citic securities·2025-10-06 13:37Group 1: US Market Focus - The Federal Reserve is expected to lower interest rates two more times this year, with the next meetings on October and December [11][16][18] - Historical analysis shows that various asset classes have not reacted dramatically to US government shutdowns, indicating a potential for stability in the market [13][18] - Micron Technology (MU US) reported strong demand from data centers, with Q4 FY2025 earnings exceeding expectations, driven by growth in HBM business and a favorable DRAM market [19] - Meta Platforms (META US) unveiled a new AI glasses product line, enhancing its position in the AI and metaverse space, with a target price of $860 [19] Group 2: Singapore Market Focus - The Monetary Authority of Singapore (MAS) is set to restart easing measures in October, with expectations of a slowdown in GDP growth to 2.2% for the year [24][30] - Keppel Data Centre REIT is expanding in Japan with a recent acquisition worth SGD 707 million, expected to boost its distribution per unit (DPU) [36] - Singapore Telecommunications (ST SP) is focusing on digital infrastructure growth, with potential for significant earnings growth in FY2026 and beyond [36] Group 3: Vietnam Market Focus - Vietnam's GDP grew by 7.5% in the first half of 2025, driven by strong domestic consumption and investment, but is expected to slow down due to external trade uncertainties [43][46] - The Vietnamese central bank is likely to maintain a loose monetary policy in the short term, supporting economic growth through increased public investment [46] - Vietnam may be upgraded to FTSE's secondary emerging market status, potentially attracting around $1.1 billion in inflows if the upgrade occurs [49][50]