浙商国际发布研报称，回顾9月港股市场走势，市场振荡向上加速上涨，连续5个月收涨。整体来看，港 股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。当 下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。对 于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的汽 车、新消费、创新药、科技等。 从各个角度简要总结当下市场环境。基本面：8月经济数据整体表现进一步走弱，国内经济仍处于筑底 期；政策面：政策基调强调更加积极有为，以巩固经济稳增长的基础；资金面：内部南向资金加速流 入，外部资金环境进一步改善，更多资金开始介入港股；情绪面：市场强势表现驱动看多情绪，但市场 对于基本面的担忧仍在。 2025年10月港股市场展望及配置策略 港股市场基本面仍偏弱，资金面环境进一步改善，政策面巩固经济稳增长，情绪面短期做多情绪浓重。 当下港股市场周月线级别趋势已进入右侧区间，对于后续走势，即使短期行情有波折，仍不建议悲观。 对于中短期市场走势继续保持谨慎乐观的态度。板块配置方面，看好行业相对景气且受益于政策利好的 汽车、新消 ...

调整来临？ 今日，比特币突然跳水，此前大涨的黄金与日本股市也有所回落。 截至发稿， 比特币跌幅超0.8%，跌破124000美元。以太坊、雪崩币等加密货币也纷纷走低。 Coinglass网站数据显示，过去24小时内，虚拟货币共有超16万人爆仓。 此前比特币已连续上涨，昨日，比特币一度冲高至126199美元左右，事实上，随着美联储降息周期开启，美元持续走弱，黄金、比特币等资产纷纷被抢 购。今日，纽约期金一度涨至4000美元，不过，当前已有所回落。 此外，美国政府"关门"持续，日本与法国政坛的变动也导致避险资产更受青睐。 不过，对于黄金等资产的暴涨，美国银行认为技术性调整或将来临。 美国银行分析师Paul Ciana在一份研究报告中表示，从技术分析来看，随着金价逼近每盎司4000美元关口，其上涨趋势已显现"动能耗尽"的迹象。这位首 席技术策略师指出，若此趋势延续，金价可能在第四季度进入盘整或回调阶段。 Ciana称："从趋势跟踪与风险管理角度出发，目前更适合上调止损位、进行对冲操作，或减少部分多头持仓。"他进一步补充，黄金涨势可能"动能耗 尽"的信号包括：当前金价较其200日简单移动平均线高出约21%——而金价在该 ...

10月6日，美国电话电报公司的股价下跌了4.40%，创下自2025年4月以来的最低点，投资者不禁对这一 电信巨头的未来发展产生了疑问。 近期，美国电话电报发布了2025财年中报，显示公司在收入和净利润上均实现了增长。具体来看，公司 2025年上半年的收入达到614.73亿美元，同比增长了2.75%，而净利润则增长了24.06%，达到95.53亿美 元。这一数据表明，美国电话电报在本年度取得了不错的业绩表现。 作为全球领先的电信服务提供商，美国电话电报提供的服务和产品覆盖广泛，包括无线通信、本地交换 服务、长途服务、数据宽带和网络服务等。尽管公司财报表现良好，但股价的下跌可能受到多重因素影 响，如市场对电信行业的未来预期不确定性、全球经济形势波动，以及投资者情绪等。 来源：市场资讯 从行业趋势来看，电信行业正面临技术快速迭代的挑战，特别是5G技术的推广对传统业务模式造成了 一定的压力。公司需要持续投入，以保持技术领先和市场竞争力，这无疑增加了经营成本。此外，全球 经济不确定性可能影响消费者和企业的支出，从而间接影响公司的业绩表现。 （来源：美股情报站） 对于投资者而言，在持仓时应保持谨慎，关注公司未来在技术和市 ...

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]

2025年8月末流动电话用户同比增加4.4%至1,499,914户，其中上台用户（1,061,396户）及预付卡 （438,518户）分别上升2.1%及10.3%；固网电话用户则减少6.4%至78,249户。期末互联网登记用户同比 增加1.7%至781,346户；8月互联网使用时数下跌1.8%至1.5亿小时，首八个月互联网使用时数（11.7亿小 时）则与去年同期相似。 跨境交通流量方面，2025年8月跨境汽车流量共983,563车次，同比增加23.3%；轻型客车流量上升25.5% 至932,912车次，其中横琴单牌车（19.9万车次）及"澳车北上"出入境流量（14.5万车次）分别增加 48.2%及10.8%。8月客轮航班（6,857班次）同比上升1.5%，澳门国际机场商业航班（4,934架次）则下 跌5.4%。首八个月跨境汽车流量（7,236,499车次）同比增加23.0%；客轮航班（52,511班次）及澳门国 际机场商业航班（36,541架次）则分别减少2.0%及4.5%。 跨境货物量方面，8月陆路货柜货物毛重（7,331公吨）同比增加38.5%，港口货柜货物毛重（16,067公 吨）下跌1.8%。空运货物 ...

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]

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。 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。 ...

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].