to help us set up the trading day. Welcome in Kevin Hanks, my co-host on Fast Market. Kev, you know, we had a lot of volatility overnight.The VIX almost hit the 29 level. Um, but we've seen a little bit of a rebound on probably these comments from President Trump. Besset meeting with the trade representative from China today.So, what's your take here on these volatile market moves. >> Tom, talking to you, you're throwing off my inner clock. I don't even know what time it is now.Isn't it later if I'm talking ...

Group 1 - The Hong Kong stock market experienced a significant decline, particularly in the technology sector, which fell nearly 4%, with the Hang Seng Index breaking the support level of 25,700 [1] - The decline is attributed to the risk exposure of U.S. regional banks, but its direct impact on Hong Kong stocks is limited. The resulting decrease in U.S. Treasury yields and potential Federal Reserve rate cuts may be beneficial [1] - The market correction is seen as a result of excessive prior gains, with tariffs also contributing to a suppression of risk appetite [1] Group 2 - In the trading session, only two Hong Kong stock ETFs experienced redemptions, with one related to negative news about two automotive companies. The remaining ETFs saw net inflows, with 13 products collectively gaining over 1.256 billion shares [2] - The Hong Kong technology ETF received significant attention, with a net subscription of 84.85 million shares, indicating strong investor interest despite the market downturn [3] Group 3 - Long-term investors are advised to view the current market adjustment as a buying opportunity, particularly in leading technology and innovative pharmaceutical stocks, which have seen substantial corrections [3] - The copper-to-oil ratio is highlighted as a potential indicator of market trends, with a higher ratio suggesting stronger economic growth and lower inflation, serving as a predictive tool for market movements [3]

高开低走后全天弱势，截至收盘三大指数集体收跌，其中道指下跌0.65%，纳指下跌0.47%，标指下跌0.63%。盘面上，银行、科技集体转弱，中概股反复无 常，黄金再创新高。 COMEX黄金高开高走后再创新高，截至收盘上涨2.83%报4344.3美元/盎司，盘中最低报4214.5美元/盎司，最高报4346.7美元/盎司。对于黄金，目前是矛盾 的，一方面是对高价的恐惧，一方面是趋势。 理财就是一场修行，有人修有人度，结果就是看谁踩准了点，把握住了机会。 银行股集体回撤，其中齐昂银行大跌13.14%，阿莱恩斯西部银行下跌10.81%，联合银行下跌4.36%，美国银行下跌3.52%，花旗集团下跌3.53%，摩根大通下 跌2.34%，摩根士丹利、高盛等银行跌幅均在1%上方。 科技股分化转弱，其中超威公司下跌1.69%，奈飞下跌1.64%，特斯拉下跌1.47%，META、亚马逊、微软、苹果、英特尔等股均小幅收跌；英伟达、高通、 谷歌等股逆势小涨。 中概股低开低走全天弱势，截至收盘中国金龙下跌0.91%，其中爱奇艺大跌3.74%，小鹏汽车、腾讯音乐、京东等股跌幅均在1%上方；蔚来、网易、哔哩哔 哩等股逆势上涨。 ...

南方财经 21世纪经济报道记者 张伟泽 香港报道 在剧烈波动背后，市场板块轮动加速，资金避险情绪升温。面对月底即将到来的亚太经合组织 （APEC）会议，投资者应如何看待后市？是危还是机？ TACO交易重演，港股上演"V"型逆转 10月13日，受中美贸易关系消息面的影响，恒生指数早盘低开656点，盘中一度下探至25336点，最大跌 幅达954点。午后随A股跌幅收窄，港股也随之反弹，最终收报25889点，全日跌幅收敛至400点 （-1.52%），50天线（25772点）失而复得。主板成交额录得4,903亿港元，创历史第四高纪录。 本周，港股市场再度上演了惊心动魄的"过山车"行情。周一，恒生指数上演了"V"型逆转，到周三一度 强势反弹，但其后再次下跌。截至10月17日周五收盘，恒生指数周跌3.97%，报25247.1点，恒生科技指 数周跌7.98%，报5760.38点。 市场将此解读为又一次典型的"TACO交易"（Trump Always Chickens Out），即认为美国总统特朗普的 强硬表态最终会软化。 前海开源基金首席经济学家杨德龙对21世纪经济报道记者表示，目前板块之间也出现了轮动，前期涨幅 较大的科技 ...

每经记者｜郑雨航 每经编辑｜段炼 高涵 ⑨ 【美国关税政策谁买单？标普全球：三分之二成本由消费者承担】当地时间周四，标普全球（S&P global）发布的一份白皮书显示，2025年美国的关税 政策将使全球企业损失高达1.2万亿美元，其中大部分成本将转嫁给消费者。这一成本数据来自约15000名分析师对9000家公司的研究结果。 ⑩ 北京时间20:30，美国9月进口价格指数环比发布。 ① 【三大期指齐跌】道指期货跌0.77%、标普500指数期货跌1.05%、纳指期货跌1.23%。 ② 【加密货币概念股走低】加密货币概念股盘前走低，HUT 8跌超5%，COINBASE下跌4.5%，STRATEGY下跌4%。 ③ 【科技股盘前普跌】科技股盘前普跌，微软跌0.9%，Meta、亚马逊、苹果跌1%，特斯拉、英伟达跌超2%，甲骨文跌超3%。 ④ 【美国两家银行"爆雷"，大型银行股普跌】本周，两家美国地区银行——Zions Bancorp和Western Alliance Bancorp相继"爆雷"，市场对美国地区银行的 信贷担忧加剧，美国大型银行股盘前普跌。美国银行跌超1.8%，花旗集团跌1.7%，富国银行跌约1.8%，摩根 ...

Market Overview - The A-share market experienced a significant decline, with the Shanghai Composite Index dropping by 1.95%, the Shenzhen Component Index by 3.04%, and the ChiNext Index by 3.36% [1] - The trading volume in the Shanghai and Shenzhen markets reached 1.94 trillion, an increase of 6.9 billion compared to the previous trading day [1] - Concerns over the high valuation levels of technology growth stocks have led to a collective sell-off in this sector, which had previously shown strong performance [1][2] Short-term and Long-term Outlook - In the short term, there may be continued downward pressure on the market, but the long-term bull market is not expected to end, and the current pullback may present a good opportunity for active allocation [1][6] - The market has been oscillating around the 3900-point mark, with multiple attempts to break through both upwards and downwards [1][2] Sector Performance - The technology sector has faced significant corrections, with the ChiNext Index's maximum drawdown approaching -12% and the Sci-Tech 50's drawdown exceeding -14% [7] - The "反内卷" (anti-involution) and technology sectors are highlighted as key areas for investment, reflecting market optimism regarding corporate profitability and valuation levels [9][10] Livestock Industry Insights - The livestock sector, particularly pig farming, is showing signs of recovery, with the price of pigs rising from below 14 yuan to around 21 yuan, marking an increase of nearly 50% [12] - The Ministry of Agriculture has initiated measures to control pig production, indicating a shift towards reducing supply, which is expected to support price increases in the future [12][14] - Major pig farming companies like Muyuan Foods and Wens Foodstuffs have reported significant profit improvements, with net profits of 18.9 billion yuan and 9.2 billion yuan, respectively [12] Cost Control and Industry Dynamics - The pig farming industry has seen significant cost optimization, with leading companies reducing their costs to approximately 12-13 yuan per kilogram [17] - The industry is entering a phase of capacity reduction, with the number of breeding sows decreasing, which is expected to support future price increases [14][16] Gold Market Analysis - Gold prices have reached historical highs, with London gold spot prices peaking at 4380 points, driven by ongoing geopolitical tensions and economic uncertainties [19] - The demand for gold as a "safe-haven" asset is expected to remain strong due to concerns over inflation and economic stagnation in the U.S. [20][21]

港股博弈加剧，全天围绕中轴上蹿下跳，截至收盘恒生指数小跌0.09%。内银行涨幅居前，内石油、金 融、内房地等紧随其后；恒生科技跌幅居前，工商紧随其后。 内银行开盘后直线拉升，随后全天维持在高位盘整，截至收盘上涨1.93%。其中重庆农村商业银行大涨 3.45%，农业银行上涨2.98%，中信银行上涨2.97%，交通银行上涨2.29%，邮储银行上涨2.26%，工商银 行上涨2.08%。 内石油低开高走后全天维持在中轴上方盘整，截至收盘上涨1.08%。其中中国石油大涨2.48%，中石炼 化上涨1.01%，中国海油上涨0.85%，中国石化上涨0.74%，中海油服逆势下跌0.29%。 恒生科技低开低走逆势收跌，截至收盘下跌1.18%。其中蔚来大跌8.99%，小米集团下跌3.6%，小鹏汽 车下跌3.5%，金山软件下跌3.49%，中芯国际、京东健康、百度集团等多股跌幅均在1%上方。 内容只是个人观点，仅供参考，不作为投资依据！欢迎关注交流，互相学习、共同探讨！ ...

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Report's Core View - The A - share market is expected to experience continued volatility due to the escalation of Sino - US trade disputes, high valuations in the technology sector, and high uncertainty in end - of - month negotiations. Short - term strategies can include arbitrage (long large - cap blue - chips and short small - cap growth stocks) and reducing positions. Attention can be paid to defensive sectors and policy - beneficial sectors [13]. - The bond market is expected to stabilize in October, but a counter - offensive may require a resurgence of easing expectations. The short - term stock - bond seesaw is significant, and the bond market's safe - haven sentiment is boosted by the frictions in the external environment. The sustainability of the bond market's strength is questionable, and it is advisable to wait patiently for better bond - market allocation opportunities, which may appear in the second half of the fourth quarter [100][110]. - For the shipping index, the spot freight rates are currently falling, but the shipping companies are raising prices for the second half of October and November, and there is an expectation of a price increase in the far - month contracts. The December contract has the opportunity for an oversold correction [130]. 3. Summary According to the Directory 3.1 Stock Index 3.1.1 Market Review - Since the beginning of the year, the A - share market has shown a trend of short - term correction followed by a strong run, a sharp decline after external shocks and then a rebound and continuous upward movement, and consolidation after the realization of positive news and a stalemate in negotiations. The market has been affected by various factors such as technological trends, economic concerns, trade policies, and policy stimuli [7]. - From October 13 - 17, 2025, the A - share market declined with reduced trading volume. The futures market was generally weaker than the spot market. The market is expected to continue to fluctuate due to Sino - US trade disputes and high valuations in the technology sector [10][13]. 3.1.2 Transaction and Position Analysis - Stock index trading volume increased. The average daily trading volumes of IF, IH, IC, and IM increased compared to the previous week. The overall position of the stock index also increased [14]. 3.1.3 Basis, Inter - period Spread, and Inter - variety Spread Analysis - Basis trends were divergent. The basis of CSI 300 widened, SSE 50 changed from premium to discount, CSI 500 basis widened, and CSI 1000 basis narrowed [18][19]. - The inter - period spreads of IF, IH, IC, and IM all showed negative values and widened. The same was true for the spreads between the current - quarter and the current - month contracts [25]. - Large - cap blue - chips performed relatively better. The ratios of different indices were at different historical percentile levels and changed compared to the previous period [27]. 3.1.4 Industry Sector Overview - In the CSI 300, the financial, energy, and public sectors led the gains, while the information, communication, and pharmaceutical sectors led the losses. In the CSI 500, the energy sector led the gains, and the information, raw material, and industrial sectors led the losses [30][31]. - At the primary industry level, the banking, coal, and food and beverage sectors led the gains, while the electronics, media, and automobile sectors led the losses [32][34]. 3.1.5 Valuation Comparison - As of October 17, 2025, the rolling price - to - earnings ratios of CSI 300, SSE 50, CSI 500, and CSI 1000 were at different levels and historical percentile positions [36]. 3.2 Treasury Bonds 3.2.1 This Week's Market Review - **Treasury Bond Futures Market**: The A - share market's performance affected the bond market. The long - end futures generally outperformed the cash bonds. There were certain positive arbitrage opportunities in each contract, and the basis of 10 - year, 5 - year, and 2 - year bonds was relatively low with potential for upward regression. Due to poor liquidity, it is not recommended to participate in the inter - period strategy of the 2603 contract. A flattening strategy (short short - end and long long - end) can be considered [41][43][58][62]. - **Bond Cash Market**: Most treasury bond spot yields declined this week. A - share adjustments boosted the sentiment of long - term bonds, and long - end yields declined more significantly. US bond yields also declined across the board [71]. - **Funding Situation**: At the beginning of the month, the funding pressure was low, and the central bank mainly conducted net withdrawals. The funding situation returned to a relaxed state, and there was no liquidity stratification between banks and non - banks. Funding rates fluctuated [77][78]. - **Interest Rate Derivatives**: Most yields of interest rate swaps declined this week, and the liquidity expectation was stable [94]. 3.2.2 Market Analysis - **Recent Market Logic**: The bond market is expected to stabilize in October, but a counter - offensive may require a resurgence of easing expectations. The sustainability of the bond market's strength is questionable, and it is advisable to wait patiently for better allocation opportunities [100]. - **This Week's Fundamental Situation**: September's export data was better than expected, but inflation and social financing were still weak. Export growth may face risks in the later period, inflation showed slow recovery, and social financing had both negative and positive signals [101][102]. - **Next Week's Bond Market Outlook**: The short - term stock - bond seesaw is significant, and the bond market's safe - haven sentiment is boosted by the frictions in the external environment. Attention should be paid to next week's economic data [110]. 3.2.3 Next Week's Open - Market Maturities and Important Economic Calendar Next week, there will be a total of 7891 billion yuan of reverse repurchase maturities in the open market, and there will be important economic data such as September's LPR loan quotes and third - quarter economic data [112]. 3.3 Shipping Index 3.3.1 Market Review The SCFIS continued to decline for 13 consecutive weeks, but shipping companies raised freight rates for the second half of October and November, and China's counter - measures against the US improved the sentiment of far - month contracts [114]. 3.3.2 Container Shipping Market Situation - **Spot Market**: Freight rates on most ocean routes rebounded, and shipping companies raised freight rates for the second half of October and November. Although the full implementation of the price increase may be difficult, a bottom - up trend is likely to form, which is expected to boost the expectations of far - month contracts [120]. - **Supply - Demand Fundamentals of Container Shipping**: On the supply side, the container shipping capacity in Europe in October was at a relatively high level in the off - season, and the potential capacity is expected to continue to grow. The actual capacity decreased slightly, but the supply pressure still exists. The progress of the cease - fire agreement in the Red Sea is uncertain, and it is unlikely to bring additional supply pressure this year. On the demand side, the eurozone's economic indicators showed a slowdown, and the macro - demand continued weak recovery, which may have limited support for container shipping prices [125][126]. 3.3.3 Market Outlook In October, it is the traditional off - season, and the supply pressure still exists. However, shipping companies are raising prices for the end - of - year long - term contract season, and there is an expectation of price increases in far - month contracts. The December contract has the opportunity for an oversold correction [130].

Core Insights - The event titled "Weight Management Year" was held in Xicheng District from October 17 to 19, showcasing a comprehensive approach to weight management through various services and products [1] Group 1 - The event featured participation from medical institutions such as Concord Hospital, along with multiple technology and sports brands [1] - The initiative aimed to create a holistic weight management experience that includes free medical consultations, nutrition advice, technology integration, and fitness activities [1]

Market Overview - The A-share market experienced a collective decline, with the Shanghai Composite Index falling by 1.95% to close at 3839.76 points, the Shenzhen Component Index down 3.04% at 12688.94 points, and the ChiNext Index dropping 3.36% to 2935.37 points [3][4] - The trading volume in the Shanghai and Shenzhen markets reached 1.9381 trillion yuan, a slight increase of 7 billion yuan compared to the previous day [3] Banking Sector Analysis - Despite a strong opening for bank stocks, most ended the day lower, with Agricultural Bank of China showing "hugging" characteristics, reaching a new high of 7.69 yuan per share [5] - Agricultural Bank's closing price of 7.62 yuan is close to its net asset value of 7.65 yuan, indicating a speculative interest rather than a focus on fundamentals [5] Market Sentiment and External Factors - The decline in the market was influenced by a significant drop in U.S. stock markets due to debt scandals involving regional banks, raising concerns about the fragility of the U.S. financial sector [5][6] - Increased risk awareness among investors has led to a heightened focus on potential corrections in previously inflated stocks, with three key indicators signaling market risk: intensified selling pressure from major shareholders, accelerated IPO issuance, and stricter risk control standards from brokerages [6] Technical Indicators - The Shanghai Composite Index's decline of 1.95% is relatively modest, remaining within a consolidation range above 3800 points, while the Shenzhen Component and ChiNext indices have shown more severe declines, indicating a potential downtrend [6] - A total of 4596 stocks fell today, while only 588 rose, suggesting a broad market downturn, with a trading volume of 1.93 trillion yuan indicating a "large volume drop" [6] Market Dynamics - The number of stocks hitting the daily limit down increased, but the overall market has not yet entered a panic phase, with net outflows of 132.2 billion yuan from major funds and approximately 120 billion yuan from northbound trading [7] - The day coincided with a stock index futures settlement, which historically leads to significant market volatility [8] Comparative Market Performance - The Hong Kong market showed even weaker performance, with the Hang Seng Index dropping over 2.7% and the Hang Seng Tech Index falling more than 4.28%, indicating a pronounced downward trend [9]