Market Overview - The Hong Kong stock market opened higher on November 3, with the Hang Seng Index starting at 25,999.17 points, up by 92.52 points, a gain of 0.36% [1] - The Hang Seng Tech Index opened at 5,936.28 points, increasing by 28.20 points, a rise of 0.48% [2] New Listings - Minglue Technology-W (02718.HK) debuted with a significant opening, rising by 98% initially and reaching a peak of 298 HKD, reflecting a gain of 111.35% [4][5] - The company had a public offering that was oversubscribed by 4,452.86 times, with a final offer price set at 141 HKD, raising a net amount of 900.2 million HKD [6] Sector Performance - Oil stocks showed strong performance, with China National Offshore Oil Corporation and China Petroleum rising over 3%, while Sinopec and Shanghai Petrochemical increased by over 1% [6] - In the technology sector, stocks like Bilibili rose over 2%, while Xiaomi and Lenovo gained over 1% [7] - Biotechnology stocks mostly increased, with WuXi AppTec rising over 9% [7] - Automotive stocks were active, with NIO rising over 3% [7] - Chinese brokerage stocks generally rose, with China Merchants Securities increasing by over 1% [7] - Gold stocks experienced declines, with Zijin Mining falling over 2% [7] Future Outlook - Goldman Sachs analysts believe that the Chinese stock market is entering a growth phase, driven by AI, anti-involution, and overseas expansion as potential profit drivers [8] - The firm predicts a potential return of approximately 30% for A and H shares by the end of 2027, supported by a 12% annual compound profit growth rate and a 5% to 10% expansion in price-to-earnings ratios [8] - The strong performance of Chinese tech stocks, particularly in the AI sector, is attributed to improved sentiment driving valuation increases, although future focus may shift towards fundamental improvements and earnings realization to support valuation growth [8]

格隆汇10月20日｜国家统计局数据显示，原油生产增速加快。9月份，规上工业原油产量1777万吨，同 比增长4.1%，增速比8月份加快1.7个百分点；日均产量59.2万吨。1—9月份，规上工业原油产量16263 万吨，同比增长1.7%。原油加工较快增长。9月份，规上工业原油加工量6269万吨，同比增长6.8%；日 均加工209.0万吨。1—9月份，规上工业原油加工量55081万吨，同比增长3.7%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：宋政 HN002） ...

Market Overview - On September 2, the Hong Kong stock market saw all three major indices decline, failing to maintain the previous day's upward momentum[9] - Southbound capital recorded a net inflow of HKD 9.281 billion on the same day[9] - Major tech stocks generally fell, with Kuaishou down over 2%, and Meituan, Alibaba, Baidu, and JD.com each down over 1%[9] Sector Performance - Semiconductor and chip stocks experienced a pullback, with Shanghai Fudan down nearly 8%[9] - ZTE Corporation's stock dropped over 7% due to second-quarter earnings falling short of market expectations, reporting revenue of CNY 71.553 billion, a year-on-year increase of 14.51%, and a net profit of CNY 5.058 billion, a year-on-year decrease of 11.77%[9] - Automotive stocks showed gains, with expectations of a 10% year-on-year increase in national retail sales of passenger vehicles in 2025[9] Banking and Oil Sector - Banking stocks rose, with Agricultural Bank of China up nearly 3%, and other major banks also seeing gains[9] - As of the end of August, 42 listed banks reported a total revenue exceeding CNY 2.9 trillion, a year-on-year increase of over 1%[9] - Oil stocks strengthened as international oil prices rose, with WTI crude up 0.94% to USD 64.61 per barrel, and Brent crude up 1.01% to USD 68.16 per barrel[9] U.S. Market Impact - On September 2, U.S. stock indices collectively fell as investors weighed the latest developments in trade tensions[9] - A U.S. appeals court ruled that many of Trump's global tariffs were illegal, which could lead to the federal government potentially having to refund tens of billions of dollars, further straining the fiscal situation[9] - The yield on the 10-year U.S. Treasury bond rose above 4.3%, while the 30-year yield reached 4.99%, the highest level since July 18[12]

Market Overview - The Hong Kong stock market continues to show weakness, opening high but declining throughout the day, currently down 0.23% [1] - The Hang Seng Utilities index is among the biggest decliners, followed by Hang Seng Technology, Industrial and Commercial Bank, and ESG indices [1] Sector Performance - The Hang Seng Technology index opened low and is currently down 0.56%, with notable declines in stocks such as Sunny Optical Technology down 4.68%, and other companies like Tongcheng Travel, Baidu Group, Tencent Music, Xiaomi Group, and BYD Electronics each down around 2% [3] - The banking sector experienced a brief rise before falling back, currently down 0.23%, with Chongqing Rural Commercial Bank down 1.28% and other major banks like CITIC Bank, China Construction Bank, and Industrial and Commercial Bank showing slight declines; however, Agricultural Bank, Minsheng Bank, and Postal Savings Bank are performing well [3] Oil and Real Estate - The oil sector saw a significant increase after opening, currently up 1.92%, with China Oilfield Services up 4.47%, Sinopec up 4.02%, and China National Chemical Engineering up 2.27%; however, China National Offshore Oil Corporation is down 1.13% [3] - The real estate sector is also showing resilience, with some stocks performing well despite the overall market decline [1]

Market Overview - The Hong Kong stock market showed slight fluctuations in the morning session, indicating a potential halt in the recent downward trend. The Hang Seng Index fell by 0.18%, the Hang Seng China Enterprises Index decreased by 0.01%, and the Hang Seng Tech Index dropped by 0.12% [1] Technology Sector - Major technology stocks mostly turned positive, with Meituan and Alibaba rising by 2.5%, Baidu increasing by 2%, and JD.com gaining over 1%. Xiaomi showed positive movement, while Kuaishou fell by 2%. NetEase and Tencent remained in the red [1] Gold Market - International spot gold prices returned above $3,290, leading to active performance in gold stocks [1] Paper Industry - The Guangdong paper industry issued its first anti-involution initiative, coinciding with a wave of price increases in the sector, resulting in strong performance from paper stocks, with Chenming Paper and Nine Dragons Paper leading the gains [1] Stablecoin and Related Sectors - The application window for stablecoin licenses in Hong Kong has opened, with most stablecoin concept stocks showing upward trends. Additionally, solar energy stocks, telecommunications stocks, brain-computer interface concept stocks, and traditional Chinese medicine stocks experienced some increases [1] Oil Sector - Oil stocks faced significant declines, with expectations of a year-on-year net profit drop of 39.5% to 43.7% for the first half of the year. China Petroleum & Chemical fell nearly 5%, while China National Petroleum dropped over 2% [1] Other Sectors - Chinese brokerage stocks, local Hong Kong consumer stocks, baby and child concept stocks, coal stocks, education stocks, insurance stocks, and automotive stocks mostly performed poorly [1]

Market Overview - The three major indices continued to decline in the afternoon, with the Hang Seng Index dropping over 3.1% at one point, ultimately closing down 2.72%, marking five consecutive days of decline [1] - The Hang Seng Index and the National Enterprises Index saw increases of 1.36% and 1.18%, respectively [1] Automotive Sector - Major automotive stocks experienced significant declines, with Li Auto falling by 12.84%, BYD down 5.77%, Xpeng down 5.68%, and NIO down 5.64% [2] - The automotive sector faced pressure as July retail sales of narrow passenger vehicles reportedly fell over 11% month-on-month, leading to increased concerns about "involution" competition within the industry [3] Technology Sector - Large technology stocks, which serve as market indicators, all saw declines, with Alibaba and JD.com dropping nearly 3%, and Baidu down 2% [3] - Semiconductor stocks performed poorly throughout the day, with leading company SMIC falling nearly 6% [3] Oil and Related Sectors - International oil prices rebounded to around $70, leading to a rise in oil stocks, which increased by nearly 4%, with China Petroleum & Chemical rising nearly 3% [3] Other Sectors - The infant formula sector is viewed positively by institutions due to expected demand improvements, with H&H International Holdings surging over 11% [3] - Coal, electricity, and steel stocks related to "anti-involution" themes showed relative activity [3]

Group 1 - Russia is willing to supply liquefied natural gas to Mexico [1] - Russia is open to sharing various energy technologies with Mexico [1] - Russia offers oil extraction technologies suitable for complex geological conditions [1] - Russia provides solutions aimed at improving oil processing efficiency [1]

Group 1 - The core viewpoint of the article highlights the stable growth in crude oil production in May, with a year-on-year increase of 1.8% compared to April's growth rate [1] - In May, the industrial crude oil output reached 18.47 million tons, with an average daily production of 596,000 tons [1] - From January to May, the total industrial crude oil output was 90.28 million tons, reflecting a year-on-year growth of 1.3% [1] Group 2 - The article notes that the decline in crude oil processing has expanded, indicating potential challenges in the refining sector [1]

Group 1 - Shandong Molong (00568.HK) experienced a significant increase of 76.09% [1] - On June 13, airstrikes were conducted by the air force targeting dozens of sites in Iran related to its nuclear program and other military facilities [1] - Following this news, Brent crude oil saw an intraday increase of over 13% [1]

Report Industry Investment Ratings No information provided in the content regarding industry investment ratings. Core Views - The plastics market is affected by factors such as increased supply from new capacity and reduced downstream demand, but the sentiment is boosted by Sino - US trade negotiations, suggesting that short positions should gradually stop profit and exit [3] - For lithium carbonate, the supply - demand surplus pattern continues, with futures prices hitting new lows and limited room for spot price decline, suggesting a wait - and - see approach [5] - The short - term copper price is expected to be mainly oscillating upwards, affected by Sino - US negotiations and supply - demand fundamentals, and attention should be paid to the US CPI data [10] - Crude oil supply is under pressure, demand growth is expected to slow down, and it is recommended to stop profit on previous short positions [11][13] - For asphalt, under the situation of weak supply and demand, a wait - and - see approach is recommended [14] - PP is expected to oscillate, with downstream demand recovery slow and new orders limited, but market sentiment is boosted by trade negotiations [15][16] - PVC is still under pressure, but it is recommended to gradually stop profit on short positions due to improved macro - sentiment [17] - Urea prices are expected to oscillate upwards, but the upward space is restricted by policies [18][19] Summary by Variety Plastics - Supply: Yulong Petrochemical's overhauled devices restarted, and new capacity was put into production, but some devices were also under maintenance [3] - Demand: PE downstream开工率 decreased, with agricultural film entering the off - season and other demand being average [3] - Inventory: Petrochemical inventory is at a relatively low level in recent years [3] - Recommendation: Gradually stop profit on short positions [3] Carbonate Lithium - Price: The futures price hit a new low, and the spot price is close to the bottom [4][5] - Supply: Production in Jiangxi is stable, while the northern region's开工率 has decreased significantly [5] - Demand: Positive electrode production is expected to increase in May and then enter the off - season, and the impact of US tariffs on global demand may be limited [5] - Inventory: There is a slight reduction in inventory [5] - Recommendation: Wait and see [5] Copper - Price: Affected by Sino - US negotiations and the US dollar, it is expected to oscillate upwards in the short term [9][10] - Supply: The supply of copper ore is tight, and there are many smelter maintenance plans in May and July - September [10] - Demand: Downstream demand shows resilience, with cable enterprise开工率 and orders increasing [10] - Recommendation: Pay attention to the US CPI data [10] Crude Oil - Supply: OPEC + is gradually increasing production, and US production is at a high level, with large supply pressure [11] - Demand: The growth rate of global demand is expected to slow down [11] - Recommendation: Stop profit on previous short positions [13] Asphalt - Supply:开工率 has rebounded, and production is expected to increase in May [14] - Demand: Downstream开工率 is uneven, and actual demand needs to be restored [14] - Inventory: The inventory - to - sales ratio has slightly increased, still at a low level in recent years [14] - Recommendation: Wait and see [14] PP - Supply: New production capacity is put into production, and there are more maintenance devices, with enterprise开工率 at a relatively low level [15] - Demand: Downstream开工率 continues to decline, and new orders are limited [15][16] - Inventory: Petrochemical inventory is at a relatively low level in recent years [15] - Recommendation: Expected to oscillate [16] PVC - Supply:开工率 has increased, and spring maintenance scale is less than last year [17] - Demand: Downstream开工率 is still low, and exports are affected by policies [17] - Inventory: Social inventory is still high [17] - Recommendation: Gradually stop profit on short positions [17] Urea - Supply:开工率 is stable, and some enterprises are resuming production [18] - Demand: Agricultural fertilization is cautious, and compound fertilizer factory开工率 may decline [18][19] - Inventory: Inventory is being reduced [18] - Recommendation: Prices are expected to oscillate upwards, but be cautious of risks [19]