Economic Daily News (9th) — U.S. Treasury yields slightly softened, with the 10-year yield currently at 5.22%. However, Middle East tensions remain high, and oil prices saw a slight rebound. Trump stated that there would be no military attack on Iran before the midterm elections. Overseas markets were weak, but after two consecutive days of sharp corrections, Hong Kong stocks rebounded today, driven by tech-internet and financial stocks, recovering above the 24,000 level. The Hang Seng Index expanded gains in the afternoon to over 400 points. Currently, the Hang Seng Index stands at 24,217, up 431 points or 1.8%, with main board turnover exceeding HK$145.2 billion. The Hang Seng China Enterprises Index is at 8,141, up 131 points or 1.6%. The Hang Seng Tech Index is at 4,188, up 114 points or 2.8%.

　　The U.S. Treasury auctioned $22 billion in 30-year bonds, with a yield of 5.618%, the highest since August 2000; the bid-to-cover ratio was 2.54 times, above recent averages, indicating solid market demand that helped long-term yields retreat. Technology stocks rose collectively. Xiaomi (01810) is up 8.8% and is currently the best-performing blue chip, at HK$25.74; Alibaba (09988) is up 2.6% at HK$107; Tencent (00700) is up 3.4% at HK$425.4; Kuaishou (01024) is up 5.3% at HK$30.04.

　　With bond yields retreating, multinational financial stocks rebounded. HSBC (00005) rose 2% to HK$145.5; AIA (01299) rose 3.3% to HK$71.55; Standard Chartered (02888) rose 1.5% to HK$221.2; Bank of China Hong Kong (02388) rose 2.5% to HK$49.68.

　　The retreat in long-term bond yields also supported gold mining stocks. Zijin (02899) rose 5.4% to HK$32.96; Zhaojin Mining (01818) rose 5.8% to HK$18.12.

　　Reports indicate that U.S. AI model startup OpenAI informed investors that as of the end of September this year, the group's annualized revenue was approximately $50 billion, nearly $20 billion lower than the previously reported $68 billion, intensifying market concerns about an AI bubble. Hong Kong AI-related stocks generally suffered setbacks. Zhipu (02513) fell 1.7% to HK$632; MiniMax (00100) rose 3.7% to HK$214.8; Kingboard Laminate (01888) fell 2.3% to HK$49; Guanghe Technology (01989) fell 7.8% to HK$106; SMIC (00981) rose 1.8% to HK$57.8; Hua Hong Semiconductor (01347) fell 0.7% to HK$94.9.

　　Biotech stocks narrowed losses, with the Hang Seng Biotech Index down 57 points or 0.368% at 15,628. GenScript Biotech (01548) rose 2.8% to HK$41.84; Akeso (09926) rose 2% to HK$107.8; BeiGene (06160) fell 1.8% to HK$209.2; Hansoh Pharmaceutical (03692) fell 1.7% to HK$31.62. (am)