Independent stock commentator Guo Jiayao stated that on Monday (11th), the US stocks continued to rise, with the three major indices opening higher and continuing to move upwards. Both the Dow Jones and the S&P 500 index reached new closing highs. The US dollar trended positively, with the US ten-year bond yield staying at the level of 4.30%. Meanwhile, gold and oil prices notably declined. Generally, Hong Kong stock futures were soft, and it is expected that the overall market will follow with a lower opening in the morning.

The mainland stock market rose yesterday, with the Shanghai Composite Index opening lower but moving higher throughout the day, closing up by 0.5%. The trading volume in both Shanghai and Shenzhen remained active.

The performance of the Hong Kong stock market was downward as the mainland fiscal policy did not meet expectations, leading to a weakening trend in the renminbi and causing the market to momentarily approach the 20,000-point mark. However, the decline narrowed thereafter, with overall trading remaining active. Investors are focusing on the trend of the renminbi and the timing of the next round of measures. It is expected that the short-term market lacks upward momentum, and the index may once again test the psychological level of 20,000 points, with resistance at the 21,000-point level.

Bud APAC (01876.HK) announced a revenue of 5.104 billion US dollars for the first three quarters, down by 8.3% year-on-year. Profit was 0.742 billion US dollars, a decrease of 15.2% year-on-year. During the period, the total sales volume of the company was 7.12 billion liters, down by 7.7% year-on-year, influenced by the slowing performance of the industry in China but partially offset by strong performance in South Korea. Revenue per hectoliter increased by 2.2% on an organic basis. Normalized profit was 0.777 billion US dollars, down by 11.6% year-on-year, with a gross margin increase of 0.4 percentage points to 51.4%. For the third quarter alone, the group's revenue was 1.705 billion US dollars, down by 10.1% year-on-year. Profit was 0.201 billion US dollars, a decline of 33% year-on-year. Normalized profit decreased by 25% to 0.225 billion US dollars, with total sales volume dropping by 10.9% to 2.463 billion liters. Organically, the sales volume in the Asia Pacific region-West decreased by 13.5% in the third quarter, with revenue and revenue per hectoliter decreasing by 15.1% and 1.9% respectively; sales volume for the first three quarters fell by 9.4%, with revenue and revenue per hectoliter decreasing by 10.2% and 0.9% respectively. East Asia business in the Asia Pacific region saw a 3.9% increase in sales volume in the third quarter, with revenue and revenue per hectoliter increasing by 15.7% and 11.4% respectively; sales volume grew by 2.2% for the first three quarters, with revenue and revenue per hectoliter increasing by 14.3% and 11.8% respectively. In China, sales volume in the third quarter decreased by 14.2%, revenue fell by 16.1%, and revenue per hectoliter dropped by 2.1%; sales volume in the first three quarters dropped by 10.6%, revenue fell by 11.6%, and revenue per hectoliter dropped by 1.2%. The high-end and super-premium product portfolio in India recorded double-digit net revenue growth in the third quarter; such growth was driven by double-digit net revenue growth in the high-end and super-premium product portfolio for the first three quarters. In South Korea, sales volume in the third quarter showed a mid-single-digit increase, while revenue showed a mid-double-digit growth. Bud's performance fell below expectations, mainly due to the weak domestic consumption market in China, which is expected to take time to recover, dragging down the stock price to continue its weakness.

(The author is a licensed person of the SFC, and neither he nor the relevant persons hold the above shares)~