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內地投資者連續第四個月淨買入港股 9月南向資金達608億港元

內地投資者9月透過滬深港通淨買入港股608億港元（US$7.7 billion），為連續第四個月淨買入，並由8月的104億港元大幅加速。第三季合計淨買入達1341億港元，數據由金融數據供應商Wind提供，買盤增加發生在美國國債孳息率與油價高企的逆風之下。

Charlie Munger protégé Li Lu: Chinese stocks are undervalued and represent an investment opportunity now

Li Lu, Charlie Munger's protégé and founder and chairman of value investment firm Himalaya Capital, said shares in Chinese companies offer more investment value today than at any other time. The rare remarks were made amid tensions between China and the United States, continuing artificial intelligence competition and diverging market performance on both sides of the Pacific, touching on the outlook for the world's second-largest economy.

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美債孳息率升至20年高位 香港投資者興趣升溫

美債持續遭拋售推高孳息率至數十年高位，香港投資者對美債興趣升溫，策略師意見分歧，有人建議買入，亦有人警告或有進一步虧損。10年期美債孳息率周三升穿5.36%，為24年最高，其後因220億美元30年期國債拍賣需求強勁，周四回落至約5.23%。

ET stock pick | 5 consecutive years of high dividends, watch Bosideng (03998)

ET stock pick Bosideng (03998), a stock that has paid high dividends for 5 consecutive years. Bosideng is a leading down jacket maker in the mainland, with generous dividends, low debt and ample cash on hand. It is a typical apparel and footwear stock entering a mature cash-return phase, and offers a certain degree of defensiveness.

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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。

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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。

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.

Ng Lai-yin: WuXi AppTec worth watching on pullback

WuXi AppTec (2359) first-half revenue rose 38.9% year on year, while net profit attributable to shareholders rose 33.7% year on year. Gross margin rose 9.4 percentage points year on year to 53.2%, mainly due to continuous optimisation of production processes and capacity efficiency improvements driven by growth in late-stage clinical and commercialisation projects.

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創興銀行12個月美元定存年利率4.1厘

創興銀行客戶經網上或手機銀行，以1000美元或以上開立12個月美元定存，可享4.1厘年利率。門檻為1000美元起、存期12個月，需經網上／手機銀行辦理。

大象銀行港元定存年息3.45厘

大象銀行客戶經手機應用程式以1000元或以上敍做12個月港元定存，可享3.45厘年利率。

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.

HSBC strengthens performance-based pay for senior executives

HSBC (0005) will implement a new remuneration structure from 2028, progressively phasing out fixed pay allowances for senior staff and increasing the proportion of performance bonuses to link pay more closely with results. A HSBC spokesperson said the plan strengthens pay-for-performance and differentiated incentives, helping to attract top talent and recognise outstanding performers.

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雅居樂清盤呈請聆訊延期至12月7日 股價曾升15.7%後收跌4.71%

高等法院法官批准把新濠（中山）企業管理對雅居樂（3383）的清盤呈請聆訊延期至2026年12月7日。雅居樂稱有信心在11月16日前與初始參與債權人簽訂重組支持協議（RSA），該股昨曾急升近15.7%，午後倒跌，收市跌4.71%，報0.182元。

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富衛1.6億向李澤楷購保特保險25%

富衛（1828）公布上周六訂立協議，以2070萬美元（約1.62億港元）向大股東李澤楷購入保特保險（香港）25%股權。保特保險（香港）經營一般保險業務，2020年從富衛分拆。以當年全部股份作價7680萬美元計算，富衛今次以7.81%溢價購回25%股份。

Hong Kong Exchanges and Clearing plans to launch redesigned renminbi-denominated gold futures

Hong Kong Exchanges and Clearing plans to launch redesigned renminbi-denominated gold futures and develop more renminbi-denominated precious metals products, expanding the role of the renminbi in commodity trading and risk management. Chief Executive Bonnie Chan disclosed in a blog post that the exchange will explore better connections between Hong Kong's commodity market and other markets in the Greater Bay Area, and expand the fixed income, currency and commodity ecosystem to advance the internationalisation of the renminbi.

Securities and Futures Commission consultation conclusions strengthen crackdown on new listing misconduct, amendments expected to take effect in first quarter of 2027

The Securities and Futures Commission has published consultation conclusions, strengthening targeted tools under the Securities and Futures (Stock Market Listing) Rules to combat misconduct related to initial public offerings and other corporate misconduct. Subject to the progress of the legislative process, the relevant amendments are expected to take effect in the first quarter of 2027.

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東山精密最多籌234億 今年第三大

東山精密（深：002384）已開始評估投資者意向，目標集資約20億至30億美元（約156億至234億港元）。若以最高集資額計，將成為今年集資額第三大新股，排在集資251億元的立訊精密（2475）之後。消息由彭博社引述知情人士報道。

HSBC and mainland banks prop up Hang Seng Index, which holds firm and outperforms Asian stocks

The Hang Seng Index held firm yesterday thanks to financial stocks such as HSBC and mainland banks, with Hong Kong stocks once again outperforming Asian markets. Chinese memory chip maker ChangXin Memory Technologies announced a technological breakthrough, sending shares of South Korea's memory chip leaders sharply lower, while local AI concept hardware stocks fell in tandem, with CICT down more than 10 per cent. The Tech Index slipped 28 points, or 0.67 per cent, against the trend.

Hong Kong Exchanges and Clearing chief executive: Hong Kong to expand indices, derivatives and renminbi-denominated products

Hong Kong Exchanges and Clearing (HKEX) chief executive set out plans in a blog on Monday to expand indices, derivatives and renminbi-denominated products, including renminbi gold futures and renminbi stock trading. The measures aim to boost market liquidity, attract more international investors and expand the use of the renminbi. The move aligns with the key directions set out in the Policy Address and Hong Kong's five-year plan.

Star Valley Chong Kam-fai: Some major banks have raised mortgage cash rebates to 1.5% to compete for next year's market share

Some large local banks have recently adjusted their mortgage offers, raising cash rebates to a maximum of 1.5%. Star Valley Mortgage Intermediary chief executive Chong Kam-fai said the attached condition is that the mortgage loan must be drawn down next year, reflecting that major banks are laying out their plans early to compete for next year's mortgage market share.

Africa's top mobile phone maker Transsion Holdings Hong Kong IPO meets lukewarm response

The Hong Kong public offering of Shenzhen-based Transsion Holdings, sized at HK$336 million (US$428 million), has met a lukewarm response, with preliminary data showing only about 14,000 applications and oversubscription of about 3.5 times, as bookbuilding closed on Monday. Concerns about the sentiment for new listings in the fourth quarter have therefore risen.

Securities and Futures Commission approves six securities registrars for the upcoming uncertificated securities market regime

The Securities and Futures Commission has approved six securities registrars for the upcoming uncertificated securities market regime. No full text was attached to the press release; the specific list and arrangements are subject to the SFC's original text, link: https://apps.sfc.hk/edistributionWeb/gateway/TC/news-and-announcements/news/doc?refNo=26PR166

Hang Seng Index closes up 59 points, mainland bank stocks perform well

The Hang Seng Index closed at 24,271 points, up 59 points, with full-day main board turnover exceeding $162.6 billion. The financial sub-index rose more than 1%, mainland bank stocks performed well, China Merchants Bank rose more than 3%, China Construction Bank and Bank of China rose nearly 2% or more; the property sub-index fell about 1%. The tech index fell nearly 0.7% to 4,169 points, Xiaomi fell more than 5%; Laopu Gold plunged nearly 8%, making it the worst-performing Hang Seng constituent.

HKEX and S&P Dow Jones Indices launch S&P 500 HKEX Technology 100 Index

HKEX and S&P Dow Jones Indices have jointly launched the S&P 500 HKEX Technology 100 Index, which was launched on 30 September 2026, with approximately 60% allocated to the HKEX Technology 100 Index and 40% to the S&P 500 Index, with weights adjusted quarterly. The index aims to support future tracking ETFs in qualifying for inclusion in Stock Connect trading, providing investment exposure to the US and Hong Kong stock markets through a single benchmark.

Hong Kong Interbank Clearing Limited reminds public to beware of fake website

Hong Kong Interbank Clearing Limited reminds the public to beware of the fake website fasterpaymentsystemhk.lol, which masquerades as a Faster Payment System (FPS) online transaction security service in an attempt to trick members of the public into providing identity card photos, telephone numbers and bank account numbers. The clearing company clarified that it has absolutely no relationship with the website, and its official websites are www.hkicl.com.hk and fps.hkicl.com.hk. Suspicious communications can be verified by calling 2533 1111.

Hong Kong Monetary Authority issues notice on bank-related scams

The Hong Kong Monetary Authority urges the public to stay vigilant. 7 banks, including Bank of East Asia, have issued press releases regarding fraudulent websites and online banking login screen scams. The Hong Kong Monetary Authority reminds the public that banks will not direct customers to conduct transactions via hyperlinks in SMS or emails, nor will they ask for login passwords and one-time passwords. Those who have provided personal information may contact the relevant bank or report the case to the Hong Kong Police Force by calling 2860 5012.

Hang Seng Index turns lower in early afternoon session

The Hang Seng Index turned lower in the early afternoon, standing at 24,197, down 13 points. The technology index's decline widened to about 0.91%, at 4,159.

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恒指半日升幅收窄至42點 成交不足1千億元

恒指半日收報24253點，升42點，升幅0.17%，成交額近862億元，早段曾升至24455點。金融股回穩，友邦及滙控升近2%，但科技指數轉跌，報4174點，跌23點。中芯國際及華虹宏力跌近2%至逾4%，長飛光纖光纜跌逾4%。

Hang Seng Index opens 223 points higher

Hong Kong stocks opened higher, with the Hang Seng Index at 24,434 points in the auction session, up 223 points or 0.92%. The Tech Index stood at 4,241 points, up 43 points or 1.03%.

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.

Hong Kong Electronics Industry Association (HKEIA): Hong Kong must relax listing rules to attract more angel funds and start-ups

Samson Tam Wai-ho, honorary president of the Hong Kong Electronics Industry Association (HKEIA), said Hong Kong must relax listing rules and trading requirements in order to attract more angel funds and become a hub for start-ups to go global. At present, there are only about 100 active angel funds in Hong Kong, far fewer than the about 400 in Shenzhen.

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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。

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。

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南商存紐元1個月年利率4厘

南商推出1個月紐元「倍高息定期存款」，優惠年利率4厘。客戶須經網上或手機銀行，以1000港元等值或以上兌換資金方可開立。

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華僑銀行推12個月港元定存 3.5厘特惠息率

華僑銀行宏富理財私人客戶經分行，以10萬元或以上全新資金開立12個月港元定存，可享3.5厘特惠年利率。優惠須經分行辦理，並要求全新資金。

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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「非洲手機王」傳音控股經營現金流轉差 關注第三季業績

傳音控股（2636）來港A+H上市招股今日中午截止，發行8664.83萬股H股，最高發售價38.8元，集資最多33.61億元。每手入場費3919.13元，預期本周四掛牌。公司上半年經營活動現金流量淨流出58.61億元人民幣，去年同期為淨流入1035萬元，作者建議保守投資者可待下月第三季業績公布後再決定是否買入。

US uses AI to give stock market "extra time" and cut costs, Hong Kong can take a leaf from it

Liu Yang, chairman and chief investment officer of Western Capital Investments, as an Election Committee member, voted to support John Lee in the Chief Executive election held on 8 May 2022.

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劉央「合力天成AI指數」兩年回報81%跑贏納指

西京投資主席兼投資總監劉央的「合力天成AI指數」兩年回報81%，跑贏納指。該指數由劉央與在美國矽谷工作的工程師團隊於2023年7月創立及發布，以AI的算力及算法投資AI股。相關內容刊於《Money Monday》第467期封面故事專訪。