Core Viewpoint - Hesai Technology's stock price has fallen to a new low since its listing, indicating potential challenges in market performance and investor sentiment [1]. Group 1: Stock Performance - Hesai Technology's stock closed at HKD 183.20, down 2.55%, with an intraday low of HKD 173.00, marking a new low since its IPO [1]. - The stock price has fallen below the IPO price, reflecting a decline in market confidence [1]. Group 2: IPO Details - Hesai Technology was listed on the Hong Kong Stock Exchange on September 16, 2025, with a final offer price of HKD 212.80 and a maximum public offer price of HKD 228.00 [3]. - The total amount raised from the global offering was HKD 4,160.24 million, with a net amount of HKD 4,005.25 million after deducting estimated listing expenses [3]. Group 3: Use of Proceeds - Approximately 50% of the net proceeds from the offering is planned for research and development investments [3]. - About 35% (approximately HKD 1,297.1 million) is expected to be allocated for production capacity investments to ensure the delivery of high-performance products [3]. - Around 5% is intended for business development to accelerate expansion, and 10% is earmarked for working capital and general corporate purposes [3]. Group 4: Cornerstone Investors - Major cornerstone investors include HHLRA, Taikang Life, WT Asset Management, Grab Inc., Hongda Group, and Commando Global Fund [3]. - HHLRA is the largest cornerstone investor, contributing USD 50 million, followed by Taikang Life with USD 28 million and WT Asset Management with USD 30 million [4].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今日早盘，港股版"恐慌指数"恒指波幅指数飙升近29%，创2025年5月以来新高。截至收盘，恒生波幅 指数涨18.42%。多家机构认为，港股进入高波动阶段，港股"TACO"交易需要分批进行。 公司建议实物分派旅游地产业 香港中旅盘中涨超14% 香港中旅盘中涨超14%，截至收盘涨8.5%，报1.66港元/股，成交额2.51亿港元。 香港中旅是最早一批在港交所上市的旅游企业之一，于1992年在港交所上市。香港中旅历史可追溯到 1923年8月15日上海商业储蓄银行设立的旅行部。经过百年的发展，集团形成了由旅行社、景区、酒 店、免税、旅游交通、邮轮、地产以及在港综合业务组成的产业布局。 消息面上，香港中旅公布，建议实物分派旅游地产业务，股东可选择按每股收取1股私人公司股份，或 每股收取现金0.336港元。公司表示，完成分派后，集团将减少非核心资产拖累，盈利能力预期改善， 并进一步优化运营模式，把资金与管理资源集中于高回报的旅游运营环节。董事会认为，此举符合公司 及股东整体利益。 黄金及贵金属领涨 | 3h 10 | 黄金及贵金属 3622.94 ...

中国在这场博弈中，无疑展现出了更高的战略智慧。前美国国家安全委员会中国事务主任莉萨·托宾的话道出了深意："我们还在玩普通象棋，而中国 已进入高阶棋局。"不仅如此，中国发布的一系列出口管制措施，是对美国不断加码的技术限制和关税威胁的精准回应。在这一逻辑下，中方不仅展 示了自己的"卡脖子"能力，同时也释放出对话的意愿。 分析人士指出，这种反制行动犹如一场"力量展示"，不仅强调了中国的强势地位，还警示其他国家不要为了迎合美国而损害自身利益。对于那些在美 中间徘徊的国家来说，如何选择将决定他们在未来国际舞台上的立足点与生存空间。 在当今全球化的经济环境中，中美贸易问题早已超越单纯的经济竞争，而演变为一场涉及地缘政治和科技安全的复杂博弈。特定的商品，如稀土、锂 电池、以及药物原料等，正成为双方交锋的核心武器。在这场博弈中，中国采取的反制措施不仅令特朗普政府措手不及，还引发了美国股市的剧烈动 荡，进一步展示了中方在供应链中的话语权。 自特朗普执政以来，他对中国的政策一直以"关税战"为主线，企图通过提高关税来削弱中国的经济实力。然而，随着中国逐步实施出口管制，包括稀 土及其他关键原材料，特朗普却惊愕地发现自己被困在了"卡脖 ...

每经AI快讯，10月13日，港股低开低走，恒生科技指数跌超3%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者：孟晓苏 川哥这番改口一出，美铜、原油、加密货币立马像看到"限时特价房"的购房者，疯了似的往上冲，全球 市场的"特朗普依赖症"又犯了。但若是顺着我所揭示的"特朗普房地产商思维"往下刨，就会发现这看似 反复无常的操作背后，藏着川哥那藏不住的政治野心蓝图——想拿诺贝尔和平奖，想在孙女面前拍着胸 脯说"爷爷是最伟大的总统"，还得加上一句"我还能更厉害"。 特朗普这股不懈追求进步的劲头，不正可以作为年轻人励志的榜样吗？这与他当年在曼哈顿抢地盖楼时 一模一样：不仅要盖得高，还要成为所有人都仰望的地标；不仅要赚钱，还要让自己的名字刻进"美国 历史的房产证"里。 一、地产商的造势术：从纽约楼盘到白宫推文，套路从未变过 要读懂特朗普的理想，得先摸清他刻在骨子里的"地产商基因"。想当年，他在纽约开发特朗普大厦时， 哪次不是先放风"这将是全纽约最奢华的豪宅"，再用各种争议话题吸引媒体关注，最后在谈判桌上跟承 包商、购房者讨价还价，把"造势-压价-成交"的套路玩得炉火纯青。如今到了政治舞台，这套本事更是 被他用到了极致。 此前他喊着加征100%关税，就像 ...

Core Viewpoint - External shocks causing asset declines present a good opportunity to increase holdings in the Chinese market [2] Group 1: Market Analysis - The recent escalation in the US-China trade dispute has led to panic selling, reminiscent of the situation in April [2] - Unlike the uncertainty in April regarding the impact of "reciprocal tariffs," the current trade risk boundaries are clearer, and domestic financial stability is more assured [2] - The demand for quality assets in China remains strong, and the current external conflicts should be viewed as buying opportunities rather than a trend-ending event [2] Group 2: Negotiation Dynamics - The US-China tariff negotiations are characterized by difficulty, repetition, and long-term nature, with a high probability of phased agreements [3] - Prior to negotiations, market sentiment may be suppressed due to the collection of bargaining chips, leading to downward pressure on indices [3] - After negotiations, the market typically rebounds as negative factors are digested, indicating a potential for recovery in the A-share market [3] Group 3: Market Trends - Recent declines in A-share indices were influenced by high valuations triggering financing rules, leading to a shift in market dynamics [3] - The market is undergoing a technical adjustment, but the core logic for sustained growth remains intact, suggesting a likely upward trend [3]

大华银行发布的《2025年下半年投资展望——越过彼岸：在不断变化的世界中寻求发展可能性》，围绕全球经济形势、主要国家经济前景、资产类别观点及 投资策略展开分析，为投资者提供指引。 2025年上半年，全球经济展现韧性，但受美国政策不确定性、中东局势紧张等影响，市场波动明显。展望下半年，全球经济将持续扩张但增速放缓，暂不会 衰退。通胀方面，多数经济体通胀趋缓并向2%目标靠近，不过服务业粘性通胀、异常天气及美国政策可能带来短期波动。央行政策转向宽松，各国降息节 奏不同，美联储、欧洲央行及亚洲多国央行将逐步降息，日本则可能加息。 国家层面，美国经济增长放缓，劳动力市场降温，减税计划或缓解颓势，通胀短期或因关税上升后趋缓，美联储下半年预计三次降息；欧元区从轻度衰退复 苏，若未与美达成贸易协议将承压，通胀趋近目标，欧洲央行将继续降息；中国经济企稳，出口为动力，国内需求低迷，政府实施刺激政策，通胀面临通缩 压力，央行或于四季度进一步宽松；日本经济增长存下行风险，出口受关税和日元走强影响，通胀高企，央行预计年内加息。 资产类别上，股票市场波动大，建议多元化投资，看好优质派息股、科技股、中国股市等；债券市场短期收益率稳定，长期 ...

Core Viewpoint - The "Action Plan" aims to enhance the integration and development of the Yangtze River Delta urban agglomeration through 30 specific tasks, focusing on key areas and institutional frameworks to overcome existing challenges and promote coordinated growth [2][4]. Group 1: Action Plan Overview - The "Action Plan" was officially issued by the Yangtze River Delta Regional Cooperation Office in collaboration with the development and reform commissions of Shanghai, Jiangsu, Zhejiang, and Anhui, outlining strategies for urban integration from 2018 to 2024 [2]. - The region's GDP is projected to grow at an average annual rate of 5.58% from 2018 to 2024, indicating the potential for significant economic development despite existing challenges in urban integration [2]. Group 2: Three Focus Areas - Focus on key regions and fields to enhance cooperation and integration among urban areas, creating a layout of "central cities—important nodes—strategic supports" [3]. - Emphasize institutional development by improving planning, policy, and legislative coordination to support urban integration [3]. - Implement multiple measures that balance innovation and tradition, promoting both common practices and differentiated explorations within the urban agglomeration [3]. Group 3: Seven Key Initiatives - Establish a coordinated development "group" across regions led by central cities to enhance collaboration [3]. - Create an interconnected infrastructure "network" to improve commuting systems and logistics efficiency [3]. - Develop a collaborative innovation "chain" for technology and industry to enhance regional innovation capabilities [3]. - Optimize the market environment through a unified access and regulatory system to facilitate market integration [3]. - Promote high-level open cooperation as a "chess game" to enhance institutional openness and shared platforms [3]. - Ensure ecological protection through a unified approach to environmental management [3]. - Share public service resources conveniently through a "shared card" system [3]. Group 4: Strategic Importance - The construction of a modern urban agglomeration in the Yangtze River Delta is a priority for the 14th Five-Year Plan, aiming to unlock regional growth potential and enhance global competitiveness [4].

Core Insights - The current bull market in the U.S. stock market, which began in October 2022, has reached its three-year anniversary, with the S&P 500 index rising 83% and market capitalization increasing by approximately $28 trillion [1] - Despite a significant sell-off triggered by tariff threats from Trump, the S&P 500 index has still gained 13% over the past year, double the average gain for the third year of a bull market [1][2] - The S&P 500 index's price-to-earnings (P/E) ratio has reached 25, the highest level for the third year of a bull market, indicating a rapid increase in valuation levels [2][3] Valuation and Market Concentration - The current bull market is characterized by a rapid rise in valuation levels, with the S&P 500 index's rolling P/E ratio at 25, significantly higher than historical averages for the third year of bull markets [2] - There is a notable concentration of market performance among a few technology giants, with Nvidia rising nearly 1500% and Meta Platforms increasing over 450% in the past three years, while many other stocks have lagged behind [3] - The equal-weighted version of the S&P 500 index has underperformed the market-cap weighted version by 21 percentage points since October 2022, marking the largest lag since at least the 1990s [3] Investor Sentiment and Future Outlook - Despite existing risks, few professional investors predict an imminent bear market, with some suggesting that the Federal Reserve may intervene if conditions worsen [4] - There is a recommendation for investors to rebalance their portfolios, with a shift away from technology stocks towards undervalued sectors like healthcare [4][5] - Historical data suggests that bull markets typically last an average of 4.6 years, with the S&P 500 index returning approximately 157%, indicating potential for further gains in the current market [5]

Group 1 - Trump indicated that he might provide Ukraine with "Tomahawk" missiles if the Russia-Ukraine conflict remains unresolved, which could enhance Ukraine's combat capabilities [1] - The U.S. Vice President previously mentioned that the U.S. is considering supplying "Tomahawk" cruise missiles to Ukraine, capable of reaching Moscow [1] - Putin warned that supplying "Tomahawk" missiles to Ukraine would further damage U.S.-Russia relations [1] Group 2 - Clashes occurred between Pakistan and Afghanistan along their border, with Pakistan accusing Afghanistan of provocative actions and demanding that its territory not be used for terrorist activities against Pakistan [2] - Pakistan's military reported that 200 militants were killed during the clashes, while 23 Pakistani security personnel died and 29 were injured [2] - Pakistan's government condemned Afghanistan's actions and emphasized that it would not compromise on national sovereignty [2] Group 3 - Afghanistan's government reported casualties of 58 on the Pakistani side and 9 on their own during the border clashes, asserting their right to respond to territorial violations [3] - The Afghan government expressed a preference for dialogue to resolve issues, despite the ongoing conflict [3] Group 4 - The Federal Reserve is set to release its latest economic conditions report on October 16, which will serve as an important reference for monetary policy [4] - As of October 12, there is a 98.3% probability of a 25 basis point rate cut in October, with a high likelihood of further cuts in December [4] Group 5 - The A-share market is experiencing heightened trading sentiment and signs of overvaluation, with potential adjustments expected due to recent U.S. news impacts [5] - Analysts suggest that the A-share market's response to external shocks may be less severe than in April, but adjustments are still anticipated [5][6] - The market's trading sentiment has become more volatile, reflecting increased external uncertainties and domestic policy responses [6][7] Group 6 - Analysts predict that the A-share market may exhibit a fluctuating trend as investors seek balance amid changing external conditions [7] - The market style may shift towards a more defensive approach in the fourth quarter, with a focus on high-dividend assets like banks [7][8] - There is significant potential for retail investors to continue entering the market, indicating that it is not yet time to consider the end of the bull market [8]