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 relations and weak consumer spending in mainland China [2] - The U.S. Federal Reserve's recent hawkish stance on interest rate cuts has led to increased market volatility, with expectations of reduced space for rate cuts in 2026 [2][4] Macro Focus - The average price of second-hand homes in 100 cities fell by 0.74% month-on-month in September, marking the 41st consecutive month of decline, with a cumulative drop of 5.79% in the first three quarters of the year [3][8] - The Shanghai government aims to stabilize real estate investment and promote high-quality development in the construction industry [8] Corporate News - Haier Smart Home plans to spin off its IoT business, COSMOPlat, for an expected fundraising of approximately $500 million [4][9] - Luk Fook Holdings reported a 10% increase in same-store sales for the second quarter, indicating a recovery in retail performance [4][9] - Pop Mart's overall revenue increased by 2.5 times year-on-year, with overseas revenue growing by 3.7 times [4][9] - China Telecom reported a 5.03% increase in net profit for the first three quarters, with service revenue rising by 0.9% [9] - Xinda Biopharmaceuticals and Takeda Pharmaceutical have entered a global strategic collaboration, with a total transaction value potentially reaching $11.4 billion [4][9] Industry Insights - The insurance sector is expected to benefit from strong A-share performance, leading to improved investment returns in the third quarter [7] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [7] - The real estate market continues to face downward pressure despite some recovery in transaction activity in key cities [8]