Core Insights - Hisense refrigerators play a crucial role in the "AI-Powered Dream Transformation" event, showcasing customized fresh food solutions for diverse family structures and living scenarios [2][5] - The company demonstrates its ability to address the varied needs of Chinese families through innovative technology and design [5] Group 1: Product Features - The Hisense DBD Ion Active Sterilization technology achieves a sterilization rate of up to 99.9999%, ensuring food safety and preventing odor mixing [2] - The Hisense Vacuum 510 refrigerator utilizes original vacuum freezing technology to maintain food freshness for up to seven days, addressing the issue of flavor mixing with its independent vacuum compartments [3] Group 2: Market Positioning - Hisense refrigerators are designed to meet the evolving demands of modern families, from basic food storage to advanced preservation and nutritional retention [5] - The company emphasizes the integration of technology with emotional and social needs, redefining the standards of fresh food living for contemporary households [5]

1. Report Industry Investment Ratings - US stocks - Overweight [33] - European stocks - Equal-weight [35] - Chinese A-shares - Equal-weight [36] - Hong Kong stocks - Equal-weight [37] - Japanese stocks - Equal-weight [38] - Indian stocks - Equal-weight [39] 2. Core Views of the Report - In October, the global stock market generally rose, mainly driven by the AI technology boom. The Japanese stock market led the world, with the Nikkei 225 index soaring 16.64% in a single month. A-shares and Hong Kong stocks both corrected to some extent [32]. - The US economy shows mixed signals. The labor market's prosperity is declining, but inflation is under control. The Fed cut interest rates in October and is expected to cut again in December. The US stock market is expected to benefit from the end of the government shutdown, strong Q3 earnings, and AI development [9][11][35]. - The Chinese economy also presents a mixed picture. Consumption growth has slowed, but exports and imports have increased significantly. Industrial production remains resilient, but the real estate market is accelerating its decline [21][24]. - In the bond market, the yields of US, UK, and Chinese government bonds have changed, influenced by factors such as trade disputes, inflation, and central bank policies [58]. - In the foreign exchange market, the US dollar index strengthened in October, the Japanese yen depreciated unilaterally, and the Chinese yuan remained stable against the US dollar but appreciated against a basket of other currencies [62]. - In the commodity market, gold prices fluctuated, oil prices were weak, and copper prices reached a new high for the year [65]. 3. Summary by Relevant Catalogs 3.1 Stock Market 3.1.1 Global Stock Market Performance in October - The global stock market generally rose, with the Japanese stock market leading at 16.64% growth. A-shares and Hong Kong stocks corrected [32]. 3.1.2 US Stock Market - In October, the three major US stock indexes all had positive monthly returns. The Fed's interest rate cut expectations, strong corporate earnings, and the strength of AI-driven technology stocks dominated market sentiment [35]. 3.1.3 European Stock Market - In October, European stocks showed a mild rebound, ending two months of sideways adjustment, supported by energy stocks, tech stocks' performance, and the ECB's loose policy [35]. 3.1.4 Chinese A-share and Hong Kong Stock Markets - A-shares were highly differentiated in October. The Shanghai Composite Index reached a ten-year high, while the STAR 50 Index fell. Hong Kong stocks were under pressure, especially the Hang Seng Tech Index [36][37]. 3.1.5 Japanese and Indian Stock Markets - The Japanese stock market reached a new high in October. However, due to the potential for the Bank of Japan to raise interest rates and the full release of positive factors, the rating was downgraded from overweight to equal-weight. The Indian stock market rebounded strongly, and the rating was upgraded from underweight to equal-weight [38][39]. 3.2 Bond Market 3.2.1 Primary Market of Chinese Offshore Bonds - In October, 46 bonds were issued in the primary market of Chinese offshore bonds, including 26 US dollar bonds worth $5.52 billion and 20 offshore RMB bonds worth 30.09 billion RMB. Issuance volumes decreased significantly compared to September, but are expected to recover in November and December [45]. 3.2.2 Secondary Market of Chinese Offshore Bonds - As of October 31, 2025, the Markit iBoxx Chinese US dollar investment-grade bond index rose 0.64%, and the high-yield bond index rose 0.17%. The real estate bond index fell 0.06%, the urban investment bond index rose 0.51%, and the financial bond index rose 0.36% [48][50]. 3.2.3 Global Bond Market Performance in October - In October, the performance of major global bond markets varied. The US bond market was influenced by "risk aversion," the UK bond market was affected by inflation and interest rate cut expectations, and the Chinese bond market was volatile [58]. 3.3 Foreign Exchange Market - In October, the US dollar index rose 2.08%. The Japanese yen depreciated unilaterally, and the Chinese yuan remained stable against the US dollar but appreciated against a basket of other currencies [61][62]. 3.4 Commodity Market - In October, gold prices showed a "high and then low" trend, oil prices were weak, and copper prices reached a new high for the year [65]. 3.5 Fund Selection - The report selected various types of funds, including money market funds, investment-grade short-term bond funds, investment-grade bond funds, US stock funds, Chinese stock funds, German funds, and Japanese funds, and provided their performance data [67].

"'必吃榜'来到迪拜，不仅延伸了榜单的影响力，更开启了一场美食与文化的对话。"中国驻迪拜总领事 欧渤芊表示。"必吃榜"正以美食支点，以AI科技力量为助力，不仅推动全球美食文化交流，更撬动各国 与中国科技企业加强合作。 （文章来源：新华财经） 新华财经北京11月11日电（记者丁雅雯）2025大众点评"必吃榜"首场海外发布会落地迪拜。记者11日获 悉，迪拜经济和旅游部与美团、大众点评将强化餐饮、酒店、景点及多元旅游场景合作，为中国游客打 造无缝衔接的高品质旅行体验。 作为首次登上大众点评"必吃榜"榜单的城市，迪拜共有10家餐厅上榜。"迪拜入选大众点评'必吃榜'，榜 单不仅彰显了其卓越的美食品质，也再次印证了迪拜全球美食之都的地位。"迪拜经济和旅游部国际运 营部亚太区总监沙哈布·沙彦表示，"通过与大众点评这样头部的合作伙伴携手，我们将持续深化'欢迎 中国'战略，丰富中国游客体验，为迪拜的旅游生态注入新的活力。" ...

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]