Market Overview - The US stock market continues to rise, with the Dow Jones Industrial Average surpassing 48,000 points, gaining 334 points at one point [9] - The Federal Reserve has reduced interest rates by 0.25%, bringing the rate range to 3.75% to 4% [11] - The end of quantitative tightening (QT) is set for December 1 [11] - Spot gold prices have exceeded $4,030, reflecting a 1.97% increase due to heightened demand for safe-haven assets [9] - London copper futures have reached a new high, increasing by 1.56% to $11,200.4 per ton, surpassing last year's peak [9] Key Company Updates - Alphabet's third-quarter operating profit was $31.23 billion, below analyst estimates, but net profit surged by 41%, exceeding expectations [11] - Microsoft reported a 12% year-on-year increase in net profit for the first fiscal quarter, significantly lower than the previous quarter's 24% growth [11] - Meta's third-quarter revenue reached $51.24 billion, higher than expected, but net profit plummeted by 83% to $2.71 billion due to a one-time tax expense [11] Hong Kong Market Highlights - The Hang Seng Index opened at 26,508 points, reaching a high of 26,519 before closing down 87 points, or 0.33% [13] - China Merchants Bank reported a profit of 113.77 billion yuan for the first nine months of the year, a year-on-year increase of 0.52% [13] - Sinopec's profit for the first nine months fell by 28.9% year-on-year to 32.065 billion yuan [13] - MGM China reported an adjusted EBITDA of 2.373 billion yuan for the third quarter, a year-on-year increase of 19.6% [13] Economic Data Releases - South Korea's GDP growth for Q3 is estimated at 1.50% year-on-year [20] - India's industrial production for September showed a year-on-year increase of 2.30% [20] - The US FHFA house price index for August remained unchanged [20]

Market Overview - The US stock market is experiencing consolidation at high levels, with the S&P 500 index reaching new historical highs for three consecutive days [9] - The Hang Seng Index has been on the rise, with attractive valuations continuing to draw investor interest [9] - Tencent's quarterly results exceeded expectations, with AI becoming a core driver for a new round of valuation reassessment [9] - There is a structural preference for high-dividend sectors such as energy, telecommunications, and banking, as well as hard technology sectors like semiconductors and AI [9] - The trading volume in the Hong Kong stock market has reached new highs, with net inflows from the Stock Connect program amounting to HKD 820 billion in the first half of the year [9] Company Focus - Tencent's overseas gaming revenue increased by 35% year-on-year in Q2 2025, benefiting from the recovery of paid markets in Europe, the US, Japan, and South Korea [22] - JD.com reported a 22% revenue growth to RMB 356.7 billion, although its adjusted net profit margin fell by 2.9 percentage points to 2.1% [13] - Lenovo Group's Q1 profit attributable to shareholders was USD 505 million, a year-on-year increase of 108%, despite challenges from US tariff policies [13] Economic Data - In July, China's industrial production grew by 6.0% year-on-year, while retail sales increased by 4.6% [20] - The unemployment rate in China for July was reported at 5.1% [20] - Hong Kong's GDP for Q2 showed a year-on-year growth of 3.1% [20] - Taiwan's GDP for Q2 grew by 8.0% year-on-year [20] Investment Strategy - The report suggests focusing on performance and maintaining a high proportion of AI and technology-related assets while also considering high-dividend stocks [9] - The recommendation includes buying IGG at $5.10 with a target price of $5.82 and a stop-loss at $4.87 [22] - For Eli Lilly and Company, Q2 revenue reached USD 15.56 billion, a 38% year-on-year increase, with net profit at USD 5.66 billion, up 91% [24]