The Hong Kong stock market opened lower and continued to decline throughout the day, with the three major indices sliding in a volatile manner on Wednesday. Rapid iterations in AI large models have directly fueled robust demand for high-end communications equipment, keeping the communications sector strong all day. Meanwhile, the stronger-than-expected US August non-farm payroll data reversed market expectations toward rate hikes, putting widespread pressure on gold-related stocks.
By the close, the Hang Seng Index fell 0.93% to 25,413.12 points, with total turnover reaching HK$209.673 billion. The Hang Seng Tech Index dropped 0.92% to 4,527.71 points. Among the largest Hong Kong-listed ETFs by scale, Tracker Fund of Hong Kong (02800) slipped 0.99% to HK$26, Hang Seng China Enterprises (02828) declined 1.65% to HK$86.82, and Hang Seng High Dividend Yield (03466) closed flat at HK$19.36.
Sector Performance
The rapid evolution of AI large models has directly spurred strong demand for high-end communications equipment, keeping the communications sector buoyant all session, with related ETFs rallying collectively. By the close, Communications ETF Yinhua (159994.SZ) gained 6.36% to 1.288 yuan, Communications ETF ChinaAMC (515050.SH) rose 6.28% to 1.049 yuan, and Communications ETF Guotai (515880.SH) advanced 5.95% to 0.677 yuan.
OpenAI's recent release of the GPT-6 Astra model is viewed by the market as a core catalyst for a new wave of AI computing power demand expansion, delivering a direct and strong positive impact on the optical communications sector. Goldman Sachs commented that this technological leap could reshape the AI demand landscape, reigniting investment enthusiasm across both industry and capital markets. China Galaxy Securities noted that Astra's launch once again validates that frontier model training remains on an expansion trajectory characterized by ultra-large clusters, heavy capital intensity, and strong interconnect dependencies, with the 800G/1.6T and future 3.2T high-speed optical module supply chains being the most direct beneficiaries.
With August US non-farm payroll data coming in significantly above expectations, expectations for rate hikes reversed sharply upward, placing broad pressure on gold-related stocks. By the close, Gold Stocks ETF ChinaAMC (159562.SZ) fell 2.25% to 2.347 yuan, Gold Stocks ETF HuaAn (159321.SZ) dropped 2.19% to 1.654 yuan, and Gold ETF Guotai (518800.SH) declined 1.5% to 9.46 yuan.
The US Department of Labor reported on September 4 that non-farm payrolls increased by 162,000 in August, roughly three times market expectations. This prompted the market to revise up its expectations for Federal Reserve rate hikes, pushing US Treasury yields higher and dragging gold-related stocks lower. Orient Futures pointed out that the current labor market is in a state of weak balance, but not yet weak enough to prompt the Fed to cut rates, with inflation contradictions taking precedence. If August CPI rises further, expectations for a September rate hike will intensify. The firm expects gold to remain range-bound with no clear trend until the Fed's rate decision is finalized. Guosen Futures believes that in the short term, the stronger-than-expected payroll data has heightened rate hike expectations, pressuring gold and silver, but the September 11 CPI release remains the ultimate decision point, with wide fluctuations expected before the data is published.
Institutional Perspectives
According to Huatai Securities, last week's Hong Kong stock market performance was notably driven by overseas liquidity expectations. Current overseas interest rate levels are already elevated, and financial conditions are self-limiting, making it difficult for markets to sustain a directional move before decisive macroeconomic data emerges, resulting in repeated oscillations. For equities, what matters now is not just the level of rates but also their volatility. The market has yet to find a new thematic direction, so current movements are primarily dictated by macro uncertainty. Looking ahead, if the September FOMC meeting provides clear guidance—whether for a hike or not—it would help stabilize current market volatility. Otherwise, speculation may be postponed until December, with midterm election uncertainty adding further market disruption in the interim.
Huatai Securities stated that the market remains in a "driving in fog" phase, with four major uncertainties still unresolved, and continues to recommend balanced allocation. On the macro front, global liquidity conditions remain uncertain, capping the room for further valuation recovery in Hong Kong stocks. Therefore, the firm advises maintaining low-volatility dividend stocks as a core holding, such as banks and utilities, while controlling exposure to high-beta assets tied to elevated US Treasury yields, such as non-ferrous metals.
ETF Developments
The Aerospace and Aviation ETF E Fund (158013.SZ) debuted on its first trading day, closing 1.1% lower at 0.991 yuan with turnover of 39.718 million yuan. The fund tracks the Guozheng Aerospace and Aviation Industry Index, focusing on companies along the aerospace and aviation supply chain.
The Low Volatility Dividend ETF Wanjia (158023.SZ) also launched on its first day, closing 1.1% lower at 0.991 yuan with turnover of 79.826 million yuan. Tracking the CSI 800 Dividend Low Volatility Index, it selects stocks with both high dividend yields and low volatility characteristics from the CSI 800 constituent pool, targeting assets with stable operations and lower volatility.
The N300 Quality ETF ABC (561690.SH) made its market debut as well, closing 0.8% lower at 0.99 yuan with turnover of 68.357 million yuan. The fund tracks the CSI 300 Quality Index, filtering from the CSI 300 constituent base based on profitability, earnings stability, and earnings quality, focusing on large-cap blue-chip companies with solid operations and strong fundamentals.
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