Group 1 - The Hong Kong stock market's new consumption concept stocks are actively performing, with the Hong Kong Consumption ETF (513230) rising nearly 1.5% during trading [1] - Among the holdings, Mixue Group leads with a gain of over 5%, while other companies like Smoore International, Shenzhou International, Midea Group, Giant Bio, and Nongfu Spring also see increases of over 3% [1] - The Ministry of Finance's report highlights a more proactive fiscal policy since 2025, focusing on stabilizing employment, businesses, markets, and expectations, with plans for six key areas of work to boost consumption [1] Group 2 - The growth of emerging consumer goods reflects the new consumption concepts of the younger generation in the current social environment, which is crucial for identifying growth opportunities in new consumption companies [2] - In the gold jewelry sector, it is recommended to focus on head brands in the ancient gold segment that are favored by younger consumers, such as Laopu Gold [2] - For trendy toys, companies with strong IP creation and operational experience, like Pop Mart, are suggested for attention [2] - In the ready-to-drink tea segment, it is advised to focus on leading tea brands with strong brand power and wide business coverage, such as Mixue Group and Guming [2] - The Hong Kong Consumption ETF (513230) tracks the CSI Hong Kong Stock Connect Consumption Theme Index, encompassing a wide range of sectors including leading new consumption companies and major internet e-commerce players like Tencent, Kuaishou, Alibaba, and Xiaomi [2]

Group 1 - The Hong Kong stock consumer sector experienced a slight pullback after an initial rise, with the Hong Kong Consumer ETF (513230) declining nearly 0.5% [1] - The eighth China International Import Expo concluded on November 10, highlighting the ongoing momentum of cross-border e-commerce and the influx of quality overseas brands into the Chinese market [1] - The consumer market in China is transitioning from a recovery in quantity to an upgrade in quality, driven by channel innovation, diversified demand, and improved commercial ecosystems [1] Group 2 - The new gold tax policy is expected to drive market share towards leading brands in the medium to long term, as it aims to regulate previous non-compliant tax practices in the industry [1] - Companies with differentiated product offerings and strong operational capabilities, such as Lao Pu Gold and Chow Tai Fook, are likely to benefit from this policy [1] - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including new consumption leaders and internet e-commerce giants [2]

Group 1 - The Hang Seng Index opened up by 0.49%, and the Hang Seng Tech Index rose by 0.63%, indicating a strong start for the Hong Kong stock market, particularly in the consumer sector [1] - The Hong Kong Consumer ETF (513230) increased by nearly 1%, with constituent stocks showing mixed performance; notable gainers included Great Wall Motors, China Feihe, Geely, Alibaba, and Midea Group, while Xpeng Motors, Pop Mart, Smoore International, and Shenzhou International saw declines [1] - According to China Merchants Securities, the "14th Five-Year Plan" outline released at an important meeting exceeded market expectations, combined with signs of easing US-China relations and strengthened expectations for a Federal Reserve rate cut, these three factors are expected to support a shift in the Hong Kong stock market from "suppressed" to "rising" in the fourth quarter [1] Group 2 - Galaxy Securities noted that the current valuation of the Hong Kong stock market is at a historically high level, predicting a wide range of fluctuations in the market going forward [1] - In terms of investment strategy, it is recommended to focus on sectors such as precious metals and other safe-haven assets due to increased market risk aversion, as well as dividend assets that have seen lower gains recently [1] - The technology and consumer sectors, highlighted in the "14th Five-Year Plan" policy recommendations, are expected to attract capital interest [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing leading companies in internet e-commerce and new consumption, including Pop Mart, Lao Pu Gold, and Miniso, as well as e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, showcasing a strong technology and consumer attribute [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 思摩爾國際控股有限公司 (於開曼群島註冊成立的有限公司) 呈交日期: 2025年11月5日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06969 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,193,035,778 | | 0 | | 6,193,035,778 | | 增加 / 減少 (-) | | | 536,737 | | 0 | | | | 本月底結存 | | | 6,193,572,515 | | 0 | | 6,193,572,515 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變 ...

Market Performance - The Hang Seng Index closed down 0.79% after opening lower and maintaining a weak trend throughout the day [1] - The healthcare sector experienced significant declines, with the index dropping 2.19% [3] - The banking sector, in contrast, saw a rise of 0.67%, with several banks showing gains above 2% [3] Sector Analysis - The healthcare sector faced a notable downturn, with stocks like Kangfang Biotech falling by 6%, and 3SBio down by 5.85% [3] - The consumer sector also struggled, with a decline of 2.04%, highlighted by Smoore International's drop of 6% and Pop Mart's decrease of 4.06% [3] - The banking sector showed resilience, with Everbright Bank increasing by 3.09% and Minsheng Bank by 2.96% [3]

Group 1 - In October, five funds under GF Fund experienced declines exceeding 10%, including the Hong Kong Innovative Medicine ETF and two classes of the GF CSI Hong Kong Innovative Medicine ETF (QDII) [1][2] - The GF CSI Hong Kong Innovative Medicine ETF (QDII) fell by 11.61% in October, with its top ten holdings including companies like Innovent Biologics and BeiGene [1][2] - The GF Hong Kong Stock Connect Growth Selected Stocks C and A classes dropped by 10.42% and 10.40% respectively, with cumulative returns of -29.52% and -30.99% since their inception in September 2020 [1][2] Group 2 - The top ten holdings of the GF Hong Kong Stock Connect Growth Selected Stocks include Alibaba, Tencent, and Xiaomi, reflecting a focus on major technology and biotech firms [2][3] - Liu Jie has managed the first three funds mentioned, while Li Yaozhu has been managing the GF Hong Kong Stock Connect Growth Selected Stocks since its establishment [1][3] - The cumulative net values for the A and C classes of the GF Hong Kong Stock Connect Growth Selected Stocks are 0.7048 yuan and 0.6901 yuan respectively [1][3]

Group 1 - The Hong Kong consumer sector is experiencing downward pressure, with notable declines in stocks such as Smoore International, Pop Mart, and Li Auto, leading to a nearly 1.5% drop in the Hong Kong consumer ETF (513230) [1] - A joint notice issued by multiple government departments on October 30 outlines four core policy upgrades for duty-free shops, effective from November 1, 2025, aimed at boosting consumption and attracting foreign spending [1] - Huaxi Securities highlights that the new duty-free policies will enhance operational flexibility in four ways: expanding product categories, relaxing approval processes, providing convenient services, and supporting domestic products [1] Group 2 - The Hong Kong consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption brands and major internet e-commerce players [2]

Core Viewpoint - Smoore International (06969) has subscribed to a total of $80 million in notes issued by Morgan Stanley, indicating a strategic move to leverage existing cash reserves and free cash flow for investment purposes [1] Group 1: Subscription Details - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million, equivalent to approximately HKD 156 million [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million, equivalent to approximately HKD 468 million [1] - The subscriptions were funded through the company's existing cash reserves and free cash flow [1]

Core Viewpoint - Smoore International (06969) has announced the subscription of notes issued by Morgan Stanley Financial LLC, indicating a strategic move to utilize available cash reserves and free cash flow for investment purposes [1] Group 1: Subscription Details - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million, equivalent to approximately HKD 156 million [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million, equivalent to approximately HKD 468 million [1] - The funding for these subscriptions will be sourced from the company's existing cash reserves and free cash flow [1]

Core Viewpoint - Smoore International (06969.HK) has announced the subscription of notes issued by Morgan Stanley with a total principal amount of $80 million, funded by the company's available cash reserves and free cash flow [1] Group 1 - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million issued by Morgan Stanley [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million issued by Morgan Stanley [1] - The funding for these subscriptions will come from the company's existing cash reserves and free cash flow [1]