Core Viewpoint - Chow Tai Fook plans to increase retail prices of most gold products by 12%-18% by the end of October due to the continuous rise in gold prices impacting costs [1] Group 1 - The price adjustment is a response to the ongoing fluctuations in gold prices [1] - Chow Tai Fook has established a mechanism to closely monitor gold price changes and will make timely price adjustments accordingly [1]

经济观察网据第一财经消息，考虑到金价持续上涨对成本的影响，周大福集团计划在10月底提高定价黄 金产品的零售价格，大多数产品的提价幅度预计在12%-18%。周大福方面表示，集团设有机制密切监测 金价波动，并适时作出价格调整，以应对市场变化。 ...

考虑到金价持续上涨对成本的影响，记者从周大福获悉，集团计划在10月底提高定价黄金产品的零售 价格，大多数产品的提价幅度预计在12%-18%。 记者｜ 陈姗姗 编辑｜钉钉 周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市场变化。 ...

记者｜陈姗姗 编辑｜钉钉 周大福方面表示，集团设有机制密切监测金价波动，并适时作出价格调整，以应对市场变化。 考虑到金价持续上涨对成本的影响，记者从周大福获悉，集团计划在10月底提高定价黄金产品的零售价 格，大多数产品的提价幅度预计在12%-18%。 ...

考虑到金价持续上涨对成本的影响，记者从周大福获悉，集团计划在10月底提高定价黄金产品的零售价 格，大多数产品的提价幅度预计在12%-18%。周大福方面表示，集团设有机制密切监测金价波动，并适 时作出价格调整，以应对市场变化。 （文章来源：第一财经） ...

Group 1: Market Overview - The Hang Seng Index closed down 641 points, a decline of 2.48%, and accumulated a weekly drop of 1,043 points or 3.97% [2] - The Hang Seng Tech Index fell by 243 points or 4.05%, with a weekly loss of 499 points or 7.98% [2] - The trading volume for the day was 314.62 billion, with a net inflow of 6.30 billion from northbound trading [2] Group 2: Company Performance - HSBC Holdings (00005) closed down 1.9% at 100.9 HKD, while AIA Group (01299) fell 2.2% to 69.05 HKD [3] - Semiconductor companies like SMIC (00981) and Hua Hong Semiconductor (01347) saw declines of 6.5% and 6.9%, respectively [3] - BYD Electronics (00285) was the worst-performing blue chip, dropping 8.1% to 37.74 HKD [3] Group 3: Economic and Regulatory Developments - The Financial Secretary of Hong Kong, Paul Chan, emphasized the importance of attracting U.S. businesses and talent to invest in Hong Kong, highlighting the city's favorable business environment [6] - The Insurance Authority has classified AIA and Prudential as Domestic Systemically Important Insurers (D-SII), which will subject them to enhanced regulatory requirements [8] - The People's Bank of China Governor, Pan Gongsheng, discussed the need for multilateral cooperation in light of increasing global economic challenges [9] Group 4: Retail Sector Insights - Chow Tai Fook (01929) reported a 4.1% year-on-year increase in retail value for the second fiscal quarter, with same-store sales in Hong Kong and Macau rising by 6.2% [11] - Xtep International (01368) experienced low single-digit growth in retail sales in mainland China for the third quarter, with inventory turnover of approximately 4 to 4.5 months [14] Group 5: Financing Activities - Zhengli New Energy (03677) announced a placement of 45.92 million new H shares at a discount of 7.89% to raise approximately 504 million HKD for various projects [12] - Aneng Logistics (09956) received a conditional proposal for potential privatization from a consortium led by Dazhong Capital and Temasek [13]

国盛证券发布研报称，周大福(01929)作为珠宝首饰行业龙头，渠道端重视单店运营，产品端优化设 计，同时重视消费者触达，该行预计公司FY2026-2028归母净利润为78.06/88.30/98.78亿港元，对应 FY2026PE为21倍，维持"买入"评级。 国盛证券主要观点如下： 事件：周大福发布FY2026Q2经营情况公告，根据公司披露Q2集团RSV同比增长4.1%，整体表现符合预 期。 内地：线下同店增速转正+电商快速增长，FY2026Q1内地RSV同比增长3% 线下业务：Q2同店销售增速转正，同店销量降幅收窄 根据公司披露FY2026Q2内地直营同店销售同比增长7.6%(珠宝镶嵌、铂金及K金首饰销售同比增长 7.2%，黄金首饰及产品同店销售增长10.6%)。该行判断线下同店的改善主要受益于以下方面： 1)金价大幅上涨直接带动金饰售价走高。截至9月30日末上海黄金交易所AU9999收盘价对比2024年同期 上涨46%，综合考虑产品结构的优化后Q2内地黄金首饰及产品的平均售价同比上升23%。 电商业务：电商销售保持强劲增长势头 期内周大福内地电商业务销售额同比增长28.1%，占公司内地销售额/销量的比重分 ...

智通财经APP获悉，国盛证券发布研报称，周大福(01929)作为珠宝首饰行业龙头，渠道端重视单店运 营，产品端优化设计，同时重视消费者触达，该行预计公司FY2026-2028归母净利润为78.06/88.30/98.78 亿港元，对应FY2026PE为21倍，维持"买入"评级。 国盛证券主要观点如下： 电商业务：电商销售保持强劲增长势头 期内周大福内地电商业务销售额同比增长28.1%，占公司内地销售额/销量的比重分别为6.7%/15.5%，公 司加大IP合作产品的打造力度，同时积极同消费者进行全方位线上互动，推动电商业务规模扩张。 港澳及其他地区：FY2026Q2港澳及其他地区RSV增长11.4%，港澳地区同店增长6.2%，澳门区域表现 优异 受益于金价的上涨，港澳地区同店销售增速也有提升，其中香港地区同店销售增长3.2%，澳门地区同 店销售增长17.3%，澳门延续快速增长态势。 该行预计公司FY2026营收增长3%，归母净利润增长32% 事件：周大福发布FY2026Q2经营情况公告，根据公司披露Q2集团RSV同比增长4.1%，整体表现符合预 期。 内地：线下同店增速转正+电商快速增长，FY2026Q1内地R ...

【主编观市】 只要关系紧张港股就难有表现，而美国小银行爆雷更加剧了恐慌情绪，恒指上周跌破了半年线支撑位。 关键时刻，特朗普态度再度发生转变，他表示：100%高关税不可持续，确定双方将在韩国会面。然 后，中美经贸团队举行了视频通话，双方同意尽快举行新一轮中美经贸磋商。本周，中美将在马来西亚 会谈，为最终的高层会面铺路。市场预期10月31日以前双方领导见面的概率非常高。 还有重磅会议即将于本周召开，十五五规划对市场将有信心提振。财政部：近期中央财政从地方政府债 务结存限额中安排5000亿元下达地方。财政刺激到年底有加快迹象。 整体看，大环境有缓和迹象，上周的下跌有望出现修复。 热点方向，科技股的刺激比较多，据上交所官网披露，沐曦集成电路(上海)股份有限公司的科创板 IPO，将于10月24日进入上市审核委员会审议。另据报道，美光科技计划停止向中国的数据中心供应服 务器芯片，该业务尚未从中国2023年的禁令中恢复过来。国产替代包括美国对咱们国家授时中心发动网 络攻击活动进一步强化网络安全概念；智元机器人王闯：今年营收或增超10倍，人形机器人出货比马斯 克的都大。机器人调整也比较充分了。传我国与必和必拓达成协议，下季度 ...

Group 1: Macro and Strategy - The September fiscal data shows a marginal recovery in general public budget revenue, with a year-on-year growth of 2.6%, up from 2% in the previous period, driven mainly by VAT and a significant increase in stamp duty revenue [9][10] - Government fund budget revenue turned positive in September, with a year-on-year growth of 5.6%, while expenditure growth slowed to 0.4%, indicating a potential for fiscal policy to support economic recovery [10][11] - The central government announced a new policy of 500 billion yuan in financial tools and 500 billion yuan in local debt limits to stimulate the economy, which is expected to have a positive impact in the fourth quarter [11] Group 2: Industry and Company Insights - The modern investment banking sector is evolving, with a focus on cross-border asset management, particularly in Hong Kong, which has a substantial asset management scale of 35.14 trillion HKD [18][19] - The telecommunications industry is experiencing rapid advancements in satellite internet deployment, with 116 satellites launched to date, enhancing communication capabilities [22][23] - The lithium battery industry is witnessing a significant price increase in lithium hexafluorophosphate, which has risen over 50% since mid-July, driven by tight supply and increasing demand [35]