Group 1 - The global uncertainty remains high due to significant events such as the U.S. government shutdown and potential leadership changes in Japan, leading to increased demand for scarce and certain assets [1] - Global gold prices have surged above $4000 per ounce, with the Hong Kong stock market's metals sector rising by 5.7% during the holiday, outperforming broader indices [1] - The U.S. dollar index has decreased by 8.8% year-to-date, indicating a trend of de-dollarization as funds seek diversification into emerging markets [1] Group 2 - Hong Kong, as a major financial center and the largest offshore RMB hub, is positioned to attract significant capital returning from the U.S. and provide high liquidity and quality RMB assets [2] - The Hong Kong stock market has seen a 45% increase in the Hang Seng Tech Index this year, driven by the resurgence of AI narratives and strong performance in the technology sector [2] - The technology sector in Hong Kong is expected to lead a new round of asset revaluation, with significant mid-term investment value [2]

Core Viewpoint - The Hang Seng Index experienced a slight decline of 0.1% from October 1 to October 8, while the Hang Seng Tech Index saw an increase of 0.75% [1] Industry Performance - The steel, non-ferrous metals, and pharmaceutical sectors led the market, while the agriculture, forestry, animal husbandry, fishery, real estate, and consumer services sectors lagged [1] Market Trends - Post-holiday, Hong Kong stocks typically face a brief increase in volatility risk [1] - Despite external events and data during the holiday, the mid-term market logic remains unchanged and is further reinforced by several factors: 1. The rising importance of scarce and certain assets [1] 2. Increased demand for cross-asset and cross-regional capital reallocation [1] 3. A renewed emphasis on AI narratives [1] 4. Strong performance in experiential consumption [1]

Group 1 - The Hang Seng Index decreased by 0.1% while the Hang Seng Tech Index increased by 0.75% during the holiday period from October 1 to 8, with sectors like steel, non-ferrous metals, and pharmaceuticals leading gains, while agriculture, real estate, and consumer services lagged behind [1] - The Huatai Hong Kong Stock Sentiment Index reached a reading of 75.2, indicating a "greed zone," suggesting potential volatility after the holiday [1] - External events, such as the U.S. government shutdown and potential leadership changes in Japan, highlight ongoing global uncertainties, increasing demand for scarce and certain assets [2] Group 2 - Global gold prices surged above $4,000 per ounce, with the Hong Kong non-ferrous sector rising by 5.7% during the holiday, outperforming broader indices [2] - The U.S. dollar index has decreased by 8.8% year-to-date, indicating a trend of de-dollarization and a shift of funds towards emerging markets, with Hong Kong positioned as a key financial center for this transition [3] - The Hang Seng Tech Index has seen a cumulative increase of 45% this year, driven by renewed interest in AI narratives, with technology stocks performing particularly well during the holiday [4] Group 3 - Consumer demand showed signs of moderate recovery, with key retail and catering enterprises reporting a 3.3% year-on-year increase in sales during the first four days of the holiday [5] - Significant growth in sales of travel-related items was noted, with luggage sales increasing by 8.8 times year-on-year, indicating a shift towards experiential consumption [5] - The automotive, media, and retail sectors in Hong Kong experienced excess returns during the holiday, suggesting a potential release of pent-up consumer demand as the real estate cycle stabilizes [5]