Market Overview - The Hang Seng Index is expected to find short-term support around the 100-day moving average at approximately 25,600 points due to uncertainties in U.S. interest rate cuts and ongoing U.S.-China trade tensions [2][4][6] - The U.S. Federal Reserve announced a 0.25% interest rate cut in October, lowering the target range to 3.75% to 4.00%, but future cuts remain uncertain as many officials believe further reductions may not be necessary [4][9] Company Performance - ZTO Express reported a 5% increase in net profit for Q3, but lowered its full-year business volume guidance, indicating challenges in the logistics sector [4][10] - Lenovo Group's interim profit rose by 41%, driven by strong demand for AI-related products, with AI revenue accounting for nearly 30% of total revenue [10] - Kuaishou's adjusted profit increased by 26% in Q3, with AI revenue exceeding 300 million RMB, reflecting growth in online marketing and live streaming services [10] - Kingsoft's Q3 profit fell by 48%, primarily due to a significant drop in revenue from online games, despite growth in office software and services [10] Industry Insights - The insurance sector is expected to benefit from strong investment returns in A-shares during Q3 [7] - The coal sector anticipates upward price momentum for thermal coal [7] - The lithium industry is optimistic about a recovery in lithium carbonate demand, with supply and demand expected to balance [7] - The Chinese toy retail market is projected to exceed 100 billion RMB this year, driven by the popularity of collectible toys [8] Economic Indicators - China's one-year and five-year Loan Prime Rates (LPR) remained unchanged at 3% and 3.5%, respectively, aligning with market expectations [8] - The U.S. job market shows signs of slowing, with rising unemployment rates, although they remain relatively low [4][9]

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之內容概不 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 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Seven Elements Investment Holdings Limited 七元投資控股有限公司 （於開曼群島註冊成立之有限公司） （前稱兆邦基生活控股有限公司） （股份代號：1660） 自願性公告 建議收購證券公司 本 公 告 由 本 公 司 向 股 東 及 本 公 司 的 潛 在 投 資 者 作 出 的 自 願 性 披 露，用 於 更 新 本 集 團 的 業 務 狀 況。 建議收購 待收購資產 (b) 交 割 日 支 付 剩 餘 對 價。 對 價 是 雙 方 參 照 證 券 公 司 的 淨 資 產 價 值 和 市 場 上 可 比 同 業 的 估 值，經 過 公 平 談 判 後 確 定 的。 賣 方 同 意 在 交 易 完 成 前 依 照 公 司 的 建 議 投 資 於 證 券 公 司。相 關 費 用 應 記 為 約 定 費 用，但 該 ...

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish interest rate outlook from the Federal Reserve and ongoing uncertainties in the US-China trade situation [2] - The third quarter economic data from mainland China indicates further cooling, prompting a focus on policies aimed at expanding domestic demand and promoting technological self-reliance [2] Company Updates - JD Group reported record sales during the Double 11 shopping festival, with a 40% increase in the number of ordering users and nearly a 60% rise in order volume [9] - Hesai Technology turned a profit of 260 million RMB in the third quarter, raising its full-year profit guidance [9] - Hong Kong Exchanges and Clearing Limited invested 455 million HKD to acquire a 20% stake in Xunqing Clearing Holdings [9] - Ant Group's investment in Yao Cai Securities has not met completion conditions, potentially extending the final deadline [9] - Innovative Industry plans to raise approximately 700 million USD through an IPO [9] Industry Insights - The manufacturing sector in mainland China is accelerating the construction of pilot platforms, focusing on AI and robotics [6] - The People's Bank of China is set to implement a moderately loose monetary policy to support economic recovery and enhance the bond market [7] - The China Association of Automobile Manufacturers reported that in October, the sales of new energy vehicles exceeded 50% of total vehicle sales for the first time [8] - The third quarter saw a 17.8% increase in the shipment of foldable smartphones in China, indicating a recovery in the market [8] - The domestic excavator sales grew by 2.44% year-on-year in October, with a total of 18,096 units sold [8]

Market Overview - US stock markets experienced a decline, with the Dow Jones down 1.21% to 46,987.10, the S&P 500 down 1.63% to 6,728.80, and the Nasdaq down 3.04% to 23,004.54[5][6] - The Hang Seng Index rose 1.29% to 26,241.83, while the National Enterprises Index increased by 1.08% to 9,267.56[5][3] Commodity and Currency Markets - New York crude oil fell 2.02% to $59.75 per barrel, while New York gold rose 0.33% to $4,009.80 per ounce[5][3] - The US Dollar Index decreased by 0.20% to 99.60, with the Euro rising 0.25% to 1.1566 and the Australian Dollar falling 0.79% to 0.6493[3][31] Economic Indicators - The University of Michigan's consumer confidence index dropped to 50.3, the lowest since June 2022, with inflation expectations slightly rising to 4.7%[8][24] - US companies announced 153,000 layoffs in October, a significant increase of over 1.8 times month-on-month, marking the largest October layoffs since 2003[8][24] Bond Market Insights - The US government shutdown continues, impacting market stability; the 2-year Treasury yield is at 3.591%, while the 10-year yield is at 4.116%[26] - Hong Kong plans to issue tokenized bonds, with previous issuances totaling HKD 6.8 billion since 2023, aiming to enhance its status as a financial hub[26] Investment Strategies - AI-themed funds are highlighted as a key strategy for capturing future trends, emphasizing the importance of technology innovation and ethical standards[21] - Investors are advised to remain cautious and await clearer market directions before making significant investment decisions[18]

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]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to the Federal Reserve's hawkish stance on interest rate cuts and ongoing uncertainties in the US-China trade relations [1] - The third quarter economic performance in mainland China has further cooled, prompting a focus on expanding domestic demand and promoting technological self-reliance as outlined in the 14th Five-Year Plan [1] Company News - Pony.ai (2026) has set its share offering price at HKD 139 [3] - Geely has acquired a 26.4% stake in Renault's Brazilian operations, allowing it to benefit from production and sales at the Brazilian factory [3] - Chow Tai Fook (1929) has adjusted prices for some gold products starting today [3] - Sa Sa International (0178) has issued a profit warning, expecting a mid-term profit increase of over 50% [3] Economic Indicators - The US Federal Reserve announced a 0.25% interest rate cut, lowering the target range to 3.75% to 4.00%, and plans to end balance sheet reduction starting December [4] - The Hang Seng Index closed at 26,158 points, up 0.97%, with a trading volume of HKD 228.7 billion [5] - The manufacturing PMI in China fell to 50.6 in October, below expectations, indicating a slowdown in economic activity [7] Sector Focus - The insurance sector is seeing improved investment returns in Q3 due to strong performance in A-shares [6] - AI concept stocks are benefiting from accelerated applications of "Artificial Intelligence+" in mainland China, with breakthroughs in chip development [6] - Macau gaming stocks reported October gaming revenue exceeding expectations, reaching a nearly six-year monthly high [6] Regulatory Developments - The Hong Kong Monetary Authority has launched the "FinTech 2030" initiative, focusing on over 40 projects across four key areas to enhance the financial technology landscape [8] - The Securities and Futures Commission has issued new guidelines to facilitate licensed virtual asset trading platforms, allowing them to merge trading instructions with affiliated overseas platforms [8]

Market Performance - Hang Seng Index closed at 25,906 points, down 376 points or 1.4%[1] - National Index fell 178 points or 1.9%, closing at 9,168 points[1] - Hang Seng Tech Index decreased by 143 points or 2.4%, ending at 5,908 points[1] - Total market turnover was 257.612 billion HKD[1] Economic Indicators - China's official manufacturing PMI fell short of expectations, while the services PMI met expectations[1] - The People's Bank of China conducted a 355.1 billion RMB reverse repo operation at a rate of 1.4%[1] - The RMB/USD midpoint was adjusted down by 16 points to 7.0880[1] Corporate Performance - Top 100 real estate companies' sales totaled nearly 2.9 trillion RMB in the first ten months, a year-on-year decline of 16.3%[3] - HKEX reported an average daily trading volume of 1.54 million contracts for derivatives in Q3, a historical high[3] - FWD reported new business sales of 1.935 billion USD, up 37% year-on-year at constant exchange rates[4] - XPeng Motors delivered 42,013 vehicles in October, a record monthly high[4] - BYD's new energy vehicle production was 429,808 units in October, down 19.8% year-on-year[5]

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會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之任何損失承擔任何責任。 Desun Real Estate Investment Services Group Co., Ltd. 德商產投服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2270） 關於入股高盈證券的補充公告 茲提述德商產投服務集團有限公司（「本公司」）日期為2025年10月3日之公告（「該公 告」），內容有關（其中包括）本公司全資附屬公司Desun Property Service Limited （「Desun Property」）與Going Securities Holding Limited（「高盈證券控股」）簽署股 權轉讓協議。除另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 如該公告所披露，Desun Property同意購買高盈證券香港15%股權且已完成付款 （「本次收購」）。高盈證券香港持有高盈證券100%股權。高盈證券是香港證券及期 貨事務監察委員會（「證監會」） ...

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之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不對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。 Desun Real Estate Investment Services Group Co., Ltd. – 1 – 準化協會」副理事長單位，該協會匯聚了行業內多家領先機構。高盈證券具備相關 監管牌照、市場資源及產業股東背景，其合規資質與資源整合優勢突出。 本次戰略投資是本集團作為城市資產服務商擁抱數字金融科技、推動業務轉型升級 的關鍵一步。也是本集團把握數字金融發展趨勢、探索業務多元化的重要里程碑。 通過本次投資，本公司有望將現有商業管理、不良資產處置等傳統業務優勢與數字 金融技術深度融合，開拓新的業務增長點，此舉符合本集團尋求新的增長動力和拓 寬盈利模式的戰略目標。 德商產投服務集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2270） 自願性公告 入股高盈證券 本公告乃由德商產投服務集團有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）自願作出。 本公司董事（「董事」）會（「董事 ...

Core Viewpoint - The article presents a "Bull Market Risk Signal System" designed to assess the risk levels of the stock markets in China and Hong Kong, indicating a mixed outlook with several indicators showing signs of overheating and potential risks [1]. Group 1: Valuation Levels - As of September 30, 2025, the price-to-earnings (P/E) ratio for the CSI 300 Index is 14.22 times, and for the Hang Seng Index, it is 13.66 times, suggesting that the markets are not overheated, thus receiving a green light [1]. Group 2: Market Sentiment and Behavior - In August 2025, 2.65 million new accounts were opened in the A-share market, a year-on-year increase of 165%, indicating a significant influx of retail investors, which is a typical sign of overheating, thus receiving a red light [1]. - The emergence of "stock gods" and high-return internet influencers has been noted, with several cases on platforms like Xueqiu, which also indicates overheating, thus receiving a red light [1]. - A strong speculative atmosphere is present, with short-term trading becoming prevalent and value investing being ridiculed, leading to a red light [1]. - Increased inquiries about stocks from relatives and friends suggest a heightened public interest, contributing to a red light [1]. Group 3: Market Dynamics - There are evident local asset bubbles in sectors with significant price increases, such as the Sci-Tech Innovation Board, Growth Enterprise Market, and semiconductor sectors, which receive a red light [1]. - Trading volumes have surged, with the Shanghai Stock Exchange recording a trading volume of 0.97 trillion and the Shenzhen Stock Exchange 1.21 trillion as of September 30, 2025, indicating excessive trading activity and receiving a red light [1]. - The financing balance in the A-share market has rapidly increased, with the total financing balance across the Shanghai, Shenzhen, and Beijing markets exceeding 2.4 trillion, indicating excessive leverage and receiving a red light [1]. Group 4: Regulatory and Foreign Investment Insights - Ongoing monitoring of regulatory actions is necessary, as the regulatory environment is currently assessed as neutral, receiving a yellow light [1]. - According to Morgan Stanley, the net inflow of foreign capital into Hong Kong and mainland stocks has slowed, with only 900 million USD in August, down from 2.7 billion USD in July, which is also assessed as a yellow light [1].