Core Insights - The report highlights a cautious sentiment in the US stock market, with the Dow Jones experiencing a decline of 289 points, indicating a decrease in risk appetite among investors [9][11] - The International Energy Agency (IEA) announced a historic release of 400 million barrels of emergency oil reserves, which has not yet alleviated concerns over transportation bottlenecks and high oil prices [9][11] - The report emphasizes the explosive growth in electricity demand driven by AI computing power, impacting sectors such as gas turbine supply chains, solar energy, and offshore wind power [9] Market Focus and Strategy - The US stock market showed mixed performance, with the Dow Jones down 0.61% and the S&P 500 down 0.08%, while the Nasdaq saw a slight increase of 0.08% [11][15] - The report suggests a defensive investment strategy, recommending an increase in cash holdings and high-quality short-term US dollar bonds to mitigate portfolio duration and volatility risks [9] - The report notes that energy and upstream resource stocks are recommended for strategic allocation due to high oil prices [9] Key Economic Data - The US fiscal deficit surpassed $1 trillion as of February, although it represents a significant decrease compared to the same period last year [11] - The Consumer Price Index (CPI) for February showed a monthly increase of 0.3% and an annual increase of 2.4%, aligning with expectations [11][20] Company-Specific Insights - Oracle Corporation reported a significant increase in revenue and EPS, both exceeding 20% year-on-year for the first time in 15 years, driven by a 44% increase in cloud revenue [23] - Vertiv Holdings Co experienced a 23% year-on-year revenue growth in Q4 2025, with management projecting revenues of $13.25 to $13.75 billion for 2026, indicating strong demand for AI data center power and cooling solutions [24] - Cathay Pacific announced a 9.5% increase in net profit to HK$10.83 billion for the previous year, exceeding market expectations, and plans to raise fuel surcharges due to soaring fuel prices [12][21]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - No relevant information provided 3. Summary by Related Catalog 3.1 Top 20 Active Bond Market Information Last Week - The report lists information on the top 20 active bonds, including issuing companies (such as Akbank TAS, Microsoft, ING Group, etc.), coupon rates, issue dates, maturity dates, next call dates, credit ratings, product grades, PI status, currencies, issuance amounts (in millions), market prices, YTM, YTC, and minimum trading units [4] - For example, Akbank TAS has a coupon rate of 7.95%, an issue date of 12/2/2026, perpetual maturity, a next call date of 19/2/2031, credit ratings of - / - / B-, a product grade of RR5, PI status, USD currency, an issuance amount of 600 million, a market price of 99.714 / 100.407, a YTM of 8.71%, a YTC of 7.85%, and a minimum trading unit of 200,000 [4]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告的內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不就因本公告全部或任 何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Data Union Capital International Holdings Group Limited 數盟資本國際控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限責任 公 司 ） 於二零二六年一月二十六日，本集團於中國成立一間附屬公司，以支持SaaS解決方案及 創新數碼產品業務在中國的營運及銷售活動。該附屬公司的主要職能包括但不限於制定 營銷計劃、擴大銷售網絡、PAS的技術升級及研發。 本公司將根據GEM上市規則及適用法律法規之規定，於適當時作出進一步公告，以知會 其股東及潛在投資者有關本集團業務的任何重大變動。 （股份代號：8375） 自願公告 業務最新情況 茲提述數盟資本國際控股集團有限公司（「本公司」；連同其附屬公司統稱「本集團」）日期 為二零二五年八月十五日、二零二五年九月八日及二零二六年一月二十一日之公告（「該 等公告」），內容有關（其中包括）迪拜附 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 之 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 ， 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 之 任 何 損 失 承 擔 任 何 責 任 。 中國智能科技有限公司 CHINA IN-TECH LIMITED （於開曼群島註冊成立的有限公司） （股份代號：00464） 自願性公告 委任技術總監 香港, 2025年12月31日 本公告由中國智能科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願公佈， 以將本集團之最新業務發展告知本公司股東及潛在投資者。 本公司董事（「董事」）會（「董事會」）欣然宣佈，一位技術總監（「技術總監」）於 2025年12月獲委任。 新任技術總監的主要職責包括（其中包括）領導本集團技術團隊設計、開發並維護一個先進 的線上平台，利用 Web3.0 及其他相關技術，以支援虛擬數位產品的銷售與充值。 技術總監持有清華大學軟件 ...

Market Overview - The Hang Seng Index closed at 25,468.78, up by 233.37 points or 0.92% [16] - The Hang Seng Technology Index rose by 1.03% to 5,457.95 [16] - The Dow Jones Industrial Average fell by 228.29 points or 0.47% to 47,885.97 [16] - The Nasdaq Composite dropped by 418.14 points or 1.81% to 22,693.32 [16] Key Company Insights - Jiangxi Copper Company reported a revenue of approximately 396 billion RMB for the first three quarters of 2025, a slight increase of about 1% year-on-year, with net profit reaching around 6 billion RMB, reflecting a growth of over 20% [21] - Trip.com Group's net operating income for Q3 2025 was approximately 18.3 billion RMB, showing a year-on-year increase of about 16% and a quarter-on-quarter increase of about 24% [21] - China National Airlines saw a year-on-year growth of about 10.1% in passenger turnover for November 2025, indicating strong demand resilience [21] Industry Developments - Oracle plans to build a data center in Michigan with a power demand of 1 million kilowatts, primarily to serve OpenAI, but negotiations for a $10 billion investment from Blue Owl Capital have stalled [12][13] - Sociedad Química y Minera de Chile S.A. (SQM) reported a strong recovery in its lithium business, achieving record lithium sales in Q3 2025, with global lithium demand expected to grow by about 25% year-on-year [23] - Lumentum Holdings Inc. announced Q1 2026 revenue of $534 million, a year-on-year increase of 58%, reflecting strong operational momentum [24]

Market Performance - The Hang Seng Index (HSI) closed at 25,530 points, down 10 points or less than 0.1%[1] - The Shanghai Composite Index (SSE) fell 27 points or 0.7%, closing at 3,873 points[1] - The total market turnover in Hong Kong was HKD 182.48 billion[1] Currency and Monetary Policy - The People's Bank of China adjusted the RMB/USD central parity rate up by 67 pips to 7.0686[1] - A total of CNY 118.6 billion in seven-day reverse repos was conducted at a steady rate of 1.4%[1] - There was a net withdrawal of CNY 62.2 billion for the day due to CNY 180.8 billion in reverse repos maturing[1] Automotive Market Insights - The Chinese passenger car market is expected to see a vehicle replacement scale exceeding CNY 180 billion in 2025, with tax incentives for new energy vehicles at 10%[2] - In November, car exports reached 728,000 units, a month-on-month increase of 9.3% and a year-on-year increase of 48.5%[3] - The total number of car exports from China for the first eleven months of the year was 6.343 million units, reflecting an annual growth of 18.7%[3] Business Sentiment - 48.3% of surveyed Hong Kong businesses have a positive outlook for the next 12 months, a significant increase from 18.3% last year[3] - Only 15.3% of companies expressed a pessimistic view for 2026, down from 44.3% the previous year[3] - The Hong Kong General Chamber of Commerce forecasts a real economic growth of 2.7% for 2026, with an overall inflation rate of 1.8%[3]

Market Overview - The report highlights a risk-averse sentiment in the market, driven by the Bank of Japan's hints at interest rate hikes, which have led to a rise in global bond yields [8][10] - The Dow Jones Industrial Average fell over 400 points, while Bitcoin experienced a significant drop of 8.6%, reaching a low of $83,979 [10] - The 10-year Japanese bond yield surpassed 1% for the first time since 2008, and the U.S. 10-year bond yield increased by 7.13 basis points to 4.0845% [8][10] - Silver prices reached record highs, with spot silver rising by up to 4.32% to $58.8425 per ounce [8][10] - The core drivers of the market remain the expectations surrounding the Federal Reserve's policy shift and the Bank of Japan's hawkish stance [8] Investment Strategy - The report suggests a diversified investment approach, advocating for a sector rotation from technology to cyclical stocks [8] - It emphasizes the importance of dynamic risk management, including adjusting duration and credit risk exposure [8] Company-Specific Insights - The report notes that the company "心動公司" (Heart Movement Company) reported a net profit of approximately RMB 810 million for the first half of the year, more than doubling year-on-year, with a gross margin exceeding 70% [19] - "同程旅行" (Tongcheng Travel) achieved a revenue growth of about 10.4% year-on-year to approximately RMB 5.5 billion in Q3 2025, with adjusted net profit rising by approximately 16.5% to about RMB 1.06 billion [19] - "中興通訊" (ZTE Corporation) reported revenue of RMB 100.52 billion for the first three quarters of 2025, reflecting a year-on-year growth of approximately 11.6%, indicating a solid market position in the 5G and ICT infrastructure sectors [19] Economic Data - The report includes key economic indicators, such as Japan's consumer confidence index at 36.2 for November and Brazil's industrial production growth of 0.5% month-on-month for October [17]

Market Overview - The Hang Seng Index is expected to find short-term support around the 100-day moving average at approximately 25,600 points due to uncertainties in U.S. interest rate cuts and ongoing U.S.-China trade tensions [2][4][6] - The U.S. Federal Reserve announced a 0.25% interest rate cut in October, lowering the target range to 3.75% to 4.00%, but future cuts remain uncertain as many officials believe further reductions may not be necessary [4][9] Company Performance - ZTO Express reported a 5% increase in net profit for Q3, but lowered its full-year business volume guidance, indicating challenges in the logistics sector [4][10] - Lenovo Group's interim profit rose by 41%, driven by strong demand for AI-related products, with AI revenue accounting for nearly 30% of total revenue [10] - Kuaishou's adjusted profit increased by 26% in Q3, with AI revenue exceeding 300 million RMB, reflecting growth in online marketing and live streaming services [10] - Kingsoft's Q3 profit fell by 48%, primarily due to a significant drop in revenue from online games, despite growth in office software and services [10] Industry Insights - The insurance sector is expected to benefit from strong investment returns in A-shares during Q3 [7] - The coal sector anticipates upward price momentum for thermal coal [7] - The lithium industry is optimistic about a recovery in lithium carbonate demand, with supply and demand expected to balance [7] - The Chinese toy retail market is projected to exceed 100 billion RMB this year, driven by the popularity of collectible toys [8] Economic Indicators - China's one-year and five-year Loan Prime Rates (LPR) remained unchanged at 3% and 3.5%, respectively, aligning with market expectations [8] - The U.S. job market shows signs of slowing, with rising unemployment rates, although they remain relatively low [4][9]

Market Overview - China's gold bar consumption increased by 25% in the first three quarters[3] - The Hang Seng Index closed at 26,649 points, up 407 points or 1.6% on the previous day, with a total turnover of HKD 214.788 billion, a daily increase of 2.5%[6] - The Dow Jones Industrial Average rose by 381 points or 0.81%, closing at 47,368 points, driven by hopes of ending the U.S. government shutdown[6] Index Performance - The Hang Seng Index year-to-date performance is up 30.82%[5] - The Technology Index decreased by 1.80% on the previous day but has a year-to-date increase of 30.64%[5] - The Financial Index has a year-to-date increase of 19.27%[5] Commodity Prices - New York gold futures closed at USD 4,009.80, up 0.47% year-to-date increase of 52.28%[5] - Brent crude oil closed at USD 63.63, with a year-to-date decrease of 14.56%[5] Company Highlights - Alibaba (9988.HK) rose by 2.1%, Tencent (700.HK) by 2.4%, and Meituan (3690.HK) by 1.3%[6] - The company Tongda Group (698.HK) plans to invest RMB 10 million in various wealth management products, expecting annual returns between 1.95% and 3.09%[7] Technical Analysis - The Hang Seng Index successfully broke through the October 30 high of 26,588 points, indicating a potential continuation of the upward trend as long as it holds above 26,000 points[10]

Market Overview - The Nasdaq index rose by 1%, with Google shares increasing over 9%, reaching a historical high [8] - Spot gold surpassed $3,550, indicating a continued rise in safe-haven demand [8] - The 30-year U.S. Treasury yield approached 5% before retreating, while the 10-year yield was at 4.199% [8] - Southbound capital net purchased Hong Kong stocks worth $5.5 billion, with Alibaba seeing three consecutive days of increased holdings [8] - The Hong Kong PMI rose to 50.7 in August, indicating a significant improvement in the business environment [12] Company Focus - **Siengene (2096)**: Reported total revenue of RMB 3.585 billion for the first half of 2025, a year-on-year increase of 15.1%. Innovative drug revenue accounted for over 75%, growing by 26% [20] - **China Petroleum Engineering (2386)**: Achieved revenue of RMB 31.559 billion in the first half of 2025, a 10.1% year-on-year increase, with net profit reaching RMB 1.388 billion, up 4.8% [20] - **Longi Green Energy (6869)**: Revenue increased by 19.4% year-on-year, driven by strong overseas market demand, with overseas revenue growing by 52.8% [20] Economic Data - U.S. factory orders decreased by 1.3% month-on-month in July, with durable goods orders revised down by 2.8%, aligning with expectations [10] - The U.S. JOLTS job openings for July were reported at 7.181 million, lower than expected [10] - The U.S. trade balance for July showed a deficit of $77.9 billion [18] ETF and Stock Recommendations - **Gold ETFs**: Recommended for allocation due to strong safe-haven demand, with options like GLD or IAU [8] - **Alphabet Inc. (GOOG)**: The U.S. court ruling allowed Google to retain its Chrome browser, providing a short-term price increase opportunity [22][23] - **Adobe Inc. (ADBE)**: Actively integrating AI into core products, with over 35% of Photoshop subscribers using generative AI features, indicating a positive impact on user engagement [24][25]