Core Insights - The first overseas launch of the 2025 Dianping "Must-Eat List" took place in Dubai, highlighting a collaboration between the Dubai Economic and Tourism Department and Meituan, aiming to enhance the travel experience for Chinese tourists [1] Group 1: Collaboration and Strategy - The partnership will focus on strengthening cooperation in dining, hotels, attractions, and diverse tourism scenarios to create a seamless high-quality travel experience for Chinese visitors [1] - The inclusion of Dubai in the Dianping "Must-Eat List" with 10 restaurants signifies the city's exceptional food quality and reinforces its status as a global culinary hub [1] Group 2: Cultural Exchange and Technology - The arrival of the "Must-Eat List" in Dubai not only extends the list's influence but also initiates a dialogue between food and culture [1] - The initiative leverages AI technology to promote global culinary cultural exchange and encourages collaboration between countries and Chinese tech enterprises [1]

Core Viewpoint - Haier Smart Home collaborates with Tmall Super National Supplement Day to create a promotional event named "Champion Home, Most 'Home' Stadium," enhancing the connection between football fans and home appliances through engaging experiences and substantial benefits [1][5]. Group 1: Marketing Strategy - The campaign features large-scale advertisements in key urban transit hubs, showcasing partnerships with Liverpool and Paris Saint-Germain, effectively merging football passion with Haier's innovative home appliance designs [1][2]. - A luxury bus, designed as a mobile "fan home," tours popular attractions in Changsha, displaying Haier's champion products alongside football memorabilia, creating an immersive experience for fans [2]. Group 2: Product Promotion - The live-streaming event, hosted by renowned commentator Liu Jianhong, highlights Haier's product lineup, drawing parallels between the appliances and football team roles, emphasizing their technological advantages [3][4]. - Specific products like the Haier Mairang refrigerator and air conditioner are showcased for their advanced features, achieving top sales rankings on Tmall during the promotional period [3][4]. Group 3: Customer Engagement - The event offers various user benefits, including signed memorabilia and a grand prize of a trip to Europe for a football match, incentivizing purchases over 5000 yuan [4]. - Haier aims to provide a multi-faceted experience that integrates urban marketing, product engagement, and exclusive rewards, reinforcing its position as a leading partner for over 300 million Chinese households [5].

Core Viewpoint - The Hong Kong stock market has undergone significant changes over the past year, with the Hang Seng Index (HSI) currently valued at 11.4 times earnings, which is above the average since 2015, indicating that it is not considered "cheap" [1] Group 1: Market Valuation and Expectations - The current market valuation is heavily reliant on earnings recovery rather than further expansion of valuation multiples or risk premiums [1] - Under a baseline scenario, if the weighted risk-free rate decreases from 3.4% to 3.1%, and if the technology and internet sectors see a return to their low risk premiums, the valuation upside could be around 5-7% [1] - In an optimistic scenario, if policies stimulate price recovery, there could be over 15% upside in valuations if other sectors also see a drop in risk premiums [1] Group 2: Profit Growth Projections - Under baseline assumptions, the projected profit growth for Hong Kong stocks is 3% for 2026, with non-financial sectors expected to grow by 6-7% and financial sectors projected to have zero growth [2] - The expected index levels for the HSI are between 28,000 to 29,000 points under baseline conditions, with optimistic and pessimistic scenarios projecting 31,000 and 21,000 points respectively [2] Group 3: Investment Strategy Recommendations - The company suggests maintaining a focus on dividend-paying assets to navigate the weak overall credit cycle, indicating a need for continued monetary easing [2] - In a weak credit expansion environment, the company recommends focusing on sectors that can still expand credit, particularly in AI technology, emerging industries, and those linked to U.S. demand [2] - Specific sectors recommended for overweight positions include AI software and hardware, new energy, chemicals, home furnishings, and innovative pharmaceuticals, while underweight positions are suggested for real estate, food retail, and personal household goods [3]

来源：智通财经 华泰证券研报指出，上周日经225、韩国综指、纳斯达克及恒生科技分别下跌4.1%、3.7%、3.0%、 1.2%。大型AI科技相关公司回调引发更大关注，Mag7中英伟达领跌7.1%、特斯拉与META同样跌幅明 显，亚马逊和苹果表现更具韧性。恒生科技自10月初开始调整，10月2日高点正是华泰港股情绪指标进 入贪婪区间时点，后续市场在回调过程中遇关税风波再起，走势整体偏弱，我们也在此前周报中持续提 示短期择时上"抄底"交易还需时间。截至上周五，VIX上升至19.1，恒生波指相对稳定。 ...

Core Insights - The company is strategically shifting from traditional real estate to the communication and digital technology sectors, as evidenced by its recent investment in Shudao Technology, a high-tech firm specializing in high-speed interconnect chip design and development [1][3] - Shudao Technology has developed PCIe 5.0 switch chips that match international mainstream products in performance and can address critical technology challenges [1][2] Investment and Acquisition - The company has approved an investment of approximately 854.45 million yuan to acquire a 62.98% stake in Beijing Shudao Information Technology Co., Ltd. [1] - The investment decision was made during the company's board meeting on August 13, 2025, highlighting its commitment to expanding its footprint in the digital technology sector [1] Technological Strength - Shudao Technology's PCIe 5.0 switch chips feature high bandwidth, low latency, and high reliability, and are designed to be compatible with international mainstream products [2] - The chips support inter-chip networking, enabling direct communication and collaboration between GPUs, positioning Shudao Technology as a rare choice for building autonomous super nodes in China [2] Market Position and Future Outlook - Currently, domestic PCIe 5.0 switch chip manufacturers have not achieved mass production, but Shudao Technology is among the few capable of full-process independent design and potential mass production [3] - If the customer onboarding progresses as expected, mass production could begin in the fourth quarter of 2025, with the company aiming to provide customized high-speed interconnect chip solutions at competitive prices [3] - The acquisition of Shudao Technology is expected to enhance the company's strategic layout in the communication and digital technology sectors, improving its sustainable development capabilities and overall competitiveness [3]

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market is experiencing a collective decline, particularly in technology and gold stocks, while the market is in a year-end adjustment phase. However, the medium to long-term outlook remains positive with a trend of upward movement [1][2] - The Hang Seng Technology Index has seen a significant drop, with major stocks like Alibaba and Bilibili leading the decline. The trading volume has exceeded 4 billion, reflecting investor caution [1] - East Wu Securities suggests that despite the current market adjustments, the valuation of the Hang Seng Technology Index ETF (513180) is attractive, with a price-to-earnings ratio (PETTM) of 22.59, placing it in the historical low valuation range [2][3] Group 2 - The investment strategy focuses on AI technology, with expectations of a marginal recovery in earnings per share (EPS) for Hong Kong stocks in the first quarter of the following year. The current technology stock levels are seen as appealing for long-term investment [2] - The Hang Seng Technology Index ETF (513180) has attracted significant capital inflow, with a net inflow of approximately 4.46 billion on November 4 and a total of 47.36 billion over the past 20 trading days, indicating strong demand [2] - Market analysts believe that the current short-term adjustments may present a good opportunity for investment, particularly in the AI sector, as foreign capital is expected to return amid a favorable interest rate environment [3]

Group 1 - The overall outlook for the Hong Kong stock market remains cautious but optimistic, with a focus on sectors benefiting from policy support such as new energy, innovative pharmaceuticals, and AI technology [3][6] - The market experienced significant fluctuations in October, with the Hang Seng Index reaching a peak on October 2 before declining due to heightened concerns over US-China trade tensions [4][13] - The Hang Seng Index's price-to-earnings ratio (PE) decreased from 13.18 to 12.76 by the end of October, indicating a drop in market valuation [20][21] Group 2 - The macroeconomic environment shows a weakening fundamental backdrop, with domestic economic data indicating a continued bottoming phase [5][32] - The "14th Five-Year Plan" emphasizes technological innovation and expanding domestic demand, aiming to enhance the internal economic cycle [65] - The Hong Kong market is heavily influenced by external factors, particularly US economic data and Federal Reserve interest rate decisions, which are critical for market sentiment [66][68] Group 3 - In October, southbound capital inflows into the Hong Kong market totaled HKD 92.5 billion, reflecting a strong liquidity support despite a decrease from previous months [25][30] - The financial sector saw significant net inflows, indicating a shift towards defensive investment strategies amid market volatility [25][30] - Key stocks benefiting from this trend included China National Offshore Oil Corporation and China Mobile, which ranked among the top net inflows for the month [30][31]

Market Overview - The Hong Kong stock market experienced a decline after an initial rebound, with the Hang Seng Index closing at 25,952.40 points, down 205.96 points, a decrease of 0.79% [1] - The Hang Seng Technology Index also fell, closing at 5,818.29 points, down 104.19 points, a drop of 1.76% [2] Sector Performance - Gold stocks saw significant declines, with companies like Tongguan Gold and Lingbao Gold dropping over 6%, and Zijin Mining and Luoyang Molybdenum falling over 5% [4] - The non-ferrous metals sector also retreated, with Ganfeng Lithium and Northern Mining down over 5%, and Jiangxi Copper and Nanshan Aluminum down over 4% [4] - Conversely, bank stocks performed well, with China Everbright Bank rising over 3%, and other major banks like Minsheng Bank and China Merchants Bank increasing by over 2% [4] - Technology stocks had mixed results, with Xiaomi and JD.com dropping over 2%, while Baidu rose nearly 3% [4] - Oil stocks continued their upward trend, with PetroChina initially rising over 3%, though gains narrowed by the end of trading [4] Capital Flow - Southbound capital recorded a net purchase of over 9.8 billion HKD in Hong Kong stocks by the end of trading [4] Market Outlook - Dongwu Securities indicated that the Hong Kong market has entered an adjustment phase towards the end of the year, but the long-term upward trend remains intact [6] - The report noted that short-term macroeconomic positive news has largely been priced in, leading to a lack of new catalysts and reduced risk appetite among investors [6] - Orient Securities recommended focusing on three sectors: AI technology, dividend stocks, and innovative pharmaceuticals, citing attractive valuations in the tech sector and historical performance trends for dividend stocks in November and December [6]

Core Viewpoint - The Hang Seng Index rose by 0.2% while the Hang Seng Tech Index fell by 0.2%, indicating mixed performance in the Hong Kong stock market as it enters a year-end adjustment phase, but remains in a long-term upward trend [1] Market Performance - Bank stocks led the gains, with Huishang Bank rising over 3% [1] - Gold stocks experienced declines, with WanGuo Gold Group and LingBao Gold dropping over 5%, and Shandong Gold and Zijin Mining falling more than 4% [1] Federal Reserve Outlook - Despite a hawkish stance from Powell regarding interest rate cuts, the market's expectations differ, particularly with ongoing government shutdowns and data shortages [1] - The Fed's data-dependent approach suggests that a rate cut in December remains a high probability, especially with weak employment trends and moderate inflation [1] Long-term Investment Opportunities - The current valuation of Hong Kong tech stocks is seen as attractive, with expectations of marginal recovery in EPS for Q1 next year [1] - The end of intense competition among tech leaders is anticipated, with continued optimism for AI technology [1] - The innovative pharmaceutical sector shows a clear upward trend, with future business development expected to catalyze stock price increases [1] Related ETFs - AI Full Industry Chain: Hong Kong Stock Connect Technology ETF (159101) [1] - Leading Pharmaceuticals: Hang Seng Pharmaceutical ETF (159892) [1]

公开信息显示，截至11月3日，恒生科技指数ETF（513180）标的指数最新估值（PETTM）为22.85倍， 处于指数发布以来约28.55%的估值分位点，即当前估值低于指数历史上71%以上的时间，处于历史低估 区间。展望后市，港股科技更加受益当下以AI为代表的产业趋势，美联储降息背景下外资回流或超预 期，叠加南向资金持续增持，四季度恒生科技可期。没有港股通账户的投资者或可通过恒生科技指数 ETF（513180）一键布局中国AI核心资产。（场外联接A/C：013402/013403）。 11月4日早盘，恒指低开0.04%，报26148.07点；恒生科技指数跌0.19%。快手跌1.8%，舜宇光学科技跌 1.4%，理想汽车、海尔智家跌超1%；中芯国际涨1%，百度涨0.8%。开盘后，A股同赛道规模最大的恒 生科技指数ETF（513180）跟随指数小幅下跌，持仓股中，百度集团、华虹、中芯国际等领涨，理想汽 车、金蝶国际等领涨。 东吴证券指出，港股科技受美国科技股业绩影响，短期上涨动能不足。但该机构认为，中长期AI科技 还是主线之一，当前位置具有吸引力。明年一季度基本面叙事会进一步好转。结合降息背景，中长期看 好AI科 ...