Core Viewpoint - The Hang Seng Technology Index has experienced a decline of over 3%, with significant drops in several constituent stocks, indicating a bearish trend in the technology sector [1] Group 1: Index Performance - The Hang Seng Technology Index fell by more than 3% [1] Group 2: Individual Stock Performance - Major constituents such as Sunny Optical Technology, BYD Electronics, Kuaishou, and Lenovo Group each saw declines exceeding 5% [1]

消息面上，美方日前宣布将对中方加征100%关税。招商证券认为，应将本次威胁关税视为筹码而非目 的，100%关税落地概率较低。华福证券表示，关税对果链设备公司的影响不应被高估，苹果对供应商 的要求极为严格，国内果链公司具备不可替代性。 值得注意的是，Counterpoint此前发布报告称，2025年第三季度前八周，中国智能手机市场销量同比下 降2%，这与期内促销活动和国家补贴政策加剧了中高端市场的竞争且消费者更倾向购买中高端产品有 关。该机构预计，2025年第三季度中国智能手机市场将小幅下跌，而全年表现大体持平。 苹果概念股跌幅居前，截至发稿，鸿腾精密(06088)跌9.33%，报5.83港元；高伟电子(01415)跌5.7%，报 34.42港元；丘钛科技(01478)跌4.91%，报15.1港元；比亚迪（002594）电子(00285)跌4.59%，报39.52港 元。 ...

Core Viewpoint - The Hong Kong stock market saw significant declines in Apple-related stocks on October 13, with notable drops in several companies' share prices [1] Group 1: Company Performance - Hong Teng Precision (06088.HK) experienced a decline of 9.33%, trading at 5.83 HKD [1] - Gao Wei Electronics (01415.HK) fell by 5.7%, with shares priced at 34.42 HKD [1] - Qiu Tai Technology (01478.HK) saw a decrease of 4.91%, trading at 15.1 HKD [1] - BYD Electronics (00285.HK) dropped by 4.59%, with shares at 39.52 HKD [1]

Core Viewpoint - Apple-related stocks have experienced significant declines, with various companies showing notable drops in their stock prices due to recent tariff announcements from the U.S. government [1] Group 1: Stock Performance - Hongteng Precision (06088) fell by 9.33%, trading at 5.83 HKD [1] - Gao Wei Electronics (01415) decreased by 5.7%, trading at 34.42 HKD [1] - Qiutai Technology (01478) dropped by 4.91%, trading at 15.1 HKD [1] - BYD Electronics (00285) declined by 4.59%, trading at 39.52 HKD [1] Group 2: Tariff Impact - The U.S. has announced a 100% tariff on Chinese goods, but analysts from招商证券 suggest that this should be viewed as a bargaining chip rather than a definitive outcome, indicating a low probability of the tariff being implemented [1] - 华福证券 emphasizes that the impact of tariffs on Apple’s supply chain companies should not be overstated, as Apple has strict requirements for its suppliers, and domestic companies in the supply chain are irreplaceable [1] Group 3: Market Trends - Counterpoint's report indicates that the Chinese smartphone market saw a 2% year-on-year decline in sales during the first eight weeks of Q3 2025, attributed to intensified competition in the mid-to-high-end market and consumer preference for higher-end products [1] - The same report forecasts a slight decline in the Chinese smartphone market for Q3 2025, with overall performance expected to remain stable for the year [1]

Core Insights - The top three companies with the highest short positions as of October 3 are COSCO Shipping Holdings (01919), Ganfeng Lithium (01772), and ZTE Corporation (00763), with short ratios of 15.66%, 15.25%, and 15.16% respectively [1][2] - Ganfeng Lithium (01772) saw the largest absolute increase in short positions, rising by 1.20%, followed by Minmetals Resources (01208) with an increase of 0.96%, and Yuexiu Transport Infrastructure (01052) with an increase of 0.76% [1][2] - The companies with the largest decreases in short positions include GCL-Poly Energy (03800), which decreased by 3.16%, followed by Dongfang Electric (01072) with a decrease of 2.03%, and Jinxin Fertility (01951) with a decrease of 0.76% [1][3] Summary of Short Positions - **Top 10 Companies by Short Ratio** - COSCO Shipping Holdings (01919): 15.66% (from 437 million shares to 451 million shares) - Ganfeng Lithium (01772): 15.25% (from 62.30 million shares to 67.64 million shares) - ZTE Corporation (00763): 15.16% (from 113 million shares to 115 million shares) - CATL (03750): 13.83% (from 21.12 million shares to 21.57 million shares) - Vanke (02202): 12.63% (from 268 million shares to 279 million shares) - Ping An Insurance (02318): 12.59% (from 959 million shares to 938 million shares) - Zijin Mining (02899): 12.58% (from 750 million shares to 754 million shares) - MicroPort Medical (00853): 11.10% (from 213 million shares to 212 million shares) - Hansoh Pharmaceutical (01276): 11.01% (from 28.01 million shares to 28.43 million shares) - Fuyao Glass (06865): 10.85% (from 49.22 million shares to 47.94 million shares) [2] - **Top 10 Companies with Increased Short Positions** - Ganfeng Lithium (01772): Increased by 1.20% (from 14.05% to 15.25%) - Minmetals Resources (01208): Increased by 0.96% (from 1.96% to 2.93%) - Yuexiu Transport Infrastructure (01052): Increased by 0.76% (from 1.08% to 1.84%) - Jinli Permanent Magnet (06680): Increased by 0.66% (from 7.76% to 8.42%) - China Civil Aviation Information Network (00696): Increased by 0.58% (from 6.63% to 7.21%) [2] - **Top 10 Companies with Decreased Short Positions** - GCL-Poly Energy (03800): Decreased by 3.16% (from 11.76% to 8.59%) - Dongfang Electric (01072): Decreased by 2.03% (from 6.78% to 4.75%) - Jinxin Fertility (01951): Decreased by 0.76% (from 10.61% to 9.85%) - Yangtze Optical Fibre and Cable (06869): Decreased by 0.75% (from 7.03% to 6.28%) - Shanghai Electric (02727): Decreased by 0.72% (from 2.25% to 1.52%) [3][4]

消息面上，Counterpoint此前发布报告称，2025年第三季度前八周，中国智能手机市场销量同比下降 2%，这与期内促销活动和国家补贴政策加剧了中高端市场的竞争且消费者更倾向购买中高端产品有 关。该机构预计，2025年第三季度中国智能手机市场将小幅下跌，而全年表现大体持平。 值得注意的是，OpenAI此前与果链龙头企业立讯精密（002475）达成战略合作。里昂表示，考虑到 OpenAI的设备团队核心成员均来自苹果公司，其选择与苹果供应链企业合作亦属合理。预计有关举措 可为现有苹果供应链企业带来新增长动力。 苹果概念股全线下跌，截至发稿，高伟电子(01415)跌5.32%，报36.64港元；富智康集团(02038)跌 5.05%，报17.66港元；比亚迪（002594）电子(00285)跌4.28%，报41.58港元；丘钛科技(01478)跌 3.33%，报15.98港元。 ...

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "earnings revision leading indicator" criterion, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - Tencent (00700.HK) is included in the list of recommended stocks [1] - Alibaba-W (09988.HK) is also featured as a buy recommendation [1] - Xiaomi-W (01810.HK) is highlighted as a potential investment opportunity [1] - AIA Group (01299.HK) is part of the recommended stocks [1] - Pinduoduo (PDD.US) is listed among the buy stocks [1] - Hong Kong Exchanges and Clearing (00388.HK) is included in the recommendations [1] - Ping An Insurance (02318.HK) is mentioned as a buy [1] - Kuaishou-W (01024.HK) is part of the recommended list [1] - Techtronic Industries (00669.HK) is highlighted as a potential investment [1] - China Pacific Insurance (02328.HK) is included in the buy recommendations [1] - Lenovo Group (00992.HK) is featured in the list [1] - ZTO Express-W (02057.HK) is also recommended [1] - Hua Hong Semiconductor (01347.HK) is part of the buy list [1] - Kingdee International (00268.HK) is included in the recommendations [1] - GDS Holdings Limited-SW (09698.HK) is highlighted as a potential investment [1] - AAC Technologies (02018.HK) is part of the recommended stocks [1] - BYD Electronic (00285.HK) is included in the buy recommendations [1] - China International Capital Corporation (03908.HK) is featured in the list [1] - Weichai Power (02338.HK) is mentioned as a buy [1] - CRRC Corporation (01766.HK) is included in the recommendations [1] - JD Logistics (02618.HK) is part of the recommended stocks [1] - Swire Pacific A (00019.HK) is highlighted as a potential investment [1] - Miniso Group (09896.HK) is included in the buy recommendations [1] - Times Electric (03898.HK) is part of the recommended list [1] - Haitian International (01882.HK) is also featured in the recommendations [1]

Core Viewpoint - Goldman Sachs released its October Asia-Pacific strategy report, highlighting a list of recommended stocks based on the "Earnings Revisions Leading Indicator" criteria, focusing on Hong Kong and Chinese concept stocks [1] Group 1: Recommended Stocks - The report includes a list of stocks recommended for purchase, which are: - Tencent (00700.HK) - Alibaba-W (09988.HK) - Xiaomi-W (01810.HK) - AIA (01299.HK) - Pinduoduo (PDD.US) - Hong Kong Exchanges and Clearing (00388.HK) - Ping An Insurance (02318.HK) - Kuaishou-W (01024.HK) - Techtronic Industries (00669.HK) - China Pacific Insurance (02328.HK) - Lenovo Group (00992.HK) - ZTO Express-W (02057.HK) - Hua Hong Semiconductor (01347.HK) - Kingdee International (00268.HK) - GDS Holdings-SW (09698.HK) - AAC Technologies (02018.HK) - BYD Electronic (00285.HK) - China International Capital Corporation (03908.HK) - Weichai Power (02338.HK) - CRRC Corporation (01766.HK) - JD Logistics (02618.HK) - Swire Pacific A (00019.HK) - Miniso Group (09896.HK) - Times Electric (03898.HK) - Haitian International (01882.HK) [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: | 重新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 比亞迪電子(國際)有限公司 | | | | 呈交日期: | 2025年10月3日 | | | | I. 法定/註冊股本變動 不適用 | | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00285 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,253,204,500 | | 0 | | 2,253,204,500 | | 增加 ...

Market Performance - On October 2, the Hong Kong stock market opened strongly, with the Hang Seng Index rising by 1.61% and the Hang Seng Tech Index increasing by 3.36% [2] - The FTSE China A50 Index futures also saw significant gains, peaking at over 1.2% [4] Sector Highlights - The semiconductor sector showed remarkable performance, with the Wind Hong Kong Semiconductor Index surging over 10%. Notable stocks included Junma Semiconductor, which rose nearly 30%, and SMIC, which increased by over 12% [2] - The electrical equipment sector also performed well, with stocks like Xinyi Solar and China High-Speed Transmission rising over 9% [2] - The precious metals sector experienced significant gains, with China Silver Group rising over 37% and gold prices nearing $3900 per ounce due to increased safe-haven demand [3] Foreign Investment Sentiment - Global fund managers are returning to the Chinese market, with Goldman Sachs reporting the highest activity in China's stock market by hedge funds in recent years [5] - Morgan Stanley noted a $1 billion inflow into foreign long funds in China by the end of August, contrasting with a $17 billion outflow the previous year [5] - A recent survey indicated that over half of institutional investors are optimistic about the A-share market, a significant increase from one-third in June [6]