[Today's headlines]

The number of new home subscriptions in Beijing increased by 2 times, and the number of daily visits to some properties in Guangzhou soared 200%

As various regions introduced real estate optimization and adjustment measures one after another, commercial housing sales in many places increased to varying degrees during the National Day holiday, and market confidence recovered. Three days before the National Day holiday, the number of visitors to new homes in Beijing increased by 92.5% and the number of subscriptions doubled compared to the same period last year, while the number of second-hand homes viewed increased by 104.1% compared to the same period last year. The number of daily visits to some properties in Guangzhou exceeds 150 batches, an increase of 200% over normal. At the same time, almost all real estate properties that are in stock and can be sold have special promotions aimed at the National Day schedule.

Driven by many favorable policies, property markets in many places have clearly heated up during the National Day holiday. The new housing sales office welcomed a “large flow of visitors”. The number of second-hand housing inquiries and opinions increased significantly, and even the mentality of some landlords changed overnight. Chen Wenjing, director of policy research at the China Index Research Institute, believes that in the context of the recent accelerated implementation of many policies, housing prices in core cities are expected to stabilize, activity in the real estate market is expected to increase in the fourth quarter, and the core city market is expected to stabilize at an accelerated pace, and it is also expected to further drive the national real estate market to bottom up at an accelerated pace.

[General outlook]

Overnight, the three major US stock indices collectively closed down

Overnight, US stocks fell 398.51 points, or 0.94%, to 41954.24 points; the NASDAQ fell 213.95 points, or 1.18%, to 17923.9 points; the S&P 500 index fell 55.13 points, or 0.96%, to 5695.94 points. Apple (AAPL.US) fell 2% and Nvidia (NVDA.US) rose 2%. After falling 2.7% intraday, the Nasdaq China Golden Dragon Index closed up 0.07%, Alibaba (BABA.US) rose 2.6%, Li.US (LI.US) rose 4%, Maverick Electric (NIU.US) and Ehang Intelligence (EH.US) rose more than 20%, STG.US (STG.US) rose nearly 24%, Quantum Song (QSG.US) rose more than 25%, and AMBO.US (AMBO.US) soared more than 226%. FTSE China A50 futures rose more than 2.4% in overnight trading, continuing to hit a new high since December 2021. The Hang Seng Index ADR rose. On a proportional basis, it closed at 23223.62 points, up 123.84 points or 0.54% from the Hong Kong closing market.

Hong Kong Stock Exchange: The average daily turnover of Shanghai Stock Connect and Shenzhen Stock Connect in September was RMB 129.687 billion, up 34.3% from the previous month. The average daily turnover of the securities market in September was HK$169.2 billion, up 77% month-on-month and 87% year-on-year.

[Hot preview]

International oil prices rose more than 3%

The price of Brent crude oil broke through $80 per barrel for the first time since August. Investors have withdrawn from the record short positions accumulated last month due to the heightened risk of war in the Middle East. Brent crude oil futures rose $2.82, or 3.6%, to $80.87 a barrel. US West Texas Intermediate crude oil futures rose by $2.75, or 3.6%, to $77.13 a barrel.

Traffic on major highways and national highways across the country continued to operate at a high level during the National Day holiday, with year-on-year increases of 5.3% and 11.3%, respectively

Judging from the traffic flow of 700 important passages on 76 highways and 300 important passageway nodes on 52 national highways monitored by the Ministry of Public Security's Transportation Administration, traffic on major highways and national highways across the country continued to operate at a high level during the holiday period, increasing by 5.3% and 11.3%, respectively, compared with the same period last year. As of 17:00 on October 7, the overall road traffic safety situation across the country was stable and orderly. No major road traffic accident with more than 5 deaths had been reported; apart from the slow movement of vehicles during certain periods and road sections, no serious traffic jams had been reported for a long period of time or on a large scale.

Hong Kong Monetary Authority: Hong Kong's official foreign exchange reserve assets at the end of September were 422.8 billion US dollars

The Zhitong Finance App learned that on October 7, the Hong Kong Monetary Authority (HKMA) announced the latest foreign exchange reserve asset figures. Hong Kong's official foreign exchange reserve assets at the end of September 2024 were 422.8 billion US dollars (423.5 billion US dollars at the end of August 2024). The total amount of foreign exchange reserve assets of 422.8 billion US dollars is equivalent to more than 5 times the currency in circulation in Hong Kong, or about 39% of the Hong Kong dollar money supply M3.

The number of open FTSE China A50 futures contracts reached a record high

With mainland China on a week-long holiday, traders turned their attention to Singapore-listed and Hong Kong-listed futures. Since China's National Day Golden Week holiday began last Tuesday, the number of open positions on FTSE China A50 Index futures on the Singapore Exchange has soared to a record 1.2 million lots. “Strong trading volume reflects global investors managing their exposure to China and adjusting positions before the spot market reopens.” Ding Meiyan, head of the Singapore Exchange Group's stock derivatives business, said.

Hong Kong Stock Exchange (00388): LME and LME Clear win favorable decisions in legal litigation

The Hong Kong Stock Exchange announced that its wholly-owned subsidiaries LME and LME Clear were defendants in claims filed by Elliott and Jane Street to challenge LME's decision to cancel the Plaintiff's alleged execution of a nickel contract transaction at or after 00:00 UK time on March 8, 2022. The High Court ruled in full favor of LME and LME Clear on November 29, 2023. Elliott later appealed to the appellate court, but the appellate court ruled in favor of the defendant on October 7, 2024 and rejected the appeal. The LME welcomed the ruling and once again confirmed the legality of the decision in question.

Holds 8.32% subscription rights with CCB (00939)? Swiss Patek Asset Management Clarifies: Does not own the Hong Kong Stock Exchange

The Zhitong Finance App learned that according to easy data disclosed by the Hong Kong Stock Exchange, on October 3, the proportion of “good positions” held by Swiss Patek Asset Management Hong Kong Co., Ltd. in CCB (00939) increased from 0.01% to 8.32%, involving about 20 billion shares. In the early morning of October 8, Swiss Patek Asset Management contacted the Hong Kong Economic Daily to clarify that Swiss Patek Asset Management did not hold the positions described, as the Hong Kong Stock Exchange knows.

Citibank: Raise Hong Kong's Hang Seng Index target to 26,000 points by the end of June next year

Investment bank Citibank said on Monday that it will raise the targets of Hong Kong's Hang Seng Index and MSCI China Index to 26,000 points and 84 points at the end of June next year, with room to rise by about 13% and 12% from current levels; the targets for the end of next year are 28,000 points and 90 points, respectively. The bank upgraded the consumer sector's rating to “increase holdings” and the real estate sector's rating to “neutral.”

IPO News | Legendary Swiss Auto plans to go to Hong Kong for an IPO valued at around 50 billion yuan

The Zhitong Finance App learned that according to media reports, Chery Holding Group is considering splitting off its automobile business and listing in Hong Kong. Currently, the bidding and investment bank is responsible for the promotion of subsequent IPOs, but details such as the scale of capital raised have not yet been determined. According to reports, Chery's valuation is about 50 billion yuan (about 7.1 billion US dollars), but compared to market news at the end of last year, the valuation reached a maximum of 150 billion yuan, a reduction of two-thirds. There are also reports that the company was considering an IPO in the Mainland.

Dongfang Overseas International (00316)'s total revenue for the third quarter increased 73.7% year-on-year to $3.056 billion

According to the Zhitong Finance App, Oriental Overseas International announced that total revenue for the third quarter ended September 30, 2024 increased 73.7% over the same period last year to $3.056 billion. Total cargo volume increased by 3.6%, and carrying capacity decreased by 1.6%. The overall carrying rate increased by 4.2% compared to the same period in 2023, and the overall average revenue per TEU increased 67.6% compared to the 3rd quarter of last year.

COSCO Marine Holdings (01919): Net profit for the first three quarters increased by about 72.72% year-on-year

COSCO Marine Holdings released a performance forecast on the evening of October 7. The net profit attributable to shareholders of listed companies is expected to be about 38.121 billion yuan in the first three quarters of 2024, an increase of about 72.72% over the previous year. Among them, net profit attributable to shareholders of listed companies was achieved in the third quarter of about 21.251 billion yuan, an increase of about 285.66% over the previous year. In the first three quarters of 2024, the volume of goods in the main market grew moderately, and the supply of capacity continued to be affected by the Red Sea situation, and the overall global supply chain showed a tight trend; in the third quarter of 2024, as the main European and American route markets entered a peak season, the company's container shipping business achieved a sharp rise in volume and price.

[Individual stocks are a bit clear]

AstraZeneca (AZN.US) and CSPC Group (01093) reached a nearly $2 billion cardiovascular drug licensing agreement

On October 7, AstraZeneca and CSPC Group reached an exclusive licensing agreement to promote the development of an innovative pre-clinical small molecule lipoprotein inhibitor to enhance the cardiovascular product pipeline. AstraZeneca said it will pay up to $1.92 billion in milestone and royalties and $0.1 billion in advance payments to PTC.

As a leading preclinical drug candidate, the compound was discovered by CSPC Group's AI-driven small molecule drug design platform. The platform uses AI technology to analyze the binding pattern between target proteins and existing compound molecules, optimize their pharmacogenicity in a targeted manner, and finally screen out Lp (a) small molecule inhibitors with excellent developability.

Preclinical data show that the compound has excellent pharmacokinetic characteristics and better efficacy in vitro and in animal models, and has no serious safety risks, so it has the potential to become a new treatment for cardiovascular risk control in people with high Lp (a).