Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>The HSI opened down 22 pts before losses widened, closing near the day's low at 24,834, down 253 pts or 1.01%, reversing a modest gain in the previous session and ending a three-session winning streak.</li><li>Technology stocks led the decline as investors took profits and remained cautious ahead of the expected meeting between Chinese President Xi Jinping and US President Donald Trump.</li><li>SSEC/SZSE/GEI moved by -0.39%/-0.64%/-0.6%, as investors remained cautious ahead of the highly anticipated Trump-Xi summit.</li></ul>

The HSI opened down 22 pts before losses widened, closing near the day's low at 24,834, down 253 pts or 1.01%, reversing a modest gain in the previous session and ending a three-session winning streak.Technology stocks led the decline as investors took profits and remained cautious ahead of the expected meeting between Chinese President Xi Jinping and US President Donald Trump.SSEC/SZSE/GEI moved by -0.39%/-0.64%/-0.6%, as investors remained cautious ahead of the highly anticipated Trump-Xi summit.

Thematic (Sector/Industry)

<ul><li>The HSI closed at 25,042, up 291 pts or 1.18%, led by technology and health tech stocks as Asian equities benefited from continued optimism over strong demand for AI infrastructure, while easing oil prices provided some relief as Brent crude slipped to around $102 a barrel amid hopes of a gradual restoration of Saudi supply.</li><li>Hong Kong’s IPO market also remained in focus.</li><li>SSEC/SZSE/GEI moved by +0.97%/+0.65%/+0.8%, as the People’s Bank of China kept its benchmark lending rates unchanged for a 16th consecutive month at record lows.</li></ul>

The HSI closed at 25,042, up 291 pts or 1.18%, led by technology and health tech stocks as Asian equities benefited from continued optimism over strong demand for AI infrastructure, while easing oil prices provided some relief as Brent crude slipped to around $102 a barrel amid hopes of a gradual restoration of Saudi supply.Hong Kong’s IPO market also remained in focus.SSEC/SZSE/GEI moved by +0.97%/+0.65%/+0.8%, as the People’s Bank of China kept its benchmark lending rates unchanged for a 16th consecutive month at record lows.

Macroeconomics

<ul><li>The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%.</li><li>The HSI finished the day at 24,750, rebounding 146 pts or 0.6%, as easing oil prices and softer US Treasury yields improved market sentiment after the Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% and signaled the possibility of another hike this year.</li><li>The People's Bank of China left its key lending rates at record lows for a 16th straight month in September 2026, even as the yuan continued to strengthen, in line with market expectations.</li></ul>

The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%.The HSI finished the day at 24,750, rebounding 146 pts or 0.6%, as easing oil prices and softer US Treasury yields improved market sentiment after the Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% and signaled the possibility of another hike this year.The People's Bank of China left its key lending rates at record lows for a 16th straight month in September 2026, even as the yuan continued to strengthen, in line with market expectations.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions.</li><li>The latter saw breakthroughs with a stalled residential project in Nanjing returning down payments to homebuyers.</li><li>This success was enabled by stringent oversight of presale regulatory funds and enhanced legal protection for homebuyers.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions.The latter saw breakthroughs with a stalled residential project in Nanjing returning down payments to homebuyers.This success was enabled by stringent oversight of presale regulatory funds and enhanced legal protection for homebuyers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property - Weekly Highlight: Sales Decline May Narrow in Aug

China

China Vanke Co., Ltd. operates real estate development businesses.  The Company provides housing renovation, housing loans, real estate brokerage, and other businesses. China Vanke also operates logistics, material supply, and other businesses.

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China Vanke (000002 CH)

Quam Morning Note (24 Sep)

The HSI opened down 22 pts before losses widened, closing near the day's low at 24,834, down 253 pts or 1.01%, reversing a modest gain in the...

Quam Securities

Quam Morning Note (22 Sep)

The HSI closed at 25,042, up 291 pts or 1.18%, led by technology and health tech stocks as Asian equities benefited from continued optimism over...

Quam Securities

Quam Morning Note (21 Sep)

The Bank of Japan raised interest rates by 25 bps as expected, with Japanese stocks closing up 1.4%. The HSI finished the day at 24,750,...

Quam Securities

Property - Weekly Highlight: Sales Decline May Narrow in Aug

The Politburo meeting re-emphasized the need for inventory reduction and ensuring project completions. The latter saw breakthroughs with a stalled...

CMB International

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