Market Overview - The report highlights the pressure on US stock markets due to Federal Reserve Chairman Powell downplaying further rate cuts, leading to a decline in major indices such as the Dow Jones, S&P 500, and Nasdaq [8][10] - Meta's significant earnings drop of 11.3% is attributed to excessive AI-related capital expenditures, impacting investor sentiment [8][10] - A trade agreement between China and the US for the purchase of 12 million tons of US soybeans is expected to benefit the US agricultural sector [8][10] Company Performance - Amazon's third-quarter results exceeded expectations, with strong growth in its cloud division, leading to a stock price surge of over 13% before closing down 3.2% [10] - Apple's fourth-quarter revenue reached $102.47 billion, a year-on-year increase of 7.9%, although iPhone revenue fell short of analyst expectations [10][12] - AIA Group reported a new business value of $4.314 billion, an 18% increase year-on-year, with annualized new premiums rising by 10% [12] Economic Indicators - The US Congressional Budget Office estimates that the government shutdown has caused at least $18 billion in economic losses, with potential short-term boosts to Q1 2026 growth [10] - The European Central Bank maintained its deposit rate at 2%, aligning with market expectations, while inflation in the Eurozone remains close to the 2% target [10][12] Stock Recommendations - The report recommends a buy for the stock of Mixue Group, citing strong performance in the first half of 2025 and a diversified product matrix following the acquisition of a beer brand [21] - Zhongchu Innovation (3931) is noted for benefiting from strong demand in the new energy vehicle and energy storage battery sectors, with optimistic long-term growth potential [21] Key Economic Data Releases - Upcoming economic data releases include China's manufacturing PMI for October, expected at 49.6, and Hong Kong's GDP growth for Q3, projected at 3% year-on-year [19]

Core Insights - The Federal Reserve maintained interest rates at 4.25%-4.5%, aligning with expectations [9] - The US GDP for Q2 grew by 3%, surpassing expectations, primarily due to a significant increase in net exports [11] - The A-share market shows strong revaluation momentum, with the CSI 300 index's historical PE and PB ratios at 12.3x and 1.24x, respectively, indicating a cheap valuation [9][11] Market Focus and Strategy - The A-share market is expected to have long-term value due to favorable policies, despite potential short-term adjustments [9] - Recommendations include gradually accumulating A-share ETFs due to valuation re-evaluation [9] - The Hang Seng Index experienced a significant drop, closing at 25,176 points, with analysts suggesting it may breach the 25,000 mark [13] Company Highlights - Meta Platforms Inc. reported a 36% year-on-year increase in net profit and a 22% rise in revenue for Q2, exceeding expectations [11] - HSBC has a pessimistic outlook on Hong Kong's commercial real estate, increasing provisions significantly [13] - The company Giant Bio (2367) is positioned as a leader in the collagen market, with a projected market size of 108.3 billion yuan by 2027 [21] Economic Data Overview - The US GDP growth rate for Q2 was reported at 3%, with PCE inflation at 2.1% [11] - China's manufacturing PMI for July is at 49.7, indicating contraction, while the non-manufacturing PMI is at 50.2, suggesting slight expansion [19] - Hong Kong's GDP growth for Q2 is reported at 2.8% year-on-year [19] Stock Recommendations - Buy recommendation for Giant Bio at $57.10, with a target price of $66.20 and a stop-loss at $54.72 [21] - Starbucks Corporation reported Q3 revenue of $9.456 billion, a 3.8% year-on-year increase, exceeding market expectations [23] - FTAI Aviation Ltd. saw a 52.4% year-on-year revenue increase to $676 million, indicating strong growth potential [24]