A-shares rebounded today (8th), while Hong Kong stocks retreated, with the market plummeting by more than 2,300 points or 10% at one point, and the turnover reaching a record high of 620.4 billion yuan. The U.S. Treasury bond yield rose, with the 10-year bond yield surpassing 4.02% for the first time since August this year, the Dow and Nasdaq fell by 0.9% and 1.2%, respectively, overnight on the 7th. At the time of writing, the 2-year U.S. bond yield dropped to 3.962%, the 10-year U.S. bond yield stood at 4.008%, the U.S. Dollar Index was at 102.36, Dow Jones futures fell by 6 points or 0.01%, and Nasdaq futures inched up 0.07%. A-shares resumed trading after an extended holiday, with the Shanghai Composite Index rising 153 points or 4.6% to close at 3,489 points, the Shenzhen Component Index up by 9.2%, the Chinext Price Index up by 17.3%, and the total turnover of the Shanghai and Shenzhen markets exceeding 3.45 trillion yuan, reaching a record high.

Hang Seng Index opened low this morning with a 250-point decline, intensifying the downward trend, plunging by 2,336 points to a low of 20,762 points, closing the day at 20,926 points, down by 2,172 points or 9.4%. Blue chips fell across the board; the Hang Seng China Enterprises Index fell by 847 points or 10.2% to close at 7,483 points; the Hang Seng Tech Index closed at 4,695 points, down by 690 points or 12.8%. The total turnover of the market reached a record high of 620.438 billion yuan for the day.

The Hong Kong Stock Exchange (00388.HK) fell throughout the day by 13.5% to close at 340.8 yuan. Tracker Fund of Hong Kong (02800.HK) dropped by 9.1% to close at 21.64 yuan, with a turnover of nearly 34 billion yuan. Longfor Group (00960.HK) and New World Development (01209.HK) saw their stock prices slide by 22.6% and 19.3% respectively.

Trading volume exceeded 600 billion, blue chips fell across the board.

Network technology stocks were under pressure, Alibaba-W (09988.HK) fell by 8.8%, while its affiliate Ali Health (00241.HK) dropped by 18.7%. Tencent (00700.HK) declined by 8.3%. Meituan-W (03690.HK) and Kuaishou-W (01024.HK) fell by 15.5% and nearly 14% respectively. JD.com-SW (09618.HK) dropped by 11.9%, while its affiliate JD Health (06618.HK) fell by 16.6%. Trip.com-S (09961.HK) fell by 10.6%. Baidu-SW (09888.HK) fell by 9.8%. Xiaomi-W (01810.HK) dropped by 8.3%. Bilibili-W (09626.HK) fell by 19.7%. SST Group-W (00020.HK) also saw a decline of 21.5%.

The director of the National Development and Reform Commission introduced the implementation of a package of incremental policies at a press conference, stating that they will strengthen countercyclical macro policies, have confidence in achieving this year's economic development goals, continue issuing ultra-long-term special government bonds next year, enhance the consistency of macro policy orientation, accelerate the rollout of various policies, and strive to boost the capital markets.

KGI stated that looking ahead to the fourth quarter, it may be difficult to support the current upward trend of Hong Kong stocks from the perspective of economic fundamentals alone. This is mainly because the observation period for policy effects usually requires at least six months. The profit performance of A-shares and Hong Kong stocks in the third and fourth quarters may be affected by the slowdown in the mainland economy. However, the bank believes that if the aforementioned policies can be successfully implemented, the market may continue to anticipate that the stock market performance could lead the recovery of the real economy. According to the market's forecast for Hang Seng Index constituent stocks, the blended 12-month profit is 2,200 yuan, corresponding to a Hang Seng Index of 23,210 points. If the investment sentiment in the market does not weaken, if the implementation of national policies exceeds expectations, then Hang Seng Index valuation may reach a P/E ratio of 11.5 times the past 5-year standard deviation, corresponding to an index of 25,300 points.

With over two thousand declining stocks, there is pressure on brokerage stocks.

Today, the Hong Kong stock market widened and weakened, with a ratio of 5 to 49 for the rise and fall of main board stocks (compared to 16 to 35 the previous day). There were 2,059 falling stocks (a decline of 9.9%), while Hang Seng constituent stocks had no rising stocks today, with 82 falling stocks and a ratio of 0 to 100 for rise and fall (compared to 8 to 90 the previous day). The market recorded a short position of 75.806 billion Hong Kong dollars today, accounting for 13.016% of the turnover of 5.824 trillion yuan of shortable shares (compared to 17.183% the previous day).

Brokerage stocks are under pressure, with CC Securities (01375.HK) falling by 38.1%. China Merchants (06099.HK) and CICC (03908.HK) saw declines of 36.5% and 34% respectively, while China Securities Co.,Ltd. (06066.HK) dropped by 32.5% and China Galaxy (06881.HK) plunged by 32.2%.