Market Overview - The Asia-Pacific stock markets showed mixed results, with Japan's Nikkei 225 index rising by 1.9% to 45,769 points, while Hong Kong's Hang Seng Index fell by 0.54% to 27,140 points[3][15]. - In the U.S., the Dow Jones increased by 0.51% to 46,758 points, while the Nasdaq Composite dropped by 0.28% to 22,780 points, ending a five-day upward trend[8][7]. Economic Indicators - The U.S. ISM non-manufacturing PMI for September was reported at 50, the weakest since 2020, indicating potential economic slowdown[5][8]. - The M1 money supply is expected to show resilience, suggesting a likely confirmation of the PPI turning point, with improved liquidity in certain sectors[5]. Commodity and Currency Movements - Gold prices reached a new high of $3,920 per ounce, reflecting a 0.87% increase, while WTI crude oil prices rose nearly 1%[20][4]. - The USD/JPY exchange rate surged by 1.27% to 149.31, influenced by political changes in Japan[20][21]. Sector Performance - In the U.S. stock market, seven out of eleven S&P sectors rose, with utilities and healthcare leading gains, both up over 1.1%[8]. - In Hong Kong, the technology sector faced declines, contributing to the overall market downturn, with the Hang Seng Tech Index falling by 0.90%[10]. Key Corporate Developments - Nvidia's AI chip deal with the UAE faces delays, impacting its stock performance, which fell by 0.70%[7][10]. - Macau's visitor numbers during the National Day holiday are expected to increase by 5.9% year-on-year, with projected gaming revenue growth of 9% to MOP 22.6 billion[13].

Market Performance - The Asia-Pacific stock markets showed mixed results, with the Hang Seng Index rising 1.89% to 26,622 points, and the Shanghai Composite Index increasing 1.5% to 4,620 points[20] - The US stock market saw the Dow Jones rise 0.15% to 46,316 points, the S&P 500 up 0.26% to 6,661 points, and the Nasdaq gaining 0.48% to 22,591 points[9] - Major Latin American indices also rose, with the S&P Mexico IPC Index up 0.49% to 62,610 points and the IBOVESPA Index in Brazil increasing 0.61% to 146,336 points[9] Economic Outlook - China's economy is projected to maintain an average annual growth rate of approximately 4%-4.5% during the 14th Five-Year Plan period to achieve the goal of doubling economic output and per capita income by 2035[6] - The US government shutdown risk is increasing, which is affecting market sentiment and leading to a decline in the US dollar index by 0.3%[26] Commodity and Currency Movements - International oil prices fell over 3%, with NYMEX crude oil down 3.45% to $63.45 per barrel[26] - The international gold price reached a new high, reflecting increased demand amid government shutdown concerns[26] - The Japanese yen led G-10 currencies with a rise against the US dollar, which fell to 97.91[25] Sector Performance - In the US, nine out of eleven S&P sectors rose, with the consumer discretionary sector leading with a gain of 0.55%[9] - The healthcare and luxury goods sectors performed well in Europe, supporting the rise of major European indices[9] Individual Stock Highlights - Take-Two Interactive (TTWO) is expected to enter a new product cycle with the anticipated release of major titles, projecting a target price of $316[9] - EA (Electronic Arts) shares surged 4.50% following news of a $55 billion privatization deal, marking the largest leveraged buyout in history[9]

Group 1: Australia Market Focus - The short-term inflation rebound does not change the expectation of interest rate cuts in Q4, with the Australian CPI rising to 3.0% in August, up from 2.8% in July, exceeding market expectations of 2.9% [17] - The Australian economy showed a strong performance with Q2 GDP growth of 1.8%, surpassing the market consensus of 1.6%, driven by domestic demand and government spending [14] - The commodity upcycle opens further upside for the Australian materials sector, with a focus on companies like Northern Star and Lynas [19][24] Group 2: Northern Star and Lynas - Northern Star (NST AU) is expected to have strong production growth prospects, with a target price of AUD 24.7, supported by a robust balance sheet and a significant stock buyback plan [24] - Lynas (LYC AU) is positioned as a strategic player in the rare earths market, benefiting from high demand in high-end electronics and clean energy sectors, with a focus on ESG principles [24] Group 3: Thailand Market Focus - Thailand's GDP was boosted by pre-emptive shipments before tariff implementation, highlighting structural industry opportunities, particularly in companies like CP ALL and Bangkok Dusit Medical Services [39]

Market Overview - The US dollar is expected to remain weak throughout the year due to a combination of factors including a potential slowdown in the US economy and the Federal Reserve's anticipated interest rate cuts[6] - The second quarter GDP growth in the US was revised up to 3.8%, the highest in nearly two years, which has tempered expectations for further interest rate cuts[9] Stock Market Performance - A-shares showed mixed results with the Shanghai Composite Index down 0.01% at 3,853 points, while the ChiNext Index rose 1.58%, reaching a three-year high[16] - US stocks experienced a third consecutive decline, with the Dow Jones down 173 points or 0.38%, and the S&P 500 down 0.5%[9] Commodity and Forex Insights - International oil prices remained volatile, with WTI crude oil closing at $64.98 per barrel, while Brent crude rose 0.16% to $69.42 per barrel[26] - Silver prices have surged, breaking the $45 per ounce mark for the first time in 14 years, while gold prices stabilized at high levels[26] Fixed Income Market - The US bond market faced pressure with short-term Treasury yields rising, reflecting stronger-than-expected economic data, leading to a flattening of the yield curve[27] - Asian bond demand has improved, with spreads narrowing by 1-3 basis points across various sectors[29] Key Economic Indicators - Initial jobless claims in the US fell to 218,000, the lowest since July, indicating a resilient labor market[29] - Durable goods orders unexpectedly increased by 2.9% month-on-month in August, further supporting the economic outlook[6]

Market Overview - Global stock markets showed mixed performance, with Hong Kong and China leading gains, while U.S. markets faced downward pressure due to high valuations concerns expressed by Fed Chair Powell[3][9]. - The U.S. dollar index rose by 0.6% to 97.87, while the Japanese yen led declines among G-10 currencies[4][26]. Stock Market Performance - The Hang Seng Index increased by 1.37% to 26,500 points, driven by strong performances from technology stocks, particularly Alibaba, which surged by 8.19%[11][9]. - A-shares also performed well, with the Shanghai Composite Index rising by 0.83% to 3,853 points, and the Shenzhen Component Index up by 1.8%[16]. Sector Analysis - In the U.S., 7 out of 11 S&P sectors declined, with the materials sector leading the losses at 1.59%, while the energy sector gained 1.23%[9]. - In Hong Kong, the technology sector led gains with a 2.53% increase, while utilities and healthcare sectors faced declines[12]. Commodity and Bond Market Insights - International oil prices rose over 2%, with WTI crude oil increasing by 2.49% to $64.99 per barrel due to ongoing supply risks from Russia[4][26]. - The U.S. bond market faced pressure from a large issuance of corporate bonds, including Oracle's $18 billion offering, leading to fluctuations in yields[29]. Economic Indicators - U.S. new home sales unexpectedly surged over 20% in August, indicating a robust housing market[6]. - China's central bank advisor called for fiscal support for the real estate sector, highlighting ongoing economic challenges[6]. Key Developments - The U.S. initiated a 232 investigation into imported medical devices, which may lead to tariffs affecting the industry[6]. - TSMC announced a 50% price increase for its 2nm process technology, impacting semiconductor pricing across the industry[22].

Market Overview - A-shares rose on Monday, with the Shanghai Composite Index up 0.22% to 3,828.58 points, and the Shenzhen Component Index up 0.67% to 13,157.97 points[16] - The Hang Seng Index fell 0.76% to 26,344 points, with major tech stocks underperforming[11] - US stocks continued to hit new highs, with the Dow Jones up 0.14% to 46,381.5 points and the Nasdaq up 0.7% to 22,789 points[9] Monetary Policy and Economic Indicators - The Federal Reserve is expected to restart its rate-cutting cycle, which historically benefits emerging markets[6] - The international gold price reached a new historical high, driven by expectations of Fed rate cuts and inflows into gold ETFs, with gold futures up 1.9% to $3,744.8 per ounce[27] - US Treasury yields rose slightly, with the 10-year yield at 4.15%, reflecting a cautious outlook on further rate cuts[29] Sector Performance - In the A-share market, technology stocks led the gains, with the STAR Market Index up 3.38%[16] - The healthcare sector in Hong Kong showed resilience, with a 1.5% increase, while industrials and consumer staples faced declines[12] - In the US, the information technology sector outperformed, rising 1.74%, driven by strong performances from Apple and Nvidia[9] Regional Market Trends - Asian markets showed mixed results, with Taiwan's index up 1.2% and Japan's Nikkei 225 up 1.0%[21] - The Korean KOSPI index rose 0.7%, supported by strong bank stock performance, which is up 49% year-to-date[23] - The Indian market declined by 0.5%, reflecting cautious sentiment amid ongoing trade negotiations with the US[21] Key Corporate Developments - Oracle's reliance on OpenAI for over 70% of its orders raises concerns about its revenue stability, with projected IaaS revenues for 2026-2030 reaching $144 billion[9] - Nvidia announced a $100 billion investment in OpenAI, boosting market enthusiasm for tech stocks[9] - Berkshire Hathaway continued to increase its stake in Japan's five major trading companies, indicating confidence in the Japanese market[6]

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9月22日 每周投资策略 中信証券財富管理 (香港) CITIC Securities Wealth Management (HK) ETF iShares安碩 恒生科技ETF (2) 印度市场焦点 消费税下调 期望提振经济 股票 等待情绪反转； Mahindra； Varun Beverages ETF iShares安碩核心 SENSEX印度ETF 投资策略 每周投资策略 上周环球 大类资产表现 (1) 港股市场焦点 美联储降息旨在 避免经济滑向衰退 本周主要地区 经济数据公布日程 股票 预计本轮预防式降息利好 港股核心资产； 腾讯控股；阿里巴巴 资料来源：中信证券财富管理 (香港) 1 上周环球 股市表现 美联储降息，全球多个市场股市再创新高 | | | | | | 环球主要股票市场表现 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指数 | 收盘价* | 1周变动 | 1个月变动 | 3个月变动 | 1年 ...

Market Overview - A-shares experienced a continuous decline, with the Shanghai Composite Index dropping by 0.3% and the Shenzhen Component down by 0.04%[15] - U.S. stocks reached new historical highs, with the Dow Jones increasing by 0.4% to close at 46,315.3 points, and the S&P 500 rising by 0.5% to 6,664.4 points[6][8] - European markets saw slight declines, with the Stoxx 600 down by 0.2% and the UK FTSE 100 decreasing by 0.1%[8] Economic Indicators - The market's concerns over potential U.S. tariffs on Chinese purchases of Russian oil eased, leading to a drop in international oil prices by over 1%[26] - The expectation of continued U.S. interest rate cuts has driven international gold prices higher, with gold rising by 0.7% to $3,676 per ounce[26] Sector Performance - In the U.S., the technology sector led gains, with the information technology index up by 1.19%, while the energy sector faced a decline of 1.28%[8] - In Hong Kong, the Hang Seng Index remained flat, with the Hang Seng Tech Index rising by 0.37%[10] Investment Insights - Nvidia plans to invest $5 billion in Intel, indicating a positive outlook for future business collaboration in the data center and PC markets[5] - The semiconductor sector is under scrutiny, with companies like Cambricon Technologies experiencing a significant drop of 5%[15] Fixed Income Market - U.S. Treasury yields rose slightly, with the 2-year yield increasing by 0.8 basis points to 3.57% and the 10-year yield up by 2.3 basis points to 4.13%[29] - Asian bond markets showed limited trading activity, with spreads narrowing by 0-3 basis points[29] Currency Movements - The U.S. Dollar Index increased by 0.3%, while the dollar's value against the Chinese Yuan remained stable at 7.118[25] - The Euro appreciated against the dollar, trading at 1.175, reflecting a 13.4% increase year-to-date[25]

"十 五 五 "数 字 经 济 再 上 新 台 阶 股 票 环球市场动态 大型科技股普遍回调，周四港股跟 随 A 股午后跳水，高开低走。亚太 股市跌多涨少，台日韩股市持续强 势，逆市造好。欧洲股市上升，德 股涨幅居前。拉美股市下跌。英伟 达入股英特尔，芯片股造好支持美 股创新高。 外 汇 / 商 品 忧虑供应持续过剩和燃料需求疲 弱，周四国际油价 2 连跌。美元汇 价上升，投资者获利回套下，金价 下跌。英伦银行维持利率不变，但 放慢量化紧缩步伐，英镑兑美元下 跌。 固 定 收 益 美国国债承压走低，美国上周首申 失业救济数据引发抛售。亚洲投资 级债券市场情绪坚挺，中国投资级 债券利差收窄 2-5 个基点，TMT 和 国企表现突出。 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 9 月 19 日 ▪ "十四五" 时期，中国数字经济实现了跨越式发展，成为支撑高质量增长的核心引擎。伴随 5G、工业互联网、 人工智能和数据中心等新型基础设施的快速建设，数字经济总量稳步扩张，"十四五" 规划中设定的主要数量化 目标基本完成，个别指标因最新数 ...

Market Overview - A-shares experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to 3,861 points, while the Shenzhen Component Index and the ChiNext Index rose by 0.45% and 0.68%, respectively[14] - The Hang Seng Index fell by 0.03%, while the Hang Seng Tech Index increased by 0.56%, indicating mixed performance in the Hong Kong market[9] - European markets declined ahead of the Federal Reserve's interest rate decision, with the Stoxx 600 index dropping by 1.09%[7] Economic Indicators - The U.S. retail sales rose for the third consecutive month in August, exceeding expectations[4] - The U.S. dollar index fell below 97, reflecting market concerns over potential interest rate cuts by the Federal Reserve[24] - International gold prices reached a record high, with spot gold touching $3,703 per ounce[24] Federal Reserve Insights - The Federal Reserve is expected to announce its interest rate decision on Wednesday, with market anticipation leaning towards a rate cut[4] - U.S. Treasury yields showed a downward trend, with the 10-year yield at 4.03% and the 30-year yield at 4.65%[27] Sector Performance - In the U.S. market, energy stocks rose by 1.73% due to concerns over Russian oil supply disruptions, while utility stocks led declines with a drop of 1.81%[7] - In the A-share market, the real estate sector saw a gain of 1.5%, while financials declined by 0.8%[14] Investment Opportunities - Robinhood launched a new social trading platform, which is expected to enhance user engagement and trading frequency, with a target price of $125 for its stock[6] - The Chinese technology sector is showing optimism, particularly in AI-related stocks, despite potential profit-taking pressures[20]