Core Insights - The report highlights a significant increase in gold prices, reaching a new high of $3,830, with a year-to-date increase of nearly 46% [8] - The focus on AI technology continues to grow, with advancements in inference applications expected to drive industry transformation and enhance corporate profitability [8] - The report identifies key investment themes for the coming years, including AI, power infrastructure, and medical automation [8] Market Overview - The U.S. stock market showed positive movement, with the Dow Jones increasing by 68 points and the S&P 500 rising by 0.26% [10] - The Hang Seng Index closed up by 494 points (1.9%), reflecting optimism in the Hong Kong market following strong industrial profit data from mainland China [12] - The report notes that the global market is currently observing the U.S. employment data to assess the Federal Reserve's interest rate outlook [10] Investment Strategies - The report suggests a focus on "steady growth and diversified defense" in the fourth quarter, emphasizing the importance of active management and precise timing in a volatile environment [8] - High-yield bonds and emerging market hard currency bonds are highlighted as attractive investment options [8] - Specific stock recommendations include ASMPT, which is positioned well in the semiconductor and AI chip sectors, and Jiuzhou Intelligent Investment Holdings, which is expected to benefit from increased market liquidity [18][20] Economic Data - Key economic indicators to be released include China's manufacturing and non-manufacturing PMI for September, with expectations of 49.6 and 50.2 respectively [17] - The report also mentions the upcoming U.S. consumer confidence index and job openings data, which are critical for understanding the economic landscape [17]

Market Performance Hong Kong Stock Market - On September 30, 2025, the Hang Seng Index opened 193 points higher and then widened its gains, rising 494 points or 1.9% to close at 26,622 points. The H - share Index rose 151 points or 1.6% to close at 9,454 points, and the Hang Seng Tech Index rose 129 points or 2.1% to close at 6,324 points. The total turnover of the market was HK$309.096 billion [1]. A - share Market - A - share market's three major indices opened higher and closed higher, rising 0.9% - 2.7%. The Shanghai Composite Index rose 34 points or 0.9% to close at 3,862 points, with a turnover of RMB 968.2 billion. The Shenzhen Component Index rose 270 points or 2.1% to close at 13,479 points, with a turnover of RMB 1.19 trillion. The ChiNext Index rose 86 points or 2.7% to close at 3,238 points, with a turnover of RMB 570.7 billion [1]. US Stock Market - On Monday, the US stock market fluctuated and trended higher. The Dow Jones Industrial Average rose 68 points or 0.2% to close at 46,316 points. The S&P 500 Index rose 17 points or 0.3% to close at 6,661 points. The Nasdaq Composite Index rose 107 points or 0.5% to close at 22,591 points [2]. Macroeconomic News - The People's Bank of China conducted a 7 - day reverse repurchase operation of RMB 288.6 billion in the open market on the 29th, with an operating rate of 1.4%. There were RMB 240.5 billion of reverse repurchases due, resulting in a net investment of RMB 48.1 billion. The central parity rate of the RMB against the US dollar was raised by 63 points to 7.1089 [1]. - US President Trump announced that a 10% tariff will be imposed on imported softwood lumber and timber, and a 25% tariff on kitchen cabinets, washbasins, and padded wooden products. The new tariffs will take effect on October 14, and some tariffs will be increased starting January 1, next year [2]. - As the US federal government approaches a shutdown on October 1, key US economic data may be suspended. If the shutdown occurs after September 30, the employment data originally scheduled for release on October 3 will be affected first, followed by inflation data, and retail sales and new housing construction data are also at risk of delayed release [2]. Company - specific News - NVIDIA's CEO, Jensen Huang, said in a podcast interview that China lags behind the US by only a few nanoseconds in chip manufacturing, and the US should stop banning chip sales to China. Allowing companies like NVIDIA to sell chips to China would spread US technology and expand US geopolitical influence, which is in the US interest [3]. - As of September 29, the margin trading balance on the Shanghai Stock Exchange was RMB 1,223.395 billion, an increase of RMB 4.54 billion from the previous trading day. The margin trading balance on the Shenzhen Stock Exchange was RMB 1,181.431 billion, a decrease of RMB 0.112 billion from the previous trading day. The total balance of the two markets was RMB 2,404.826 billion, an increase of RMB 4.428 billion from the previous trading day [3]. - XGIMI Technology announced on the 29th that it submitted an application to the Hong Kong Stock Exchange to issue shares (H - shares) overseas and list on the main board of the Hong Kong Stock Exchange. The sole sponsor is CICC [3].

Core Viewpoint - The semiconductor sector is experiencing active trading, with SMIC (00981) showing a price increase of 2.47% to HKD 74.7, indicating rich investment opportunities for short-term traders [1] Technical Analysis - SMIC's stock price has been fluctuating between the middle and upper bands of the Bollinger Bands since August 29, suggesting a critical breakout window [1] - Key support levels are at HKD 67.7 and HKD 62.3, while resistance levels are at HKD 78.4 and HKD 87.2, marking significant price barriers [1] - The stock is currently trading above multiple moving averages, with MA10 at HKD 71.74, MA30 at HKD 62.86, and MA60 at HKD 56.14, indicating a relatively strong medium-term bullish trend [1] Signal Summary - The overall technical indicators provide a "sell" signal with a strength of 8, yet several important indicators show positive signs [3] - The RSI is at 74, indicating an overbought condition but maintains a neutral buy/sell signal [3] - Various oscillators are neutral, while the CCI indicator has issued a buy signal, and both MACD and Bollinger Bands show buy signals, reflecting significant market divergence regarding SMIC's short-term direction [3] Derivative Products Performance - Recent derivative products related to SMIC have performed exceptionally well, with Huatai call warrants (14397) rising by 34%, UBS bull certificates (60514) increasing by 33%, and other products showing gains of 18%, all outperforming the underlying stock's 5.79% increase [3] Investment Options - For bullish investors, UBS call warrants (20322) offer 3.2x leverage with a strike price of HKD 80.05, while the Cinda call warrants (20290) provide 3.5x leverage with the lowest premium and implied volatility [6] - For bearish investors, the Bank of China put warrants (20088) offer 2.5x leverage with a strike price of HKD 52.45, and UBS bear certificates (54920) provide 11.1x leverage with a redemption price of HKD 80 [8]

香港聯合交易所有限公司及證券及期貨事務監察委員會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，並表明概不就因本公告全部或任何部分內 容而產生或依賴該等內容而引致的任何損失承擔任何責任。 CHINA MICRO SEMICON (SHENZHEN) LIMITED 中 微 半 導 體（ 深 圳 ）股 份 有 限 公 司 警告 本公告乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會 （「證監會」）的要求而刊發，僅用作向香港公眾人士提供資料。 閣下閱覽本公告，即表示 閣下知悉、接納並向中微半導體（深圳）股份有限公司 （「本公司」）、其獨家保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成 員表示同意： – 1 – (a) 在聯交所網站登載本公告，並不會引致本公司、其獨家保薦人、保薦人兼整體 協調人、整體協調人、顧問或包銷團成員須於香港或任何其他司法權區進行發 售或配售活動的責任。本公司最終會否進行發售或配售仍屬未知之數； (b) 本公告所涉及的上市申請並未獲批准，聯交所及證監會或會接納、發回或拒絕 有關的公開發售及╱或上市申請； (c) 本公告不應被視為勸誘認購或購買任何證券 ...

(A joint stock company incorporated in the People's Republic of China with limited liability) WARNING The publication of this announcement is required by The Stock Exchange of Hong Kong Limited (the "Stock Exchange") and the Securities and Futures Commission (the "Commission") solely for the purpose of providing information to the public in Hong Kong. By viewing this announcement, you acknowledge, accept and agree with CHINA MICRO SEMICON (SHENZHEN) LIMITED (中微半導體（深圳）股份有限公司) (the "Company"), its sole sponso ...

Core Insights - The report highlights that the US inflation remains stable, with the Dow Jones reaching a high of 46,714 points, marking the 28th record close for the S&P 500 this year [9] - The report notes a continuous inflow of capital from mainland China into Hong Kong stocks, increasing from approximately 1,108.8 billion to 1,152.7 billion [9] - The investment strategy favors technology stocks and leading companies with AI application potential [9] - The report recommends structured products linked to AI indices, balancing yield and growth potential [9] - It suggests increasing investments in investment-grade corporate bonds to replace cash and short-term government bonds [9] Market Overview - The Hang Seng Index closed at 26,128.20, down 1.35%, while the Hang Seng Technology Index fell by 2.89% [14] - The report indicates that the Chinese economy is showing signs of weakening growth momentum, with GDP expected to decline to around 4.5% in Q3 and further to about 4.3% in the second half of the year [12] - The report mentions a "deposit migration" phenomenon in mainland China, where funds are moving from fixed deposits to equity investment products, with only 11% of the total deposits having migrated so far [12] Company Focus - Qingdao Beer Co. reported a net profit of 3.9 billion RMB for the first half of 2025, a year-on-year increase of 7.2%, driven by margin improvements and product upgrades [19] - BYD has adjusted its sales target downwards but anticipates a new growth phase in production and sales in the coming months [12] - The report highlights PACCAR Inc. as benefiting from a new 25% tariff on imported heavy trucks, enhancing its competitive pricing advantage [22] - GlobalFoundries Inc. is expected to benefit from a new regulatory policy encouraging domestic semiconductor production, which may lead to increased local orders and incentives [23]

Group 1: Market Overview - The Hang Seng Index (HSI) is currently experiencing mixed sentiments, with bullish investors expecting a settlement price above 26,400 next week, while bearish investors anticipate a drop to between 25,500 and 25,300 [1] - Technical signals indicate a "sell" recommendation, with support levels at 25,574 and 25,200, and resistance levels at 26,700 and 26,900 [1] Group 2: Galaxy Entertainment (00027.HK) - Galaxy Entertainment's stock has been stable in recent months, with a current price of 43 HKD, but technical signals suggest a "sell" stance [4] - Support levels are identified at 42.1 HKD and 40.4 HKD, while resistance levels are at 43.4 HKD and 44.2 HKD [4] Group 3: Meituan-W (03690.HK) - Meituan's stock is currently stabilizing around 100 HKD, with technical signals indicating a "buy" recommendation [10] - Resistance is noted at 107 HKD, with potential to rise to 115 HKD if this level is breached; support levels are at 96.2 HKD and 91.7 HKD [10] Group 4: China Construction Bank (00939.HK) - China Construction Bank's stock has seen a low of 7.22 HKD, with a technical signal leaning towards "buy" [17] - Resistance levels are at 7.63 HKD and 7.86 HKD, with options available at a strike price of 9.9 HKD [17] Group 5: SMIC (00981.HK) - SMIC's stock is currently at 72.95 HKD, with a technical signal indicating a "sell" recommendation [23] - Support levels are at 66.4 HKD and 58.9 HKD, while the first resistance level is at 80.1 HKD [23] Group 6: Yancoal Australia (01171.HK) - Yancoal's stock is currently at 10.31 HKD, with technical signals showing a neutral stance [27] - Resistance levels are at 10.7 HKD and 11.3 HKD, with support levels at 9.8 HKD and 9.4 HKD [27]

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何意見，並明確表示概不就因本申請版本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。 Wuhan Silicon Integrated Co., Ltd. 武漢聚芯微電子股份有限公司 （「本公司」） （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警 告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。閣下閱覽本文件，即代表閣下知 悉、接納並向本公司、本公司的聯席保薦人、保薦人兼整體協調人、整體協調人、顧問或包銷團成員表示 同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處長註冊的本公 司招股章程作出投資決定；招股章程的文本將於發售期內向公眾人士提供。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件中 的資料作出任何投資決定； (b) 在 ...

Core Viewpoint - Huahong Semiconductor (01347) has shown strong performance recently, with a notable increase in stock price and trading volume, indicating heightened market interest [1][2]. Price Movement and Technical Analysis - The stock price rose by 3.86% to 63.25 HKD, with a trading volume of 3.872 billion HKD, reflecting ongoing market attention [1]. - As of 10:05 AM on the 25th, the stock price continued to rise by 3.72% to 65.55 HKD, with a five-day volatility of 19% indicating increased risk [1]. - The stock has successfully broken through key moving averages, forming a bullish pattern, but technical indicators suggest overbought conditions, signaling potential short-term corrections [2]. Support and Resistance Levels - Key support levels are identified at 56.1 HKD and 51.7 HKD, while resistance levels are at 70.2 HKD and 78.3 HKD [1]. - A critical support level at 55 HKD is noted, with a potential drop to 50.4 HKD if this level is breached [2]. Derivative Market Performance - Recent performance in the warrant market shows significant returns, with a recommended call option yielding a 15% return in two days due to a 7.77% increase in the underlying stock [4]. - Investors are encouraged to consider specific warrants with varying leverage and exercise prices, such as the 4x leveraged product with an exercise price of 75 HKD [6]. Market Sentiment and Future Outlook - The semiconductor sector remains robust, prompting discussions among investors about whether to chase the rising stock price or wait for a potential pullback [9].

Core Insights - The report highlights a significant increase in U.S. new home sales, which surged by 20.5% month-on-month in August to an annualized rate of 800,000 units, exceeding expectations of 650,000 units [11] - Alibaba's commitment to invest heavily in AI, with plans to allocate 380 billion RMB over three years for AI infrastructure, is expected to positively influence market sentiment [13] - The semiconductor sector is anticipated to experience substantial growth due to the trend of domestic production equipment, as noted by CITIC Securities [13] Market Overview - The U.S. stock market experienced a pullback, with the Dow Jones Industrial Average dropping 171 points after initially rising by 160 points [9] - U.S. Treasury yields increased, with the 10-year yield reaching 4.155% and the 2-year yield at 3.604% [9] - Gold prices slightly declined, with spot gold falling by 0.74% to close at $1,736.14 per ounce [9] Company Focus - Meituan's revenue for the first half of 2025 reached 775 million RMB, marking a year-on-year increase of 7.8%, indicating a significant improvement in adjusted EBITDA [21] - Bilibili is focusing on developing AI recommendations and video editing features to enhance user experience and content quality, positioning itself as a leader in the industry [21] - Rui Pu Lan Jun reported a 100.2% year-on-year increase in lithium battery sales, with a total of 32.4 GWh sold in the first half of 2025, significantly improving revenue and profitability [21] Economic Data - Hong Kong's exports in August are estimated to grow by 12.2% year-on-year, while imports are expected to rise by 13.6% [20] - The U.S. is projected to report a 0.2% month-on-month increase in retail inventories for August [20] - The number of initial jobless claims in the U.S. for the week ending September 20 is expected to be 233,000 [20]