HK Stock Market Move | Hengke index rose by more than 4% again, with a cumulative increase of 10% in the past five days. The overall mid-year profits of Internet giants are better than other sectors.

Guosen index rose by more than 4% in the morning session, with a cumulative increase of over 10% in the past five trading days. In terms of constituent stocks, NIO-SW (09866) rose by 8.76% to 43.45 Hong Kong dollars; JD-SW (09618) rose by 7.43% to 121.5 Hong Kong dollars; MEITUAN-W (03690) rose by 4.52% to 138.8 Hong Kong dollars; and Tencent (00700) rose by 2.01% to 395.4 Hong Kong dollars. On the news front, the State Council Information Office held a press conference on the morning of September 24 to introduce the situation regarding financial support for high-quality economic development. At the conference, Pan Gongsheng, Governor of the People's Bank of China, announced a series of important policies. In addition, the Federal Reserve recently lowered its federal funds rate target range to 4.75% to 5%, marking the first rate cut by the Federal Reserve since 2020. Guosen pointed out that the Hong Kong stock internet sector is clearly bottoming out, with leading giants entering a new stage characterized by a focus on core business, the development of high-margin businesses, improved operational efficiency through organizational restructuring, increased share buybacks and dividends, and stronger shareholder returns compared to most sectors. Based on the mid-year reports of 2024, the overall mid-year profit release of internet giants is better than other sectors.