Economic Data - Initial jobless claims decreased to 199,000, better than the expected 220,000, marking a continuous decline for four weeks [6][8] - The number of individuals continuing to receive unemployment benefits fell to 1.866 million, with a four-week moving average also declining [6][8] - The New York Fed's weekly economic index stood at 2.23, with a 13-week moving average of 2.26 [7][10] Market Sentiment - The overall market sentiment remained in the "neutral" range, with the S&P 500 fear and greed index indicating a slight decrease compared to the previous week [11][12] - The volatility index (VIX) closed at 14.51, below the critical value of 20 and the 50-day moving average [11][13] Global Market Overview - Global equity markets experienced a weekly decline of 0.3%, with emerging markets up by 2.3% and developed markets down by 0.6% [14] - The US dollar index increased by 0.4%, while gold fell by 4.6% and Bitcoin rose by 3.1% [14] US Stock Market Performance and Style - The S&P 500 index decreased by 1.0% for the week, while the Nasdaq index fell by 1.5% [15] - The technology sector, represented by the "seven giants," saw a decline of 1.9%, and small-cap stocks, represented by the Russell 2000, also dropped by 1.0% [15] - Value stocks outperformed growth stocks, with large-cap stocks leading small-cap stocks [15] Industry Performance - Among the 36 secondary industries in the US stock market, 14 saw gains, with the top five performers being coal, oil and petrochemicals, defense and military, electrical equipment, and semiconductors, with weekly increases of 5.9%, 3.1%, 1.8%, 1.7%, and 1.4% respectively [17] - The automotive and parts sector lagged with a weekly decline of 5.0% [17]

Global Market Overview - The global markets showed mixed performance in the week of October 27 to October 31, 2025, with notable gains in Japan and South Korea, where the Nikkei 225 and KOSPI 50 both rose over 5% [2][9] - Valuations generally contracted slightly, except for the South Korean Composite Index, which saw a significant expansion of 4.38x in PE [2][9] - The rolling one-year valuations for Japan and South Korea are at extremely high levels, while the Indian SENSEX 30 index is relatively low in valuation percentiles [2][9] A-Share Market Analysis - In the A-share market, major indices experienced mixed performance with slight valuation contraction during the same period [31] - The Shanghai Composite Index led the decline with a drop of 1.12%, while the CSI 500, CSI 1000, and National 2000 indices all increased by over 1% [31] - Valuation contraction was prevalent, with the CSI 2000 index rising by 0.95% but experiencing a significant PE contraction of 3.48x, indicating profit revisions [31] Industry Performance - The performance of primary industries was mixed, with upstream resources, downstream consumption, and support services showing overall gains, while large financials and TMT sectors declined [57] - The electric equipment sector had a notable increase of 4.29%, while the communication sector led the decline with a drop of 3.59% [57] - Valuation changes were consistent with stock price movements, with steel, electric equipment, computer, and comprehensive industries seeing PE expansions exceeding 1x, while electronics and communication sectors experienced PE contractions over 1x [57] Valuation Comparisons - The valuation metrics for various sectors indicate that the TMT sector, represented by electronics and communication, is at relatively high valuation levels, with rolling one-year valuation percentiles declining due to stock price corrections [57] - The short to medium-term valuation levels for non-cyclical consumer sectors, such as social services, beauty care, food and beverage, and agriculture, are notably attractive, with valuation percentiles not exceeding 70%, suggesting significant room for valuation recovery [57] Emerging Industries - Emerging industries showed more gains than losses, with AI and new energy being the main themes [57] - New energy, green productivity, and biotechnology sectors saw substantial increases, with power batteries, lithium batteries, and photovoltaics rising over 5% [57] - The digital economy displayed significant divergence, with semiconductors, AI, and 5G sectors declining over 3%, while quantum communication and digital energy showed notable increases [57]

Core Viewpoint - Futu Holdings (FUTU.US) has seen a pre-market increase of over 1%, reaching $166.4, driven by investor concerns over regulatory uncertainties and market volatility, presenting a short-term adjustment opportunity for positioning [1] Group 1: Company Analysis - CICC's research report indicates that the recent stock price fluctuations of Futu Holdings are primarily due to excessive investor worries regarding regulatory uncertainties and market volatility [1] - The report expresses optimism about the company's valuation reassessment and earnings upgrades, reiterating its position as a top pick in the U.S. stock market [1] - CICC has raised the target price for Futu Holdings by 6% to $230, maintaining an "outperform" rating [1]