Hong Kong open: Hang Seng up 0.02%, Hang Seng Tech down 0.21%. Innovative drug names led gains; Akeso (09926.HK) rose 8.4% at the open.

Japan's finance ministry on Monday proposed trimming the size of liquidity-enhancing auctions for mid-term government bonds, citing improved JGB market functioning as the Bank of Japan scales back bond purchases. In a document circulated to primary dealers, the ministry proposed cutting monthly issuance for bonds with remaining maturities of more than five years and up to 11 years to ¥500 billion in the Oct–Dec quarter, a ¥150 billion reduction versus the current quarter.

1、高盛發佈中國白酒追蹤報告，核心結論：中秋期間人員流動同比增長，但白酒整體需求依然謹慎，行業仍處於去庫存階段。 2、渠道端，零售終端動銷不強，多處於清倉狀態；經銷商銷售持平至小幅下滑。回款進度整體慢於往年，僅茅臺達80%以上，洋河不足60%，反映酒企普遍採取務實、非強制壓貨策略，優先開瓶和消費。 3、庫存端，零售庫存回到1至2個月健康水平，但部分品牌經銷商庫存仍達3至6個月，去庫存仍是年內主線。價格端，飛天茅臺批發價穩定在1710至1730元，五糧液部分地區降至770元，中低端品牌因宴席促銷小幅走軟。 4、整體看，高端白酒中茅臺韌性最強，大衆價位帶需求相對穩健，行業復甦仍待需求端改善。（高盛9月28日報告）