Daily focus：HWorld（1179）
In September 2025, the Ministry of Commerce and eight other departments jointly issued "Several Policy Measures on Expanding Service Consumption". For the Chinese hotel industry, the policy encourages extending the operating hours of cultural and scenic attractions, optimizing reservation services, relaxing market access restrictions for high-end medical and leisure tourism, attracting foreign and private capital investment, and improving the quality of service offerings. This will help stabilize and improve the overall operating efficiency of the hotel industry, particularly benefiting hotels that are transitioning to a higher-end and more specialized model. As one of China's leading hotel groups, HWorld Group benefits from the recovery of domestic tourism and policy support. With a large number of hotels in third-tier and lower-tier cities, these policies stimulating local tourism will boost its occupancy rates and revenue.
Chinese regulators sent negative signals about Nvidia chips
The S&P 500 rose 31.61 points, or 0.5%, to 6,631.96 on Thursday. While Wednesday's divergent market trends were driven by the Fed's interest rate cut announcement, technology stocks rebounded strongly the following day, particularly driven by news of Nvidia's partnership with Intel. However, at the same time, Chinese regulators sent negative signals about Nvidia chips, instructing local companies to stop purchasing Nvidia AI chips. This caused Nvidia's stock to plummet 3% during the session and weighed on the overall NASDAQ index.
Hong Kong Stock Connect saw a net inflow of HK$6.28 billion on Thursday, with Meituan (3690) receiving the largest inflow, HK$1.41 billion, followed by Alibaba (9988). Meanwhile, Hua Hong Semiconductor (1347) saw the largest net outflow, HK$1.16 billion, followed by Tencent Holdings (700).
Hong Kong stocks fluctuated today as the Federal Reserve cut interest rates by 0.25 percentage points as expected. The Hang Seng Index opened 44 points lower before turning positive, breaking through the 27,000 mark for the first time in over four years in early trading, reaching a high of 27,058 points. However, the index plummeted in the afternoon as A-shares weakened, falling by over 500 points at one point. The index fell 363 points, or 1.4%, to 26,544 points for the day. The H-share Index fell 140 points, or 1.5%, to 9,456 points, while the Hang Seng Tech Index fell 63 points, or 1.0%, to 6,271 points. Total market turnover for the day was HK$413.3 billion. Among individual stocks, Hong Kong Broadband (1310) surged 68% on news of its business restructuring. Meanwhile, the market weakened in the afternoon, with the Hong Kong Exchanges and Clearing Limited (388) falling 3.1%.
Source: KGI Investment Products and Solutions Department
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.
August nonfarm payrolls rose only 22k, far below expectations of 75k. In addition, the Labor Department revised down job gains between Mar 2024 and Mar 2025 by 911k—the largest downward adjustment on record. The weak data reinforced expectations for a Fed rate cut in September…