此外，中信建投证券认为，近两年，腾讯、小米、阿里巴巴等港股上市的主要互联网企业纷纷开展大规模分红与回购活动，对股价起到抬升作用。分红回购潮与当前大型互联网企业由高杠杆扩张向回收流动性、注重股东回报的经营模式转变有关。各大互联网港股上市企业均受到分红回购潮利好，提供新的关注方向。The Hang Seng Tech Index fluctuated and rose throughout the day, with a temporary increase of more than 3.5% in the afternoon. As for constituent stocks, as of the time of publication, JD.com-S (09618) rose by 6.52% to HKD 111.1; Kuaishou-W (01024) rose by 5.23% to HKD 42.25; Alibaba-W (09988) rose by 3.62% to HKD 85.85; Meituan-W (03690) rose by 3.73% to HKD 133.4; Tencent (00700) rose by 2.21% to HKD 388.4.
According to the Zhitong Finance APP, the Hang Seng Tech Index fluctuated and rose throughout the day, with a temporary increase of more than 3.5% in the afternoon. As for constituent stocks, as of the time of publication, JD.com-S (09618) rose by 6.52% to HKD 111.1; Kuaishou-W (01024) rose by 5.23% to HKD 42.25; Alibaba-W (09988) rose by 3.62% to HKD 85.85; Meituan-W (03690) rose by 3.73% to HKD 133.4; Tencent (00700) rose by 2.21% to HKD 388.4.
On the news front, the US Federal Reserve announced a 50 basis point cut in the federal fund rate target range to 4.75% to 5%, marking the first rate cut by the Federal Reserve since 2020. The Hong Kong Monetary Authority also announced today a 50 basis point cut in the base rate to 5.25%. CSC believes that Hong Kong stocks are sensitive to external liquidity and will follow the rate cut due to the linked exchange rate, with greater flexibility than A-shares.
In addition, CSC Securities believes that in the past two years, major internet companies listed in Hong Kong, such as Tencent, Xiaomi, Alibaba, have carried out large-scale dividend and share buyback activities, which have boosted their stock prices. The dividend and buyback wave is related to the transition of major internet companies from high leverage expansion to liquidity recycling and focusing on shareholder returns. All major internet companies listed in Hong Kong have benefited from the dividend and buyback wave, providing new areas of focus.