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% | ...

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 | | --- | --- | --- | --- | | HSI | 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 | 9232.67 c 220.70 = | 2.45% | | HSCI | 恒生综合指数 | 3983.05 c 88.44 2.27% | | 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 ...

此外， 加密货币概念股盘前普涨，IREN涨超5%，Circle涨超2%，Coinbase涨超3%，Strategy涨超 4%。 编辑｜钉钉 10月20日， 美股三大股指期货走高，截至发稿， 道指期货涨0.34%，标普500指数期货涨0.41%，纳 指期货涨0.52% 。 美股科技"七姐妹"盘前集体走高，截至发稿，特斯拉涨1%，亚马逊、英伟达涨0.7%，Meta、苹果涨 0.5%，谷歌A涨0.3%，微软涨0.2%。 ...

当前中国金融市场与资管市场开放持续深化，人民币作为投资与储备货币的全球关注度攀升，欧洲主 权机构、商业资管及贸易商正积极布局中国股债期市场。 10 月 16 日，由第一财经和中国银行联合主办的" 2025 上海全球资产管理论坛"在上海中心开 幕，这是"全球资产管理中心上海国际活动周 2025 "的首场活动。 在当天下午的论坛国际化专场环节，与会嘉宾聚焦 "携手推动中欧资管高水平双向开放"，探讨在复 杂多变的国际地缘经济格局下，如何推动中欧资管领域的互联互通、制度创新，构建更具韧性和前瞻 性的跨境投资合作体系。 作为全球 化程度最高的中资银行，中国银行自 1929 年在伦敦设首个海外机构以来，已在 境外 64 个国家和地区设立了分支机构，其中覆盖了 19 个欧洲国家，形成了较为完备的金融服务网络。 中 国银行上海人民币交易业务总部副总裁黄德发表致辞 时 表示， 中国银行始终是中欧金融合作的坚 定参与者和推动者。 当前，国际政治经济环境复杂多变，世界经济增长动能减弱，但中国经济展现强大韧性与巨大潜力， 长期向好的基本面稳固。 "今年来， 中欧高层互动频繁，金融合作持续深化， 中国人民银行 与欧洲多国央行互签本币互 ...

Group 1 - ETFs have seen strong inflows in October, with a total net inflow of 99.16 billion yuan as of October 17, 2023, primarily driven by equity ETFs which contributed 92.46 billion yuan, accounting for over 90% of the total [2] - Among the ETFs, 40 have net inflows exceeding 1 billion yuan, with significant interest in gold and Hang Seng Technology ETFs, reflecting a shift in investor sentiment towards these sectors [2] - Gold ETFs linked to SGE gold 9999 saw a combined net inflow of 19.99 billion yuan in October, driven by rising gold prices, while Hang Seng Technology ETFs attracted 11.48 billion yuan as investors sought to capitalize on market corrections [2] Group 2 - The number of newly established funds in 2023 has reached 1,163, surpassing the total for 2024, indicating a robust recovery in the fund market, with stock funds making up 661 of these, representing 37.45% of total issuance [3] - Short-term outlook for Hong Kong stocks suggests a volatile market, but potential positive factors such as advancements in AI and easing of US-China trade tensions could drive future growth [3] - UBS has upgraded its rating on global stock markets to "attractive," citing expected increases in productivity from AI spending and favorable policy environments, with a forecast for global earnings growth to rise from 6.5% to 8% [4] Group 3 - Bridgewater's perspective on gold suggests that without retail investor participation, gold prices above $4,000 may face demand challenges, despite strong inflows from Western high-net-worth investors [5] - The firm estimates that central bank demand could support gold prices between $3,000 and $3,500, but prices above $4,000 may not be sustainable without broader market participation [5] - Deutsche Bank analysts project that as gold prices rise, its share in global reserves has increased from 24% to 30%, indicating a shift in asset allocation among investors [5]

Core Insights - The 2025 Sustainable Global Leaders Conference is scheduled to take place from October 16 to 18 in Shanghai, focusing on sustainable development and collaboration among various sectors [1] - The conference is co-hosted by the World Green Design Organization and Sina Group, with support from the Shanghai Huangpu District government [1] Group 1: Industry Upgrades - Huangpu District emphasizes innovation driven by technology, implementing refined management, smart upgrades, and green finance to create benchmark projects [2] - Initiatives such as virtual power plants and the issuance of the first carbon-neutral bond in the country exemplify Huangpu's approach to low-carbon industrial transformation [2] - Collaboration with state-owned enterprises and financial institutions aims to enhance the supply of green services and products, promoting a new path of higher economic density and better carbon emission control [2] Group 2: Consumer Engagement - Huangpu actively integrates low-carbon living into consumer practices, with projects like carbon effect demonstrations in the Nanjing East Road business district [2] - Businesses are adopting green practices, such as reducing food packaging and recycling old sports shoes into new products, reflecting the growing trend of ESG principles in the market [2] Group 3: Urban Ecology - The sustainable concept is deeply embedded in urban planning, with efforts to optimize public spaces and enhance ecological quality [2] - Projects like the Nanchang Road community micro-renewal incorporate low-carbon design principles, aiming for harmonious community development between humans and nature [2]

Group 1 - Major companies are increasing investments in nuclear fusion power, which will impact the nuclear fusion, shoreline energy storage, and photovoltaic or green energy sectors [1] - The A50 index rose nearly 1% on Friday, indicating improved market sentiment, with expectations of a likely high opening on Monday [1] - The third-quarter report of the technology company Hanwang shows revenue of 1.727 billion, a year-on-year increase of 1332.52%, and a net profit of 567 million, a year-on-year increase of 391.47% [1] Group 2 - The recent drop in spot gold and silver prices has led to bearish sentiment, but this is viewed as an opportunity rather than a risk [2] - The core logic behind the recent cycle of price increases is driven by inflation and potential interest rate cuts by the Federal Reserve [2] - The demand for copper, aluminum, and silver is expected to rise due to advancements in AI technology [2]

本报驻美国特约记者 冯亚仁 本报记者 李迅典 编者的话：多家美国硅谷科技巨头的首席执行官（CEO）相聚在今年9月的一场白宫晚宴上，在被总统 提问计划在美国投资多少资金时，他们当场作出总计高达1.5万亿美元的投资承诺。一个月过去了，部 分投资和基建项目得到落实，但更多的仍是"口头承诺"。过去几年间，白宫和硅谷之间的关系经历了从 摩擦不断到日益紧密的转变，然而这种貌似密切的背后，也隐藏着缺乏长期承诺的复杂现实，这被美国 媒体形容为一种"模糊感情关系"。分析人士认为，白宫与硅谷迅速变化的利益联系，将对美国政治格 局、科技产业发展乃至全球地缘政治产生深远影响。 晚宴之后，资金大都流向"底座工程" 当被问到计划在美国投资多少资金时，坐在美国总统特朗普右手边的美国元宇宙公司（Meta）CEO扎 克伯格答道："6000亿美元。"随后，苹果公司CEO蒂姆·库克同样表示将投资6000亿美元，谷歌CEO孙 达尔·皮柴则承诺投资2500亿美元。"那微软呢？"特朗普追问，"这个数字应该不小吧。"微软CEO纳德 拉回应称，公司每年在美投资约750亿至800亿美元。"很好，非常好。"特朗普满意地点头。 "这将把我们的国家带到一个新的高度 ...

Core Viewpoint - The investment philosophy of the new fund manager, He Wei, emphasizes long-term stable returns over short-term gains, aiming to provide a steady holding experience for investors [2][4]. Investment Philosophy - The team led by He Wei focuses on "absolute return" principles, integrating this approach into their relative return public funds, prioritizing long-term stability [4][5]. - The investment strategy involves taking meaningful risks while maintaining a defensive posture during market bubbles, concentrating on stable blue-chip stocks to control drawdowns [4][5]. Fund Performance - The Silver Hua Hu Shen Stock Connect Fund, managed by He Wei, achieved a three-year unit net value growth rate of 24.08%, ranking in the top 3% of its category [5]. - The fund has consistently delivered excess returns of 3% to 12% annually from 2022 to 2024 [5]. Investment Framework - The investment framework includes selecting fundamentally driven stocks with safety margins, prioritizing win rates over potential returns, and avoiding overvalued and crowded trades [6]. - Emphasis is placed on macroeconomic trends and future developments, with a focus on risk-reward ratios and controlling drawdowns [6]. Market Outlook - He Wei expresses optimism about the long-term potential of the Chinese capital market, citing strong fundamentals in manufacturing, technology, and healthcare [10]. - The market is viewed as undervalued due to geopolitical tensions, with expectations of improved performance as foreign capital begins to enter [10]. Sector Focus - The long-term investment value in the non-ferrous metals sector is highlighted, with a favorable supply-demand structure for commodities like gold, copper, and aluminum [11]. - The financial sector, particularly bank stocks, is seen as having reasonable dividend yields and potential for valuation recovery as market conditions improve [11]. New Fund Launch - The upcoming Silver Hua Xin He Mixed Securities Investment Fund will feature a floating management fee structure, aiming to build a long-term relationship with investors through steady returns [9]. - This new fund will include investments in the Hong Kong stock market, which is perceived to offer attractive opportunities compared to A-shares [9].