The market's leading direction was concentrated in AI and internet themes. Samsung CSI China Dragon Internet ETF (2812.HK), managed by Samsung Asset Management, rose 2.27% to top the gainers, tracking the CSI Global China Internet Index; ICBC UBS HK-Global Artificial Intelligence ETF (3587.HK), managed by ICBC UBS Asset Management (International), gained 1.42%; Ping An of China Trust - Ping An Technology Select ETF (3406.HK), managed by Ping An of China Asset Management (Hong Kong), rose 1.25%, tracking the Wind Technology Select Index (HKD, Net Return); CSOP Hang Seng HK-US TECH ETF (3442.HK), managed by CSOP Asset Management, added 1.17%, tracking the Hang Seng HK-US Technology Index; Harvest Tech 50 ETF (3169.HK), managed by Harvest Global Investments, rose 1.16%; CSOP MAG Seven ETF (3454.HK), managed by CSOP Asset Management, gained 1.15%, tracking the Solactive Magnificent Seven Index; and ChinaAMC HK-US AI ETF (3140.HK), managed by China Asset Management (Hong Kong), rose 1.10%.

In addition, Pando Innovation ETF (3056.HK), managed by Pando Limited, rose 1.66%; Global X K-Pop and Culture ETF (3158.HK), managed by Mirae Asset, gained 1.63%, tracking the Solactive K-Pop and Culture Index; and Xtrackers MSCI Korea UCITS ETF (2848.HK), managed by DWS Investment S.A., added 1.04%.

On the downside, ChiNext, STAR 50, 5G, semiconductor and biotech products pulled back sharply. Bosera SZSE ChiNext Daily (2x) Leveraged Product (7234.HK), managed by Bosera Asset Management (International), fell 5.96% — a daily 2x leveraged product on the ChiNext Index; CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, dropped 4.03%, tracking the CSI 5G Communications Theme Index; and the same manager's CSOP STAR 50 Index ETF (3109.HK) declined 4.00%, tracking the STAR 50 Index.

Gold-miner and semiconductor themes weakened. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK), managed by E Fund Management (Hong Kong), fell 3.73%; Global X China Semiconductor ETF (3191.HK), managed by Mirae Asset, declined 3.49%, tracking the FactSet China Semiconductor Index.

Biotech and ChiNext themes fell broadly. ChinaAMC Hang Seng Biotech ETF (3069.HK), managed by China Asset Management (Hong Kong), dropped 3.29%, tracking the Hang Seng Biotech Index; CSOP SZSE ChiNext ETF (3147.HK), managed by CSOP Asset Management, fell 3.22%, tracking the ChiNext Index; and the same manager's CSOP Hang Seng Biotech ETF (3174.HK) declined 3.09%, tracking the Hang Seng Biotech Index.

STAR 50 and little-giant themes also declined. Premia China STAR50 ETF (3151.HK), managed by Premia Partners, fell 2.96%, tracking the STAR 50 Index; Global X China Little Giant ETF (2815.HK), managed by Mirae Asset, declined 2.91%, tracking the Solactive China Little Giant Index.

Among Southbound (Stock Connect) ETFs, technology themes rose modestly while biotech led the declines, broadly in line with the overall market direction on the day. The top five gainers were: Ping An of China Trust - Ping An Technology Select ETF (3406.HK), up 1.25% to lead; CSOP Hang Seng HK-US TECH ETF (3442.HK), up 1.17%; CMS Hang Seng Tech Index ETF (3423.HK), up 0.81%; CSOP Hang Seng Tech Index ETF (3033.HK), up 0.79%; and ChinaAMC Hang Seng Tech Index ETF (3088.HK), up 0.76%.

The top five losers were: ChinaAMC Hang Seng Biotech ETF (3069.HK), down 3.29% to lead; CSOP Hang Seng Biotech ETF (3174.HK), down 3.09%; iShares Core MSCI China Index ETF (2801.HK), down 0.43%; CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), down 0.29%; and Ping An of China CSI HK Dividend ETF (3070.HK), down 0.23%.

Data from NewTimeSpace Research Institute shows a structural feature on October 14 characterized by "strength in AI applications with a pullback in hard tech and biopharma." The upside was led by AI, internet and Hong Kong-US technology themes, with the highest gain at 2.27% and all other gainers within 1.7%; the downside was concentrated in ChiNext, STAR 50, 5G, semiconductor and biotech directions, with all top-ten decliners down at least 2.91%, and Bosera SZSE ChiNext Daily (2x) Leveraged Product falling 5.96% in a single day. A gap formed between the two ends, with the top loser and top gainer differing by more than 8 percentage points. On the Southbound side, technology themes rose modestly while biotech led the declines, broadly consistent with the overall market direction.

(Note on scope: the net asset value per unit and assets under management are as of October 12, 2026; the week-to-date change is measured against the closing price of HK$21.720 on October 9.)

On the news front, data from the People's Bank of China show that China's gold reserves stood at 77.47 million ounces at the end of September, up 740,000 ounces (about 23 tonnes) from a month earlier — a 23rd consecutive monthly increase and the largest monthly addition in the current buying cycle. Data from the World Gold Council meanwhile show that global gold ETFs took in about US$10 billion of net inflows in September, lifting holdings by 67 tonnes to a record 4,256 tonnes.

The CSOP Gold Futures Daily (2x) Leveraged Product (07299.HK) is a derivatives product under the CSOP Leveraged and Inverse Series II that is based on futures and swaps, and seeks investment results that closely correspond to twice the daily performance of the Solactive Gold 1-Day Rolling Futures Index before fees and expenses; it is designed only for daily performance and is not intended to be held for more than one day. The product uses no more than 20% of net asset value as margin to invest in COMEX gold futures, no more than 20% as the initial amount for swaps, and keeps no less than 60% in US dollar cash and US dollar-denominated investment products. Its management fee is 1.5% per year, and the board lot is 100 units.

UBS believes the recent hawkish repricing is largely reflected in the gold price; gold has stabilised in the US$4,140–4,200 per ounce range, and a sustained retreat in US Treasury yields from their highs would be more conducive to a recovery in gold prices; the recent decline was driven mainly by non-commercial accounts cutting their net long positions in gold futures and options, and gold's sensitivity to changes in real interest rates may be weakening.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$2.646 on October 9.)

On the news front, Huawei held its first dedicated Kirin chip technology briefing in six years in Shanghai on October 13, setting out the production progress of its "logic folding" technology. The Kirin 9050 series is the first to put the technology into mass production, with transistor density up 53.5%, more than 50 million hybrid bonds and more than 5 million effective signal interconnects; the company also said its 2027 Kirin chip has entered testing with results so far meeting expectations, and that cumulative shipments of terminal products based on Kirin chips have exceeded 100 million units since 2023.

CSOP Hang Seng TECH Index Daily (2x) Leveraged Product (07226.HK) is a two-times leveraged product under the CSOP Leveraged and Inverse Series. Its investment objective is to provide investment results that, before fees and expenses, closely correspond to twice (2x) the daily performance of the Hang Seng TECH Index; it is limited to daily performance and is not designed to be held for more than one day. Listed on December 10, 2020 with a management fee of 1.6% a year, the product uses a swap-based synthetic simulation strategy, rebalances its holdings daily, and its net derivative exposure does not exceed 200% of its net asset value.

GF Securities believes Hong Kong stocks may see a phased repair window in the near term, but a profit inflection for internet leaders has yet to be confirmed and the medium-term picture remains broadly range-bound; a sustained move higher requires a substantive fall in US Treasury yields and a breakthrough in AI applications.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$9.475 on October 9.)

On the news front, an administrative building belonging to Saudi Aramco in Dhahran was attacked on October 14, starting a limited fire; Saudi Arabia's Energy Ministry said no one was injured. Houthi forces have struck airports and other facilities inside Saudi Arabia several times over the past week, while Iran has stepped up attacks on tankers in the Strait of Hormuz. International oil prices rose on the day, with Brent crude futures up 1.35% at US$107.35 a barrel and WTI crude futures up 1.32% at US$95.38.

Global X S&P Crude Oil Futures Enhanced ER ETF (03097.HK) closely tracks the S&P GSCI Crude Oil Enhanced Index (Excess Return). The fund is a futures-based ETF that adopts a full replication strategy, investing directly in WTI crude oil futures contracts of different maturities traded on the New York Mercantile Exchange; it enters into contracts each calendar month and expects to use no more than 20% of its net asset value as margin, while no less than 80% of net asset value is invested in cash and short-term investment-grade government bonds, with income after expenses distributed at the manager's discretion.

Dongwu Securities believes that with bulls and bears battling hard in the October crude oil market, prices are more likely to stay high and range-bound than to rise sharply in one direction; the transmission from inflation expectations to US Treasury yields remains manageable for now, and pressure on risk assets from offshore liquidity should ease in stages.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$83.500 on October 9.)

On the news front, the National Bureau of Statistics released September price data on October 14. China's consumer price index rose 0.9% year on year in September, 0.1 percentage point faster than in August, and 0.2% month on month; the producer price index rose 5.0% year on year, 1.2 percentage points faster than the previous month and a high for the year, and 1.2% month on month. By industry, coal mining and washing rose 35.3% year on year, oil and natural gas extraction 24.5%, and both non-ferrous metal mining and non-ferrous metal smelting and rolling 21.4%; these eight industries together contributed about 5.42 percentage points to the PPI's year-on-year gain.

Hang Seng China Enterprises Index ETF (02828.HK) closely tracks the Hang Seng China Enterprises Index. Launched on 8 August 1994, the index draws its universe from mainland securities listed on the Main Board of the Stock Exchange of Hong Kong (H shares, red chips and P chips) and has a fixed 50 constituents; after screens including a minimum 0.1% turnover rate, securities are selected by a composite market-capitalisation ranking that weights market-cap ranking and freefloat-adjusted market-cap ranking equally. It is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents, reviewed quarterly, with a base date of 3 January 2000 and a base value of 2,000 points. The fund mainly adopts a replication strategy.

Haitong International believes Hong Kong stocks may dip first and then rally in October, setting off an actionable rebound supported by sentiment repair, improving earnings expectations and policy support; on allocation it recommends a barbell strategy pairing offence and defence, with the defensive leg anchored in deep-value dividend assets—China's core assets being the "essence that has been simmered out"—spanning telecom operators, power grids, electricity, coal, energy refining, chemicals and financials.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$9.980 on October 9.)

On the news front, the 2026 Korea Semiconductor Exhibition (SEDEX 2026) runs from October 14 to 16 at the COEX convention centre in Gangnam, Seoul. According to the Korea Semiconductor Industry Association, this year's event is themed "Entering the Era of Silicon Intelligence", with 300 companies including Samsung Electronics and SK hynix exhibiting across 888 booths—about 70 more companies and 230 more booths than last year, both record highs. Samsung Electronics will display next-generation memory structures and products for cloud computing, edge computing and physical AI, while SK hynix will unveil its seventh-generation high bandwidth memory (HBM4E) and high bandwidth flash (HBF). Samsung Electronics and SK hynix are major constituents of the FTSE ETF Connect HK-Korea Tech+ Index.

CSOP FTSE HK-Korea Tech+ Index ETF (03431.HK) closely tracks the FTSE ETF Connect HK-Korea Tech+ Index (net total return version). Designed under the framework of the HKEX ETF Connect rules, the index covers Hong Kong-listed technology stocks eligible under Southbound Stock Connect and leading Korean technology stocks; it selects by market capitalisation up to 20 SEHK-listed and up to 20 Korea Exchange-listed technology securities, weighted by free-float adjusted market capitalisation, with weight caps of 65% and 35% for Hong Kong and Korean listings respectively and individual caps of 10% and 15%, and is reviewed half-yearly. The fund mainly adopts a physical representative sampling strategy.

Goldman Sachs believes that new NAND technologies such as high bandwidth flash (HBF) could ease the "memory wall" problem and significantly lower the cost of artificial intelligence infrastructure; it estimates that HBF could address a total addressable market of US$40 billion to US$150 billion assuming graphics processing unit (GPU) adoption rates of 15% to 50%.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$42.120 on October 9.)

On the news front, China's big six state-owned banks have raised their interim dividend payout ratios for 2026 to 31% from 30%. ICBC said on October 13 that its interim payout ratio had been lifted to 31%, with a dividend of RMB1.511 per 10 shares (tax inclusive) and a total payout of about RMB53.853 billion, the largest interim dividend among A-share banks; based on its average share price in the first half, the dividend yields on its A and H shares are 4.22% and 5.36% respectively. ICBC has paid cumulative cash dividends of RMB1.64 trillion over its 20 years as a listed company. ICBC's H shares are among the ten largest constituents of the CSI Hong Kong Dividend Index.

Ping An of China CSI HK Dividend ETF (03070.HK) closely tracks the CSI Hong Kong Dividend Index. From securities listed on the Stock Exchange of Hong Kong, the index screens for those ranking in the top 50% by average daily turnover over the past year and with average daily turnover of no less than HK$50 million, in the top 50% by average daily total market capitalisation, and with a positive cash dividend yield for three consecutive years; it then selects the 30 securities with the highest average cash dividend yield over the past three years. It is weighted by adjusted market capitalisation with a 10% cap on individual constituents and is rebalanced once a year in December. The fund primarily adopts a replication strategy, investing in substantially all index constituents in broadly the same proportions as the index.

Western Securities believes that the fiscal subsidy on residential mortgage loans, which is borne by the government, will ease pressure on banks' net interest margins in stages and spare banks from unilateral concessions, and may also marginally slow the decline in new mortgage volumes; continued disposal and structural clearing of asset-quality problems should help release legacy risks; the banking sector trades at about 0.53 times book value, in a historically low range around the 30th percentile of the past decade, with a trailing 12-month dividend yield of about 3.4% to 6.0%, well above the roughly 1.68% yield on 10-year Chinese government bonds.

(Note on scope: the net asset value per unit and assets under management are as of October 13, 2026; the week-to-date change is measured against the closing price of HK$8.840 on October 9.)

On the news front, Alibaba's Qwen is preparing to launch "Qwen Go", a personal AI assistant. Built on an agent architecture and a cloud environment, the product breaks through the limits of short-chain instructions and can handle complex tasks without fixed procedures; tests show it can act on a user's behalf inside real apps to complete operations requiring multi-round negotiation and dynamic decision-making, such as claiming compensation in cash for flight delays or applying for price-protection refunds on Taobao. Alibaba-W is one of the main weighted constituents of the Hang Seng TECH Index.

iShares Hang Seng TECH ETF (03067.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly. The fund mainly adopts a representative sampling strategy, investing in a portfolio of securities highly correlated with the index.

SPDB International believes that after the revision of the Hang Seng TECH Index, its composition will align better with global technology trends and is expected to enhance the appeal of Hong Kong technology stocks to overseas capital, making them one of the first choices for global funds allocating to Chinese technology assets; structural optimisation of the sector and passive fund rebalancing should help lift the liquidity and valuation levels of the relevant stocks.

(Note on scope: the net asset value per unit and assets under management are as of October 12, 2026; the week-to-date change is measured against the closing price of HK$12.910 on October 9.)

On the news front, Google announced on October 13 that it was opening its flagship large model Gemini 4 Argon to users worldwide. The model focuses on complex coding, enterprise workflows and cybersecurity tasks, with its maximum output limit raised to 1 million tokens; Google also published promotional API pricing of US$2 per million input tokens and US$10 per million output tokens through November 30, roughly one-fifth of the comparable prices charged by major rivals. The index tracked by the ETF covers 50 AI-related securities listed in Hong Kong and the United States.

E Fund (HK) FTSE AI Select Index ETF (03489.HK) closely tracks the FTSE Custom Global AI Select Index (net total return). The index covers 50 AI-related securities listed in Hong Kong and the United States, with weightings of 65% and 35% for Hong Kong-listed and US-listed securities respectively, spanning AI computing power, large language models and companies transforming their businesses through AI. The fund mainly adopts a full replication or representative sampling strategy.

Guolian Minsheng Securities believes the AI application narrative is spreading from programming to four directions — research and development, enterprise services, scientific computing and personal assistants — with computing consumption shifting from project-based spending on the training side to continuous consumption on the inference side; citing Gartner, it notes the firm has raised its 2026 global AI spending forecast several times this year, from US$2.52 trillion in January to US$2.7 trillion in September, with forecasts and industry progress validating each other.

The leading advancer was the STAR 50 theme. CSOP STAR 50 Index ETF (3109.HK), managed by CSOP Asset Management, rose 4.56% to top the gainers list, tracking the STAR 50 Index.

5G and India themes also performed. CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, rose 1.68%, tracking the CSI 5G Communications Theme Index; iShares Core S&P BSE SENSEX India ETF (2836.HK), managed by BlackRock, gained 1.55%, tracking the S&P BSE SENSEX 50 Index; and Xtrackers Nifty 50 India Swap UCITS ETF (3015.HK), managed by DWS Investment S.A., added 1.49%, tracking the NIFTY 50 Index.

Gold-miner and resources themes edged higher. E Fund (HK) Solactive Global Gold Miner Select Index ETF (2824.HK), managed by E Fund Management (Hong Kong), rose 1.39%; Guotai Haitong Global Strategic Resources ETF (3197.HK), managed by Haitong International Asset Management (Hong Kong), gained 1.18%, tracking the CCX Global Strategic Resources Index.

Dividend and regional themes also advanced. CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), managed by CSOP Asset Management, rose 1.25%, tracking the FTSE ETF Connect East-West Succession Equity Select Index; the same manager's CSOP Nomura FTSE HK-Japan Equity Cash Flow Focus Index ETF (3535.HK) added 1.24%; and Bosera China Reform Hong Kong Central-SOEs High Dividend Yield Index ETF (Listed Class) (3437.HK), managed by Bosera Asset Management (International), gained 1.22%, tracking the China Reform Hong Kong Central-SOEs High Dividend Index.

Additionally, Global X China Little Giant ETF (2815.HK), managed by Mirae Asset, rose 1.07%, tracking the Solactive China Little Giant Index.

On the downside, Korean themes plunged across the board. Xtrackers MSCI Korea UCITS ETF (2848.HK), managed by DWS Investment S.A., fell 6.96%; CSOP KOSPI 200 ETF (3121.HK), managed by CSOP Asset Management, dropped 6.91%; Global X KOSPI 200 ETF (3408.HK), managed by Mirae Asset, declined 6.56%, tracking the KOSPI 200 Index; and CSOP KOSPI 200 Covered Call Active ETF (3537.HK), managed by CSOP Asset Management, fell 6.09%. Global X K-Pop and Culture ETF (3158.HK), managed by Mirae Asset, dropped 4.49%, tracking the Solactive K-Pop and Culture Index. Korean-related ETFs took five of the top ten spots on the losers list.

Hong Kong new-stock and AI themes fell sharply. Phillip HK Newly Listed Equities Index ETF (2835.HK), managed by Phillip Capital Management, dropped 9.45% — the steepest decline of the day — tracking the Solactive Hong Kong Newly Listed Equities Index; CSOP Solactive Asia AI Bottleneck Index ETF (3499.HK), managed by CSOP Asset Management, fell 6.05%.

Optical-communication and Asian-semiconductor themes weakened. Value Partners Optical Communication Active ETF (2811.HK), managed by Value Partners Hong Kong, dropped 4.72%; Global X Emerging Markets Asia Active ETF (3104.HK), managed by Mirae Asset, fell 4.69%; and the same manager's Global X Asia Semiconductor ETF (3119.HK) declined 4.55%, tracking the FactSet Asia Semiconductor Index.

Among Southbound (Stock Connect) ETFs, dividend and broad-based products rose modestly while Hong Kong-Korea tech and AI-themed products led the declines, broadly in line with the overall market direction on the day. The top five gainers were: CSOP FTSE ETF Connect East-West Succession Equity Select Index ETF (3441.HK), up 1.25% to lead; Bosera China Reform Hong Kong Central-SOEs High Dividend Yield Index ETF (Listed Class) (3437.HK), up 1.22%; Ping An of China CSI HK Dividend ETF (3070.HK), up 0.94%; iShares Core Hang Seng Index ETF (3115.HK), up 0.83%; and Global X Hang Seng High Dividend Yield ETF (3110.HK), up 0.68%.

The top five losers were: CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), down 3.08% to lead; E Fund (HK) FTSE AI Select Index ETF (3489.HK), down 2.20%; CSOP Hang Seng Biotech ETF (3174.HK), down 1.97%; ChinaAMC Hang Seng Biotech ETF (3069.HK), down 1.96%; and Ping An of China Trust - Ping An Technology Select ETF (3406.HK), down 1.51%.

Data from NewTimeSpace Research Institute shows a two-pole divergent pattern on October 13 characterized by "STAR 50 alone advancing while Korean themes plunged." The upside was dispersed across STAR 50, India, gold miners and dividend directions, with the highest gain at 4.56% and all other gainers within 1.7%; the downside was highly concentrated in Korean themes and AI-related directions, with all top-ten decliners down at least 4.49%, Korean-related ETFs taking five of those spots and Phillip HK Newly Listed Equities Index ETF topping the losers at 9.45%. The gap between the top gainer and top loser exceeded 14 percentage points. On the Southbound side, dividend and broad-based products rose modestly while Hong Kong-Korea tech and AI-themed products led the declines, consistent with the broader market direction.

(Note on scope: the net asset value per unit and assets under management are as of October 12, 2026; the week-to-date change is measured against the closing price of HK$29.540 on October 9.)

On the news front, the dividend-paying behaviour of Hong Kong-listed companies has improved systematically. Jiemian News reported on October 13, citing Industrial Securities data, that the average number of dividend payments by Hong Kong-listed payers rose from 1.41 in 2020 to 1.54 in 2026, the highest in nearly a decade, while the median payout ratio climbed from 34.4% in 2016 to 42.3% in 2025, an increase of 7.9 percentage points. Over the same period, the share of equities classified as fair value through other comprehensive income (FVOCI) in the total equity holdings of seven listed Chinese insurers rose from 40.6% at the start of the year to 46.2%, a record high.

Global X Hang Seng High Dividend Yield ETF (03110.HK) closely tracks the Hang Seng High Dividend Yield Index. Compiled by Hang Seng Indexes Company and launched on December 10, 2012, the index draws its universe from large- and mid-cap constituents of the Hang Seng Composite Index and from constituents of the Hang Seng REIT Index; eligible securities must have paid cash dividends for three consecutive financial years, and those in the top 25% by one-year historical volatility or down more than 50% over the past 12 months are excluded, with the top 50 by net dividend yield then selected. The index is weighted by net dividend yield, with a 10% cap on individual constituents.

Hua Chuang Securities believes the policy environment for the banking sector has shifted from "squeezing profits" to "stabilising profitability", with banks moving from a role of conceding profits to one of stable earnings.

Summary: Global X Hang Seng High Dividend Yield ETF (03110.HK) rose 0.41% on Oct 13; HK payout ratios rose. Hua Chuang Securities sees banks pivoting to stable profit.

(Note on scope: the net asset value per unit and assets under management are as of October 12, 2026; the week-to-date change is measured against the closing price of HK$4.098 on October 9.)

On the news front, share buybacks by Hong Kong-listed companies remained active. According to statistics from Securities Times DataBao, 90 Hong Kong-listed companies repurchased a combined 31.6841 million shares for HK$297 million on October 12; among them, Tencent Holdings (00700.HK) bought back 235,000 shares for HK$100 million, marking its 40th consecutive day of buybacks and taking its year-to-date repurchases to HK$32.143 billion; Xiaomi Group-W (01810.HK) repurchased 2.4998 million shares for HK$61.2373 million, taking its year-to-date total to HK$12.5 billion. Both Tencent Holdings and Xiaomi Group-W are constituents of the Hang Seng TECH Index.

CSOP Hang Seng TECH Index ETF (03033.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly.

Sinolink Securities believes that AI applications are moving from single-point tools to deep, whole-scenario penetration, releasing efficiency gains across office, healthcare and manufacturing; breakthroughs in multimodal interaction are turning AI from passive response to anticipating user needs and sharply lowering the barrier to adoption, with enterprise AI, AI office, AI film and television and AI e-commerce among the areas where penetration is expected to accelerate.

(Note on scope: the net asset value per unit and assets under management are as of October 12, 2026; the week-to-date change is measured against the closing price of HK$13.610 on October 9.)

On the news front, appetite for high-dividend assets has continued to build. On October 13 that a number of existing dividend funds issued purchase-cap notices after the National Day holiday, with several capping daily subscriptions at RMB1 million; as of October 12, total assets of dividend funds in the Chinese market had exceeded RMB420 billion, reaching RMB422.807 billion, up 20.58% from a year earlier, with 54 such products newly launched this year. Market analysts attributed the trend to capital rotating out of high-flying technology shares into low-valuation dividend plays, reflecting short-term risk aversion and a style rebalancing.

CSOP FTSE East-West Equity Select ETF (03441.HK) closely tracks the FTSE ETF Connect East-West Succession Equity Select Index (net total return version). Designed under the HKEX ETF Connect framework, the index allocates about 65% of its weight to the 23 largest Hong Kong-listed high-dividend stocks eligible under Southbound Shanghai and Shenzhen Stock Connect and 35% to the top 100 large-cap US stocks selected by free cash flow yield; it is weighted by freefloat-adjusted market capitalisation, with weight caps of 65% and 35% for Hong Kong-listed and US-listed securities respectively.

Morgan Stanley believes that ahead of the US third-quarter earnings season investors should stay with quality US stocks whose earnings per share keep improving, saying valuation de-rating has created a better entry point for quality cyclicals; the market is increasingly favouring companies with upward earnings revisions, strong free cash flow and resilient profits, while the real risk lies in another sharp rise in real yields triggering bond-market volatility.

The leading advancers were concentrated in non-tech and value/theme areas. Global X Copper Miners ETF (3014.HK), managed by Mirae Asset, rose 1.95% to top the list, tracking the Solactive Copper Miners Index; ChinaAMC MSCI India ETF (3404.HK), managed by China Asset Management (Hong Kong), gained 1.87%; Samsung Blockchain Technologies ETF (3171.HK), managed by Samsung Asset Management (Hong Kong), added 1.72%; and Global X AI Infrastructure ETF (3401.HK), managed by Mirae Asset, advanced 1.44%.

India and regional themes also featured. Global X India Select Top 10 ETF (3184.HK), managed by Mirae Asset, rose 1.28%; Fubon ICE FactSet Taiwan Core Semiconductor Index ETF (3076.HK), managed by Fubon Asset Management (Hong Kong), gained 1.15%; Ping An of China CSI HK Dividend ETF (3070.HK), managed by Ping An of China Asset Management (Hong Kong), added 1.14%; Global X China Life Franklin HK-US Equity Select ETF (3428.HK), managed by Mirae Asset, rose 1.13%; iShares Core MSCI Asia ex Japan ETF (3010.HK), managed by BlackRock, advanced 1.09%; and CSOP FTSE Vietnam 30 ETF (3004.HK), managed by CSOP Asset Management, closed up 0.97%.

Hong Kong Equity ETFs — Top 10 Gainers (October 12, 2026)
Rank	Code	Name	Change (%)	Underlying Index	Manager
1	03014.HK	Global X Copper Miners ETF	1.95	Solactive Copper Miners Index (Net Total Return)	Mirae Asset Global Investments (Hong Kong) Limited
2	03404.HK	ChinaAMC MSCI India ETF	1.87	MSCI India Net Total Return (USD)	China Asset Management (Hong Kong) Limited
3	03171.HK	Samsung Blockchain Technologies ETF	1.72	Nasdaq Blockchain Economy Index	Samsung Asset Management (Hong Kong) Limited
4	03401.HK	Global X AI Infrastructure ETF	1.44	Mirae Asset AI Infrastructure V2 Index	Mirae Asset Global Investments (Hong Kong) Limited
5	03184.HK	Global X India Select Top 10 ETF	1.28	Mirae Asset India Select Top 10 Index	Mirae Asset Global Investments (Hong Kong) Limited
6	03076.HK	Fubon ICE FactSet Taiwan Core Semiconductor Index ETF	1.15	ICE FactSet Taiwan Core Semiconductor Index	Fubon Asset Management (Hong Kong) Co., Limited
7	03070.HK	Ping An of China CSI HK Dividend ETF	1.14	CSI Hong Kong Dividend Index	Ping An of China Asset Management (Hong Kong) Company Limited
8	03428.HK	Global X China Life Franklin HK-US Equity Select ETF	1.13	CSI Select Market Moderate Index	Mirae Asset Global Investments (Hong Kong) Limited
9	03010.HK	iShares Core MSCI Asia ex Japan ETF	1.09	MSCI All Country Asia ex Japan Index	BlackRock Asset Management North Asia Limited
10	03004.HK	CSOP FTSE Vietnam 30 ETF	0.97	FTSE Vietnam 30 Price Index	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Technology and growth themes led the declines. CSOP STAR 50 Index ETF (3109.HK), managed by CSOP Asset Management, fell 6.36% to lead all Hong Kong equity ETFs lower, tracking the STAR 50 Index; Bosera SZSE ChiNext Daily (2x) Leveraged Product (7234.HK), managed by Bosera Asset Management (International), dropped 5.14%; and CSOP KOSPI 200 Covered Call Active ETF (3537.HK), managed by CSOP Asset Management, declined 4.23%.

5G and semiconductor themes also weakened. CSOP Yinhua CSI 5G Communications Theme ETF (3193.HK), managed by CSOP Asset Management, fell 3.31%, tracking the CSI 5G Communications Theme Index; Huatai-PCG HKEX KRX Semiconductor Index ETF (3569.HK), managed by Huatai-PCG Asset Management, dropped 3.03%; and Bosera HKEX KRX Semiconductor Index ETF (3516.HK), managed by Bosera Asset Management (International), declined 2.89%, both tracking the HKEX KRX Semiconductor Index.

Korea-tech and ChiNext products rounded out the losers. Global X China Core TECH ETF (3448.HK), managed by Mirae Asset, fell 2.81%; Global X China Semiconductor ETF (3191.HK), managed by Mirae Asset, dropped 2.71%; CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), managed by CSOP Asset Management, declined 2.51%; and CSOP SZSE ChiNext ETF (3147.HK), managed by CSOP Asset Management, fell 2.42%, tracking the ChiNext Index.

Hong Kong Equity ETFs — Top 10 Losers (October 12, 2026)
Rank	Code	Name	Change (%)	Underlying Index	Manager
1	03109.HK	CSOP STAR 50 Index ETF	-6.36	STAR 50 Index	CSOP Asset Management Limited
2	07234.HK	Bosera SZSE ChiNext Daily (2x) Leveraged Product	-5.14	SZSE ChiNext Index	Bosera Asset Management (International) Co., Limited
3	03537.HK	CSOP KOSPI 200 Covered Call Active ETF	-4.23	KOSPI 200 Index	CSOP Asset Management Limited
4	03193.HK	CSOP Yinhua CSI 5G Communications Theme ETF	-3.31	CSI 5G Communications Theme Index	CSOP Asset Management Limited
5	03569.HK	Huatai-PCG HKEX KRX Semiconductor Index ETF	-3.03	HKEX KRX Semiconductor Index	Huatai-PCG Asset Management Limited
6	03516.HK	Bosera HKEX KRX Semiconductor Index ETF	-2.89	HKEX KRX Semiconductor Index	Bosera Asset Management (International) Co., Limited
7	03448.HK	Global X China Core TECH ETF	-2.81	Mirae Asset China Tech Top 30 Index	Mirae Asset Global Investments (Hong Kong) Limited
8	03191.HK	Global X China Semiconductor ETF	-2.71	FactSet China Semiconductor Index	Mirae Asset Global Investments (Hong Kong) Limited
9	03431.HK	CSOP FTSE HK-Korea Tech+ Index ETF	-2.51	FTSE HK-Korea Tech+ Index (net total return version)	CSOP Asset Management Limited
10	03147.HK	CSOP SZSE ChiNext ETF	-2.42	ChiNext Index	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Among Southbound (Stock Connect) ETFs, the top five gainers were: Ping An of China CSI HK Dividend ETF (3070.HK), up 1.14% to lead; E Fund (HK) MSCI Asia Pacific Select High Dividend Index ETF (3483.HK), up 0.82%; CSOP FTSE Hong Kong Stock ETF (3443.HK), up 0.68%; Global X MSCI China ETF (3040.HK), up 0.43%; and CSOP Hang Seng Index ETF (3037.HK), up 0.40%.

The top five losers were: iShares Hang Seng Tech ETF (3067.HK), down 0.51%; ChinaAMC Hang Seng Tech Index ETF (3088.HK), down 0.56%; Global X Hang Seng TECH ETF (2837.HK), down 0.58%; E Fund (HK) FTSE AI Select Index ETF (3489.HK), down 1.24%; and CSOP FTSE HK-Korea Tech+ Index ETF (3431.HK), down 2.51% to lead the declines.

Within Southbound ETFs, dividend and broad-based Hong Kong/China products led the gains while Hang Seng TECH and AI-themed products led the declines, broadly in line with the overall market direction on the day.

Southbound (Stock Connect) ETFs — Gainers and Losers (October 12, 2026)
Rank	Code	Name	Change	Underlying Index	Manager
Gain 1	03070.HK	Ping An of China CSI HK Dividend ETF	1.14	CSI Hong Kong Dividend Index	Ping An of China Asset Management (Hong Kong) Company Limited
Gain 2	03483.HK	E Fund (HK) MSCI Asia Pacific Select High Dividend Index ETF	0.82	MSCI AC Asia Pacific Select High Dividend Index	E Fund Management (Hong Kong) Co., Limited
Gain 3	03443.HK	CSOP FTSE Hong Kong Stock ETF	0.68	FTSE Hong Kong Stock Index	CSOP Asset Management Limited
Gain 4	03040.HK	Global X MSCI China ETF	0.43	MSCI China Index	Mirae Asset Global Investments (Hong Kong) Limited
Gain 5	03037.HK	CSOP Hang Seng Index ETF	0.40	Hang Seng Index	CSOP Asset Management Limited
Loss 5	03067.HK	iShares Hang Seng Tech ETF	-0.51	Hang Seng TECH Index (net total return version)	BlackRock Asset Management North Asia Limited
Loss 4	03088.HK	ChinaAMC Hang Seng Tech Index ETF	-0.56	Hang Seng TECH Index	China Asset Management (Hong Kong) Limited
Loss 3	02837.HK	Global X Hang Seng TECH ETF	-0.58	Hang Seng TECH Index	Mirae Asset Global Investments (Hong Kong) Limited
Loss 2	03489.HK	E Fund (HK) FTSE AI Select Index ETF	-1.24	FTSE AI Select Index (HKD, Net Return)	E Fund Management (Hong Kong) Co., Limited
Loss 1	03431.HK	CSOP FTSE HK-Korea Tech+ Index ETF	-2.51	FTSE HK-Korea Tech+ Index (net total return version)	CSOP Asset Management Limited
Source/Compilation: Wind / NewTimeSpace, as of the close on October 12, 2026. Coverage: HKD-denominated equity ETFs listed in Hong Kong only.

Data from NewTimeSpace Research Institute shows a sharp rotation on October 12. After a period of strength, technology and growth themes reversed decisively: CSOP STAR 50 Index ETF dropped 6.36% to lead all Hong Kong equity ETFs lower, with leveraged ChiNext and Korea/semiconductor products also among the steepest decliners, underscoring the elevated sensitivity of leveraged and single-theme growth products to momentum reversals. On the upside, leadership rotated to resources (copper), India, blockchain, AI infrastructure, Taiwan semiconductors and Hong Kong dividend products — a defensive-to-cyclical barbell that sheltered the gainers list from the broad tech sell-off. Southbound flows mirrored the same divide, with dividend and broad-based Hong Kong/China ETFs advancing while Hang Seng TECH and AI-themed products lagged.

On performance, as it has been listed for less than a month the product has no year-to-date, 60-day, 120-day or 250-day figures yet (terminals show 0.00%), while over the short term it fell 1.56% in the past five sessions. Underlying copper prices and equities were firm: LME copper closed at USD 14,550 per tonne on 9 October, up 1.99% from the prior week, and SHFE copper closed at RMB 110,110 per tonne, up 0.39%; COMEX copper traded at USD 6.727 per pound on 12 October, up 0.52%; and China's electrolytic copper smelting utilisation rate in September hit its lowest for the period since 2014, with global copper mine supply remaining tight.

On the news front, the positives: Chile's Centinela mine launched its first-ever strike on 7 October after government mediation failed; the mine produced 240,400 tonnes of copper in 2025, more than 35% of Antofagasta's total output, and unions warned of possible output cuts if the standoff lasts about two weeks. Spot treatment charges for copper concentrate fell to negative USD 238 per tonne on 9 October, negative for 21 consecutive months and the lowest since September 2007, with 2026 annual benchmark charges at zero, leaving smelters without a buffer; combined with continued destocking of visible inventories (LME copper stocks of 233,000 tonnes, down 6.28% week on week), any shipment disruption can easily be amplified into a supply-disruption premium through treatment charges and spot premiums. On the macro side, US September non-farm payrolls rose by only 29,000, far below expectations, with unemployment rising to 4.2%, sharply reducing expectations of a Fed hike in October (CME shows an over 82% probability of holding rates), while the dollar and Treasury yields retreated, easing valuation pressure on non-ferrous metals. On demand, cable makers' utilisation stood at 60.19%, air-conditioner production schedules for October to December are up 1.5%, 13% and 5% year on year, and new energy and AI data-centre construction continue to support copper demand expectations; EB SECURITIES maintained a positive view on copper prices in 2026. On the downside: COMEX copper inventories rose to 786,000 tonnes and kept hitting new highs, while domestic social inventories increased 37% week on week, pointing to a split inventory structure; the timing of the US refined copper tariff remains uncertain and could shift global copper trade flows; copper prices are at historic highs, with downstream acceptance and the strength of domestic and global economic recovery still to be verified; and the product's size is only about USD 4.35 million with thin, discount trading, while its tracking index is newly compiled by Solactive and the fund is newly listed, implying relatively higher liquidity and tracking-deviation risk.

Managed by Mirae Asset Global Investments (Hong Kong) and listed in Hong Kong on 15 September 2026 with a base currency of USD and trading in HKD, the product has a total expense ratio of 0.68% and tracks the Solactive Copper Miners Index: the index covers copper mining, exploration and refining companies across developed and emerging markets worldwide, reflecting the equity performance of copper miners rather than the copper price itself. The product mainly uses a full replication strategy, investing directly in constituents at weights broadly matching the index, and may switch to representative sampling under special circumstances (with any constituent's deviation from its index weight not exceeding 3 percentage points); it may invest up to 100% of net asset value in emerging markets, up to 10% in futures for investment and hedging, and up to 10% in cash and money market funds, and may engage in securities lending of up to 50% of net asset value (about 20% expected); distributions are made annually (usually in May) at the manager's discretion and may be paid out of capital. The product suits investors bullish on a tight copper supply-demand balance, long-term demand from electrification, grid investment and AI data centres, and who can tolerate high volatility in a single metal and mining equities. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 12 October 2026)

NewTimeSpace has learned that ChinaAMC Innovative Drugs (03525.HK) is managed by China Asset Management (Hong Kong) and tracks the FTSE ETF Connect Innovative Drugs Index, which covers innovative drug companies in Hong Kong and developed markets. As of 13:20 HKT on October 12, 2026, the ETF had assets of HK$625 million, a net asset value of HK$9.845 per unit and a board lot of 100 units.

On the news front, the Central Committee of the Communist Party of China and the State Council recently issued the Opinions on Developing New Quality Productive Forces, which calls for accelerating the development of strategic emerging industries including biomedicine and building them into new pillar industries, and for organising major science and technology programmes for people's health and strengthening the role of enterprises in research and development. 

Open Source Securities noted that, as Chinese innovative drug makers strengthen their R&D capabilities, clinical development efficiency and platform technologies, Chinese innovative assets are entering the pipelines of global multinational drugmakers at a faster pace, and licensing-out has become an important route for innovative drug companies to realise asset value and expand globally; outbound cooperation is upgrading from single-product licensing to deeper collaboration such as multi-target, multi-platform and joint drug discovery.

NewTimeSpace has learned that iShares MS Taiwan (03074.HK) is managed by BlackRock Asset Management North Asia and tracks the MSCI Taiwan 20/35 Index. As of 13:32 HKT on October 12, 2026, the ETF had assets of HK$1.035 billion, a net asset value of HK$517.503 per unit, a board lot of 10 units and a dividend yield of 1.22%.

On the news front, TSMC said on October 8 that its combined revenue for the first nine months of 2026 reached about NT$3.8987 trillion, up 41.1% year on year and already exceeding its full-year 2025 revenue; September revenue was about NT$511.857 billion, down 0.6% from August but up 54.6% year on year, while third-quarter revenue was about NT$1.4942 trillion, up about 17.6% quarter on quarter and 50.9% year on year, a record for a single quarter. 

Goldman Sachs said in a research report that, with AI and high-performance computing demand remaining strong, it expects TSMC's third-quarter revenue to rise 15.3% quarter on quarter and to grow a further 11.0% in the fourth quarter, and forecasts full-year 2026 revenue growth of 42.0% in US dollar terms.

NewTimeSpace has learned that Hang Seng S&P 500 (03195.HK) is managed by Hang Seng Investment Management and tracks the S&P 500 Index, which comprises 500 large listed companies in the United States. As of 11:54 HKT on October 12, 2026, the ETF had assets of HK$1.766 billion, a net asset value of HK$12.366 per unit and a board lot of 100 units.

On the news front, Xinhua News Agency reported that US stocks closed higher on October 9, with the Dow up 0.83% at 51,654.95, the S&P 500 up 0.59% at 7,811.54 and the Nasdaq up 0.64% at 27,366.17.

Deutsche Bank said in a report that its strategists expect S&P 500 companies to post 34% year-on-year earnings growth in the third quarter, above the consensus of 26.7%.

NewTimeSpace has learned that iShares India (02836.HK) is managed by BlackRock Asset Management North Asia and tracks the S&P BSE SENSEX Index, which covers large listed companies in the Indian market. As of 13:08 HKT on October 12, 2026, the ETF had assets of HK$4.4 billion, a net asset value of HK$33.433 per unit, a board lot of 200 units and a dividend yield of 1.15%.

On the news front, PTI reported that India's Sensex and Nifty extended the previous session's rally in early trade on October 12, with the Sensex up 178 points at 72,627.86 and the Nifty up 76.20 points at 22,591.45, Brent crude at US$103.1 a barrel. 

HDFC Asset Management Company said that from a three-to-five-year perspective Indian equities look attractively valued, with large caps particularly so, and foreign portfolio flows should improve as earnings growth recovers and relative valuations become more attractive.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$22.100 on October 9. The product has the US dollar as its base currency and trades in Hong Kong dollars; assets under management are derived from the roughly 1.36 million units in issue and the net asset value above.)

On the news front, Coinbase has widened the regulated reach of its token trading. TokenPost reported on October 10 that Coinbase has opened trading support for a number of tokens, including Raydium (RAY), to residents of New York State; New York has historically imposed stricter regulatory requirements on digital asset trading, and the move is seen as progress in broadening the exchange's compliant distribution channels.

CSOP Coinbase Daily (2x) Leveraged Product (07711.HK) is a two-times leveraged product under the CSOP Leveraged and Inverse Series. Its investment objective is to provide investment results that, before fees and expenses, closely correspond to twice (2x) the daily performance of the common stock of Coinbase Global, Inc. (NASDAQ: COIN); it is limited to daily performance and is not designed to be held for more than one day. The product uses a swap-based synthetic simulation strategy and rebalances its holdings daily at or near the close of Nasdaq; its net derivative exposure does not exceed 202% of its net asset value.

TD Cowen believes it has raised its bitcoin price forecast to US$109,000; it also cautions that listed companies continuously adding bitcoin through share issuance will dilute the bitcoin exposure per share, a factor that needs to be considered in valuation.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$5.885 on October 9. The ETF has the US dollar as its base currency and trades in Hong Kong dollars; assets under management are derived from the roughly 59.6 million units in issue and the net asset value above.)

On the news front, US spot ether ETFs have continued to see net outflows. According to weekly data compiled by Decrypt and J.P. Morgan, US spot ether ETFs saw net outflows of US$542 million in the week to October 9, their worst week since January and a ninth consecutive trading day of outflows; single-day outflows of US$201.9 million on October 6 and US$160.8 million on October 7 together accounted for about 67% of the week's redemptions, taking October's cumulative net outflows to US$635 million.

ChinaAMC Ether ETF (03046.HK) is a virtual asset ETF that invests directly in spot ether. Its investment objective is to provide investment results that, before fees and expenses, closely correspond to the performance of ether, as measured by the performance of the CME CF Ether-Dollar Reference Rate (APAC Variant). The fund holds ether physically and trades through a licensed virtual asset trading platform; no distributions are made and returns are accumulated for reinvestment, with a management fee of 0.99% a year.

J.P. Morgan believes that about US$50 billion has flowed into digital assets so far in 2026, equivalent to an annualised pace of about US$66 billion — above the US$52 billion annualised pace recorded in May but still only about half of last year's level; as ETF flows and futures positioning rose in tandem in the third quarter, participation by both retail and institutional investors increased, creating positive flow momentum into the fourth quarter; it also noted that institutional positions in bitcoin and ether futures on the CME have increased over the past two months, with ether futures positioning approaching the October 2025 high.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$9.340 on October 9. The product is denominated in US dollars and traded in Hong Kong dollars; assets under management are derived from the 20 million units in issue and the net asset value above.)

On the news front, the wave of price increases among semiconductor equipment suppliers has reached the Korean market. According to Korean media The Elec (cited by Chinanews on October 10), ASML has sent a price-increase proposal through its Korean subsidiary to Samsung Electronics and SK hynix, raising prices for the components it supplies to the Korean market by a uniform 10%, covering all parts for its extreme ultraviolet (EUV) and deep ultraviolet (DUV) lithography equipment, effective January 2027; Applied Materials and Tokyo Electron have also begun price adjustments. The KOSPI 200 Index is highly concentrated in its two largest constituents, Samsung Electronics and SK Hynix, which both belong to the electronics and technology hardware industry.

CSOP KOSPI 200 Covered Call Active ETF (03537.HK) is an actively managed synthetic ETF. It aims to generate income and maintain prospects for capital appreciation while mitigating some downside risk through a covered call strategy, although that strategy also caps potential upside. The product mainly adopts a synthetic representative sampling strategy to gain exposure to the KOSPI 200 Index through KOSPI 200 futures, and sells KOSPI 200 call options to collect option premiums, with the notional value of the options at about 70% to 100% of its total exposure to the index; distributions are determined monthly at the manager's discretion.

China Renaissance Securities believes niche and server memory contract prices still have upside in the fourth quarter of 2026; according to TrendForce data, overall conventional DRAM contract prices rose 13% to 18% quarter on quarter in the third quarter of 2026, with supply remaining tight.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$1.828 on October 9.)

On the news front, short-selling and hedging demand in Hong Kong has persisted. According to the weekly Hong Kong derivatives market review published by Hithink RoyalFlush (10jqka) on October 12, Hang Seng Index bear CBBCs recorded about HK$90.69 million of net inflows over the past five trading sessions, while bull CBBCs saw about HK$25.44 million of net outflows as investors cashed out; by outstanding distribution, HSI bear CBBCs cluster at call prices of 24,400 to 24,700 points, equivalent to about 2,063 index futures contracts, while bull CBBCs cluster at 23,600 to 23,800 points, equivalent to about 1,991 contracts.

CSOP Hang Seng Index Daily (-2x) Inverse Product (07500.HK) is a two-times inverse product under the CSOP Leveraged and Inverse Series. It aims to provide investment results that, before fees and expenses, closely correspond to the daily inverse performance (-2x) of the Hang Seng Index; it is limited to daily performance and is not designed to be held for more than one day. The product combines a futures-based simulation strategy with a swap-based synthetic simulation strategy, rebalances its holdings daily in line with the index, and its expected maximum exposure to the index through swaps is -200% of the product's net asset value.

Everbright Securities believes the takeaway subsidy war that has weighed on the earnings of Hong Kong's internet sector is receding and the earnings downgrade cycle may be nearing its end, with fundamental clearing providing core support; global technology valuations and crowding are at relatively high levels, while the Hang Seng TECH Index has seen its valuation appeal recover after the correction, creating demand for rebalancing from high-flying growth into undervalued Hong Kong technology; a thaw in China-US relations could draw additional foreign investor attention to Hong Kong stocks, and the realisation of overseas rate-hike expectations may serve as an external catalyst.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$9.860 on October 9.)

On the news front, thermal coal prices have climbed in what is traditionally the slack season. Securities Times reported on October 11, citing Wind data, that the settlement price of 5,500 kcal Shanxi thermal coal at Qinhuangdao port reached RMB1,003 a tonne as of October 10, more than 40% above the roughly RMB700 a tonne a year earlier; contracting supply against growing demand is the core driver of this rally, with nationwide electricity consumption reaching 1,033.2 billion kWh in August, up 1.7% year on year, and the power load hitting a record high. China Shenhua is the largest weighted constituent of the CSI China Reform Hong Kong Connect Central-SOEs High Dividend Yield Index.

Bosera China Reform Hong Kong Central-SOEs High Dividend Yield Index ETF (03437.HK) closely tracks the CSI China Reform Hong Kong Connect Central-SOEs High Dividend Yield Index. Customised by China Reform Investment Co., Ltd., the index draws its universe from the CSI Hong Kong Connect Composite Index and requires constituents to be on the SASAC central SOE list or to have controlling rights held by SASAC. Only the largest security by average daily market capitalisation over the past year is included from the financials and real estate sectors, while all securities from other sectors are eligible; after screens for three consecutive years of dividends and payout ratios, the top 50 by average dividend yield over the past three years are selected. It is weighted by dividend yield, with a 10% cap on individual constituents.

Zhongtai Securities believes that autumn maintenance and winter restocking together should keep coal prices elevated; while mine restarts in China and progress in Indonesia's quota approvals raise expectations of supply recovery, the actual increase will take time to materialise, and with limited port inventory pressure and winter stockpiling demand gradually coming through, coal prices remain supported and are expected to stay high and range-bound, with the release of winter restocking demand plus strong third-quarter earnings growth acting as catalysts for the sector.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$29.540 on October 9.)

On the news front, the A-share market's regular dividend mechanism has continued to improve. Securities Daily reported on October 12 that, calculated by record date, 3,723 A-share listed companies had declared total dividends of more than RMB2 trillion so far this year as of October 11, of which 565 had implemented interim dividends and 11 special dividends, making "multiple dividends a year" increasingly the norm; in a low interest rate environment, the "coupon" advantage of dividend assets is becoming more prominent.

Global X Hang Seng High Dividend Yield ETF (03110.HK) closely tracks the Hang Seng High Dividend Yield Index. Compiled by Hang Seng Indexes Company and launched on December 10, 2012, the index draws its universe from large- and mid-cap constituents of the Hang Seng Composite Index and from constituents of the Hang Seng REIT Index; eligible securities must have paid cash dividends for three consecutive financial years, and those in the top 25% by one-year historical volatility or down more than 50% over the past 12 months are excluded, with the top 50 by net dividend yield then selected. The index is weighted by net dividend yield, with a 10% cap on individual constituents.

Shenwan Hongyuan believes that the period in which non-technology sectors outperform will be extended, and so will the time frame for absolute returns from high-dividend assets; high dividends and technology are a "seesaw", and until clearer signs of market strength return, investors can still hold high-dividend names on a defensive basis, with banks and utilities in focus.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$4.098 on October 9.)

On the news front, Tencent Holdings (00700.HK) said in a Hong Kong Stock Exchange announcement on the morning of October 12 that it proposes to conduct an international offering of notes to professional investors under its global medium-term note programme; the notes will be issued in series on different issue dates and terms and may be denominated in any currency, and the company will seek to list them on the Stock Exchange. According to a term sheet seen by Reuters, the proposed notes are senior unsecured notes denominated in US dollars and offshore Chinese yuan, potentially comprising 10-year and 20-year dollar notes and 10-year and 30-year offshore yuan notes, with the deal size not yet set; JPMorgan, Goldman Sachs, HSBC and Morgan Stanley are leading the dollar tranche. Tencent Holdings is one of the weighted constituents of the Hang Seng TECH Index.

CSOP Hang Seng TECH Index ETF (03033.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly. The fund mainly adopts a full replication strategy, investing in index securities in broadly the same proportions as in the index.

China Merchants Securities believes that after the rebound, the focus of allocation has shifted from long-term optionality to near-term earnings delivery; in a higher-for-longer rate environment, investors should focus on earnings strength and shareholding structure, with technology leaders that have the hardest earnings and clean positioning plus dividend plays as anear-term base while awaiting a broad-based technology recovery once US Treasury yields turn; the 10-year US Treasury yield remains high at 5.2%-5.3%, and the Fed's September minutes were hawkish with no hike in October as the base case.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$4.182 on October 9.)

On the news front, the revision of the Hang Seng TECH Index's compilation methodology is moving into implementation. According to a CITIC Securities research note published on October 12, the revision announced by Hang Seng Indexes Company on October 7 will be applied in the index review for the period ended September 30, with the review results due on November 20 and the constituent changes effective from December 7; the number of constituents will rise to 50 from 30, with the first 40 selected by market capitalisation and the remaining 10 by revenue growth over the past 12 months, and CATL is expected to become the largest new constituent by weight, with attention warranted to the liquidity impact on individual stocks from passive rebalancing.

Hang Seng TECH Index ETF (03032.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly. The fund mainly adopts a full replication strategy, investing in substantially all index constituents in broadly the same proportions as the index.

Guosen Securities believes consumer and internet names drove the Hong Kong market higher last week while healthcare retreated; the Hang Seng Index rose 1.0% and the Hang Seng Composite Index 0.6%, with the Hang Seng Index's dynamic 12-month forward price-earnings ratio up 0.6% to 10.0 times and the Composite up 0.3% to 9.8 times; earnings-per-share expectations were revised up for most major thematic indices, with the Hang Seng TECH Index up 0.6%.

(Note on scope: the net asset value per unit and assets under management are as of October 9, 2026; the week-to-date change is measured against the closing price of HK$24.840 on October 9.)

On the news front, mainland policymakers released a dense set of market- and growth-stabilisation signals on October 10. The China Securities Regulatory Commission held a symposium with experts on the capital market and financial situation, at which participants recommended steadily strengthening market-stabilisation mechanisms, further widening the sources, channels and access routes for medium- and long-term capital, and fostering patient capital; the same day, Zheng Shanjie, head of the National Development and Reform Commission, chaired a symposium with private enterprises, saying the NDRC would step up counter-cyclical adjustment and push for the early start of major projects set out in the 15th Five-Year Plan and the "six networks" construction plans, so as to unlock domestic demand.

Tracker Fund of Hong Kong (02800.HK) closely tracks the Hang Seng Index. Compiled by Hang Seng Indexes Company and weighted by freefloat-adjusted market capitalisation with an 8% cap on individual constituents, the index reflects the overall performance of leading Hong Kong-listed Greater China and foreign companies by market value and turnover; it has a cap of 100 constituents, currently 95, and is reviewed quarterly, with a base date of 31 July 1964 and a base value of 100 points. The fund invests in physical assets, holding all or substantially all of its assets in index constituents in broadly the same proportions as the index.

CSC believes positive signals are accumulating and that defence should come first in allocation; it recommends high-dividend, low-valuation, cash-flow-stable dividend assets as a defensive core position, with a focus on banks, coal, utilities and Hong Kong dividend plays, while positioning around third-quarter results in earnings-improving areas such as AI computing power and chemical resource products.

On the news front, Korean stocks came under pressure on the first trading day after the Hangeul Day holiday. According to Bloomberg data, foreign investors have withdrawn a net US$131 billion from Korean equities this year, the largest such outflow among major Asian markets, while Korean stock turnover is down about 70% from its late-May peak; a buyback programme totalling about KRW55 trillion (roughly US$41 billion) by Samsung Electronics and SK hynix is nearing completion. South Korea's finance minister said on October 12 that market stabilisation measures would be taken if necessary amid elevated global bond yields. Samsung Electronics and SK hynix are both constituents of the FTSE ETF Connect HK-Korea Tech+ Index.

CSOP FTSE HK-Korea Tech+ Index ETF (03431.HK) closely tracks the FTSE ETF Connect HK-Korea Tech+ Index (net total return version). Designed under the framework of the HKEX ETF Connect rules, the index covers Hong Kong-listed technology stocks eligible under Southbound Stock Connect and leading Korean technology stocks; it selects by market capitalisation up to 20 SEHK-listed and up to 20 Korea Exchange-listed technology securities, weighted by free-float adjusted market capitalisation, with weight caps of 65% and 35% for Hong Kong and Korean listings respectively and individual caps of 10% and 15%, and is reviewed half-yearly. The fund mainly adopts a physical representative sampling strategy.

Eugene Investment & Securities believes SK hynix's third-quarter operating profit will reach KRW75.7 trillion, up 25% quarter on quarter, with its operating margin rising to 77.4%; third-quarter DRAM average selling prices rose 20% quarter on quarter, with conventional DRAM up 22% and NAND prices up 23%; memory price increases are expected to continue into early next year, with next year's HBM average selling price forecast to rise 113% year on year to US$3.31 per gigabit and to lift SK hynix's operating profit by 72% next year.

On the news front, Hong Kong's new listing market continued to expand. Securities Times reported on October 10 that 38 A-share companies completed H-share listings in the first three quarters of 2026, twice the number for the whole of 2025; the "return to A-shares" channel for H-share issuers opened in parallel, with Lygend Resources the first to take that route on September 30 and a number of others in the pipeline; as of October 9, the A+H universe had grown to 209 companies this year.

CSOP FTSE Hong Kong Equity ETF (03443.HK) closely tracks the FTSE MPF Hong Kong Index. Compiled by FTSE Russell and weighted by free float-adjusted market capitalisation, the index comprises Hong Kong-listed HSBC Holdings together with eligible large- and mid-cap Hong Kong companies and Hong Kong-listed Chinese companies (H shares, red chips and P chips) in the FTSE All-World Index, all of which must be listed on exchanges approved by the MPFA, and it is calculated on a net total return basis; individual constituents are capped at 9% and the index had 341 constituents as of May 29, 2026.

Zheshang Securities believes Hong Kong stocks remain in the process of building a medium- to long-term bottom, with the Hang Seng TECH Index having led the decline since last October and now leading A shares into a bottoming phase that is expected to be confirmed within one to two weeks; on sector allocation it suggests focusing on sectors that have fallen the most and maintaining a balanced structure.

On the news front, statistics from Securities Times DataBao show that southbound funds recorded net buying of HK$6.768 billion over the two trading sessions after the National Day holiday (October 8 and 9), the seventh consecutive week of net buying; by stock, buying focused on internet leaders, with Tencent Holdings (00700.HK) seeing net buying of HK$2.193 billion and Alibaba-W (09988.HK) HK$466 million, while Xiaomi Group-W (01810.HK) and SMIC (00981.HK) saw net selling of HK$489 million and HK$667 million respectively. All four companies are constituents of the Hang Seng TECH Index.

iShares Hang Seng TECH ETF (03067.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly. The fund mainly adopts a representative sampling strategy, investing in a portfolio of securities highly correlated with the index.

Huatai Securities believes that its pre-holiday call for a short-term rebound in Hong Kong stocks is starting to play out, but while interest-rate pressure has eased at the margin, conditions for a trend reversal have yet to emerge and "higher for longer" remains the base case; that a short-term rebound under extreme pressure is reasonable, yet with medium-term liquidity and fundamental constraints unresolved and a peak in lock-up expiries looming at year-end, it advises responding with structure rather than chasing beta; sentiment in overseas technology hardware has recovered somewhat but is concentrated in a few giants with strong catalysts, and with Hong Kong stocks mainly playing the domestic substitution chain, a window for trend-following long positions has yet to arrive.

The leading gainers were the gold-mining theme. E Fund (HK) Solactive Global Gold Miner Select Index ETF, managed by E Fund Management (Hong Kong) Co., Limited, rose 5.50% to top the gainers list; GF MSCI Global Strategic Metals Select ETF, managed by GF International Investment Management Limited, rose 3.32% as the metals theme strengthened in tandem.

The internet theme was active. Samsung CSI China Dragon Internet ETF, managed by Samsung Asset Management (Hong Kong) Limited, rose 3.46%, tracking the CSI Global China Internet Index.

The Hang Seng TECH theme strengthened collectively. Global X Hang Seng TECH ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 3.08%; ChinaAMC Hang Seng Tech Index ETF, managed by China Asset Management (Hong Kong) Limited, rose 2.99%; iShares Hang Seng Tech ETF, managed by BlackRock Asset Management North Asia Limited, rose 2.97%; CMS Hang Seng Tech Index ETF, managed by CMS Asset Management (HK) Co., Limited, rose 2.87%; and Hang Seng TECH Index ETF, managed by Hang Seng Investment Management Limited, rose 2.80% — all five tracking the Hang Seng TECH Index. In addition, Global X Hang Seng TECH Covered Call Active ETF, also managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 2.81%.

The consumer theme also performed. Global X China Consumer Brand ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, rose 2.62%, tracking the Solactive China Consumer Brand Index (NTR).

On the downside, the 5G and blockchain themes led the decline. CSOP Yinhua CSI 5G Communications Theme ETF, managed by CSOP Asset Management Limited, fell 2.35% as the day's worst performer, tracking the 5G Communication Index; Pando Blockchain ETF, managed by Pando Limited, fell 2.28%.

Optical communication and AI infrastructure themes pulled back modestly. Value Partners Optical Communication Active ETF, managed by Value Partners Hong Kong Limited, fell 1.37%; Global X AI Infrastructure ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 1.32%.

Korean and semiconductor themes weakened. Global X KOSPI 200 ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 1.03%, tracking the KOSPI 200 Index; Xtrackers MSCI Korea UCITS ETF, managed by DWS Investment S.A., fell 0.97%; E Fund (HK) Solactive Asia Semiconductor Select Index ETF, managed by E Fund Management (Hong Kong) Co., Limited, fell 1.01%; and Bosera HKEX KRX Semiconductor Index ETF, managed by Bosera Asset Management (International) Co., Limited, fell 0.81%.

In addition, CSOP Saudi Arabia ETF, managed by CSOP Asset Management Limited, fell 0.98%, tracking the FTSE Saudi Arabia Index (SAR) (Net Total Return); Global X MSCI Asia Pacific ex Japan ETF, managed by Mirae Asset Global Investments (Hong Kong) Limited, fell 0.87%, tracking the MSCI AC Asia Pacific ex Japan Index.

Among southbound (Stock Connect) ETFs, Hang Seng TECH-themed products rose collectively while biotech edged lower, broadly in line with the market's overall price direction that day. The top five gainers were all Hang Seng TECH-themed: Global X Hang Seng TECH ETF (2837.HK) led with a 3.08% gain, followed by ChinaAMC Hang Seng Tech Index ETF (3088.HK) at 2.99%, iShares Hang Seng Tech ETF (3067.HK) at 2.97%, CMS Hang Seng Tech Index ETF (3423.HK) at 2.87%, and Hang Seng TECH Index ETF (3032.HK) at 2.80%.

Only one product appeared on the losers list: ChinaAMC Hang Seng Biotech ETF (3069.HK) fell 0.31%, tracking the Hang Seng Hong Kong-Listed Biotech Index.

NewTimeSpace Research data shows that the market on the day exhibited a "gold-mining leads, Hang Seng TECH strengthens collectively" structure. The gains were driven by multiple directions including gold-mining and metals, internet, and Hang Seng TECH, with E Fund (HK) Solactive Global Gold Miner Select Index ETF leading at 5.50% and five Hang Seng TECH-themed ETFs all up no less than 2.8%. The declines were concentrated in 5G, blockchain, optical communication and AI infrastructure, with a maximum drop of 2.35% and limited overall magnitude. On the southbound side, the top five gainers were all Hang Seng TECH-themed and only one biotech product declined, in line with the broader market direction.

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On performance, the product has risen 0.66% since inception (as of 7 October) but fell 0.71% over the past week and 0.71% month to date; as it has been listed for less than a month, there are no comparable six-month, one-year or year-to-date figures. Metal prices and related equities were strong over the same period: spot gold broke above USD 4,200 an ounce during Asian hours on 9 October, up nearly 2% on the day, while COMEX gold rose 1.40% to USD 4,215.1, silver gained 1.82% to USD 60.505 and copper rose 1.26% to USD 6.651. A-share non-ferrous metals surged in the afternoon, with WESTERN REGION GOLD hitting the daily limit, SJI up more than 7%, ZHONGJIN GOLD up more than 6%, CHIFENG GOLD and HUNAN GOLD up more than 5%, and ZIJIN MINING and HUAFON ALUMINIUM up more than 4%.

On the news front, the positives: data published by the central bank on 7 October showed official gold reserves rose by 21 tonnes in September, the largest monthly increase in three years, extending the buying streak to 23 consecutive months and providing medium- to long-term support for gold prices. Concerns over the Middle East "oil price-inflation" link eased, and with Federal Reserve Governor Waller striking a dovish tone, the 10-year US Treasury yield retreated to 5.21% after spiking and the dollar index weakened, lifting precious metals off their lows. Institutions noted that hard constraints on mine supply and low inventories support base metal prices, rare earths are broadly firm with light rare earths recovering, and minor metals face tight supply with holders holding firm on prices. On the downside: recent hawkish remarks from Fed officials and a stronger dollar and Treasury yields have weighed on non-ferrous metals, and domestic base metals fell broadly on 9 October with SHFE tin dropping more than 5% at one point, leaving the sector split between uniform macro pressure and differing industry fundamentals; lithium rose then fell on destocking and firm spot prices, cobalt showed a weak peak season on soft demand, and nickel's rebound was capped by high inventories; gold is under short-term pressure from rising real rates, with core PCE data the key guide; and the product is newly listed with about HKD 338 million in assets and thin turnover, while the index was only launched in March 2026 with a short operating history, implying relatively higher tracking-error and liquidity risk.

Managed by GF International Investment Management Limited and listed on the Hong Kong Stock Exchange on 28 September 2026 with a total expense ratio of 1.0% (management fee 0.90%), the product tracks the MSCI Global Strategic Metals Select Index (net total return, USD-denominated): compiled by MSCI and launched on 30 March 2026, the index selects from the MSCI World (ex Hong Kong Southbound) IMI Index and the MSCI Hong Kong Southbound IMI Index the top 30 and top 10 constituents respectively by weight within the GICS Metals & Mining industry, with the two components carrying fixed weights of 38% and 62%; any single constituent is capped at about 10%, the index is reviewed quarterly (February, May, August, November) with a 20% buffer rule, and the fixed component weights are rebalanced semi-annually. As of 22 July 2026 it had 40 constituents with total free-float market capitalization of USD 1.341 trillion, covering precious metals, industrial base metals and rare metals; it reflects the equity performance of relevant companies rather than spot metal prices. The product uses full replication or representative sampling, may invest up to 30% of net asset value in collective investment schemes and up to 30% in financial derivatives, and may engage in securities lending of up to 50% of net asset value (about 20% expected); it offers HKD (03566), RMB (83566) and USD (41566) counters, with distributions at the manager's discretion and potentially payable out of capital. The product suits investors bullish on the long-term strategic allocation value of gold, copper and rare earths who can tolerate high sector volatility and the risks of a newly launched fund. Risk warning: for reference only; this is not investment advice; past performance does not guarantee future results; invest with caution. (Data source: ROYALFLUSH INFO iFinD, as of 9 October 2026)

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On performance, the ETF listed on January 30, 2026; since listing the price has returned -24.67% with a range amplitude of 57.04%, from a high of HKD 15.53 (March 2) to a low of HKD 7.83 (June 30). At HKD 10.170 the price is about 29.9% above the June low but still well below its early-listing peak. On holdings, as of September 30, 2026 the fund held 30 constituents with 99.97% in stocks; the top ten were ZIJIN MINING 15.48%, ZIJIN GOLD INTL 15.29%, ZHAOJIN MINING 10.94%, Newmont 7.49%, SD GOLD 6.84%, WANGUO GOLD GP 6.07%, Agnico Eagle 5.73%, LINGBAO GOLD 4.99%, Barrick Mining 4.13% and AngloGold Ashanti 2.92%, with Asia at 63.75% and North America at 29.65% by region. Hong Kong gold miners rallied broadly on October 9, with ZIJIN GOLD INTL up more than 8%, TONGGUAN GOLD more than 7% and CHIFENG GOLD more than 6%, while ZIJIN MINING, ZHAOJIN MINING and SD GOLD each rose more than 5% and CHINAGOLDINTL more than 4%, the main driver of the day's advance.

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On the news front, the Ministry of Finance auctioned the first tranche of the 2026 special treasury bonds for recapitalising central financial institutions on October 8. The five-year tranche was issued at a face value of RMB150 billion with a coupon of 1.37%, accruing interest from October 9 and listed for trading from October 13. It is the first tranche of the RMB300 billion recapitalisation plan announced in early September, supporting eight central financial institutions including ICBC and Agricultural Bank of China in replenishing core tier-1 capital; the second tranche of RMB150 billion with a seven-year tenor is due to be issued on November 18.

Global X Hang Seng High Dividend Yield ETF (03110.HK) closely tracks the Hang Seng High Dividend Yield Index. Launched by Hang Seng Indexes Company on December 10, 2012, the index reflects the overall performance of high-yield securities listed in Hong Kong. It has a fixed 50 constituents; eligible securities must have cash dividend records for three consecutive financial years, and those in the top 25% by historical volatility over the past year or down more than 50% over the past 12 months are excluded, with selection then based on the highest net dividend yields. The fund invests in physical assets and intends to use replication or representative sampling strategies, with net derivative exposure capped at 50% of net asset value.

Changjiang Securities expects the fourth quarter to remain an important allocation window for dividend assets; overseas rate hikes do not change the effectiveness of dividend strategies against the backdrop of a domestic "asset shortage", and banks will start interim dividends in the fourth quarter; banks' low PB valuations have yet to fully reflect changes in the operating cycle, and stabilising net interest margins, accelerating revenue and the digestion of asset-quality burdens should drive a valuation repair.

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On the news front, the Securities and Futures Commission, the Accounting and Financial Reporting Council and the Stock Exchange of Hong Kong issued a joint statement on October 8 to address growing regulatory concerns over the rising number of listed issuers whose financial statements carry an auditor's disclaimer of opinion solely relating to going concern. The regulators noted such cases have risen from 12 in 2017 to 95 in 2025, with 65 of them lasting more than a year and the most extreme case running 14 years. Should disclosure quality fail to improve markedly, the Exchange will consider amending the Listing Rules, including requiring such issuers to be suspended from trading.

Tracker Fund of Hong Kong (02800.HK) closely tracks the Hang Seng Index. Compiled by Hang Seng Indexes Company and weighted by freefloat-adjusted market capitalisation, the index reflects the overall performance of leading Hong Kong-listed Greater China and foreign companies by market value and turnover; it has a cap of 100 constituents and is reviewed quarterly, with a base date of 31 July 1964 and a base value of 100 points. The fund invests in physical assets, holding all or substantially all of its assets in index constituents in broadly the same proportions as the index.

CITIC Securities believes that with Hong Kong stocks having corrected for two consecutive months and earnings expectations starting to be revised up, the value of allocating to Hong Kong equities is beginning to emerge; if a series of new mainland property policies can restore positive wealth effects and domestic demand starts to recover, the brokerage sees a fourth-quarter "earnings plus valuation" double-engine rally.

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On the news front, Xiaomi Auto released first-month order figures for its Pengcheng series on October 8. As of October 7, one month after launch, cumulative orders for the Pengcheng N70 and N90 series had exceeded 70,000 units; orders surpassed 10,000 on the launch day of September 7, and deliveries began on September 12, exceeding 10,000 units in the month and lifting Xiaomi Auto's total September deliveries above 40,000 for the first time. Xiaomi Group-W is a constituent of the Hang Seng TECH Index.

iShares Hang Seng TECH ETF (03067.HK) closely tracks the Hang Seng TECH Index. The index represents the 30 largest Hong Kong-listed companies with high business exposure to technology themes; constituents must be classified under Industrials, Consumer Discretionary, Healthcare, Financials or Information Technology and be highly exposed to at least one of the Internet (including mobile), FinTech, Cloud, E-commerce, Digital or Autonomous themes. The index is freefloat-adjusted market-capitalisation weighted with an 8% cap on individual constituents and is reviewed quarterly. The fund mainly adopts a representative sampling strategy, investing in a portfolio of securities highly correlated with the index.

CICC believes the Hang Seng Index is likely to stay range-bound between 24,000 and 26,000 points, with offshore US bond yields mainly amplifying volatility, and whether Hong Kong stocks can break into a trend depends chiefly on domestic fundamentals; two key catalysts lie ahead — a marked fiscal push on the household side, and earnings delivery by internet and AI leaders.

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NewTimeSpace has learned that CSOP Nikkei 225 Inverse (07515.HK) is managed by CSOP Asset Management and is a daily leveraged and inverse product that seeks to deliver twice the inverse of the daily performance of the Nikkei 225 Index. As of 13:29 HKT on October 9, 2026, the product had assets of HK$199 million, a net asset value of HK$12.324 per unit and a board lot of 10 units.

On the news front, Japanese AI and semiconductor stocks fell on October 9, with the Nikkei 225 opening lower and dropping as much as 1.29% before rebounding; SoftBank Group fell more than 7% at its intraday low, while Kioxia and Renesas Electronics each fell more than 4%. 

Swissquote senior analyst said that, based on Japan Exchange Group data, foreign investors sold a net JPY2.24 trillion of Japanese stock futures in the week to October 2 while buying a net JPY956 billion of cash equities, a divergence reflecting greater caution over the next leg of the market rally rather than a loss of interest in Japanese stocks.

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NewTimeSpace has learned that Samsung Crude Oil (03175.HK) is managed by Samsung Asset Management (Hong Kong) and tracks the S&P GSCI Crude Oil Multi-Month Futures Contracts 55/30/15 1M/2M/3M Index (USD) ER. As of 13:06 HKT on October 9, 2026, the ETF had assets of HK$262 million, a net asset value of HK$11.653 per unit and a board lot of 200 units.

On the news front, citing EIA data, that US commercial crude inventories fell 3.2 million barrels to 424.1 million barrels in the week ended October 2,with refinery utilisation at 92.7%.CITIC Securities noted in a research report that high oil prices are supporting upstream oil and gas earnings and that improving refining spreads offer opportunities.

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NewTimeSpace has learned that E Fund AI ETF (03489.HK) is managed by E Fund Asset Management (Hong Kong) and tracks the FTSE Custom Global AI Select Index (Net Total Return). As of 13:05 HKT on October 9, 2026, the ETF had assets of HK$712 million, a net asset value of HK$12.730 per unit and a board lot of 100 units.

On the news front, US stocks closed on October 8 with the Nasdaq down 1.25% at 27,193.34 and the S&P 500 down 0.47% at 7,765.36.

Morgan Stanley said in a report that the bottleneck in US AI infrastructure is shifting from chips to power, with US data centres expected to face a net power shortfall of about 34%, or 32 GW, between 2026 and 2028.

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NewTimeSpace has learned that Hang Seng China Enterprises (02828.HK) is managed by Hang Seng Investment Management and tracks the Hang Seng China Enterprises Index, which covers mainland Chinese enterprises listed in Hong Kong and reflects their overall performance. As of 10:59 HKT on October 9, 2026, the ETF had assets of HK$21.161 billion, a net asset value of HK$82.173 per unit, a board lot of 200 units and a dividend yield of 1.62%.

data released by the National Bureau of Statistics showed that China's manufacturing PMI stood at 50.1% in September, up 0.3 percentage point from the previous month and back in expansion territory, with 12 of the 21 surveyed industries above the threshold; the PMIs for equipment manufacturing, high-tech manufacturing and consumer goods manufacturing were 51.0%, 52.5% and 50.7% respectively.

China Galaxy Securities noted in a strategy report that the core tension in the Hong Kong market lies between the liquidity recovery expected from returning southbound capital and valuation pressure from high overseas interest rates, with a mid-term reversal not yet confirmed and the rebound remaining largely structural.

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NewTimeSpace has learned that Global X China Consumer (02806.HK) is managed by Mirae Asset Global Investments (Hong Kong) and tracks the Solactive China Consumer Brand Index (Net Total Return), which reflects the overall performance of Chinese consumer brand companies. As of 10:58 HKT on October 9, 2026, the ETF had assets of HK$157 million, a net asset value of HK$36.379 per unit and a board lot of 50 units.

On the news front, in the first three days of the National Day holiday, foot traffic at 78 key pedestrian streets and business districts nationwide rose 3.4% year on year and turnover rose 5.3%, while trade-in of consumer goods drove sales of RMB19.63 billion.

Separately, China News Service reported that the National Development and Reform Commission, together with the Ministry of Finance, issued the fourth batch of RMB62.5 billion in ultra-long special treasury bonds to support consumer goods trade-in, bringing the full-year total of RMB250 billion fully allocated.

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NewTimeSpace has learned that the ETF is managed by BlackRock Asset Management North Asia and tracks the S&P BSE SENSEX Index, compiled by S&P Dow Jones Indices and the BSE, which covers large-cap Indian companies listed on the Bombay Stock Exchange. As of 10:34 HKT on October 9, it had assets of HKD 4.348 billion, a unit NAV of HKD 33.043, a dividend yield of 1.18% and a board lot of 200 units.

The Economic Times reported that the SENSEX fell 1.44% to close at 71,593.24 on October 8.

JPMorgan said resilient domestic demand in the September quarter, early festive inventory build-up and favourable pricing in selective commodity-linked sectors should continue to support Indian earnings growth.

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NewTimeSpace has learned that the ETF is managed by CSOP Asset Management and tracks the Hang Seng HK-US TECH Index (net total return version). Compiled by Hang Seng Indexes Company, the index covers technology companies listed in Hong Kong and the United States. As of 10:34 HKT on October 9, it had assets of HKD 678 million, a unit NAV of HKD 7.620 and a board lot of 100 units.

National Business Daily reported that the Hang Seng Tech Index hit a year-to-date low as of October 8 after a month of declines, with its valuation falling to about 22 times, and that Hong Kong's three main indices rose collectively in morning trade on October 9. Separately, TSMC's monthly data showed September consolidated revenue of about NT$511.857 billion, up 54.6% year on year and down 0.6% from August, with January-September revenue up 41.1%.

CSC said Hong Kong-listed industry leaders have solid cash flows and remain at a historically low valuation percentile, giving them a degree of positioning advantage in the AI industrial shift.

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NewTimeSpace has learned that the ETF is managed by CSOP Asset Management and tracks the FTSE ETF Connect East-West Succession Equity Select Index (net total return version). Compiled by FTSE Russell, the index covers equity securities listed in Hong Kong and the United States. As of 10:12 HKT on October 9, the ETF had assets of HKD 2.177 billion, a unit NAV of HKD 13.397 and a board lot of 100 units.

Major US equity indices declined overnight and the US third-quarter earnings season will begin next week, with JPMorgan Chase set to report on October 13.

Goldman Sachs said in a report that S&P 500 constituents are expected to post earnings-per-share growth of about 27% year on year in the third quarter, the highest since 2021, but growth is highly concentrated in memory and computing leaders, with the median constituent's EPS growth at about 9%.

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NewTimeSpace has learned that the ETF is managed by BlackRock Asset Management North Asia and tracks the MSCI China Index. Compiled by MSCI, the index is a free-float adjusted market capitalisation-weighted gauge covering Chinese companies listed on the SEHK, the Shanghai and Shenzhen stock exchanges, as well as Chinese companies listed overseas through depositary receipts. As of 10:11 HKT on October 9, the ETF had assets of HKD 12.12 billion, a unit NAV of HKD 23.006, a dividend yield of 2.12% and a board lot of 200 units.

Citing data monitored by the China Index Academy, that 55.1 million square metres of new homes were transacted across 25 key cities from October 1 to 7, up 33.8% year on year on a daily average basis versus last year's National Day holiday; average daily second-hand home transactions across 11 key cities rose 42.8%.

China Merchants Securities said in its October A-share strategy report that external demand and AI-related industrial demand remained resilient in the third quarter while trading activity in the TMT sector cooled from earlier levels, and that long-end US Treasury yields stayed elevated with domestic aggregate demand recovery still weak.

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NewTimeSpace has learned that the ETF is managed by Hang Seng Investment Management and tracks the Hang Seng Index, compiled by Hang Seng Indexes Company, which covers large and mid-cap companies listed on the HKEX. As of 09:55 HKT on October 9, it had assets of HKD 124.532 billion, a unit NAV of HKD 24.437, a dividend yield of 2.99% and a board lot of 500 units.

Southbound net buying reached HKD 6.477 billion on October 8, with Shanghai and Shenzhen Stock Connect inflows of HKD 3.836 billion and HKD 2.641 billion respectively, and Tencent Holdings drawing HKD 2.452 billion of net buying.

Bank of America said in a report that global active long-only funds have raised their allocation to Chinese equities from "underweight" to "benchmark neutral," ending a four-year underweight stance.

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NewTimeSpace has learned that the ETF is managed by ChinaAMC (HK) Limited and tracks the Hang Seng Tech Index, compiled by Hang Seng Indexes Company, which covers technology-themed companies listed in Hong Kong. As of 09:55 HKT on October 9, it had assets of HKD 842 million, a unit NAV of HKD 5.196, a dividend yield of 0.38% and a board lot of 200 units.

Hang Seng Indexes Company's consultation conclusions on revising the index's compilation methodology will lift the number of constituents to 50 from 30, with 40 selected by market capitalisation and 10 by revenue growth over the past 12 months; the requirement that candidates fall under specified industries is scrapped, and technology sub-themes increase to 24 from 16.

CICC said in research that the revision is the most profound and systematic reform since the Hang Seng Tech Index was launched in 2020, with artificial intelligence upgraded to a standalone technology theme and the index moving beyond its past tilt toward internet platforms.

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NewTimeSpace has learned that the product is managed by CSOP Asset Management and is a leveraged index product providing daily 2x leveraged exposure to the Solactive Gold 1-Day Rolling Futures Index. As of 09:45 HKT on October 9, it had assets of HKD 1.488 billion, a unit NAV of HKD 21.080 and a board lot of 100 units.

CNR reported that spot gold broke above USD 4,160 an ounce, up 0.65% intraday. 

Neuberger Berman said gold's deeper support comes from financial uncertainty and sovereign debt pressures; as debt burdens accumulate, the market needs to reassess the role of sovereign debt in long-term asset allocation, a key reason reserve managers and institutional allocators keep adding to gold.

NewTimeSpace Disclaimer: All content herein is the original work of NewTimeSpace. Any reproduction, reprinting, or use of this content in any other manner must clearly indicate the source as "NewTimeSpace". NewTimeSpace and its authorized third-party information providers strive to ensure the accuracy and reliability of the data, but do not guarantee the absolute correctness thereof. This content is for reference only and does not constitute any investment advice. All transaction risks shall be borne by the user.