ETNET NEWS AGENCY (25th) - The atmosphere of the meeting between the Chinese and U.S. leaders showed goodwill from both sides. Both leaders mentioned their joint victory during World War II, suggesting a tone of "competition rather than confrontation" in bilateral relations, easing market concerns over the "China-U.S. confrontation narrative." However, the negotiation content did not bring unexpected positive surprises, coupled with persistently high U.S. bond yields and the absence of northbound funds. The Hang Seng Index opened at 24,523 this morning, down 237 points or 1%, close to the recent monthly low reached on September 17. Board turnover amounted to HK$1.761 billion. The Hang Seng China Enterprises Index stood at 8,172, down 93 points or 1.1%. The Hang Seng Tech Index was at 4,318, down 42 points or 1%.

    Overnight, the yield on the U.S. 30-year long-term bond rose to 5.491%, the highest since 2004; the 10-year bond yield also reached 5.225%, the highest since 2007. New York Federal Reserve President Williams stated that due to high energy prices and demand driven by artificial intelligence (AI) investments, the Fed still has much work to do in reducing inflation, implying the necessity for further rate hikes. Tech and internet stocks opened collectively lower: Alibaba (09988) fell 2.27% to HK$107.5, Tencent (00700) dropped 1.05% to HK$433.8, Baidu (09888) declined 0.81% to HK$85.6, Xiaomi (01810) fell 1.5% to HK$26.18, Kuaishou (01024) dipped 0.26% to HK$30.42, and JD.com (09618) dropped 1.7% to HK$103.8.

    Mainland banks, which supported the market yesterday, retreated collectively this morning: ICBC (01398) fell 2.09% to HK$7.5, China Merchants Bank (03968) dropped 1.76% to HK$50.3, CCB (00939) declined 1.03% to HK$9.58, and ABC (01288) fell 1.66% to HK$6.5.

    ZTO Express (02057) dropped 2.75% to HK$151.9; Weichai Power (02338) fell 2.19% to HK$28.7; China Biologic Products (01177) rose 1.79% to HK$5.69; Xinyi Solar (00968) gained 1.55% to HK$1.965. (ey)