**Today's Headlines**
Hang Seng Index Company: Will announce third quarter 2025 Hang Seng Index series review results on November 21
Hang Seng Index Company announced on October 2 that it will announce the third quarter 2025 Hang Seng Index series review results on Friday, November 21, 2025. Changes to constituent stocks of the Hang Seng Index series will take effect on Monday, December 8, 2025.
**Market Outlook**
Overnight US stocks closed with mixed results. The Dow Jones Industrial Average rose 78.62 points to 46,519.72, up 0.17%. The S&P 500 gained 4.15 points to 6,715.35, up 0.06%. The Nasdaq Composite advanced 88.89 points to 22,844.05, up 0.39%. Tesla fell over 5%.
Cryptocurrency and semiconductor equipment sectors led gains, with Circle up over 16%, Coinbase up over 7%, KLA Corporation up over 3%, and ASML up over 2%. Auto manufacturing and oil equipment sectors declined, with Occidental Petroleum and Rivian down over 7%. Most popular Chinese concept stocks rose, with 21Vianet up over 4%, while Alibaba, NIO, and Kingsoft Cloud gained over 3%.
**Hot Topics**
**EU Proposes Raising Steel Import Tariffs to 50% to Protect Domestic Steel Industry**
According to a draft proposal obtained by Bloomberg, the European Union plans to raise steel import tariffs to 50%. This move would align EU tariff levels with those of the United States, which is seeking to address excess capacity from Asia.
**Buffett Expands Petrochemical Portfolio with $9.7 Billion Acquisition of Occidental Petroleum Subsidiary**
On Thursday, October 2, Berkshire Hathaway and Occidental Petroleum announced they reached a final agreement for Berkshire to acquire Occidental's chemical business OxyChem in an all-cash transaction valued at $9.7 billion. Earlier this week, reports indicated Berkshire planned to acquire OxyChem for approximately $10 billion. OxyChem primarily operates in chemicals for healthcare, food safety, and construction sectors.
**Supply Disruptions and Fed Policy Expectations Push Copper Prices to Multi-Year High**
Copper prices climbed to their highest level in over a year as investors weigh the impact of global supply disruptions and the prospect that interest rate cuts could boost demand for the industrial metal. London Metal Exchange copper benchmark futures broke above $10,500 per ton for the first time since May 2024.
Freeport-McMoRan announced force majeure at its large Grasberg copper mine in Indonesia, the latest in a series of supply disruptions from South America to Africa that have supported copper prices. Meanwhile, US private employment data further reinforced market expectations for Federal Reserve rate cuts. The ADP employment report showed an unexpected decline in private sector employment in September. The importance of this ADP report is heightened as other employment data may be delayed due to potential US government shutdown.
**Holiday Travel Remains Hot with Nearly 290 Million Cross-Regional Trips Yesterday**
Yesterday marked the second day of the National Day and Mid-Autumn Festival holiday. Data from the Ministry of Transport showed that cross-regional population movement reached nearly 290 million trips on October 2, up 2.2% year-over-year. Railway passenger flow continued above 19 million trips after setting a single-day historical record on October 1, with an estimated 19.3 million passengers. Short and medium-distance railway travel continued climbing, with railway bureaus adding capacity on popular routes and launching tourism-themed trains. This impacts Hong Kong-listed travel and tourism sectors.
**XPENG-W (09868) Delivered Record 41,581 Smart Electric Vehicles in September, Up 95% Year-over-Year**
XPENG-W (09868.HK) announced that in September 2025, the company delivered a record 41,581 smart electric vehicles, up 95% year-over-year and 10% month-over-month, surpassing the milestone of 40,000 monthly deliveries. In the third quarter of 2025, XPENG delivered 116,007 smart electric vehicles, up 149% year-over-year. For the first nine months of 2025, cumulative deliveries reached 313,196 units, up 218% compared to the same period in 2024.
**ZIJIN GOLD INTL (02259) Included in Hang Seng Composite Index**
Hang Seng Index Company announced that Zijin Gold International Limited meets the fast-track inclusion requirements for the Hang Seng Composite Index and will be included in the following indices after market close on October 15, 2025, effective October 16, 2025.
**MIXUE GROUP (02097): Acquisition of Fresh Beer Fulu Jia Enables Broader Category Coverage**
On October 1, MIXUE GROUP announced on the Hong Kong Stock Exchange that the company signed an investment agreement with Fulu Jia Enterprise Management Co., Ltd. and its shareholders to inject 286 million yuan into Fresh Beer Fulu Jia, subscribing to 51% equity of its expanded registered capital.
On October 2, MIXUE GROUP stated that following this investment, the company's product categories will expand from freshly made fruit drinks, tea beverages, ice cream, and coffee to fresh-brewed beer, achieving broader product category coverage and further meeting consumers' shared demand for high-quality, affordable products. Fresh Beer Fulu Jia has established competitive advantages in products, business models, operational systems, and supply chains, with good development potential. MIXUE GROUP can leverage Fresh Beer Fulu Jia's existing competitive advantages to capture development opportunities in the fresh-brewed beer industry.
**Kling 2.5 Turbo Model Tops Global Video Generation AI Model Rankings**
On October 2, renowned AI benchmarking organization Artificial Analysis released the latest global video generation AI model rankings. Kuaishou's Kling 2.5 Turbo model topped both image-to-video and text-to-video leaderboards with Arena ELO benchmark scores of 1329 and 1252 respectively, surpassing models including Veo3, Ray3, and PixVerse V5. This impacts Hong Kong-listed Kuaishou-W (01024).
**YUNFENG FIN (00376): Strategic Investment in Global Cryptocurrency Life Insurance Company Anthea and Strategic Cooperation**
YUNFENG FIN (00376.HK) announced that on October 2, 2025, the group reached an agreement with Anthea Holding Limited (together with its wholly-owned subsidiaries, collectively "Anthea") to invest and subscribe for newly issued shares of Anthea Holding Limited (equity investment). Simultaneously, the group signed a strategic cooperation memorandum with Anthea to explore strategic cooperation opportunities.
**Individual Stock Spotlight**
**SHUANGDENG (06960): Benefits from Data Center Energy Storage Development**
SHUANGDENG is a core energy storage target for AIDC (AI Data Centers), serving leading internet and data center operators including Alibaba, JD.com, Baidu, GDS, and Chindata, and has become Alibaba's main supplier for data center energy storage. The company ranked first in global communication and data center energy storage battery supplier shipments in 2024, with an 11% market share.
Recently, SHUANGDENG executives explained that if AIDC energy consumption grows 10-fold, backup power demand would also grow approximately 10-fold. More importantly, as the green energy plus storage model gradually promotes in data centers, energy storage system scale will far exceed traditional backup power scenarios, potentially opening broader development space for the company. Beyond deepening the domestic market, SHUANGDENG also serves overseas customers through its Malaysian production base and is gradually entering high-end markets including North America.