一、恆指走勢分析及衍生品投資提示 1月16日恆指呈現沖高回落走勢，最終小幅收跌，跌幅接近0.3個百分點。盤中指數一度沖高至27100 點，接近保利加通道頂部位置，尾盤回落錄得微跌。從近期市場表現來看，恆指整體處於橫盤整理態 勢，日內雖存在一定波幅，但整體波動幅度相對有限。成交量方面呈現先萎縮後小幅回暖的特徵，市場 交投情緒處於溫和修復階段。 當前市場多空分歧較為明顯，多頭投資者認為，經過前期沉悶的震盪格局後，市場有望延續向好趨勢， 預計下週一指數或將高開，因此仍選擇持有牛證過夜佈局。而空頭投資者則持相反觀點，他們從中長期 走勢判斷，本輪行情已積累一定漲幅，後續大概率回補年初缺口，指數可能回落至26300點附近，因此 傾向於佈局收回價27900點的熊證。 需要特別提醒的是，1月16日為週五，若投資者選擇持有牛證、熊證過夜，持倉將跨越週末休市時間， 需重點防範收回風險。在衍生品產品選擇上，建議優先選取收回價遠離當前指數運行區間的合約。從技 術面來看，恆指下方支撐位參考26100點，極端情況下或下探至25700點，因此牛證投資者可重點關注收 回價在26000點以下的產品；上方阻力位則位於27400點和27800點區 ...

Group 1: Hang Seng Index (HSI) - The Hang Seng Index (HSI) closed at approximately 26,231 points on January 9, showing little change from the previous day, with a slight decrease in trading volume [1][2] - Optimistic investors predict the index could rise to around 26,400 points next week, while pessimistic investors foresee a drop to approximately 25,800 points [1][2] - Current support is around 25,769 points, and if the index rises, resistance levels could extend beyond 26,400 points to approximately 26,500 points or even 26,593 points [2] Group 2: HSBC Holdings (00005.HK) - HSBC's stock price has recently declined to around 124.8 HKD after reaching a high of approximately 129 HKD [10] - Technical signals indicate a neutral stance, suggesting it may not be an ideal time to invest or chase the stock [10] - The support level is around 119.6 HKD, and if it falls below this, it could drop further to approximately 114.8 HKD [10] Group 3: JD.com (09618.HK) - JD.com's stock price increased by about 2% on January 9, closing near the upper Bollinger Band [16] - The current resistance level is at 118.6 HKD, and if surpassed, the stock could rise to approximately 122.7 HKD [16] - Technical signals are predominantly bullish, indicating a favorable short-term outlook for investors [16] Group 4: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price reached a high of 35.9 HKD, closing at 35.58 HKD on January 9 [20] - The resistance level is around 37.1 HKD, and if broken, the stock could rise to approximately 39.9 HKD [20] - Technical signals are mainly bearish, suggesting caution for potential investors [20] Group 5: Kuaishou Technology (01024.HK) - Kuaishou's stock price rose by 3.89% on January 9, closing at approximately 74.7 HKD [26] - The resistance level is around 78 HKD, and a successful breakthrough could lead to a target of approximately 83.6 HKD [26] - Current technical signals are predominantly bearish, indicating a need for caution [26] Group 6: Luoyang Molybdenum (03993.HK) - Luoyang Molybdenum's stock price closed at 21.66 HKD on January 9, with a high near 22 HKD [31] - The resistance level is around 22.5 HKD, and a breakthrough could lead to a target of 23 HKD [31] - Technical signals are mainly bearish, suggesting a cautious approach for investors [31]

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Market Overview - The Hang Seng Index (HSI) experienced a slight decline today, closing around 25,760 points after a minor increase yesterday. Investors are divided, with some buying bull certificates anticipating a rebound, while others are bearish, expecting further adjustments [1][2] - Technical signals indicate an equal number of buy and sell signals, with 7 each, reflecting the lack of a clear market direction [1] Support and Resistance Levels - Short-term support is identified at approximately 25,400 points; if this level is breached, the index may drop to around 24,700 points. The current index is about 1,000 points away from this lower support [2] - Resistance is noted at around 26,400 points, with a potential upward movement to 26,800 points if this level is surpassed. A more conservative resistance level is suggested at 26,600 points [2] Company-Specific Insights Meituan (03690.HK) - Meituan's stock price has been under pressure, closing at 95.9 HKD, close to the lower Bollinger Band at approximately 94.9 HKD. There is concern about the possibility of falling below 94 HKD, with support at 92.7 HKD and potential further decline to 89.4 HKD [7][8] - Technical signals show 8 buy signals and 5 sell signals, indicating a short-term bullish outlook despite the proximity to the lower Bollinger Band [7] Luoyang Molybdenum (03993.HK) - Luoyang Molybdenum has shown strong performance, closing at 18.08 HKD after three consecutive days of gains. The stock has broken through the upper Bollinger Band, with a potential resistance level at 18.7 HKD and a chance to reach 20.1 HKD [12] - However, the RSI indicator is at a high level of 81, suggesting caution as the short-term signals lean towards selling [12] JD.com (09618.HK) - JD.com’s stock price has been stable around 115.5 HKD, with support at 111.6 HKD. A drop below this level could lead to further declines to 107.4 HKD [18] - The market sentiment appears negative, with investors purchasing put options [18] HSBC Holdings (00005.HK) - HSBC's stock has rebounded to 111.2 HKD after reaching a high of 114.8 HKD. The resistance level is at 115.2 HKD, with potential for further gains to 119.3 HKD if this level is breached [23] Yancoal Australia (01171.HK) - Yancoal's stock price has been stable around 10.05 HKD, with support at 10.1 HKD. A breach of this level could lead to a decline to 9.5 HKD [29] - The technical signals are neutral, with 7 sell signals and 6 buy signals, indicating a lack of clear direction [29]

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].