AI Noon Brief: Hong Kong Tech Slumps, Crypto-Themed ETFs Pop, and Big Banks Recalibrate China Calls

HK:07311.HK:XI2CSOPCOIN
Crypto-linked ETF led midday gainers, closing at HK$7.45, up 12.0%.

HK:09311.HK:XI2CSOPCOIN-U
USD counter advanced to US$0.949, up 11.9%.

HK:07399.HK:XI2CSOPMSTR
Closed at HK$29.72, up 11.3%.

HK:09399.HK:XI2CSOPMSTR-U
USD counter ended at US$3.778, up 10.3%.

HK:07552.HK:XI2CSOPHSTECH
Finished at HK$1.28, up 9.2%.

HK:01810.HK:Xiaomi
Shares slid 7.8% to HK$47.98 after a CN media report said the Phase II R&D building at its Smart Manufacturing Industrial Base failed final government acceptance.

HongKong:3115.HK:Hangseng Index
HSI fell 916 pts (−3.5%) to 25,374 at midday; related tech gauges also weakened.

HK:09988.HK:Alibaba
Dropped 5.5% to HK$156.30 among active heavyweights.

HK:00388.HK:HKEX
Declined 4.9% to HK$422.60.

HK:00700.HK:Tencent
Retreated 4.1% to HK$624.50.

US:GS:Goldman Sachs
Raised Alibaba capex forecasts for FY2026–28 and lifted its narrative on breakthroughs in multimodal AI models and optimism for Alibaba Cloud.

US:BABA:Alibaba Group
Target price raised to US$205 in the above research call, following recent stock outperformance.

US:JPM:JPMorgan Chase
Said escalating US-China trade tensions weighed on US tech and China internet names; expects China banks with stable EPS and higher yields to outperform in the short term.

US:QQQ:Nasdaq Composite
Cited by the broker as down about 4% on October 10 amid rising trade frictions.

US:KWEB:KraneShares CSI China Internet ETF
Flagged in the report as down about 7% on October 10.

US:FUTU:Futu Holdings
Noted as down about 11% on October 10 in the same context.

US:UBS:UBS Group
Updated ratings and target prices on Macau casino operators (table referenced); also said tighter technical rules for China’s NEV purchase-tax incentive dampened sentiment.

US:C:Citi
Said AI supply-chain correction may create bottom-fishing chances; separately warned risks of escalation and misjudgment in US-China relations have risen sharply and that resurfacing trade tensions could heighten market swings.

US:MS:Morgan Stanley
Said the latest US Biosecure Act developments appear more favorable to China CDMO names.

HK:00700.HK:Tencent
Received a target price hike to HK$770; valuation still seen at a discount versus global peers, according to the bank’s research.

US:GS:Goldman Sachs
Issued the above Tencent call, emphasizing relative valuation.

HK:3908.HK:CICC
Reported young consumers led Golden Week spending; advised long-term positioning in “self-indulgence” consumption, highlighting sectors such as trendy toys and e-cigarettes.

HK:09992.HK:Pop Mart
Named among recommended plays within trendy-toys segment.

China’s September rare-earth exports fell 30.9% MoM.

AI Midday Flash: Banks Recalibrate, China Autos in Focus, Deal Flow & Buybacks Steal the Spotlight

US:JPM:JPMorgan Chase
JPM says a risk-off rotation has begun and advises investors to pivot toward quality laggards.

SGX:D05.SI:DBS GROUP
DBS raises its target price on HSBC Holdings, flagging dividend yields above 5% in 2026–2027.

HK:00005.HK:HSBC HOLDINGS
Target lifted to HK$113.70 by DBS; separately, HSBC repurchased ~3.85 million shares last Friday for about HK$399 million and reaffirmed Hong Kong as a key market.

US:GS:Goldman Sachs
Goldman frames recent US-China trade steps as bargaining leverage ahead of APEC talks and sees short-term copper upside capped around US$11,000/ton.

US:COPS:Copper
Copper’s near-term rally potential is viewed as limited, according to Goldman’s commodities call.

US:MS:Morgan Stanley
Morgan Stanley lifts 2025 China auto sales forecasts and initiates coverage on InnoScience with Equal-weight and a HK$95 target; it also raises China Resources Land’s target to HK$39.30 after Golden Week strength.

HK:09868.HK:XPENG-W
Named by Morgan Stanley among favored China autos on improved 2025 outlook.

US:HSAI:Hesai Group
Cited by Morgan Stanley as a beneficiary within auto tech amid the sector upgrade.

HK:01109.HK:CHINA RESOURCES LAND
Morgan Stanley says mall performance beat during Golden Week and set a HK$39.30 target price.

HK:03908.HK:CICC
CICC warns HSBC’s temporary drag from Hang Seng Bank’s privatization-related yield changes.

HK:00011.HK:HANG SENG BANK
Bank reiterates there are no changes to client services while privatization chatter impacts yield math, per broker commentary.

US:UBS:UBS Group
UBS expects the market will not revisit April lows.

HK:06690.HK:Haier Smart Home
Haier Group and Alibaba sign a comprehensive AI strategic cooperation agreement.

HK:09988.HK:Alibaba Group
Partners with Haier on an AI cooperation deal spanning smart manufacturing and digital upgrades.

HK:02007.HK:COUNTRY GARDEN
Eight onshore bonds gain restructuring approval involving more than RMB13.4 billion, according to reports.

HK:02282.HK:MGM CHINA
President Kenneth Feng says the Macau NBA event benefits the whole sector and remains confident in National Day Golden Week results.

HK:00293.HK:CATHAY PACIFIC AIRWAYS
Extends complimentary in-flight Wi-Fi to all Marco Polo Club Gold members.

HK:00308.HK:CHINA TRAVEL INTERNATIONAL
Shares jump on a proposed distribution in specie of its tourism real-estate business at HK$0.336 per share.

HK:02899.HK:ZIJIN MINING GROUP
Completes the acquisition of Kazakhstan’s Raygorodok gold mine.

HK:00460.HK:SIHUAN PHARMACEUTICAL
Takes a stake in Swiss medical-aesthetic company Suisselle SA.

HK:03888.HK:KINGSOFT
Rallies after China’s Ministry of Commerce publishes attachments in WPS format, boosting sentiment for its office suite ecosystem.

HK:02202.HK:CHINA VANKE
Opens lower as Chairman Xin Jie resigns, with reports he was taken away in mid-September.

US:QCOM:Qualcomm
China’s SAMR says evidence is conclusive in its anti-monopoly case against Qualcomm.

HongKong:3115.HK:Hangseng Index
HSI opens 656 points lower as tech, autos, and pharma lead declines.

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