Market Performance - Hang Seng Index (恒指) rose by 168 points or 0.7%, closing at 26,027 points[1] - Shanghai Composite Index (滬指) increased by 52 points or 1.4%, closing at 3,916 points[1] - Total market turnover in Hong Kong was 264.657 billion HKD[1] Currency and Monetary Policy - The RMB/USD central parity rate was adjusted up by 43 points to 7.0930, reaching a one-year high[1] - The People's Bank of China conducted a 1,595 billion RMB reverse repo operation with a rate of 1.4%, maintaining the previous level[1] A-Share Market Highlights - Shenzhen Component Index (深證成指) rose by 264 points or 2.1%, closing at 13,077 points with a turnover of 1.04 trillion RMB[1] - ChiNext Index (創業板指) increased by 90 points or 3%, closing at 3,083 points with a turnover of 475.6 billion RMB[1] Corporate Earnings - China Railway (中國中鐵) reported new contracts worth 476.23 billion RMB in Q3, with a cumulative total of 1.58 trillion RMB for the first three quarters, up 3.7% year-on-year[2] - China Telecom (中國電信) reported Q3 revenue of 394.3 billion RMB, a slight increase of 0.6% year-on-year, with net profit growing by 5% to 30.773 billion RMB[3] Growth in Specific Sectors - Pop Mart (泡泡瑪特) reported a revenue growth of 245%-250% year-on-year for Q3, with overseas revenue increasing by 365%-370%[3]

Market Performance - Hang Seng Index (恒指) rose by 611 points or 2.4%, closing at 25,858 points[1] - National Index (國指) increased by 220 points or 2.5%, closing at 9,232 points[1] - Hang Seng Tech Index (恒生科技指數) gained 172 points or 3%, closing at 5,933 points[1] - Total market turnover reached HKD 239.16 billion[1] Economic Indicators - Unemployment rate rose from 3.7% to 3.9% from June-August to July-September, exceeding market expectations[3] - China's GDP grew by 4.8% year-on-year in Q3, with a year-to-date growth of 5.2%[3] - Industrial production in September increased by 6.5% year-on-year, surpassing expectations[3] - Fixed asset investment decreased by 0.5% year-on-year, contrary to the expected increase of 0.1%[3] Corporate Performance - JD.com (京東-SW) reported over 52,000 brands with sales growth exceeding 300% year-on-year, and AI-related products saw nearly 200% growth[4] - Contemporary Amperex Technology Co. Ltd. (寧德時代) achieved revenue of CNY 283.072 billion, a year-on-year increase of 9.3%[4] - China Mobile (中國移動) reported revenue of CNY 794.7 billion for the first three quarters, a slight increase of 0.4% year-on-year[5]

Market Performance - Hang Seng Index (HSI) fell by 641 points or 2.5%, closing at 25,247 points[1] - Shanghai Composite Index (SSE) dropped 76 points or nearly 2%, closing at 3,839 points[1] - Hang Seng Tech Index decreased by 243 points or 4.1%, closing at 5,760 points[1] - Total market turnover was HKD 314.62 billion[1] Economic Indicators - Anticipation for China's Q3 GDP and September economic data release on October 20[1] - Renminbi midpoint rate adjusted up by 19 points to 7.0949 against the US dollar, reaching a one-year high[1] Corporate Updates - China Life Insurance projected net profit for Q3 between CNY 156.785 billion and CNY 177.689 billion, an increase of 50%-70% year-on-year[4] - Zijin Mining reported a 11.1% year-on-year increase in gold production to 32 tons, with revenue of USD 3.415 billion[4] - Chow Tai Fook's retail value grew by 4.1% year-on-year, with same-store sales in mainland China increasing by 7.6%[4] Trade Relations - US President Trump confirmed a meeting with Chinese President Xi Jinping in two weeks, indicating a more conciliatory tone in US-China trade negotiations[2] - Trump signed an executive order expanding tax credits for US automotive production and imposing new tariffs on imported heavy trucks and parts[3]

Market Performance - Hang Seng Index rose by 469 points or 1.8%, closing at 25,910 points[1] - Shanghai Composite Index increased by 46 points or 1.2%, closing at 3,912 points[1] - S&P 500 Index gained 26 points or 0.4%, closing at 6,671 points[2] Trading Volume - Total trading volume in the Hong Kong market was 315.81 billion HKD[1] - Shanghai Stock Exchange's trading volume reached 961.55 billion CNY[1] - Shenzhen Stock Exchange's trading volume was 1.11 trillion CNY[1] Monetary Policy - People's Bank of China conducted a 43.5 billion CNY reverse repurchase operation at a rate of 1.4%[1] - M2 money supply was 335.38 trillion CNY, growing by 8.4% year-on-year[3] - M1 money supply was 113.15 trillion CNY, increasing by 7.2% year-on-year[3] Financing and Loans - Social financing stock was 437.08 trillion CNY, up by 8.7% year-on-year[4] - RMB loans to the real economy accounted for 61.1% of the social financing stock[4] - RMB deposits reached 324.94 trillion CNY, growing by 8% year-on-year[4]

Market Performance - The Hang Seng Index (HSI) fell by 448 points or 1.7%, closing at 25,441 points[1] - The Hang Seng Tech Index dropped by 222 points or 3.6%, ending at 5,923 points[1] - The total market turnover for the day was HKD 398.91 billion[1] Economic Indicators - The People's Bank of China conducted a 91 billion RMB reverse repurchase operation at a steady rate of 1.4%[1] - The RMB/USD central parity rate was adjusted down by 14 points to 7.1021[1] A-Share Market - The Shanghai Composite Index closed at 3,865 points, down 24 points or 0.6%, with a turnover of 1.21 trillion RMB[1] - The Shenzhen Component Index fell by 336 points or 2.5%, closing at 12,895 points, with a turnover of 1.37 trillion RMB[1] - The ChiNext Index decreased by 122 points or 4%, ending at 2,955 points, with a turnover of 603.4 billion RMB[1] Corporate Developments - Shandong Gold (01787.HK) expects a net profit of 3.8 to 4.1 billion RMB for the first three quarters, an increase of 1.73 to 2.03 billion RMB, representing a growth of 83.9% to 98.5%[3] - Mixue Ice City (02097.HK) announced the acquisition of a 53% stake in Fresh Beer Fu Lu Jia for a total price of 297 million RMB, expanding its business into alcoholic beverages[3] - Pony AI Inc. plans to issue up to 102 million shares for overseas listing on the Hong Kong Stock Exchange[3]

港股點評 2025年10月14日9:30 a.m 期金破頂，市場繼續關注中美貿易緊張，避險需求持續。紐約 12 月期金升 132.6 美元或 3.3%，報 4,133 美元。 恒指跌 400 點，上證指數跌 7 點，標普 500 升 39 點 美國總統特朗普要脅對中國貨品加徵 100%關稅引發美股動盪，中國商務部指稀 土出口管制稱對符合規定申請將予以許可。港股下幅，恒指低開 656 點，其後 跌幅擴大至 954 點見 25,336 點，午市跌幅收窄，全日跌 400 點或 1.5%，收 25,889 點；國指跌 135 點或 1.5%，收 9,222 點；恒生科技指數跌 114 點或 1.8%，收 6,145 點，大市全日成交總額 4,903.66 億元，為 4 月 7 日以來最高。 人民銀行 13 日在公開市場開展 1,378 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%，無逆回購到期。人民幣兌美元中間價上調 41 點至 7.1007。A 股三 大指數早市下跌 1.3%至 3%，午後跌幅收窄，滬指近平收僅跌 0.2%，創板跌幅 收窄至約 1%。上證指數全日收報 3,889 點，跌 7 點或 0.2% ...

Market Performance - The Hang Seng Index (HSI) fell by 128 points or 0.5%, closing at 26,829 points after a drop of 440 points earlier in the day[1] - The Hang Seng Tech Index decreased by 36 points or 0.6%, ending at 6,514 points[1] - The total market turnover for the day was HKD 173.803 billion[1] U.S. Market Update - The S&P 500 index rose by 39 points or 0.6%, closing at 6,753 points, with technology, utilities, and industrial sectors reaching new highs[1] - The Nasdaq Composite led the gains, increasing by 255 points or 1.1%, to close at 23,043 points[1] - The Dow Jones Industrial Average opened higher but ended slightly down by 1 point, closing at 46,601 points[1] Geopolitical Developments - U.S. President Trump announced a preliminary Gaza agreement between Israel and Hamas, allowing for the release of Israeli hostages[2] - The U.S. government shutdown has entered its second week, with no resolution in sight after the Senate rejected funding proposals[2] Corporate News - HSBC Holdings proposed to privatize Hang Seng Bank at a cash offer of HKD 155 per share, representing a premium of approximately 30.3% over the last closing price of HKD 119[3] - Sany Heavy Industry plans to raise USD 1.5 billion through an IPO in Hong Kong, expected to be one of the largest IPOs this year[3] Automotive Sector - BYD reported a 5.52% year-on-year decline in September sales of new energy vehicles, totaling 396,300 units[4]

Market Performance - The Hang Seng Index (HSI) fell by 183 points or 0.7%, closing at 26,957 points[1] - The Hang Seng Tech Index decreased by 72 points or 1.1%, ending at 6,550 points[1] - Total market turnover for the day was HKD 121.257 billion[1] U.S. Market Trends - The S&P 500 rose by 0.2% on the same day, driven by an AI market-induced M&A boom[1] - The Nasdaq Composite increased by 0.4%, while the Dow Jones Industrial Average dropped by 270 points or 0.6%[1] - The Russell 2000 index reached a new high, rising approximately 1%[1] Automotive Market Insights - 44.4% of dealers are optimistic about a 5% to 10% year-on-year increase in car sales for Q4 2025[1] - The demand for car purchases surged during the holiday season, despite some regions suspending vehicle replacement subsidies[1] Financial Data Highlights - Sa Sa International reported a total revenue of HKD 1.0308 billion for Q2 2025, an increase of 8.4% year-on-year[2] - Offline sales accounted for HKD 826.3 million, up 9.4%, representing 80.2% of total revenue[2] - Online sales reached HKD 204.5 million, a 4.9% increase, making up 19.8% of total revenue[2] Retirement Fund Growth - The total assets of the Mandatory Provident Fund (MPF) surpassed HKD 1.5 trillion, marking a new high for over 4 million members[3] - The increase in total assets this year includes over HKD 200 billion from net investment income[3] Foreign Exchange Reserves - As of September 2025, China's foreign exchange reserves were approximately USD 3.34 trillion, up by USD 16.5 billion or 0.5% from August[3] - Gold reserves increased by 40,000 ounces, marking 11 consecutive months of accumulation[3]

Market Performance - Hong Kong stocks weakened. The Hang Seng Index opened 212 points lower, with its decline narrowing to 109 points in the morning session and then widening again. It closed down 356 points or 1.4% at 26,128 points. The Hang Seng China Enterprises Index fell 141 points or 1.5% to 9,303 points, and the Hang Seng Tech Index dropped 184 points or 2.9% to 6,195 points. The total turnover of the market was HK$323.674 billion [1] - A - share market: The Shanghai Composite Index closed at 3,828 points, down 25 points or 0.7%, with a turnover of RMB 92.79 trillion. The Shenzhen Component Index closed at 13,209 points, down 236 points or 1.8%, with a turnover of RMB 1.22 trillion. The ChiNext Index closed at 3,151 points, down 84 points or 2.6%, with a turnover of RMB 567.1 billion [2] - US stocks rebounded on Friday. The Dow Jones Industrial Average rose 299 points or 0.7% to 46,247 points. The S&P 500 Index rose 38 points or 0.6% to 6,643 points, and the Nasdaq Composite Index rose 99 points or 0.4% to 22,484 points [2] Monetary Policy and Exchange Rate - The People's Bank of China conducted 7 - day reverse repurchase operations worth RMB 165.8 billion at an operating rate of 1.4% and 14 - day reverse repurchase operations worth RMB 600 billion on the 26th. There were RMB 354.3 billion of reverse repurchases maturing. The central parity rate of the RMB against the US dollar was lowered by 34 points to 7.1152 [2] - The CFETS RMB exchange - rate index rebounded 0.61 to 96.97 on a weekly basis on the 26th. The BIS currency - basket RMB exchange - rate index rose 0.73 to 102.87, and the SDR currency - basket RMB exchange - rate index rose 0.44 to 91.34 [5] Oil Market - Due to rising oil prices, OPEC+ may approve an increase in oil production by at least 137,000 barrels per day at its October 4th meeting to regain market share. OPEC+ has reversed its production - cut strategy since April and has increased its daily production quota by more than 2.5 million barrels, about 2.4% of global demand. The October 5th meeting will discuss an increase of at least 137,000 barrels per day in November, but no final decision has been made [3] Stock Market Valuation - The "Buffett Indicator" measuring the degree of over - valuation has risen to 217% as of the end of June, breaking the previous record and higher than the 190% level during the millennium dot - com bubble and the COVID - 19 period. When the indicator drops to 70% - 80%, it may be profitable to enter the market, while when it rises to 200%, it is risky [3][4] Trade Policy - The Trump administration is studying new tariffs on imported electronic products containing chips, calculating the number of chips in the products to force companies to move manufacturing back to the US. The US Department of Commerce initially plans to estimate the value of chips in products and levy tariffs proportionally. If implemented, it will cover a wide range of consumer goods [4] Logistics and Industrial Data - China's logistics demand has maintained rapid growth this year. The total social logistics volume in the first eight months was close to RMB 230 trillion, with stable expansion in scale and continuous optimization and upgrading in structure [4] - The total profits of industrial enterprises above designated size in China increased by 0.9% year - on - year in the first eight months. In August alone, the profits of these enterprises increased by 20.4% after a 1.5% decline in July, showing obvious improvement [4] Company News - Meituan's international food - delivery brand Keeta officially launched operations in Dubai, UAE on September 27th, its third Middle - Eastern market in 40 days [5] - Xiaomi 17 series phones went on sale on the 27th. The Xiaomi 17 Pro Max accounted for over 50% of the sales volume in the Xiaomi 17 series and broke the sales and revenue records of domestic mobile phones in all price segments on the first - sale day [5] - Tmall announced that the 2025 "Double 11" will be divided into a pre - sale and an on - spot sale stage. The pre - sale will start at 2 pm on October 15th, and the on - spot sale will start at 8 pm on October 20th [5] - New World Development reported a widened loss attributable to shareholders from continuing operations of HK$16.301 billion for the year ended June 30th, and no dividend was declared [6]

Market Performance - Hang Seng Index (恒指) rose by 359 points or 1.4%, closing at 26,518 points after initially opening down 85 points[1] - The National Index (國指) increased by 152 points or 1.6%, closing at 9,442 points[1] - The Hang Seng Tech Index (恒生科技指數) gained 156 points or 2.5%, closing at 6,323 points[1] - Total market turnover reached 288.77 billion HKD[1] Economic Indicators - The People's Bank of China conducted a 401.5 billion CNY reverse repurchase operation at a rate of 1.4%[1] - 418.5 billion CNY in reverse repos matured, resulting in a net withdrawal of 17 billion CNY for the day[1] - The RMB/USD central parity rate was adjusted down by 20 points to 7.1077[1] A-Share Market - Shanghai Composite Index (滬指) closed at 3,853 points, up 31 points or 0.8%, with a turnover of 1.02 trillion CNY[1] - Shenzhen Component Index (深證成指) rose by 236 points or 1.8%, closing at 13,356 points with a turnover of 1.31 trillion CNY[1] - ChiNext Index (創業板指) increased by 71 points or 2.3%, closing at 3,185 points with a turnover of 628.5 billion CNY[1] Corporate Updates - Cathay Pacific (國泰航空) suspended flights due to Typhoon Haikui, affecting approximately 85,000 customers with around 540 flights canceled[3] - Nine Dragons Paper (玖龍紙業) reported a revenue of 63.241 billion CNY, a year-on-year increase of 6.3%, and a net profit of 1.767 billion CNY, up 135.4%[3]