Focus on hotspots:

1. Spot gold and COMEX gold futures continue to hit new highs. Spot gold rose 1.07% last Friday, closing at $2721.49 per ounce, with a weekly increase of 2.44%; COMEX gold futures rose 1.08% last Friday, closing at $2736.8 per ounce, with a weekly increase of 2.28%.

2. Wu Qing, Secretary of the CSRC Party Committee and Chairman, held a special symposium on further comprehensive deepening of capital market reform in Beijing, engaging in in-depth exchanges with experts, scholars, and representatives of financial media, fully listening to opinions and suggestions. During the symposium, it was believed that the current favorable momentum should be cherished and protected, and that further comprehensive deepening of capital market reform should be carried out to stimulate market vitality, thereby stabilizing expectations and boosting confidence through the effectiveness of reform. At the same time, representatives at the meeting made specific suggestions for the next steps in the comprehensive deepening of capital market reform, including enhancing the inclusiveness, adaptability, and precision of the capital market system, unblocking the "last mile" of institutional execution, and promoting more high-quality technology companies to go public.Mergermerger and acquisition cases to land; coordinate the reform of the financing and investment ends, gradually realize the normalization of initial public offerings (IPOs), actively cultivate patient capital, vigorously guide medium- to long-term funds into the market; implement comprehensive measures to boost the capital markets, adhere to deepening reforms on the track of the rule of law, further improve the basic institutional framework of the capital markets, enhance the management of expectations, strengthen investor education and services, guide rational, value-added, and long-term investments, and so on.

3. One of the two innovative policy tools of the central bank, the operating rules for the Securities, Funds, and Insurance Companies Swap Facility (SFISF), have been released with an initial operating limit of 500 billion. It is reported that the swap operations will be determined by the central bank through open bidding to determine the exchange rate for SFISF operations and the bid results, as well as implementing special quota management for SFISF government bonds or swaps, relaxing related operational indicators. At the same time, the pledge rate should not exceed 90% in principle, ChinaBond Credit Enhancing Company will monitor the market management, and the replenishment line is set at no less than 75%.

4. The US fiscal deficit for the 2024 fiscal year hit the third highest in history, driven by increased debt interest costs and the growth in social security and defense expenditures, which significantly offset the increase in tax revenue. Data released by the US Treasury Department last Friday shows that the deficit for this fiscal year up to September 30 was $1.83 trillion, higher than the previous fiscal year's $1.7 trillion and the highest on record apart from the 2020 and 2021 fiscal years.

Global Index

In the US stock market, as of the close of last Friday, the Nasdaq rose by 0.63%, with a weekly gain of 0.8%; the S&P 500 index rose by 0.4%, with a weekly gain of 0.85%; the Dow Jones rose by 0.09%, with a weekly gain of 0.96%.

Most large-cap tech stocks rose, with Intel up over 1%, Microsoft, Google, Amazon, and Nvidia posting slight gains; Tesla and Meta edged lower.

Popular China concept stocks rose across the board, with the Nasdaq Golden Dragon Index up by 3.03% for the week, but down by 7.66% overall. Li Auto Inc. rose by over 6%, Futu Holdings Ltd., Bilibili, Weibo, and NetEase rose by over 3%.

In the Hong Kong stock market, as of the close of last Friday, the Hang Seng Index rose by 3.61%, closing at 20804.11 points; the technology index rose by 5.77%, closing at 4600.85 points; the state-owned enterprise index rose by 4.07%, closing at 7471.95 points.

Looking at market performance, most individual stocks in sectors like semiconductors, brokerages, insurance, and real estate showed upward trends.

Company News:

Sinopec SEG (02386.HK): The total value of newly signed contracts in the first three quarters was 73.457 billion yuan, a year-on-year increase of 65.6%.

Huaneng Power International (00902.HK): The cumulative completed grid-connected electricity generated by domestic power plants in the first three quarters was 341.24 billion kilowatt-hours, a year-on-year increase of 1.14%.

Zijin Mining Group (02899.HK): The output of gold production in the first three quarters increased by 8% year-on-year, the output of copper production increased by 5% year-on-year, and the comprehensive gross margin was 19.53%, an increase of 4.37 percentage points year-on-year.

R&F Properties (02777.HK): The cumulative contract sales for the first 9 months was 7.93 billion yuan, a year-on-year decrease of 52.5%. The total sales revenue in September was 0.824 billion yuan, a year-on-year decrease of 43.9%.

Kingdee Int'l (00268.HK): As of September 30, the annual recurring revenue of Kingdee Cloud subscription services was approximately 3.28 billion yuan, a year-on-year growth of about 23%

Jiumaojiu (09922.HK): In the third quarter, the table turnover rates of Tai Er, Song Hot Pot, and Jiumaojiu were 3.6, 3, and 2.8 respectively; the average customer expenditures were 69 yuan, 97 yuan, and 54 yuan respectively, and the same-store daily sales decreased by 18.3%, 32.5%, and 10.3% year-on-year.

Shanghai Fudan (01385.HK): Expected revenue for the first 9 months is 2.66 billion-2.7 billion yuan, with a net income of 0.4 billion-0.45 billion yuan, a year-on-year decrease of 38.48% to 30.78%.

Naixue Tea (02150.HK): In the third quarter, 23 new Naixue Tea self-operated stores were opened.

China Galaxy (06881.HK): Participating in the convenience swap business received a reply from the China Securities Regulatory Commission.

Zhejiang Express (00576.HK): CITIC Securities' participation in the convenience swap has no objection from the China Securities Regulatory Commission.

China International Capital Corporation (03908.HK): Participation in the convenience swap business has received a no objection reply from the China Securities Regulatory Commission.

CITIC Securities (06030.HK): Participation in the convenience swap business received a reply from the China Securities Regulatory Commission.

HTSC (06886.HK): Participation in the convenience swap business received a reply from the China Securities Regulatory Commission.

COSCO Shipping Development (02866.HK): Intends to implement share repurchases and has obtained specialized A-share repurchase loan support from Bank of China.

Sinotrans Limited (00598.HK): Controlling shareholder received a loan limit of not more than 0.3 billion yuan from CM Bank specifically for increasing holdings of company A-share stocks.

Sinopec Corp (00386.HK): Controlling shareholder China Petrochemical Group received a credit limit of 0.7 billion yuan from Bank of China specifically for increasing A-share holdings.

Sinopec Corp (00386.HK): Received a credit limit of not more than 0.9 billion yuan from Bank of China specifically for A-share repurchase.