【Market Overview】 Month-end volatility struck again as the Hang Seng Index fell 1.43%, breaching the 26,000-point threshold. The recent U.S.-China summit signaled a temporary pause in global tariff tensions set to begin in early 2025, a positive development for both nations. However, muted media reactions suggest cautious optimism, with U.S. Treasury Secretary Besant hinting at a potential trade deal signing next week.
U.S. markets retreated Thursday, led by Meta’s 11% plunge over AI spending concerns, dragging the Nasdaq tech and semiconductor indices down 1.7% and 1.5%, respectively. Oracle’s five-year CDS costs hit October 2023 highs, spotlighting debt-fueled AI bubbles. Despite skepticism, AI giants like Nvidia are expanding partnerships—Samsung plans an "AI factory" with 50,000 Nvidia chips, while Hyundai commits to Blackwell-architecture processors. DeepTech (01384) surged 15%, but regulatory warnings on fund style drift hit others like Hua Hong Semiconductor (01347), down 7%.
Copper prices slid after Goldman Sachs warned of an unsustainable rally above $11,200/ton, pressuring Jiangxi Copper (00358) (-6%). Aluminum held firm. U.S. tariff repeal efforts face hurdles as Senate resolutions await House approval, though Republican opposition dims prospects.
【Pharma Sector Spotlight】 China’s 2025 national drug price negotiations advanced in Beijing, introducing a commercial insurance innovation drug catalog for the first time. The Hang Seng Healthcare ETF (159892) rose over 3% as funds flowed into oncology and chronic disease treatments. Key highlights: - Junshi Bio (01877) (+6%): Anti-PCSK9 drug angorxizumab leads domestic innovation push. - Roche’s PD-L1 inhibitor atezolizumab awaits pricing talks. - Suncadia (01530) (+11%): Partnered Pfizer’s PD-1/VEGF bispecific enters global Phase III trials. - Kelun-Biotech (06990) (+6%): TROP2 ADC, a first-in-class TNBC therapy, debuts in negotiations.
Novo Nordisk’s oral semaglutide, though not yet listed, passed catalog review. Fosun Pharma (02196) gained nearly 7%. Strong earnings also lifted stocks: - Chunli Medical (01858) (+14%): Q3 revenue doubled YoY, swinging to profit. - Innovent Bio (01801) (+8%): Q3 sales up 40% YoY. - RemeGen (09995) (+6%): Narrowed losses, revenue up 33%.
【Retail & Shipping】 Duty-free policy upgrades effective Nov. 1 buoyed China Tourism Group Duty Free (01880) (+6%), which announced a Q3 dividend. Hainan’s September duty-free sales rose 3.4%—the first growth in 18 months.
Shipping rates surged: Ningbo Containerized Freight Index (NCFI) jumped 12.6% WoW, with VLCC rates hitting $125k/day, a decade high. Watch COSCO SHIP ENGY (01138), PACIFIC BASIN (02343), COSCO SHIP HOLD (01919), and CSSC SHIPPING (03877).
【Stock Pick】 Zoomlion (01157): Q3 net profit rose 25% YoY, with overseas revenue up 21%. The firm plans a $6B H-share convertible bond to fund global R&D and expansion, leveraging its leadership in cranes and robotics.