芯 智 控 股 有 限 公 司 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。 | | | | | | | | | | | | | | | | | | | 截 | 至 | | 本 | 公 | | 告 | | | 截 日 | 至 | 期 未 | 本 | 公 動 | | 告 用 | | 未 | 動 | | 用 | 所 | | 得 | | 變 | 更 項 | | 所 用 | 得 途 | 款 後 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | - ...

Simon：大家好，歡迎來到今天的港股直播。我們先從市場行情入手，看看今天的大盤走勢，再分析一些相關個股的具體表現，同時也瞭解一下投資者的不 同看法。 1、恆指：投資者表示牛證過夜，收回價25278點。也有看跌投資者認為一浪底一浪需調整了，保守見25400，開熊。 Simon：首先來說恆生指數，在昨天略有上漲的情況下，今天（3日）恆生指數掉頭下跌，以收盤價計算，大概在25760點左右。今天下跌的時候，一些做短 線的投資者會選擇買入牛證，搏取過夜反彈；但與此同時，也有投資者認為，目前指數走勢呈現一浪低過一浪的態勢，可能還會繼續調整，所以選擇做空， 這都是比較正常的情況。其實現在大盤並沒有明顯的方向，從技術信號來看，買入信號有7個，賣出信號也同樣是7個，各占一半。這也是為什麼投資者會有 不同的操作，有人買熊證，有人買牛證，雙方都有自己的依據。這裏給大家參考一下支持位和阻力位，尤其是短線投資者，可能會將這些點位作為牛熊證收 回價的依據。 短線來看，支持位大概在25400點左右，如果跌破25400點，接下來可能會到24700點。當前指數在25760點，距離24700點有1000點左右的空間，而25400點距 離當前點 ...

Market Performance - Hang Seng Index (恒指) fell by 454 points or 1.7%, closing at 25,930 points[1] - Shanghai Composite Index (滬指) decreased by 32 points or 0.8%, ending at 3,939 points[1] - S&P 500 dropped by 55 points or 0.8%, closing at 6,617 points, marking the longest losing streak since August[2] Trading Volume and Currency - Total market turnover in Hong Kong was HKD 242.11 billion[1] - People's Bank of China conducted a reverse repurchase operation of CNY 407.5 billion at a rate of 1.4%[1] - The RMB/USD midpoint was adjusted down by 40 pips to 7.0856[1] Company Performance - Xiaomi (01810.HK) reported a non-IFRS net profit increase of 80.9% year-on-year to CNY 11.311 billion, with revenue rising 22.3% to CNY 113.121 billion[2] - Pinduoduo (PDD.US) saw a stock price drop of 7.3% after reporting Q3 revenue of CNY 108.28 billion, below market expectations[3] - Baidu (09888.HK) reported a net loss of CNY 11.232 billion for Q3, compared to a net profit of CNY 7.632 billion in the same period last year[3] Regulatory and Economic Factors - Concerns over high valuations in AI-related stocks contributed to the decline in technology stocks[2] - Electricity rates in Hong Kong are set to decrease by an average of 3.7 cents per kWh starting January 2026[2]

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]

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]

本公司董事（「董事」）會（「董事會」）欣然宣佈截至2025年9月30日止未經審核營運 數據及未經審核收入資料如下： • 社交業務： 本集團社交業務於2025年前三季度收入同比大幅增長，主要歸因於本集團借助AI 技術推動多樣化社交產品持續穩步增長。 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。 NEWBORN TOWN INC. 赤子城科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9911） 2025年前三季度 未經審核營運數據 本公告由赤子城科技有限公司（「本公司」，連同其附屬公司統稱「本集團」）根據 《香港聯合交易所有限公司證券上市規則》（「《上市規則》」）第13.09(2)條及香港 法例第571章《證券及期貨條例》第XIVA部項下的內幕消息條文（定義見《上市規 則》）作出。 1 北京，2025年10月23日 於本公告日期，本公司執行董事為劉春河先生、李平先生、葉椿建先生及蘇鑒先 生；及本公司獨立非執行董事為陳玉宇先生、池書進先生及陳思超 ...

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, with a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China trade tensions and weak consumer spending in Hong Kong [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to increased market volatility, with expectations of reduced interest rates in 2026 being lower than previously anticipated [2][6] Economic Indicators - China's GDP growth for Q3 was reported at 4.8%, slightly above the market expectation of 4.7%, with a year-to-date GDP of 101.5 trillion yuan, reflecting a 5.2% annual growth [10] - The average unemployment rate in urban areas of China was stable at 5.2% for Q3, with a slight decrease in September [10] - The real estate sector continues to struggle, with new home sales down 7.9% year-on-year in the first three quarters, and a significant drop in property investment by 13.9% [10] Corporate Performance - Contemporary Amperex Technology Co., Limited (CATL) reported a 36% increase in profit for the first three quarters, exceeding expectations [5] - China Mobile's profit rose by 4% in the same period, with EBITDA increasing by 1% [5] - JD.com saw a significant increase in sales during the "Double 11" shopping festival, with over 52,000 brands achieving a year-on-year sales increase of more than three times [5] Sector Focus - The insurance sector is expected to benefit from strong investment returns in Q3, with companies likely to announce positive earnings [8] - AI-related stocks are gaining traction as the mainland accelerates the application of "Artificial Intelligence+" [8] Trade Relations - U.S. President Trump indicated a potential for a fair trade agreement with China, despite the looming threat of increased tariffs set to take effect on November 1 [11]

Report Investment Rating - There is no information about the industry investment rating in the provided reports. Core Viewpoints - The Hong Kong stock market rose, with the Hang Seng Index up 301 points or 1.2% to close at 26,388 points, the China Enterprises Index up 104 points or 1.1% to close at 9,364 points, and the Hang Seng Tech Index up 100 points or 1.7% to close at 5,989 points. The total turnover of the market was HK$320.734 billion [1]. - The A - share market had a mixed performance. The Shanghai Composite Index fell 4 points or 0.1% to close at 3,870 points, the Shenzhen Component Index fell 55 points or 0.4% to close at 12,924 points, and the ChiNext Index fell 33 points or 1% to close at 3,020 points [1]. - The US stock market had a mixed performance on Friday. The Dow Jones Industrial Average fell 273 points or 0.6% to close at 45,834 points, the S&P 500 Index fell 3 points to close at 6,584 points, and the Nasdaq Composite Index rose 98 points or 0.4% to close at 22,141 points, hitting a record - high close [2]. Summary by Related Content Stock Market Performance - **Hong Kong Stock Market**: The Hang Seng Index opened 453 points higher, and its gain expanded to 499 points, reaching a four - year high of 26,585 points. It finally closed up 301 points or 1.2% at 26,388 points. The China Enterprises Index rose 104 points or 1.1% to 9,364 points, and the Hang Seng Tech Index rose 100 points or 1.7% to 5,989 points. The total trading volume was HK$320.734 billion [1]. - **A - share Market**: The Shanghai Composite Index closed down 4 points or 0.1% at 3,870 points with a trading volume of RMB 1.09 trillion. The Shenzhen Component Index closed down 55 points or 0.4% at 12,924 points with a trading volume of nearly RMB 1.43 trillion. The ChiNext Index closed down 33 points or 1% at 3,020 points with a trading volume of RMB 675 billion [1]. - **US Stock Market**: The Dow Jones Industrial Average closed down 273 points or 0.6% at 45,834 points. The S&P 500 Index closed down 3 points at 6,584 points. The Nasdaq Composite Index closed up 98 points or 0.4% at 22,141 points, a record - high close, driven by Tesla's more than 7% increase [2]. Macroeconomic Data - **People's Bank of China Operations**: On the 12th, the People's Bank of China conducted 230 billion yuan of seven - day reverse repurchase operations in the open market, with an unchanged operating rate of 1.4%. There were 188.3 billion yuan of reverse repurchases maturing, resulting in a net injection of 41.7 billion yuan. The central parity rate of the RMB against the US dollar was raised by 15 points to 7.1019 [1]. - **Social Financing Scale**: In the first eight months of 2025, the cumulative increase in social financing scale was RMB 26.56 trillion, 4.66 trillion yuan more than the same period last year, exceeding the market expectation of RMB 26.487 trillion [2]. - **Money Supply**: At the end of August, the balance of broad - money (M2) was RMB 331.98 trillion, up 8.8% year - on - year, higher than the market expectation of 8.6%. The balance of narrow - money (M1) was RMB 111.23 trillion, up 6% year - on - year, and the balance of currency in circulation (M0) was RMB 13.34 trillion, up 11.7% year - on - year. In the first eight months, the net cash injection was RMB 520.8 billion [3]. - **Foreign Exchange Fund**: In August, the overseas assets of the Hong Kong Monetary Authority's Exchange Fund decreased by HK$52.6 billion to HK$3,487.1 billion. The monetary base was HK$2,014.2 billion [3]. Corporate News - **Hua Run Land**: In August, the total contract sales amount was about RMB 13.2 billion, and the sales floor area was about 5.39 million square meters, down 13.2% and 26.7% year - on - year respectively. In the first eight months, the cumulative total contract sales amount was RMB 136.8 billion, and the sales area was about 5.12 million square meters, down 12% and 23.3% respectively [4]. - **Sainsbury's and JD.com**: Sainsbury's terminated the negotiation with JD.com regarding the sale of its Argos general merchandise retail business [3]. Other News - **Anti - dumping Investigation**: The Ministry of Commerce of China launched an anti - dumping investigation into imported related analog chips from the United States starting from the 13th, involving general - purpose interface and gate - driver chips [3]. - **Civil Aviation Ticket Booking**: As the National Day holiday approaches, the booking of civil aviation tickets is gradually peaking, and the search popularity of domestic air tickets has increased by more than 30% [3]. - **US President's Statement**: US President Trump said he was ready to impose major sanctions on Russian oil if NATO took the same action and all NATO countries stopped buying Russian oil. He also said that NATO as a whole should impose a 50% - 100% tariff on China until the Russia - Ukraine war ends [2].

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark due to stable economic performance in mainland China and a lack of immediate economic stimulus plans, alongside limited corporate profit improvements [2] - The recent agreement between China and the US to extend the tariff truce and the active trading environment in Hong Kong contribute to a positive risk appetite among investors [2][7] - The Federal Reserve's potential shift towards a more accommodative policy stance, as indicated by Chairman Powell, may further support market optimism [2] Sector Focus - The report highlights a positive outlook for the biotechnology sector, with strong earnings and increased support from the mainland government [8] - The electric vehicle sector is also noted for a surge in new vehicle releases in August, with some companies raising their annual sales targets, reflecting confidence in the market [8] Corporate News - Pinduoduo reported a second-quarter adjusted net profit of 32.71 billion RMB, exceeding market expectations, although management cautioned about the sustainability of this performance [12] - Bluesky Technology's mid-year profit increased by 33% to 1.143 billion RMB, with revenue rising by 14.18% to 32.96 billion RMB [12] - Haidilao's mid-year profit fell by 14% to 1.759 billion RMB, attributed to a decrease in table turnover rates and increased competition in the dining market [12] - Yihai International's mid-year profit slightly increased by 0.39% to 309 million RMB, with revenue remaining stable [12] - The report notes that the domestic merger and acquisition market in China saw a 45% increase in disclosed transaction value in the first half of the year, driven by strong strategic investments [10]

Stock Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339 points, the China Enterprises Index rose 105 points or 1.2% to close at 9,079 points, and the Hang Seng Tech Index rose 149 points or 2.7% to close at 5,647 points. The total turnover of the market was HK$285.584 billion [1]. - The Shanghai Composite Index rose 54 points or 1.45% to close at 3,825 points, the Shenzhen Component Index rose 246 points or 2.07% to close at 12,166 points, and the ChiNext Index rose 87 points or 3.36% to close at 2,682 points. The total turnover of the Shanghai and Shenzhen stock markets increased to approximately RMB2.55 trillion, setting a record for the A-share market [2]. - The Dow Jones Industrial Average and the Nasdaq Composite both rose 1.9%, the Dow Jones Industrial Average reached a new high, closing 846 points higher at 45,631 points, the Nasdaq Composite rose 396 points to 21,496 points, and the S&P 500 Index closed 96 points or 1.5% higher at 6,466 points, approaching last week's high [2]. Monetary Policy - The People's Bank of China conducted a seven-day reverse repurchase operation of RMB253 billion in the open market on the 21st, with an operating interest rate remaining flat at 1.4%. There were RMB128.7 billion of reverse repurchases due, resulting in a net injection of RMB124.3 billion [2]. - The central parity rate of the RMB against the US dollar was raised by 97 points to 7.1287 [2]. Trade Policy - Canada announced on Friday the cancellation of several countervailing tariffs against the US but maintained a 25% tariff on US automobiles, steel, and aluminum. The policy adjustment will take effect on September 1st [3]. Company Announcements IPO - Aux Group (02580.HK) plans to globally issue 207.16 million shares, with 5% (approximately 10.3582 million shares) for the Hong Kong public offering and 95% (approximately 196.8 million shares) for the international placement. The offering price ranges from HK$16 to HK$17.42 per share, with a maximum fundraising of approximately HK$3.61 billion. The subscription period is from the 25th to noon on the 28th, and it is expected to be listed on September 2nd [4]. Interim Results - Sinopharm Group (01099.HK) reported a turnover of RMB286.043 billion for the six months ended June 30th, a year-on-year decrease of 2.9%. The net profit was RMB3.466 billion, a year-on-year decrease of 6.4%, and the earnings per share were RMB1.11. No dividend was declared [4]. - Zhaojin Mining Industry (01818.HK) reported an income of RMB6.972 billion for the six months ended June 30th, a year-on-year increase of 50.7%. The gross profit was RMB3.05 billion, an increase of 54.3%. The net profit was RMB1.44 billion, a growth of 160.4%, and the earnings per share were RMB0.38. No dividend was declared [4]. - Greentown China (03900.HK) reported an income of RMB53.368 billion for the six months ended June 30th, a year-on-year decrease of 23.3%, due to a 22.7% decrease in the transfer area during the period. The gross profit was RMB7.159 billion, a decrease of 21.4%. The net profit was RMB210 million, a decline of 89.7%, mainly affected by an impairment loss of RMB1.933 billion on related assets. The earnings per share were RMB0.08. No dividend was declared [5]. - Chow Tai Fook Jewellery Group (06168.HK) reported an income of RMB3.15 billion for the six months ended June 30th, a year-on-year increase of 5.2%. The gross profit was RMB827 million, an increase of 8.7%, mainly due to the contribution of the self - operated business model. The net profit was RMB415 million, a growth of 11.9%, and the earnings per share were RMB1.09. An interim dividend of HK$0.45 was declared [5]. - Nine Masts Catering Group (09922.HK) reported an income of RMB2.753 billion for the six months ended June 30th, a year-on-year decrease of 10.1%. The net profit was RMB60.69 million, a decline of 16%, and the earnings per share were RMB0.04. No dividend was declared [5]. - CMOC Group (03993.HK) reported an operating income of RMB94.773 billion for the six months ended June 30th, a year-on-year decrease of 7.8%. The operating cost was RMB74.727 billion, a decrease of 11%. The net profit attributable to shareholders was RMB8.671 billion, a growth of 60.1%, setting a new high for the same period. The earnings per share were RMB0.41. No dividend was declared [5]. - CRRC Corporation Limited (01766.HK) reported an operating income of RMB119.758 billion for the six months ended June 30th, a year-on-year increase of 33%, mainly due to the growth of railway equipment and new industry revenues. The net profit was RMB7.246 billion, a growth of 72.5%, and the earnings per share were RMB0.25. An interim dividend of RMB0.11 was declared [6]. - Dongfang Selection (01797.HK) reported a total revenue of RMB4.392 billion for the fiscal year ended May 31st, a year-on-year decrease of 37.9%. The net profit was RMB5.74 million, a decline of 99.7%, and the earnings per share were RMB0.01. No dividend was declared. The net profit from continuing operations was RMB6.2 million, compared with RMB249 million in 2024. Excluding the financial impact of the sale of Yuhui Tongxing, the net profit from continuing operations was RMB135 million, a growth of 30%. The total operating cost of continuing operations decreased by 38.2% to RMB3 billion, mainly due to the decrease in the inventory cost and logistics cost of self - operated products caused by the decrease in GMV. The gross profit from continuing operations decreased by 17% to RMB1.4 billion, and the gross profit margin increased from 25.9% to 32% [7]. - China National Tobacco Hong Kong (06055.HK) reported an income of RMB10.316 billion for the six months ended June 30th, a year-on-year increase of 18.5%. The gross profit was RMB946 million, a decrease of 1.8%. The net profit was RMB706 million, a growth of 9.8%, and the earnings per share were RMB1.02. An interim dividend of HK$0.19 was declared, compared with HK$0.15 in the same period last year [7].