According to Caixin News on September 13th, the Hong Kong stock market showed a high and then low trend today, continuing its volatile performance. At the close of trading, the Hang Seng Index and the Hang Seng China Enterprises Index rose by 0.75% and 0.9% respectively, but the Hang Seng Tech Index accelerated its decline in the final moments, ultimately closing up 0.13%.

Let's take a look at today's market highlights: The Hang Seng Index rebound is delayed and frequent high and low swings are occurring, with both bulls and bears becoming cautious once again; the 'interest rate cut trade' returns to the main theme and the market's flexibility has improved; biomedical stocks are accelerating the rally, reigniting enthusiasm for 'trade-in'.

The Hang Seng Index rebound is delayed and frequent high and low swings are occurring, with both bulls and bears becoming cautious once again.

On the market, there is a divergence in the performance of core technology stocks today, with Xiaomi and Lenovo Group both rising by more than 1%, while Tencent, Meituan, Netease, and Baidu experienced small gains. JD.com and Alibaba fell.

In other sectors, gold stocks showed strong performance throughout the day, non-ferrous metal sectors followed suit, and construction machinery stocks rebounded. In addition, there were increases in the household appliances, petroleum, shipping, and pharmaceutical sectors.

Among the sectors that declined, beer stocks showed obvious weakness, while the education and aviation sectors continued to decline, and Macau casino stocks fell overall.

Overall, the Hang Seng Index showed a short-term stabilization and rebound, but there is still considerable pressure near the key level of 17,500 points, with frequent high and low swings in the market.

The Hang Seng Index traded at HKD 88.88 billion for the whole day, and the continued decreasing volume indicates cautious long positions. However, the total short selling amount today is HKD 9.438 billion, accounting for 10.62% of the short selling funds, which is lower than the 5-day average, indicating a short-term retreat of the bears.

Alibaba-W, Meituan-W, and Tencent Holdings are the top three in terms of short selling amount, with HKD 0.81 billion, HKD 0.727 billion, and HKD 0.521 billion, respectively.

Interest rate reduction trading returns to the main theme, and market resilience has improved.

On the market side, weighted dividend sectors continued to rebound today, with banks, electrical utilities, and aviation leading the gains.

However, the most noteworthy short-term development is the sudden surge in golden industrial concept stocks. The international gold price reached a new all-time high of $2560 per ounce during the trading session in New York, with an intraday increase of nearly $50.

On the news front, the European Central Bank announced its latest interest rate decision, the second interest rate cut this year. Subsequently, the market will once again turn its attention to the Federal Reserve, with mainstream views expecting a rate cut next week.

Today, nonferrous metals, coal, and oil sectors collectively strengthened, reflecting the return of short-term "interest rate reduction trading" as the main theme.

TF Securities pointed out that as the US election results approach and the Federal Reserve's interest rate meetings are held intensively, the market's divergence in politics and economics may further widen. Considering that the Hang Seng Internet Index's year-on-year changes are consistent with the trend of Hong Kong's broad money supply growth, and against the backdrop of the impending global central bank interest rate cut trend, the elasticity of this sector's rise may be enhanced.

Biomedical stocks are accelerating their rise, and the enthusiasm for 'trade-in' is reignited.

On the other hand, today's strong biomedical stocks continue to rise, with the upward momentum accelerating. Including Yumingang Technology, several nonprofit pharmaceutical companies have seen double-digit increases.

On the other hand, today's news has limited impact on biomedical stocks, indicating that the upward trend is more influenced by internal dynamics within the sector, which investors should pay attention to.

In addition, there are signs of renewed momentum in the 'trade-in' concept today. Sectors such as home appliances, machinery, and sporting goods have rebounded strongly.

The most interesting thing is that in the consumer sector, industries such as home appliances and sporting goods, which benefit from the 'trade-in' policy, have shown more strength in their performance compared to other consumer stocks like dining, illustrating the preference differences of funds.

After the market closed, the central bank announced the financial data for August. The data shows that the M2 balance at the end of August was 305.05 trillion yuan, a year-on-year increase of 6.3%; the M1 balance was 63.02 trillion yuan, a year-on-year decrease of 7.3%.

Officials from relevant departments of the central bank stated that in the next step, maintaining price stability and promoting a moderate price rebound will be important considerations in determining monetary policy, and they will provide financing to meet reasonable consumer financing needs in a more targeted manner. Taking into account the current market's expectations of loose liquidity under the backdrop of 'interest rate cuts', the performance of consumer stocks next week is also worth looking forward to.