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雅利多證券 Aristo Securities Limited

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雅利多證券於2014年成立，提供本地證券買賣服務，以及可靠方便的網上交易系統，協助客戶快速下單及進行各種投資買賣。本公司亦提供簡便的流動交易平台，包括iOS/android手機apps，協助你把握每個投資良機。我們亦不時牽頭/包銷新股認購。

Your gateway to Hong Kong, Mainland China, IPOs and global markets
連繫香港、內地、新股上市及環球市場的專業橋樑

- 2014年成立 Since 2014
- 香港證監會持牌法團 SFC Licensed Corporation (CE No.: BDH167)
- 第1類受規管活動：證券交易 Type 1: Dealing in Securities

20/10/2026

📊 Daily Market Update（2026.10.20）

Asian equities traded broadly lower today as elevated CoreWeave bond yields signaled ongoing AI debt financing risks, while French political unrest weighed on European sentiment. South Korea's KOSPI fell -3.0% and Japan's Nikkei dropped -0.78%. Mainland China outperformed (STAR50 +0.91%, ChiNext +0.56%, SSE flat), while HK reopened lower post-holiday: HSI -1.00% (breaking 24,000) and HSTech -0.94%.

🤖 MiniMax Model Launch, Lenovo-Nvidia Deal & Tech Pullback
• MiniMax (100.HK): Slipped -4% despite unveiling its M3.1 Flash model, delivering 3x faster inference speeds and 70% cost cuts alongside "generational" upgrades in coding and agentic tasks.
• Big Tech Drop: Lenovo (992.HK) tumbled ~7% despite announcing a partnership with Nvidia. Alibaba (9988.HK) fell -3.0%, Tencent (700.HK) -1.3%, Baidu (9888.HK) -0.69%, and Pop Mart (9992.HK) -4.65%.

🧬 Metis TechBio $1.1B Eli Lilly Deal & US Treasury Holdings
• Metis TechBio (7666.HK): Signed a multi-target drug delivery deal with Eli Lilly worth up to $1.1B, highlighting growing Chinese biotech competitiveness.
• US Treasuries Reduction: China trimmed its US Treasury holdings to an 18-year low in August to diversify FX reserves amid geopolitical and fiscal concerns.

🏦 PBOC Holds LPR & Pulls Liquidity
• LPR Freeze: PBOC kept 1Y and 5Y Loan Prime Rates unchanged at 3.0% and 3.5% as solid economic data keeps full-year growth on track.
• PBOC Operations: USD/CNY fixed at 6.7200 (+8 bps). Conducted zero 7-day reverse repos against RMB 65B maturing = Net daily withdrawal of RMB 65B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

16/10/2026

📊 Daily Market Update (2026.10.16)

Asian equities rebounded this morning from a week-long slide as short-covering and dip-buying stepped in. KOSPI jumped +3.0%, Nikkei +1.73%, HSI +0.9%, HSTech +2.0%, and STAR50 +1.65%. Indonesia's market crashed -12% as MSCI announced plans to strip its Emerging Market status. US Sept PPI surged at its fastest pace in 4.5 years, pushing Dec Fed hike odds to 67%.

🤖 Alibaba & Baidu Win Apple AI Deal; Xpeng Google Integration
• Apple Intelligence China: Alibaba (9988.HK) +3.57% and Baidu (9888.HK) +2.62% surged after being named Apple’s official AI partners in China—Alibaba supplying core model capabilities and Baidu powering Siri and visual features.
• Xpeng (9868.HK) +1.77%: Expanded Google partnership to integrate Google Play directly into vehicle cockpit systems.
• WuXi AppTec (2359.HK) +1.0%: Advanced following filings showing BlackRock increased its equity stake.

💡 China IC Exports Surge +136% & Telecom Yield Support
• Semiconductor Exports: China Sept IC exports surged +136% YoY, pushing 9-month export value past $300B despite recent equity pullbacks.
• Telecom Dividends: Citi maintained Buy on H-shares of China Mobile (941.HK), China Telecom (728.HK), and China Unicom (762.HK), citing ~7% average dividend yields and AI monetization as near-term catalysts.

🏦 PBOC Liquidity Operations
• USD/CNY midpoint set at 6.7220 (+33 bps). PBOC conducted RMB 60B in 7-day reverse repos against RMB 2B maturing = Net daily injection of RMB 58B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

13/10/2026

📊 Daily Market Update（2026.10.13）

Asian markets suffered a sharp tech-led selloff following CXMT memory advances, Middle East tensions, and pre-earnings caution. KOSPI tumbled -6.36%, Nikkei -2.10%, and Taiwan -2.07%. HK and Mainland equities pulled back: HSI -0.68%, HSTech -1.76%, ChiNext -1.37%, SZSE -1.19%, STAR50 -0.68%, and SSE -0.27%. Financials, energy, and telecoms outperformed.

🤖 CXMT Semi Breakthrough & Tech Selloff
• CXMT DRAM Threat: Progress on next-gen 4F² DRAM design (targeting server DDR5 by end-2026) raised global pricing and competition fears, hammering global chipmakers.
• Seres (9927.HK): Extended gains after yesterday’s +15% surge as Huawei joint brand Aito began EU vehicle approval process to launch in Europe by 2027.

🛍️ LVMH Q3 Miss, Southbound Buying & Market Sentiment
• LVMH Q3 Softness: Weaker Q3 sales highlighted deteriorating Chinese consumer demand for luxury giants like Louis Vuitton and Dior.
• Southbound Acceleration: Mainland net purchases via Stock Connect jumped to HK$60.8B in Sept (vs HK$10.4B in Aug), bringing Q3 net inflows to HK$134.1B.
• Li Lu Market View: Charlie Munger associate Li Lu noted Chinese equities currently offer superior risk-reward opportunities relative to historical cycles.

🏛️ IMF Growth Forecast & Economic Outlook
• IMF Forecast: Trimmed China's 2026 GDP growth forecast by 0.1 ppt to 4.5%, citing domestic demand weakness offsetting export strength.

🏦 PBOC Liquidity Operations
• USD/CNY midpoint set at 6.7298 (+15 bps). PBOC injected a net RMB 65B via 7-day reverse repos (1.4% rate) with zero maturities.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

21/09/2026

📊 Daily Market Update (2026.09.21)

Asian equities rose on AI infrastructure optimism and easing crude oil (Brent ~$102/bbl). South Korea surged +1.66%, while Japan was closed for Silver Week. Mainland Chinese stocks gained +0.4%–1.0%, HSI rose +0.5%, and HSTech was flat as tech megacaps rallied: Xiaomi (1810.HK) +3.41%, Tencent (700.HK) +1.86%, Baidu +1.66%, Meituan +0.82%.

🏛️ Buffett Steps Down, US-China AI Talks & SoftBank $11B Bond
• Berkshire Leadership: Warren Buffett (96) stepped down as Chairman of Berkshire Hathaway after 60+ years, handing the role to his son Howard.
• US-China AI Dialogue: US Treasury Sec Scott Bessent & Chinese VP He Lifeng agreed in NY to establish an official AI dialogue ahead of a planned Trump-Xi summit.
• SoftBank Bond Launch: Issued $10B + €1B in senior unsecured notes to fund its strategic investment in OpenAI.

🤖 CXMT 5th-Gen DRAM Mass Production & Energy Peak
• CXMT DRAM Breakthrough: Chinese memory maker CXMT entered mass production of its 5th-generation DRAM platform, strengthening competition against Samsung, SK Hynix, and Micron with lower power and cost.
• Record Energy Demand: China’s August power consumption reached 1.03T kWh (+1.7% YoY), pushing peak power load to a record 1.56B kW.

🏦 PBOC Holds LPR & Injects RMB 165 Billion
• LPR Freeze: PBOC kept 1Y and 5Y Loan Prime Rates unchanged at 3.0% and 3.5% for a 16th consecutive month.
• PBOC Injections: USD/CNY fixed at 6.7487 (+34 bps). Conducted RMB 165B in 7-day reverse repos with zero maturities = Net daily injection of RMB 165B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

08/09/2026

📊 Daily Market Update (2026.09.08)

Asian markets traded mixed today as Persian Gulf tensions pushed oil and bond yields higher. South Korea surged >2% on AI chip optimism, while Japan’s Nikkei gained +0.3% following upgraded Q2 GDP (+1.4% annualized), boosting Yen strength (153.31/USD) and BOJ rate hike expectations. HK and Mainland equities opened lower on tech and auto softness.

🤖 Huawei AI Chips Landmark Deal & Baidu Southbound Inflows
• Huawei Sovereign AI Deal: Malaysia is reportedly selecting Huawei AI chips for a MYR 2B (~HK$3.87B) sovereign AI program—marking the first known foreign government adoption of Chinese AI chips over US options.
• Baidu (9888.HK) Southbound Inclusion: Added to Southbound Stock Connect alongside Manycore (0688.HK) and HQVT (1392.HK). A 10% Southbound holding implies ~$3.2B in potential inflows for Baidu ($32B mcap), which also bought back 545k shares amid potential Kunlunxin AI chip spin-off plans.

🧸 Pop Mart European Expansion & China Trade Beat
• Pop Mart (9992.HK): Opening a European flagship on Paris's Blvd Haussmann. CEO Wang Ning met LVMH chairman Bernard Arnault, gifting him a Labubu doll.
• China Aug Trade Beat: Dollar exports jumped +25% YoY (vs 23.9% July) and imports surged +28.2% YoY, yielding a $119.1B trade surplus.
• Grains Surge: Global grain futures hit multi-year highs; China & Kazakhstan launched a joint grain trading platform in Changsha to safeguard supply chains.

🏦 PBOC Operations
• USD/CNY fixed at 6.7804 (-9 bps). PBOC conducted RMB 1B in 7-day reverse repos at an unchanged 1.4% rate.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

07/09/2026

📊 Daily Market Update（2026.09.07）

Asian shares rose shrugging off strong US jobs data and higher Treasury yields, while oil extended gains on US-Iran Gulf clashes. KOSPI surged +3.3% after Goldman Sachs touted +70% upside on $1.2T+ US AI tech spend, and Nikkei gained +2% despite a record $79.6B drop in Japan's Aug foreign reserves. US cash markets are closed today for Labor Day.

🚀 Optical Modules Surge, Memory Boom & Bilibili Deal
• Optical Module Rally: Mainland STAR50 (+1.5%) and ChiNext (+2.5%) jumped led by optical-module makers. Zhongji Innolight (3808.HK) surged +12% in HK, with Eoptolink and TFC Optical up >4.5% onshore.
• Memory Chip Boom: China’s listed memory-chip companies swung to a combined H1 profit >RMB 100B ($14.9B) on AI-driven price spikes.
• Bilibili (9626.HK) +1%: Announced a $700M convertible notes offering due 2031 ($200M subscribed by Tencent 700.HK) at a 28% conversion premium for buybacks and AI expansion.

🏦 HK Pullback, RMB 360B Bank Support & PBOC FX Stance
• Hong Kong Pullback: HSI and HSTech dropped >1% on tech, financial, and energy weakness.
• RMB 360B Capital Injection: China's Ministry of Finance will issue RMB 360B in special treasury bonds to replenish Tier 1 capital for 8 major state-owned financial firms.
• PBOC FX Guidance: Governor Pan Gongsheng stated China has "no need or intention" to depreciate the yuan for trade advantage, maintaining a managed floating exchange-rate regime.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

04/09/2026

📊 Daily Market Update （2026.09.04）

Asian equities rose ~1% as bonds recovered on easing Fed rate fears ahead of US jobs data. Hong Kong surged at the open (HSI +2.05%, HSTech +3.00%) led by tech megacaps. Mainland China saw modest gains (SSE, SZSE, CSI 300, ChiNext +0.4%), while the STAR50 slipped -0.5% on semiconductor softness.

🤖 AI Boom: GPT-6 Astra, Moonshot IPO & MiniMax Saudi Deal
• AI Sector Rally: OpenAI’s GPT-6 Astra launch sparked strong gains: Deepexi (1394.HK) +10%, MiniMax (0100.HK) +7%, Baidu (9888.HK) +4.21%, JD.com (9618.HK) +4.21%, Xiaomi (1810.HK) +3.72%, and Alibaba (9988.HK) +3.51%.
• Moonshot IPO & MiniMax Expansion: Moonshot AI confidentially filed for a ~$3B HK IPO. Saudi PIF-backed Humain launched the "Humain-M3" model built on MiniMax's open-source framework.

💼 Tencent Buyback & Tencent Music $1B Bond
• Tencent Buyback (700.HK): Gained ~3% after repurchasing 229k shares (HK$100.3M), slowing from its usual 600k daily pace and signaling potential easing in Prosus selling.
• Tencent Music (1698.HK): Priced $1B in senior unsecured notes ($500M 5.050% due 2031; $500M 5.650% due 2036).

🏛️ 5-Year "Little Giants" Plan & Bank Assets Growth
• SME Policy Push: 10 central agencies published a 5-year plan to back "little giants" and high-tech SMEs with national R&D funds and capital for AI adoption and tech self-reliance.
• Financial Assets Growth: PBOC data showed total Chinese financial institution assets reached CNY 562.2T ($83.7T) at end-Q2, up +7.7% YoY.

🌍 Eurasia Diplomacy & PBOC Operations
• Diplomatic Push: President Xi’s trip from Central Asia to Egypt underscores efforts to build alternative trade and supply links across Eurasia and Africa.
• PBOC Operations: USD/CNY fixed at 6.7787 (-20 bps). PBOC skipped 7-day reverse repos against RMB 20B maturing = Net daily withdrawal of RMB 20B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

03/09/2026

📊 Daily Market Update（2026.09.03）

Asian equities rebounded this morning as easing bond yields and steady oil prices restored sentiment (KOSPI +1.49%, Nikkei +0.3%, Taiwan +0.3%). Chinese markets opened strongly before fading slightly, with mainland gauges up ~0.5%, the Hang Seng Index slightly higher, and HSTech -0.3%.

🇯🇵 Berkshire’s Long-Term Japan Commitment
• Greg Abel Tokyo Visit: Berkshire Hathaway CEO Greg Abel announced >10% stakes in Japan's 5 major trading houses (Itochu, Marubeni, Mitsubishi, Mitsui, Sumitomo), planning to hold them for "many decades."
• Tokio Marine: Also revealed a 2.49% strategic stake taken in insurer Tokio Marine in March.

⛏️ Mining Sector Rally & Stock Highlights
• Mining Surge: Mining led market gains—Zijin Gold (2259.HK) +8.56%, MMG (1208.HK) +6.23%, CMOC (3993.HK) +4.48%, Jiangxi Copper (358.HK) +3.24%, Ganfeng Lithium (1772.HK) +3.09%, and Zijin Mining (2899.HK) +2.79%.
• Market Movers: Insurance names, Lenovo (992.HK), and Foxconn were well bid, while CATL (3750.HK) rebounded +1.68%.

💵 Goldman Forecasts Long-Term Yuan Appreciation
• RMB Strength: Onshore RMB is up ~4% YTD. Goldman Sachs expects an orderly 3–5% annual appreciation, targeting USD/CNY at 5.5 by end-2031 (~22% cumulative rise).
• Key Drivers: GS cites tariff mitigation, RMB internationalization (FX gains offsetting the 300bps+ US-China rate gap), and a direct lift to USD-denominated GDP.

📈 China Services PMI Beat & PBOC Operations
• Services Expansion: August RatingDog Services PMI rose to 51.4 (vs 50.4 July, 50.6 est), marking 14 straight months of expansion.
• PBOC Operations: USD/CNY fix set at 6.7807 (+22 bps, highest since Feb 2023). Conducted zero 7-day reverse repos against RMB 103B maturing = Net daily withdrawal of RMB 103B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

02/09/2026

📊 Daily Market Update （2026.09.02）

Asian stocks opened lower on global bond-market stress (US 10-yr yield hit 4.81%, Japan 10-yr >3%) and rising oil prices amid US-Iran tensions. HK and Mainland equities extended losses: HSI -1.31% (testing 25,000 support), HSTech -2.00%, ChiNext -2.56%, SZSE -2.15%, STAR50 -2.00%, and SSE -1.00%.

🤖 AI Spotlight: MiniMax Southbound Inflows & Qwen3.8-Max
• MiniMax (0100.HK): Gained >3% as Southbound inflows reached HK$10.6B in August—surpassing Alibaba and Tencent as the most popular HK stock for mainland investors (now holding 9.7%).
• Alibaba (9988.HK): Updated flagship Qwen3.8-Max, claiming 1st place in CodeArena front-end coding rankings ahead of Claude Opus 5 and Kimi K3.
• Big Tech: Tencent, Kuaishou, and JD fell. Baidu (9888.HK) dropped -2.5% despite CFO expectations of an upcoming Southbound Stock Connect addition.

🚗 EV Highlights: Xiaomi SUVs, NIO Earnings & Susquehanna Expansion
• Xiaomi (1810.HK): Gained +1% after announcing three new extended-range SUVs under its Sky Nomad lineup launching next week.
• NIO (9866.HK): Fell -5.5% despite Q2 swinging to an adjusted profit of RMB 26.1M on RMB 32.14B revenue (+69% YoY). August deliveries reached 35,836 (+14.47% YoY).
• Susquehanna Expansion: US quant firm SIG is targeting a Hong Kong expansion to gain deeper access to China’s ETF market.

🏛️ Diplomacy & PBOC Operations
• Xi Visit: President Xi arrived in Cairo for his first state visit to Egypt in a decade.
• PBOC Drain: USD/CNY fixed at 6.7829 (-20 bps). PBOC conducted zero 7-day reverse repo operations = Net daily withdrawal of RMB 598.5B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

01/09/2026

📊 Daily Market Update（2026.09.01）

Asian markets traded mostly flat (KOSPI +0.06%, Nikkei -0.08%) as global yields surged (US 10-yr hit 4.78%; Japan 10-yr near 3%) and crude oil broke above $90/bbl on Middle East tensions. HK and Mainland equities underperformed led by tech: HSI -1.16%, HSTech -0.67%, ChiNext -1.2%, STAR 50 -1.2%, and SSE flat.

🤖 Shein Debut, Z.ai ARR & Tech Earnings
• Shein (625.HK): Dropped >7% on its long-awaited HK debut, valuing the fast-fashion giant well below its 2022 peak of ~$100B.
• Z.ai (2513.HK) +2.8%: Rose as MSCI inclusion took effect and H1 adj. profit beat estimates, revealing Annual Recurring Revenue (ARR) reached $1.6B by end-August (vs MiniMax’s $800M).
• Big Tech Pullback: Baidu, Tencent, Alibaba, Meituan, and JD fell >2%, while Kuaishou (1024.HK) rose ~5%.
• PetroChina (857.HK): Flat as H1 net profit jumped 22% YoY to RMB 103.9B ($15.4B) on higher upstream crude prices.
• Huawei: H1 revenue rose 9.55% YoY to RMB 467.82B ($69.6B), with R&D spending surging 25.2% (25.94% of total revenue).

💡 CXMT HBM3E Memory & China PMI Beat
• CXMT HBM3E Production: Began small-volume production of advanced HBM3E memory for AI chipsets (expanding in 2027), currently being tested by Alibaba T-Head and Cambricon.
• August PMI Beat: RatingDog Manufacturing PMI rose to 51.5 in August (vs 50.9 in July, beating 51 est), driven by accelerating output and exports.
• Korean Copper Financing: Export-Import Bank of Korea providing $1B to Glencore to secure copper supplies for AI, renewables, and power grid buildouts.

🏦 PBOC Liquidity Operations
• USD/CNY fixed at 6.7809 (+19 bps). Conducted RMB 5B (7-day) and RMB 359B (overnight) reverse repos vs RMB 833B maturing = Net daily withdrawal of RMB 469B.

⚠️ Disclaimer: For informational purposes only, not financial or investment advice.

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Room 2502-03, 25/F, Hopewell Centre, Wanchai
Hong Kong

Opening Hours

Monday	09:00 - 17:30
Tuesday	09:00 - 17:30
Wednesday	09:00 - 17:30
Thursday	09:00 - 17:30
Friday	09:00 - 17:30

Telephone

85253139888

Website

https://www.aristo.hk/

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