🌕 Golden Week Glitters: Macau Tourism Surges, AI Stocks Shine, and Hong Kong Market Dips
Macau Golden Week Tourism Booms
MO:Macau:Macau Tourism
Macau recorded 789,800 visitors during the first five days of the eight-day Golden Week holiday, averaging 158,000 daily visitors — a 12.5% increase from last year, according to the Macau Statistics and Census Service (DSEC). The National Day and Mid-Autumn Festival boosted arrivals, reflecting strong travel sentiment in the region.
ETF Gainers Lead Hong Kong Market
HK:07711.HK:XL2CSOPCOIN | HK:09711.HK:XL2CSOPCOIN-U | HK:07262.HK:FL2 CSOP NIKKEI | HK:07799.HK:XL2CSOPMSTR | HK:09799.HK:XL2CSOPMSTR-U
Among top ETFs, XL2CSOPCOIN (07711.HK) jumped 9.5% to HK$219, while its U.S.-traded counterpart XL2CSOPCOIN-U (09711.HK) rose 9.4%. FL2 CSOP NIKKEI (07262.HK) surged 6.6%, and XL2CSOPMSTR (07799.HK) climbed 5.2%. The rally highlights investor optimism in leveraged ETF plays.
Goldman Sachs Turns Bullish on Chinese Chipmakers
HK:01347.HK:HUA HONG SEMI | HK:00981.HK:SMIC
Goldman Sachs raised its target prices for HUA HONG SEMI and SMIC to HK$117, citing strong AI-driven semiconductor demand. HUA HONG SEMI jumped 5% to HK$91.9, while SMIC dipped 1.2% to HK$89.8, reflecting mixed investor reactions despite the upbeat outlook.
Hong Kong Stocks Slip Midday as Tech Weakens
HK:3115.HK:Hangseng Index | HK:005:ASMPT | HK:00981.HK:SMIC | HK:01347.HK:HUA HONG SEMI
The Hang Seng Index fell 164 points (-0.6%) to 26,976 by midday, while the Hang Seng Tech Index dropped 1.2% to 6,543. SMIC slipped 1.2%, but HUA HONG SEMI gained 5%. ASMPT and other chip-related names showed weakness as overall turnover reached HKD72.3 billion.
HSI Drops; Casino Stocks Retreat, Tech Giants Mixed
HK:3115.HK:Hangseng Index | HK:09988.HK:Alibaba | HK:01810.HK:Xiaomi | HK:00700.HK:Tencent | HK:03690.HK:Meituan | HK:01928.HK:SANDS CHINA LTD | HK:00005.HK:HSBC HOLDINGS | HK:06000.HK:ZHAOJIN MINING | HK:02218.HK:MEDBOT-B | HK:01787.HK:SD GOLD | HK:01347.HK:HUA HONG SEMI
The Hang Seng Index closed midday down 164 points at 26,976. Major movers included Alibaba (-2.3%), Xiaomi (-1.8%), Tencent (+0.2%), and Meituan (-0.2%). SANDS CHINA LTD dropped over 3% amid casino weakness, while HSBC HOLDINGS, SD GOLD, HUA HONG SEMI, MEDBOT-B, and ZHAOJIN MINING reached new highs.
HSBC and Goldman Sachs Issue Positive Research Updates
US:GS:Goldman Sachs | HK:09961.HK:TRIP.COM-S | HK:00780.HK:TONGCHENGTRAVEL | HK:00005.HK:HSBC HOLDINGS
Goldman Sachs maintained buy ratings on select Hong Kong and China ADRs based on its ERLI model. Meanwhile, HSBC Research raised target prices for TRIP.COM-S and TONGCHENGTRAVEL, reaffirming their “Buy” ratings amid robust travel recovery.
Analysts See Strong Casino Momentum in Macau
MO:Macau:Macau Casinos | US:C:Citigroup | HK:00005.HK:HSBC HOLDINGS | US:CLSA:CLSA
CLSA projects Macau’s October gross gaming revenue to rise 9% YoY, supported by a strong start to Golden Week tourism. Citigroup echoed optimism, expecting robust performance from casino operators, with mass players’ average wagers on par with the Labor Day period.
🔥 Global Markets Buzz: IPOs Ignite, HSBC and Goldman Lead Upgrades, and Bitcoin Hits Historic High
IPO Alert: SIHUAN PHARM Spins Off XUANZHUBIO-B
HK:0460.HK:SIHUAN PHARM | HK:XUANZHUBIO-B:XUANZHUBIO-B
SIHUAN PHARM (0460.HK) launched the IPO of its biotech arm XUANZHUBIO-B today, with an entry fee of HK$5,858.5. The spin-off aims to expand its biotech portfolio in the Hong Kong market.
Research: HSBC Raises Target Prices for Travel Stocks
HK:09961.HK:TRIP.COM-S | HK:00780.HK:TONGCHENGTRAVEL | HK:00005.HK:HSBC HOLDINGS
HSBC Research boosted target prices for TRIP.COM-S and TONGCHENGTRAVEL, reiterating “Buy” ratings on strong post-pandemic travel demand.
Research: CLSA Sees 9% YoY Rise in Macau Gaming Revenue
MO:Macau:Macau Casinos | US:CLSA:CLSA
CLSA forecasted Macau’s October gross gaming revenue to climb 9% year-on-year, driven by robust Golden Week visitation and solid mass-market recovery.
Research: Citi Bullish on Macau Casino Stocks
US:C:Citigroup | MO:Macau:Macau Casinos
Citigroup anticipates strong performance from Macau casino operators during the National Day Golden Week, with mass-market wagers matching Labor Day levels.
Research: Daiwa Starts Coverage on GEEKPLUS-W
HK:2516.HK:GEEKPLUS-W
Daiwa initiated coverage on GEEKPLUS-W with a “Buy” rating and a target price of HK$38, citing strong potential in warehouse robotics.
Policy Update: Hong Kong Eyes RMB Trading in Stock Connect
HK:0388.HK:HKEX
Christopher Hui announced efforts to swiftly enable RMB trading counters under the Southbound Stock Connect, reinforcing Hong Kong’s role as a financial hub.
Regulatory: HKMA Expands Oversight Powers
HK:HKMA:Hong Kong Monetary Authority
The HKMA proposed to widen enforcement powers to reprimand and fine non-compliant banks, following its first round of industry consultations.
Tech: Huawei Claims Superiority Over Nvidia
CN:Huawei:Huawei | US:NVDA:Nvidia
Huawei declared its cloud computing power efficiency now triples that of Nvidia’s H20 chip, underscoring China’s rapid AI hardware progress.
Research: Citi Raises Target for ZHAOJIN MINING
HK:01818.HK:ZHAOJIN MINING | US:C:Citigroup
Citigroup raised ZHAOJIN MINING’s target price to HK$37.5 and increased gold price forecasts amid bullish market momentum.
Research: Jefferies Maintains Buy on KUAISHOU-W
HK:01024.HK:KUAISHOU-W | US:JEF:Jefferies
Jefferies reaffirmed a “Buy” rating for KUAISHOU-W with a HK$106 target, expecting growth from new advertising features.
Research: JPMorgan Downgrades CATL
CN:300750.SZ:CATL | US:JPM:JPMorgan
JPMorgan downgraded CATL to “Neutral” but lifted its target price to RMB600, reflecting cautious optimism amid EV battery competition.
Commodities: State Street Sees Gold Above US$4,000
US:STT:State Street | US:COPS:Copper | US:UCO:Oil | US:BTC:Bitcoin
State Street Investment Management predicted gold prices may surpass US$4,000 by early 2026 as market hedging intensifies, supporting commodities such as oil and copper.
Research: Morgan Stanley Raises CHINA JINMAO TP
HK:00817.HK:CHINA JINMAO | US:MS:Morgan Stanley
Morgan Stanley lifted CHINA JINMAO’s target price to HK$1.32, citing improved gross margins and higher sales forecasts.
Research: Goldman Sachs Ups HSBC HOLDINGS TP
US:GS:Goldman Sachs | HK:00005.HK:HSBC HOLDINGS
Goldman Sachs raised HSBC HOLDINGS’ target price to HK$113, keeping a “Buy” rating amid solid earnings recovery.
Research: CMS Backs ZIJIN GOLD INTL
HK:2899.HK:ZIJIN MINING | US:CMS:China Merchants Securities
China Merchants Securities initiated coverage on ZIJIN GOLD INTL with a “Strongly Recommend” rating, citing stable profitability and rising gold demand.
Market: Galaxy Ent & Sands China Drop as Visitor Growth Slows
HK:0027.HK:GALAXY ENT | HK:1928.HK:SANDS CHINA LTD
GALAXY ENTERTAINMENT and SANDS CHINA LTD fell around 3% as Macau’s visitor growth showed limited surprises during the Golden Week holiday.
Research: UBS Upgrades LEAPMOTOR
HK:9863.HK:LEAPMOTOR | US:UBS:UBS Group
UBS upgraded LEAPMOTOR to “Neutral” and increased its target price to HK$72, signaling confidence in EV market stability.
Research: Goldman Sachs Expects STANCHART 3Q Profit Growth
US:GS:Goldman Sachs | HK:02888.HK:STANCHART
Goldman Sachs projected Standard Chartered’s adjusted pre-tax profit to rise 6% in Q3, supported by steady interest margins.
Research: HSBC Downgrades TIANQI LITHIUM
HK:09696.HK:TIANQI LITHIUM | HK:00005.HK:HSBC HOLDINGS
HSBC Research downgraded TIANQI LITHIUM to “Hold” but raised its target price to HK$49, citing pricing pressures in lithium markets.
Tourism: Macau Eyes 39M Visitors in 2025
MO:Macau:Macau Tourism
The Macau Government Tourism Office (MGTO) expects total arrivals to hit 39 million this year, highlighting the region’s post-pandemic recovery.
Crypto: Bitcoin Hits New Record Above US$125,000
US:BTC:Bitcoin
Bitcoin surged past US$125,000, reaching an all-time high as institutional inflows accelerated across major exchanges.
Commodities: OPEC+ Raises Oil Output
US:UCO:Oil | OPEC:OPEC+:OPEC+
OPEC+ announced a 137,000-barrel-per-day production hike for next month, below expectations, leading to a 1% rise in oil futures.
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