Core Viewpoint - Hong Kong Stock Exchange (HKEX) announced the introduction of weekly options for five stocks starting from November 10, 2025, enhancing short-term risk management tools for investors [1] Group 1: New Weekly Options - The five stocks that will have new weekly options are China National Offshore Oil Corporation (00883), China Mobile (600941), Semiconductor Manufacturing International Corporation (00981), AIA Group Limited (01299), and Xiaomi Group (01810) [1] - The new weekly options will complement existing monthly contracts, providing investors with more flexibility [1] Group 2: Contract Details - The contract trading units for the respective stocks are as follows: - China Mobile: 500 shares - Semiconductor Manufacturing International Corporation: 2,500 shares - AIA Group Limited: 1,000 shares - Xiaomi Group: 1,000 shares - Weekly expiry dates for Semiconductor Manufacturing International Corporation are set for November 14 and November 21, 2025 [2]

Core Viewpoint - Hong Kong Stock Exchange announced the introduction of weekly options contracts for five stocks starting November 10, 2025, enhancing short-term risk management tools for investors [1]. Group 1: New Weekly Options - The five stocks that will have new weekly options include China National Offshore Oil Corporation (00883), China Mobile (00941), Semiconductor Manufacturing International Corporation (00981), AIA Group Limited (01299), and Xiaomi Corporation (01810) [1]. - The new weekly options will complement existing monthly contracts, providing investors with greater flexibility [1]. Group 2: Contract Details - The contract trading units for the respective stocks are as follows: - China National Offshore Oil Corporation (883): 1,000 shares - China Mobile Limited (941): 500 shares - Semiconductor Manufacturing International Corporation (981): 2,500 shares, with weekly expirations on November 14 and November 21, 2025 - AIA Group Holdings Limited (1299): 1,000 shares - Xiaomi Corporation (1810): 1,000 shares [2].

Core Viewpoint - Goldman Sachs believes that despite the current market showing some characteristics of historical bubbles, the recent rise in technology stocks is primarily driven by strong fundamentals and real earnings growth rather than pure speculation, indicating that the market has not yet reached bubble levels [1][3]. Valuation Analysis - Technology stocks are currently at high valuations, with the median expected price-to-earnings (P/E) ratio for the "seven giants" of the U.S. tech sector at approximately 27 times, significantly lower than the 52 times seen at the peak of the 2000 tech bubble [4]. - The PEG ratio for U.S. tech stocks is currently at 1.7 times, below the 3.7 times peak during the late 1990s bubble, indicating more rational valuations [4]. - The market pricing for the TMT (Telecom, Media, and Technology) sector suggests a required annual dividend growth rate of 25% over the next decade, which, while high, is still below the 35% growth expectation during the tech bubble [4]. Earnings Growth vs. Speculation - The recent performance of technology stocks is a direct reflection of their strong earnings capabilities rather than unrealistic speculation about the future [5]. - Since 2009, the earnings per share (EPS) growth in the global tech sector has significantly outpaced that of non-tech sectors, with the current earnings growth being a key pillar supporting stock price performance [5]. Systemic Risks and Market Concentration - Despite an overall optimistic tone, Goldman Sachs acknowledges potential risks, particularly the surge in capital expenditures and record market concentration [6][8]. - The capital expenditures of "super-scale computing companies" are expected to reach $239 billion in 2024, more than double the amount in 2018, raising concerns about potential overinvestment and declining returns [7]. - The current market concentration is historically high, with the top five U.S. tech companies' combined market value exceeding that of the European Stoxx 50 index and other major markets, accounting for about 16% of the global public equity market [8]. Diversification Recommendations - Goldman Sachs advises investors to diversify their portfolios to mitigate risks associated with high valuations and concentration [10]. - Suggested areas for diversification include: - **Geographical Diversification**: European, Japanese, and Chinese markets have shown returns comparable to the S&P 500 [10]. - **Style Diversification**: Opportunities exist for cross-style investments as the lines between "value" and "growth" styles blur [10]. - **Industry Diversification**: The growth of AI will drive demand in sectors like power, energy, and capital goods, presenting growth opportunities [11]. - **Internal Diversification within Tech**: Investors should also look for emerging tech "superstars" that can capitalize on the current capital expenditure trends [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In September 2025, the manufacturing PMI increased by 0.4 pct month - on - month to 49.8%, slightly exceeding expectations but still below the boom - bust line, while the non - manufacturing PMI dropped by 0.3 pct to 50.0%. The supply - demand relationship needs optimization, and whether production is "front - loaded" remains to be seen. External demand is stable, domestic demand recovers slowly, and the gap between the "purchase price of major raw materials - ex - factory price" continues to widen, putting pressure on enterprise profit restoration. Small - scale enterprise sentiment has significantly improved, and the sentiment of emerging manufacturing industries has also improved. Service industry sentiment has declined, and the construction industry has improved but is still at a relatively low level. The sustainability of PMI restoration needs to be observed. The bond market priced the fundamentals further on the day the data was released, and it is expected that as the pricing power of fundamentals on the bond market gradually increases, the bond market performance in the fourth quarter may be better than that in the third quarter [2][7]. 3. Summary by Related Catalogs 3.1 Event Description - In September 2025, the manufacturing PMI was slightly better than expected but below the boom - bust line, rising 0.4 pct month - on - month to 49.8% (Bloomberg consensus forecast: 49.6%), basically in line with seasonality. The non - manufacturing PMI dropped 0.3 pct to 50.0% (Bloomberg consensus forecast: 50.2%), remaining at a seasonal low. Among them, the service industry PMI dropped 0.4 pct to 50.1%, and the construction industry PMI rose slightly by 0.2 pct to 49.3%, both weaker than seasonality [5]. 3.2 Event Comment - **Manufacturing Industry** - Manufacturing sentiment has moderately recovered, but the supply - demand relationship needs optimization, and whether production is "front - loaded" remains to be seen. In September, the manufacturing PMI improved more than expected, rising 0.4 pct to 49.8%. The production index rose 1.1 pct to 51.9%, reaching a new high since Q2 this year, while the new order index only increased 0.2 pct to 49.7%. The gap between the "production - new order" index widened to 2.2 pct, indicating that the supply recovery intensity may be greater than the demand improvement. Enterprises' willingness to replenish inventory has increased, but there are signs of inventory accumulation, and production may be "front - loaded" [7]. - There are differentiations in external and internal demand and price structure. External demand is stable, domestic demand recovers slowly, and the price indicators have generally improved, but the gap between the "purchase price of major raw materials - ex - factory price" continues to widen, which may still restrict enterprise profit restoration. In September, the purchase price index of major raw materials remained in the expansion range of 53.2%, while the ex - factory price index dropped to 48.2%, and the gap between the two widened to 5.0 pct. External demand remained resilient, with the new export order index rising to 47.8%, while domestic demand recovery was still relatively slow, with the new order index only increasing 0.2 pct to 49.7% [7]. - Small - scale enterprise sentiment has significantly improved, and the sentiment of emerging manufacturing industries has also improved. In September, the PMI of large - scale enterprises reached 51.0%, remaining in the expansion range. Small - scale enterprises improved significantly, with the PMI rising 1.6 pct month - on - month, while the sentiment of medium - scale enterprises declined. In terms of industries, the PMI of the equipment manufacturing and high - tech manufacturing industries remained in the high - sentiment range above 51%, with significant improvements in industries such as automobiles and railway, ship, and aerospace equipment. The PMI of the consumer goods industry also rose to 50.6% [7]. - **Non - manufacturing Industry** - Service industry sentiment has declined, and the construction industry has improved but is still at a seasonal low. In September, the non - manufacturing business activity index dropped 0.3 pct to 50.0%, and the service industry index dropped 0.4 pct to 50.1%. The end of the summer vacation effect is an important factor, with the sentiment of consumer - related industries such as catering and cultural and entertainment significantly declining, while modern service industries such as finance and telecommunications maintained high sentiment. The business activity index of the construction industry rose slightly by 0.2 pct, but the absolute level of 49.3% was still below the boom - bust line, indicating that real estate and infrastructure investment may continue to be under pressure [7]. - **Bond Market Outlook** - The sustainability of PMI restoration needs to be observed. On the day the data was released, the bond market priced the fundamentals further, with the yield of the 10 - year active treasury bond dropping 2 BP. A series of growth - stabilizing policies have been implemented recently, and the investment of 500 billion yuan in new policy - based financial instruments may support infrastructure investment. The expectation of optimizing real estate market regulation policies in many places has increased, but whether the economy will continue to improve in an environment of weak domestic demand and prices remains to be seen. It is expected that as the pricing power of fundamentals on the bond market gradually increases, the bond market performance in the fourth quarter may be better than that in the third quarter [7].

欢迎扫描下方二维码关注： 申税小微有话说： 在企业日常经营中，手续费支出十分常见，小到银行转账手续费，大到中介服务佣金，这类支出能否在企业所得税税前扣除？ 扣除限额多少？直接影响企业税务成本。 今天申税小微就结合最新政策，从" 常规行业扣除标准""特殊情形扣除规则""政策依据 "三方面，帮大家理清手续费税前扣除 的关键要点。 01 常规行业扣除标准（按行业分类） 扣除限额 ：与合法中介机构/个人签订协议的， 按协议确认收入金额 的5%计算限额 ， 超限额部分不得扣除。 举例 ：某贸易公司委托中介促成1000万元合同，支付60万元手续费。扣除限额=1000×5%=50万元，超出的10万元无法税 前扣除。 注意 ：需通过转账支付（委托个人除外）， 现金支付不可扣除 ；发行股票支付的 承销手续费也不可扣除。 扣除限额： 按当年全部保费收入扣除退保金等后的18%计算限额， 超限额部分可结转以后年度扣除 （区别于一般企 业"当年不扣"）。 举例 ：某保险公司当年保费收入扣除退保金后余额5000万元，支付手续费950万元。扣除限额=5000×18%=900万元，超 出的50万元可结转次年扣除。 扣除 场景 ：仅针对" 委 ...

爱尔兰RTE新闻9月29日报道，爱尔兰电信行业协会 (TII)任命尼古拉·库克（Nicola Cooke）为其新 任董事长，并任命伊莲·凯瑞（Elaine Carey）为其新任理事会主席。TII是爱尔兰商业雇主协会（Ibec） 里代表电子通信的协会，成员包括宽带、广播、有线、固定、移动、卫星和无线互联网提供商，以及铁 塔公司、网络提供商和设备制造商，如Three、沃达丰、Sky和维珍传媒等大型行业参与者。过去八年， TII的会员公司已在爱尔兰通信基础设施上投资了约50亿欧元，并为当地创造24,000个就业机会。 （原标题：爱尔兰电信行业贸易协会任命新主席和董事） ...

Core Insights - The WTO has revised its global trade growth forecast for 2025 upwards to 2.4%, driven by increased spending on AI-related products, a surge in North American imports before tariff hikes, and strong trade growth in other regions [1][5] - However, the forecast for 2026 has been significantly downgraded to 0.5%, indicating potential challenges ahead [1][5] Group 1: Trade Growth Drivers - In the first half of 2025, global merchandise trade volume is expected to grow by 4.9% year-on-year, with a 6% increase in current dollar terms following a 2% growth in 2024 [4] - Key drivers of this growth include early North American imports, favorable macroeconomic conditions such as deflation and supportive fiscal policies, and robust growth in emerging markets [4] - AI-related products, including semiconductors, servers, and telecommunications equipment, contributed nearly half of the overall trade growth, with a year-on-year value increase of 20% [4] Group 2: Trade Forecast Adjustments - The WTO anticipates that global merchandise trade growth will slow from 2.8% in 2024 to 2.4% in 2025 and further to 0.5% in 2026, reflecting the impact of higher tariffs and trade policy uncertainties [5] - The GDP growth forecast for 2025 is set at 2.7%, with a slight decrease to 2.6% in 2026 [5] - The WTO emphasizes that the main downside risks to this forecast include the spread of trade restrictions and policy uncertainties across more economies and sectors [5] Group 3: Regional Trade Performance - Asia and Africa are expected to achieve the fastest export growth in 2025, while North America is projected to experience a decline [6] - By 2026, export performance in North America and Europe is expected to improve, although all regions are anticipated to see a decline in import performance [6] Group 4: Impact on Services Trade - The WTO has downgraded its forecast for global commercial services trade due to indirect impacts from tariffs, with transportation and tourism sectors expected to see reduced growth rates [7] - The expected growth rate for transportation services in 2025 is 2.5%, down from 4.5% in 2024, while tourism is projected to grow by 3.1%, a decrease from 11% the previous year [7] - Digital services are expected to show slightly stronger growth, with a forecast of 6.1% compared to 5.7% in 2024 [7]

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend, with a continuous rise for five months, despite underlying economic weaknesses [1][2]. Market Performance Review - In September, the Hong Kong stock market experienced a slight decline at the beginning, followed by a sustained rebound due to favorable factors such as the U.S. interest rate cut and significant inflows from the south. The Hang Seng Index reached a peak of over 27,000 points [2]. - The monthly performance of major indices as of the end of September was as follows: Hang Seng Composite Index +8.11%, Hang Seng Index +7.09%, and Hang Seng Tech Index +13.95% [2]. Macro Environment Analysis - **Fundamentals**: Economic data in August showed further weakening, indicating that the domestic economy is still in a bottoming phase [3]. - **Policy**: The policy stance has become more proactive to support economic stability and growth [3]. - **Capital**: There has been a significant acceleration of southbound capital inflows, and the external funding environment has improved, leading to increased investment in Hong Kong stocks [3]. - **Sentiment**: The strong market performance has driven bullish sentiment, although concerns about the fundamentals remain [3]. Market Outlook and Strategy - The Hong Kong stock market's fundamentals remain weak, but the capital environment is improving, and there is strong short-term bullish sentiment. The market trend has entered a right-side phase, and a cautious optimism is maintained for the short to medium term [4]. - Preferred sectors for investment include automobiles, new consumption, innovative pharmaceuticals, and technology, which are relatively prosperous and benefit from policy support [4]. - Additionally, low-valuation state-owned enterprises with stable performance and dividends, as well as local Hong Kong banks, telecommunications, and utility stocks that benefit from the interest rate cut cycle, are also favored [4]. - Attention should be paid to potential impacts from the U.S.-China trade disputes, with a recommendation to avoid sectors and companies with significant exposure to U.S. business [4].

Group 1 - Bitcoin experienced a sudden drop of over 0.8%, falling below $124,000, while Ethereum and Avalanche also declined [1] - In the past 24 hours, over 160,000 individuals in the cryptocurrency market faced liquidation, with a total liquidation amount of $353 million [3][4] - Bitcoin had previously surged to around $126,199, driven by a weakening dollar and increased demand for assets like gold and Bitcoin as the Federal Reserve entered a rate-cutting phase [4][5] Group 2 - The recent surge in gold prices has raised concerns about a potential technical adjustment, as indicated by Bank of America analyst Paul Ciana, who noted signs of "exhaustion" in the upward momentum of gold prices nearing $4,000 per ounce [6] - Ciana suggested that the current price of gold is approximately 21% above its 200-day simple moving average, which historically indicates a higher likelihood of peak formation [6] - In the stock market, while major Asia-Pacific indices mostly closed higher, the Nikkei 225 index saw a slight increase of only 0.01% to close at 47,950.88 points after previously surpassing 48,500 points [7]

Core Insights - The stock price of AT&T fell by 4.40% on October 6, reaching its lowest point since April 2025, raising concerns about the company's future development [1] - AT&T reported a revenue of $61.473 billion for the first half of fiscal year 2025, reflecting a year-over-year growth of 2.75%, while net profit increased by 24.06% to $9.553 billion, indicating strong performance [1] - The telecommunications industry is facing challenges due to rapid technological advancements, particularly the rollout of 5G, which pressures traditional business models [1] Company Performance - AT&T's revenue for the first half of 2025 was $61.473 billion, a 2.75% increase compared to the previous year [1] - The net profit for the same period reached $9.553 billion, marking a significant growth of 24.06% [1] - Despite positive financial results, the stock price decline suggests investor concerns regarding future prospects [1] Industry Trends - The telecommunications sector is experiencing rapid technological changes, particularly with the introduction of 5G technology, which poses challenges to existing business models [1] - Continuous investment is required for companies to maintain technological leadership and market competitiveness, which increases operational costs [1] - Global economic uncertainties may impact consumer and business spending, indirectly affecting company performance [1] Investor Considerations - Investors should closely monitor AT&T's future strategic initiatives, especially in response to technological changes and market demand shifts [2] - Attention to global economic data is crucial as it may have potential implications for the company's performance [2] - Long-term investment opportunities may arise based on the company's financial performance and industry trends, despite short-term stock price volatility [2]