Market Overview - The Hong Kong stock index experienced a notable increase, closing at 25,858 points, showing a recovery from previous declines, although trading volume was relatively low [2] - Investors have mixed sentiments; some anticipate a continued upward trend towards 26,000 points or even 26,500 points, while others remain cautious due to low trading activity [2] Technical Signals - Current technical signals indicate a predominance of "buy" signals, with 8 buy signals and 7 sell signals, suggesting a slightly optimistic market sentiment [3] - The resistance level is identified at approximately 26,436 points, with a potential upward movement towards 27,000 points if this level is breached [4] Individual Stock Analysis Kuaishou-W (01024) - Kuaishou's stock price has shown a slight recovery, but overall sentiment remains bearish, with a current support level at 70.4 yuan; a drop below this could lead to further declines [5][7] - Short-term technical signals for Kuaishou indicate a "strong buy," suggesting potential for upward movement despite the overall weak sentiment [8] Sands China - Sands China's stock price increased by about 4.3%, with a current support level at 18 yuan; if this level is breached, it could drop to 16 yuan [11] - Technical signals for Sands China are predominantly "buy," with 10 buy signals and 5 sell signals, aligning with positive investor sentiment [11] Xiaomi Group-W (01810) - Xiaomi's stock price has rebounded slightly after a significant drop, with a current support level at 45.1 yuan; a breach could lead to a decline to 40.5 yuan [14] - The short-term technical signals for Xiaomi show a "strong buy," indicating potential for upward movement [14] BYD Electronic (00285) - BYD Electronic's stock price has also seen a slight recovery, with a support level at 37.4 yuan; a drop below this could lead to a decline to 34.3 yuan [18] - The technical signals for BYD Electronic are primarily "buy," with 10 buy signals and 5 sell signals, reflecting a slight improvement in market sentiment [18] CNOOC (00883) - CNOOC's stock price has risen to 19.04 yuan, standing above the middle line of the Bollinger Bands; however, 19 yuan is seen as a challenging resistance level [21] - Current technical signals are neutral, indicating uncertainty about the stock's ability to break through the 19 yuan level [21]

Core Insights - The analysis focuses on various stock options and their corresponding derivatives, aiming to provide investors with clearer choices based on market conditions and stock performance [1] Stock Analysis ZTE Corporation (00763) - ZTE's stock price experienced a sharp decline last week but showed recovery on Monday, closing at HKD 39.96, leading some investors to consider a bullish opportunity [2] - Technical signals indicate a "neutral" state, making it difficult to assess the suitability of available options [2][3] - Only one call option is available with a strike price of approximately HKD 45, which complicates the comparison of terms [2] - Other options with strike prices of HKD 57 are available, but they are considered too high compared to the current stock price [3] Lao Poo Gold (06181) - Lao Poo Gold's stock has shown strong performance recently, closing at HKD 798, down from previous highs [5] - Conservative investors may wait for a price drop to around HKD 650 before considering investment [5] - There are only two put options available, both with high strike prices compared to the current stock price, suggesting a lack of suitable products [6] China Life Insurance (02628) - China Life's stock rose by 2.44% to close at HKD 23.52, with investors optimistic about further increases [7] - There are seven call options available with strike prices between HKD 23.6 and HKD 25, which are relatively close to the current price [7][8] - One option has a leverage of 6.5 times, but it also has a higher implied volatility of 44.1% [8] Hengan International (01044) - Hengan's stock has been on an upward trend, with expectations of reaching HKD 30 [10] - Only one call option is available with a strike price of approximately HKD 30.88, making it challenging to evaluate its terms [10] Mengniu Dairy (02319) - Mengniu's stock price rebounded to HKD 72.1 after a previous drop, attracting both bullish and bearish sentiments from investors [13][14] - There are multiple call options available with strike prices around HKD 73, offering high leverage of approximately 10 times [13][14] - Variability in implied volatility and time value decay among different options necessitates careful comparison [14][15] NetEase (09999) - NetEase's stock is performing well, with investors considering related bull certificates [18] - A focus on the recovery price is essential, with suitable options available below HKD 219 [18][19] Zhaojin Mining (01818) - Zhaojin's stock price has declined to HKD 30.52, leading many investors to consider exiting [22] - The lack of available put options limits strategies for bearish investors [22] Conclusion - The analysis highlights the importance of comparing available derivatives for various stocks to make informed investment decisions, emphasizing the need for multiple options to assess suitability effectively [20]

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]

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 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 [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, with the potential for only one cut in 2026 [3] - The U.S.-China trade tensions are anticipated to escalate, impacting investment sentiment and increasing market volatility [2][3] Economic Indicators - In September, China's exports in U.S. dollars grew by 8.3% year-on-year, while imports increased by 7.4%, both exceeding market expectations [8] - The trade surplus for September was reported at $90.45 billion, slightly below the anticipated $98.05 billion [8] - The retail sales volume in China's passenger car market reached 2.241 million units in September, marking a year-on-year increase of 6.3% [8] Corporate News - New China Life Insurance (1336) is expected to report a year-on-year increase in net profit attributable to shareholders of 45% to 65% for the first three quarters [9] - Country Garden (2007) has successfully restructured eight domestic bonds involving approximately 13.4 billion yuan [9] - Xiaomi (1810) faced a tragic incident involving a vehicle fire that resulted in a fatality, raising concerns about vehicle safety features [9] Sector Focus - Gold mining stocks are gaining attention due to heightened risk aversion and rising gold prices [7] - AI concept stocks are also in focus as mainland China accelerates the application of "Artificial Intelligence+" [7] Regulatory Developments - The Securities and Futures Commission has launched a dedicated line for Real Estate Investment Trusts (REITs) to facilitate the listing of new housing REITs [8]

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]

Group 1: Hang Seng Index (HSI) - The market sentiment is bearish, with investors expecting the index to range between 25,700 and 25,800 next week, while some are optimistic about a rebound above 27,000 if it holds above 26,100 this week [1] - The Hang Seng Index closed at 26,290 points, breaking through the middle line of the Bollinger Bands, indicating a neutral short-term technical signal [1] - Support levels are identified at 25,833 and 25,500, with resistance at 27,000 [1] Group 2: Tencent Holdings (00700.HK) - Tencent's stock price closed at 651.5 HKD, falling below the middle line of the Bollinger Bands, with increased trading volume indicating a less favorable situation [8] - The technical signal is summarized as a "buy" with first support at 639 HKD and second support at 619 HKD [8] Group 3: Alibaba Group (09988.HK) - Alibaba's stock price closed at 165.4 HKD, also falling below the middle line of the Bollinger Bands, with a neutral technical signal [14] - Support levels are noted at 153 HKD and 142 HKD, with potential for the price to drop below 150 HKD [14] Group 4: China Mobile (00941.HK) - China Mobile's stock price closed at 84.8 HKD, showing a notable upward trend despite the overall market decline, with a "buy" signal [21] - Resistance levels are identified at 88.2 HKD and 91 HKD [21] Group 5: China Shenhua Energy (01088.HK) - China Shenhua's stock price closed at 39.56 HKD, having broken through the upper band of the Bollinger Bands, with a "sell" signal [24] - Resistance levels are at 40.3 HKD and 41.4 HKD, with a target price of 50 HKD mentioned by investors [24] Group 6: JD.com (09618.HK) - JD.com's stock price closed at 131.8 HKD, falling below the middle line of the Bollinger Bands, indicating a neutral outlook [31] - Support levels are at 127.1 HKD and 122.5 HKD, with potential for the price to drop to 125 HKD [31]

Market Overview - The Hang Seng Index is expected to rise towards 28,000 points due to the extension of the 90-day tariff truce between China and the US, along with improved trade agreements with other countries, easing trade tensions [2] - Despite no improvement in corporate earnings, the resurgence of AI-related stocks is leading the market, with expectations of favorable policies ahead of the October Fourth Plenary Session [2] Sector Focus - The focus is on the US October Michigan Consumer Sentiment Index and the impact of recent macroeconomic data from China, including a 7.6% year-on-year increase in the value added by industrial SMEs in the first eight months [3][8] - The Chinese government has implemented export controls on certain rare earth materials, which may affect related industries [8] Corporate News - Sunny Optical (2382) plans to transfer equity to increase its stake in GoerTek, while Innovent Biologics (2577) is raising over 1.5 billion HKD through an 8% discounted placement [4] - NIO (9866) is restructuring its autonomous driving department to facilitate the development of its World Model 2.0 [4] - Shandong Gold (1787) received a 120 million RMB increase in shareholding from its controlling shareholder [4] IPO Market - KPMG reports that Hong Kong is poised to reclaim its position as the top global IPO market by the end of 2025, with nearly 300 IPO applications submitted, marking a historical high [9] - The first three quarters of 2025 saw a total of 930 IPOs globally, raising 111.6 billion USD, with Hong Kong leading in A+H listings [9] Economic Indicators - The consumer spending during China's Golden Week reached 809 billion RMB, with 888 million domestic trips taken, indicating a strong recovery in consumer confidence [8] - The box office for the National Day holiday in China fell by 13% year-on-year, reflecting a shift towards more refined market preferences [8] Regulatory Developments - The Chinese government has issued a notice addressing the issue of disorderly competition, emphasizing the need for fair pricing practices to maintain market order [8] - New export controls on rare earth materials and related technologies have been implemented to safeguard national security and interests [8]

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。 DL HOLDINGS GROUP LIMITED 德林控股集團有限公司 （ 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股份代號：1709） 自願性公告 有關(1)字節跳動、KRAKEN及ESELF AI 的私募股權；及 (2)德林大廈LPF及ANIMOCA BRANDS LPF 的RWA最新發展 本公告由德林控股集團有限公司（「本公司」，連同附屬公司統稱為「本集團」） 自願刊發，旨在向本公司股東及潛在投資者通報本集團的最新業務發展情況。 本公司董事會（「董事會」）欣然向股東及市場匯報其現實世界資產（「RWA 」） 代幣化計劃的最新進展。本公司繼續積極制訂及擴展其數字資產策略，專注 於(i)字節跳動有限公司（「字節跳動」）、Payward, Inc.（「Kraken」）及E-Self.AI Ltd.（「eSelf AI」）等知名科技公司私募股權的代幣化，及(ii)持有德林大廈及 A ...

Core Viewpoint - Tencent's stock price is currently facing resistance at 665 HKD, with technical signals indicating a "sell" recommendation, while the support level is at 638 HKD [1][2]. Technical Analysis - Key support levels for Tencent are at 638 HKD and 617 HKD, while initial resistance is at 678 HKD, with a potential challenge at 692 HKD if the initial resistance is broken [2]. - The stock price is above the 10-day moving average (647 HKD) and significantly higher than the 30-day and 60-day moving averages, indicating a favorable short to medium-term trend [2]. - The RSI indicator is at 67, suggesting the stock may be in a strong zone but not yet overbought [2]. - Various oscillators show mixed signals, with the Williams indicator indicating overbought conditions but neutral, while the stochastic oscillator gives a buy signal, and MACD maintains a buy signal [2]. Leverage Products Performance - On September 25, market data showed significant performance in leveraged products, with HSBC call warrants (18949) rising by 13% and UBS bull certificates (56416) increasing by 29% over two days [4]. - Another UBS bull certificate (56153) saw a substantial rise of 34% in the same period, indicating that leveraged products can provide returns significantly higher than the underlying stock during volatility [4]. Investment Options - For investors optimistic about Tencent's short-term breakout, options include slightly out-of-the-money call warrants with lower implied volatility, such as the Guotai Junan call warrant (19049) offering approximately 10.2x leverage [7]. - UBS call warrant (18902) also presents a favorable option with 9.1x leverage and relatively low implied volatility [7]. - For bearish investors, there are put warrants available, such as the Bank of China put warrant (20518) and UBS put warrant (15152), both offering around 8x leverage with favorable pricing [7]. Bull and Bear Certificates - Investors expecting Tencent to consolidate within the 635-700 HKD range may consider related products, such as UBS bull certificate (63073) or HSBC bull certificate (61968), with redemption prices at 635 HKD and 636 HKD, respectively, offering approximately 18x leverage [9]. - For those with a bearish outlook, UBS bear certificate (66241) and JPMorgan bear certificate (66094) are available, both with redemption prices set at 700 HKD [9].