Core Insights - The average daily trading volume of Hong Kong stocks has reached over 250 billion HKD since the beginning of the year [1] - The number of companies listed on the Hong Kong Stock Exchange (HKEX) has significantly increased, with over 60 IPOs and a total fundraising amount of 182.9 billion HKD from January to September, ranking first globally [1] - There are currently around 300 listing applications being processed, with half of them from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [1]

Core Insights - The average daily trading volume of Hong Kong stocks has exceeded 250 billion HKD since the beginning of this year [1] - Over 60 companies have listed on the Hong Kong Stock Exchange (HKEX) from January to September, raising a total of 182.9 billion HKD, ranking first globally [1] - There are approximately 300 companies waiting for listing approval, with half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [1] - The main challenge for HKEX is to establish a more diversified ecosystem with multiple asset classes, as it has traditionally been strong in equities but relatively weak in fixed income [1]

Core Insights - The Hong Kong stock market experienced overall fluctuations, with major technology stocks like Alibaba, Tencent, and Meituan showing strength towards the end of the trading session. The Hang Seng Hong Kong Stock Connect New Economy Index rose by 0.8%, while the Hang Seng Technology Index increased by 0.5% [1]. Group 1: Index Performance - The Hang Seng Hong Kong Stock Connect New Economy Index increased by 0.8% [1]. - The CSI Hong Kong Stock Connect Internet Index rose by 0.6% [1]. - The Hang Seng Technology Index saw a gain of 0.5% [1]. - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.1% [1]. - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index decreased by 1.3% [1]. Group 2: Fund Flows - There has been a continuous inflow of funds into related ETFs, with the Hong Kong Stock Connect Internet ETF (513040) seeing a net inflow of 2.3 billion yuan this month [1]. - The Hang Seng Technology ETF (513010) recorded a net inflow of 1.1 billion yuan during the same period [1].

Core Viewpoint - The article discusses the positive momentum in the Hong Kong stock market driven by easing trade war concerns between China and the U.S., as well as the potential end of the U.S. government shutdown, leading to significant gains in major indices [1][2]. Market Performance - The Hong Kong stock market has shown a strong rebound this year, leading global markets, with the Hang Seng Tech Index surpassing 27,000 points, marking a new high in over four years [3]. - Despite a subsequent adjustment over ten trading days, capital continues to flow into Hong Kong stocks, with a net inflow of 121.26 billion HKD this year, a historical high [4][5]. Capital Inflows - Since October, 45.06 billion HKD has flowed into Hong Kong stocks, with significant investments through ETFs focusing on AI core assets [6][5]. - The Hang Seng Tech Index ETF (513180) attracted over 3 billion HKD in the last ten days, with a total net inflow of 13.57 billion HKD this year [7]. Sector Performance - Technology stocks, particularly in the internet sector, have seen widespread gains, with major companies like BAT, Bilibili, Kuaishou, and NetEase all closing higher [8]. - High-end manufacturing stocks, such as those related to Apple, also experienced significant increases, with leading stocks like Lens Technology rising over 5% [8]. Company Highlights - CATL reported Q3 2025 revenue of approximately 104.19 billion CNY, a year-on-year increase of 12.9%, and a net profit of about 18.55 billion CNY, up 41.21% [8]. - Weimob Group's stock surged over 8% following its announcement of a partnership with Douyin's marketing platform, aiming to expand its advertising business [9]. Market Outlook - Analysts suggest that the recent market adjustments are typical after a rally, with historical data indicating average declines of 7% over 11 trading days following such events [11]. - The continuation of the Hong Kong stock market's upward trend will depend on macroeconomic fundamentals, central government policies, tariff issues, and global capital inflows [12][11]. Economic Drivers - The new economy, particularly AI technology, is expected to drive significant growth, with new economy companies projected to see net profit growth rates of 18.1% and 23.8% in 2025 and 2026, respectively [12]. - The stability of the RMB also creates favorable conditions for investing in Chinese assets, with expectations of more supportive fiscal and monetary policies [13]. Trade Relations - Recent communications between U.S. and Chinese trade leaders suggest a potential for improved trade relations, which could mitigate short-term disruptions [14]. Liquidity and Valuation - The U.S. inflation rate has stabilized, leading to expectations of two rate cuts by the Federal Reserve in Q4, which could enhance liquidity in the Hong Kong market [14]. - The valuation of Hong Kong tech stocks remains attractive, with the Hang Seng Tech Index ETF trading at a PE ratio of 22.85, significantly lower than the NASDAQ [15][16]. Investment Strategy - Investors are increasingly using ETFs to gain exposure to Hong Kong's AI core assets, with the Hang Seng Tech Index ETF and the Hong Kong Stock Connect Tech ETF being key vehicles [20]. - The top holdings in these ETFs include major tech players like Alibaba, Tencent, and Meituan, which are well-positioned in the AI landscape [21].

新阶层·新经济丨上海市新联会会长张毅：在链接与创新中激活新经济的"一池春水" 中新网10月21日电(范宇斌 康玉湛)改革开放以来，新的社会阶层人士(以下简称"新阶层人士")正以创新与活力书写着新经济蓬勃发展的新篇章。 作为这一群体的代表，全国政协委员、上海市新的社会阶层人士联谊会会长、金杜律师事务所高级合伙人张毅接受中新网采访时表示：高质量发展是全面 建设社会主义现代化国家的首要任务。新阶层人士作为中国特色社会主义事业建设者，富有创新精神与活力，具有专业能力与社会影响，是推动创新驱动 发展的重要力量。 "新阶层人士作为改革开放的参与者、受益者，我们感受到中国经济发展的活力和韧劲，对未来充满信心。"张毅说。 新的社会阶层人士主要包括四大群体。在张毅看来，新阶层人士活跃在经济社会建设的一线，可以更好发挥其科技与产业的"链接者"、政策与实业的"链 接者"、国内与国际双循环的"链接者"的作用。 张毅表示，新阶层人士要发挥好联系各级党和政府与人民群众的桥梁纽带作用，做好上情下达、下情上达的通道，更加高效助力新经济的发展，帮助解决 新经济发展过程中企业和新阶层人士自身面临的障碍和困难。 当下，新经济正以数字技术、人工智能 ...

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]