Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted price-to-earnings ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and weak consumer spending in mainland China [1] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with only one cut anticipated in 2026, lower than market expectations [3][5] Company News - Ping An Good Doctor (1833) and Prada (1913) are in focus due to their earnings reports [2] - Minglue Technology (2718) is starting its IPO today, aiming to raise 1 billion HKD, with plans to allocate 35% of the proceeds to enhance R&D capabilities [9] - China Unicom (0762) reported a 5% increase in net profit for the first three quarters, reaching 20 billion RMB, with service revenue growing by 1.1% [9] - Sands China (1928) reported a 3% increase in adjusted property EBITDA for the third quarter, with net revenues rising by 7.5% to 1.9 billion USD [9] - Longjiang Storage is considering an IPO as early as next year, potentially seeking a valuation of up to 300 billion RMB [9] Industry Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in Q3 [6] - The AI sector is seeing accelerated adoption in mainland China, with breakthroughs in chip development [6] - The Chinese gaming industry has received approval for 159 domestic and 7 imported games in October, indicating a recovery in the sector [7] - The Shenzhen government is supporting leading companies in strategic industries to list in Hong Kong or refinance, aiming to enhance the quality of listed companies by 2027 [7]

Market Performance - Hang Seng Index (HSI) fell by 641 points or 2.5%, closing at 25,247 points[1] - Shanghai Composite Index (SSE) dropped 76 points or nearly 2%, closing at 3,839 points[1] - Hang Seng Tech Index decreased by 243 points or 4.1%, closing at 5,760 points[1] - Total market turnover was HKD 314.62 billion[1] Economic Indicators - Anticipation for China's Q3 GDP and September economic data release on October 20[1] - Renminbi midpoint rate adjusted up by 19 points to 7.0949 against the US dollar, reaching a one-year high[1] Corporate Updates - China Life Insurance projected net profit for Q3 between CNY 156.785 billion and CNY 177.689 billion, an increase of 50%-70% year-on-year[4] - Zijin Mining reported a 11.1% year-on-year increase in gold production to 32 tons, with revenue of USD 3.415 billion[4] - Chow Tai Fook's retail value grew by 4.1% year-on-year, with same-store sales in mainland China increasing by 7.6%[4] Trade Relations - US President Trump confirmed a meeting with Chinese President Xi Jinping in two weeks, indicating a more conciliatory tone in US-China trade negotiations[2] - Trump signed an executive order expanding tax credits for US automotive production and imposing new tariffs on imported heavy trucks and parts[3]

Core Viewpoint - The semiconductor sector, particularly companies like SMIC (00981) and Hua Hong Semiconductor (01347), is currently a market focus due to their recent merger and acquisition activities aimed at strengthening their positions in the industry [1][2]. Company Analysis SMIC (00981) - SMIC's stock price is fluctuating between 66.4 HKD and 84.3 HKD, with key support at 66.4 HKD and resistance at 84.3 HKD. A breakthrough above 84.3 HKD could target 89.6 HKD [2]. - Technical indicators show mixed signals: the RSI is at a neutral level of 50, while the stochastic oscillator indicates a buy signal, but the momentum indicator suggests a sell signal [2][6]. - Recent trading saw a significant drop of 10% in stock price, indicating potential for adjustment after reaching historical highs [1]. Hua Hong Semiconductor (01347) - Hua Hong's stock is trading within a wider range of 65.7 HKD to 91.6 HKD, with a bullish short-term trend indicated by the 10-day moving average being above the 30-day moving average [4]. - Key support is at 65.7 HKD, with resistance at 91.6 HKD, and a potential challenge to 105.6 HKD if the resistance is broken [4]. - The stock has shown a 31.2% volatility over the past five days, suggesting opportunities for short-term trading [4][15]. Derivative Products SMIC Derivatives - SMIC offers a variety of derivative products with high leverage, such as the Bank of China call option (21314) with a strike price of 134.7 HKD and a leverage of approximately 3 times [1]. - Other notable options include a call option with a strike price of 95.05 HKD and a leverage of 3 times, and a put option with a strike price of 75.88 HKD and a leverage of 2 times [1][6]. Hua Hong Derivatives - Hua Hong has fewer but distinctive derivative options, such as a call option with a strike price of 96.08 HKD and a leverage of 2.8 times, which is noted for its low premium and implied volatility [11]. - The put options available include one with a strike price of 70 HKD and a leverage of 1.9 times, reflecting a conservative risk management approach [11][15].

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and domestic economic performance [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, impacting market sentiment [2][4] Company News - Seres is reportedly planning an IPO in Hong Kong, aiming to raise between $1.5 billion and $2 billion, with a focus on expanding marketing channels and enhancing global brand recognition [9] - JD.com has seen a nearly 48% year-on-year increase in active users since the start of its "Double 11" shopping festival, indicating strong consumer engagement [9] - ZTE has successfully shipped its automotive-grade chip, the Han域 M1, which is designed for next-generation automotive electronic architectures [9] - BYD is considering establishing a manufacturing facility in Spain due to lower production costs and a clean energy network [9] Industry Insights - The Chinese automotive market reported a 14.9% year-on-year increase in sales for September, with new energy vehicle sales rising by 24.6% [8] - The International Monetary Fund (IMF) has expressed concerns over China's economic outlook, emphasizing the need for a shift towards domestic demand due to weak export growth [8] - The oil market is facing a more severe oversupply situation than previously anticipated, with global oil supply expected to increase significantly while demand growth remains sluggish [8]

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 自願公告 英諾賽科為800 VDC電源架構提供 全GaN電源解決方案，賦能新一代AI Factories 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」或「英諾賽科」）自願作 出，旨在使本公司股東及潛在投資者了解本公司最新業務發展情況。 NVIDIA將支持800 VDC電源架構。800 VDC機架電源架構為人工智能數據中心 帶來突破性進展，可實現更高效率、更高功率密度，同時降低能耗需求並減少二 氧化碳排放。如同電動汽車行業從400V向800V的升級，機架電壓從48V提升到 800V可使電流降低16倍，從而大幅減少I²R損耗並最大限度降低對銅材的需求。 英諾賽科正與NVIDIA合作，攜手支持800 VDC電源架構，為新一代GPU路線圖 的擴展提供保障。 基於48V電壓的傳統人工智能系統正面臨嚴峻的挑戰—－效率低下、銅耗過高， 超過45%的總功耗耗費在散熱上。未來的人工智能集群（如搭載超過500塊GP ...

Market Overview - The US stock market shows mixed sentiment, with the S&P 500 and Nasdaq reaching new historical highs, while the Dow Jones fluctuates slightly downwards [8] - Gold prices have surged, breaking through $4,059 due to increased safe-haven demand amid ongoing US government shutdown concerns [8] - Copper prices are expected to rise, with the International Copper Study Group forecasting a 1.4% increase in copper mine production in 2025, indicating tight supply [8] - The US 10-year Treasury yield dropped to 4.094%, reflecting heightened demand for bonds amid risk-averse sentiment [8] - The US dollar index has climbed to a near two-month high, indicating a return of funds to dollar-denominated assets [8] - The Japanese yen has depreciated to 153 per dollar, marking a six-month low, intensifying depreciation pressures [8] Company Focus - The report highlights the performance of specific companies, such as Geely Automobile, which achieved a total revenue of 150.3 billion yuan in the first half of 2025, a year-on-year increase of 27%, and a core profit of 6.66 billion yuan, up 102% [21] - The report also discusses the performance of BOSS Zhipin, which reported nearly 53 million monthly active users, a year-on-year growth of over 25%, solidifying its position in the online recruitment market [21] - Coca-Cola's revenue grew by 1.4% year-on-year in Q2 2025, with EPS increasing by 57% to $0.90, showcasing strong pricing power and cost control [23] - Automatic Data Processing (ADP) is expanding its cloud-based HR and payroll services in emerging markets, enhancing its customer base and market scale [24] Economic Data - The US is projected to record a budget deficit of $1.809 trillion for the fiscal year ending September 30, 2025, a slight decrease from the previous year's deficit of $1.817 trillion [10] - The US consumer credit increased by $363 million in August, marking the slowest growth in six months, significantly below the expected increase of $14 billion [10] - The report notes that the US Senate has again rejected a bipartisan temporary funding bill to end the government shutdown, which has now lasted for eight days [10]

Core Insights - The report highlights a significant increase in gold prices, reaching a new high of $3,830, with a year-to-date increase of nearly 46% [8] - The focus on AI technology continues to grow, with advancements in inference applications expected to drive industry transformation and enhance corporate profitability [8] - The report identifies key investment themes for the coming years, including AI, power infrastructure, and medical automation [8] Market Overview - The U.S. stock market showed positive movement, with the Dow Jones increasing by 68 points and the S&P 500 rising by 0.26% [10] - The Hang Seng Index closed up by 494 points (1.9%), reflecting optimism in the Hong Kong market following strong industrial profit data from mainland China [12] - The report notes that the global market is currently observing the U.S. employment data to assess the Federal Reserve's interest rate outlook [10] Investment Strategies - The report suggests a focus on "steady growth and diversified defense" in the fourth quarter, emphasizing the importance of active management and precise timing in a volatile environment [8] - High-yield bonds and emerging market hard currency bonds are highlighted as attractive investment options [8] - Specific stock recommendations include ASMPT, which is positioned well in the semiconductor and AI chip sectors, and Jiuzhou Intelligent Investment Holdings, which is expected to benefit from increased market liquidity [18][20] Economic Data - Key economic indicators to be released include China's manufacturing and non-manufacturing PMI for September, with expectations of 49.6 and 50.2 respectively [17] - The report also mentions the upcoming U.S. consumer confidence index and job openings data, which are critical for understanding the economic landscape [17]

Market Performance Hong Kong Stock Market - On September 30, 2025, the Hang Seng Index opened 193 points higher and then widened its gains, rising 494 points or 1.9% to close at 26,622 points. The H - share Index rose 151 points or 1.6% to close at 9,454 points, and the Hang Seng Tech Index rose 129 points or 2.1% to close at 6,324 points. The total turnover of the market was HK$309.096 billion [1]. A - share Market - A - share market's three major indices opened higher and closed higher, rising 0.9% - 2.7%. The Shanghai Composite Index rose 34 points or 0.9% to close at 3,862 points, with a turnover of RMB 968.2 billion. The Shenzhen Component Index rose 270 points or 2.1% to close at 13,479 points, with a turnover of RMB 1.19 trillion. The ChiNext Index rose 86 points or 2.7% to close at 3,238 points, with a turnover of RMB 570.7 billion [1]. US Stock Market - On Monday, the US stock market fluctuated and trended higher. The Dow Jones Industrial Average rose 68 points or 0.2% to close at 46,316 points. The S&P 500 Index rose 17 points or 0.3% to close at 6,661 points. The Nasdaq Composite Index rose 107 points or 0.5% to close at 22,591 points [2]. Macroeconomic News - The People's Bank of China conducted a 7 - day reverse repurchase operation of RMB 288.6 billion in the open market on the 29th, with an operating rate of 1.4%. There were RMB 240.5 billion of reverse repurchases due, resulting in a net investment of RMB 48.1 billion. The central parity rate of the RMB against the US dollar was raised by 63 points to 7.1089 [1]. - US President Trump announced that a 10% tariff will be imposed on imported softwood lumber and timber, and a 25% tariff on kitchen cabinets, washbasins, and padded wooden products. The new tariffs will take effect on October 14, and some tariffs will be increased starting January 1, next year [2]. - As the US federal government approaches a shutdown on October 1, key US economic data may be suspended. If the shutdown occurs after September 30, the employment data originally scheduled for release on October 3 will be affected first, followed by inflation data, and retail sales and new housing construction data are also at risk of delayed release [2]. Company - specific News - NVIDIA's CEO, Jensen Huang, said in a podcast interview that China lags behind the US by only a few nanoseconds in chip manufacturing, and the US should stop banning chip sales to China. Allowing companies like NVIDIA to sell chips to China would spread US technology and expand US geopolitical influence, which is in the US interest [3]. - As of September 29, the margin trading balance on the Shanghai Stock Exchange was RMB 1,223.395 billion, an increase of RMB 4.54 billion from the previous trading day. The margin trading balance on the Shenzhen Stock Exchange was RMB 1,181.431 billion, a decrease of RMB 0.112 billion from the previous trading day. The total balance of the two markets was RMB 2,404.826 billion, an increase of RMB 4.428 billion from the previous trading day [3]. - XGIMI Technology announced on the 29th that it submitted an application to the Hong Kong Stock Exchange to issue shares (H - shares) overseas and list on the main board of the Hong Kong Stock Exchange. The sole sponsor is CICC [3].

Core Viewpoint - The semiconductor sector is experiencing active trading, with SMIC (00981) showing a price increase of 2.47% to HKD 74.7, indicating rich investment opportunities for short-term traders [1] Technical Analysis - SMIC's stock price has been fluctuating between the middle and upper bands of the Bollinger Bands since August 29, suggesting a critical breakout window [1] - Key support levels are at HKD 67.7 and HKD 62.3, while resistance levels are at HKD 78.4 and HKD 87.2, marking significant price barriers [1] - The stock is currently trading above multiple moving averages, with MA10 at HKD 71.74, MA30 at HKD 62.86, and MA60 at HKD 56.14, indicating a relatively strong medium-term bullish trend [1] Signal Summary - The overall technical indicators provide a "sell" signal with a strength of 8, yet several important indicators show positive signs [3] - The RSI is at 74, indicating an overbought condition but maintains a neutral buy/sell signal [3] - Various oscillators are neutral, while the CCI indicator has issued a buy signal, and both MACD and Bollinger Bands show buy signals, reflecting significant market divergence regarding SMIC's short-term direction [3] Derivative Products Performance - Recent derivative products related to SMIC have performed exceptionally well, with Huatai call warrants (14397) rising by 34%, UBS bull certificates (60514) increasing by 33%, and other products showing gains of 18%, all outperforming the underlying stock's 5.79% increase [3] Investment Options - For bullish investors, UBS call warrants (20322) offer 3.2x leverage with a strike price of HKD 80.05, while the Cinda call warrants (20290) provide 3.5x leverage with the lowest premium and implied volatility [6] - For bearish investors, the Bank of China put warrants (20088) offer 2.5x leverage with a strike price of HKD 52.45, and UBS bear certificates (54920) provide 11.1x leverage with a redemption price of HKD 80 [8]

Core Insights - The report highlights that the US inflation remains stable, with the Dow Jones reaching a high of 46,714 points, marking the 28th record close for the S&P 500 this year [9] - The report notes a continuous inflow of capital from mainland China into Hong Kong stocks, increasing from approximately 1,108.8 billion to 1,152.7 billion [9] - The investment strategy favors technology stocks and leading companies with AI application potential [9] - The report recommends structured products linked to AI indices, balancing yield and growth potential [9] - It suggests increasing investments in investment-grade corporate bonds to replace cash and short-term government bonds [9] Market Overview - The Hang Seng Index closed at 26,128.20, down 1.35%, while the Hang Seng Technology Index fell by 2.89% [14] - The report indicates that the Chinese economy is showing signs of weakening growth momentum, with GDP expected to decline to around 4.5% in Q3 and further to about 4.3% in the second half of the year [12] - The report mentions a "deposit migration" phenomenon in mainland China, where funds are moving from fixed deposits to equity investment products, with only 11% of the total deposits having migrated so far [12] Company Focus - Qingdao Beer Co. reported a net profit of 3.9 billion RMB for the first half of 2025, a year-on-year increase of 7.2%, driven by margin improvements and product upgrades [19] - BYD has adjusted its sales target downwards but anticipates a new growth phase in production and sales in the coming months [12] - The report highlights PACCAR Inc. as benefiting from a new 25% tariff on imported heavy trucks, enhancing its competitive pricing advantage [22] - GlobalFoundries Inc. is expected to benefit from a new regulatory policy encouraging domestic semiconductor production, which may lead to increased local orders and incentives [23]