Tommy Tang: The Most Shameless Debtor

On the morning of the Chung Yeung Festival, Tommy Tang heard a customer at a cha chaan teng say that a friend had borrowed money several years ago to fight a lawsuit with relatives and had borrowed again every year since; recently, the customer no longer wanted to lend. The friend said that if the customer did not lend, the lawsuit would definitely be lost, he would have no money to repay and his family would be ruined, and he also told the customer to spend less and save money to lend to him.

Wong Bat: How Do I Put Economic Theory Into Practice?

Wong Bat uses the example of CK Hutchison group's global businesses to explain that companies can clearly see where there are asset bubbles and where investments offer a favourable risk-reward ratio, so they can sell at highs and buy at lows. He quotes a friend working in the CK Hutchison group as saying this differs from the perspective of companies with only local operations, and says putting economics into practice may perhaps mean "governing a big country is like cooking a small fish".

Cheung Siu-chung: China Life and ChiNext on the Mainland Fall in Tandem

China Life and the mainland ChiNext fell in tandem. The Hang Seng Index fell 24 points last week, far outperforming the Japanese, South Korean and Taiwanese markets and US stocks, having recently withstood the impact of a crash-style slump in A-shares. Market focus remains on AI concept stocks and on when A-shares will stop falling, while the Philadelphia Semiconductor Index is moving ever closer to the low it recorded in July; meanwhile, the central government is reported to have begun window guidance to ban selling.

Yan Chong: Income Investing Should Not Lose Its Original Purpose; HSBC Turned Trading Stock Will Eventually Correct

Yan Chong says the latest US inflation data came in above market expectations, US stocks fell sharply before rebounding, Hong Kong stocks followed US stocks lower, and last Friday's rebound was weak due to the Chung Yeung Festival long weekend, with the overall mood still poor. He reminds that income investing should not lose its original purpose, and HSBC, having turned into a trading stock, will eventually correct.

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張宗永：「易點投」與預測市場

張宗永撰文回顧近10年前在內地創立互聯網財經社區平台時，推出名為「易點投」的產品，讓用戶預測下周指數升跌，平台按當時市場情況計算賠率。他指該產品當時非常受歡迎，平台主要負責引流，真正開盤做莊的仍是券商，並認為這類二元期權本質上只是放大了的認購價差期權。

Chan Wing-Kit: Ho Man Tin Fat Kwong Street Residential Site Sold at High Price as Developers Turn More Aggressive in Land Bids

Centaline Property's Chan Wing-Kit noted that the Ho Man Tin Fat Kwong Street residential site was recently sold for over $4.3 billion, at about $20,738 per square foot of floor area, nearly 40 per cent above the upper end of market valuations, setting a new high for residential site floor prices in Kowloon in nearly 5 years. He believes the site attracted 10 tenders, reflecting a shift in developers' attitude towards replenishing land reserves from conservative to aggressive, and renewed confidence in the property market.

Tommy Wong: Tenants Know Rent Will Rise and Will Renew Leases Quickly

Tommy Wong pointed out that once tenants know their rent is going to rise, they will renew their leases as quickly as possible. He mentioned a cha chaan teng owner who found that a tenant's business was doing well yet was reluctant to renew the lease, because the tenant believed there was still room for rents to fall and that the later the lease was renewed, the lower the rent.

Chau Hin: The Pain Point of 'Painless Taxes' Varies by Location

A lecture by Chuang Tai-leung, Associate Dean of New Asia College at CUHK, titled 'How to Invest in Life?' made him a public figure. About 10 years ago, he was already highly regarded by then Chief Executive Carrie Lam and Financial Secretary Paul Chan, appointed to a number of public offices, and awarded a Medal of Honour (MH) by the government, making him an economist of considerable standing.

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盧駿匡：恒指仍存下行壓力 或下試23000

盧駿匡指恒生指數仍存下行壓力，或下試23000點。恒指近日於24,300點附近反覆，跌勢表面放緩但企穩不等於重拾升勢。從市場寬度、權重股表現及反彈幅度等量化數據看，大市仍缺乏明確轉強信號，並要留意反彈動力逐步減弱的風險。

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葉創成：新股市場不濟 敘做港元定存

葉創成本年下半年對多數新股持審慎觀點，統計期內持審慎觀點且已成功上市的10隻新股，以昨日收市價對比上市價，僅拿森科技（2261）錄得升價，其餘9隻均下跌，股價「潛水」比率高達90%。期間他只對歡創科技（6802）相對看好，對中際旭創（3308）看法中性。

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植耀輝：台積電下跌成增持機會

植耀輝視台積電下跌為增持機會，對個別股份前景仍有信心，待其公布最新業績後再決定下一步部署。恒指勉強守住兩萬四關口，受美國加息陰霾及AI相關股急挫衝擊，不少股份本週累積跌幅達兩成至三成，後市關鍵仍看息口去向及科企季績表現。

Beckham's Nutrition Brand Picks Hong Kong for NBA Partnership Launch, Highlighting Hub Advantages

The nutrition brand in which Beckham holds a stake announced on Monday that it has become the official nutritional supplements partner of the NBA in eight Southeast Asian markets, including Australia, Indonesia, Malaysia and Singapore, yet the launch conference was held in Hong Kong. The article notes that although Hong Kong is not on the partnership list, it remains the regional hub coordinating these markets, serving as a launch and management platform on the strengths of the rule of law, information and talent, while using international media to amplify the news across the region.

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鄭丹瑞專欄《依然快樂》：後悔與遺憾

鄭丹瑞在《依然快樂》專欄「後悔與遺憾」中表示，自己後悔真係無乜，反而有好多遺憾。有人指他牛脾氣、唔肯轉彎、拒絕埋堆，改一改賺到的可能比今日多百倍，他仍以「後悔我真係無乜」回應。

Senior Investor Peter Chan Ching-pan: Falling Second-Hand Transaction Volumes Sound Alarm for Hong Kong Property Market

Senior property investor Peter Chan Ching-pan said the biggest problem facing Hong Kong's property market is a clear drop in second-hand transaction volumes, with some owners eager to sell needing to slash prices substantially to offload their flats, and the market has sounded an alarm. The Rating and Valuation Department's property price index rose nearly 8% in the first half of this year but has flattened since the second half. He predicted that if Hong Kong banks follow the United States in raising interest rates sharply over the coming months, property prices could test last year's first-quarter lows.

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湯文亮：美債息高或存風險 類似執笠前願付貴租

湯文亮指美債息高或存風險，情況類似租客在執笠前仍願意付不合理租金。他舉例指星期三早上有茶餐廳客人稱，剛與租客簽了新租約，比市價高兩成。湯文亮認為租客連不合理租金也不爭取，代表生意命不久矣，並要準備其執笠前一段時間無租交。

Chau Hin: It's Not Your Money, It Won't Enter Your Pocket

Chau Hin points out that in fortune-telling studies, 'fate' and 'luck' are two entirely different things, with Tung Chee-hwa being the most typical example, belonging to the category of 'having fate but no luck'. He was born to a wealthy second-generation family, but as soon as he took over the family business, he encountered a crisis in the shipping industry. After gritting his teeth and holding on through it, the golden age of the shipping industry and the era of the shipping magnates had already gone, and Hong Kong had also entered the era of property.

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黃王慈明：稀土的戰略意義

黃王慈明指稀土已由工業原料上升為國家戰略資產，被稱為「二十一世紀的石油」，穩定供應影響科技競爭、能源轉型、國防安全與再工業化，並已成為高層外交議題。G20部長9月就稀土發表聲明，總體目標之一是透過加強自願合作，支持發展具韌性、穩健且多元的關鍵礦產價值鏈；中國一直表示，維護全球關鍵礦產產業鏈穩定是各方共同責任。

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大地旅人專欄：和平商機

張翠容在「大地旅人」專欄延續昨日話題，指有港商表示「有戰爭才有商機」。他所指的主要是中東戰爭，這正是一帶一路的核心夥伴地區。

Ronald Tong: Mortgage Defaulters Should Not Lie Flat, Warplanes Do Not Shoot at Those Who Do Not Deploy Parachutes

Ronald Tong pointed out that for more than a year, media and YouTubers have reported on many investors' properties becoming mortgagee sale properties, yet it is rarely heard that banks have sold the relevant properties, and even less heard that banks need to write off mortgagee sale properties. He urged mortgagee sale debtors not to lie flat and to take the initiative to handle their debts.

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周顯：鍾氏家族70年代很牛

鍾氏家族核心人物鍾子光是潮州人，原為傅老榕的拍擋，1935年與羅保、何善衡、梁昌、何賢、何添等人獲澳門自來水專營權，並出任總經理。1943年何鴻燊自己開辦火水提煉廠，老闆為鍾子光和周梁淑怡的父親梁基浩等人合作。

Jiang Jing: No Signal of a Shift in RMB Policy

Jiang Jing's research team believes that the 11-page exchange rate policy document published by the People's Bank of China last week was intended to establish its own policy narrative, and was not a signal of a shift in RMB exchange rate policy. The team maintains its baseline forecast of a moderate and orderly appreciation of the renminbi, and does not expect a one-off sharp appreciation brought about through external negotiations similar to the "Plaza Accord".

Eddie Wong: The Puzzle Behind Diverging Share Prices of Chinese and US Optical Communications Firms

Eddie Wong points out that demand for high-speed interconnection from artificial intelligence infrastructure is driving the expansion of the optical communications industry, but while upstream US component and system suppliers have recently surged sharply, Chinese midstream and downstream module makers have fluctuated amid political noise and even seen significant pullbacks. He believes this does not reflect a fundamental divergence in fundamentals, but rather the result of geopolitical narratives and market sentiment being amplified ahead of the midterm elections.

Cheung Siu-chung: Lenovo Pullback Reaches Support Level and Offers Value

Cheung Siu-chung believes Lenovo's pullback has reached a support level and offers value at this stage. The Hang Seng Index rose 74 points yesterday to close at 24,345 points, with turnover of $187.5 billion. Global semiconductor stocks were under pressure, with the Japanese, South Korean and Taiwan markets all falling, while the A-shares' sharp afternoon rally narrowed Hong Kong's losses and turned the Hang Seng Index positive.

Hong Kong as a transit hub, advocating use of CEPA tariff exemptions to attract companies to set up

Charles Ng Kwan-chiu, Chairman of the Board of New Territories North Technology City Limited, advocated using the advantages of CEPA to attract companies to set up production in Hong Kong, and then use Hong Kong as a transit point for import into the Mainland. He said that Hong Kong products meeting the specified rules of origin can enjoy duty-free import into the Mainland, while Hong Kong's land prices are competitive and labour costs are controllable, which can help reduce companies' tariff costs when sourcing raw materials or components from overseas.

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退休後採理財4招 穩陣兼賺盡 瞓身買銀債 善用年金長生津公營醫療

資深財經節目主持人曾志英提出退休後四大理財招數，強調既要穩陣又要賺盡，透過善用政府福利及銀債等投資產品組合開源節流，同時毋須承受太大風險。招數包括瞓身買銀債，以及善用年金、長生津和公營醫療減輕退休開支。

Norman Tong: There is no good, medium or bad strategy, only bad and worse strategies

Norman Tong's column uses a discussion among cha chaan teng customers about 'cutting corners' in terms of good, medium and bad strategies as an opening, pointing out that in fact there are no good, medium or bad strategies, only bad and worse strategies. The customer's proposed good strategy is to negotiate with the buyer and compensate the other party, the medium strategy is to demolish and rebuild, and the bad strategy is to never compromise and take the matter to court.

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曾淵滄：擎海銷售佳 越秀地產反彈料未完

曾淵滄指擎海銷售佳、越秀地產反彈料未完，並建議炒期指緊守自己定下的移動平均線規則。恒指於今年7月底完成V形反彈後連續兩個多月反覆向下，19天線一直向下移，2天線向上突破19天線的機率增加，進場機會上升。若2天線回跌至19天線之下，不該猶豫，應馬上沽出。

Stephen Hui: Is Pansy Ho or the Old Lady Lau the Real Richest Woman in Hong Kong?

The Hong Kong Real Estate Developers Association was established in 1965 by major Hong Kong property developers and is the most influential industry organisation of property developers, directly expressing the industry's stance to the government on land, housing, planning and tax policies. The association's current president is Keith Kerr, former CEO and chairman of Swire Properties (1972), while the chairman of its executive committee is Vincent Chan, chairman of Wheelock Properties (Hong Kong), who is the key figure representing the association in external interviews.

Lau Sze-ming: Financials and tech stocks support Hang Seng Index, selling pressure on hard tech continues

The Hang Seng Index edged up with support from financial and internet technology stocks, but the broader market remained soft and turnover fell, while selling pressure on hard tech stocks has yet to ease. Whether the downward adjustment trend since August can be reversed remains to be confirmed.

Sik Wai-kit: Sodium batteries hit the road, adopted by electric vehicle energy storage systems

Sik Wai-kit pointed out that 2026 is widely referred to in the energy and battery academic community, authoritative media and other quarters as the "first year of sodium battery mass production" and the "year marking the opening of the sodium battery era", which is of major milestone significance for the development of sodium batteries.

Cheung Siu-chung: Hong Kong stocks show signs of stabilising, can buy in tranches

Cheung Siu-chung said Hong Kong stocks show signs of stabilising and can be bought in tranches. The Hang Seng Index rose 59 points yesterday to close at 24,271 points, with turnover of $162.6 billion, advancing on the support of banking stocks, while the Japanese and Taiwanese stock markets edged down and the South Korean market fell sharply. He noted that the market narrative recently has been leaning towards being bullish on Hong Kong stocks, and there have been some signs of warmth in policy.

IMF: AI a 'slow tsunami' hitting jobs; AI investment supports global economic growth of 3%, Asia benefits greatly

IMF Managing Director Kristalina Georgieva said strong investment in AI infrastructure is keeping global economic growth at around 3%, bringing huge benefits to Asian economies that supply hardware, while heralding a 'slow-moving tsunami' that could hit jobs, taxation and education. US stock indices traded in narrow ranges early in the session. Mainland memory chip maker ChangXin Memory Technologies is set to launch a new generation of DRAM architecture, while Micron Technology (US: MU) fell 4% early in the session.

Game-changer for Hong Kong's gold ambitions? Shenzhen's jewellery hub

The first instalment of the South China Morning Post's three-part series traces China's rise as a gold power, while the second examines the key role of Hong Kong's offshore gold storage infrastructure. Beijing is building a gold-backed monetary framework to accelerate the internationalisation of the renminbi. China is the world's largest gold producer and importer, and Hong Kong's gold trading ambitions also rely on a thriving gold consumption market.

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湯文亮：偷工減料因樓價升？

湯文亮引述食客經歷，指同一間酒樓的6人餐兩三個月前根本食唔晒，近日同一餐卻要加叫兩個小菜才勉強夠食。他藉此提出「偷工減料是否因樓價上升」的疑問。

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王弼：昨日高鐵 今日AI？

王弼指美股近期接連創新高，主要靠AI相關硬體股和美股七雄股價強勢帶動，但美國經濟只靠AI的巨額投資支撐。債息、零售股和銀行股疲弱等宏觀因素，情況有如2008年金融海嘯後中國以4萬億元人民幣投資主導的刺激經濟政策。他指大撒幣雖對其後數年GDP有貢獻，最終仍要計投資能否帶來合理回報。

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周顯：分層住宅 不能解開的問題

周顯談分層住宅不能解開的問題，回顧租置計劃在1997年《施政報告》提出、1998年正式推出，原意配合自置率提升至70%的目標，10年協助25萬個公屋家庭買樓，亦是「八萬五」的配套政策之一。計劃賣樓折扣率約四五折至五二折，納入39條屋邨、涉183,700個單位，已於2005年停止。

李聲揚：高息ETF為何不派息？

李聲揚近期買入一隻高息ETF，原因之一正是它「不派息」，即將股息再投資而非派發現金，令讀者感到疑惑。他指坊間對高息ETF存在不少誤解，將逐一拆解說明。

Cheung Siu-chung: Funds favour software stocks, keep an eye on Palantir

Cheung Siu-chung said funds are chasing software stocks and urged investors to keep an eye on Palantir. After Hong Kong stocks plunged 344 points last Thursday, they rebounded 425 points on Friday, gaining 239 points over the whole week. He said there were signs on Friday that the national team had begun market rescue efforts, and with US bond yields and the stock market rising together, Hong Kong stocks are entering a rebound window this week.

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西京劉央：恒指未來一年可挑戰3萬 中國國力被世界認可 全球資金來港投資AI

西京投資主席兼投資總監劉央預測，未來一年恒指有條件挑戰27,000點甚至30,000點。她指中國的國力、國情和實力會不斷被世界認可，在港上市中國企業正於AI領域追趕全球領先同業，將吸引中國以至全世界資金投資港股，未來10年恒指以至整體港股是有巨大回報的市場。

South China Morning Post reporter: Why are mainland tax officials suddenly interested in my Hong Kong MPF?

Mainland tax officials have contacted several South China Morning Post reporters in recent weeks, expressing concern about their Hong Kong MPF income. The newspaper has been reporting continuously for the past few months on the mainland's crackdown on tax evasion, with a focus on taxing income held in offshore trusts by super-rich families.