Market Overview - The US stock market reached new highs, with the three major indices hitting record levels on the "quadruple witching day" [9] - Global equity funds attracted $68.4 billion, the highest since December of the previous year, with $57.7 billion flowing into US equity funds [11] - Emerging market funds saw inflows of $7.6 billion, marking the highest since May [11] - The 10-year US Treasury yield rose to 4.147%, reflecting market concerns about inflation [9] - Gold prices strengthened, closing up 1.12% near the day's high [9] Investment Strategies - The report recommends prioritizing investments in leading companies within the "artificial intelligence and semiconductor" sectors due to the growing demand for AI [9] - For fixed income, it is suggested to reduce holdings in US Treasuries and shift towards investment-grade corporate bonds (IG) and floating-rate notes (FRN) [9] - A recommendation for structured products includes "dual-leverage linked notes" tied to major commodities (such as oil and copper) to capture price fluctuations [9] Company Highlights - Sanofi reported Q2 net sales of €9.994 billion, a year-on-year increase of 10.1%, with earnings per share rising by 8.3% to €1.59 [24] - FedEx Corporation announced an increase in revenue and profit guidance for FY2026, driven by higher volume in its priority delivery service and cost-saving measures [25] - The report highlights the strong performance of the company 创科实业 (Techtronic Industries), which achieved a record revenue of $7.833 billion in H1 2025, with net profit growing to $628 million and a gross margin improvement to 40.3% [21] - 京东 (JD.com) has formed a strategic partnership with China Resources to open its first physical store in Hong Kong by 2026, focusing on international and mainland tech brands [13] Economic Data Releases - Key economic data releases include the M3 money supply in Switzerland, unemployment rate in Taiwan, and consumer price index in Hong Kong, all scheduled for September 22, 2025 [19]

Market Overview - The Hang Seng Index closed at 25,270.07 points, down 0.98% for the day and up 25.97% year-to-date[5] - The Technology Index decreased by 0.59%, with a year-to-date increase of 24.06%[5] - The Financial Index fell by 1.25%, with a year-to-date increase of 10.29%[5] Corporate Earnings - Kingdee International's interim loss narrowed by 55.14% to approximately 97.74 million RMB, driven by a 22.1% year-on-year revenue growth in cloud subscription services[15] - Kingsray Biotech reported a loss of 25.46 million USD for the interim period, compared to a loss of 175 million USD in the same period last year[7] Investment Insights - Tencent Holdings (700.HK) has a target price of 550 HKD, with a suggested buy price of 480 HKD, currently trading at 554 HKD[11] - Kingdee International (268.HK) is recommended for purchase at 15.4 HKD, with a target price of 17 HKD, currently at 15.96 HKD[15] Economic Indicators - The Hong Kong Monetary Authority reported that 75% of banks are adopting AI, with 90% of positions requiring relevant skills[2] - The U.S. 10-year Treasury yield is at 4.3082%, reflecting a year-to-date decrease of 26.08 basis points[24] Market Trends - The report indicates a potential for further adjustments in the Hong Kong stock market due to ongoing deflationary pressures in mainland China and signs of inflation rebound in the U.S.[9] - The average trading volume in the Hong Kong market decreased by 15.8% to 312.687 billion HKD[7]