Report Industry Investment Rating No relevant content provided. Core View of the Report The current economy shows significant differentiation and a general weakening trend, increasing the necessity for policy intervention to stabilize growth. For the bond market, the weakening fundamentals and loose liquidity will drive a trend of strengthening. There may be some risk disturbances in the first half of Q4, and interest rates may decline more smoothly in the second half. The situation where interest rates deviated from both fundamentals and liquidity in Q3 needs to be corrected. The short - term escalation of trade conflicts and the decline in risk appetite have promoted the correction process of the bond market. However, the lack of cooperation from allocation - type institutions, potential bond - selling pressure from banks, and the impact of public fund fee reform still exist, and interest rate declines may not be smooth. The dumbbell strategy is preferred, and short - term credit/certificates of deposit + long - term high - elasticity products offer higher cost - effectiveness [4][22]. Summary Based on Related Content Economic Growth and Outlook - The GDP growth rate slowed down in Q3 2025, with a real growth rate of 4.8% and a nominal growth rate of 3.7%, the lowest since Q4 2022. Although the full - year target of 5% can be achieved, there is still pressure on nominal growth. Considering the high base of Q4 last year (1.5% for real GDP growth on a quarterly - on - quarterly basis), if the quarterly - on - quarterly growth rate in Q4 does not increase significantly, there may be a continued slowdown in the year - on - year growth rate [1][7]. Economic Structural Differentiation - **Supply vs. Demand**: Supply is strong while demand is weak. In September, the industrial added - value growth rate increased by 1.3 percentage points to 6.5%, and the service industry's GDP increased by 5.6% year - on - year, remaining flat compared to the previous month. However, the consumer market and investment continued to weaken. The growth rate of social retail sales slowed to 3.0%, and the single - month fixed - asset investment growth rate slowed to - 8.4% [1][7]. - **External vs. Domestic Demand**: External demand is strong while domestic demand is weak. In September, exports increased by 8.3% year - on - year, with the growth rate increasing by 4.0 percentage points compared to the previous month, driving the year - on - year growth rate of export delivery value to increase by 4.2 percentage points to 3.8%, which in turn boosted the industrial added - value growth rate. However, domestic consumption and investment continued to decline [2]. - **New vs. Old Economy**: New economy sectors such as the Internet and new energy are growing rapidly, while old economy sectors such as real estate and infrastructure are continuously weakening. In September, the production index of the information transmission, software, and information technology service industries in the service sector increased by 12.8% year - on - year, with the growth rate increasing by 0.7 percentage points compared to the previous month. The added - value of the automotive industry in industrial added - value increased by 16% year - on - year, up 7.6 percentage points from the previous month. In contrast, real estate and infrastructure investment declined by 21.3% and 8.0% respectively in September [2]. Consumption Analysis - The growth rate of residents' disposable income slowed down, which restricted consumption. In Q3, the single - quarter year - on - year growth rate of residents' per capita disposable income was 4.52%, a decrease of 0.56 percentage points compared to the previous quarter. The year - on - year growth rate of residents' per capita consumption expenditure was 3.4%, a decrease of 1.8 percentage points compared to the previous quarter. In September, the year - on - year growth rate of social retail sales was 3.0%, a decrease of 0.4 percentage points compared to the previous month. Among the main sub - sectors of social retail sales, the year - on - year growth rates of many industries such as gold, silver, and jewelry, and sports and entertainment products declined. Although the growth rates of four industries with concentrated subsidies (household appliances, furniture, communication products, and office supplies) still supported the year - on - year performance of social retail sales, the policy effect has diminished [3][12]. Investment Analysis - **Overall Investment**: In September, the year - on - year growth rate of fixed - asset investment was - 8.4%, with the decline narrowing by 0.9 percentage points compared to the previous month. However, the year - on - year declines in the three major industries further widened [15]. - **Manufacturing Investment**: In September, the year - on - year growth rate of manufacturing investment was - 1.9%, with the decline increasing by 0.6 percentage points compared to the previous month. Due to weak downstream and terminal demand, corporate profitability was under pressure, which continued to suppress investment willingness [15]. - **Infrastructure Investment**: In September, the year - on - year growth rate of infrastructure investment was - 8.0%, with the decline increasing significantly by 1.6 percentage points compared to the previous month. The high base from the same period last year deepened the investment decline. Although the easing of the base pressure and the implementation of some fiscal incremental policies (such as the Ministry of Finance's release of 500 billion yuan in remaining quotas on October 17) can mitigate the investment slowdown to some extent, the overall impact is limited, and infrastructure investment is expected to continue to decline year - on - year [15]. - **Real Estate Investment**: In September, the year - on - year decline in real estate investment continued to widen, reaching - 21.3%, and the cumulative year - on - year decline in real estate investment continued to fall to - 13.9%. The year - on - year decline in real estate sales also widened, with the sales area falling by 11.9% year - on - year. Although the declines in new construction and completion narrowed, overall, the downward trend in real estate investment continued, increasing the need for policy support [19].

Group 1 - The core viewpoint of the news is that Hong Kong's technology and internet stocks have rebounded significantly, with the Hang Seng Technology Index rising by 3.0% and the Hang Seng New Economy Index increasing by 2.9% [1] - The recent influx of capital into Hong Kong's technology-related ETFs is notable, with the E Fund Hang Seng Technology ETF (513010) attracting over 4 billion yuan in net inflows over the past month, ranking first among similar ETFs [1] - Other indices also showed positive performance, including the China Securities Hong Kong Internet Index up by 2.7% and the China Securities Hong Kong Consumption Theme Index up by 2.2% [1] Group 2 - The Hang Seng New Economy ETF tracks the largest 50 stocks in the "new economy" sector within the Hong Kong Stock Connect, primarily including information technology, consumer discretionary, and healthcare [2] - The rolling P/E ratio for the Hang Seng Technology ETF is reported at 22.1 times, with a valuation percentile of 24.1% since its inception in 2020 [2] - The China Securities Hong Kong Consumption Theme Index, which includes 50 major consumer stocks, has a rolling P/E ratio of 20.9 times and a valuation percentile of 16.1% since its launch in 2020 [3]

Group 1: New Economy and Consumption - The "new economy," characterized by new technologies and models, is creating new opportunities, while "new consumption," defined by new scenarios and experiences, is generating new demand, showcasing the vibrant vitality of the Chinese economy across multiple sectors [1] - The low-altitude economy is transitioning from traditional aviation services to integrated models involving drones and low-altitude applications, significantly restructuring the industrial value chain in agriculture, logistics, tourism, and emergency services [2] Group 2: Low-altitude Economy Development - The low-altitude economy market in China is projected to reach 1.5 trillion yuan by 2025 and is expected to exceed 3.5 trillion yuan by 2035, indicating substantial growth potential [5] - Hainan's free trade port construction is facilitating the development of low-altitude tourism, with activities like helicopter skydiving and paragliding becoming popular among younger tourists, transforming low-altitude flying into a regular consumption experience [4][8] Group 3: Tax Refund Policies and Consumer Experience - Fuzhou's optimized departure tax refund policy, allowing "buy and refund" services, is enhancing the shopping experience for international tourists and promoting local brands [7] - The number of tax refund applications in Fuzhou has increased by 316% compared to the same period last year, reflecting a significant boost in consumer engagement [9] Group 4: Consumption and Economic Growth in Shandong - Shandong's Zibo is leading consumption demand through high-quality supply and various promotional policies, aiming to enhance the consumer market's quality and upgrade [11] - The local tourism industry in Zibo is thriving, with the accommodation sector becoming a new engine for economic development [13] - Zibo is implementing a "trade-in" policy for household appliances, providing subsidies to consumers, which is further stimulating the consumption market [16] Group 5: Cultural and Tourism Integration - The Refu Tea Town in Shaanxi is integrating tea culture and local customs, creating a tourism resort that offers interactive experiences like tea-making and performances, enhancing cultural tourism [17] - Historical districts are revitalizing through innovative consumption scenarios and popular IPs, blending cultural heritage with modern trends, thus becoming new landmarks in urban tourism [15]

Core Viewpoint - The recent trend of new economy companies, particularly in the fields of autonomous driving and biotechnology, is leading to a wave of dual listings in Hong Kong following the successful dual listing of Hesai Technology on September 16 [1] Group 1: Company Developments - Tianjing Bio announced its plan to return to Hong Kong for a dual primary listing on October 17 [1] - In the intelligent driving sector, WeRide and Pony.ai have initiated the Hong Kong listing process after receiving approval from the China Securities Regulatory Commission for overseas listings [1] - Pony.ai has already passed the listing hearing with the Hong Kong Stock Exchange [1] Group 2: Market Implications - The return of technology-intensive new economy companies is expected to enhance the ecosystem of the Hong Kong stock market [1]

Market Overview - The Hong Kong stock market showed mixed performance today, with southbound funds net buying 15.8 billion HKD [1] - The CSI Hong Kong Stock Connect Healthcare Index rose by 1.6%, while the CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.2% [1] - The Hang Seng Stock Connect New Economy Index fell by 0.9%, and the CSI Hong Kong Stock Connect Internet Index decreased by 1% [1] - The Hang Seng Technology Index dropped by 1.2% [1] ETF Performance - The E Fund Hang Seng Technology ETF (513010) saw a net inflow of over 3.5 billion HKD in the past month, ranking first among similar ETFs [1] - The Hang Seng New Economy ETF (513320) tracks the Hang Seng Stock Connect New Economy Index, which consists of the 50 largest stocks in "new economy" sectors, with a rolling P/E ratio of 25.1 times and a valuation percentile of 56.7% since its inception in 2018 [2] - The Hang Seng Technology ETF (513010) tracks the Hang Seng Technology Index, composed of the 30 largest tech-related stocks, with a rolling P/E ratio of 23.1 times and a valuation percentile of 30.7% since its launch in 2020 [2] - The Hong Kong Stock Connect Healthcare ETF (513200) tracks the CSI Hong Kong Stock Connect Healthcare Index, consisting of 50 liquid and large-cap healthcare stocks, with a rolling P/E ratio of 29.6 times and a valuation percentile of 46.4% since its inception in 2017 [2] - The Hong Kong Stock Connect Internet ETF (513040) tracks the CSI Hong Kong Stock Connect Internet Index, made up of 30 leading internet companies, with a rolling P/E ratio of 24.7 times and a valuation percentile of 25.7% since its launch in 2021 [2] - The E Fund Hong Kong Consumption ETF (513070) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, which includes 50 large-cap consumer stocks, with a rolling P/E ratio of 21.6 times and a valuation percentile of 21.3% since its inception in 2020 [3]

Core Insights - The article discusses the strategic transformation and differentiation of DBS Bank's corporate banking in China, focusing on seizing opportunities amid the country's shift towards high-quality economic development and increasing corporate internationalization [1][2]. Group 1: Strategic Focus - DBS Bank's corporate banking is aligning with national high-quality development goals by focusing on emerging and transitioning industries [1]. - The bank aims to support the internationalization of enterprises by providing tailored financial services for their global expansion [1][6]. Group 2: New Economy Support - Supporting the development of new productive forces is a core strategic priority for DBS Bank's corporate and institutional business [2]. - The bank has established a unique three-dimensional model of "technology infrastructure + capital empowerment + ecosystem linkage" to provide comprehensive financial support to innovative enterprises [2][3]. Group 3: Global Collaboration - DBS Bank leverages its Singapore headquarters and Southeast Asian network to assist new economy enterprises in their global ventures, addressing the challenges they face when entering international markets [6]. - The bank has successfully facilitated significant transactions, such as the dual primary listing of Hesai Technology on the Hong Kong Stock Exchange, showcasing its capabilities in cross-border financial services [2][3]. Group 4: Tailored Services for Different Enterprises - DBS Bank recognizes three categories of Chinese enterprises going global: inherently internationalized companies, technology-exporting firms, and traditional companies gradually globalizing [7]. - The bank customizes its services to meet the diverse needs of these enterprises, such as providing global cash management and foreign exchange services for a technology company expanding overseas [7].

Core Viewpoint - The launch of the China Securities Hong Kong Stock Connect Technology ETF (code: 159125) aims to closely track the China Securities Hong Kong Stock Connect Technology Index, which includes leading technology companies in the Hong Kong market with core competitiveness [1] Group 1: Index Composition and Focus - The China Securities Hong Kong Stock Connect Technology Index selects 30 leading technology companies based on market capitalization, R&D investment, and revenue growth, focusing on "hard technology" and "new economy" sectors [2] - The index requires constituent stocks to have a compound revenue growth rate exceeding 10% over the past two years or an R&D expense ratio above 5%, ensuring a balance between scale and growth potential [2] - As of September 30, the index's sector weightings include 43% in consumer discretionary, 42% in information technology, and 12% in healthcare, with the top ten constituents accounting for 79% of the index [2] Group 2: Performance Metrics - The China Securities Hong Kong Stock Connect Technology Index has shown strong long-term performance, with a cumulative return of 209.77% and an annualized return of 14.03% since 2017, outperforming similar indices [3] - The index exhibits high elasticity, with an annualized volatility of 33.78%, indicating relatively high fluctuations [4] Group 3: Valuation and Market Trends - As of September 30, the index's price-to-earnings ratio stands at 26.45, positioned at the 39th percentile since inception, suggesting a favorable valuation compared to global tech indices like NASDAQ and ChiNext [6] - Hong Kong's technology companies have become significant players in stock buybacks, with a total buyback amount of 136.7 billion HKD in the first nine months of the year, indicating strong institutional confidence in long-term opportunities [8] - The influx of mainland capital into the Hong Kong market has reached a record high of 1.17 trillion HKD in net inflows this year, with technology stocks being a primary focus for investment [8]

Core Viewpoint - The CEO of Standard Chartered, Bill Winters, emphasizes the strong innovation and rapid development of China's new economy, reinforcing the bank's commitment to deepening its presence in the Chinese market [2][4]. Group 1: China's Economic Resilience and Opportunities - China's economy is expected to achieve a growth target of around 5% this year, showcasing strong resilience [4]. - The Chinese government is implementing effective measures to boost market confidence and promote consumption growth [4]. - The transition towards high-quality development is supported by innovation-driven models, releasing new productive forces [4]. Group 2: China's Global Trade Position - China is not only the world's second-largest economy but also a major trading partner for over 150 countries, leading in clean technology [4]. - The ongoing high-level opening-up policies in China present significant opportunities in areas such as RMB internationalization and cross-border trade [4][5]. Group 3: Innovation in New Economic Sectors - Bill Winters is impressed by China's advancements in sectors like advanced chips, quantum computing, robotics, and artificial intelligence, establishing a global competitive edge [6]. - The electric vehicle and clean energy sectors are highlighted as areas where China maintains a leading position globally [6]. Group 4: Strategic Partnerships and Technological Investment - Standard Chartered is actively participating in RMB internationalization and the opening of China's capital markets, positioning itself as a leading player in cross-border payment markets [5]. - The bank is investing heavily in cutting-edge technologies, including AI, and has formed strategic partnerships, such as with Alibaba, to enhance financial services [8][9]. Group 5: Trade Dynamics in Asia - ASEAN has surpassed Europe to become China's largest trading partner, indicating a rapid expansion of intra-Asian trade [7]. - Standard Chartered aims to leverage its global network as a "super connector" to facilitate trade, capital, and wealth flow amid global uncertainties [7][8].

德勤中国资本市场服务部香港上市业务全国主管合伙人及上市业务华东区主管合伙人谢明辉表示，大量 海外资金持续流入港股，大幅推动港股成交，让估值继续回升，加上政策鼓励内地龙头企业来港上市、 简化A股上市公司的申请上市程序，促使超大型和大型新股项目再次云集香港新股市场，是让香港在第 三季度能够继续稳守全球新股融资排名冠军宝座的原因。据新华社 挚达科技、金叶国际集团10月10日上市首日股价大涨，紫金黄金国际悉数行使超额配股权，阳光电源正 式向港交所递交上市申请……港股IPO市场近期热潮涌动。 Wind数据显示，截至10月10日，今年以来港股市场IPO已有71起，较2024年同期增加23起。从行业分布 看，医疗保健、信息技术及可选消费等"新经济"领域企业成为上市主力。 （来源：南京晨报） 转自：南京晨报 ...

华尔街交易员紧盯着屏幕上的鲍威尔讲话稿，寻找着有关降息的每一丝线索，而中国投资者们正兴奋地注视着A股不断突破的年内新高。 美联储主席鲍威尔在罗德岛州的一次午餐会上的讲话，再次成为全球投资者关注的焦点。就在几天前，美联储进行了今年的首次降息，引爆了全球市场的最 新一轮行情。 与此同时，A股市场也不断传来捷报。截至9月23日，近一年上证指数累计上涨39%，沪深300上涨41%，而作为科技和新经济代表的创业板指、科创50、北 证50等三大指数的涨幅均超过100%。 01 美联储的鸽派转向 在今年的杰克逊霍尔会议上，鲍威尔的语气出乎意料地温和。他暗示降息可能会在2025年9月尽早开始。 这一鸽派信号改变了市场的一切，不再谈论"更高的利率将持续更长时间"。 美联储在9月的会议上，几乎所有的委员都同意，将联邦基金利率目标区间下调25个基点至4%至4.25%之间。 这一决策源于美联储对劳动力市场的担忧。博彩市场预测，美联储将在2025年最后两次会议，即10月和12月，每次都将其基准短期利率下调25个基点。 02 A股的结构性牛市 与美联储的鸽派信号相呼应的是，A股市场迎来了令人振奋的结构性牛市。这一轮牛市始于去年9月的"9 ...