Market Performance - The Hang Seng Index (HSI) fell by 99 points or 0.4%, closing at 25,830 points after an initial rise to 26,045 points[1] - The Shanghai Composite Index (SSE) increased by 6 points or 0.2%, closing at 3,946 points[1] - The S&P 500 rose by 24 points or 0.4%, closing at 6,642 points after four consecutive days of decline[2] Trading Volume - The total trading volume in the Hong Kong market was 2,114.26 million HKD[1] - The trading volume for the Shanghai Composite Index was 7,209 million CNY, while the Shenzhen Component Index had a volume of approximately 10,000 million CNY[1] Economic Indicators - The People's Bank of China conducted a 3,105 million CNY reverse repurchase operation at a rate of 1.4%, resulting in a net injection of 1150 million CNY[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0872[1] Company Earnings - ZTO Express reported a revenue of 11.865 billion CNY for Q3, up 11.1% year-on-year, with a net profit of 2.524 billion CNY, an increase of 5.3%[3] - Lenovo Group achieved a record revenue of 39.282 billion USD for the interim period, up 18% year-on-year, with a net profit of 846 million USD, a 40.5% increase[3] - Kuaishou reported a net profit of 4.488 billion CNY for Q3, up 37.3% year-on-year, with an adjusted net profit margin of 14%[4]

Core Viewpoint - The semiconductor sector in Hong Kong is experiencing significant volatility, particularly with the stock price of SMIC (00981) facing intense fluctuations around the 75 HKD mark, indicating a unique trading opportunity for short-term traders [1] Technical Analysis - SMIC is currently at a critical point in a triangular consolidation pattern, oscillating between 71 HKD and 79.5 HKD, with a mid-term support level lowered to 65.6 HKD and a resistance level at 85.6 HKD [1] - The moving average system shows a tangled state, with the stock price barely above the MA10 at 74 HKD but still below the MA30 at 77.7 HKD, suggesting that the mid-term trend has not fully strengthened [1] - Notably, the momentum oscillation indicator has issued a "potential bottom formation" buy signal, contrasting with the sell signal from the MACD, reflecting market divergence regarding SMIC's outlook [1] Derivative Products - Investors anticipating a breakthrough for SMIC should consider the Bank of China call warrant (18977) with a strike price of 88.88 HKD, offering a leverage of 5.3 times and a relatively reasonable premium [6] - The BNP Paribas call warrant (19088) is also noteworthy, with a strike price of 88.93 HKD and a leverage of 6.3 times, featuring the lowest premium among similar products [6] Bull and Bear Certificates - For bullish investors, the UBS bull certificate (60513) is recommended, with a redemption price set at 63 HKD and an actual leverage of 5.4 times, having the lowest premium among similar products [11] - HSBC's bull certificate (60800) offers a leverage of 5.1 times with a redemption price of 62 HKD, providing a competitive advantage in leverage [11] - For bearish investors, HSBC's bear certificate (60096) has a redemption price of 88 HKD and an actual leverage of 6.1 times, while UBS's bear certificate (59839) also has a redemption price of 88 HKD but offers a higher leverage of 6.5 times [11] Investor Strategy - Investors are encouraged to consider whether to position themselves with bull certificates at the lower end of the range or wait for a clear breakout signal before entering call warrants [14] - Key factors that may catalyze SMIC's breakthrough from the current consolidation range are open for discussion among investors [14]

Market Overview - The report highlights a significant decline in the US stock market, with the Dow Jones Industrial Average dropping as much as 843 points, reflecting a sharp downturn in market sentiment [7][9] - The probability of a Federal Reserve interest rate cut in December has decreased to just below 50%, impacting investor confidence [9] - Safe-haven assets like gold have seen increased demand, with spot gold prices rising by 1.18% to a high of $4,245.13 per ounce [7] Key Company Insights - Tencent (00700) reported a 18% increase in adjusted profit for Q3, reaching 70.6 billion RMB, with revenue up 15% to 192.9 billion RMB, surpassing expectations [11] - JD Group (09618) saw a 56% year-on-year decrease in adjusted net profit to 5.8 billion RMB, although this was above market expectations [11] - Alibaba (09988) is preparing to overhaul its mobile AI application "Tongyi" to compete more closely with OpenAI's ChatGPT, aiming to enhance profitability from individual users [11] Industry Trends - The report notes a growing enthusiasm among mainland investors for Hong Kong stocks, with the scale of mainland Hong Kong stock funds expanding significantly to 1,033 billion RMB, a quarterly increase of 68% [11] - The pharmaceutical sector is highlighted with Gilead Sciences (1672) reporting a revenue of 104 million RMB for the first half of 2025, more than doubling year-on-year, and a narrowing loss of 87.95 million RMB [21] - Semiconductor demand is recovering, driven by domestic self-sufficiency and new AI requirements, benefiting companies like SMIC (981) [22] Economic Data - China's industrial production for October increased by 5.5% year-on-year, while retail sales grew by 2.8% [18] - Hong Kong's GDP for Q3 showed a seasonally adjusted increase of 0.7% and a year-on-year growth of 3.8% [18] - The US Producer Price Index for October rose by 2.5% year-on-year, indicating inflationary pressures [18]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) has recently shown a positive trend, approaching 27,000 points, with a current level around 27,200 points, slightly below the investor's target of 27,400 points [1] - If the index can break through the current level, it may aim for 27,800 points; however, a potential drop could find support around 26,200 points [1] - Technical signals indicate a bearish short-term outlook, with 8 sell signals and 5 buy signals, suggesting caution among investors [1] Group 2: Tencent Holdings (00700.HK) - Tencent has recorded a slight increase in stock price, closing around 57 HKD, nearing the upper band of the Bollinger Bands [7] - Investors are advised to hold their positions and wait for the earnings announcement, with a target price of around 700 HKD, contingent on breaking the resistance at 673 HKD [7] - Current technical signals are neutral, indicating no clear direction for the stock [7] Group 3: Xiaomi Corporation (01810.HK) - Xiaomi has rebounded over the past two days after a significant decline, with a current resistance level at 46.5 HKD [12] - If the stock can surpass this resistance, it may target 51.4 HKD; however, investors are optimistic as there are 9 buy signals compared to 6 sell signals [12] - The recent increase in trading volume supports the upward trend, indicating a favorable market sentiment [12] Group 4: SMIC (00981.HK) - SMIC has shown a slight recovery after a downward trend, with a current resistance level at 79.4 HKD [15] - Investors are cautious due to a high number of bull certificates in the options market, which may trigger a "kill the bull" scenario, suggesting potential for a pullback [15] - Technical signals are slightly optimistic, with 8 buy signals and 5 sell signals, indicating a generally positive outlook [15] Group 5: China Resources Beer (00291.HK) - China Resources Beer has been on an upward trend for six consecutive trading days, closing at 28.6 HKD, having broken through the upper band of the Bollinger Bands [19] - The resistance level is at 29.4 HKD, and if surpassed, the stock may reach 30.7 HKD, indicating potential for further gains [19] Group 6: JD.com (09618.HK) - JD.com has experienced a slight price increase, with a current support level at 128.8 HKD; a drop below this could lead to a further decline to 115.7 HKD [21] - Investors are advised to choose bull certificates with a redemption price below 115 HKD for safety [21] - Technical signals are favorable, with 10 buy signals and 5 sell signals, suggesting a positive short-term outlook [21]

Market Overview - The Hang Seng Index faces resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for fewer cuts in 2026 than previously anticipated [2] - The recent meeting between the US and Chinese leaders has eased tensions temporarily, with the US suspending a 10% tariff on fentanyl for one year [2] - China's third-quarter economic performance has further cooled, aligning with the "14th Five-Year Plan" which emphasizes expanding domestic demand and promoting technological self-reliance [2] Sector Focus - The total online retail sales during the "Double 11" shopping festival in 2025 are projected to reach approximately 1.7 trillion yuan, reflecting a year-on-year growth of 14.2% [8] - The banking sector is reportedly offering loans to businesses and individuals to meet lending targets, indicating a slowdown in effective loan demand [8] - The insurance sector is expected to benefit from strong investment returns in the third quarter due to robust performance in the A-share market [7] Company News - Tencent Music's adjusted profit for the third quarter increased by 32%, surpassing expectations, with total revenue reaching 8.463 billion yuan, a year-on-year growth of 20.64% [10] - Semiconductor manufacturer SMIC is reportedly prioritizing chip distribution to meet the demands of major companies like Huawei amid ongoing supply shortages [10] - Foxconn's third-quarter net profit rose by 17% to 57.673 billion NTD, driven by increased shipments of Apple iPhones and AI servers [9] Economic Indicators - The US Federal Reserve announced a 0.25% interest rate cut, bringing the target range to 3.75% to 4.00%, with further cuts remaining uncertain due to internal disagreements [4] - The global dividend payout in the third quarter reached a record high of 94 billion USD in Hong Kong, with a core growth rate of 15.4% [8] - The International Energy Agency (IEA) predicts that global oil consumption may continue to grow until 2050, with a projected increase of 13% [9]

Core Insights - The article provides a technical analysis and recommendations for 10 stocks, highlighting their short-term trends and key support and resistance levels. Group 1: Tencent (Code: 00700) - Tencent shows a continuous upward trend, being a leader in the domestic internet industry with a strong user base and monetization capabilities across various sectors including social media, gaming, fintech, and cloud computing [1] - Support level is at 617, resistance level at 682, with corresponding call option code 18981 and put option code 20518 [1] Group 2: Alibaba (Code: 09988) - Alibaba is also on an upward trajectory, recognized as a global e-commerce and technology giant with a robust ecosystem and supply chain capabilities [1] - Support level is at 150.5, resistance level at 176.8, with call option code 15432 and put option code 20870 [1] Group 3: Meituan (Code: 03690) - Meituan's short-term trend is positive, being a leading local service platform in China with high market penetration and user engagement [2] - Support level is at 95.2, resistance level at 111.4, with call option code 20964 and put option code 21520 [2] Group 4: JD.com (Code: 09618) - JD.com continues to rise, leveraging its high-quality supply chain and efficient logistics, particularly in the 3C electronics and fresh retail sectors [2] - Support level is at 115.5, resistance level at 133.9, with call option code 18979 and put option code 19822 [2] Group 5: Xiaomi Group (Code: 01810) - Xiaomi is experiencing an upward trend, having established a comprehensive ecosystem of smartphones, smart hardware, and IoT platforms [2] - Support level is at 38.4, resistance level at 50.5, with call option code 13204 and put option code 18546 [2] Group 6: Kuaishou (Code: 01024) - Kuaishou shows a positive short-term trend, being a leading short video and live streaming platform with high user activity and a rich content ecosystem [3] - Support level is at 63.1, resistance level at 82.4, with call option code 18961 and put option code 19035 [3] Group 7: BYD (Code: 01211) - BYD is on a favorable trend as a leader in the electric vehicle industry, benefiting from high growth in the sector [3] - Support level is at 93.7, resistance level at 109.9, with call option code 17318 and put option code 19297 [3] Group 8: Hong Kong Stock Exchange (Code: 00388) - The Hong Kong Stock Exchange continues to rise, serving as a key hub connecting mainland and global capital markets [3] - Support level is at 420, resistance level at 452, with call option code 13855 and put option code 19860 [3] Group 9: AIA Group (Code: 01299) - AIA Group is experiencing an upward trend, being a leading life insurance company in the Asia-Pacific region with strong demand for insurance products [4] - Support level is at 73.7, resistance level at 88.3, with call option code 17948 and put option code 18984 [4] Group 10: SMIC (Code: 00981) - SMIC shows a positive trend as the largest integrated circuit foundry in mainland China, benefiting from domestic semiconductor industry growth [4] - Support level is at 64.7, resistance level at 88.3, with call option code 18977 and put option code 21385 [4]

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。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 自願公告 認購CAPCON HOLDINGS LIMITED之股權 本公告由金涌投資有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願刊發，以 向本公司之股東及潛在投資者披露本集團業務之最新發展情況。 認購事項 本公司董事會（「董事會」）欣然宣佈，本公司近期以5,000,000美元（「認購價」）完成認購 Capcon Holdings Limited（「Capcon」或「華封科技」）發行之B-4輪可轉換可贖回優先股 （「是次認購」）。 本集團主要從事提供投資管理服務業務及策略直投業務。本集團恆常對具良好聲譽兼商 業潛力的公司進行投資。本集團認為，Capcon作為先進半導體封裝設備研發和生產領域 的產業領導者，符合集團的投資標準，並將為公司股東帶來價值。 華封科技於2 ...

Market Performance - Hang Seng Index (HSI) rose by 407 points or 1.6%, closing at 26,649 points[1] - Shanghai Composite Index increased by 21 points or 0.9%, ending at 4,018 points[2] - S&P 500 gained 103 points or 1.5%, closing at 6,832 points[2] Trading Volume - Total trading volume in Hong Kong was 214.788 billion HKD[1] - Shanghai Stock Exchange's trading volume reached 960.6 billion CNY[2] - Shenzhen Component Index had a trading volume of 1.21 trillion CNY[2] Economic Indicators - China's inflation exceeded expectations, with the Producer Price Index (PPI) showing a narrowing decline for three consecutive months[1] - The People's Bank of China conducted a 119.9 billion CNY reverse repurchase operation at a rate of 1.4%[2] - The RMB/USD exchange rate was adjusted down by 20 points to 7.0856[2] Sector Insights - BYD's SUV models priced between 300,000 to 400,000 HKD are the most popular in Hong Kong, with sales exceeding 7,800 units this year, capturing approximately 25% market share[4]

Group 1 - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,241 points, which is a minor drop of less than 1% after a significant rise the previous day [1][2] - Technical signals indicate a majority "sell" signal, with support around 25,700 points and resistance at approximately 26,700 points, suggesting a potential trading range of about 1,000 points [2] - Investors are advised to choose safer products with recovery prices further from the current levels, such as 25,600 or 25,500 for bullish options, and above 26,700 for bearish options [2] Group 2 - Semiconductor company Hua Hong Semiconductor (01347.HK) showed a slight price drop, closing at 79.45 HKD, with support at around 73 HKD and resistance at 87.5 HKD [6] - Technical signals for Hua Hong indicate a slight majority of "buy" signals, with 8 buy signals compared to 6 sell signals [6][10] - CNOOC (00883.HK) is experiencing an upward trend, closing at 21.18 HKD, with resistance at 21.6 HKD and potential for further gains if it breaks this level [12][16] Group 3 - Bilibili (09626.HK) is showing weak performance, closing at 216 HKD, with potential further declines to 205 HKD if the downward trend continues [18] - China Mobile (00941.HK) is performing well, closing at 87.15 HKD, close to the upper Bollinger Band, with resistance at 88.1 HKD [19][22] - Ganfeng Lithium (01772.HK) closed at 52.7 HKD, near the upper Bollinger Band, with resistance at 55.9 HKD and a prevailing "sell" signal in the market [24][27]

Market Overview - The report highlights a significant increase in layoffs in the US, with approximately 153,000 job cuts announced in October, marking a year-on-year surge of 175.3% [9][12] - The Dow Jones Industrial Average experienced a drop of 398 points, while the Nasdaq fell by 445 points, indicating a broader market correction [9][12] - Despite cautious consumer sentiment, holiday sales in the US are projected to exceed $1 trillion, setting a new record [12] Investment Strategy - The report suggests maintaining a long-term investment strategy despite short-term market corrections, emphasizing the potential of Asian and emerging markets as mid to long-term investment highlights [10] - Structural products are recommended to mitigate downside risks amid short-term uncertainties and potential market pullbacks [10] Key Company Analysis - Alibaba's latest quarterly report shows revenue growth year-on-year, driven by strong performance in cloud services and AI applications, although slightly below expectations [23] - Shanghai Electric reported a revenue of 82.276 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 7.4% [23] - New China Life Insurance achieved a net profit of 32.9 billion RMB for the first three quarters of 2025, a year-on-year increase of 59%, benefiting from a recovering equity market [23] Economic Data - China's foreign exchange reserves stood at $3.33 trillion as of October, with exports growing at an annual rate of 2.8% [21] - The US unemployment rate for October was reported at 4.4%, with a decrease of 20,000 in non-farm payrolls [21] - Taiwan's exports increased by 31.6% year-on-year in October, indicating strong trade performance [21]