Core Viewpoint - Hong Kong Technology Exploration (01137.HK) reported a slight recovery in its e-commerce business in October 2025, primarily driven by the October Thanksgiving festival [1] Group 1: Business Performance - The average daily gross merchandise value (GMV) increased by 2.8% to HKD 22.2 million in October 2025, compared to HKD 21.6 million in September 2025 [1] - The total monthly GMV reached HKD 688 million in October 2025, up from HKD 649 million in September 2025 [1] - The number of independent customers rose to 620,000 in October 2025, reflecting a monthly increase of 1.6% and an annual increase of 2.3% [1] Group 2: Customer Engagement - The number of monthly active independent devices increased to 1.61 million in October 2025, up from 1.57 million in September 2025, indicating stable growth in traffic [1] Group 3: Industry Challenges - The retail sector in Hong Kong continues to face structural challenges, influenced by shifts in consumer behavior, increased outbound tourism, and intensified competition from mainland and international e-commerce platforms [1]

Core Viewpoint - The A-share market is currently experiencing a downturn, with a significant number of stocks declining and a notable drop in trading volume, indicating a cautious market sentiment [1]. Group 1: Market Performance - On Friday, the A-share market closed poorly, with over 3,000 stocks declining, particularly in the growth-oriented ChiNext index [1]. - The trading volume fell below 970 billion, marking a significant drop and reflecting a low level of market activity, suggesting both bulls and bears are in a wait-and-see mode [1]. Group 2: Market Indicators - The Hong Kong stock market showed signs of recovery after the A-share market closed, with the Hang Seng Index rising by 1.26% and the Hang Seng Tech Index increasing by 0.88%, indicating a potential positive feedback loop for the A-share market [2]. - A drop in trading volume below 1 trillion is often seen as a potential turning point for the market, suggesting that this decline may not necessarily be negative and could indicate a short-term upward reversal [4]. Group 3: Sector Performance - The liquor index experienced a significant rebound of 2.2%, with notable gains from Shanxi Fenjiu and Gujing Gongjiu, attributed to positive media coverage suggesting a more lenient approach to regulating drinking practices [5]. - Despite the short-term rebound in the liquor sector, it is noted that the long-term consumption habits and changing perceptions among younger consumers may prevent the sector from returning to its previous peak [5].

Core Insights - Silver prices faced selling pressure after retreating from a seven-month high, trading around $34.15, influenced by profit-taking and a slight strengthening of the dollar amid easing trade tensions [1] - The U.S. manufacturing sector showed signs of contraction for the third consecutive month, with the PMI dropping from 48.7 to 48.5, below market expectations [2] - The OECD downgraded U.S. economic growth forecasts for 2025 from 2.2% to 1.6% and for 2026 from 1.6% to 1.5%, citing factors such as trade policy uncertainty and reduced federal employment [3] Group 1: Market Trends - Silver T+D closed up 2.75% at 8405.0 yuan/kg, despite the overall decline in silver prices during the European session [1] - The U.S. Treasury market started June poorly, with yields rising 4-7 basis points across the curve, particularly in long-term bonds, reflecting concerns over potential trade measures by the Trump administration [2] - The trend of increased home cooking in the U.S. has led to a decline in restaurant spending, which poses risks to consumer spending that constitutes two-thirds of GDP [4] Group 2: Economic Indicators - The ISM manufacturing index indicates ongoing contraction in the U.S. manufacturing sector, raising concerns about economic growth [2] - The consumer confidence index from the University of Michigan reached a historical low, reflecting negative public sentiment regarding the economic outlook [4] - The OECD's revised growth forecasts highlight a broader economic slowdown, particularly in North America, while other economies are expected to see smaller adjustments [3]