Core Viewpoint - The Hong Kong stock market is experiencing a strong rally, particularly in the technology sector, with significant gains in major tech stocks and a positive outlook for the fourth quarter [1] Group 1: Market Performance - The Hang Seng Technology Index rose over 2%, with notable increases in stocks such as Bilibili-W (+8%), Hezhima Intelligent (+6%), and others [1] - The Hong Kong Technology 30 ETF (513160) saw an intraday increase of over 3%, with a cumulative weekly gain of approximately 6% [1] Group 2: Capital Inflows - As of October 20, southbound capital has recorded a cumulative net inflow of 112.58 billion yuan this year, indicating strong interest in the Hong Kong stock market [1] Group 3: Future Outlook - Analysts suggest that the bullish trend in the Hong Kong stock market will continue into the fourth quarter, driven by the performance of internet giants benefiting from AI narratives and potential foreign capital inflows due to the Federal Reserve's interest rate cuts [1] - The technology sector is expected to remain the main focus of the market, with AI driving the momentum [1] Group 4: Investment Accessibility - For retail investors, direct investment in multiple Hong Kong tech stocks can be complex; however, the Hong Kong Technology 30 ETF (513160) offers a simplified way to invest in a basket of quality tech companies [1]

板块/基金短期涨跌幅列示仅作为文章分析观点之辅助材料，仅供参考，不构成对基金业绩的保证。 文中提及个股短期业绩仅供参考，不构成股票推荐，也不构成对基金业绩的预测和保证。 以上观点仅供参考，不构成投资建议或承诺。如需购买相关基金产品，请您关注投资者适当性管理相关 规定、提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等级的基金产品。基金 有风险，投资需谨慎。 风险提示： 投资人应当充分了解基金定期定额投资和零存整取等储蓄方式的区别。定期定额投资是引导投资人进行 长期投资、平均投资成本的一种简单易行的投资方式。但是定期定额投资并不能规避基金投资所固有的 风险，不能保证投资人获得收益，也不是替代储蓄的等效理财方式。 无论是股票ETF/LOF基金，都是属于较高预期风险和预期收益的证券投资基金品种，其预期收益及预期 风险水平高于混合型基金、债券型基金和货币市场基金。 基金资产投资于科创板和创业板股票，会面临因投资标的、市场制度以及交易规则等差异带来的特有风 险，提请投资者注意。 10月20日港股跳空高开，全天维持高位震荡，最终收涨2.42%，报25858.83点。上周中美贸易争端引发 风险偏好回落，港股 ...

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 美东时间10月20日周一，美国三大股指上涨，现货黄金再创历史新高。市场对地区银行的信 贷担忧有所缓解、美国政府有望结束停摆，且特朗普近期豁免数十种进口商品关税，这些消 息提振了市场情绪。苹果收高3.94%，股价创下历史新高。 美国三大股指全线收涨 截至收盘，道指涨515.97点，涨幅为1.12%；纳指涨310.57点，涨幅为1.37%；标普500指 数涨71.12点，涨幅为1.07%。 美国联邦政府停摆进入第20天，参议院上周第十次未打破僵局，停摆致多项关键经济数据发 布延期，使投资者和政策制定者在美联储下周会议前陷入"数据真空"，受影响的美国消费者 价格指数预计本周五发布。 目前交易员预计美联储下周降息概率达99%，12月还将再次降息。 北方信托首席投资官Katie Nixon在给客户的一份报告中表示："尽管上周五美股小幅反弹， 但风险资产显示地缘政治不确定性加剧，尤其是国际贸易关系方面。国际贸易争端对双方都 有重大经济风险，因此达成可接受的妥协十分重要。" 据香港万得通讯社，美国总统特朗普在播出 ...

【导读】美股上涨，现货黄金价格创新高，中概股普涨 美东时间10月20日周一，美国三大股指上涨，现货黄金再创历史新高。市场对地区银行的信贷担忧有所缓解、美国政府有望结束停摆，且特朗普近期豁免 数十种进口商品关税，这些消息提振了市场情绪。苹果收高3.94%，股价创下历史新高。 美国三大股指全线收涨 截至收盘，道指涨515.97点，涨幅为1.12%；纳指涨310.57点，涨幅为1.37%；标普500指数涨71.12点，涨幅为1.07%。 美国联邦政府停摆进入第20天，参议院上周第十次未打破僵局，停摆致多项关键经济数据发布延期，使投资者和政策制定者在美联储下周会议前陷入"数 据真空"，受影响的美国消费者价格指数预计本周五发布。 目前交易员预计美联储下周降息概率达99%，12月还将再次降息。 北方信托首席投资官Katie Nixon在给客户的一份报告中表示："尽管上周五美股小幅反弹，但风险资产显示地缘政治不确定性加剧，尤其是国际贸易关系 方面。国际贸易争端对双方都有重大经济风险，因此达成可接受的妥协十分重要。" 据香港通讯社，美国总统特朗普在播出的一段福克斯商业频道专访中罕见松口，承认以高关税威胁中国的策略不可持续，并 ...

Core Insights - Daxing District is focusing on developing six major industries, including air transport economy, biomedicine, future energy, digital economy, commercial aerospace, and agricultural technology [1][2] - The district has established a comprehensive industrial development blueprint, referred to as "6+5+3," which includes six industrial functional zones, five industry clusters, and three new development areas [2] - Daxing has successfully launched over 1,000 high-quality projects this year, leading the city in the number of enterprises migrating from outside and significant projects worth over 100 million [2] Industrial Development - The six industrial functional zones include Daxing Airport Economic Zone, Daxing Biomedicine Industrial Base, Beijing Digital Economy Demonstration Zone, International Hydrogen Energy Demonstration Zone, Beijing-Japan Innovation Cooperation Demonstration Zone, and Beijing Commercial Aerospace Industrial Base [2] - The five industry clusters consist of Huiju Business Technology Cluster, National New Media Industrial Base, Niantan International Financial Business District, Southern Beijing Logistics Base, and Southern Beijing Agricultural and Forestry Technology Park [2] - The three new development areas are Garden City Yongding Bay, Daxing International Tourism Resort, and Industrial Collaborative Development Demonstration Zone [2] Economic Impact - Daxing Airport has facilitated nearly 200 million passengers and over 1.5 million flights in six years, with the economic zone attracting 8,401 market entities, including 375 foreign enterprises [2][3] - The International Exhibition Consumption Hub, covering 7.8 square kilometers, is expected to attract over 100 billion yuan in total investment, linking Daxing Airport with the Daxing International Cultural Tourism Resort [3] Agricultural and Technological Integration - Daxing is known for its agricultural output, with the establishment of the Caiyu Digital Fashion Town aimed at integrating digital technology with the fashion industry [3] - The district is also developing the Panggezhuang Watermelon Town, focusing on modern agricultural technology and the pet economy, with 85 partnerships already established [3] Urban Development - The Garden City Yongding Bay will feature a diverse transportation network, with plans for rapid access to Daxing Airport and the central city [5] - The area will have a green space per capita of 22 square meters, with multiple parks enhancing urban greenery [5] - Educational and medical resources are being enhanced, with new schools and hospitals planned to support the growing population [5]

Summary of Conference Call Records Industry or Company Involved - Focus on the impact of tariffs and market strategies for the fourth quarter of 2025 - Discussion on the strategic value of China's rare earth resources Core Points and Arguments Market Conditions and Strategies - Short-term market volatility is heavily influenced by sentiment, with technical support levels being more critical than fundamentals [1][2] - Investors who have reduced positions may consider selectively buying quality structural assets, while those who have not should avoid hasty adjustments based on emotional market fluctuations [1][2] - The U.S.-China tariff negotiations may see short-term progress, but long-term uncertainties are increasing, with high tariffs being detrimental to both sides [1][2][3] - The current market liquidity is abundant, leading to a pursuit of scarce returns, which has resulted in localized inflation [1][5] Asset Performance and Allocation - In Q4, the focus for asset allocation is on gold, dividends, and growth assets, which have all seen a rise this year, breaking traditional asset pricing logic [1][4] - The performance of these asset classes is influenced by various factors, including geopolitical tensions, global decoupling, and central bank gold purchases [1][4] - The U.S. market shows a disparity between strong growth in the tech sector and weakness in other areas, exacerbated by the acceleration of AI investments [1][6] Credit Cycle and Economic Outlook - The applicability of the Merrill Lynch clock framework in China is limited due to significant policy expectations and evident disparities in economic performance [2][7] - Future asset rotation can be analyzed through the intensity of credit expansion in both government and private sectors, with a focus on indirect financing [2][8] - The credit cycles in the U.S. and China may diverge, with the U.S. potentially moving towards recovery while China may experience stagnation or slight slowdown [2][9] Export Dynamics and Trade Relations - China's exports have exceeded expectations, with a year-to-date growth rate of 6.1% in dollar terms, despite a nearly 20% decline in exports to the U.S. [2][12][14] - The structure of China's exports is changing, with an increasing proportion of intermediate goods, which are essential for industrial production [2][12][13] - The strategic value of rare earth resources is highlighted, with China holding a dominant position in both reserves and the entire supply chain [2][21][22] Rare Earth Resources and Strategic Implications - China's rare earth resources account for 34% of global reserves, with a significant share in heavy rare earths [2][21] - Recent export control measures have enhanced China's control over rare earth resources, impacting global supply chains and U.S. companies [2][22] - The demand for high-performance permanent magnet materials is expected to grow, with a projected annual increase of over 10% in the coming years [2][22] Other Important but Possibly Overlooked Content - The current geopolitical landscape and the restructuring of the global dollar monetary system are influencing asset performance and investment strategies [1][4] - The potential for localized inflation due to abundant liquidity and the pursuit of scarce returns is a critical factor for investors to consider [1][5] - The implications of U.S.-China trade relations on agricultural commodities, particularly soybeans, are significant, with price pressures observed due to tariffs [2][17][19]

Market Overview - The overall market has seen an increase, currently rated at 4.3 stars [1] - Small and mid-cap stocks have experienced a slightly higher increase compared to large caps [2] - Value style has seen a slight increase, while growth style has increased more significantly [3] - The ChiNext index has risen nearly 2%, and the higher-valued Sci-Tech board has seen a minor increase [4] - Hong Kong stocks exhibit greater elasticity compared to A-shares [5] - Following a period of decline, Hong Kong stocks have rebounded significantly today, with the Hang Seng Index rising over 2% and the Hang Seng Tech Index increasing by 3% [6][7] Earnings Reports - Recent quarterly reports from listed companies have continued the profit growth trend observed in Q2 [8] - A comprehensive analysis of the Q3 earnings growth for major A-share and Hong Kong indices will be shared after the end of the month [9] Market Volatility - In a bull market, fluctuations are normal, as evidenced by past bull markets in 2007 and 2015, which experienced several corrections of several percentage points [10] - Since last year, the CSI All Share Index has increased by nearly 60% [11] - The significant gains occurred during two specific periods: the last two weeks of September last year and the third quarter of this year, accounting for about 7% of the time [13] - Other periods have been characterized by sideways movements or corrections [14] - For instance, A-shares experienced a 15.1% correction in early October 2024, followed by various corrections in subsequent months [15][16][17][18] Long-term Trends - The Hang Seng Index has increased by 74% since last year, with notable gains following the Spring Festival and during the last two weeks of September [20][21] - The volatility of Hong Kong stocks is greater than that of A-shares, with significant corrections recorded [23][24] - The data indicates that while corrections vary in magnitude and duration, they ultimately lead to recovery and higher peaks, reinforcing the notion of long-term index growth [26][27] Investment Strategy - The focus should not be on predicting the magnitude of each correction but rather on identifying low valuations and high earnings growth rates, which increase the likelihood of significant market movements [32] - Investors are encouraged to maintain a long-term perspective, focusing on good valuations and strong earnings growth, as short-term fluctuations are often noise that does not impact long-term returns [34][35] - A calm mindset is essential for investors, emphasizing the importance of looking beyond short-term market fluctuations [36]

So, how are you weighing these risks. We're talking about the US China trade talks, of course. Some questions about lending here in the US.Um, a lack of economic data, at least until we get that CPI that has a lot of investors very concerned. How are you weighing all this when it comes to the markets. >> Well, I guess we're anticipating a return of the volatility, frankly, that we expected from Trump's victory in the election last year.Uh, we know there's going to be some bumps and maybe a few more bumps. a ...

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a target price of HKD 32.00, with a current market value of USD 24.8 billion and a PE ratio of 19.01[5] - 零跑汽车 (Leap Motor) is rated as a buy with a target price of HKD 80.00, showing a potential upside of 35%[5] - 极兔速递 (J&T Express) has a target price of HKD 58.00, with a market value of USD 11.7 million and a PE ratio of 11.7[5] Group 2: Performance Overview - The basket of 25 stocks listed in the previous report had an average return of -3.9%, compared to the MSCI China Index return of -3.6%[10] - Out of the 25 stocks, 11 stocks outperformed the benchmark index[10] - The report includes a total of 25 long positions, indicating a diverse investment strategy[10]

科技股集体反弹，网易涨超5%，阿里巴巴涨近5%；半导体、航空板块走强，中芯国际涨近4%，中国东 方航空股份涨近10%。黄金概念股回调。 编辑丨瑜见 10月20日，截至收盘，恒指报收25858.83点，涨2.42%，恒生科技指数报收5933.17点，涨3.0%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | મટા | 恒生指数 | 25858.83c 611.73 | | 2.42% | | HSTECH 恒生科技 | | 5933.17c 172.79 | | 3.00% | | HSBIO | 恒生生物科技 | 15994.43c 211.23 | | 1.34% | | HSCEI | 恒生中国企业指数 | 9232.67c 220.70 | | 2.45% | | HSCI | 恒生综合指数 | 3983.05 c | 88.44 | 2.27% | ...