Group 1 - The Hang Seng Technology Index experienced a decline of over 3.5%, with tech stocks and pharmaceutical shares broadly falling, while the rare earth sector saw significant gains [1] - The Hang Seng Technology Index ETF (513180) mirrored the index's downturn, with most holdings declining, except for a few like Kingsoft, Hua Hong Semiconductor, and SMIC which saw increases [1] - Recent external disturbances may lead to short-term emotional impacts on the market, but there is considerable expectation regarding TACO transactions, with analysts suggesting that the current tariff issues are more political posturing than substantive policy changes [1] Group 2 - As of October 10, the latest valuation (PETTM) of the Hang Seng Technology Index ETF (513180) was 23.82 times, which is approximately 34.04% below its historical average, indicating it remains in a relatively undervalued range [2] - The ETF's characteristics of high elasticity and growth potential suggest it has significant upward momentum, making it an attractive option for investors without a Hong Kong Stock Connect account to access core Chinese AI assets [2]

Group 1 - The core viewpoint of the news is that the escalation of US-China trade tensions, particularly the announcement of a 100% additional tariff on Chinese goods and new export controls on key software products, has led to significant volatility in global markets [1] - The Chinese stock market experienced a downward trend, with major indices falling over 1% and the Hang Seng Index dropping more than 3% [1] - The A-share market saw a decline in the innovative drug sector, with notable drops in companies like Hengrui Medicine and WuXi AppTec [1][3] Group 2 - The Hong Kong stock market also faced declines in innovative drugs, with the Hong Kong Stock Connect Innovative Drug ETF (520880) experiencing a drop of over 10% for leading stocks [3] - Despite the downturn, the Hong Kong Stock Connect Innovative Drug ETF (520880) showed strong buying interest, accumulating over 680 million yuan in inflows over the past 20 days [3] - East Wu Securities believes that the impact of tariff policies on China's pharmaceutical industry is limited, as the market had already anticipated the drug tariffs [5] Group 3 - The analysis indicates that many Chinese innovative pharmaceutical companies utilize licensing and new overseas company models, which are not affected by tariffs as they involve intellectual property transactions rather than physical drug exports [6] - The CRO (Contract Research Organization) services are not impacted by tariffs, and the long-term competitiveness of China's CRO/CDMO (Contract Development and Manufacturing Organization) remains intact [6] - The report suggests that the medical device sector is minimally affected by tariffs, with a positive outlook for domestic substitution and self-control [6] Group 4 - The fund manager of the Hong Kong Stock Connect Innovative Drug ETF (520880) noted that macro geopolitical factors have become significant in pricing the innovative drug sector, leading to increased volatility in stock prices [7] - The market is expected to eventually return to fundamentals, considering the interconnectedness of the US and Chinese biopharmaceutical industries [7] - The TACO trading strategy, which bets on Trump's tendency to back down from threats, is highlighted as a potential investment approach during market downturns [7] Group 5 - Investment strategies suggested include focusing on innovative drugs, leading pharmaceutical companies, and medical leaders, with specific ETFs recommended for each category [7] - The medical ETF has the largest scale in the market at 26.4 billion yuan, while the drug ETF is the only one tracking the China Pharmaceutical Index [8]

10月10日，特朗普在社交平台表示，美国将自11月1日起对中国商品征收额外的100%关税，并对关键软 件实施出口管制。特朗普的推文同时引发全球大类资产波动，股债汇齐跌。 不过，在经历了4月份"对等关税"冲击之后，市场已形成了学习效应，不少观点判断这大概率又是一次 典型的"TACO交易"。所谓"TACO交易"，是华尔街流行的面对特朗普政府关税威胁的策略，指的是在 特朗普的关税威胁导致市场下跌时，投资者便押注他最终会退缩，股市将反弹，投资者通过逢低买入而 获利。 今日早盘，三大指数均低开，随后跌幅收窄，截至午间，沪指跌1.3%，深成指跌2.56%，创业板指跌 3%。从早盘表现来看，虽然市场出现一定幅度的震荡，但并未复制4月7日的暴跌行情（沪指跌7.34%、 深成指跌9.66%、创业板指跌12.5%）。 板块方面，金属新材料、贵金属、军工装备等涨幅居前，九菱科技（920505.BJ）最高涨幅超24%，银 河磁体（300127.SZ）、新莱福（301323.SZ）20cm涨停；安泰科技（000969.SZ）、包钢股份 （600010.SH）亦涨停，奔朗新材（920807.BJ）、西磁科技（920061.BJ）等跟涨。 ...

来源：滚动播报 TACO交易再次上演。中重稀土、超硬材料、锂电池……中方上周一连串贸易反制重锤，彻底打乱了特 朗普政府阵脚。就在情绪化重启对华关税讹诈两天后，特朗普当地时间10月12日又释放出愿与中国达成 协议平息紧张局势的信号。 他在社交媒体上发文称"不要担心中国，一切都会好起来的"，此后美国股 指期货当晚出现上扬。同日，美国副总统万斯在福克斯新闻中称，希望中国"选择理性之路"。 TACO 是"特朗普总是退缩"的英文缩写，常被用以戏谑特朗普在政策执行中表现出反复无常和最终妥协的倾 向。 （观察者网） ...

Group 1: Market Reaction to Tariff Announcements - The A-share market showed expected performance with initial declines, but did not replicate the significant drop seen on April 7, where the Shanghai Composite Index fell by 7.34% [1] - Major indices opened lower but narrowed losses by midday, with the Shanghai Composite down 1.3%, Shenzhen Component down 2.56%, and ChiNext down 3% [1] - The market has developed a learning effect from previous tariff announcements, leading to speculation that this could be another typical "TACO trade" scenario, where investors bet on a market rebound following initial declines [1][3] Group 2: Sector Performance - Sectors such as new materials, precious metals, and military equipment saw significant gains, with Jiuling Technology rising over 24% and several other stocks hitting the daily limit [2] - Despite the gains in certain sectors, some investors expressed concerns about the overall risks in the A-share market that need further observation [2] Group 3: Company Responses to Tariff Changes - Companies like Xiangxin Home (匠心家居) are actively monitoring and interpreting the new tariff policies, indicating a proactive approach to adapt to changes [6] - Rui Ming Technology (锐明技术) reported that its revenue from the U.S. market is decreasing, and its new manufacturing center in Vietnam will help mitigate tariff impacts [6] - Pharmaceutical companies such as Huadong Medicine (华东医药) and Qizheng Tibetan Medicine (奇正藏药) indicated that the impact of the new tariffs on their businesses is limited due to low export ratios to the U.S. or existing production bases in the U.S. [7] Group 4: Strategic Adjustments by Companies - Companies have developed comprehensive strategies to cope with trade tensions, including diversifying production locations and reducing reliance on the U.S. market [7][8] - Guan Sheng Co. (冠盛股份) mentioned that its Malaysian factory is exporting products to North America, despite higher costs compared to domestic production, indicating a strategic shift to maintain competitiveness [8]

（原标题：港股异动 | 港交所(00388)午前跌超4% 灰犀牛事件导致市场波动加大 港交所下月初将发布三 季报） 瑞银发布研报称，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长43%及 53%，达到77亿及48亿元，再创新高。瑞银的预测较市场普遍预期高出8%及11%。该行因应市场气氛情 况及南下资金参与度上升，将2025至2027年日均成交额预测上调9%至16%，并将港交所每股盈利预测 上调7%至12%，目标价485港元，评级"中性"。 智通财经APP获悉，港交所(00388)午前跌超4%，截至发稿，跌4.68%，报423.8港元，成交额36.23亿港 元。 华泰证券发布研报称，灰犀牛事件导致市场波动加大；短期资金和情绪还有释放空间，"TACO"交易需 要分批进行。银河证券发布研报称，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估 值回调。但在国内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。 当前港股估值整体处于历史中高水平，预计未来港股市场或宽幅震荡。 ...

瑞银发布研报称，港交所将于下月初公布今年第三季业绩，目前预测季度收入及纯利将按年增长43%及 53%，达到77亿及48亿元，再创新高。瑞银的预测较市场普遍预期高出8%及11%。该行因应市场气氛情 况及南下资金参与度上升，将2025至2027年日均成交额预测上调9%至16%，并将港交所每股盈利预测 上调7%至12%，目标价485港元，评级"中性"。 港交所(00388)午前跌超4%，截至发稿，跌4.68%，报423.8港元，成交额36.23亿港元。 华泰证券发布研报称，灰犀牛事件导致市场波动加大；短期资金和情绪还有释放空间，"TACO"交易需 要分批进行。银河证券发布研报称，短期内，中美贸易摩擦升级导致投资者风险偏好下降，带动港股估 值回调。但在国内稳增长政策支持下，以及中长期资金稳股市举措影响下，投资者情绪有望逐渐稳定。 当前港股估值整体处于历史中高水平，预计未来港股市场或宽幅震荡。 ...

Group 1: Short-term Consensus - Trump's new tariff threat of 100% on all Chinese products starting November 1 has significantly increased market risk aversion, leading to declines in equities, industrial commodities, and cryptocurrencies, while gold and U.S. Treasuries rose[3] - The market consensus is that this is a maximum pressure strategy before the APEC summit at the end of October, indicating that the trend has not changed[4] - The overall economic impact is expected to be limited, with China's GDP growth target of 5% and a potential 5.2% growth in the first three quarters suggesting minimal macro policy adjustments before early November[4] Group 2: Long-term Competition - The trade war may signal the beginning of a decoupling between China and the U.S., entering a new cycle of fiscal expansion[4] - The shift from short-term TACO (Trump Always Chickens Out) trading to long-term confrontation is anticipated, with increased policy maneuverability in key sectors under the "high-quality development" strategy[5] - The potential for renewed TACO trading in early November could present opportunities in safe-haven assets, while risk assets may offer buying opportunities after adjustments[31]

Group 1: Market Reactions to Tariff Statements - Trump's recent comments suggest he may not follow through on threats to significantly raise tariffs on China, indicating a potential easing of trade tensions [1] - Goldman Sachs' chief economist predicts that the current tariffs will likely be extended beyond November 10, with both sides making limited concessions [1] Group 2: U.S. Stock Market Performance - U.S. stock index futures rebounded, with the S&P 500 futures up 0.88%, Nasdaq 100 futures up 1.14%, and Dow Jones futures up 0.7% [2] - Historical data shows that 7 out of 13 bull markets since World War II lasted into the fourth year, with the current bull market having risen 83% since its low in October 2022 [2] - Major Wall Street banks are set to release quarterly earnings, with S&P 500 companies expected to see an 8.8% year-over-year increase in overall earnings [2] Group 3: Cryptocurrency Market Trends - Bitcoin experienced a 4.2% increase within 24 hours, surpassing $115,000, while other cryptocurrencies like Ethereum and XRP also saw gains of over 10% [2] - The total market capitalization of cryptocurrencies rose to $3.85 trillion, reflecting a nearly 10% increase from two days prior [2] Group 4: Asia-Pacific Market Trends - The Asia-Pacific stock markets generally declined, with the MSCI Asia-Pacific index down 0.6% and the KOSPI index in South Korea dropping 2.35% [4] - Japanese markets were closed for a holiday, while the Nikkei index futures showed a slight recovery but remained below previous closing levels [4] Group 5: Australian Market Developments - The ASX/S&P 200 index fell 0.68%, but Australian rare earth stocks surged due to government plans to invest $780 million in mineral reserves [5] - The Hang Seng Index opened down 2.5%, with technology stocks experiencing significant declines [5] Group 6: Chinese Stock Market Insights - China's three major stock indices recorded declines, but domestic software stocks saw substantial gains, with some reaching their daily limit [6] - Analysts suggest that a low-interest-rate environment could foster a sustained technology bull market in China [6] Group 7: Currency Market Movements - The Chinese yuan's exchange rate indices showed an increase, with the CFETS index reaching 97.32, marking a 0.55% rise [7] Group 8: Precious Metals Performance - Gold prices reached a new high of $4,060 per ounce before retreating, with significant inflows into gold ETFs [8] - Silver prices approached historical highs due to market dynamics, with a notable squeeze in the London market leading to liquidity issues [9] Group 9: Platinum and Palladium Price Movements - Concerns over potential tariffs on precious metals have led to significant price increases for platinum and palladium, both rising over 2% [10]

Group 1 - Risk assets are rebounding while safe-haven assets remain favored, with Trump's recent comments suggesting he may not follow through on increased tariffs against China [1] - Goldman Sachs' chief economist predicts that the current tariffs will likely be extended beyond November 10, with limited concessions from both sides [1] - U.S. stock index futures showed positive movement, with the S&P 500 futures up 0.88% and Nasdaq 100 futures up 1.14% [3] Group 2 - Historical data indicates that 7 out of 13 bull markets since World War II have continued into the fourth year, with an average cumulative gain of 88% [3] - The S&P 500 index has risen 83% since its low on October 12, 2022, with a market capitalization increase of approximately $28 trillion [3] - Major Wall Street banks are set to release quarterly earnings reports, with S&P 500 companies expected to see an 8.8% increase in overall earnings compared to the previous year [3] Group 3 - The Asia-Pacific stock market experienced widespread declines, with the MSCI Asia-Pacific index down 0.6% [6] - The KOSPI index in South Korea fell 2.35%, with significant drops in major stocks like SK Hynix and Samsung Electronics [6] - The Australian ASX/S&P 200 index decreased by 0.68%, although Australian rare earth stocks surged due to government investment plans [7] Group 4 - Gold prices reached a new high of $4,060 per ounce before retreating to $4,043, with SPDR Gold Trust holdings increasing by 3.72 tons [9] - Despite gold's rise, only a small percentage of private and institutional assets are allocated to gold, indicating limited structural bullish sentiment [9] - Silver prices approached historic highs due to market conditions, with significant liquidity issues reported in the London silver market [10] Group 5 - Concerns over potential tariffs on precious metals have led to increases in platinum and palladium prices, both rising over 2% [11]