Market Performance - The Hang Seng Index (HSI) closed at 26,128, down 1.3% for the day but up 30.3% year-to-date (YTD) [2] - The MSCI China index decreased by 1.5% for the day, with a YTD increase of 34.8% [2] - The CSI 300 index fell by 0.9% but has risen 15.6% YTD [2] Commodity Prices - Brent Crude oil price is at $69 per barrel, down 0.9% and down 3.6% YTD [3] - Gold prices increased by 0.2% to $3,769 per ounce, with a significant YTD rise of 43.6% [3] - Copper prices decreased by 0.8% to $10,182 per ton, with a YTD increase of 16.1% [3] Economic Indicators - The US Pending Home Sales Index decreased by 0.4% month-over-month (MoM) as of September 29, 2025 [4] - The Conference Board Consumer Confidence Index reported a value of 97.4, above the consensus of 95.8 [4] - US average hourly earnings increased by 0.3% MoM and 3.7% YoY as of October 3, 2025 [4] Southbound Trading Insights - Average daily turnover for southbound trading reached over HK$310 billion as of September 25, 2025 [6] - The net inflow for Mainland-HK southbound trading is now expected to be RMB1.3 trillion for 2025, up from RMB1.2 trillion [6] Sector Updates - China Unicom's 2025 AI Server Tender has a total budget of RMB7.96 billion for 87,020 servers, indicating intense pricing competition [13] - China Unicom's total CAPEX for Cloud Computing in 2025 is projected to be RMB18 billion, 28% higher than in 2024 [14]
香港市场中国焦点策略：2025年年初至今南向资金保持净流入
Bank of China Securities·2025-09-29 06:55