Market Overview - A-shares experienced a slight decline, with the Shanghai Composite Index down 0.07% at 4,000 points, while the Shenzhen Component fell 0.36% and the ChiNext Index dropped 0.39%[15] - Hong Kong stocks rose, with the Hang Seng Index increasing by 0.85% and the Hang Seng Tech Index up 0.16%[10] - European markets closed higher, with the Euro Stoxx 600 up 0.7% and the German DAX rising 1.2%[8] - U.S. markets showed mixed results, with the Dow Jones up 0.7% nearing record highs, while the Nasdaq fell 0.3%[8] Commodity and Currency Trends - OPEC revised its outlook, indicating a global oil supply surplus earlier than expected, leading to a 4.18% drop in WTI crude oil prices to $58.49 per barrel[26] - Gold prices increased by 2.4%, while silver prices surged, reflecting market expectations of further monetary easing by the Federal Reserve[26] - The Japanese yen fell below the 155 mark against the U.S. dollar for the first time since February[26] Fixed Income Market - U.S. Treasury yields decreased by 2-5 basis points, with the 10-year yield at 4.07%[29] - The auction of $42 billion in 10-year Treasuries was relatively stable, with a bid-to-cover ratio of 2.43[29] - Asian bond markets saw a widening of spreads by 0-2 basis points due to selling pressure[29] Key Economic Indicators - The Federal Reserve is expected to maintain a cautious stance on interest rates, with potential for a 10 basis point cut in Q4 if domestic demand does not recover sufficiently[5] - The Chinese central bank is focusing on enhancing the internal coordination of the interest rate system, transitioning from aggregate control to structural optimization[5] Sector Performance - In the A-share market, financial stocks led gains, with Agricultural Bank of China up 3.5% and China Life Insurance rising 4%[15] - In Hong Kong, financial stocks also performed well, with notable increases in Agricultural Bank and China Life, while home appliance stocks surged following positive sales reports[10]

Market Overview - A-shares declined on Tuesday, with the Shanghai Composite Index down 0.39% to 4,002 points, and the Shenzhen Component down 1.03%[16] - The Hang Seng Index rebounded, closing up 0.18% at 26,696 points, driven by strong performance in consumer and property stocks[11] - U.S. markets showed mixed results, with the Dow Jones up 1.18% and the Nasdaq down 0.25%[9] Economic Indicators - The ADP report indicated a decrease of 45,000 jobs in October, marking the largest drop in two and a half years[29] - The U.S. government is expected to end its shutdown, which has positively impacted market sentiment[9] - The UK unemployment rate rose to its highest level since the pandemic, increasing expectations for a potential interest rate cut by the Bank of England[26] Commodity and Currency Movements - International oil prices rose over 1% due to supply concerns from U.S. sanctions on Russia, marking a third consecutive day of gains[26] - Gold prices slightly decreased, with the New York spot gold price at $4,116.3 per ounce, down 0.1%[26] - The U.S. dollar index remained stable, with a year-to-date change of -0.2%[25] Sector Performance - In the U.S., healthcare and energy stocks performed well, while technology stocks faced pressure due to SoftBank's liquidation of Nvidia shares, which raised concerns about a tech bubble[9] - In Hong Kong, the real estate sector rose by 1.6%, while healthcare stocks fell by 0.7%[11] - The consumer sector is expected to see a shift towards high-end consumption and recovery in demand, particularly in sectors like tourism and dining[18] Company News - Spotify reported better-than-expected Q3 2025 results, with revenue growth driven by price increases and improved gross margins[9] - Tencent is projected to see a 14% increase in total revenue for Q3 2025, with strong performance in online gaming and advertising[14] - SoftBank plans to invest an additional $22.5 billion in OpenAI, following the sale of its Nvidia shares for over $5 billion[23]

环球市场动态 2026 年 宏 观 与 政 策 展 望 — 万 里 豁 晴 川 股 票 中国市场周一回暖，10 月中中国 CPI 止跌回涨推动消费股大幅上 涨；欧洲股市强势收涨，美国政府 停摆有望结束提升了市场情绪；美 股走强，科技股带领纳指领涨大市。 外 汇 / 商 品 美国参议院推进法案，结束联邦政 府停摆取得进展，美国各项数据可 望恢复发布，强化市场对美联储 12 月降息预期，金价涨近 3%创逾两 个星期高位；市场利好情绪支撑油 价上涨。 固 定 收 益 周一美国假期前，美债交易相对清 淡，收益率上涨。美国政府有望结 束停摆，削弱避险需求。580 亿美 元 3 年期美债标售需求超预期强 劲。亚洲债市交易缓慢但情绪较为 坚挺，债券利差收窄 1-3 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 11 月 11 日 ▪ 国际方面，2026 年中美关系有望维持阶段性平衡，长期上特朗普正加速美国霸权的 "破坏性重构"，中国企业 出海与人民币国际化有望提速。国内方面，党的二十届四中全会对未来五年经济社会发展作出了顶层设计，"十 ...

中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) 投资策略 每周投资策略 上周环球 大类资产表现 本周主要地区 经济数据公布日程 (1) 欧洲市场焦点 经济增长趋于平衡 但复苏仍弱 按一下此處編輯母版標題樣式 文件名 产品及投资方案部 ｜2025年11月10日 每周投资策略 股票 欧股弹性有限； 阿迪达斯 ；Moncler ETF 精选STOXX欧洲航空 航天与国防ETF (2) 印度市场焦点 消费疲软 制约经济增长 股票 等待情绪反转； M&M Hindalco ETF iShares安硕核心 SENSEX印度ETF (3) 新加坡市场焦点 10月综合PMI创 14个月来最高 股票 海峡时报指数受50日均线 所支撑；吉宝数据中心 REIT；凯德投资 ETF iShares安硕MSCI新加坡 ETF 资料来源：中信证券财富管理 (香港) 资料来源：彭博、中信证券财富管理 (香港) 注：截至2025年11月7日 2 上 周 中 港 股市表现 中国市场整体坚挺，港股科技出现回撤 | | | | | | 环球主要股票市场表现 | | | | | | | | ...

环球市场动态 2025 年 11 月 10 日 " 反 内 卷 " 和 " 有 色 系 " 是 PPI 超 预 期 的 核 心 驱 动 力 股 票 中国市场周五表现较弱，A 股小幅 下跌，港股走弱，光伏、电力逆市 上涨；欧洲股市走弱，美股市场情 绪低迷继续困扰欧洲；美股午后从 低点大幅回升，标指、道指成功转 涨，政府停摆仍牵动市场情绪。 外 汇 / 商 品 市场仍在权衡供应过剩前景，上周 五国际油价上涨；避险需求提振金 价，纽约期金上涨。 固 定 收 益 美国国债收益率先跌后回升，消费 者信心数据疲软，股市遭抛售，美 国国债收益率下跌；随后有政府停 摆将有进展的乐观消息，提振风险 情绪，美国国债收益率回升。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 ▪ 10 月 PPI 同比跌幅进一步收窄至-2.1%，环比暨 2024 年 9 月后首度录得正增长，表现略超市场预期，反内卷 受益型行业与有色系行业继续成为工业品价格中的核心贡献。反内卷品类方面，煤炭、水泥、光伏设备和元器 件、锂离子电池的 PPI 回升表现较为亮眼。供给扰动延续背景下，有色系延 ...

Market Overview - A-shares rose collectively on Thursday, with the Shanghai Composite Index returning to 4,000 points, closing at 4,004, up 0.97%[16] - The Hang Seng Index increased by 2.12%, closing at 26,485 points, driven by strong performances in technology and materials sectors[11] - U.S. job cuts in October reached the highest level in over 20 years, raising concerns about the economic outlook, leading to a decline in U.S. stocks[9] Commodity and Currency Insights - Saudi Arabia lowered December crude oil prices for Asian buyers, contributing to a drop in oil prices, with WTI crude down 0.29% to $59.43 per barrel[27] - International gold prices remained stable, with a slight decrease of 0.05% to $3,991 per ounce[27] - The Bank of England maintained its benchmark interest rate at 4%, with expectations for a rate cut in December, while the British pound rose 0.7% to $1.314[27] Fixed Income Market - U.S. Treasury yields fell by 5-8 basis points, reflecting increased risk aversion due to weak labor market data[28] - The yield on the 10-year U.S. Treasury bond decreased to 4.08%, down 7.6 basis points[30] - In Asia, Chinese investment-grade bond spreads narrowed by 1-3 basis points, indicating improved market sentiment[28] Corporate Highlights - Tesla's shareholders approved CEO Elon Musk's controversial compensation plan, potentially worth up to $1 trillion if performance targets are met, with over 75% support[8] - China’s Huahong Semiconductor reported strong recovery trends, with significant increases in gross margins and ASP, benefiting from demand recovery[14] Economic Indicators - The Challenger job cuts report indicated 153,000 layoffs in October, raising concerns about the U.S. labor market[30] - U.S. holiday season spending is expected to exceed $1 trillion, setting a new record[6]

Market Overview - Chinese A-shares rebounded in the afternoon, with the Shanghai Composite Index rising by 0.23% and the ChiNext Index increasing by 1.03%[16] - The Dow Jones Industrial Average closed at 47,311 points, up 225 points or 0.48%, while the S&P 500 and Nasdaq rose by 0.37% and 0.65%, respectively[9] - European markets stabilized, with the UK FTSE 100 reaching a record high, up 0.6%[9] Commodity and Currency Insights - U.S. crude oil inventories increased significantly, leading to a drop in oil prices to a two-week low, with WTI crude closing at $59.60 per barrel, down 1.59%[26] - Gold prices rose to $3,992.9 per ounce, up 0.82%[26] - The U.S. dollar index remained stable at 100.20, while the Japanese yen fell by 0.3% to 154.12 against the dollar[25][26] Fixed Income Market - U.S. Treasury yields rose by 5-8 basis points, with the 10-year yield reaching 4.16%[29] - The U.S. Treasury indicated potential future increases in long-term debt issuance, which may affect market dynamics[29] Economic Indicators - The U.S. ADP private sector employment increased by 42,000 in October, exceeding expectations, while the ISM services index showed the fastest expansion in eight months[29] - Concerns about U.S. economic strength and geopolitical stability are expected to influence gold prices positively in the coming year[6]

Market Overview - Chinese A-shares rose, with the Hainan sector experiencing significant gains, while Hong Kong's three major oil companies showed strong performance[3] - U.S. stock markets saw mixed results, with the Nasdaq rising due to Amazon's influence, but the Dow Jones fell by 0.48%[8] - European markets displayed varied performance, with the Eurozone manufacturing PMI remaining weak, impacting market sentiment[3] Economic Indicators - October's industrial output growth in China is expected to slow due to the holiday effect, with industrial value-added growth forecasted to decline[5] - Social financing growth in China is projected to decrease by 0.1 percentage points to 8.6% in October, influenced by government debt constraints[5] - The U.S. ISM manufacturing index has contracted for the eighth consecutive month, indicating ongoing economic challenges[5] Commodity and Currency Trends - Oil prices remained stable following OPEC+'s announcement to pause production increases, with WTI crude oil closing at $61.05 per barrel[24] - Gold prices fluctuated but ultimately rose above $4,000 per ounce after initial pressure from tax policy changes in China[24] - The U.S. dollar index increased slightly to 99.87, reflecting mixed views among Federal Reserve officials regarding inflation and employment risks[24] Fixed Income Market - U.S. Treasury yields rose across the board, with the 10-year yield reaching 4.11%, influenced by a significant supply of corporate bonds, including $25 billion from Alphabet[28] - The Chinese bond market showed strength, particularly in investment-grade bonds, while Asian markets remained relatively calm[28] Sector Performance - In the U.S., the materials sector saw the largest decline, dropping 0.56%, while non-core consumer goods led the market with a 1.70% increase[8] - In Hong Kong, the energy sector surged by 3.2%, driven by OPEC+ decisions, while local stocks faced downward pressure[11]

Group 1: Hong Kong and China Market Focus - The resilience of non-US exports is expected to support mainland foreign trade data, with a forecasted year-on-year growth of 4.5% for exports and 3.5% for imports in October 2025 [19][20]. - The meeting between the Chinese and US leaders is anticipated to ease uncertainties, positively impacting risk appetite for Hong Kong stocks, particularly benefiting companies like Tencent Holdings and Alibaba [22][23]. - The iShares Hang Seng Tech ETF is highlighted as a vehicle to capture opportunities in technology-related Hong Kong stocks [26]. Group 2: US Market Focus - Federal Reserve Chair Powell has downplayed the expectations for a rate cut in December, with market implied probabilities dropping from 85% to around 70% [34]. - The divergence within the FOMC regarding interest rate decisions indicates a complex economic outlook, with expectations for a potential 25 basis points cut in December still on the table [33][34]. - Companies like Digital Realty and Cameco are identified as key players, with Digital Realty benefiting from AI-driven demand and Cameco positioned to capitalize on nuclear energy expansion [44]. Group 3: Malaysia Market Focus - New agreements are expected to reduce uncertainties in trade with the US, providing a more supportive macro environment for companies like Petronas and the broader Malaysian economy [49][50]. - The iShares MSCI Malaysia ETF is noted as a means to invest in Malaysian equities, reflecting the positive outlook for the market [49].

Market Overview - China's manufacturing PMI for October is at 49.0, down 0.8 points from the previous month, indicating contraction[5] - Non-manufacturing PMI for China increased to 50.1, up 0.1 points, reflecting slight improvement in the services sector[5] - The Hang Seng Index fell 1.43%, closing below 26,000 points, marking a monthly decline of 3.35%[10] Stock Market Performance - U.S. stock markets showed mixed results; the Dow Jones increased by 0.1%, while the S&P 500 and Nasdaq rose by 0.3% and 0.6%, respectively[7] - European markets declined, with the Stoxx 600 down 0.51% and major indices like the DAX and CAC 40 falling by 0.67% and 0.4%[8] - In Asia, the Nikkei 225 rose by 2.1%, reaching 52,411.3 points, while the Shanghai Composite Index dropped by 0.81%[22] Commodity and Currency Insights - The U.S. dollar index rose to 99.80, up 0.3%, while gold prices fell below $4,000, closing at $3,996.5 per ounce[27] - Oil prices increased slightly, with WTI crude oil at $60.98 per barrel, up 0.68%[27] - The euro appreciated against the dollar, trading at 1.154, while the British pound remained stable at 1.315[26] Fixed Income Market - U.S. Treasury yields showed slight declines, with the 10-year yield at 4.08%, down 2 basis points[31] - Asian bond markets remained resilient despite light trading, with Chinese investment-grade bond spreads narrowing by 0-2 basis points[31] Economic Indicators - The Eurozone's inflation rate slightly decreased to 2.1% in October, indicating a potential easing of price pressures[5] - The U.S. Federal Reserve officials expressed opposition to further rate cuts, raising concerns about the December meeting's outcomes[27]