Group 1: US Market Focus - The Federal Reserve is expected to lower interest rates two more times this year, with the next meetings on October and December [11][16][18] - Historical analysis shows that various asset classes have not reacted dramatically to US government shutdowns, indicating a potential for stability in the market [13][18] - Micron Technology (MU US) reported strong demand from data centers, with Q4 FY2025 earnings exceeding expectations, driven by growth in HBM business and a favorable DRAM market [19] - Meta Platforms (META US) unveiled a new AI glasses product line, enhancing its position in the AI and metaverse space, with a target price of $860 [19] Group 2: Singapore Market Focus - The Monetary Authority of Singapore (MAS) is set to restart easing measures in October, with expectations of a slowdown in GDP growth to 2.2% for the year [24][30] - Keppel Data Centre REIT is expanding in Japan with a recent acquisition worth SGD 707 million, expected to boost its distribution per unit (DPU) [36] - Singapore Telecommunications (ST SP) is focusing on digital infrastructure growth, with potential for significant earnings growth in FY2026 and beyond [36] Group 3: Vietnam Market Focus - Vietnam's GDP grew by 7.5% in the first half of 2025, driven by strong domestic consumption and investment, but is expected to slow down due to external trade uncertainties [43][46] - The Vietnamese central bank is likely to maintain a loose monetary policy in the short term, supporting economic growth through increased public investment [46] - Vietnam may be upgraded to FTSE's secondary emerging market status, potentially attracting around $1.1 billion in inflows if the upgrade occurs [49][50]

Group 1: Vehicle Registration and Traffic - As of the end of August 2025, the total number of registered vehicles in Macau reached 253,331, representing a year-on-year increase of 0.8% [1] - The cross-border vehicle flow increased by 23.3% year-on-year to 983,563 trips in August, with light vehicle flow rising by 25.5% to 932,912 trips [2] - The number of new registered vehicles in August decreased by 33.8% to 789, with electric vehicles accounting for 37.6% of new registrations [1][2] Group 2: Transportation and Shipping - The number of ferry services increased by 1.5% year-on-year to 6,857 trips in August, while commercial flights at Macau International Airport fell by 5.4% to 4,934 flights [1][2] - For the first eight months of the year, cross-border vehicle flow totaled 7,236,499 trips, up 23.0% year-on-year, while ferry services and commercial flights decreased by 2.0% and 4.5%, respectively [2] Group 3: Telecommunications and Internet Usage - The number of mobile phone users increased by 4.4% year-on-year to 1,499,914, with prepaid card users rising by 10.3% [3] - The number of internet subscribers grew by 1.7% to 781,346, while internet usage hours in August decreased by 1.8% to 150 million hours [3]

Key Points - On September 26, 2023, the top three stocks with net inflows from southbound funds were Alibaba-W (09988) with 34.60 billion, Yingfu Fund (02800) with 14.02 billion, and Tencent Holdings (00700) with 11.06 billion [1][2] - The top three stocks with net outflows were China Mobile (00941) with -6.35 billion, China Telecom (00728) with -3.59 billion, and China Construction Bank (00939) with -3.38 billion [1][2] - In terms of net inflow ratio, GX Hang Seng Technology (02837) led with 462.02%, followed by Green Power Environmental (01330) with 156.44%, and Anjuke Food (02648) with 127.61% [1][2] - The top three stocks with the highest net outflow ratios were Tianjin Chuangye Environmental Protection (01065) at -123.57%, China Telecom (00728) at -113.73%, and China Pacific Insurance (02328) at -110.28% [1][2] Net Inflow Rankings - The top ten stocks by net inflow included: - Alibaba-W (09988): 34.60 billion, 13.44% [2] - Yingfu Fund (02800): 14.02 billion, 9.22% [2] - Tencent Holdings (00700): 11.06 billion, 8.77% [2] - Xiaomi Group-W (01810): 11.00 billion, 4.71% [2] - Huahong Semiconductor (01347): 8.23 billion, 15.41% [2] - The top ten stocks by net outflow included: - China Mobile (00941): -6.35 billion, -61.43% [2] - China Telecom (00728): -3.59 billion, -113.73% [2] - China Construction Bank (00939): -3.38 billion, -18.39% [2] - China Pacific Insurance (02328): -2.86 billion, -110.28% [2] - China Petroleum & Chemical Corporation (00386): -2.16 billion, -51.00% [2] Net Inflow Ratio Rankings - The top three stocks by net inflow ratio were: - GX Hang Seng Technology (02837): 462.02%, 16.14 million [3] - Green Power Environmental (01330): 156.44%, 3.21 million [3] - Anjuke Food (02648): 127.61%, 1.14 million [3] - The top three stocks by net outflow ratio were: - Tianjin Chuangye Environmental Protection (01065): -123.57%, -2.42 million [3] - China Telecom (00728): -113.73%, -3.59 billion [3] - China Pacific Insurance (02328): -110.28%, -2.86 billion [3]

Core Viewpoint - AST SpaceMobile's stock price increased by over 9% to $62.19 following the announcement of a partnership with Canadian telecom giant Bell to launch space-based mobile communication services using low Earth orbit satellites [1] Company Developments - Bell plans to collaborate with AST SpaceMobile next year to provide mobile communication services for remote and underserved areas [1] - A successful demonstration was conducted using AST SpaceMobile satellites to enable direct mobile voice calls on Bell's wireless network with standard, unmodified smartphones [1] - The demonstration also included video calls, broadband data transmission, SMS, and emergency alerts, utilizing Bell's low-frequency spectrum [1] Industry Impact - The space-based broadband technology is expected to bridge the coverage gap between Bell's terrestrial network and areas with complex geographical conditions, particularly in northern Canadian communities and remote coastal regions [1] - Bell's CTO, Mark McDonald, highlighted the significant potential of this technology for remote operations and monitoring in industries such as natural resources, energy, and environment [1]

智通财经APP获悉，周四，AST SpaceMobile(ASTS.US)股价走高，截至发稿，该股涨超9%，报62.19美 元。消息面上，加拿大电信巨头贝尔宣布，计划于明年与AST SpaceMobile合作，通过低轨卫星(LEO) 推出空间基移动通信服务，为偏远和网络覆盖不足的地区提供支持。贝尔表示，近期已成功完成了一次 利用AST SpaceMobile卫星，在加拿大无线网络上实现的直连手机语音通话，所用设备为普通、未改装 的智能手机。该次演示还包括视频通话、宽带数据传输、短信和紧急警报的传送，均基于贝尔的低频段 频谱。 贝尔称，这项空间基宽带技术将填补其地面网络与地理条件复杂地区之间的覆盖鸿沟，特别是加拿大北 部社区和偏远海岸区域。贝尔首席技术官Mark McDonald指出，这一技术为自然资源、能源及环境等行 业的远程运营和监测提供了重大可能性。 ...

伊通社报道，据伊朗第七个五年发展计划（2023—2027年），到本期末，光纤将覆盖伊全国2000万 户家庭，相当于覆盖全国8000万人口。伊朗电信公司CEO宣布，该国通信系统已经启动从铜缆到光纤的 全面迁移计划。该项目目前已连接60万用户，网速达到1000Mbps，正在31个省级中心同步推进，投资 额达50亿美元。（驻伊朗使馆经商处） （原标题：伊通社编译版：伊朗启动全国光纤通信计划） ...

Core Viewpoint - The article emphasizes the importance of balancing growth ("small stocks") and stability ("large stocks") in investment strategies to navigate through different market cycles effectively [5][20]. Group 1: Historical Perspective on Investment Strategies - The distinction between "old stocks" and "new stocks" is not about superiority; both serve as tools in an investment portfolio, with their effectiveness varying by market conditions [6][7]. - Historical data shows that while growth stocks may outperform during bull markets, stable dividend-paying stocks can provide consistent returns over the long term, mitigating risks during downturns [11][14]. - The performance of various indices from 2013 to 2025 illustrates that while growth stocks can have significant short-term gains, they also experience substantial drawdowns, whereas dividend low-volatility stocks offer steadier returns [12][13]. Group 2: Hong Kong Stock Market Insights - The Hong Kong stock market is characterized by higher volatility and faster rhythms, making high dividend and low volatility strategies particularly valuable [15]. - The Hang Seng High Dividend Low Volatility Index employs strict rules to ensure sustainable dividends and avoid pitfalls like "dividend traps" [17][18]. - Over the past three to seven years, the Hang Seng High Dividend Low Volatility Index has outperformed the Hang Seng Index, demonstrating its effectiveness in providing stable returns [19]. Group 3: A+H Market Strategy - The core value of low-volatility dividend stocks lies in their defensive role within a portfolio, providing stability and peace of mind for investors [21]. - The A-share market's low-volatility dividend ETF has proven its defensive value over the past decade, while the Hong Kong counterpart offers new opportunities for investors [21][22]. - A balanced approach combining both defensive and growth-oriented assets is essential for long-term investment success [22][24].

Group 1 - The Vietnamese government aims to attract private sector investment in building telecommunications infrastructure and digital facilities to support national digital transformation by 2030 [1] - The plan emphasizes the development of new digital facilities such as data centers, cloud computing, and high-quality broadband to leverage the potential of the private sector [1] - The government will create a transparent and competitive market environment while ensuring information, network, and data security to support the digital economy and society [1] Group 2 - The initiative includes expanding 5G mobile network coverage in industrial parks and high-tech zones to facilitate the development of physical-digital integrated infrastructure [2] - Development of new terrestrial and international submarine cables is prioritized to enhance international connectivity and attract foreign investment in data centers and cloud computing [2] - Telecommunications companies will offer specialized tariff packages and necessary technical support to help private enterprises manage mobile IoT connections efficiently [2]

Overall Performance - The telecommunications industry has shown stable operational performance in the first eight months of the year, with telecommunications business revenue reaching 1,182.1 billion yuan, a year-on-year increase of 0.8% [2] - The total telecommunications business volume has grown by 8.8% year-on-year when adjusted for last year's prices [2] User Development - The number of fixed broadband access users has steadily increased, reaching 689 million by the end of August, with a net increase of 18.85 million users since the end of last year [3] - Users with internet access speeds of 1000 Mbps or higher reached 233 million, a net increase of 26.64 million users, accounting for 33.9% of total users, up 3 percentage points from the end of last year [3] - The total number of mobile phone users reached 1.819 billion, with a net increase of 29.53 million users, and 5G mobile phone users reached 1.155 billion, a net increase of 14 million users, accounting for 63.4% of total mobile phone users [3] - The number of mobile IoT terminal users grew rapidly, reaching 2.872 billion, with a net increase of 21.6 million users [3] Business Usage - Mobile internet traffic continued to grow rapidly, with a total of 2,534 billion GB of mobile internet traffic in the first eight months, a year-on-year increase of 16.4% [4] - The average mobile internet access traffic (DOU) reached 20.87 GB in August, a year-on-year increase of 14.3% [4] - The total duration of mobile phone outgoing calls decreased by 5.4% year-on-year, while mobile SMS volume increased by 21.9% [4] Communication Capacity - The construction of gigabit fiber broadband networks is progressing steadily, with the total number of internet broadband access ports reaching 1.239 billion, a net increase of 37.1 million since the end of last year [5] - The number of 5G base stations reached 4.646 million, a net increase of 395,000, accounting for 36.3% of total mobile base stations [5] Regional Development - The penetration rates of gigabit and 5G users have continued to rise across various regions, with the penetration rates for fixed broadband access users of 1000 Mbps or higher in the East, Central, West, and Northeast regions being 33.9%, 33.5%, 35.7%, and 27.1%, respectively [6] - Mobile internet access traffic growth rates remained in double digits across regions, with the East, Central, West, and Northeast regions achieving 1,063 billion GB, 595.2 billion GB, 724.7 billion GB, and 150.5 billion GB, respectively, with year-on-year growth rates of 16.4%, 16.2%, 15%, and 25.2% [6]

Core Points - Verizon Communications Inc. is in talks to acquire part of EchoStar Corporation's wireless spectrum assets, specifically the AWS-3 band licenses, which are crucial for 5G signal transmission [1] - The acquisition would position Verizon alongside AT&T and SpaceX in purchasing spectrum assets from EchoStar, which is under investigation by the FCC for slow deployment of wireless services [1] - EchoStar's AWS-3 spectrum assets have a book value of $9.8 billion, but the acquisition price by Verizon may not follow the same premium as recent deals by AT&T and SpaceX [1] Group 1 - Following the news of the talks, EchoStar's stock price surged by 15% in after-hours trading [2] - Another portion of the AWS-3 spectrum is set to be auctioned by the U.S. federal government next year [2] - EchoStar's CEO, Hamid Akhavan, indicated that the company is considering selling more wireless spectrum assets as part of a strategic shift away from building a comprehensive communication network [2] Group 2 - Akhavan stated that the company will eventually find suitable homes for its spectrum assets [3] - EchoStar previously acquired a significant amount of wireless spectrum in an attempt to become the fourth major telecom operator in the U.S. but is now shifting its strategy to a hybrid operating model for its Boost Mobile service, relying partially on AT&T's network [3]