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]

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，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 E-COMMODITIES HOLDINGS LIMITED 1733 自願公告 有關就附屬公司之銀行授信提供擔保 本公告由易大宗控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）自願作出。 本公司董事（「董事」）會（「董事會」）欣然宣佈，近期本公司全資附屬公司海南富多達供應 鏈管理有限公司（「海南富多達」）與中國銀行股份有限公司洋浦分行（「該銀行」）訂立一項 授信額度協議（「海南富多達授信協議」）及相關保證文件，據此，該銀行同意向海南富多 達提供一項最高不超過人民幣16億元的授信額度（「海南富多達授信額度」），期限自2025 年10月20日起至2026年8月27日止。海南富多達授信額度將作為其正常業務過程中進行貿 易融資業務、開立銀行承兌匯票業務以及海南富多達授信協議中規定的其他業務。鑒於 該銀行根據海南富多達授信協議向海南富多達提供銀行授信，本公司同意向該銀行提供 一項最高不超過人民幣6億元的 ...

Market Overview - The U.S. stock market showed mixed performance with major companies like General Motors, Coca-Cola, and 3M reporting better-than-expected Q3 results, leading to stock price increases of 16.2%, 4.1%, and 7.7% respectively [11] - The Dow Jones Industrial Average reached a new high, gaining 218 points to close at 46,924, while the Nasdaq Composite fell by 0.16% [11] - Gold prices experienced significant volatility, dropping over 5% in a single day, marking the largest decline in five years [13] - The U.S. 10-year Treasury yield fell to 3.945%, easing interest rate pressures and benefiting growth stocks [9] Economic Data - Japan's exports grew at an annual rate of 4.4% in September, while imports increased by 0.6% [19] - The U.S. mortgage market index data is pending for the week of October 17, 2025 [19] Company Analysis - China Railway Construction Corporation (1186) reported a significant increase in overseas contract signings, with a year-on-year growth of over 57% in H1 2025, supported by major projects under the Belt and Road Initiative [20] - Bank of China Hong Kong (2388) showed stable performance in H1 2025, with net operating income rising by 12.9% to HKD 20.09 billion and operating profit increasing by 15.6% [20] - Eagle Precision (1286) recorded a revenue of HKD 2.45 billion in H1 2025, a year-on-year growth of approximately 2%, with net profit rising by 13.7% [20] ETF and Stock Highlights - Expand Energy Corporation (EXE) reported a net income of USD 968 million for Q2, with earnings per share of USD 4.02, indicating strong financial health and increased shareholder returns [22] - Novartis AG (NVS) achieved a sales growth of 11% in Q2 2025, with core operating profit up by 21% and free cash flow reaching USD 6.3 billion [23] - Vanguard Russell 1000 Value ETF (VONV) tracks the Russell 1000 Value Index, providing exposure to large-cap U.S. companies with value characteristics [25]

Group 1 - The article discusses the analysis of various derivative products related to specific stocks, focusing on options and warrants, to help investors understand their choices when considering investments in these products [1][4][5] - The first stock analyzed is China Construction Bank (00939), which has shown a price recovery, with a current resistance level at 7.71 HKD, and a target price of 8 HKD requiring a breakthrough of this resistance [3][4] - For products with exercise prices around 8 HKD, there are several options available, with a range of leverage from 5.7 to 6.2 times, and implied volatility between 24.9% and 27% [4][5] Group 2 - The second stock discussed is Kuaishou (01024), which has recently stabilized after a decline, showing a predominance of buy signals with 10 buy signals against 3 sell signals [8][9] - There are limited options for near-the-money products, with only one suitable product in the 70-75 HKD range, while more options exist for products with exercise prices around 88 HKD, which are set to expire in July 2026 [8][9] - The products with an exercise price of 88 HKD have an implied volatility of around 53% and a premium range of 30.3% to 31.5% [9][10] Group 3 - The third stock is Mixue Ice Cream (02097), which has seen a significant price increase recently, but the technical signals indicate a sell recommendation with 9 sell signals against 5 buy signals [13][14] - The available products are limited, with the closest exercise price at 508 HKD showing a high out-of-the-money percentage of 14.4%, and other options at 530 HKD with a 19.5% out-of-the-money percentage [13][14] - It is suggested that investors wait for more suitable products with lower out-of-the-money percentages before making a decision [14] Group 4 - The fourth stock analyzed is New China Life Insurance (01336), which has shown a price increase from 40.46 HKD to 52.75 HKD, with a current resistance level at 56.8 HKD [15][18] - There are limited product options available, with only one in-the-money product and four out-of-the-money products with exercise prices around 55-56 HKD, showing leverage between 2.2 to 2.4 times [18][19] - The implied volatility for these products varies significantly, with some reaching up to 82.1%, indicating a need for careful selection based on volatility and premium differences [19] Group 5 - The fifth stock is Jiangxi Copper (00358), which has experienced a decline, but some investors believe it may rebound [22][23] - There are both in-the-money and out-of-the-money products available, with in-the-money products showing leverage between 3.9 to 4.1 times, which is considered favorable [22][23] - The article emphasizes that in-the-money products can be competitive and should be considered alongside out-of-the-money options [23] Group 6 - The sixth stock discussed is GAC Group (02238), which has shown a strong price performance but has limited suitable derivative product options available [24][27] - Investors are advised to either wait for better product offerings or consider investing directly in the stock due to the lack of attractive derivative products [27]

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 賴該等內容而引致之任何損失承擔任何責任。 中國銀行股份有限公司 BANK OF CHINA LIMITED （於中華人民共和國註冊成立的股份有限公司） （「本行」） （股份代號：3988） 2025年第三次臨時股東會投票表決結果公告 本行董事會（「董事會」）欣然公布本行2025年第三次臨時股東會（「會議」）的投票 表決結果。 一、會議召開和出席情況 會議於2025年10月16日（星期四）在中國北京市西城區復興門內大街1號中國銀行 總行大廈以現場會議形式召開。 本行於會議股權登記日（即2025年10月10日）已發行有表決權的普通股股份總數 為322,212,411,814股，此乃有權出席會議並可於會議上對議案進行表決的總股份 數。本行並無任何股東有權出席會議但根據《香港聯合交易所有限公司證券上市 規則》（「《上市規則》」）第13.40條須放棄表決贊成決議案，同時亦沒有股東根據 《上市規則》規定須放棄其表決權。出席會議的普通股股東及其持有股份情況如 ...

Market Performance - Hang Seng Index rose by 469 points or 1.8%, closing at 25,910 points[1] - Shanghai Composite Index increased by 46 points or 1.2%, closing at 3,912 points[1] - S&P 500 Index gained 26 points or 0.4%, closing at 6,671 points[2] Trading Volume - Total trading volume in the Hong Kong market was 315.81 billion HKD[1] - Shanghai Stock Exchange's trading volume reached 961.55 billion CNY[1] - Shenzhen Stock Exchange's trading volume was 1.11 trillion CNY[1] Monetary Policy - People's Bank of China conducted a 43.5 billion CNY reverse repurchase operation at a rate of 1.4%[1] - M2 money supply was 335.38 trillion CNY, growing by 8.4% year-on-year[3] - M1 money supply was 113.15 trillion CNY, increasing by 7.2% year-on-year[3] Financing and Loans - Social financing stock was 437.08 trillion CNY, up by 8.7% year-on-year[4] - RMB loans to the real economy accounted for 61.1% of the social financing stock[4] - RMB deposits reached 324.94 trillion CNY, growing by 8% year-on-year[4]

Market Overview - The Hong Kong stock market showed a slight recovery, closing at 25,910 points, just below the 26,000-point mark, leading to investor expectations for a potential breakthrough [1] - Bearish investors believe the index will not reach 26,000 points and are opting for bearish overnight positions, while some investors are taking long positions with a bullish outlook [1][3] Technical Signals - Current short-term signals lean towards "buy," with 9 buy signals and 6 sell signals, indicating a slightly positive sentiment [4] - Key support levels are identified at approximately 25,398 points and 24,600 points, with resistance at 26,500 points [4] Tencent Holdings (00700.HK) - Tencent's stock price closed at 627 HKD, showing a weak rebound, with concerns about insufficient upward momentum [7][9] - Short-term technical signals indicate a "buy" with 9 buy signals and 4 sell signals, but the stock faces resistance at 653 HKD and needs to break this level to target 668 HKD [9] HSBC Holdings (00005.HK) - HSBC's stock price rebounded slightly to 103 HKD, raising questions about whether this is a good entry point around the 100 HKD mark [10][12] - Technical signals show a "buy" with 8 buy signals and 7 sell signals, but caution is advised as support is at 99.6 HKD [12] Ping An Insurance (02318.HK) - Ping An's stock closed at 54.75 HKD, with investors questioning if 55 HKD is a significant resistance level [15][18] - The technical outlook is neutral, with 6 buy signals and 7 sell signals, indicating no clear trend [18] Geely Automobile (00175.HK) - Geely's stock price closed at 17.17 HKD, with a general bearish sentiment among investors who believe the rebound may end soon [21][24] - Technical signals show 8 sell signals and 6 buy signals, suggesting a bearish outlook with support at 18.4 HKD [24] Hong Kong Exchanges and Clearing (00388.HK) - The stock closed at 427.8 HKD, with investors speculating on whether it can stabilize above 430 HKD for further upward movement [27][30] - Current technical signals indicate a "buy" with 11 buy signals and 4 sell signals, suggesting potential for further gains if it breaks resistance at 442 HKD [30]

Market Overview - The US stock market showed signs of stabilization after fluctuations, with technology stocks continuing to weaken due to US-China trade tensions [7] - Gold prices reached a new high, with spot gold rising to $4,179.7 per ounce as safe-haven investments surged [7] - The yield on 10-year US Treasury bonds fell to 3.9976%, increasing expectations for interest rate cuts [7] Key International News - SoftBank's PayPay plans to IPO in the US by December, with a valuation expected to exceed 3 trillion yen (approximately 153.4 billion HKD) [9] - Concerns over the US-China trade war continue, impacting market sentiment, with the Dow Jones dropping 615 points at one point before recovering [9] - Major US banks reported strong earnings, with JPMorgan's Q3 profit up 11.59% year-on-year, Goldman Sachs up 38.8%, and Citigroup up 15.9% [9] Key Economic Data - China's consumer price index (CPI) for September showed a year-on-year decrease of 0.2%, while the producer price index (PPI) fell by 2.3% [19] - The Eurozone's industrial production for August decreased by 1.6% month-on-month and by 0.1% year-on-year [19] Company Analysis - The report highlights the performance of specific companies, such as: - **Blucactus (325)**: Reported revenue of RMB 1.338 billion for H1 2025, a year-on-year increase of 27.9%, driven by increased sales of building block toys and new product launches [21] - **China Merchants Bank (3968)**: Leading in retail finance and wealth management, with stable growth in retail deposits and loans, contributing to steady profit sources [21] - **Weichai Power (2338)**: Expected Q3 revenue of approximately RMB 55.894 billion, a year-on-year growth of 13%, with improved profitability due to a recovery in the heavy truck market [21] Stock Performance - The Hang Seng Index closed at 25,441.35, down 448.13 points or 1.73%, marking a decline of 1,846 points (6.7%) over seven consecutive trading days [13] - The Hang Seng Technology Index fell by 3.62%, while the Hang Seng China Enterprises Index decreased by 1.55% [13]

Core Insights - The Hang Seng Index (HSI) experienced a significant drop of over 900 points but managed to narrow its closing loss while maintaining above the 50-day moving average, with a net inflow of approximately HKD 100 million into bullish positions [6] - Xiaomi has seen continuous net inflows into bullish positions for six consecutive trading days, with its stock reaching a three-month low [6] - Alibaba's cloud division announced plans to adjust the prices of certain products by the end of the month [6] - Tencent is set to announce its earnings on November 13, entering a quiet period for share buybacks [6] - The three major US stock indices rebounded, and Asian stock index futures showed stability this morning [6] - The Nikkei 225 index experienced a drop of over 700 points, falling below the 47,500 level [6] - New York gold futures surpassed USD 4,100, reaching a new high [6] Market Positioning - The net inflow for bullish positions in the Hang Seng Index was HKD 370 million over the past five days, while bearish positions saw a net outflow of HKD 190 million [5] - For Alibaba, the net inflow for bullish positions was HKD 220 million, with bearish positions experiencing a net outflow of HKD 18 million over the past five days [5] - Xiaomi's bullish positions recorded a net inflow of HKD 81 million, while bearish positions had a net outflow of HKD 6.4 million in the same period [5] Upcoming Earnings Announcements - China Tower (stock code: 788) is expected to announce its earnings on October 16, 2025 [8] - Zijin Mining (stock code: 2899) is scheduled to release its third-quarter earnings on October 17, 2025 [8]

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]