP CSI Subdivision Chemical Industry Theme ETF (516020.SH) fell 2.83%; Penghua CSI Subdivision Chemical Industry Theme ETF (159870.SZ) dropped 2.79%; Fullgoal CSI Subdivision Chemical Industry Theme ETF (516120.SH) declined 2.66%. In addition, Tianhong CSI Scientific Innovation And Entrepreneurship 50 ETF (159603.SZ) fell 2.78%, and Hwabao WP CSI Non-ferrous Metal ETF (159876.SZ) shed 2.69%. Grain, rare metals, coal, chemical and non-ferrous metal ETFs were hit by concentrated profit-taking during the session, with all ten of the biggest decliners falling more than 2.6%.

Shanghai-Shenzhen Stock Connect ETF Top 10 Losers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	159698.SZ	Penghua Guozheng Food industry ETF	-5.81	CNI Grain Index	Penghua Fund Management
2	159671.SZ	ICBCCS CSI Rare Metals Theme ETF	-3.15	CSI Rare Metals Theme Index	ICBC Credit Suisse Asset Management
3	562800.SH	Harvest CSI Rare Metals Theme ETF	-3.08	CSI Rare Metals Theme Index	Harvest Fund Management
4	159608.SZ	GF CSI Rare Metals Theme ETF	-3.04	CSI Rare Metals Theme Index	GF Fund Management
5	515220.SH	Guotai CSI Coal ETF	-2.91	CSI Coal Index	Guotai Asset Management
6	516020.SH	Hwabao WP CSI Subdivision Chemical Industry Theme ETF	-2.83	CSI Subsector Chemical Industry Theme Index	Hwabao WP Fund Management
7	159870.SZ	Penghua CSI Subdivision Chemical Industry Theme ETF	-2.79	CSI Subsector Chemical Industry Theme Index	Penghua Fund Management
8	159603.SZ	Tianhong CSI Scientific Innovation And Entrepreneurship 50 ETF	-2.78	CSI Scientific Innovation And Entrepreneurship 50 Index	Tianhong Asset Management
9	159876.SZ	Hwabao WP CSI Non-ferrous Metal ETF	-2.69	CSI Non-ferrous Metal Index	Hwabao WP Fund Management
10	516120.SH	Fullgoal CSI Subdivision Chemical Industry Theme ETF	-2.66	CSI Subsector Chemical Industry Theme Index	Fullgoal Fund Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 2, 2026

NewTimeSpace Research data show that on September 2, 2026, the Shanghai-Shenzhen Stock Connect ETFs market featured a rotation in which the prior day's leaders retreated across the board while military ETFs took over with marginal gains. Aerospace and defense ETFs rose modestly, leading the gainers but with extremely limited upside, while the grain sector that had led the prior session suffered an unusually sharp slump and cyclical resource plays such as rare metals, coal, chemical and non-ferrous metals also pulled back sharply. Market focus rotated quickly from the previous day's grain-led strength to military and defense themes, yet profitable opportunities were extremely scarce, with nearly all prior-day gainers hit by profit-taking. Sector rotation was exceptionally violent, and market sentiment turned cautious.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

I. Market Overview

On September 2, 2026, the three major Hong Kong indices trended lower amid volatility. The Hang Seng Index edged down 0.07%, the Hang Seng TECH Index fell 0.74%, and the Hang Seng China Enterprises Index edged down 0.15%. Full-day turnover of the Hang Seng Index reached HKD 216.7 billion, with southbound funds recording a net inflow of HKD 4.093 billion. AI concept stocks diverged in performance on the day — large models were mixed, while the AI chip sector and the intelligent driving direction came under collective pressure.

Large Model direction: MEITUAN-W (03690.HK) rose 2.74% against the trend, and MINIMAX-W (00100.HK) gained 1.72%. Z.AI (02513.HK) fell 5.26%, with ALIBABA-W, TENCENT, BIDU-SW, and KUAISHOU-W following lower.

AI Chip direction: BIREN TECH (06082.HK) fell 5.71%, ILUVATAR COREX dropped 3.11%, and HUA HONG GRACE, SMIC, GIGADEVICE, and Montage Technology followed lower.

Intelligent Driving direction: PONY-W (02026.HK) fell 6.47%, HORIZONROBOT-W (09660.HK) tumbled 6.31%, and BLACK SESAME, ROBOSENSE, and WERIDE-W followed lower.

Embodied Intelligence direction: UBTECH ROBOTICS (09880.HK) fell 2.88%, while XIAOMI-W (01810.HK) rose 1.81% against the trend.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
03690.HK	MEITUAN-W	78.750	2.74	LLM
01810.HK	XIAOMI-W	28.060	1.81	Embodied AI
00100.HK	MINIMAX-W	342.600	1.72	LLM
09988.HK	BABA-SW	109.900	-0.45	LLM
03986.HK	GIGADEVICE	472.200	-0.67	AI Chips
06809.HK	MONTAGETECH	261.800	-0.68	AI Chips
00700.HK	TENCENT	438.200	-0.72	LLM
00981.HK	SMIC	68.250	-0.87	AI Chips
09888.HK	BIDU-SW	92.350	-1.44	LLM
00800.HK	WERIDE-W	14.930	-2.42	Autonomous Driving
01347.HK	HUA HONG GRACE	117.500	-2.81	AI Chips
09880.HK	UBTECH ROBOTICS	79.150	-2.88	Embodied AI
01024.HK	KUAISHOU-W	33.640	-2.89	LLM
09903.HK	ILUVATAR COREX	368.200	-3.11	AI Chips
02498.HK	ROBOSENSE	17.340	-3.67	Autonomous Driving
02513.HK	Z.AI	1,117.000	-5.26	LLM
02533.HK	BLACK SESAME	10.600	-5.61	Autonomous Driving
06082.HK	BIRENTECH	43.300	-5.71	AI Chips
09660.HK	HORIZONROBOT-W	4.305	-6.31	Autonomous Driving
02026.HK	PONY-W	52.800	-6.47	Autonomous Driving

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 2, 2026. 

III. AI Industry & Corporate Developments

1. Google to Release Gemini 3.8 Flash AI Model This Wednesday

On September 1, it was reported that Google-C (GOOG.US) will release the Gemini 3.8 Flash AI model this Wednesday. In internal programming-tool testing, Google employees preferred using Gemini 3.8 Flash over Claude Opus. Google has stepped up its investment in the field of reinforcement learning.

2. Samsung Unveils Next-Generation Memory Strategy: HBM5 Performance Target Raised to Twice HBM4E

On September 1, it was reported that Samsung Electronics (005930.KR) plans to raise the performance of its next-generation high-bandwidth memory (HBM) HBM5 to twice that of HBM4E, while the subsequent-generation product zHBM targets a performance level reaching 8 times that of HBM4E. Samsung will center its efforts on 3D structural innovation to compete for dominance in the next-generation memory market.

3. Lei Jun: Xiaomi Pengcheng to Officially Launch on September 7

On September 2, it was reported that Lei Jun, founder, Chairman and CEO of Xiaomi, stated on Weibo that Xiaomi's autumn flagship new-product launch event is set for 7:00 PM on September 7, with the Xiaomi Pengcheng N70 Pro / N70 Max / N90 Max officially launching. Also unveiled at the same event are two additional flagship products: the all-new foldable flagship phone Xiaomi 18 Fold and the Xiaomi Pad 9 Pro Max, debuting the Xuanjie O3 AI flagship processor.

4. Tencent Hunyuan Launches Hy4 preview Lightweight Model

On September 1, it was reported that the Tencent Hunyuan team announced the launch of the Hy4 preview lightweight model, compressing Hy4 preview's weights from 1.5TB to approximately 214GB. According to the introduction, the compressed model's long-text comprehension is nearly on par with the original model; multi-turn long-context retrieval is essentially at the same level as the original, with only a slight decline in mathematics — all within an acceptable range overall. It covers daily coding assistance, tool calling, long-document processing, and general Q&A.

5. Alibaba Cloud Announces Price Cut for Qwen3-VL-Rerank Model

On September 1, it was reported that Alibaba Cloud announced that the large-model service platform Bailian will, starting from 10:13:53 on August 31, 2026 (Beijing time), lower the billing unit price for the Qwen3-VL-Rerank model in the Beijing region: text input will be reduced from RMB 0.7 per million tokens to RMB 0.5 per million tokens, and multimodal input from RMB 1.8 per million tokens to RMB 0.5 per million tokens.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
MINIMAX-W	00100.HK	A top-tier player dedicated to omni-modal Artificial General Intelligence (AGI)	The company continuously iterates its video generation model matrix and has partnered with mainstream domestic and overseas chip manufacturers and inference platforms to complete underlying adaptations. The total monthly active users (MAU) of its B2C and B2B LLM applications, along with multimodal API call volumes, maintain rapid growth, further broadening its computing power ecological layout.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).
HORIZONROBOT-W	09660.HK	China's leading intelligent driving computing solution provider and full‑stack vehicle intelligence enabler	Founded in 2015, it offers ADAS and high‑level autonomous driving solutions. Core products include the Journey-series in-car AI chips (cumulative shipments exceeding 10 million units), the HSD full‑scenario urban driving solution, and the "Starry 6P" cockpit‑driving integrated vehicle intelligence chip. In 2025, it held a 47.7% market share in domestic ADAS for independent brands, with full‑year revenue of RMB 3.758 billion, up 57.7% YoY.
MEITUAN-W	03690.HK	AI technology pioneer in local life services	Its AI-native community application “Miyu” has demonstrated operational value in physical retail and dining environments, boosting merchant efficiency. The company continuously enhances search, recommendation, and dispatch algorithms across its local commerce ecosystem using proprietary foundation models. By deploying AI Agent technologies in customer service, merchant marketing assistants, and instant delivery route planning, the company improves dual-sided operational efficiency and management precision.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

NewTimeSpace reported that on September 2, 2026, the three major Hong Kong indices trended lower amid volatility. The Hang Seng Index edged down 0.07%, the Hang Seng TECH Index fell 0.74%, and the Hang Seng China Enterprises Index edged down 0.15%. Full-day total market turnover of the Hang Seng Index stood at HKD 216.7 billion, decreasing from the previous trading day. Southbound funds recorded a net inflow of HKD 4.093 billion.

On the market, by sector: themes such as Real Estate, Banks, and Real Estate Investment outperformed against the trend, while themes such as Electrical Equipment, Media, and Automobiles & Parts led the decliners.

Hang Seng Index constituents: Among the constituent stocks, 43 rose and 47 fell. On the downside, CATL fell 4.65%, Longfor Group fell 4.37%, and BYD Electronic fell 3.80%. On the upside, China Overseas rose 4.55%, BEONE MEDICINES rose 2.91%, and Meituan-W rose 2.74%.

Hang Seng TECH Index constituents: Among the constituent stocks, 6 rose and 22 fell. On the downside, Horizon Robotics-W fell 6.31%, Z.AI fell 5.26%, and NIO-SW fell 3.35%. On the upside, Xiaomi-W rose 1.81%, MINIMAX-W rose 1.72%, and JD Health rose 1.48%.

HK Stock Connect constituents: SUNeVision rose 15.34%, Biocytogen-B rose 11.52%, and Simcere Pharma rose 7.64%. Unisound fell 9.14%, Kingdee International fell 8.03%, and CF PharmTech fell 7.97%.

BOCOM International Securities noted that Hong Kong stocks are awaiting positive catalysts in the near term. After the Hang Seng Index and the Hang Seng TECH Index staged a notable recovery in July, they corrected in August. Benefiting from a rebound in liquidity, valuation repair, and earnings improvement, they may have a foundation for further upside ahead, and are awaiting positive catalysts in the near term.

On allocation, a barbell structure is recommended, with catalysts at both ends. The allocation logic is that, against the backdrop of reflation and the AI technology narrative, both ends of the barbell have independent, structural upside drivers, and the portfolio as a whole has resilience under different scenarios.

One end comprises high-beta technology growth assets, including internet platforms, AI applications, cloud computing, the semiconductor industry chain, consumer electronics, and the intelligent vehicle industry chain. They benefit from rising AI penetration, accelerating commercialization and monetization of large models, and the long-term policy dividends of domestic substitution. (Source: BOCOM International Securities, September 1, 2026, "September Selected: Global Markets Rise Amid Uncertainty; Hong Kong Stocks Await Positive Catalysts in the Near Term")

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

According to RoboSense’s financial report, the company unveiled its Genesis SPAD‑SoC architecture together with the Phoenix and Peacock chip families in April 2026. In the third quarter of this year, the second‑generation all‑solid‑state LiDAR E2 equipped with Peacock chip has started mass‑production delivery. Under current project schedules, deliveries of Peacock‑chip‑integrated products are expected to exceed 200,000 units in the second half of 2026.

As reported by Securities Times, on September 1, the Ministry of Commerce, the Ministry of Industry and Information Technology and the State Administration for Market Regulation jointly issued the *Guidelines on Overseas Competitive Practices and Compliance Development for the Automotive Industry* (hereinafter referred to as the Guidelines). It puts forward general reference guidance covering overseas marketing and other competitive activities of automotive enterprises, as well as compliance building for overseas work safety, quality management, labor protection and data security.

RoboSense(02498.HK) Focuses on the scaled mass production and delivery of LiDAR and core perception solutions for the autonomous driving perception layer. As a leading tier-1 supplier in the intelligent driving hardware supply chain, it has secured massive design wins across a wide range of models from global mainstream automakers and new energy vehicle (NEV) startups. The company maintains industry-leading growth in single-quarter automotive LiDAR shipments. Through process optimization and economies of scale, it continuously drives down per-unit hardware costs, solidifying its market share in the core perception infrastructure for autonomous driving.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, Samsung Electronics (005930.KR) plans to boost the performance of its next-generation high-bandwidth memory (HBM), HBM5, to twice that of HBM4E, while the performance target of the subsequent-generation product zHBM is set at 8 times that of HBM4E. Samsung will center on 3D structural innovation to compete for dominance in the next-generation memory market.

Guotai Haitong Securities noted that semiconductor equipment investment is jointly driven by advanced logic, HBM / advanced DRAM, advanced packaging, and domestic substitution; the sharp increase in capital expenditures by overseas majors signals that the semiconductor industry is entering a new round of major demand cycle, and AI is driving HBM demand and lifting the prosperity of overall DRAM demand.

SMIC (00981.HK)Provides IC wafer foundry and related technical services. It is the largest pure-play wafer foundry in China by capacity and offers the broadest coverage of process nodes. Its mature and select advanced process lines address applications including smart terminals, IoT, and computing chips. Based on its periodic disclosures, wafer shipments, capacity utilization, and revenue are at historically high levels.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, the recently disclosed interim report showed that UBTECH ROBOTICS' revenue from full-size embodied-intelligence humanoid robot products and solutions rose to RMB 590 million, surging 1,445.0% year-on-year. The share of this segment's revenue in total revenue jumped directly from 6.1% in the same period last year to 46.5%, replacing other businesses to become the company's largest primary business and core growth engine. In terms of deliveries, full-size embodied-intelligence humanoid robots achieved sales of 921 units in the first half.

CGS noted that embodied intelligence is upgrading toward "one brain, multiple forms / multiple machines," with key technologies such as tactile sensing and electronic skin achieving concentrated breakthroughs and the industry chain becoming increasingly complete; mainstream automakers including Xiaomi and BYD have already carried out deployment verification on actual production lines, covering scenarios such as material handling and loading/unloading operations; domestic humanoid robot batch deployment is accelerating, with first-half shipments accounting for 97% of the global total, and the industry has entered a stage of scaled implementation.

UBTECH ROBOTICS (09880.HK) Focuses on humanoid robot complete machine R&D, full-stack motion control algorithms, and commercial deployment across industrial and logistics scenarios. Its core product, the Walker S series humanoid robot, has deeply integrated into the final assembly lines of multiple leading NEV manufacturers, executing on-site operations such as the flexible handling of automotive components, precision assembly, and intelligent quality inspection. The company pioneers the leap from laboratory prototypes to real-world industrial automation and mass production applications, holding immense technological scarcity and a definitive premium as a pure-play robotics asset.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 1, Hong Kong's three major indices all moved lower. The Hang Seng Index fell 0.93% to 25,329.73 points, the Hang Seng TECH Index dropped 1.49%, and the Hang Seng China Enterprises Index slipped 0.59%. Full-day turnover reached HK$238.735 billion, notably lower than the previous session.

On the trading front, mainland bank stocks were active against the trend, with the H-shares of ICBC, Bank of China, CCB and BOCOM all hitting record highs, and the six major state-owned banks collectively raising their cash dividend payout ratios to 31% for the first time. Some AI application stocks strengthened, with MININGLAMP-W (02718.HK) up 21.25% and HAIZHI TECH GP (02706.HK) up 12.92%, as the Ministry of Industry and Information Technology launched a special action to cultivate AI application service providers. KUAISHOU-W (01024.HK) rose 3.16% against the trend, after Kling AI received RMB 1.4 billion in investment from the National AI Industry Investment Fund. Gold stocks continued to come under pressure, gaming stocks fell broadly, and PCB concept and mainland property developer stocks led the declines. New listings SHEIN (00625.HK) and Mech-Mind Robotics Technologies Co., Ltd. (09615.HK) both broke below their issue prices on their first trading day.

Southbound capital recorded net buying of HK$7.757 billion on the day, of which Stock Connect (Shanghai) saw net buying of HK$6.219 billion and Stock Connect (Shenzhen) net buying of HK$1.537 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	02718.HK	MININGLAMP-W	21.25	54.20	6.69
Gainer 2	02533.HK	BLACK SESAME	13.21	11.23	2.48
Gainer 3	02706.HK	HAIZHI TECH GP	12.92	57.25	3.89
Gainer 4	09678.HK	UNISOUND	11.57	85.35	6.77
Gainer 5	03738.HK	VOBILE GROUP	11.42	3.42	3.25
Decliner 5	03200.HK	HANS CNC	-7.81	105.10	1.58
Decliner 4	00881.HK	ZHONGSHENG HLDG	-7.96	3.93	0.59
Decliner 3	02595.HK	GENFLEET-B	-8.70	28.12	0.56
Decliner 2	01783.HK	ENVISION GREEN	-8.91	4.19	0.68
Decliner 1	03858.HK	JIAXIN INTL RES	-9.06	57.20	2.67

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

2.2 HK Stock Connect Active Stocks (ranked by southbound turnover)

Rank	Stock Code	Stock Name	Southbound Turnover (HKD 100mn)	Southbound Net Buy (HKD 100mn)	Change (%)
1	00100.HK	MINIMAX-W	69.67	7.63	-3.50
2	02513.HK	Z.AI	62.46	-4.11	-1.34
3	09988.HK	ALIBABA-W	50.18	2.22	-3.33
4	00700.HK	TENCENT	40.49	11.25	-2.56
5	01024.HK	KUAISHOU-W	23.80	4.03	3.16
6	01888.HK	KB LAMINATES	22.01	1.87	-5.56
7	00981.HK	SMIC	16.83	-0.59	-2.69
8	06869.HK	YOFC	14.38	1.13	-1.56
9	03308.HK	ZJ INNOLIGHT	11.07	2.69	0.58
10	03690.HK	MEITUAN-W	10.80	-5.76	-2.85

Source: Wind, HKEX. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

III. HK Stock Connect-related A-share ETF Rankings

3.1 HK Stock Connect-related A-share ETF Gainers and Decliners

Category	Code	Short Name	Change (%)	Turnover (RMB 100mn)
Gainer 1	513190	ChinaAMC CSI HK Equities Interior Finance ETF	2.17	5.77
Gainer 2	159091	E Fund CSI HK Equities Interior Finance ETF	2.11	0.07
Gainer 3	158000	Penghua CSI HK Equities Interior Finance ETF	1.65	0.30
Gainer 4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	1.29	6.27
Gainer 5	159137	Hwabao CSI HK Equities Health Care Theme ETF	1.25	0.82
Decliner 5	520880	Hwabao WP Hang Seng HK Innovative Drugs Selected ETF	-1.31	2.33
Decliner 4	520690	Bosera Hang Seng HK Innovative Drugs Selected ETF	-1.35	0.56
Decliner 3	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	-1.36	4.33
Decliner 2	159286	Penghua CNI HK Equities Innovative Drugs ETF	-1.46	0.44
Decliner 1	159297	China Southern CNI HK Equities Innovative Drugs ETF	-1.77	3.34

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

3.2 HK Stock Connect-related A-share ETF Active Rankings (ranked by turnover)

Rank	Code	Short Name	Tracking Index	Turnover (RMB 100mn)	Turnover Rate (%)	Change (%)
1	159570	China Universal CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	18.17	7.97	-1.31
2	159792	Fullgoal CSI HK Equities Internet ETF	CSI HK Equities Internet Index	14.64	3.97	-0.52
3	159131	Hwabao CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	9.72	43.52	-0.91
4	513750	GF CSI HK Connect Financials (ex Banks) Thematic ETF	CSI HK Connect Financials (ex Banks) Thematic Index	6.27	4.94	1.29
5	513190	ChinaAMC CSI HK Equities Interior Finance ETF	CSI HK Equities Interior Finance Index	5.77	31.02	2.17
6	159567	Yinhua CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	5.35	7.41	-1.14
7	159316	E Fund Hang Seng HK Innovative Drugs ETF	Hang Seng HK Innovative Drugs Index	4.74	7.79	-1.30
8	159217	ICBCCS CNI HK Equities Innovative Drugs ETF	CNI HK Equities Innovative Drugs Index	4.33	6.27	-1.36
9	513040	E Fund CSI HK Equities Internet ETF	CSI HK Equities Internet Index	4.13	6.61	-0.87
10	526000	ChinaAMC CSI HK Equities Information Technology Integration ETF	CSI HK Equities Information Technology Integration Index	3.85	180.26	-0.74

Source: Wind. The content of this article is for the objective presentation of data only and does not constitute any investment advice, nor does it represent a recommendation for or value judgment on any security. The market involves risks; investment requires caution.

IV. Industry and Corporate Updates

1. Baidu Completes Dual Primary Listing, Expected to Be Included in Stock Connect as Early as September 7

On September 1, Baidu Group (09888.HK) announced that the voluntary conversion of its secondary listing status on the Stock Exchange of Hong Kong to dual primary listing officially took effect on the day, with the "S" stock mark removed from the stock short name. Baidu is now dually primary listed on the Stock Exchange of Hong Kong and the Nasdaq Global Select Market. Market analysis, based on current rules and the review cycle, estimates that Baidu could be included in Stock Connect as early as September 7. Group Chief Financial Officer Mr. He Haijian stated that, with reference to analyses by brokers and analysts, incremental capital inflows of 10% to 15% are expected. Baidu is a potential Stock Connect eligible stock.

2. Mech-Mind Robotics Lists on HKEX Today, Hong Kong Public Offering Oversubscribed 3,835 Times

On September 1, Mech-Mind Robotics Technologies Co., Ltd. (09615.HK), a provider of general-purpose intelligent robot components powered by AI and 3D vision guidance, officially listed on the Main Board of the HKEX. The final offer price was set at HK$101.7 per share (priced at the top of the range), with a global offering of approximately 23.1406 million shares and net proceeds of approximately HK$2.2 billion. The Hong Kong public offering was oversubscribed by 3,835.36 times, with an allotment rate of only 3% for one board lot (30 shares). The IPO attracted nine cornerstone investors, including Baillie Gifford, Taikang Life Insurance, Golden Link under BYD and E Fund, subscribing for a combined 62.02% of the total offering.

3. SHEIN Debuts on HKEX Today, with Net IPO Proceeds of Approximately HK$13.2 Billion

On September 1, SHEIN (00625.HK), a global online fashion retailer, officially listed on the Main Board of the HKEX. The final offer price was set at HK$48.56 per share, with a global offering of approximately 280 million Class B shares and net proceeds of approximately HK$13.214 billion. The Hong Kong public offering received a moderate oversubscription of approximately 5.63 times, with an allotment rate of 18.42% for one board lot, while the international offering received approximately 2.59 times subscription. The IPO attracted seven cornerstone investors, including Huang River under Tencent, with combined subscriptions of approximately US$383 million.

4. ZJ INNOLIGHT Plans to Buy Back RMB 4-8 Billion of A-Shares for Equity Incentives and Employee Stock Ownership

On September 1, ZJ INNOLIGHT (03308.HK) announced that the Company plans to repurchase A-shares using self-owned or self-raised funds, with total repurchase funds of no less than RMB 4 billion and no more than RMB 8 billion, at a repurchase price not exceeding RMB 1,200 per share. Based on the upper limit of RMB 8 billion, the Company expects to repurchase approximately 6.6667 million shares, representing 0.57% of the Company's total share capital. The repurchased shares will be used for equity incentives or employee stock ownership plans. ZJ INNOLIGHT was officially included in the Stock Connect eligible list on August 27 and is a Stock Connect eligible stock.

5. WASION HOLDINGS Repurchased 154,000 Shares on Monday; Chairman Increased Holdings by 300,000 Shares the Same Day

On September 1, WASION HOLDINGS (03393.HK) announced that the Company repurchased an aggregate of 154,000 shares yesterday (August 31) at an average price of HK$15.47 per share, for approximately HK$2.38 million. Meanwhile, Mr. Ji Wei, the Company's controlling shareholder and Chairman of the Board, increased his holdings by an aggregate of 300,000 shares on the same day at an average purchase price of HK$15.54 per share, for approximately HK$4.66 million. After the increase, the Chairman's shareholding rose to approximately 51.73%. WASION HOLDINGS is a Stock Connect eligible stock.

V. Market Notes

Eligible securities list adjustment announcement

No recent announcements.

Trading calendar

No approaching market closure days.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On September 1, 2026, the three major Hong Kong stock indexes all closed lower. AI concept stocks showed divergent performance on the day, with most weakening, while the chip theme declined across the board. The Hang Seng Index fell 0.93%, the Hang Seng TECH Index fell 1.49%, and the Hang Seng China Enterprises Index fell 0.59%. Total market turnover was HKD 238.7 billion, with southbound funds recording net inflows of HKD 7.757 billion.

In the large-model space, KUAISHOU-W (01024.HK) received an investment from the National Artificial Intelligence Fund and rose 3.16% against the market, while MINIMAX-W (00100.HK) fell 3.50%; Z.AI, ALIBABA-W, TENCENT, BIDU-SW, and MEITUAN-W followed lower.

AI chips declined across the board, with SMIC (00981.HK) falling 2.69%, while HUA HONG GRACE, ILUVATAR COREX, MONTAGE TECHNOLOGY, GIGADEVICE, and BIREN TECH followed lower.

The intelligent driving space saw divergent moves, with BLACK SESAME (02533.HK) — whose first-half results surged — rising 13.21%, and PONY-W following higher. HORIZONROBOT-W (09660.HK) fell 2.65%, while WERIDE-W and ROBOSENSE followed lower.

In the embodied intelligence space, UBTECH ROBOTICS (09880.HK) fell 3.89%, and XIAOMI-W (01810.HK) dipped slightly by 0.22%.

II. Market Performance of Representative AI Stocks

Stock Code	Company Name	Closing Price (HKD)	Change(%)	Sector / Concept
02533.HK	BLACK SESAME	11.230	13.21	Autonomous Driving
01024.HK	KUAISHOU-W	34.640	3.16	LLM
02026.HK	PONY-W	56.450	0.98	Autonomous Driving
01810.HK	XIAOMI-W	27.560	-0.22	Embodied AI
02498.HK	ROBOSENSE	18.000	-0.33	Autonomous Driving
00800.HK	WERIDE-W	15.300	-0.46	Autonomous Driving
02513.HK	Z.AI	1,179.000	-1.34	LLM
06082.HK	BIRENTECH	45.920	-1.50	AI Chips
01347.HK	HUA HONG GRACE	120.900	-1.71	AI Chips
06809.HK	MONTAGETECH	263.600	-2.01	AI Chips
09903.HK	ILUVATAR COREX	380.000	-2.11	AI Chips
03986.HK	GIGADEVICE	475.400	-2.22	AI Chips
00700.HK	TENCENT	441.400	-2.56	LLM
09888.HK	BIDU-SW	93.700	-2.60	LLM
09660.HK	HORIZONROBOT-W	4.595	-2.65	Autonomous Driving
00981.HK	SMIC	68.850	-2.69	AI Chips
03690.HK	MEITUAN-W	76.650	-2.85	LLM
09988.HK	BABA-SW	110.400	-3.33	LLM
00100.HK	MINIMAX-W	336.800	-3.50	LLM
09880.HK	UBTECH ROBOTICS	81.500	-3.89	Embodied AI

Data Source: HKEX. For reference only, not investment advice. Data as of market close on September 1, 2026. 

III. AI Industry & Corporate Developments

1. Z.AI's First-Half Total Revenue Reaches RMB 954 Million, Up 399.7% Year-on-Year

Z.AI (02513.HK) financial results show that total revenue for the first half of 2026 was RMB 954 million, up 399.7% year-on-year. Its business focus shifted from on-premise deployment to cloud-based MaaS, with the API revenue share rising to 86.5% and gross margin turning positive from negative to 24.6%. Token call volume grew more than 40-fold, while the average API price increased 101%. The company recorded a net loss of RMB 2.072 billion, with R&D investment reaching RMB 2.131 billion.

2. SK Hynix Considers Joint-Venture Plant in Japan to Meet AI Storage Demand

According to news on August 31, South Korea's SK Hynix is studying the feasibility of building a memory chip plant in Japan as a joint venture, to cope with the growth in storage demand driven by the artificial intelligence (AI) boom while keeping production costs under control. SK Group Chairman Chey Tae-won said the company is searching for suitable sites across Japan, with the primary consideration being "ample electricity and water resources," but did not disclose potential partners or specific locations.

3. Tencent Hunyuan Hy4 Preview Call Volume Surges; WorkBuddy Has Carried Out Emergency Capacity Expansion

On August 31, Tencent Hunyuan posted that since Hunyuan Hy4 preview was first integrated and launched on WorkBuddy on August 28, 2026, its markedly improved agent capabilities have drawn active trial and enthusiastic feedback from a wide range of users and developers, and queuing appeared in the WorkBuddy task queue on its very first day online, for which it apologized sincerely. To safeguard the user experience, the company has carried out emergency capacity expansion for the Hy4 preview inference cluster and will continue to allocate resources dynamically. However, constrained by total high-end computing capacity and concentrated peak concurrency, it does not rule out queuing continuing during certain periods.

4. OpenAI Reportedly Purchases Tens of Thousands of Apple Macs for AI Training

According to news on August 31, OpenAI has procured tens of thousands of Apple Mac mini and Mac Studio units, dedicated to reinforcement learning training and the development of computer-operation AI agents. All the Mac mini and Mac Studio units OpenAI purchased come without monitors or keyboards, rather than MacBooks, and it has repeatedly asked Apple to expedite delivery amid strong demand. Apple's M-series chips adopt a unified memory architecture that lets the CPU, GPU, and others share the same memory pool, reducing the performance loss from data transfer during AI training. Unified memory capacity in some high-end chips reaches up to 512GB, and the thermal design of the Mac mini and Mac Studio is also better suited to running training tasks over extended periods.

IV. Profiles of Representative AI Concept Stocks

Company Name	Stock Code	Industry Position	Main Product Lines & Business Overview
KUAISHOU-W	01024.HK	A leading multimodal content generation platform in China	Kling AI has completed independent financing with a total cap of USD 3 billion, at a post-money valuation of USD 18 billion, setting a global record for video foundation model companies, with plans to initiate a Hong Kong IPO within the next 12 months. Kling AI's quarterly revenue has exceeded 650 million RMB, with an Annualized Run Rate (ARR) of nearly USD 500 million. Its general LLM “KwaiYii” and video generation model “Kling” are undergoing continuous iteration, demonstrating high commercial conversion efficiency in scenarios such as e-commerce live streaming and automated marketing.
XIAOMI-W	01810.HK	Full-stack AI technology giant anchored by the "Human x Car x Home" ecosystem	Its foundational model family MiMo has entered the top tier of global open-source models; MiMo-V2-Pro features over 1 trillion parameters, while MiMo-V2.5-Pro tied for 1st globally among open-source models with a score of 54 on the Artificial Analysis composite index. AI capabilities fully power the "Human x Car x Home" ecosystem, driving iterative upgrades in the CyberOne humanoid and CyberDog bionic quadrupeds. Multimodal computer vision, force-control algorithms, and automated dispatch logics are deeply integrated into dark-factory production and flexible manufacturing.
ILUVATAR COREX	09903.HK	Domestic general-purpose GPU pioneer & builder of full-scenario AI compute bases	Established in 2015, it is among the earliest domestic vendors to achieve mass production of general-purpose GPUs. Product lines cover training, inference, and edge computing across the Tiangai, Zhikai, and Tongyang series. In July 2026, it launched its next-gen flagship Tiangai 300 at WAIC, matching the Nvidia Hopper architecture. As of late 2025, it served 340+ clients across 30+ industries, generating core GPGPU revenue of ~RMB 923 million (+149.6% YoY).
PONY-W	02026.HK	Global commercialization leader in L4 autonomous mobility and logistics	The first autonomous driving company in China to secure fully driverless Robotaxi commercial operation permits across all four top-tier cities (Beijing, Shanghai, Guangzhou, Shenzhen). Core operations span autonomous ride-hailing (Robotaxi) and freight services (Robotruck), with Robotaxi deployments across 9 countries and public operations in overseas markets including Croatia, Qatar, Singapore, and South Korea. Targeting a global fleet exceeding 3,000 vehicles across 20+ cities by 2026, the company has achieved positive unit economics per vehicle.
BLACK SESAME	02533.HK	Leading provider of automotive‑grade computing SoCs and SoC‑based solutions for intelligent vehicles	Founded in 2016 and listed on the HKEX in 2024 as the “first smart car AI chip stock”, the company offers the Huashan series (assisted driving) and Wudang series (cross‑domain computing). Huashan A1000 has been integrated into models from Geely, BYD and others; Wudang C1200 advanced to mass production in 2025; Huashan A2000 is the world's first 7nm panoramic high‑compute chip. 2025 revenue reached RMB 822 million, up 73.4% YoY.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Grain and bank themes performed strongly on the day. Penghua Guozheng Food industry ETF (159698.SZ) rose 6.05%, the top gainer; Penghua CSI Alcoholic Drink Index ETF (512690.SH) rose 2.39%.

Multiple bank products rallied together: China Universal CSI Banks ETF (512820.SH) rose 2.20%; ChinaAMC CSI Banks ETF (515020.SH) rose 2.09%; Hwabao WP CSI Banks ETF (512800.SH) rose 2.05%; E Fund CSI Banks ETF (516310.SH) rose 2.04%; China Southern CSI Banks ETF (512700.SH) rose 2.03%; Tianhong CSI Bank ETF (515290.SH) rose 2.02%. In addition, Fullgoal CSI Agriculture Theme ETF (159825.SZ) rose 1.99%; Guotai SSE 180 Finance ETF (510230.SH) rose 1.88%. Overall, grain, bank and agriculture directions formed an evident value defensive sector co-movement, with all top-10 gainers up more than 1.8%.

Shanghai-Shenzhen Stock Connect ETF Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	159698.SZ	Penghua Guozheng Food industry ETF	6.05	CNI Grain Index	Penghua Fund Management
2	512690.SH	Penghua CSI Alcoholic Drink Index ETF	2.39	CSI Alcoholic Drink Index	Penghua Fund Management
3	512820.SH	China Universal CSI Banks ETF	2.20	CSI Banks Index	China Universal Asset Management
4	515020.SH	ChinaAMC CSI Banks ETF	2.09	CSI Banks Index	China Asset Management
5	512800.SH	Hwabao WP CSI Banks ETF	2.05	CSI Banks Index	Hwabao WP Fund Management
6	516310.SH	E Fund CSI Banks ETF	2.04	CSI Banks Index	E Fund Management
7	512700.SH	China Southern CSI Banks ETF	2.03	CSI Banks Index	China Southern Asset Management
8	515290.SH	Tianhong CSI Bank ETF	2.02	CSI Banks Index	Tianhong Asset Management
9	159825.SZ	Fullgoal CSI Agriculture Theme ETF	1.99	CSI Agriculture Theme Index	Fullgoal Fund Management
10	510230.SH	Guotai SSE 180 Finance ETF	1.88	SSE 180 Finance Index	Guotai Asset Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 1, 2026

On the downside, SSE STAR semiconductor and semiconductor equipment segments suffered concentrated plunges, with multiple related ETFs down more than 3.5%. ChinaAMC China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (588170.SH) fell 4.17%, the largest drop; Penghua China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (589020.SH) fell 4.17%; Huatai-PB China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF (588710.SH) fell 4.13%; GF CSI Semiconductor Material Equipment Theme ETF (560780.SH) fell 3.75%; Guotai CSI Semiconductor Material Equipment Theme ETF (159516.SZ) fell 3.73%; Wanjia CSI Semiconductor Material Equipment Theme ETF (159327.SZ) fell 3.70%; Guotai CSI Machine Tool ETF (159667.SZ) fell 3.68%; ChinaAMC CSI Semiconductor Material Equipment Theme ETF (562590.SH) fell 3.62%; E Fund CSI Semiconductor Material Equipment Theme ETF (159558.SZ) fell 3.61%; E Fund SSE Science And Technology Innovation Board Growth ETF (588020.SH) fell 3.53%. SSE STAR semiconductor, semiconductor equipment and SSE STAR growth products faced concentrated selling pressure on the day, with all top-10 decliners down more than 3.5%.

Shanghai-Shenzhen Stock Connect ETF Top 10 Losers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	588170.SH	ChinaAMC China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-4.17	SSE STAR Semiconductor Material Equipment Theme Index	China Asset Management
2	589020.SH	Penghua China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-4.17	SSE STAR Semiconductor Material Equipment Theme Index	Penghua Fund Management
3	588710.SH	Huatai-PB China Science And Technology Innovation Board Semiconductor Material Equipment Theme ETF	-4.13	SSE STAR Semiconductor Material Equipment Theme Index	Huatai-PineBridge Fund Management
4	560780.SH	GF CSI Semiconductor Material Equipment Theme ETF	-3.75	CSI Semiconductor Material Equipment Theme Index	GF Fund Management
5	159516.SZ	Guotai CSI Semiconductor Material Equipment Theme ETF	-3.73	CSI Semiconductor Material Equipment Theme Index	Guotai Asset Management
6	159327.SZ	Wanjia CSI Semiconductor Material Equipment Theme ETF	-3.70	CSI Semiconductor Material Equipment Theme Index	Wanjia Asset Management
7	159667.SZ	Guotai CSI Machine Tool ETF	-3.68	CSI Machine Tool Index	Guotai Asset Management
8	562590.SH	ChinaAMC CSI Semiconductor Material Equipment Theme ETF	-3.62	CSI Semiconductor Material Equipment Theme Index	China Asset Management
9	159558.SZ	E Fund CSI Semiconductor Material Equipment Theme ETF	-3.61	CSI Semiconductor Material Equipment Theme Index	E Fund Management
10	588020.SH	E Fund SSE Science And Technology Innovation Board Growth ETF	-3.53	SSE STAR Growth Index	E Fund Management
Source/Compiled by: Wind / NewTimeSpace Research Institute, as of the close onSeptember 1, 2026

NewTimeSpace Research data showed that on September 1, 2026, the Shanghai-Shenzhen Stock Connect ETFs market exhibited an extreme rotation of strength from technology growth to value defensive segments. Value defensive segments including grain, banks and agriculture attracted concentrated buying and led the gains, while technology directions including SSE STAR semiconductor, semiconductor equipment and SSE STAR growth suffered concentrated plunges across the board. Market hotspots rotated quickly from the previous session's satellite and SSE STAR AI to value defensive areas such as grain and banks, with technology segments retreating across the line and value defensive products fully taking over, as sector rotation proceeded at an extremely rapid pace.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

Taiwan semiconductor themes led the day. Fubon Ice Factset Taiwan Core Semiconductor Index Etf (3076.HK) rose 4.67%, the top gainer; Premia FTSE TWSE Taiwan 50 ETF (3453.HK) rose 3.32%; Ishares Core Msci Taiwan Index Etf (3074.HK) rose 3.24%; Xtrackers MSCI Taiwan UCITS ETF (3036.HK) rose 3.19%. E Fund (HK) CSI Liquor Index ETF (3189.HK) rose 2.80%; Xtrackers MSCI Korea UCITS ETF (2848.HK) rose 1.82%; Premia CSI Caixin China Bedrock Economy ETF (2803.HK) rose 1.33%; Global X Asia Pacific High Dividend Yield ETF (3116.HK) rose 1.06%; Fubon Hang Seng Shanghai-Shenzhen-Hong Kong (Selected Corporations) High Dividend Yield Index ETF (3190.HK) rose 1.06%; W.I.S.E.- SSE 50 China Tracker (3024.HK) rose 0.83%.

HK shares ETFs Top 10 Gainers
No.	Code	Name	Change (%)	Tracking Index	Manager
1	3076.HK	Fubon Ice Factset Taiwan Core Semiconductor Index Etf	4.67	ICE FactSet Taiwan Core Semiconductor 10% OTC Weight Cap Index	Fubon Fund Management (Hong Kong) Limited
2	3453.HK	Premia FTSE TWSE Taiwan 50 ETF	3.32	FTSE TWSE Taiwan 50 30% Capped Index	Premia Partners
3	3074.HK	Ishares Core Msci Taiwan Index Etf	3.24	MSCI Taiwan Index	BlackRock Asset Management North Asia Limited
4	3036.HK	Xtrackers MSCI Taiwan UCITS ETF	3.19	--	DWS Investment S.A.
5	3189.HK	E Fund (HK) CSI Liquor Index ETF	2.80	CSI Liquor Index	E Fund Asset Management (Hong Kong) Limited
6	2848.HK	Xtrackers MSCI Korea UCITS ETF	1.82	--	DWS Investment S.A.
7	2803.HK	Premia CSI Caixin China Bedrock Economy ETF	1.33	CSI Caixin Rayliant Bedrock Economy Index	Premia Partners
8	3116.HK	Global X Asia Pacific High Dividend Yield ETF	1.06	Solactive Asia Pacific High Dividend Yield Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
9	3190.HK	Fubon Hang Seng Shanghai-Shenzhen-Hong Kong (Selected Corporations) High Dividend Yield Index ETF	1.06	Hang Seng Shanghai-Shenzhen-Hong Kong (Selected Corporations) High Dividend Yield Index	Fubon Fund Management (Hong Kong) Limited
10	3024.HK	W.I.S.E.- SSE 50 China Tracker	0.83	SSE 50 Index	BOCI-Prudential Asset Management Limited
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 1, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

On the downside, China little giant and China semiconductor ETFs led declines. Global X China Little Giant ETF (2815.HK) fell 3.13%, the largest drop; Global X China Semiconductor ETF (3191.HK) fell 2.22%; CSOP STAR 50 Index ETF (3109.HK) fell 2.12%; Bosera STAR 50 Index ETF (2832.HK) fell 2.03%; Bosera Szse Chinext Daily (2x) Leveraged Product (7234.HK) fell 1.91%; Global X China Robotics And Ai Etf (2807.HK) fell 1.71%; Samsung CSI China Dragon Internet ETF (2812.HK) fell 1.65%; E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK) fell 1.62%; Premia China STAR50 ETF (3151.HK) fell 1.52%; Hang Seng TECH Index ETF (3032.HK) fell 1.47%. China little giant, China semiconductor, STAR 50 and ChiNext leveraged products faced notable pressure on the day, with all top-10 decliners down more than 1.4%.

HK shares ETFs Top 10 Decliners
No.	Code	Name	Change (%)	Tracking Index	Manager
1	2815.HK	Global X China Little Giant ETF	-3.13	Solactive China Little Giant Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
2	3191.HK	Global X China Semiconductor ETF	-2.22	FactSet China Semiconductor Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
3	3109.HK	CSOP STAR 50 Index ETF	-2.12	SSE STAR 50 Index	CSOP Asset Management Limited
4	2832.HK	Bosera STAR 50 Index ETF	-2.03	SSE STAR 50 Index	Bosera Asset Management (International)
5	7234.HK	Bosera Szse Chinext Daily (2x) Leveraged Product	-1.91	ChiNext Index (HKD) (CNH)	Bosera Asset Management (International)
6	2807.HK	Global X China Robotics And Ai Etf	-1.71	FactSet China Robotics and Artificial Intelligence Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong)
7	2812.HK	Samsung CSI China Dragon Internet ETF	-1.65	CSI Global China Internet Index	Samsung Asset Management (Hong Kong) Limited
8	2824.HK	E Fund (HK) Solactive Global Gold Miner Select Index ETF	-1.62	--	E Fund Asset Management (Hong Kong) Limited
9	3151.HK	Premia China STAR50 ETF	-1.52	SSE STAR 50 Index	Premia Partners
10	3032.HK	Hang Seng TECH Index ETF	-1.47	Hang Seng TECH Index	Hang Seng Investment Management
Source/Compiled by: Wind / NewTimeSpace, as of the close onSeptember 1, 2026 Statistical note: Only HKD-denominated equity ETFs traded in the Hong Kong market are counted.

NewTimeSpace Research data showed that on September 1, 2026, the HK shares ETFs market exhibited a divergence pattern of regional technology strengthening while Chinese technology came under pressure. Taiwan semiconductor, Taiwan index and Korea segments attracted concentrated gains and led the advance, while China little giant, China semiconductor, STAR 50 and ChiNext leveraged products retreated collectively. Market hotspots rotated quickly from the previous session's robotics and AI and Chinese technology to Taiwan semiconductor and Korea, with Chinese technology segments performing weakly overall and Taiwan becoming the day's clear main line, as sector rotation continued at a rapid pace.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the tape, and looking at it by industry, themes such as banking, paper and packaging, and household products strengthened against the trend. Themes including consumer discretionary retail, software services, and semiconductors led the decliners.

Among them, 24 constituents of the Hang Seng Index rose and 69 fell. On the downside, LONGFOR GROUP fell 3.80%, CHINA RES LAND fell 3.59%, and NONGFU SPRING fell 3.39%. On the upside, SHENZHOU INTL rose 4.16%, KUAISHOU-W rose 3.16%, and LENOVO GROUP rose 1.80%.

Among Hang Seng TECH Index constituents, 4 rose and 26 fell. On the downside, NIO-SW fell 6.39%, MINIMAX-W fell 3.50%, and ALIBABA-W fell 3.33%. On the upside, BYD COMPANY rose 1.20% and SUNNY OPTICAL rose 1.13%.

Among Stock Connect constituents, MININGLAMP-W surged 21.25%, BLACK SESAME rose 13.21%, and HAIZHI TECH GP rose 12.92%. JIAXIN INTL RES fell 9.06%, ENVISION GREEN fell 8.91%, and GENFLEET-B fell 8.70%.

GUOYUAN INTERNATIONAL HOLDINGS noted that, in terms of market environment, the US core PCE for July remained at 3.3% year-on-year, and Warsh sent hawkish signals at the Jackson Hole meeting, with Fed rate-hike expectations re-heating and valuation pressure on Hong Kong stocks' growth sectors increasing somewhat; however, profits in AI-related industries continued to grow rapidly, indicating that AI industry fundamentals remain resilient. Domestically, the August manufacturing PMI improved somewhat, but the services and construction sectors and traditional domestic demand remained weak.

Fed rate-hike expectations are heating up again, and Hong Kong stocks may extend their volatile and divergent pattern. The current tech sector more closely resembles "strong fundamentals, with valuations suppressed by interest rates," and its fundamentals provide solid support. Hong Kong stocks are expected to remain dominated by "index volatility and sector divergence" in the short term; in terms of allocation, focus on AI and technology hardware directions where orders, revenue, and earnings can be delivered, while also watching the energy, coal, and certain raw materials sectors. Traditional consumption and real estate still need to wait for domestic demand to stabilize further. (Source: GUOYUAN INTERNATIONAL HOLDINGS, 20260831, "Hong Kong Stock Market Weekly: Fed Rate-Hike Expectations Re-Heat; Hong Kong Stocks May Extend Volatile, Divergent Pattern")

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

In news updates, Xpeng released its August 2026 delivery figures. The firm delivered 39,107 new vehicles in the month, representing a 4% year‑on‑year increase and a roughly 2.8% month‑on‑month rise from July’s 38,027 units. By the end of July, Xpeng’s cumulative global vehicle deliveries had surpassed 1.2 million units.

Guosheng Securities commented that the Robotaxi market features long‑term growth potential. It is positive about Xpeng’s business model of joint operations with Amap and overseas mobility platforms. Since launching internal trials in July, Xpeng’s mass‑produced Robotaxi equipped with VLA2.0 has completed more than 2,000 internal test ride‑hailing orders in Guangzhou. The company has recently finished development of its cloud remote takeover platform, targeting to launch passenger‑carrying operations without in‑vehicle safety drivers in 2027.

XPENG-W (09868.HK) Focuses on the full-stack in-house R&D and large-scale deployment of end-to-end autonomous driving foundational models for mass-produced vehicles. Its proprietary XNGP (Advanced Driver Assistance System) has completely decoupled from high-definition maps, demonstrating exceptional generalization capabilities in complex urban NOA (Navigation Guided Pilot) scenarios. The activation rate of advanced ADAS and the mileage penetration rate among users of newly delivered models remain at the industry forefront, providing a highly deterministic benchmark for vehicle-side AI application delivery.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On 7 August, NASN TECH, a developer of intelligent driving motion control technology, was the first to land on the Hong Kong Stock Exchange, becoming the "first wire-controlled chassis stock" on the Hong Kong market. The final offer price was set at HKD 10.42 per share, with total IPO gross proceeds of approximately HKD 600 million, and the valid subscription multiple for the Hong Kong public offering reached as high as 2,513.54 times. On its debut day, NASN TECH closed at HKD 17.10, up 64.11% from the offer price, with full-day turnover of approximately HKD 231 million.

On 25 August, Ingenic Semiconductor, a "storage + computing + analog" chip provider, listed at an offer price of HKD 100 per share, with total IPO gross proceeds of approximately HKD 3.129 billion, far exceeding NASN TECH in size. The valid subscription multiple for the public offering was 927.37 times. The Company brought in 11 cornerstone investors, subscribing for approximately HKD 1.503 billion in aggregate, corresponding to 15.034 million shares. However, its debut performance was far less buoyant than the subscription side, and the stock eventually closed flat at HKD 100, with full-day turnover of approximately HKD 582 million. The greenshoe mechanism became key to holding the offer price.

While the number of new listings cooled temporarily, the HKEX pipeline of listing applications remained substantial. As of the end of August, there were 20 applications on the Main Board approved by the Listing Committee and pending listing, none on GEM, and 510 applications under processing, including 501 on the Main Board and 9 on GEM — a total of 530 companies queuing for listing. On the Main Board basis, in the first eight months of 2026, HKEX accepted 444 new listing applications, which, together with 372 carried forward from the end of 2025, totalled 816 processed, of which 104 had been successfully listed.

In terms of institutional participation, the two new listings this month attracted a total of 4 sponsors, 12 lead underwriters, 10 law firms, 2 auditors and 12 bookrunners.

Specifically, in the sponsor segment, NASN TECH was jointly sponsored by Haitong International Capital Limited and BOC International (Asia) Limited, while Ingenic Semiconductor was jointly sponsored by Guotai Junan Capital Limited and Guotai Junan Securities (Hong Kong) Limited. In the underwriter segment, Futu Securities International (Hong Kong) Limited participated in the underwriting and bookrunning of both new listings, making it the most active underwriter this month; the remaining 11 institutions each participated in one deal.

There were 12 bookrunners in total this month, evenly split between the two deals. In the law firm segment, a total of 10 law firms participated in the projects this month; NASN TECH engaged 5 law firms jointly (including domestic and Hong Kong law firms), while Ingenic engaged 5 law firms. In the auditor segment, Ernst & Young Hong Kong and ShineWing Certified Public Accountants each took charge of the audit of one company.

Overall, although the number of new listings in August remained low, the composition of intermediary participation still reflected the centralisation trend among leading investment banks and professional service institutions — the three sponsors Guotai Junan, Haitong International and BOC International accounted for all the projects, while Futu Securities became the most active underwriter this month through its cross-deal underwriting participation.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, CXMT has begun small-batch production of HBM3E and plans to expand capacity in 2027, with domestic chip design teams such as CAMBRICON and Alibaba T-Head testing its compatibility with their self-developed processors.

SCS noted that DeepSeek-V4 has achieved Day-0 adaptation across nine types of domestic chips, Huawei's CANN has been fully open-sourced, and Z.AI's GLM-5.3-Flash is the first to provide external services relying on domestic chip clusters in large-scale traffic scenarios, with its per-token cost already comparable to that of mainstream NVIDIA GPUs. Domestic chips are moving from "usable" to "easy to use," with increasingly high cost-effectiveness; as computing-power demand and policy reinforce each other, the localization process has entered a phase of volume delivery.

HUA HONG GRACE(01347.HK)Specializes in specialty process wafer foundry, offering customized manufacturing of power discretes, embedded non-volatile memory, analog and power management ICs. Its 8-inch and 12-inch production lines serve automotive, industrial control and data center power management applications. The company holds multiple automotive-grade quality certifications and provides mass production foundry services to various domestic and international automotive clients. Its overall capacity utilization has remained high over an extended period.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On the news front, in its interim report, MIDEA GROUP looked ahead to the second half of 2026 and set out its operating approach for the industrial end and for domestic and overseas markets. MIDEA GROUP will hold firm on its core base of white goods and HVAC businesses, steadily expand sub-core businesses such as robotics, new energy, and data center liquid cooling, and drive its ToC and ToB businesses to form a "growth relay."

In its latest report, GOLDMAN SACHS noted that its forecast for global humanoid robot shipments in 2030 has been sharply raised from 256,000 units to 890,000 units, and for 2035 from 1.40 million units to 6.50 million units, with the corresponding market size reaching USD 138 billion. The rationale behind the upgrade is that multiple manufacturers have entered mass-production stages, open-source tools have become more plentiful, financing processes have accelerated, and government policy support is in place.

MIDEA GROUP (00300.HK) Comprehensively positions itself within the industrial-grade embodied AI and core automation equipment supply chain through its wholly-owned subsidiary KUKA, one of the "Big Four" global industrial robot giants. The company focuses on the R&D and delivery of high-precision articulated robotic arms, heavy-duty logistics AGVs, and industrial automation software systems. Its intelligent manufacturing solutions are widely deployed across core heavy-asset production lines globally, including automotive manufacturing and electronic semiconductors. Backed by industry-leading delivery metrics for industrial-grade robots, it serves as the foundational infrastructure anchor for the sector.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.

On August 31, Hong Kong's three major indices ended mixed. The Hang Seng Index edged down 0.07% to 25,566.99 points, the Hang Seng TECH Index rose 0.32%, and the Hang Seng China Enterprises Index gained 0.27%. Full-day turnover reached HK$314.819 billion, notably higher than the previous session.

On the trading front, mainland bank stocks rose against the trend. BANK OF CHINA (03988.HK) gained 5.73% to a record high, leading the six major state-owned banks in first-half net profit growth attributable to shareholders, with net interest margins stabilizing and recovering. Mainland property developers opened higher but closed lower, with GREENTOWN CHINA (03900.HK) down 17.58% and SUNAC (01918.HK) down 10.37%, affected by the new real estate credit reform policy. Gold stocks declined broadly, with LINGBAO GOLD (03330.HK) down 6.08%, as Warsh's hawkish remarks at Jackson Hole lifted rate-hike expectations. Airline stocks came under collective pressure, with the three major carriers posting combined first-half losses exceeding RMB 8 billion. PCB concept, insurance and coal stocks advanced.

Southbound capital recorded net buying of HK$2.139 billion on the day, of which Stock Connect (Shanghai) saw net buying of HK$2.058 billion and Stock Connect (Shenzhen) net buying of HK$0.081 billion.

II. HK Stock Connect Stock Rankings

2.1 HK Stock Connect Stock Gainers and Decliners

Category	Stock Code	Stock Name	Change (%)	Close (HKD)	Turnover (HKD 100mn)
Gainer 1	03268.HK	MEIG	19.87	22.98	1.05
Gainer 2	06082.HK	BIREN TECH	18.81	46.62	14.31
Gainer 3	09678.HK	UNISOUND	17.69	76.50	6.24
Gainer 4	00100.HK	MINIMAX-W	16.18	349.00	82.44
Gainer 5	01384.HK	DEEPEXI TECH	12.52	37.38	3.11
Decliner 5	09896.HK	MINISO	-12.57	18.57	5.18
Decliner 4	00123.HK	YUEXIU PROPERTY	-13.64	3.26	2.32
Decliner 3	00817.HK	CHINA JINMAO	-15.92	1.32	6.08
Decliner 2	01908.HK	C&D INTL GROUP	-16.43	12.92	3.95
Decliner 1	03900.HK	GREENTOWN CHINA	-17.58	6.26	4.44