Market Overview - On October 30, the Hang Seng Index fell by 0.24%, closing at 26,282.69 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 13.641 billion [1] Trading Activity - The total trading volume for the Stock Connect on October 30 was HKD 152.837 billion, with a net purchase of HKD 13.641 billion. Specifically, the Shanghai Stock Connect had a trading volume of HKD 92.627 billion and a net purchase of HKD 6.612 billion, while the Shenzhen Stock Connect had a trading volume of HKD 60.210 billion and a net purchase of HKD 7.030 billion [1] Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 64.51 billion, followed by SMIC and Tencent Holdings with trading volumes of HKD 52.19 billion and HKD 32.90 billion, respectively. In terms of net buying, the Yingfu Fund led with a net purchase of HKD 2.930 billion, while Alibaba-W had the highest net selling at HKD 0.386 billion [1][2] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Alibaba-W also topped the trading volume with HKD 46.11 billion, followed by SMIC and Xiaomi Group with HKD 38.20 billion and HKD 24.08 billion, respectively. The Yingfu Fund recorded a net purchase of HKD 1.703 billion, while SMIC had the highest net selling at HKD 0.537 billion [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth 13.641 billion HKD today [1] - The top net purchases included: - Tracker Fund of Hong Kong (46.33 million HKD) - Alibaba Group (8.75 million HKD) - Meituan (8.05 million HKD) - Hang Seng China Enterprises Index (7.72 million HKD) - CNOOC (5.74 million HKD) - Hua Hong Semiconductor (4.69 million HKD) - Xiaomi Group (2.01 million HKD) [1] - The top net sales included: - ZTE Corporation (3.23 million HKD) - Ganfeng Lithium (3.06 million HKD) - Tencent Holdings (2.64 million HKD) - Innovent Biologics (1.72 million HKD) [1] Group 2 - Southbound funds have net bought SMIC for 7 consecutive days, totaling 30.4402 million HKD [1] - Southbound funds have net bought Hua Hong Semiconductor for 4 consecutive days, totaling 19.2152 million HKD [1]

Core Insights - On October 30, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 6.451 billion, 5.219 billion, and 3.290 billion respectively [1][2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 4.611 billion, 3.820 billion, and 2.408 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 6.451 billion, net buy of -0.386 billion - SMIC (00981): Trading amount of 5.219 billion, net buy of +0.563 billion - Tencent Holdings (00700): Trading amount of 3.290 billion, net buy of -0.310 billion - Meituan-W (03690): Trading amount of 3.203 billion, net buy of +0.535 billion - Xiaomi Group-W (01810): Trading amount of 3.070 billion, net buy of +0.456 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 4.611 billion, net buy of +1.261 billion - SMIC (00981): Trading amount of 3.820 billion, net buy of -0.537 billion - Xiaomi Group-W (01810): Trading amount of 2.408 billion, net buy of -0.254 billion - Tencent Holdings (00700): Trading amount of 2.234 billion, net buy of +0.046 billion - Huahong Semiconductor (01347): Trading amount of 2.094 billion, net buy of +0.613 billion [2]

Core Viewpoint - Credit Lyonnais has raised the target price for Ganfeng Lithium (01772) to HKD 58, maintaining an "Outperform" rating due to the company's strong third-quarter performance, which saw a turnaround from loss to profit [1] Financial Performance - Ganfeng Lithium reported a profit of RMB 557 million in the third quarter, compared to a loss in the previous period [1] - The gross margin increased to 16.6%, up 7 percentage points quarter-on-quarter [1] - Revenue grew by 44% year-on-year and 36% quarter-on-quarter [1] Market Outlook - The firm anticipates that the growth in shipments of lithium chemicals and battery products will be the main driver of the company's profitability [1] - The lithium price forecast for this year is set between RMB 65,000 and 75,000, with projections for 2026 to 2028 reaching RMB 75,000 to 110,000 [1] Profit Forecast Adjustments - The company has slightly lowered its net profit forecasts for 2025 and 2026 by 0.4% and 1.1%, respectively [1] - Despite the adjustments, the target price has been increased from HKD 35 to HKD 58 [1]

Market Overview - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing down 0.24% at 26,282.69 points and a total trading volume of 353.8 billion HKD [1] - Everbright Securities suggests that the opening of the Federal Reserve's interest rate cut cycle may lead to continued upward movement in the Hong Kong stock market, supported by strong overall profitability and low valuations [1] Blue-Chip Performance - China Hongqiao (01378) reached a new high, closing up 8.17% at 29.92 HKD, contributing 9.9 points to the Hang Seng Index [2] - Other notable blue-chip stocks include Zijin Mining (02899) up 4.57%, Xinyi Solar (00968) up 3.01%, while Budweiser APAC (01876) and Techtronic Industries (00669) saw declines of 4.76% and 4.74% respectively [2] Sector Highlights - Technology stocks showed mixed results, with Meituan rising over 2% and Tencent nearly 1%, while Xiaomi fell 1.69% [3] - Lithium companies Ganfeng Lithium and Tianqi Lithium saw significant gains, with Ganfeng up nearly 15% and Tianqi up over 9% [3] - The copper, aluminum, and gold sectors performed well, driven by favorable macroeconomic factors [4] Lithium Industry Insights - Tianqi Lithium reported a net profit of 180 million CNY for the first three quarters, while Ganfeng Lithium achieved a revenue of 6.249 billion CNY in Q3, a 44.1% year-on-year increase [4] - The supply tightness in the lithium market is expected to drive prices up due to increased demand for energy storage [4] Renewable Energy Sector - The photovoltaic and energy storage sectors saw strong performance, with stocks like New Special Energy and GCL-Poly Energy rising significantly [4][5] - A report indicated that 17 leading companies in the photovoltaic sector have signed agreements for joint capacity storage [5] Engineering Machinery Sector - The engineering machinery sector showed positive growth, with companies like SANY Heavy Industry and XCMG rising significantly [6] - The import and export trade of engineering machinery reached 5.505 billion USD in September, marking a 29.1% year-on-year increase [6] Real Estate Sector - The domestic real estate sector remains under pressure, with several major companies experiencing declines in stock prices [6] - Fitch Ratings indicated that the Chinese real estate market has not yet bottomed out, with uncertainties surrounding recovery trends [6] Earnings Reports - High-performing stocks included Tianqi Lithium, Tigermed, and Huaneng International, all showing significant gains [7] - Conversely, ZTE Corporation faced an 88% year-on-year decline in net profit, leading to an 11.38% drop in stock price [7] Notable Stock Movements - Dipo Technology surged 47.98% on its second day of trading, focusing on enterprise-level AI solutions [8] - Aneng Logistics saw a 22.13% increase after announcing a proposal for delisting at a valuation of approximately 14.3 billion HKD [9] - China Duty Free Group rose 4.73% amid positive developments regarding the Hainan Free Trade Port [10] - WuXi AppTec declined 3.73% due to plans for a share reduction by its controlling shareholder [11]

Market Overview - The Hong Kong stock market showed a mixed performance with the Hang Seng Index closing down 0.24% at 26,282.69, the Hang Seng China Enterprises Index down 0.31% at 9,346.86, and the Hang Seng Tech Index down 0.68% at 6,051.76 [1][2] - Southbound funds recorded significant net purchases exceeding 11 billion HKD, with net purchases of 6.612 billion HKD through the Shanghai-Hong Kong Stock Connect and 7.03 billion HKD through the Shenzhen-Hong Kong Stock Connect [2] Sector Performance - Large technology stocks exhibited divergent trends, with Baidu, Bilibili, and NetEase each falling over 2%, while Meituan rose over 2% [4][6] - The lithium battery sector performed strongly, with Ganfeng Lithium surging nearly 15% after reporting better-than-expected earnings [4][12] - Coal stocks, port and shipping stocks, photovoltaic stocks, nuclear power stocks, home appliance stocks, and building materials stocks were mostly active [4] Notable Stocks - Ganfeng Lithium reported a revenue of 14.625 billion CNY for the first three quarters of 2025, a year-on-year increase of 5.02%, and a net profit of 25.52 million CNY, recovering from a loss of 640 million CNY in the previous year [12] - In the healthcare sector, innovative drug stocks declined, with companies like Xiansheng Pharmaceutical and Innovent Biologics dropping over 4% [9] - Real estate stocks faced downward pressure, with China Overseas Macro Group and R&F Properties falling 5% [10] Commodity Performance - Gold and precious metals saw significant gains, with companies like Zijin Mining and China Silver Group rising over 8% [11] - The World Gold Council reported a 3% year-on-year increase in global gold demand for Q3 2025, reaching 1,313 tons, marking the highest quarterly demand on record [11] Economic Outlook - Morgan Asset Management indicated that a moderate expansion of the U.S. economy and gradually declining interest rates could benefit risk assets, particularly in the technology, communication services, and financial sectors [14] - The Federal Reserve's interest rate cuts are expected to enhance global liquidity, potentially supporting non-U.S. markets [14]

Market Overview - The A-share major indices experienced a decline today, with the Shanghai Composite Index falling below 4000 points, closing down 0.73% at 3986 points, the Shenzhen Component Index down 1.16%, and the ChiNext Index down 1.84% [1] - The total market turnover reached 2.46 trillion yuan, an increase of 137.6 billion yuan compared to the previous trading day, with 4100 stocks declining [1] Lithium Sector Performance - The lithium mining sector continued its upward trend from the previous day, with Tianqi Lithium Industries rising nearly 10%, and companies like Jiangte Motor, Yongxing Materials, and Tibet City Investment hitting the daily limit, while Ganfeng Lithium and Zhongmin Resources increased by over 5% [1] ETF Performance - Rare metals ETFs and funds rose over 2%, with year-to-date gains exceeding 80% [2] - Specific ETFs include: - Rare Metals ETF (Code: 159608) up 2.77% with a year-to-date increase of 87.03% and an estimated size of 944 million yuan [3] - Rare Metals ETF Fund (Code: 159671) up 2.53% with a year-to-date increase of 86.09% and an estimated size of 670 million yuan [3] - Rare Metals ETF Fund (Code: 561800) up 2.46% with a year-to-date increase of 83.33% and an estimated size of 233 million yuan [3] - Rare Metals ETF (Code: 562800) up 2.27% with a year-to-date increase of 84.05% and an estimated size of 4.17 billion yuan [3] Strategic Importance of Rare Metals - The strategic significance of important scarce resources has transcended industrial economics, becoming a key factor influencing national competitiveness and security [3][4] - In the context of global supply chain restructuring, countries are increasingly focusing on securing domestic supply chains, leading to supply-side policies that control the total extraction of scarce resources [4] - The demand for resources in sectors such as new energy vehicles, photovoltaics, and semiconductors has significantly driven up prices in the metal and non-metal industries over the past month [4] Shift in Resource Valuation - The logic surrounding important scarce resources has fundamentally shifted from traditional cyclical thinking to a strategic perspective, necessitating consideration of geopolitical, industrial security, and monetary factors [4] - The competition for key minerals will intensify as countries accelerate the construction of domestic supply chains, with economies that possess resource advantages poised to take the lead in the next round of industrial transformation [4] Revaluation of Strategic Minor Metals - Strategic minor metals are expected to see a revaluation of their "quasi-safe haven" value, as they possess natural scarcity and irreplaceable strategic uses [5] - The Chinese government has implemented supply quotas and export controls on strategic minor metals like germanium, gallium, antimony, tungsten, and rare earths, enhancing their market position and strategic value [5] - The strategic value of rare metals is underscored by their essential applications in AI, military, and semiconductor sectors, indicating that a lack of physical supply could jeopardize advancements in these critical technologies [5]

Core Viewpoint - Ganfeng Lithium's stock opened over 7% higher following the release of its financial results, indicating positive market sentiment despite challenges in the lithium product market [1] Financial Performance - For the first three quarters of 2025, Ganfeng Lithium reported revenue of 14.625 billion RMB, a year-on-year increase of 5.02% [1] - The net profit attributable to shareholders was 25.52 million RMB, a significant recovery from a loss of 640 million RMB in the same period last year [1] - Basic earnings per share were reported at 0.01 RMB [1] Sales and Pricing Dynamics - The company experienced a decline in revenue during the third quarter, primarily due to a decrease in both the sales volume and average selling price of lithium products compared to the previous year [1] - The increase in net profit was attributed to a shortened pricing cycle for lithium from its subsidiary Windfield Holdings Pty Ltd, which mitigated previous mismatches in pricing mechanisms for lithium chemical products [1]

Core Insights - The lithium battery sector is experiencing significant market activity, with notable stock price increases for companies such as Penghui Energy and Tianhua New Energy, reflecting strong investor interest [1] - China's power battery installation volume reached 76.0 GWh in September, marking a month-on-month increase of 21.6% and a year-on-year increase of 39.5% [1] - Cumulative power battery installation volume from January to September was 493.9 GWh, with a year-on-year growth of 42.5% [1] - Exports of power and other batteries totaled 199.9 GWh in the first nine months, representing a year-on-year increase of 45.5% [1] - The export of power batteries accounted for 129.1 GWh, which is 64.6% of total exports, with a year-on-year growth of 32.7% [1] - The lithium battery industry is increasingly focusing on overseas markets, with strong advantages in technology, manufacturing processes, and resource endowments [1] - The demand for household energy storage batteries is expected to rise seasonally, driven by the traditional export market for power batteries [1] - The growth of artificial intelligence computing centers is anticipated to stimulate demand for commercial energy storage solutions [1] Industry Outlook - The new energy vehicle market in China is developing healthily under the influence of "anti-involution" policies, with significant year-on-year growth in production and sales [2] - The rapid development of the new energy vehicle sector, combined with the explosive demand for energy storage driven by artificial intelligence, is expected to further boost the lithium battery industry [2] - There is a recommendation to focus on leading domestic brands in overseas markets and to monitor consumer market feedback following subsidy policy adjustments [2]

10月30日，有色金属矿业板块延续强势表现。截至当日13时39分，矿业ETF(159690)飙涨超2%，今年以 来累计涨幅已达88.93%。该基金半日成交额930.16万元，交投活跃。 企业业绩显著改善：部分龙头锂企业绩大幅修复。例如，赣锋锂业第三季度净利润同比增长364% 至 5.57亿元人民币。天齐锂业也在上半年成功扭亏为盈。永兴材料则凭借其成本优势维持了稳定盈利。 锂价出现反弹迹象：碳酸锂期货价格近期有所回升。10月23日，广期所碳酸锂2601合约价格上涨 4.17%，报收于79,940元/吨。这缓解了市场对锂价持续低迷的担忧，此前锂价曾一度跌近部分矿石提锂 企业的成本线。 行业供需格局边际改善：市场分析认为，锂行业正从扩张期转入产能逐步出清的阶段。下游采购情绪有 所转变，并由"去库存"转向"补安全库存"。同时，储能需求增长、季节性供应扰动等因素也为锂价提供 了短期支撑。 成分股中，锂业相关股票领涨。永兴材料股价创60日新高，天齐锂业、赣锋锂业、华友钴业和盛新锂能 等涨幅居前。 板块上涨背后，是锂行业基本面出现的积极信号和强劲的业绩支撑： ...