(1) Stock Market Highlights

- U.S. Market

At the close of the U.S. market, the Dow Jones Industrial Average rose by 36 points or 0.09% to 43,275 points; 

the S&P 500 increased by 0.4% to 5,864 points; the Nasdaq Composite rose by 0.63% to 18,489 points; 

the Golden Dragon Index, which reflects the performance of Chinese concept stocks, surged by 3.03%.

- Hong Kong Market

The Hang Seng Index closed at 20,804, a significant increase of 725 points or 3.61%; the Hang Seng China Enterprises Index closed at 7,471, 

up by 292 points or 4.07%; the Hang Seng TECH Index closed at 4,600, up by 251 points or 5.77%.

- Mainland China Market

The Shanghai Composite Index closed at 3,261, up by 92 points or 2.91%; the Shenzhen Component Index closed at 10,357, 

up by 465 points or 4.71%; the ChiNext Index closed at 2,195, up by 161 points or 7.95%.

(2) Economic Highlights

- On October 18th, the 2024 Financial Street Forum Annual Conference opened today, with speeches from the central bank 

governor Pan Gongsheng, the head of the Financial Regulatory General Bureau Li Yunze, the chairman of the Securities Regulatory Commission Wu Qing, 

and the director of the State Administration of Foreign Exchange Zhu Hengxin. The content included: 1. Selectively further reducing the reserve 

requirement ratio by 0.25-0.5 percentage points, and it is expected that the LPR announced on the 21st will also decrease by 0.2-0.25 percentage points. 

The policy document on stock buybacks and special re-lending for increases was released and implemented today. 2. Two tools to help stabilize the capital market,

 fully based on market principles, and the swap facility is not the central bank's direct financial support. 3. Support for qualified insurance institutions

 to set up new securities investment funds, with several insurance companies proposing related applications, and the financial asset investment company 

has signed an intention fund exceeding 250 billion yuan.

The People's Bank of China officially launched the swap facility operation for securities, funds, and insurance companies starting today, 

with 20 securities and fund companies currently approved to participate in the swap facility operation, and the first batch of application amounts has exceeded 200 billion yuan.

- Benefiting from the market's continued optimism about gold, most gold stocks in the Hong Kong market were strong today. 

In a report released on Wednesday, strategists emphasized: "Gold seems to be the last standing 'safe-haven' asset, prompting traders,

 including central banks, to increase their holdings." This view has been widely recognized by market analysts. 

Representatives at the London Bullion Market Association's annual meeting previously predicted that gold prices will climb to $2,941 per ounce within the next 12 months.

- According to a recent report by the World Bank, Saudi Arabia's Gross Domestic Product (GDP) is expected to grow by 1.6% this year

 and reach 4.9% by 2025, which will be the fastest growth rate in the Gulf region. Previously, the International Monetary Fund 

estimated that Saudi Arabia's GDP growth rate in 2025 would reach 4.7%, and the global credit rating agency S&P Global predicted 

in a report that Saudi Arabia's GDP growth would be 1.4% in 2024 and 5.3% in 2025. According to S&P Global, this growth is due to Saudi Arabia's 

diversification strategy, which aims to strengthen the non-oil economy and reduce dependence on crude oil revenue. 

The agency also pointed out that the Federal Reserve's expected interest rate cuts could benefit emerging markets like Saudi Arabia. 

The World Bank also predicted in its report that the overall GDP of the Middle East and North Africa region will grow by 2.2% in 2024 and 3.8% in 2025.

- On October 18th, Musk went to the key swing state of Pennsylvania to canvass for Trump. The event was hosted by 

the American political action committee, which Musk created earlier this year. It is reported that Musk has invested $75 million 

in his super political action committee, making him the largest political donor supporting Trump's campaign. Musk is already an

 important participant in Washington, with his companies receiving tens of billions of dollars in federal contracts. Based on this, 

Trump's possible victory will undoubtedly further enhance Musk's influence. Trump also previously stated that he would appoint

 Musk to lead an initiative to audit the federal government and cut spending.

- Traders expect the Federal Reserve to cut interest rates by 0.25% in November, with the possibility increasing to 95%,

 and the possibility of remaining unchanged at 5%. The news has a supportive effect on the US dollar.

The US dollar fell 0.56% against the Japanese yen to 149.37, still up 0.8% for the week. The euro rose 0.37% to $1.0872, 

the first rise in 8 days, with a temporary decline of 2.7% for the month.

(3) Company News

- Intel is in talks to sell a minority stake in its programmable chip unit Altera, hoping to raise billions of dollars in funds.

Intel has approached private equity funds and other potential investors through investment banks to inquire about their 

willingness to take a stake in Altera. The company has also met with potential investors this week, with some expressing 

interest in becoming major shareholders of Altera. Intel has not made a final decision on the sale.

- A research institution announced the global smartphone sales ranking for the third quarter of 2024. The data shows 

that Xiaomi is in third place (with a market share of 14% and an increase of 8%).

- Guosen Securities released a research report on Tencent: The operation of new games and the stable valuation of mature 

overseas game manufacturers. It is predicted that the revenue growth rate for 2024-2026 will be 9%/8%/7%. If the promotion 

speed of value-added services such as games is not as expected; the speed of fee rate increase on the financial technology 

revenue side is not as expected, it may lead to the risk of revenue not meeting expectations.

(4) Company Earnings Announcements

- Netflix announced its profit for the third quarter of 2024 as $2.36 billion, a year-on-year increase of 40.9%. During the period, 

earnings per share were $5.4, a year-on-year increase of 44.8%, with market forecasts at $5.12; net income was $9.82 billion,

 a year-on-year increase of 15%, with market forecasts at $9.77 billion.

- Blackstone announced its profit for the third quarter of 2024 as $1.56 billion, a year-on-year increase of 69.9%. During the period, 

earnings per share were $1.02, a year-on-year increase of 39.7%, with market forecasts at $0.98; net income was $3.66 billion, 

a year-on-year increase of 44.1%, with market forecasts at $2.68 billion.