Hong Kong's three major stock indices finished Tuesday's session in positive territory. The Hang Seng Index gained 0.56% to close at 25,652.97, the Hang Seng Tech Index advanced 0.82%, and the Hang Seng China Enterprises Index climbed 1.05%.
Sector performance was broadly upbeat, with internet and tech stocks seeing more gains than losses. Xiaomi and Alibaba both rose more than 2%, while Baidu, Meituan, and Kuaishou added over 1%. On the flip side, Bilibili and NetEase slipped more than 1%. The non-ferrous metals sector was particularly strong, with Jiangxi Copper Company Limited surging over 9%. Chinese brokerage stocks led gains, with CITIC Securities parent CICC jumping more than 8%. Property stocks were also active, as China Jinmao rose over 8%.
Looking ahead, the stage-by-stage rally in the non-ferrous metals sector is seen as having a foundation to continue. In the near term, high overseas copper prices and tight global supply conditions are unlikely to reverse quickly. With domestic listed companies having now fully reported their interim results, positive catalysts for the sector are still being released. Over the medium term, demand from global electrification, data center construction, and power grid upgrades continues to expand, providing long-term support for industrial metals. However, investors should remain alert to potential risks, including volatility in overseas commodity prices, changes in foreign policies, and a possible shift in market style.
The surge in Chinese brokerage stocks was fueled by a wave of interim earnings reports and generous dividend plans. As of August 25, ten listed brokerages had announced interim dividend proposals, with total planned cash payouts reaching nearly RMB 17 billion. Major institutions such as CITIC Securities and Guotai Haitong plan significant distributions; for instance, CITIC Securities proposed a dividend of RMB 4.27 per 10 shares, amounting to RMB 6.672 billion in total. Despite earnings growth, the sector's valuation remains relatively low, and this divergence between performance and valuation has attracted institutional attention. Industry insiders believe the allocation value of the brokerage sector is likely to rise further, with integrated leading brokers and those with differentiated advantages in niche areas—such as sci-tech bonds and SME bonds—expected to offer more notable excess returns.
Property stocks were buoyant, with China Jinmao climbing more than 8%. According to China Galaxy Securities, the property market continued its traditional off-season trend in August. However, with the effects of policy optimization in Beijing and Shanghai becoming visible, and the upcoming "golden September and silver October" period, the brokerage expects transaction volumes to recover somewhat in September, urging close attention to fundamental changes. The sector's opportunity has shifted from policy-driven to fundamentals-driven. From an investment perspective, some developers are already showing structural improvements, including changes in sales mix and strong land acquisition performance. In terms of timing, the probability of a sector-wide rally is higher in the fourth quarter.