JPMorgan晨会纪要-20251014

Core Insights - The Hang Seng Index (HSI) experienced a significant drop of over 900 points but managed to narrow its closing loss while maintaining above the 50-day moving average, with a net inflow of approximately HKD 100 million into bullish positions [6] - Xiaomi has seen continuous net inflows into bullish positions for six consecutive trading days, with its stock reaching a three-month low [6] - Alibaba's cloud division announced plans to adjust the prices of certain products by the end of the month [6] - Tencent is set to announce its earnings on November 13, entering a quiet period for share buybacks [6] - The three major US stock indices rebounded, and Asian stock index futures showed stability this morning [6] - The Nikkei 225 index experienced a drop of over 700 points, falling below the 47,500 level [6] - New York gold futures surpassed USD 4,100, reaching a new high [6] Market Positioning - The net inflow for bullish positions in the Hang Seng Index was HKD 370 million over the past five days, while bearish positions saw a net outflow of HKD 190 million [5] - For Alibaba, the net inflow for bullish positions was HKD 220 million, with bearish positions experiencing a net outflow of HKD 18 million over the past five days [5] - Xiaomi's bullish positions recorded a net inflow of HKD 81 million, while bearish positions had a net outflow of HKD 6.4 million in the same period [5] Upcoming Earnings Announcements - China Tower (stock code: 788) is expected to announce its earnings on October 16, 2025 [8] - Zijin Mining (stock code: 2899) is scheduled to release its third-quarter earnings on October 17, 2025 [8]