Group 1 - Hong Kong Stock Exchange (HKEX) shares fell over 3%, trading at HKD 419.8 with a turnover of HKD 4.454 billion [1] - The escalation of the trade war has led to a decline in investor risk appetite, resulting in a valuation adjustment for Hong Kong stocks [1] - Huatai Securities indicated that the key to short-term operational direction lies in whether market sentiment has reached an extreme, with further room for release in both capital and sentiment indicators [1] Group 2 - HKEX is set to announce its third-quarter results on November 5, with UBS predicting a year-on-year revenue and net profit growth of 43% and 53%, reaching HKD 7.7 billion and HKD 4.8 billion respectively, marking a new high [1] - UBS's forecasts exceed market expectations by 8% and 11%, respectively [1] - Due to the current market atmosphere and increased participation from southbound capital, UBS has raised its average daily turnover forecast for HKEX from 9% to 16% for 2025 to 2027, and adjusted its earnings per share forecast upward by 7% to 12%, with a target price of HKD 485 and a "neutral" rating [1]