HKEX launches PPMT stock options; ChatGPT introduces instant shopping feature | Today's important news recap

0930 Dolphin Research Key Focus:

🐬 Macro/Industry

1. The White House meeting on September 29 failed to reach an agreement on the temporary funding bill. The Democrats demand that the Obamacare subsidy extension be tied to the budget bill, while the Republicans insist on a 'clean' extension until November 21. Federal funds will run out at 12:01 AM ET on October 1. If no agreement is reached within 24 hours, the federal government will partially shut down, and the release of September's non-farm payroll data may be delayed. However, the market currently expects a high likelihood of a temporary agreement being reached by the deadline, with limited impact.

🐬 Individual Stocks

1.$POP MART(09992.HK)

The Hong Kong Stock Exchange announced that Pop Mart stock options will be listed starting October 13, with a contract multiplier of 500 shares. The initial listing months include October, November, December, and March 2026. The launch of options will enhance the variety of hedging tools for institutions and leverage tools for retail investors, typically leading to a certain degree of increase in trading volume.

2.$Shopify (SHOP.US)

On Monday, OpenAI announced that US Plus/Pro users can directly purchase Etsy handmade goods and Shopify standalone products within the ChatGPT interface without redirecting to external links. The platform adopts a 'fixed price + platform commission' model, currently covering millions of SKUs. This is the first time a large model has completed the 'content-transaction' loop, with OpenAI aiming to increase ARPU, while Etsy/Shopify gain low-cost, precise traffic. The short-term contribution to GMV is limited, but it marks the beginning of AI search slicing into the Google Shopping ad pie. If conversion rates exceed expectations, the market may preemptively reassess the distribution of e-commerce traffic.

🐬 Leading Sectors

Shanghai and Shenzhen: Data processing and outsourcing services, copper, water and soft drinks;

Hong Kong Stocks: Gold, copper, medical information services;

US Stocks: Marine ports-operators, copper, video games and multimedia.

🐬 Holiday Market Closure Schedule

1.October 1, 2025 (Wednesday) is National Day, Hong Kong stocks will be closed for one day, trading will resume on October 2 (Thursday); October 7 (Tuesday) is the day after Mid-Autumn Festival, Hong Kong stocks will be closed for one day, trading will resume on October 8 (Wednesday). US stocks are not affected.

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