Today, the three major Hong Kong stock indexes narrowed their gains in the afternoon. As of the close, the Hang Seng Index rose 1.14%, once again falling below the 18,000 level; the HSCEI rose 1.34%, with a brief increase of more than 2% during trading; and the Hang Seng Tech Index rose 2.87%, with a brief increase of over 4% during trading.

In terms of the market, mainland insurance companies performed strongly throughout the day, with New China Life Insurance up over 7%, China Pacific Insurance and China Life Insurance up over 5%, and Ping An Insurance reaching a new high of nearly 6% during trading, the highest in more than two and a half months.

In Macau, the number of group tourists entering the country in the first seven months of this year increased by 1.5 times year-on-year. Casino stocks rose across the board, with MGM China up over 6%.

Automobile stocks, which experienced a sharp decline yesterday, rebounded collectively today. Quarterly profits and revenues exceeded expectations, with Great Wall Motor up over 7%; NIO up over 10%; XPeng up over 8%; Li Auto and Evergrande Vehicle up over 7%.

Specifically:

Property stocks and real estate stocks surged, with A-Living Services up over 12%; CIFI Holding Group up over 11%; Shimao Group up over 10%; Vanke, Sunac, and Radiance Holdings up over 9%; China Resources Mixc, Shimao Services, and CG Services up over 8%; Greentown China, Agile Group, and Evergrande Services up over 5%.

According to market rumors, relevant parties are considering further lowering the interest rates of existing home loans, allowing existing home loans with a scale of up to 38 trillion RMB to seek refinancing, in order to reduce the debt burden of residents and stimulate consumption. According to the relevant plan, existing mortgage customers can renegotiate the mortgage interest rates with banks, without having to wait until January (the usual time for interest rate adjustments). In addition, they can also transfer their existing mortgage loans directly to other banks and sign contracts according to the latest interest rates, which will be the first time that China has allowed this operation known as 'refinancing' since the global financial crisis.

Auto stocks surged, with NIO up more than 10%, XPeng up more than 8%, Li Auto, Great Wall Motor, and Evergrande Auto up more than 7%, BYD up more than 5%, and Lixiang Auto up more than 4%, Geely Auto up more than 2%.

Insurance stocks soared, with New China Life Insurance up more than 7%, China Life Insurance and China Pacific Insurance up more than 5%, Ping An Insurance up more than 3%, and China Taiping Insurance up more than 1%.

In terms of news, overall, the five major insurance companies achieved a net profit attributable to the parent company of 171.799 billion yuan in the first half of the year, a year-on-year increase of 12.55%.

Home appliance stocks rebounded, with Haier Smart Home up more than 5%, Hisense Home Appliances up more than 4%, and TCL Electronics up more than 3%.

Chip stocks are strong, with Shanghai Fudan and Semiconductor Manufacturing International Corporation up more than 3%, Solomon Systech and HG Semi up more than 1%.

Mainland banking stocks continue to weaken, with China Merchants Bank and Shengjing Bank down more than 4%, Industrial and Commercial Bank of China, Bank of Communications, Postal Savings Bank of China, CQRC Bank, and CEB Bank down more than 2%, Agricultural Bank of China, Construction Bank, and China Citic Bank down more than 1%.

Despite the decline in banking stocks, JPMorgan believes that the long-term trend of capital flow to high-yield stocks such as banks has not changed, and the performance of banking stocks is not significantly below expectations. There is no need to overly worry about banks reducing dividends due to capital pressure.

Gold stocks fall, with SD Gold and Zhaojin Mining down more than 2%, Grand T G Gold, Chi Silver GP, and Zijin Mining Group down more than 1%.

The green energy concept has fallen, with Enn Energy, Huadian International Power, and Goldwind Science & Technology falling by more than 1%, while China Longyuan, CGN New Energy, and Datang International Power have fallen slightly.

Today, southbound funds net bought 1.367 billion HKD, of which the Shanghai-Hong Kong Stock Connect net bought 1.429 billion HKD, and the Shenzhen-Hong Kong Stock Connect net sold 61.3355 million HKD.

Looking ahead, Zhongtai International believes that the overall profit forecast of Hong Kong stocks since the performance period has been slightly revised upwards, mainly driven by the technology, energy, and healthcare sectors, while the consumer sector generally faces significant downward pressure on profits. Weighted internet and telecommunications stocks have commendable performance, and the valuation adjustments caused by the previous decline are sufficient, which is expected to attract capital inflows again. Overall, investor willingness to enter the market remains low, and funds are focused on high dividend and speculative stocks with good performance. The Fed's rate cut in September is approaching, which is expected to further open up the domestic monetary policy space. In the short term, it is possible to capture the resilience of some internet, telecommunications, and energy stocks, and focus on Hong Kong local real estate stocks benefiting from the Fed's interest rate cut.