Group 1: Market Overview - The consumer service, retail, and media sectors in Hong Kong have shown significant performance, with the consumer service sector down by 17.34%, retail up by 94.61%, and media up by 50.98% as of October 24, 2025 [13][10][12] - The strong valuation recovery in Hong Kong stocks is attributed to a combination of global interest rate cuts, inflows of foreign and southbound capital, and the revaluation of core internet assets like Tencent and Alibaba [13][10] - The new consumption leaders in IP toys, tea drinks, and beauty sectors are showing positive fundamentals, leading to structural market trends [13][10] Group 2: IP Economy - The global licensed consumer goods market is projected to reach $307.9 billion in 2024, with a year-on-year growth of 10% [28] - Fashion apparel is identified as the category with the highest growth potential at 70%, followed by toys at 54% and food and beverages at 52% [31] - Disney, Pokémon, and Sanrio are leading in licensed retail sales, with Disney achieving $62 billion in 2024 [29][31] Group 3: Health and Wellness - The ready-to-drink beverage segment is expected to see significant penetration growth globally, with companies like Mixue Group and Guming benefiting from a positive operational cycle [4] - The return of home-cooked meals and increased health awareness are driving demand for traditional and healthy food options [4] Group 4: Beauty Sector - The cosmetics sector in China is experiencing slower growth compared to overall retail, with Douyin (TikTok) emerging as a key player in marketing and sales [4] - New ingredients and concepts are gaining traction, with a rise in oral beauty and health products [4] Group 5: Globalization Trends - The demand for spiritual entertainment in the Middle East is surging, with companies like Red Child City Technology seeing over 60% of their revenue from this region [4] - The cross-border e-commerce landscape is expanding, with companies like J&T Express capitalizing on the growth in Southeast Asia, where parcel volumes increased by 79% year-on-year [4] Group 6: Consumer Behavior Changes - The shift in consumer behavior towards more personalized and experiential consumption is evident, with a focus on self-fulfillment and value realization [4] - The education sector is adapting to changing perceptions, with new products targeting high school and college graduates to address employment challenges [4] Group 7: Entertainment and Leisure - The live music and sports sectors are expected to outperform the broader service consumption market, with companies like Ctrip and Damai Entertainment positioned to benefit [4] - The domestic concert market is maintaining high growth, with ticket sales and attendance showing significant year-on-year increases [73]

Market Overview - A-shares opened lower with the Shanghai Composite Index down 0.34%, Shenzhen Component down 0.54%, and ChiNext down 0.72% [1] - U.S. stock indices also declined, with the S&P 500 down 1.12% to 6720.32 points, Nasdaq down 1.9% to 23053.99 points, and Dow Jones down 0.84% to 46912.3 points, influenced by signs of a deteriorating job market and misinterpretations of comments from OpenAI executives [2] Chinese Concept Stocks - The Nasdaq China Golden Dragon Index saw mixed results, with Alibaba up 1.69%, JD down 0.28%, Baidu up 3.01%, and NIO down 1.78%. Notably, XPeng Motors surged 9.64% after unveiling its second-generation VLA [3] Sector Insights Robotics Sector - CITIC Securities suggests that the robotics sector is entering a phase of consolidation after significant adjustments in October, with expectations for new catalysts or industry rhythm to support market sentiment. Key developments include Tesla's Optimus mass production orders and prototype releases [4] Power Equipment Sector - Huatai Securities reports a significant performance divergence in the power equipment sector for Q3, with non-UHV main networks showing a 38.2% increase in net profit, while distribution and meter segments faced declines of 23.6% and 28.4%, respectively. The non-UHV segment benefits from strong overseas demand and ongoing domestic infrastructure needs [5] Aluminum Supply - CITIC Securities indicates that global electrolytic aluminum supply and demand will remain balanced over the next three years, contingent on China's production levels and new overseas capacities. Any supply disruptions could lead to price increases due to the current high-profit environment [6] Quantum Computing - CICC highlights that quantum computing is at a critical juncture transitioning from research breakthroughs to commercial applications, with hardware expected to lead in industrialization. The global quantum computing market is projected to grow from $5 billion in 2024 to over $800 billion by 2035, with a CAGR exceeding 55% [8]

第 1 頁 共 12 頁 v 1.1.1 | 3. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09626 | 說明 | Z類 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 9,800,000,000 USD | | 0.0001 | USD | | 980,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 9,800,000,000 USD | | 0.00 ...

Core Insights - The "International Internet Town" in Wuzhen, Zhejiang, has undergone three significant transformations over the past decade, evolving from a "world venue" to a "trend-defining stage" [1] - Wuzhen has hosted 370 events this year, attracting diverse groups to explore the latest trends [1] - The town has transitioned from a "tourist city" to a "digital business card for the future," establishing the only national supercomputing center in Zhejiang and a dual computing power system with China Unicom [1] - Wuzhen has nurtured over 30 industry chain companies, creating a thriving industrial ecosystem [1] Future Plans - Wuzhen aims to build three "AI cities" to embrace the intelligent era [2] - The "Electric Intelligent" AI Ecological City will serve as a massive AI testing ground, attracting global talent and innovation [2] - The "Virtual-Real Fusion" AI Cultural City will support the development of an internet culture cluster, aiming to create a perpetual AI carnival [2] - The "Inclusive Sharing" AI Life City will focus on AI education and healthcare, exploring applications in autonomous driving and logistics [2] Expert Contributions - Experts and industry leaders shared insights on innovation, scenarios, and cultural tourism, highlighting the establishment of a leading autonomous driving research platform in Wuzhen [2] - Companies like Baidu Smart Cloud and Bilibili are among the first to join the Wuzhen Internet Culture Cluster, marking a significant step in the town's digital transformation [2] Digital Transformation - Over the past decade, Wuzhen has become a key symbol of "Digital Zhejiang," with the "International Internet Town" becoming increasingly defined [3]

Core Insights - Bilibili-W made its first appearance on the Hong Kong Stock Connect active trading list in the past month on November 5, 2023 [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached 28.559 billion HKD, accounting for 29.85% of the day's total trading amount, with a net buying amount of 1.781 billion HKD [1] - Alibaba-W led the trading volume with 7.309 billion HKD, followed by SMIC and Tencent Holdings with 4.237 billion HKD and 3.483 billion HKD respectively [1] Trading Activity Summary - On November 5, 2023, the active stocks included: - Tencent Holdings: 3.483 billion HKD, net buying of 0.059 billion HKD, appeared 19 times in the past month, latest closing price at 629.000 HKD [1] - SMIC: 4.237 billion HKD, net selling of 0.499 billion HKD, appeared 19 times, latest closing price at 71.700 HKD [1] - Alibaba-W: 7.309 billion HKD, net buying of 0.891 billion HKD, appeared 19 times, latest closing price at 158.500 HKD [1] - Bilibili-W: 0.537 billion HKD, net selling of 0.160 billion HKD, first appearance, latest closing price at 220.200 HKD, with a daily decline of 4.09% [1]

Core Insights - On November 5, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 4.231 billion, 2.472 billion, and 2.062 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 3.078 billion, 1.765 billion, and 1.420 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 4.231 billion, net buying of +0.253 billion [2] - SMIC (00981): Trading amount of 2.472 billion, net selling of -0.281 billion [2] - Tencent Holdings (00700): Trading amount of 2.062 billion, net selling of -0.283 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.830 billion, net buying of +0.285 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.240 billion, net buying of +7.8006 million [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 3.078 billion, net buying of +0.637 billion [2] - SMIC (00981): Trading amount of 1.765 billion, net selling of -0.218 billion [2] - Tencent Holdings (00700): Trading amount of 1.420 billion, net buying of +0.341 billion [2] - Huahong Semiconductor (01347): Trading amount of 1.233 billion, net selling of -0.649 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.096 billion, net buying of +1.019 billion [2]

Group 1 - Zhang Di, former Vice President of Kuaishou and head of Keling, has joined Alibaba as the head of the Future Life Lab under Taotian Group after less than two months at Bilibili [3] - At Bilibili, Zhang Di faced challenges due to the company's difficult commercialization environment, which hindered his ability to leverage AI for improving content creation efficiency and revenue [3] - The lack of adequate support for technological development at Bilibili led Zhang Di to make the decision to leave for Alibaba, indicating a preference for a more resource-supported research environment [3] Group 2 - The situation at Bilibili reflects broader operational strategy issues rather than purely technical challenges, suggesting that the platform's overall strategy may not align with the needs of its technical leaders [3] - Zhang Di's transition to Alibaba is characterized as a move typical for specialized technical talents, highlighting the competitive nature of talent acquisition in the tech industry [3]

Core Viewpoint - The Hang Seng Technology Index fell over 2.8%, while the Hang Seng Index dropped more than 1.7%, indicating a significant downturn in the technology sector and broader market [1] Company Performance - Bilibili experienced a decline of over 5% in its stock price [1] - Tencent Music, Xiaopeng Motors, and Kingsoft also saw declines exceeding 4% [1]

Core Viewpoint - The large-cap technology stocks in Hong Kong are experiencing a general decline, with significant drops in several key companies [1] Group 1: Stock Performance - Bilibili (09626.HK) has fallen over 5% [1] - Tencent Music (01698.HK) and JD Health (06618.HK) have both decreased by more than 4% [1] - Baidu (09888.HK), Kuaishou (01024.HK), and Alibaba (09988.HK) have all seen declines exceeding 3% [1]

Core Viewpoint - The Shanghai Pavilion at the 8th China International Import Expo showcases the theme "AI Empowerment, Cultivating New Consumption," highlighting innovations in the construction of an international consumption center city through intelligent presentations and sustainable design [2]. Group 1: Brand Story - The "Brand Story" section focuses on brand economy and the launch economy, emphasizing the internationalization of local brands and the debut of international brands, showcasing how commercial brands contribute to the quality upgrade of the consumption sector [5]. - Notable exhibits include the "Blooming Secret Realm" jewelry from the century-old brand Lao Feng Xiang, which previously impressed at Milan Fashion Week [5]. - The pavilion features a dialogue and collaboration between Chinese and international brands, including LEGO's skyline exhibit of Shanghai [11]. Group 2: Consumption Innovation - The "Consumption Innovation" section addresses trends in personalized, emotional, and health-related consumption, showcasing AI's role in enhancing service and digital consumption [15]. - The "Silver Economy" area features a home care robot developed by Zhineng Technology [15]. - The "Children's Economy" area displays AI toys designed for emotional regulation and educational companionship, such as the Fuzozo doll and the chess-playing robot from SenseTime [17]. - The "Youth Economy" area highlights original IP incubation companies like Bilibili and showcases their latest animation generation model [18]. - The "Pet Economy" area features lifestyle products from the brand VETRESKA, including a cactus-shaped cat climbing frame [20]. Group 3: Experience Consumption - The third section explores the potential for consumption growth by breaking physical boundaries and creating new experience consumption scenarios through cultural tourism and night economy themes [22]. - The Shanghai Museum presents a "Mini version of the Egyptian Gods" scene, representing cultural IP [22]. - The "INS New Paradise" scene represents the night economy, featuring live DJ performances and dancing robots [23].