Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.07% and the Hang Seng Tech Index decreasing by 1.09% [1] Group 1: Market Performance - The Hang Seng Index closed down by 1.07% [1] - The Hang Seng Tech Index saw a decline of 1.09% [1] Group 2: Stock Movements - Gold-related stocks performed strongly, with Chifeng Jilong Gold Mining rising over 14% and Shandong Gold increasing by more than 7% [1] - Dazhong Public Utilities fell by approximately 6% [1] - Kuaishou experienced a decline of nearly 3% [1] - Semiconductor Manufacturing International Corporation (SMIC) decreased by 1% [1]

Core Viewpoint - The global market during the National Day holiday (October 1-7) showed a pattern of "Asia-Pacific leading, Europe and America following, and commodity structure differentiation," driven by technology growth and expectations of global liquidity easing [1] Group 1: Global Market Performance - The Asia-Pacific technology growth sector outperformed, with major indices showing significant divergence [2] - The Nikkei 225 index surged by 6.72%, leading global markets, driven by expectations of easing policies from Japan's new Prime Minister and improved corporate earnings [2] - The S&P 500 and Nasdaq indices rose by 0.39% and 0.57%, respectively, supported by AI industry catalysts and interest rate cut expectations [2] Group 2: Commodity Market Trends - Gold and industrial metals showed strong performance, while energy commodities exhibited significant differentiation [3] - Spot gold surpassed $3980 per ounce, with COMEX gold futures rising by 3.48% to cross the $4000 mark, driven by heightened risk aversion and expectations of Federal Reserve rate cuts [3] - Industrial metals like LME copper and LME zinc increased by 4.45% and 2.75%, respectively, due to supply constraints and demand from AI and new energy sectors [3] Group 3: Industry Insights - The technology growth sector is clearly defined, with macro policies and industry trends resonating [4] - The semiconductor sector is driven by a global inventory cycle bottoming out and AI computing demand, with stocks like SMIC and Hua Hong Semiconductor rising over 14% [4] - The Hong Kong market showed significant sector differentiation, with materials, information technology, and healthcare leading, while consumer staples and real estate lagged [4] Group 4: Future Outlook - The A-share market is expected to see a strong opening post-holiday, with technology growth likely to continue its momentum [5] - Focus areas for investment include technology growth (semiconductor equipment, AI computing, communication devices), safe-haven assets (gold), and cyclical sectors benefiting from policy expectations [5] - Caution is advised regarding potential volatility in the technology sector and external policy uncertainties, particularly related to the U.S. government shutdown [5]

每经AI快讯，港股中芯国际跌幅收窄至1%，此前一度跌逾3%。 （文章来源：每日经济新闻） ...

港股中芯国际拉升翻红，此前一度跌逾3%。 ...

恒生科技指数跌幅收窄至1%。中芯国际跌幅收窄至1.3%，此前一度跌超3%。 ...

Group 1 - On September 26, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hengsheng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjii Food (02648) with 127.61% [1][2] Group 2 - The top ten stocks with the highest net inflows included Xiaomi Group-W (01810) with 11.00 billion and Huahong Semiconductor (01347) with 8.23 billion [2] - The top ten stocks with the highest net outflows included China Petroleum & Chemical Corporation (00386) with -2.16 billion and Changfei Optical Fiber Cable (06869) with -1.53 billion [2] - The net outflow ratios for the top ten stocks included Tianjin Chuangye Environmental Protection (01065) at -123.57% and China Telecom (00728) at -113.73% [3][4]

Group 1 - Goldman Sachs holds a positive view on the ongoing development of China's local AI ecosystem, which will benefit companies like SMIC and Hua Hong Semiconductor in the semiconductor sector [1] - Goldman Sachs raised the target price for SMIC from HKD 95 to HKD 117 and for Hua Hong from HKD 95 to HKD 117, maintaining a "Buy" rating for both [1] - DeepSeek recently launched its experimental model DeepSeek V3.2-Exp, which improved training and inference efficiency, leading to a reduction in API costs by over 50% [2] Group 2 - The introduction of the more efficient AI model is expected to lower the barriers for AI applications, promoting widespread adoption of the technology [2] - Despite SMIC and Hua Hong's primary capacity being focused on mature process nodes rather than advanced GPU/ASIC, both companies are anticipated to benefit from the long-term growth in AI-related demand [2] - SMIC's 7nm/14nm capacity is expanding, while Hua Hong plans to migrate its next wafer fab to a 28nm process, with potential for further upgrades to meet the increasing demand driven by AI [2]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.67% to below 27,000 points, the Hang Seng Tech Index down by 1.1%, and the Hang Seng China Enterprises Index decreasing by 0.88% [1][3]. Technology Sector Performance - Major tech stocks such as Xiaomi, Alibaba, and JD.com saw declines of 2.09%, 2.49%, and 2.14% respectively, while NetEase and Kuaishou also dropped by over 1% [3]. Notable Stock Movements - China Gas Holdings (08246.HK) experienced a significant increase, initially rising over 300% and closing up 113.51% at HKD 0.158 per share. This surge followed an announcement of a subscription agreement for 334 million shares at a price of HKD 0.075, representing a premium of approximately 1.35% over the previous closing price [3][4]. Precious Metals Sector - The precious metals sector showed strength, with Zijin Mining International (02259) rising by 8.24% to HKD 147.2, doubling its listing price of HKD 71.59. The current spot gold price reached USD 3,948.81 per ounce, up by 1.26% [6]. Semiconductor Sector - Semiconductor companies continued their upward trend, with SMIC (0981.HK) reaching a new high of HKD 92.1, marking a 0.17% increase. Huahong Semiconductor (1347.HK) also saw a rise of 4.57%, with a year-to-date increase of 331.6% [7]. IPO Activity - The Hong Kong IPO market remains robust, with 68 companies listed in the first three quarters, a year-on-year increase of 47.83%. The total fundraising amount reached HKD 182.397 billion, a significant increase of 222.16% compared to the previous year, marking the highest level since 2021 [7].

Market Overview - The Hong Kong stock market experienced a collective decline, with the Hang Seng Index falling 0.67% to close below 27,000 points, the Hang Seng Tech Index down 1.1%, and the National Enterprises Index decreasing by 0.88% [1][3]. Gold and Silver Market - Spot gold surged over $50, reaching a historic high of $3,940 per ounce, leading to a strong performance in gold stocks, with Shandong Gold up over 5%, Chifeng Jilong Gold up over 4%, and Zijin Mining up over 2%. Zijin Gold International saw an increase of over 8%, with its stock price doubling since its IPO [1]. - Silver prices also hit a record high, with NY silver reaching $48 per ounce. China Silver Group experienced a significant intraday increase of 20%, ultimately closing up 14.29% [1]. Semiconductor Sector - The demand for AI data centers has driven semiconductor stocks higher, with SMIC rising over 2% and Hua Hong Semiconductor increasing nearly 7%, both reaching historical highs. Goldman Sachs raised the target prices for SMIC and Hua Hong Semiconductor, citing the expanding AI ecosystem in China as a growth opportunity for the semiconductor sector [1]. Cryptocurrency Market - Bitcoin reached a new all-time high, while cryptocurrency-related stocks saw mixed performance, with OK Group Chain closing up 1.3% after an intraday surge of over 18% [1]. Company Performance - In the Hong Kong Stock Connect, Jihong Co. saw an increase of 8.77%, with a reported profit growth of up to 65% in the first three quarters. MicroPort Medical gained 6.62% following the announcement of a restructuring of its cardiac management business, and Four Seasons Pharmaceutical rose 6.7% after its "Frozen Preservation" product received approval for listing [1]. - In Macau, the gaming sector showed a year-on-year revenue growth of 6%, falling short of Morgan Stanley's expected 16% growth, leading to declines in major gaming stocks such as Melco International Development down over 6% and Galaxy Entertainment down nearly 3% [2]. Consumer Sector - The consumer sector showed overall weakness, with Mengniu Dairy down 2.77%. Concerns over slowing automotive demand negatively impacted the performance of new energy vehicle stocks, with Li Auto down over 3%, XPeng down 1.84%, and NIO down 0.17% [2].

Market Overview - The Hong Kong stock market indices opened lower, with the Hang Seng Index falling below 27,000 points, closing down 0.67% at 26,957.77 points, with a total turnover of HKD 121.26 billion [1] - The Hang Seng China Enterprises Index decreased by 0.88% to 9,573.38 points, while the Hang Seng Tech Index dropped by 1.1% to 6,550.3 points [1] Blue Chip Performance - Li Auto-W (02015) led the decline among blue chips, falling 3.31% to HKD 96.3, with a turnover of HKD 613 million, contributing a loss of 7.19 points to the Hang Seng Index [2] - In contrast, AIA Group (01299) rose 1.28% to HKD 75.2, contributing 15.86 points to the index, while HSBC Holdings (00005) increased by 0.91% to HKD 110.9, adding 20.43 points [2] Sector Highlights - The precious metals sector, led by China Daye Non-Ferrous Metals, saw significant gains, with shares surging 18% [3] - Gold stocks and cryptocurrency-related stocks performed well, with notable increases in shares such as Tan Gold Mining (00621) up 40.38% and China Silver Group (00815) up 14.29% [3] - The chip sector continued its strong performance, with companies like ASMPT (00522) rising 6.44% and Hua Hong Semiconductor (01347) increasing by 4.57% [4] Company-Specific Developments - MicroPort Medical (00853) saw its shares rise 6.62% following the announcement of a restructuring of its cardiac rhythm management business [5] - Macau's gaming revenue for September was reported at MOP 18.289 billion, a year-on-year increase of 6%, although it fell short of market expectations due to typhoon-related casino closures [6] - Zijin Mining International (02259) reached a new high, increasing by 8.24% and is set to be included in the Hang Seng Composite Index effective October 16, 2025 [7] - Kintor Pharmaceutical-B (02171) rose 15.87% after announcing the presentation of clinical data at the upcoming American Society of Hematology annual meeting [8]