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]

Market Performance - The Hang Seng Index (HSI) fell by 200 points or 0.8%, closing at 26,344 points after reaching a low of 26,204 points[1] - The National Index dropped by 101 points or 1.1%, ending at 9,370 points[1] - The Hang Seng Tech Index decreased by 36 points or 0.6%, closing at 6,257 points[1] - Total market turnover for the day was HKD 290.54 billion[1] Economic Indicators - The People's Bank of China maintained the one-year and five-year Loan Prime Rates (LPR) at 3.00% and 3.50% respectively, in line with expectations[2] - The central bank conducted a 7-day reverse repurchase operation of CNY 240.5 billion at an interest rate of 1.4%[2] - The mid-point exchange rate of the RMB against the USD was adjusted up by 22 points to 7.1106[2] U.S. Market Highlights - The Dow Jones increased by 66 points or 0.1%, closing at 46,381 points[2] - The S&P 500 rose by 29 points or 0.4%, reaching 6,693 points[2] - The Nasdaq led with a gain of 157 points or 0.7%, closing at 22,788 points[2] Corporate Developments - TikTok is expected to generate USD 170 billion in economic benefits over the next four years, with Oracle becoming its "trusted service provider"[3] - JD Industrials, a spin-off from JD Group, plans to list in Hong Kong, with the China Securities Regulatory Commission acknowledging its filing[5]

Report Summary Market Performance - The Hang Seng Index opened 38 points higher, fluctuated throughout the day, and closed up less than 1 point at 26,545 points. The H-share Index rose 15 points or 0.17% to 9,472 points, and the Hang Seng Tech Index rose 23 points or 0.4% to 6,294 points. The total turnover of the market was HK$376.812 billion [1]. - A-share market was weak. The Shanghai Composite Index closed at 3,820 points, down 11 points or 0.3%, with a turnover of over RMB 1.02 trillion. The Shenzhen Component Index closed at 13,070 points, down 4 points or 0.04%, with a turnover of over RMB 1.3 trillion. The ChiNext Index closed at 3,091 points, down 4 points or 0.2%, with a turnover of RMB 599.4 billion [1]. - US stocks continued to hit new highs on Friday. The Dow Jones Industrial Average rose 172 points or 0.4% to 46,315 points, the S&P 500 Index rose 32 points or 0.5% to 6,664 points, and the Nasdaq Composite Index rose 160 points or 0.7% to 22,631 points. The Russell 2000 Index of small - cap stocks fell 0.8% [2]. Macroeconomic Data - In the first eight months of 2025, 42,400 new foreign - invested enterprises were established, a year - on - year increase of 14.8%. The actual use of foreign direct investment (FDI) was RMB 506.58 billion, and the decline narrowed from 13.4% in the first seven months to 12.7% [2]. Policy and Central Bank Operations - The People's Bank of China conducted a seven - day reverse repurchase operation of RMB 354.3 billion on the 19th, with an operating rate of 1.4%. There were RMB 230 billion of reverse repurchases due, resulting in a net injection of RMB 124.3 billion. The central parity rate of the RMB against the US dollar was lowered by 43 points to 7.1128 [1]. International Relations - Chinese President Xi Jinping and US President Trump had a phone call on Friday. Xi Jinping hoped that the US would avoid taking restrictive trade measures, and the two leaders sought to ease the tensions between China and the US. It was the first call between the two leaders since June. Xi also expressed hope for a final agreement on the sale of TikTok's US business [2][3]. Natural Disasters and Corporate Response - Super Typhoon "Hagupit" was expected to cross the Luzon Strait and enter the northern part of the South China Sea on the 22nd, posing a threat to the Guangdong coast. The Hong Kong Observatory would issue a No. 1 Standby Signal at 12:20 pm [3]. - Hong Kong Electric (02638.HK) activated its adverse weather contingency plan in response to the approaching typhoon to ensure a stable power supply [3].

Market Performance - The Hang Seng Index (HSI) rose by 469 points or 1.8%, closing at 26,908 points, reaching a four-year high of 26,936 points during the day[1] - The Hang Seng Tech Index increased by 256 points or 4.2%, closing at 6,334 points[1] - The total market turnover for the day was HKD 360.284 billion[1] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of CNY 418.5 billion at a steady rate of 1.4%, resulting in a net injection of CNY 114.5 billion for the day[1] - The RMB/USD midpoint was adjusted up by 14 points to 7.1013[1] U.S. Federal Reserve Actions - The Federal Reserve announced its first rate cut since December, lowering the benchmark overnight rate by 25 basis points to a range of 4% to 4.25%[2] - The Dow Jones Industrial Average rose by 260 points or 0.6% to close at 46,018 points following the rate cut[2] - The S&P 500 index fell by 6 points or 0.1%, while the Nasdaq dropped by 72 points or 0.3%[2] Trade Statistics - In July, Hong Kong's overall export volume increased by 12.6% and import volume rose by 14.3% compared to July of the previous year[3] - The overall export prices and import prices in July increased by 1.7% and 2% respectively compared to the same month last year[3]