citic securities·2025-09-23 02:29Market Overview - A-shares rose on Monday, with the Shanghai Composite Index up 0.22% to 3,828.58 points, and the Shenzhen Component Index up 0.67% to 13,157.97 points[16] - The Hang Seng Index fell 0.76% to 26,344 points, with major tech stocks underperforming[11] - US stocks continued to hit new highs, with the Dow Jones up 0.14% to 46,381.5 points and the Nasdaq up 0.7% to 22,789 points[9] Monetary Policy and Economic Indicators - The Federal Reserve is expected to restart its rate-cutting cycle, which historically benefits emerging markets[6] - The international gold price reached a new historical high, driven by expectations of Fed rate cuts and inflows into gold ETFs, with gold futures up 1.9% to $3,744.8 per ounce[27] - US Treasury yields rose slightly, with the 10-year yield at 4.15%, reflecting a cautious outlook on further rate cuts[29] Sector Performance - In the A-share market, technology stocks led the gains, with the STAR Market Index up 3.38%[16] - The healthcare sector in Hong Kong showed resilience, with a 1.5% increase, while industrials and consumer staples faced declines[12] - In the US, the information technology sector outperformed, rising 1.74%, driven by strong performances from Apple and Nvidia[9] Regional Market Trends - Asian markets showed mixed results, with Taiwan's index up 1.2% and Japan's Nikkei 225 up 1.0%[21] - The Korean KOSPI index rose 0.7%, supported by strong bank stock performance, which is up 49% year-to-date[23] - The Indian market declined by 0.5%, reflecting cautious sentiment amid ongoing trade negotiations with the US[21] Key Corporate Developments - Oracle's reliance on OpenAI for over 70% of its orders raises concerns about its revenue stability, with projected IaaS revenues for 2026-2030 reaching $144 billion[9] - Nvidia announced a $100 billion investment in OpenAI, boosting market enthusiasm for tech stocks[9] - Berkshire Hathaway continued to increase its stake in Japan's five major trading companies, indicating confidence in the Japanese market[6]