Market Overview - The Hang Seng Index closed at 25,830.65 points, down 0.38% for the day and up 28.77% year-to-date[6] - The market experienced a total decline of 1,242 points over four consecutive days[3] - The total trading volume was 211.43 billion HKD, a decrease of 12.8% from the previous day[8] Company Performance - Kuaishou expects annual revenue to reach 1 billion USD[3] - Lenovo Group reported a net profit of 846 million USD for the first half of the year, a year-on-year increase of 40.53%[8] - ZTO Express announced a net profit of 6.455 billion RMB for the first three quarters, a slight increase of 0.33% year-on-year[8] Sector Performance - The Financial Index decreased by 0.49%, with a year-to-date increase of 17.75%[6] - The Technology Index fell by 0.69%, with a year-to-date increase of 25.49%[6] - Oil stocks saw gains, with Sinopec up 2.9% and CNOOC up 1.2%[8] Global Market Trends - The Dow Jones Industrial Average rose by 47 points, ending a four-day losing streak[8] - The S&P 500 increased by 0.38%, while the Nasdaq rose by 0.59%[8] - The US dollar index decreased by 0.10%, down 7.70% year-to-date[6] Commodity Prices - New York crude oil fell by 2.14%, closing at 59.44 USD per barrel[8] - Gold-related stocks performed well, with Zijin Mining up 6.2%[8] - New York gold futures increased by 0.40%, with a year-to-date rise of 55.41%[6]

國際金價持續震盪，山東黃金股價跟隨市場波動，股价升5.74%,股价报34.64元。從技術走勢觀察，股價目前處於關鍵技術位置，短期支持位在31.4元，若調 整加深可能下探29.8元。上方阻力方面，37.1元構成首道關卡，突破後下一目標將看向40.6元。 移動平均線呈現複雜格局，10日線32.6元與60日線33.86元形成下方支撐，但30日線36.03元仍構成壓力。這種均線排列顯示股價正處於方向選擇的關鍵階 段，近5日11.4%的振幅更反映市場情緒的波動。 對於持續看好山東黃金後市走勢的投資者，可關注以下兩隻認購證產品。中信證券認購證（20124）行使價設定在42.08元，較現價存在約21%的價外幅度， 到期日為明年3月，這隻產品適合預期股價在中期內能突破42元關口的投資者。另一選擇中銀認購證（20315）行使價為45.8元，價外幅度約32%，同樣於明 年3月到期，這隻產品適合風險承受能力較高、預期股價能有較大突破的投資者。這兩隻產品均具有明確的時間價值和槓桿特性，投資者需仔細評估自身風 險承受能力與市場預期是否匹配。 山東黃金 34.640 +1.880 +5.74% 父勿甲 II/IU 15.24.30 0. ...

Core Viewpoint - Recent strong performance in gold prices has shifted market focus towards gold stocks, particularly Zijin Mining, which has shown a robust upward trend and technical strength [1][9]. Technical Analysis - Zijin Mining's stock price is currently at 32.66 HKD, up 1.87%, having successfully broken through the 10-day moving average of 31.83 HKD, indicating a strong market position [1]. - The stock is at a critical point in a triangular consolidation pattern, suggesting a potential breakout could occur soon [1]. - Key technical levels include support at 30.7 HKD and 29.4 HKD, with resistance at 34.4 HKD and a challenge to the previous high of 35.5 HKD if broken [1]. - The stock price is closely aligned with the 30-day moving average of 32.45 HKD, indicating a consolidation phase with defined support and resistance levels [1]. Market Signals - Technical indicators show a neutral to slightly bullish trend, with several oscillators remaining neutral, while momentum indicators signal a buy, indicating accumulating market momentum [3]. - The Relative Strength Index (RSI) is at 54, suggesting ample room for future movement [3]. Product Performance - Recent performance in the warrants market related to Zijin Mining has demonstrated strong leverage effects, with a notable increase in related call options [3]. - On November 5, the stock rose by 5.47% over two days, leading to significant gains in related call options, with Morgan Stanley's call option 20232 rising by 36% and Bank of China's call option 20015 increasing by 25% [3]. Investment Opportunities - For investors optimistic about Zijin Mining's future, two selected call options are available: Morgan Stanley's call option 20232, offering 5.3 times leverage with the lowest premium and implied volatility, suitable for cost-effective investors [6]. - Bank of China's call option 20015 provides 4.1 times leverage and is the highest leverage option available, with relatively low implied volatility [7].

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 - The Hang Seng Index (HSI) fell by 448 points or 1.7%, closing at 25,441 points[1] - The Hang Seng Tech Index dropped by 222 points or 3.6%, ending at 5,923 points[1] - The total market turnover for the day was HKD 398.91 billion[1] Economic Indicators - The People's Bank of China conducted a 91 billion RMB reverse repurchase operation at a steady rate of 1.4%[1] - The RMB/USD central parity rate was adjusted down by 14 points to 7.1021[1] A-Share Market - The Shanghai Composite Index closed at 3,865 points, down 24 points or 0.6%, with a turnover of 1.21 trillion RMB[1] - The Shenzhen Component Index fell by 336 points or 2.5%, closing at 12,895 points, with a turnover of 1.37 trillion RMB[1] - The ChiNext Index decreased by 122 points or 4%, ending at 2,955 points, with a turnover of 603.4 billion RMB[1] Corporate Developments - Shandong Gold (01787.HK) expects a net profit of 3.8 to 4.1 billion RMB for the first three quarters, an increase of 1.73 to 2.03 billion RMB, representing a growth of 83.9% to 98.5%[3] - Mixue Ice City (02097.HK) announced the acquisition of a 53% stake in Fresh Beer Fu Lu Jia for a total price of 297 million RMB, expanding its business into alcoholic beverages[3] - Pony AI Inc. plans to issue up to 102 million shares for overseas listing on the Hong Kong Stock Exchange[3]

Market Overview - The Hang Seng Index is expected to hold at 25,000 points, reflecting a forecasted P/E ratio of 12 times over the next 12 months, amid concerns over U.S.-China relations and domestic economic performance [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to reduced expectations for future rate reductions, impacting market sentiment [2][4] Company News - Seres is reportedly planning an IPO in Hong Kong, aiming to raise between $1.5 billion and $2 billion, with a focus on expanding marketing channels and enhancing global brand recognition [9] - JD.com has seen a nearly 48% year-on-year increase in active users since the start of its "Double 11" shopping festival, indicating strong consumer engagement [9] - ZTE has successfully shipped its automotive-grade chip, the Han域 M1, which is designed for next-generation automotive electronic architectures [9] - BYD is considering establishing a manufacturing facility in Spain due to lower production costs and a clean energy network [9] Industry Insights - The Chinese automotive market reported a 14.9% year-on-year increase in sales for September, with new energy vehicle sales rising by 24.6% [8] - The International Monetary Fund (IMF) has expressed concerns over China's economic outlook, emphasizing the need for a shift towards domestic demand due to weak export growth [8] - The oil market is facing a more severe oversupply situation than previously anticipated, with global oil supply expected to increase significantly while demand growth remains sluggish [8]

Core Viewpoint - Shandong Gold (01787) is experiencing significant volatility due to fluctuations in international gold prices, with current technical indicators suggesting a strong medium-term trend but potential short-term pullback risks [1]. Technical Analysis - The stock price of Shandong Gold is currently at 38.36 HKD, having broken above the 10-day moving average, significantly higher than the 30-day moving average of 30.99 HKD and the 60-day moving average of 28.93 HKD, indicating a bullish medium-term trend [1]. - The Relative Strength Index (RSI) has reached 77, and other indicators such as the Williams and Stochastic indicators show overbought conditions, suggesting a possible price correction [1]. - Despite the overbought signals, the Bull-Bear Power indicator and MACD still maintain buy signals, indicating a fierce battle between bulls and bears [1]. Support and Resistance Levels - Key resistance levels are identified at 40.6 HKD and 43.1 HKD, while support levels are at 33.4 HKD and 30.6 HKD, with an initial support level at 34.4 HKD [1]. - If the stock price falls below 34.4 HKD, it may test the 30.6 HKD level [1]. - The stock has shown a 14% volatility over five days, indicating active market participation but also increased risk [1]. Market Performance - Recent performance in the warrant market shows that a call warrant recommended on September 17 achieved an 11% return within two days, driven by a 3.18% increase in the underlying stock [3]. - Investors continue to show interest in gold's hedging properties amid market volatility [3]. Warrant Products - Investors are advised to consider specific warrant products: - Call warrant (20782) with a leverage of 1.8 times and an exercise price of 45.678 HKD, which has favorable leverage and implied volatility [5]. - Bank of China call warrant (20315) offers 3.6 times leverage with an exercise price of 45.8 HKD, suitable for conservative investors due to its low implied volatility [5]. - Given the high volatility of gold stocks, strict position control and clear stop-loss points are recommended for investors [5].

Core Insights - The report highlights that spot gold prices have reached new highs, indicating a strong demand for gold as a safe-haven asset amid economic uncertainties [1] Group 1: Market Trends - Spot gold prices have increased significantly, reflecting a rise of approximately 1.5% in the last week alone [1] - The ongoing geopolitical tensions and inflation concerns are driving investors towards gold, further pushing prices upward [1] Group 2: Economic Indicators - The report notes that the U.S. dollar's weakness has contributed to the rise in gold prices, as a weaker dollar makes gold cheaper for foreign investors [1] - Additionally, the report mentions that central banks around the world are increasing their gold reserves, which is a bullish indicator for the gold market [1]

Group 1: Market Overview - The Hang Seng Index closed at 26,344 points, with short-term technical signals indicating a "buy" but not a "strong buy" [1] - Resistance levels are identified at 26,840 points and 27,500 points, while support levels are at 25,700 points and 25,000 points [1] - Investors are advised to consider the premium levels of products, as high premiums can affect purchase prices [1] Group 2: Company Analysis - Sunny Optical Technology (02382.HK) - Sunny Optical's stock rose to a high of 87.7 HKD, closing at 87 HKD, breaking through the upper Bollinger Band [3] - Current technical signals suggest a "sell" with slight bearish sentiment, and the first resistance level is at 91.2 HKD [3] - Investors are encouraged to compare options with a 2%-3% out-of-the-money range for better leverage [3] Group 3: Company Analysis - Shandong Gold (01787.HK) - Shandong Gold's stock closed at 38.26 HKD, showing significant gains over the past two days [6] - Current technical signals indicate a "sell," with resistance levels at 40.6 HKD and 43.1 HKD, and support levels at 33.4 HKD and 30.6 HKD [6] Group 4: Company Analysis - SMIC (00981.HK) - SMIC's stock reached a high of 74.05 HKD, with current technical signals summarizing as "sell" [9] - Support levels are noted at 64.7 HKD and 58.6 HKD, with a recommendation for safer options around 58-59 HKD [9] Group 5: Company Analysis - WuXi Biologics (02269.HK) - WuXi Biologics' stock peaked at 40.2 HKD, closing at 40.08 HKD, with short-term technical signals indicating a "sell" [12] - Resistance levels are at 42.1 HKD and 43.8 HKD, while support levels are at 36.8 HKD and 33.6 HKD [12] Group 6: Company Analysis - Lenovo Group (00992.HK) - Lenovo's stock closed at 12.2 HKD, with technical signals summarizing as "sell" and short-term outlook being pessimistic [15] - Resistance levels are at 12.6 HKD and 13.4 HKD, with support levels at 11.5 HKD and 11 HKD [15]

Core Viewpoint - The stock price of Zhaojin Mining (01818) showed strong performance, reaching HKD 25.82 with a daily increase of 4.42%, indicating growing market interest in gold-related assets [1] Technical Analysis - Current support levels for Zhaojin Mining are at HKD 22.3 (Support 1) and HKD 21.1 (Support 2), while the upper resistance level has been broken at HKD 25.4 (Resistance 1), with a potential challenge of HKD 26.4 (Resistance 2) [3] - The stock price has surpassed the 10-day, 30-day, and 60-day moving averages (HKD 22.16, HKD 21.47, and HKD 20.99 respectively), indicating a bullish trend [3] - The Relative Strength Index (RSI) is currently at 69, nearing the overbought zone, suggesting potential short-term technical adjustment pressure [3] - Other oscillators, such as the Williams and Stochastic indicators, also indicate an overbought condition, prompting caution regarding possible pullback risks [3] Product Review - Recent performance of Zhaojin Mining's related warrants has been notable, with the JPMorgan call warrant (27406) and UBS call warrant (27337) recording increases of 20% and 22% respectively within two days, while the underlying stock rose by 6.26% [3] - Investors are advised to consider call warrants with moderate out-of-the-money levels and higher leverage ratios, such as Citibank call warrant (19603) with a strike price of HKD 32.38 and leverage of 3.4x, and JPMorgan call warrant (16322) with a strike price of HKD 30.93 and leverage of 4.77x [6]