Core Viewpoint - The short-term performance of the Hong Kong stock market will be affected by trade frictions, which may suppress investor risk appetite and lead to market volatility. However, in the long term, the expansion of capital expenditure by global tech giants will result in a continuous emergence of new products, positively impacting the AI industry chain [1]. Group 1: Market Outlook - Trade frictions are expected to create disturbances in the short-term performance of the Hong Kong stock market [1]. - The uncertainty surrounding the duration of the U.S. federal government "shutdown" and the escalation of China-U.S. trade tensions may increase market risk aversion [1]. Group 2: Investment Opportunities - AI-related stocks in the Hong Kong market are deemed to have high attention value due to the long-term positive trends in the tech sector [1]. - Precious metals and other safe-haven assets may see opportunities as market risk aversion rises [1]. Group 3: Relevant ETFs - The Hong Kong Stock Connect Technology ETF (159101) covers the entire technology industry chain [1]. - The Hang Seng Internet ETF (513330) focuses on leading internet companies [1].

Core Viewpoint - The ongoing government shutdown in the U.S. is causing significant economic distress, with over 800,000 federal employees on unpaid leave and disruptions in various sectors, including air travel [1] Group 1: Economic Impact - The government shutdown has led to a rise in unemployment and increased layoffs, indicating a cooling job market [3] - The Federal Reserve plans to lower interest rates by 0.25 percentage points to stimulate the economy, but this may only serve as a temporary relief rather than a long-term solution [3] - Financial markets are reacting to the Fed's easing expectations, with a weakening dollar and declining U.S. Treasury yields, while safe-haven assets like gold and Bitcoin are gaining popularity [5] Group 2: Political Dynamics - The political standoff between the Democratic and Republican parties is intensifying, with President Trump suggesting that the shutdown could be beneficial for eliminating Democratic legacies [1] - Treasury Secretary Mnuchin has shifted focus to international issues, accusing China of disrupting global supply chains through its control of rare earth exports, which may be a distraction from domestic problems [3][5] - The U.S. is attempting to regain control over strategic resources by attacking China, despite China's significant role in the global rare earth market, producing nearly 60% of the world's supply and processing 90% [5] Group 3: Future Outlook - The resolution of the government shutdown and the future of U.S.-China trade relations will be critical in determining the economic landscape [7] - A collaborative approach with other nations is necessary for the U.S. to find sustainable solutions to global supply chain and economic challenges, rather than relying solely on isolationist tactics [7]

【导读】韩国股市走高，现货黄金再创新高 一起来关注下日韩股市及最新资讯。 韩国综合指数再创历史新高 韩国综合指数涨幅扩大至1%，再创历史新高。 消息面上，韩国经济日报援引未具名业界消息人士报道称，三星电子执行会长李在镕、现代汽车集团会长郑义宣等韩企高管可能于本周晚些时候在海湖庄 园与美国总统特朗普会面。 李在镕、郑义宣、SK集团会长崔泰源以及LG集团会长具光谟应软银董事长孙正义邀请，出席在海湖庄园举行的"星际之门"（Stargate）项目投资推介活 动。韩国几大财阀掌门人还可能与特朗普及其他商界人士一起打高尔夫球。特朗普预计将于10月17日至19日期间在海湖庄园停留。孙正义此次共邀请了约 70家全球企业的首席执行官参加该活动。 日本股市高开1%，随后震荡调整，日经225指数现涨0.79%。 | 日经 225 | | | | | --- | --- | --- | --- | | 指 HQ.NKY | | | | | 48051.59 +378.92 +0.79% | | | | | 10-16 08:09:05 | | | | | 今开 48107.44 最高 48201.50 | | | | | 昨收 47 ...

黄金价格早盘创下4226美元新高，支撑因素包括贸易紧张局势担忧以及市场押注美联储将在年底前加大 货币宽松力度。本周迄今，金价已上涨逾5%，买盘热潮也蔓延至其他贵金属。交易员正大量押注美国 将在年底前至少实施一次大幅降息，而美联储主席鲍威尔本周已暗示央行将在本月晚些时候再降息25个 基点。美国政府持续关门也为金价提供支撑。此外，所谓"货币贬值交易"亦在推动资金流入黄金，即投 资者抛售主权债务和货币，以规避不断扩大的财政赤字风险。各国央行的积极购金更是关键支柱。 Trafigura集团首席经济学家萨阿德·拉希姆表示，黄金上涨"主要由实物买盘驱动，如果你观察各国央 行，它们正在大量买入"。 ...

成本支撑显现 与钢价弱势下行不同，原料价格表现相对偏强。根据钢联数据，截至10月10日当周，247家样本钢厂中 盈利钢厂占比为56.28%，已连续九周回落；按即期成本核算，多数品种转为亏损。现阶段铁矿石和焦 煤价格走势偏强，支撑钢材生产成本高位运行，铁矿石价格指数最新值为109.2美元/吨，处于年内高 位。焦煤价格重心抬升，令9月底焦炭第一轮提涨落地。自8月初以来，华东地区螺纹钢价格累计下跌 220元/吨，同期铁水成本上涨101元/吨，铁水成本居高不下给予钢价较强支撑。根据钢联数据，247家 钢厂日均铁水产量最新值为241.54万吨，继续位于年内高位，同比增长3.63%。 综上所述，螺纹钢供应收缩，需求偏弱，库存去化压力偏大，叠加贸易摩擦背景下市场情绪转弱，螺纹 钢价格易跌难涨，后续或延续偏弱震荡态势，重点关注需求表现。 在9月中旬短暂反弹之后，螺纹钢期货价格再度转弱下行，国庆假期前主力合约更是跌破3100元/吨整数 关口，创下阶段性新低。同时，现货价格也在低位偏弱运行。 宏观情绪偏弱 美东时间10月10日，美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税， 并对所有关键软件实施出口管 ...

Group 1: Trade Tensions and Market Impact - The recent escalation of trade tensions, particularly the U.S. imposing 100% tariffs on certain Chinese exports, has led to significant market volatility, with U.S. stocks, especially the Nasdaq, experiencing a drop of over 3.5% [1][2] - The market's panic, reflected in the VIX index reaching 21.66, indicates heightened risk aversion among investors [1] - The current valuation of U.S. stocks, particularly the Nasdaq, is notably high, with the "Seven Sisters" trading at 31.3 times earnings, up from 26.8 times before the tariff announcements [1] Group 2: Economic Conditions and Federal Reserve Actions - The U.S. economy is not currently in recession, and the Federal Reserve's recent decision to restart interest rate cuts suggests that any market adjustments may be short-term rather than indicative of a systemic collapse [1][7] - The government shutdown is expected to impact consumer spending, with an estimated 750,000 federal employees affected, leading to a daily reduction of approximately $400 million in wages [5] - Historical trends indicate that even with economic slowdowns, U.S. stocks tend to maintain upward momentum if the Federal Reserve continues to implement loose monetary policies [6] Group 3: Technological Investments and Market Support - The rapid development of technology, particularly in AI, is a significant driver of stock market performance, with major firms like JPMorgan and Google announcing substantial investments to bolster the U.S. industrial base and cloud computing capabilities [8] - The focus on core industries, including advanced manufacturing and defense, is expected to support long-term economic growth and stock market stability [8] - Despite concerns over stock valuations, as long as the Federal Reserve does not tighten monetary policy or trigger a liquidity crisis, the potential for a market bubble burst remains low [9]

美东时间10月10日，美方宣布，针对中方采取的稀土等相关物项出口管制，将对中方加征100%关税， 并对所有关键软件实施出口管制。上述举措引发市场避险交易，风险资产价格承压回落。在经历了4月 的"对等关税"冲击后，新一轮关税威胁对商品市场的边际影响减弱。事实上，新一轮关税威胁对黑色产 业的影响有限，国内钢材直接出口至美国的数量较少。不过，若贸易摩擦升级，可能对我国钢材的间接 出口形成冲击，例如汽车、家电等产品出口受限后会加剧板材产业的供需矛盾，进而导致建筑钢材价格 承压。笔者认为，若贸易摩擦升级，国内将出台更多利好政策，对黑色金属价格形成显著支撑，市场情 绪将再度切换。 在9月中旬短暂反弹之后，螺纹钢期货价格再度转弱下行，国庆假期前主力合约更是跌破3100元/吨整数 关口，创下阶段性新低。同时，现货价格也在低位偏弱运行。 宏观情绪偏弱 （作者期货投资咨询从业证书编号Z0011688） 库存升至相对高位 （文章来源：期货日报） 近期，螺纹钢产业供需矛盾不断累积，库存已升至相对高位，去库压力偏大。截至10月10日当周，同口 径下螺纹钢库存总量为659.65万吨，国庆假期期间增加57.40万吨，库消比为4.518，同 ...

Core Points - The recent escalation in US-China trade tensions is marked by China's new export controls on rare earth materials and synthetic diamonds, which are critical for high-tech and defense industries in the US [2][3][5] - The US stock market reacted negatively, losing $2 trillion in value, with significant drops in major tech stocks following the announcement of these measures [2][6] Group 1: Export Controls - China announced export controls on rare earth materials, requiring licenses for mining, refining, and related technologies starting November 8 [3][5] - The controls include five categories of heavy rare earth metals and extend to high-tech applications such as chip manufacturing [5][8] - The measures are expected to increase global rare earth prices by over 20% due to China's dominant position, supplying 80% of the world's rare earths [3][5] Group 2: Impact on US Industries - The US heavily relies on China for rare earths, with 70% of its supply coming from China, which poses a risk to its defense and semiconductor industries [3][6] - The export controls on synthetic diamonds, crucial for cooling high-density AI chips, could severely impact the US's ability to expand its data centers and semiconductor production [9][11] - The US Department of Defense has indicated that shortages in rare earths could directly affect military production capabilities [3][6] Group 3: Global Reactions - The EU is coordinating with the US to assess the impact on supply chains and is looking to increase imports from Australia and Canada [3][5] - Other countries like India are attempting to ramp up domestic production of rare earths, but their current capacity is insufficient to meet global demand [5][11] - The situation has prompted discussions among US allies about diversifying supply chains, but immediate alternatives to Chinese materials are limited [11]

Core Viewpoint - The ongoing impact of U.S. tariff policies is leading to a decline in key export sectors in Canada, as evidenced by recent statistics from Statistics Canada showing a decrease in manufacturing and wholesale sales [1] Manufacturing Sector - In August, manufacturing sales in Canada fell by 1% month-on-month, with a 1.5% decrease in sales volume after excluding price factors [1] - The decline in manufacturing is primarily attributed to a reduction in transportation equipment sales, following a record increase in July [1] - Despite facing trade barriers from U.S. tariffs on aluminum products, the base metals sector experienced significant growth, with aluminum sales rising by 45% month-on-month [1] - Overall manufacturing inventory increased by 0.3%, indicating persistent supply chain adjustments despite the sales decline [1] Wholesale Sector - Wholesale sales in August decreased by 1.2% month-on-month, with a 1.3% decline in sales volume [1] - Key categories such as automotive parts, food, and beverages showed weak sales, contributing to the overall poor performance [1] - Wholesale inventory rose by 0.7%, reflecting a combination of weak demand and ongoing supply chain adjustments [1] Employment Impact - The U.S. tariffs on steel, aluminum, and automobiles have had a substantial impact on Canada's export-oriented manufacturing sector, as indicated by a significant loss of jobs in the manufacturing sector, with nearly 10,000 jobs lost year-on-year in July [1]

Report Industry Investment Rating There is no specific industry investment rating provided in the report. Core Viewpoints - Amid repeated trade frictions, the convertible bond market may show strong resilience. Compared with the previous "tariff shock," the current market is in an upward - trending phase with higher trading activity. Although the current valuation is higher, the conversion premium rate is lower, and the implied volatility is higher, weakening the bond - like protection slightly, a market correction may present a layout opportunity [2][6][10]. - In the A - share market, cyclical sectors are relatively dominant, while the technology growth direction faces adjustment pressure. Investors should seize structural opportunities in pro - cyclical varieties and pay attention to the phased adjustment risks in the growth direction [10]. - The convertible bond market shows a slight upward trend, with both large - cap and small - cap bonds performing well. The market continues the structural repair trend, with cyclical and manufacturing sectors presenting more opportunities [10]. - The primary market supply is stable, and clause - based gaming is active. Attention should be paid to the marginal impact of downward adjustment and redemption expectations on the valuation structure and trading rhythm [10]. Summary by Directory Trade Frictions and the Evolution of the Convertible Bond Market - The previous "tariff shock" was an "amplifier" in the downward trend. Currently, the market is in an upward - trending phase, and the potential impact of repeated trade frictions may be more limited. The recent trading activity in the convertible bond market is higher, with an average trading volume of 723.9 billion yuan in the past 5 trading days, compared to 587.0 billion yuan in the previous period [17]. - The current market valuation is higher, the conversion premium rate is lower, and the implied volatility is higher than in the previous period. However, the potential downward space may be restricted by the loose liquidity environment [20]. - The previous "tariff shock" had a greater impact on high - price and small - cap convertible bonds, but they recovered faster. Different industries also showed different performances [33][38]. - Overall, the impact of recent trade frictions on the convertible bond market may be controllable. A significant market adjustment may provide a good buying opportunity [41]. Market Theme Weekly Review - In the week from October 9 to 11, 2025, themes related to non - ferrous metals in the equity market were strong, while technology - growth themes were weak. Indexes related to nickel mines, copper industries, and cobalt mines led the gains, while themes such as automobiles and electronics had significant pullbacks [42]. Market Weekly Tracking Main Stock Indexes and Cyclical Sectors - The A - share main stock indexes were differentiated. Only the Shanghai Composite Index rose, and the ChiNext Index was relatively weak. The CSI 2000 and CSI 500 performed better than the SSE 50 and STAR 50. The net outflow of main funds increased, reflecting the profit - taking and risk - aversion needs of some funds [45]. - Cyclical sectors such as non - ferrous metals, steel, coal, and public utilities were strong, while communication and media sectors were weak. Trading was concentrated in electronics, power equipment, and non - ferrous metals, indicating a divergence in market attention between technology and cyclical sectors [48]. - The market congestion was significantly differentiated. Sectors such as electronics, communication, and machinery had a high historical quantile of trading volume and PB, while sectors such as food and beverage, agriculture, forestry, animal husbandry, and beauty care had relatively low congestion [51]. Convertible Bond Market - The convertible bond market showed a slight upward trend. The CSI Convertible Bond Index was basically flat compared to the previous week. Large - cap and small - cap convertible bonds performed well, but the average daily trading volume decreased slightly [54]. - The valuation structure was differentiated. The median market price fluctuated downward but remained at a high level. The implied volatility increased slightly, indicating differences between bulls and bears [60]. - Cyclical sectors were strong, with non - ferrous metals, coal, and steel leading the gains. Trading was concentrated in power equipment, electronics, and basic chemicals [63]. - Most individual bonds showed an upward trend. Among the convertible bonds in the conversion period, the top five gainers were Guanzhong Convertible Bond, Zhonghuan Convertible Bond 2, Jize Convertible Bond, Haomei Convertible Bond, and Zhenhua Convertible Bond. The top five losers were Hengshuai Convertible Bond, Zhongqi Convertible Bond, Sheng 24 Convertible Bond, Tongguang Convertible Bond, and Huicheng Convertible Bond [65]. Convertible Bond Issuance and Clause Tracking Primary Market Issuance - No new convertible bonds were listed in the week from October 9 to 11, 2025. Six listed companies updated their convertible bond issuance plans, with a total scale of over 60 billion yuan in projects at the exchange - acceptance stage and later [10][70][71]. Clause - Based Events - Five convertible bonds announced potential downward adjustments, two announced no downward adjustments, one announced a potential redemption, and two announced early redemptions. Attention should be paid to the impact of these events on the valuation structure and trading rhythm [10].