Market Overview - On October 9, US stock indices collectively declined, with the Dow Jones down 0.52%, Nasdaq down 0.08%, and S&P 500 down 0.28% [2] - Gold and silver prices ended their upward trend, with COMEX gold futures down 1.95% and COMEX silver futures down 2.73% [2] Technology Stocks - Major tech stocks showed mixed performance, with Oracle up over 3%, Meta up over 2%, and Amazon up over 1%, while Apple and Google fell over 1% [4] - Nvidia's stock rose 1.83% after the US approved the sale of billions of dollars worth of chips to the UAE, with a peak increase of over 3% during trading [4] - Intel's stock increased by 0.99% as it revealed details about its upcoming PantherLake notebook processor architecture, expected to ship by the end of this year [4] - Tesla's stock fell 0.72% following an investigation by the NHTSA into 2.88 million vehicles equipped with its FSD system due to multiple traffic violation reports and accidents [4] Chinese Stocks - Chinese stocks collectively declined, with the Nasdaq Golden Dragon China Index down 2.03% [5] - Bilibili rose over 2% and Miniso rose 1.61%, while Pinduoduo, NIO, and Alibaba fell over 4%, with some stocks like Hesai down over 7% [5] Precious Metals - Gold futures dropped to $3991.1 per ounce, falling below the $4000 mark, while silver futures closed at $47.655 per ounce [9] - Precious metal companies saw significant declines, with American Gold and Pan American Silver down over 7% and 3% respectively [9] - Analysts suggest that the ceasefire agreement between Israel and Hamas, along with profit-taking by gold investors, contributed to the decline in gold prices [9]

Core Insights - The demand for safe-haven metals is shifting from gold to silver and other precious metals amid increasing political and economic uncertainties, with gold prices surpassing $4000 per ounce and silver reaching $50 for the first time [1][2]. Group 1: Precious Metals Performance - Silver has outperformed gold, achieving its highest annual increase since 1979 and the best performance relative to gold in 15 years, with a year-to-date increase of 67.55% compared to gold's 54.13% [2]. - Palladium prices surged nearly 10% to over $1482, marking the largest single-day increase since May 2023, with a monthly increase exceeding 20% [3]. Group 2: Market Drivers - The strong performance of precious metals is driven by a combination of geopolitical tensions, concerns over the strength of the dollar, inflation pressures, and weak economic growth in Europe [3]. - Central banks have been significant buyers of gold, with global purchases exceeding 1000 tons annually since 2022, and an expected 900 tons in 2023, double the average from 2016 to 2021 [4]. Group 3: Future Outlook - Goldman Sachs has raised its gold price forecast for December 2026 to $4900 per ounce, indicating a potential 23% upside for investors [5]. - Analysts predict that the current bull market for precious metals could continue until 2026, supported by expectations of interest rate cuts and a weaker dollar [3][5].

Group 1: Gold Market Performance - Spot gold continues to rise, reaching a historical high of $3931 per ounce, with an intraday increase of 1.15% [8][9] - COMEX gold futures also show a rise, currently at $3951.4 per ounce, up 1.09% [8][9] - Spot silver has increased by 1.23%, currently priced at $48.57 per ounce [8][9] Group 2: Stock Performance in Precious Metals - Precious metals stocks are performing strongly, with China Silver Group surging by 20% [7] - Other notable gains include Zijin Mining International and Shandong Gold, which also saw significant increases [7] - The overall performance of the precious metals sector remains robust amid market fluctuations [5] Group 3: Semiconductor Industry Insights - Hua Hong Semiconductor's stock price has reached a new high, increasing over 320% year-to-date [11] - Goldman Sachs has raised the target prices for both SMIC and Hua Hong Semiconductor to HKD 117, indicating strong future growth potential [13] - The semiconductor market is expected to see a 16% growth in sales to $731 billion by 2025, driven by AI-related demand [13] Group 4: Company-Specific Developments - China Gas Holdings experienced a dramatic rise, peaking at over 305% before stabilizing at a 144.59% increase [14] - The company announced a placement of 334 million shares, representing 7.26% of the enlarged share capital, to raise approximately HKD 24.75 million for general operational funds [17]

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.5% and the Hang Seng Tech Index down 1.1% [1] - As of the latest update, the Hang Seng Index decreased by 0.24% to 27,077.10, while the Hang Seng Tech Index fell by 1% to 6,556.51 [2] Sector Performance - The technology sector showed weakness, with major companies like Trip.com Group down over 11%, Bilibili down over 5%, and Alibaba and SMIC down over 2% [5] - The precious metals sector experienced significant gains, with China Silver Group rising over 26% and other companies like Zijin Mining and Shandong Gold also showing strong performance [9][10] Individual Stock Movements - Trip.com Group's stock price fell to 562.50, down 12.00 or 2.09% [7] - Alibaba's stock price decreased to 181.30, down 3.80 or 2.05% [6] - The automotive sector also faced declines, with companies like Xpeng Motors and Li Auto dropping around 2-4% [8] Gold Market Insights - Spot gold prices opened higher, reaching $3,920 per ounce, marking a 0.87% increase and setting a new historical high [10] - Analysts from OCBC Bank noted that strong retail investment demand and concerns over de-dollarization are driving gold prices, with expectations of surpassing $4,000 per ounce by 2026 [11] Cryptocurrency Sector - Cryptocurrency-related stocks saw an uptick, with OKLink rising over 9% and other companies like Xunlei and Yunfeng Financial also experiencing gains [12]

Market Overview - The Hong Kong stock market opened weakly on October 6, with the Hang Seng Index down by 0.5% and the Hang Seng Tech Index down by 1.1% [1] - As of the report, the Hang Seng Index decreased by 0.24% to 27,077.10, while the Hang Seng Tech Index fell by 1% to 6,556.51 [2] Sector Performance - The technology sector showed weakness, with major companies like Ctrip Group dropping over 11%, Bilibili down over 5%, and Alibaba and SMIC both declining over 2% [4] - The automotive sector also faced declines, with stocks like XPeng Motors down 4% and Li Auto down nearly 3% [6] - In contrast, the precious metals sector saw gains, with China Silver Group rising over 26% and other companies like Zijin Mining and Shandong Gold also showing significant increases [8] Gold Market Insights - Spot gold opened higher, reaching $3,920 per ounce, marking a 0.87% increase and setting a new historical high [8] - Heng Koon How from OCBC Bank indicated that the demand for gold remains strong due to concerns over de-dollarization and increased retail investment interest, leading to an upward revision of gold price forecasts to over $4,000 per ounce by 2026 [9] Cryptocurrency Sector - Cryptocurrency-related stocks in Hong Kong experienced gains, with OKLink rising over 9% and other companies like Xunlei and Yunfeng Financial also showing positive performance [10]

Group 1 - The price of gold is on track to achieve its highest yearly return in nearly 50 years, with a significant surge this year, while silver and platinum have also seen substantial gains, with silver reaching its highest historical value and platinum outperforming gold [1][5][8] - The gains in precious metals reflect a global financial market characterized by policy uncertainty, inflation concerns, and a looming U.S. government shutdown, leading investors to seek safe-haven assets [2][4][8] - The Federal Reserve's potential interest rate cuts may further support demand for precious metals by reducing competition from income-generating assets [3][4] Group 2 - Gold has increased by 48% year-to-date, trading near $3,900 per troy ounce, while silver has gained approximately 65% and is trading near $48 per troy ounce, surpassing its 2011 peak [5][6] - Platinum has shown remarkable performance with a nearly 80% year-to-date return, trading around $1,600 per troy ounce, indicating strong demand across all three precious metals [6][8] - Mining companies have benefited from rising prices, with the Van Eck Gold Miners ETF (GDX) and Global X Silver Miners ETF (SIL) each gaining about 125% [6] Group 3 - Investment demand is a primary driver of the price increases in precious metals, but central banks have also increasingly turned to gold for reserve storage, with 90% of demand coming from investors, central banks, and jewelry [7][9] - Silver and platinum have industrial applications that support their demand, with silver used in electronics and platinum in catalytic converters for automobiles [9] - Current economic conditions suggest a potential stagflationary environment, which may further bolster the appeal of precious metals as a hedge against inflation and economic uncertainty [10]

Group 1 - The Hong Kong stock market experienced a strong start in September, with the Hang Seng Index rising by 2.15% and the Hang Seng Tech Index increasing by 2.20% [1] - Alibaba's stock surged by 18.5%, significantly contributing to the rise of both the Hang Seng Index and the Hang Seng Tech Index, driven by its first fiscal quarter performance and strong AI-related product revenue growth [1] - AI-related product revenue for Alibaba has shown triple-digit growth for eight consecutive quarters, with AI contributing over 20% to external commercialization revenue [1] Group 2 - The Hong Kong innovative drug sector has emerged as the strongest segment in the market this year, with seven innovative drug-related ETFs showing over 100% year-to-date growth, and the cumulative growth of the innovative drug ETF reaching 114% [2] - Precious metals stocks also performed well, with significant increases in companies like Tongguan Gold and China Silver Group, driven by rising gold and silver prices [2] - The outlook for the Hong Kong market remains positive, with expectations of a continued upward trend, particularly in AI technology, as global and Chinese tech narratives strengthen [2]

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a high of 3879.05 points during the session, closing at 3862.65 points, up 0.12% [1] - The Shenzhen Component Index and the ChiNext Index rose by 0.11% and 0.55%, respectively [1] Gold Market - The precious metals sector saw significant gains, with international gold prices reaching new highs; COMEX gold futures peaked at $3552 per ounce, marking a year-to-date increase of approximately 35% [4][5] - London spot gold prices also rose, reaching $3486.16 per ounce, just shy of the historical high of $3500 from April 22 [5] - Domestic gold futures in China saw a rise of over 2%, hitting a new high of 802 yuan per gram [5] - Major stocks in the gold sector, such as Western Gold and Xiaocheng Technology, saw substantial increases, with Western Gold hitting the daily limit [5][6] AI Computing Sector - The AI computing sector exhibited mixed performance; stocks like Xuanji Information and Liyang Chip reached daily limits, while Cambrian Technology experienced a decline of nearly 3% [3][9] - Cambrian Technology's stock fluctuated significantly, dropping over 8% at one point but stabilizing to a decrease of 2.98% by midday [11] - Reports indicated that Alibaba's procurement rumors regarding Cambrian Technology were unfounded, but the company continues to advance its AI chip development [13] Alibaba's Market Activity - Alibaba's stock surged over 16% in Hong Kong, with a market capitalization increase of approximately 400 billion HKD, reaching a total market value of 2.59 trillion HKD [14] - The company reported a revenue of 247.65 billion yuan for Q1 of the 2026 fiscal year, with a net profit of 43.12 billion yuan, reflecting a year-on-year growth of 76% [16] - Alibaba's investment in AI and cloud infrastructure reached 38.6 billion yuan, a 220% increase year-on-year, indicating a strong commitment to expanding its AI capabilities [16] Innovative Drug Sector - The innovative drug sector saw significant activity, with stocks like MicroPort Medical rising over 14% and achieving a year-to-date increase of over 109% [17] - The approval of 43 innovative drugs in the first half of the year, a 59% increase year-on-year, highlights the growing focus on drug development in China [17] - The Hang Seng Biotechnology Index has seen a year-to-date increase of over 101%, reflecting strong investor interest in the pharmaceutical sector [17]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the supply of platinum and palladium is expected to decline, with platinum's mineral supply dropping by 4% to 529.5 million ounces and palladium's by 5% to 616.5 million ounces. However, the global palladium recycling volume is expected to rise to 270.5 million ounces [21][24]. - The demand for platinum is expected to slightly increase to 720.5 million ounces in 2025, while the demand for palladium is expected to decline to 862.5 million ounces, mainly due to the decline in automotive industry demand [41]. - In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend, mainly due to the relative low price of platinum compared to palladium and the impact of the Russia - Ukraine conflict on palladium circulation [48]. 3. Summary by Relevant Catalogs 3.1 Platinum and Palladium Industry Chain Introduction - Platinum group metals include six elements: ruthenium (Ru), rhodium (Rh), palladium (Pd), osmium (Os), iridium (Ir), and platinum (Pt). Platinum and palladium are important industrial precious metals with wide applications in industry and jewelry [3][5]. - The mining and purification of platinum and palladium are complex. They are often symbiotic with copper - nickel sulfides and chromite, and the average grade of primary ore is only 2 - 10 g/t. Recycling accounts for about 30% of platinum supply and 20% of palladium supply. After refining, they are mainly used in automotive exhaust catalysts, as well as in chemical, electronic, glass, petroleum, medical, and other fields [12]. 3.2 Platinum and Palladium Supply Situation 3.2.1 Reserve Distribution and Major Production Enterprises - In 2024, the total proven reserves of platinum - group metals globally exceeded 81,000 tons, concentrated in southern Africa, North America, and the Far East of Europe. China's reserves are less than 1% of the global total [18]. - The top 10 global suppliers of platinum and palladium are mainly concentrated in South Africa, Russia, and North America [18]. 3.2.2 Platinum Supply - In 2025, the platinum mineral supply is expected to decline by 4% to 529.5 million ounces, with South Africa's supply expected to decrease by 170,000 ounces. The recycling supply in 2025 is expected to slightly recover [21]. 3.2.3 Palladium Supply - In 2025, the palladium mineral supply is expected to decline by 5% to 616.5 million ounces, mainly affected by the production decline in South Africa and North America. The global palladium recycling volume is expected to rise to 270.5 million ounces [24]. 3.2.4 Introduction of Major Supply Enterprises - Anglo American Platinum Ltd. is the world's largest platinum producer, with 80% of its assets in South Africa's Bushveld Complex. In 2025, its production is expected to be 3.8 million ounces, accounting for 30% of the global supply [29]. - OJSC MMC Norilsk Nickel is a leading global mining and metallurgy group. Its palladium production accounts for nearly 40% of the global total. In the first three quarters of 2024, its palladium production was 2.156 million ounces and platinum production was 521,000 ounces [29]. - Impala Platinum Holdings Ltd is a major global producer of platinum - group metals, with mines in South Africa, Zimbabwe, and Canada. In 2024, its total production of platinum - group metals was 3.65 million ounces, accounting for over 30% of the global supply [30]. - Stillwater Mining Co. is a leading global producer of platinum - group metals. In 2023, its annual production of platinum and palladium was about 408,000 ounces, accounting for about 7% of the global supply [30]. 3.3 Platinum and Palladium Downstream Applications 3.3.1 Automotive Catalysts - Platinum, palladium, and rhodium are key components of automotive catalysts. In the long - term, the demand for platinum and palladium in automotive catalysts is not optimistic due to the development of new energy vehicles. In the short - term, the sales increase of second - hand gasoline vehicles may boost the demand. In 2024, the demand for platinum and palladium in automotive catalysts accounted for 48% and 83% respectively [33]. 3.3.2 Jewelry - Platinum is regarded as a high - end jewelry representative, while palladium is rarely used in jewelry due to its discoloration. In the future, the application of platinum and palladium in jewelry faces a downward risk. In 2024, the demand for platinum and palladium in jewelry accounted for 19% and 1% respectively [34]. 3.3.3 Industry - Platinum's industrial demand is concentrated in glass manufacturing, chemical catalysis, and electronics. Palladium's industrial use is mainly in the chemical and electronic industries. In 2024, the demand for platinum and palladium in industry accounted for 32% and 15% respectively [35]. 3.3.4 Hydrogen Energy - Platinum - group metals play a crucial role in hydrogen energy development. The development of hydrogen energy is in its infancy, and the demand for platinum and palladium may increase in the future. In 2024, the demand for platinum and palladium in hydrogen energy accounted for 1% and 0.3% respectively [38]. 3.4 Price and Futures 3.4.1 Global Platinum and Palladium Supply - Demand Balance - In 2020, the prices of platinum and palladium rose significantly due to the shutdown of mining and smelting in South Africa. In 2021, the supply surplus intensified. In 2025, the supply - demand pattern of platinum and palladium is expected to show a differentiated trend [48]. 3.4.2 Global Platinum and Palladium Futures Market - The Guangzhou Futures Exchange is expected to launch platinum and palladium futures contracts this year. The London Platinum and Palladium Market (LPPM) is the most important global spot trading market, and the New York Mercantile Exchange (NYMEX) is the largest global platinum futures trading market [56][60].

Group 1: Market Overview - The Hang Seng Technology Index rose by 2.71%, marking the largest single-day increase of the week, with a weekly increase of 1.89 [1] - The Hang Seng Index increased by 0.93% to close at 25,339.14 points, while the Hang Seng China Enterprises Index rose by 1.17% to 9,079.93 points [1] - Southbound capital recorded a net inflow of approximately 5.2 billion HKD throughout the day [1] Group 2: Semiconductor Sector - Semiconductor stocks experienced significant gains, with Hua Hong Semiconductor leading with a rise of 17.85% and a trading volume exceeding 7 billion HKD [3][4] - Other notable performers included SMIC, which rose by 9.57% with a trading volume of 16.22 billion HKD, and Mingfa Group, which increased by 6.67% [3][4] - The release of DeepSeek-V3.1 is expected to enhance the efficiency of domestic chips, potentially narrowing the gap with NV chips in terms of efficiency and cost [4] Group 3: Technology and E-commerce Stocks - Major tech stocks saw widespread gains, with Kuaishou rising by 4.39%, and Tencent increasing by 1.18% with a trading volume exceeding 10 billion HKD [5][6] - Xiaomi, Alibaba, and JD.com also experienced upward movements in their stock prices [5] Group 4: Automotive Sector - NIO's new ES8 model was well-received, leading to a stock price increase of 11.12% after a pre-sale price announcement [7][9] - The new ES8's starting price is significantly lower than its predecessor, indicating a strategic move to enhance market competitiveness [8][9] Group 5: Pharmaceutical Sector - Innovative drug stocks continued to rise, with Xiansheng Pharmaceutical and Jingtai Holdings both increasing by over 10% [10][11] - Recent reports indicate a positive outlook for innovative drug opportunities, supported by favorable liquidity conditions [11] Group 6: Precious Metals and Energy Sector - Precious metals experienced a broad decline, with WanGuo Gold leading the drop at over 7% [13][14] - The energy sector also faced declines, with major companies like China Petroleum and Sinopec showing negative performance [15][16]