Stock Futures Rise, Earnings Season Heats Up and Cash Piles Swell at Berkshire Hathaway

US:S27.SI:S&P 500 & US:DGT:Dow Jones Industrial Average —

U.S. stock futures nudged higher, with S&P 500 futures up roughly 0.1% and Dow Jones Industrial Average futures advancing modestly, as markets rode a wave of optimism. The prior session marked solid gains: the S&P 500 rose about 2.3% and the Dow added roughly 2.5% for October, while the tech-heavy Nasdaq Composite climbed about 4.7%. Markets were buoyed by strong earnings results, especially from companies tied to artificial intelligence (AI), and signs of easing trade tensions between the U.S. and China. Meanwhile, over 80% of the more than 300 companies in the S&P 500 that have reported Q3 results beat expectations. Corporate reports continue this week, including from AI-related firms like US:PLTR:Palantir Technologies and US:AMD:Advanced Micro Devices. Contributing to the mood is the expectation of favourable seasonality, with historical data showing the S&P 500 tends to gain about 1.8% in November.

US:BRK.B:Berkshire Hathaway —

Berkshire Hathaway reported a third-quarter operating profit of approximately $13.49 billion, up from about $10.1 billion the year prior. The result was driven by a more than 200% increase in insurance underwriting income (rising to $2.37 billion) and strong contributions from its railroads and manufacturing businesses. The company held off on any share repurchases during the quarter and raised its cash and equivalents to a record ~$381.7 billion, signalling caution despite strong underlying business momentum.

Global Markets Rally as AI, Trade Truce, and Oil Moves Dominate Headlines

US:S27.SI:S&P 500 & US:DGT:Dow Jones Industrial Average —

U.S. stock futures edged up, with S&P 500 futures gaining 0.1% and Dow Jones Industrial Average futures climbing slightly, extending October’s strong rally. The US:QQQ:Nasdaq Composite surged 4.7% last month, fueled by optimism in artificial intelligence investments and easing U.S.-China trade tensions. Analysts noted that more than 80% of US:S27.SI:S&P 500 companies reporting Q3 results beat forecasts, including AI-driven firms US:PLTR:Palantir Technologies and US:AMD:Advanced Micro Devices.

US:BRK.B:Berkshire Hathaway —

Berkshire Hathaway posted a 34% year-over-year rise in operating profit to US$13.49 billion, powered by a surge in insurance underwriting income to US$2.37 billion. Despite this strength, Warren Buffett refrained from stock buybacks, instead letting cash reserves swell to a record level, signaling a conservative stance amid uncertain markets.

US:UCO:Oil —

OPEC+ members, led by Saudi Arabia, plan to approve a modest output hike of around 137,000 barrels per day for December. The move continues the group’s gradual restoration of 1.65 million barrels per day of previously halted production, despite growing concerns of a potential oil glut next year as global supply outpaces demand, according to the International Energy Agency.

HK:3115.HK:Hang Seng Index —

China and the United States announced a breakthrough trade pact, easing tensions between the world’s largest economies. Beijing will suspend export controls on rare earth metals like gallium, germanium, antimony, and graphite, while Washington delays new tariffs and extends Section 301 tariff exemptions until November 2026. The agreement, reached during a summit between President Donald Trump and President Xi Jinping, aims to stabilize global trade after years of friction.

US:BTC:Bitcoin & US:GOLD:Gold —

China scrapped a long-standing tax incentive for gold retailers, ending their ability to offset VAT on purchases from the Shanghai Gold Exchange. The move is expected to lift retail gold prices and bolster fiscal revenue amid slowing growth. Gold prices remain near US$4,000 an ounce after a record-breaking rally, supported by central bank buying and global uncertainty despite easing U.S.-China tensions.

SGX:F13.SI:Fu Yu Corporation —

Singapore-based Fu Yu Corporation dismissed CEO and Executive Director David Seow for gross misconduct, following questions from shareholders over executive pay and company performance. The board, consisting of four recently appointed independent directors, made the decision after the firm’s AGM in June 2025.

US:NVDA:Nvidia Corporation —

Nvidia CEO Jensen Huang completed over US$1 billion in stock sales since June under a preplanned arrangement. The chipmaker recently became the first company to hit a US$5 trillion market valuation, buoyed by booming demand for AI processors. Nvidia’s meteoric rise has minted seven billionaires, including Huang, whose fortune surged to US$175.7 billion.

UK:BOE:Bank of England —

The Bank of England is expected to hold interest rates steady at 4%, ending a year-long pattern of quarterly cuts. With inflation still twice its target and the budget due on Nov 26, policymakers are signaling caution, though markets anticipate a potential rate cut in December as UK economic data weakens.

HK:3115.HK:Hang Seng Index & US:S27.SI:S&P 500 —

Global investors welcomed the U.S.-China truce and stable earnings outlook, pushing Asian and American equities higher. With AI momentum, trade relief, and strong corporate results, November is shaping up as a potentially bullish month for global markets.

Yangzijiang Maritime Sets Sail with SGX Listing as Nam Lee Faces CPIB Probe

SGX:YF8.SI:Yangzijiang Financial Holding & SGX:YJM.SI:Yangzijiang Maritime —

Yangzijiang Maritime, a spin-off from Yangzijiang Financial Holding, is set to debut on the Mainboard of the Singapore Exchange (SGX) at 9 a.m. on November 18. Executive chairman and CEO Ren Yuanlin described the move as a key milestone that will create “long-term shareholder value.” The spin-off establishes two SGX-listed entities: Yangzijiang Financial, which will focus on investment, wealth, and fund management, and Yangzijiang Maritime, a dedicated maritime investment platform leveraging its global network for sustainable growth.

The new entity has also announced a private placement of 8.64 million shares at S$0.60 each to raise S$5.2 million, handled by SAC Capital and China International Capital Corporation (Singapore). Net proceeds of about S$2.8 million will be used as working capital. Following the completion, the maritime business will have a market capitalisation of approximately S$2.04 billion.

SGX:G0I.SI:Nam Lee Pressed Metal Industries —

Managing director Yong Han Keong, Eric, of Nam Lee Pressed Metal Industries has been interviewed by Singapore’s Corrupt Practices Investigation Bureau (CPIB) following a whistleblowing report lodged against him. The company has not provided further details, and investigations are ongoing.

Analysts Boost Targets on AIA, PetroChina, and CNOOC; BYD Slips as Profit Misses and OpenAI Teams with Oracle

HK:522.HK:ASMPT Ltd —

BOCI raised its target price for ASMPT to HK$98 while maintaining a “Buy” rating, citing strong order recovery and growing semiconductor equipment demand.

HK:857.HK:PetroChina Company —

Citi named PetroChina its top sector pick, highlighting optimism over free cash flow growth and the potential for higher dividend payouts. Bank of America Securities also raised its target price to HK$8.5, reaffirming a “Buy” stance as oil and gas earnings remain resilient.

HK:883.HK:CNOOC Ltd —

BOCI lifted CNOOC’s target price to HK$25.06 after the company’s third-quarter net profit surpassed expectations. CLSA also reiterated an “Overweight” rating, raising its target to HK$23 on stable offshore production and positive earnings visibility.

HK:1299.HK:AIA Group —

Citi set AIA’s target price at HK$99 following a sharp rise in value of new business (VONB) in the third quarter, which outperformed peers. The stock jumped around 4% after the announcement, reflecting investor confidence in AIA’s strong operational momentum.

HK:1211.HK:BYD Company —

Bank of America Securities slashed BYD’s target price to HK$137 after a 32.6% year-on-year profit drop in Q3. However, CLSA maintained a “High-Conviction Outperform” call with a HK$140 target, and Morgan Stanley rated the stock “Overweight,” citing continued progress in overseas expansion.

HK:1772.HK:Ganfeng Lithium Group —

CLSA raised Ganfeng Lithium’s target price to HK$58, reflecting optimism in its Q4 outlook as demand for lithium batteries remains strong across electric vehicle and renewable energy sectors.

HK:386.HK:China Petroleum & Chemical Corporation (Sinopec) —

BOCI and CLSA cut their target prices for Sinopec to HK$4.21 and HK$4.40 respectively, following disappointing Q3 net profit results. Both firms maintained neutral views amid pressure from weaker refining margins and slowing demand.

HK:1876.HK:BUD APAC (Budweiser Brewing Company APAC) —

Nomura trimmed its target price to HK$9.4, warning that weak performance in China could drag on Q4 results. CLSA, however, retained an “Outperform” rating after a slight earnings beat in Q3.

HK:1339.HK:PICC Group —

Bank of America Securities raised PICC Group’s target price to HK$8.2, citing strong third-quarter investment income and solid underwriting profitability in its insurance portfolio.

US:ORCL:Oracle & US:OAI:OpenAI —

OpenAI and Oracle announced a partnership to build the “Stargate” data center campus in Michigan, one of the largest AI-focused cloud infrastructure projects to date. The collaboration aims to expand AI computing capabilities and support the growing global demand for generative AI systems.

HK:3690.HK:Meituan —

Meituan’s international arm, Keeta, has officially launched operations in Brazil, marking the Chinese tech giant’s latest move in its global expansion strategy.

HK:00011.HK:Hang Seng Bank —

Hang Seng Bank announced that privatization documents will be dispatched by December 17, as part of its plan to streamline ownership and improve operational efficiency.

US:NVDA:Nvidia Corporation —

U.S. Trade Representative Jamieson Greer confirmed that Nvidia will hold discussions with Chinese officials to address ongoing semiconductor trade issues, highlighting the delicate balance between U.S. export controls and China’s tech ambitions.

HK:3968.HK:China Merchants Bank —

Ping An Life Insurance increased its holdings of China Merchants Bank’s H-shares to over 18%, signaling continued confidence in the bank’s long-term growth prospects amid China’s banking sector rebound.

HK:3115.HK:Hang Seng Index —

The Hang Seng Index opened 19 points lower, pressured by weakness in BYD and other auto stocks. AIA’s strong results offered some relief, helping limit broader market losses.

China Life and BYD Shine as Analysts Update Ratings; Pop Mart Sells Out and CNOOC, PetroChina Stay Steady

US:SOYB:Soybean —

China has purchased four additional shipments of U.S. soybeans following the recent trade agreement, signaling improved agricultural trade relations between Beijing and Washington. The move reinforces China’s commitment to boosting U.S. agricultural imports under the new trade framework.

HK:2628.HK:China Life Insurance —

UBS reiterated a “Buy” rating on China Life, noting that value of new business (VNB) growth exceeded expectations. Bank of America Securities raised its target price to HK$29.3, citing a stronger investment return rate compared to peers and robust year-to-date financial performance.

HK:1211.HK:BYD Company —

UBS and Citi said BYD’s third-quarter net profit was in line with expectations, while UBS maintained a “Buy” rating after what it called encouraging results. Nomura also kept its “Buy” call, focusing on BYD’s 2026 growth strategy. Separately, Bank of America Securities cut its target for BYD Electronic to HK$40, retaining a “Neutral” view, while Citi trimmed it to HK$43.4 after a Q3 earnings miss.

HK:883.HK:CNOOC Ltd —

Citi reported that CNOOC’s third-quarter net profit was in line with forecasts but expects a quarter-on-quarter profit decline in Q4. UBS echoed similar findings, maintaining its “Buy” rating with a target price of HK$26.5, reflecting stable offshore oil production and solid margins.

HK:857.HK:PetroChina Company —

Bank of America Securities lifted its target price for PetroChina to HK$8.5 and reiterated a “Buy” rating, citing resilient Q3 performance and steady profit contributions from refining and natural gas segments.

HK:1876.HK:BUD APAC (Budweiser Brewing Company APAC) —

UBS reduced its target price for BUD APAC to HK$8.75 but kept a “Buy” rating, expecting gradual margin recovery and revenue stabilization across its Asia-Pacific operations despite soft short-term demand.

HK:2601.HK:China Pacific Insurance (CPIC) —

Bank of America Securities lifted its target price for CPIC to HK$41.2 and reaffirmed a “Buy” rating, citing continued strength in underwriting and investment performance.

HK:9992.HK:Pop Mart International Group —

Pop Mart’s new “CRYBABY: Vacation Mode On” toy collection sold out instantly across online and offline channels. However, the hidden edition’s secondary market premium fell short of previous series, indicating moderating resale demand despite strong initial sales.

HK:3115.HK:Hang Seng Index —

The Hang Seng Index closed midday at 26,050, down 232 points, while the Hang Seng Tech Index slid 115 points to 5,936. HK:9988.HK:Alibaba Group Holding dropped more than 3%, weighing on the broader market as tech stocks retreated.

ChatGPT said:

China Banks Shine in Q3, BYD and PetroChina Ratings Updated as Insurers and Autos Report Strong Gains

HK:1211.HK:BYD Company —

Morgan Stanley trimmed its target price for BYD Company to HK$126, citing lower sales and earnings forecasts. Meanwhile, Goldman Sachs noted that BYD’s Q3 revenue missed expectations, though its gross profit margin improved quarter-on-quarter, reflecting efficiency gains amid a competitive EV market.

HK:2628.HK:China Life Insurance —

Morgan Stanley highlighted China Life’s strong performance, with vigorous growth in value of new business (VONB) and metrics surpassing peers. Citi echoed the positive tone, saying the insurer delivered “brilliant” results for the first three quarters, supported by accelerated NBV expansion.

HK:2318.HK:Ping An Insurance & HK:2328.HK:PICC Property and Casualty —

Bank of America Securities expects PICC P&C’s full-year investment income to improve and raised its target price to HK$20.9. New China Life’s (HK:1336.HK:New China Life Insurance) target was also lifted to HK$39 on strong year-to-date profit growth.

HK:2600.HK:Aluminum Corporation of China & HK:857.HK:PetroChina Company —

Goldman Sachs set a “Buy” rating on PetroChina with a target price of HK$8.6, citing resilient Q3 net profit. UBS went further, raising its target to HK$10.3 after stronger-than-expected results, reinforcing PetroChina’s robust earnings momentum in the energy sector.

HK:3988.HK:Bank of China & HK:939.HK:China Construction Bank —

Morgan Stanley reported that Chinese banks rebounded in Q3, with Agricultural Bank of China (HK:1288.HK:ABC) outperforming peers. Goldman Sachs maintained a “Buy” rating on CCB, highlighting its stable net interest margin (NIM) outlook, though Citi warned of a possible negative market reaction to squeezed margins.

HK:3328.HK:Bank of Communications & HK:2888.HK:Standard Chartered PLC —

Citi forecast Standard Chartered’s revenue to grow 4–5% over the next two years, maintaining focus on mid-term returns on tangible equity (RoTE). Morgan Stanley reaffirmed its “Overweight” rating on the stock, emphasizing improving capital efficiency.

HK:2319.HK:AIA Group —

Goldman Sachs reported that AIA’s Q3 value of new business (VONB) far exceeded forecasts and outpaced peers, reflecting the insurer’s strong regional presence and growing demand in Asia’s life insurance markets.

HK:2330.HK:China Taiping Insurance Holdings —

China Taiping’s subsidiary TPL transferred equity interests in four companies, including CRCC Kunlun, to China Railway Construction Corporation for RMB6.5 billion. The transaction aims to enhance capital flexibility and streamline operations.

HK:2380.HK:China Power International Development & HK:2333.HK:Great Wall Motor & HK:2382.HK:Sunny Optical Technology —

Chery Automobile (unlisted) reported a 28% year-on-year increase in net profit for the first three quarters to RMB14.37 billion, signaling strong demand in China’s auto market despite rising competition.

HK:1772.HK:Ganfeng Lithium Group —

Ganfeng Lithium announced a strategic partnership to deploy lithium batteries for electric vessels, expanding its footprint in the maritime energy sector and accelerating adoption of green technologies.

HK:3115.HK:Hang Seng Index —

The Hang Seng Index dropped 232 points at midday, dragged down by losses in insurers and AI-related concept stocks. Trading turnover, however, remained steady, with investors rotating between defensive and growth sectors.

HK:440.HK:Dah Sing Bank Holdings —

Dah Sing Bank cut its Hong Kong dollar prime rate to 5.25%, signaling a softer interest rate stance as local lenders adjust to evolving market liquidity conditions.

HK:0388.HK:Hong Kong Exchanges and Clearing (HKEX) —

Market analysts at Morgan Stanley and Goldman Sachs noted broader optimism on Hong Kong-listed Chinese ADRs and H-shares, with potential positive earnings surprises in upcoming quarterly results, underscoring renewed investor confidence in the region.

HKBN Surges After Acquisition, China Taiping Sells Stakes, and Hong Kong Retail Beats Forecasts

HK:1310.HK:HKBN Ltd —

China Mobile Hong Kong has completed its acquisition of HKBN Ltd. Newly appointed group CEO Li Xin announced that the telecom operator still sees strong potential in network expansion, higher market share, and improved average revenue per user (ARPU). For FY2025, HKBN reported a sharp surge in annual net profit to HK$207 million — a more than 19-fold increase — and declared a final dividend of HK18.9 cents per share.

HK:0966.HK:China Taiping Insurance Holdings —

China Taiping’s subsidiary, TPL, has agreed to transfer its equity stakes in four companies — including CRCCI and CRCC Kunlun — to China Railway Construction Corporation (CRCC) for RMB6.5 billion in cash. The divestment involves equity interests of 7.47%, 17.27%, 10.86%, and 8.49% across the four firms, streamlining Taiping’s portfolio while bolstering liquidity.

HK:3115.HK:Hang Seng Index —

The Hang Seng Index closed 376 points lower, weighed down by losses in HK:0700.HK:Tencent Holdings and HK:9988.HK:Alibaba Group Holding, which fell more than 3% and 4%, respectively. AI-related concept stocks also weakened as sentiment cooled. Market turnover, however, rose compared to the previous session.

HK:0005.HK:HSBC Holdings & HK:2888.HK:Standard Chartered PLC —

Morgan Stanley raised its target price for Standard Chartered to HK$176.7, reiterating an “Overweight” rating, citing stronger capital returns and resilient earnings. The brokerage sees continued upside in Hong Kong financials despite short-term market volatility.

HK:HSI.HK:Hong Kong Economy —

Hong Kong’s third-quarter GDP is estimated to have grown 3.8% year-on-year, surpassing expectations. The Hong Kong Census and Statistics Department also reported September retail sales up 5.9% year-on-year to HK$31.3 billion, exceeding market forecasts of 2.6%. The government, however, recorded a HK$103.2 billion fiscal deficit for the first half of FY2025, with fiscal reserves standing at HK$551.1 billion.

HK:CMHK.HK:China Mobile Hong Kong —

Following its acquisition of HKBN, China Mobile Hong Kong plans to deepen integration within the broadband and enterprise solutions market, further consolidating its foothold in the city’s telecom sector.

HK:3115.HK:Hang Seng Index —

ETF activity was led by XL2CSOPSMSN-U, which surged 8%, topping the chart for the day’s biggest gainers as investors rotated into leveraged funds amid volatile trading.

Seatrium Divests Non-Core Platform Supply Vessels for S$77 Million to Enhance Operational Efficiency

NIO Inc. Achieves Record-High October 2025 Deliveries with 92.6% Year-Over-Year Growth and Strong ONVO L90 Performance

CapitaLand China Trust Completes Divestment and Participation in CapitaLand Commercial C-REIT, Receives RMB663.4 Million Proceeds

iX Biopharma Raises S$6.7 Million to Accelerate U.S. Expansion and Launch Sublingual Wellness Products

Yangzijiang Maritime Development Ltd (“Yangzijiang Maritime”) is set to be listed on the Main Board of the Singapore Exchange Securities Trading Limited (“SGX-ST”) at 9.00 a.m. on 18 November 2025, following a strategic spin-off from Yangzijiang Financial Holding Ltd.
The company has signed placement agreements through a private placement of up to 8,638,000 shares at S\$0.60 per share.

🔥 Musk Predicts the End of Phones, Xiaomi Surges, and Hong Kong’s Fintech Scene Booms 🔥

US:TSLA:Tesla

Elon Musk predicted an AI-dominated era within five to six years, suggesting that traditional operating systems, phones, and apps will become obsolete as artificial intelligence takes over digital interaction.

HK:1810.HK:Xiaomi-W

Xiaomi-W rallied 3% after Chinese President Xi Jinping gifted a Xiaomi smartphone to South Korean politician Lee Jae Myung and his spouse, boosting brand prestige and investor sentiment.

HK:6683.HK:Starplus Legend

Starplus Legend surged over 10% after becoming a strategic shareholder in K-pop icon G-Dragon’s agency, Galaxy, reflecting growing cross-border entertainment investments.

HK:3115.HK:Hang Seng Index

The Hang Seng Index opened higher by 92 points as auto stocks gained ground. However, gold and jewelry counters weakened amid new tax policy concerns.

HK:6120.HK:Laopu Gold | HK:1929.HK:Chow Tai Fook | HK:0590.HK:Luk Fook

Shares of Laopu Gold, Chow Tai Fook, and Luk Fook Holdings plunged over 7% after China introduced a new gold tax policy that could raise procurement costs and squeeze profit margins.

HK:2229.HK:Mininglamp-W

Mininglamp-W debuted with an impressive 98.6% surge to HKD280, signaling strong investor demand for AI and data-driven companies in the Hong Kong IPO market.

HK:0017.HK:New World Development

New World Development announced plans to exchange certain bonds and issue up to US$1.9 billion in new perpetual securities and notes, as part of its refinancing strategy.

US:BRK.A:Berkshire Hathaway

Berkshire Hathaway reported a 17% increase in quarterly operating earnings and a record cash reserve of US$381.7 billion, underscoring its robust financial position.

HK:0388.HK:HKEX

Hong Kong Exchanges and Clearing (HKEX) will expand its weekly stock options lineup to 16 contracts, reinforcing its position as one of Asia’s most successful derivatives markets.

HK:0001.HK:Hong Kong Government

Chief Executive John Lee announced that Hong Kong’s fintech sector now hosts over 1,200 companies, marking a 10% year-on-year growth and highlighting the city’s accelerating Fintech 3.0 ambitions.

HK:FWD:FWD Group

FWD Group reported a 37% rise in new business sales for the first three quarters, with Hong Kong and Macau markets posting an 85% surge in new policies.

CN:S27.SI:S&P China Manufacturing PMI

China’s S&P Manufacturing PMI for October edged down slightly to 50.6, missing forecasts of 50.7, signaling slower expansion momentum.

CN:TOP100:Top 100 Chinese Developers

Total sales among the top 100 Chinese property developers fell 16.3% YoY in the first ten months of 2025, reflecting persistent pressure in the real estate market.

CN:CFETS:CFETS RMB Index

The CFETS RMB Exchange Rate Index rose to 97.61 last week, signaling a firmer yuan against a basket of global currencies.

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🔥 Market Movers: Apple, Xiaomi, AIA, and BYD Shine as Analysts Boost Targets Across Asia 🔥

HK:3115.HK:Hang Seng Index

The Hang Seng Index rose 150 points at midday to close at 26,057, while the Hang Seng Tech Index slipped 14 points to 5,893. Gains were led by Xiaomi, China Construction Bank, AIA Group, CNOOC, PetroChina, Guoquan, and Sinotruk, which all reached new highs.

HK:1810.HK:Xiaomi-W

Xiaomi-W surged over 3% as optimism around its EV and smartphone performance drove investor interest. The rally contributed significantly to today’s HSI advance.

HK:0939.HK:China Construction Bank

China Construction Bank climbed more than 3% as sentiment in Chinese banking stocks improved, supported by Citi’s bullish report on major mainland banks.

HK:01299.HK:AIA Group

AIA Group hit a record high on strong 3Q25 value of new business growth, following multiple bullish reports from Haitong International, JPMorgan, and BofA Securities.

HK:0883.HK:CNOOC

CNOOC advanced to new highs alongside higher oil prices, with investors betting on stable dividends and resilient energy demand outlook.

HK:0857.HK:PetroChina

CLSA lifted PetroChina’s target price to HKD8.8, citing stronger dividend prospects and stable operations that outpace peers.

HK:3817.HK:Guoquan

Guoquan extended gains to a new high amid strong market momentum in mainland consumer sectors.

HK:3808.HK:Sinotruk

Sinotruk hit new highs following solid truck sales growth and upbeat investor sentiment in China’s manufacturing sector.

HK:09901.HK:New Oriental-S

Goldman Sachs raised New Oriental-S’s target price to HKD47 while maintaining a Neutral rating, reflecting steady recovery in education demand.

HK:09866.HK:NIO-SW

Goldman Sachs boosted NIO-SW’s target price to HKD55 after increasing its sales forecasts, highlighting strong EV market prospects.

US:AAPL:Apple

Goldman Sachs raised Apple’s target price to US$320, expecting robust iPhone demand through the holiday season to drive further upside.

US:NVDA:NVIDIA

Goldman Sachs hiked NVIDIA’s target price to US$240, projecting strong third-quarter results amid continued AI chip demand.

HK:1211.HK:BYD Company

China Merchants Securities lowered BYD Company’s target price to HKD130, noting that growth momentum is shifting toward overseas markets.

HK:0902.HK:Huaneng Power

CICC raised Huaneng Power’s target price to HKD8.03 after its 3Q results hit an all-time high, reflecting solid operational efficiency.

HK:6002.HK:China Vanke

China Vanke secured a loan facility of up to RMB22 billion from major shareholder Shenzhen Metro Group, providing liquidity support for ongoing projects.

HK:00772.HK:Pony-W

Pony-W set its Hong Kong IPO offer price at HKD139, marking a 4.3% discount compared with its US listing price.

HK:1787.HK:SD Gold

Huatai Securities maintained an Overweight rating on SD Gold with a target price of HKD35.02, supported by higher gold prices and strong fundamentals.

HK:1929.HK:Chow Tai Fook | HK:0590.HK:Luk Fook | HK:6120.HK:Laopu Gold

Citi warned that China’s new gold tax policy may raise procurement costs by 7%, potentially cutting FY26 net profit for Laopu Gold by 15%, Chow Tai Fook by 26%, and Luk Fook by 6% if retail prices remain unchanged.

HK:0001.HK:Hong Kong Government

Nomura reported Hong Kong’s 3Q economic growth exceeded expectations, raising the full-year GDP forecast to 3.3%.

HK:1997.HK:Wharf REIC | HK:0014.HK:Hysan Development

Morgan Stanley expects Hong Kong’s October retail sales to rise 4% YoY, with Wharf REIC and Hysan Development likely to benefit from improving foot traffic.

HK:2282.HK:BOCOM International

BOCOM International released its recommended list of Chinese stocks for November, reflecting optimism for a late-year rebound in domestic equities.

US:DGT:Dow Jones Industrial Average | US:QQQ:Nasdaq Composite

Overall sentiment across US and Hong Kong markets remained upbeat, bolstered by earnings optimism in tech and financial sectors.

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🔥 Hong Kong’s Digital Bonds Get ‘AA-’ Rating; AIA and Xiaomi Surge on Strong Forecasts 🔥

HK:0001.HK:Hong Kong Government

Fitch Ratings has assigned Hong Kong’s proposed USD, EUR, RMB, and HKD digital bond issuance an ‘AA-’ rating. The blockchain-based issuance falls under the government’s global medium-term note program. The proceeds will support Hong Kong’s broader financial innovation and debt market development strategy.

HK:01299.HK:AIA Group

Haitong International raised its target price for AIA Group to HKD99.5 after the insurer reported a 25% YoY rise in 3Q25 Value of New Business (VONB) to USD1.476 billion, outperforming expectations. AIA’s VONB margin climbed 5.7 percentage points to 58.2%.

HK:01299.HK:AIA Group

JPMorgan reiterated an “Overweight” rating on AIA Group, confirming the company’s accelerating VONB growth. The insurer’s VONB surged 27% YoY to USD1.48 billion, well above JPMorgan’s forecast of USD1.29 billion.

HK:03898.HK:Times Electric | SH:688187.SH:Times Electric

BofA Securities lifted its target price for Times Electric to HKD45 despite a mixed third quarter. The company’s revenue rose 10% YoY but dropped 14% QoQ to RMB6.6 billion, slightly below expectations due to weaker rail equipment sales.

HK:07709.HK:XL2CSOPHYNIX | HK:07747.HK:XL2CSOPSMSN | HK:09747.HK:XL2CSOPSMSN-U | HK:09766.HK:XL2CSOPTSLA-U | HK:07766.HK:XL2CSOPTSLA

Top ETF Movers: XL2CSOPHYNIX soared 19.2% to HK$15.93, topping the chart. XL2CSOPSMSN rose 7.2% to HK$30.24, while XL2CSOPSMSN-U gained 6.6% to US$3.89. XL2CSOPTSLA-U and XL2CSOPTSLA advanced 6.1% and 5.3% respectively.

HK:1810.HK:Xiaomi-W

Citi reported that Xiaomi-W’s electric vehicle business is gaining traction, with expected annual shipments approaching 400,000 units. The strong production outlook underscores the company’s growing competitiveness in China’s EV market.

HK:03919.HK:China Communications Construction

Huatai Securities (HTSC) trimmed its target price for China Communications Construction to HKD6.71, citing accelerated growth in new contracted orders during 3Q25 but warning of near-term profit pressure.

HK:3115.HK:Hang Seng Index

The Hang Seng Index climbed 150 points at midday, led by rallies in oil and Chinese banking stocks, while chip and gold-related shares lagged.

HK:01299.HK:AIA Group

BofA Securities reiterated that AIA’s 3Q Value of New Business growth beat forecasts, maintaining a positive outlook on its sustained momentum.

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