Core Viewpoint - The article discusses the implications of the Panama Supreme Court's ruling that invalidated the port concession contracts of Li Ka-shing's Cheung Kong Group, transferring operational rights to Maersk, highlighting the geopolitical tensions between China and the U.S. in the maritime sector [5][6]. Group 1: Geopolitical Context - The ruling is seen as a critical event in the ongoing geopolitical struggle between China and the U.S., particularly in the maritime domain, where the U.S. has been promoting narratives of "Chinese maritime threats" [5][6]. - The U.S. maritime system relies on layered control and offshore outsourcing, leveraging its naval power for global shipping security, while China is developing an independent maritime system that challenges U.S. hegemony [6][11]. Group 2: Systemic Competition - The article emphasizes the need for a systemic analysis of significant commercial actions within the global shipping logistics sector, as they reflect power struggles over control of key supply chain segments [8][9]. - The sale of Cheung Kong's port network to a consortium led by MSC and BlackRock signifies a shift in global shipping dynamics, with potential implications for China's maritime enterprises [8][9]. Group 3: U.S. Strategic Responses - The U.S. has adopted a defensive posture, moving from offshore outsourcing to reshaping its domestic supply chains in response to perceived threats from China's maritime industry [28][30]. - Specific actions include legislative efforts to restrict the procurement of Chinese-made port equipment and investigations into China's shipbuilding capabilities, indicating a comprehensive strategy to limit China's maritime influence [29][30]. Group 4: China's Maritime Development - China's maritime industry has developed an independent and resilient supply chain, rooted in a comprehensive industrial system established over decades, which is now increasingly self-sufficient [21][24]. - The growth of China's shipping industry is driven by internal demand and has led to significant advancements in shipbuilding, port operations, and logistics, positioning it as a global leader in these sectors [24][25]. Group 5: Future Implications - The competition between the U.S. and China in the maritime sector is expected to be long-term and complex, with both nations vying for dominance in a system that is not merely about market share but involves deeper structural and geopolitical considerations [33][31]. - The evolving dynamics of global shipping will likely reshape supply chain risks and structures, reflecting the ongoing power struggle between the two nations [33][32].

Core Viewpoint - The Hang Seng Index (HSI) closed at 27,071.73, down 194.65 points or 0.71% from the previous close, indicating a decline in market performance [1]. Group 1: Market Performance - The HSI reached a high of 27,213.46 and a low of 26,949.38 during the trading session, with a trading volume of 40 million shares [1]. - The average price for the HSI was 27,081.42, while the 52-week high and low were 27,964.68 and 19,335.70, respectively [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 139.794, unchanged from the Hong Kong close, while Tencent Holdings closed at HKD 543.262, down 0.86% [2]. - Among the major stocks, Alibaba (HKD 160.100, down 0.25%), and Xiaomi (HKD 37.100, up 4.27%) showed varied performance [3]. - Notable gainers included BYD Company, which rose by 3.50% to HKD 99.150, while Pop Mart International fell by 5.49% to HKD 255.000 [3].

Core Viewpoint - Tianyi Ma has signed a three-year software development and technical support service agreement with Watsons Group, a subsidiary of CK Hutchison Holdings, focusing on smart new retail technology services [2] Group 1 - The agreement involves deep collaboration in the field of smart new retail technology services [2] - The company will provide customized software development, technical architecture design, system maintenance and technical services, project operation, and talent co-construction support for Watsons retail [2] - The technical services aim to support Watsons' digital transformation and ecological collaboration [2]

Core Viewpoint - The Hong Kong SAR government expresses strong dissatisfaction with the ruling of the Panama Supreme Court regarding the unconstitutional renewal of contracts between the Panama government and a port company, urging the Panama government to respect contractual obligations and provide a fair business environment for legally operating enterprises [1] Group 1: Government Response - The Chief Executive of Hong Kong, John Lee, stated that the SAR government's stance is clear in opposing any foreign government using coercion or unreasonable political means in international economic and trade relations [1] - The Commerce and Economic Development Bureau summoned the Panamanian Consul General in Hong Kong last week to express strong dissatisfaction with the court ruling [1] Group 2: Impact on Business Environment - The Hong Kong SAR government believes that Panama's inconsistent approach to legitimate economic and trade relations undermines Panama's credibility, which could have profound negative effects on the local business environment and economic development [1] - The ruling is expected to damage investor confidence in Panama's business environment, leading to a reassessment of current and future investments by Hong Kong enterprises in Panama [1] Group 3: Call for Protection of Interests - John Lee emphasized that Hong Kong enterprises operating and investing in Panama should receive fair and reasonable treatment and protection [1] - The Chief Executive hopes that the Panamanian authorities will seriously safeguard the legitimate interests of businesses [1]

Core Viewpoint - The Hong Kong government, led by Chief Executive John Lee, expresses strong opposition to Panama's Supreme Court ruling regarding the Longfor Port contract, urging the Panamanian government to respect contractual agreements and ensure fair treatment for Hong Kong enterprises operating in Panama [1][2]. Group 1 - The Hong Kong government is disappointed by the ruling that deemed the contract between the Panama Port Company and the Panamanian government valid, emphasizing that such actions undermine legitimate economic relations and harm Panama's own development needs [1]. - The Hong Kong government has summoned the Panamanian Consul General in Hong Kong to convey its serious stance on the matter, highlighting the potential negative impact on the local business environment and economic development in Panama [1]. - The Chinese Ministry of Foreign Affairs has stated that it will take all necessary measures to protect the legitimate rights and interests of Chinese enterprises, with the Hong Kong government fully supporting national measures [1]. Group 2 - The incident is believed to have affected investor confidence, both locally and internationally, regarding current and future investments in Panama, with a call for Panama to adhere to contractual obligations and compensate enterprises for legitimate losses [2].

李家超指，香港商务及经济发展局已召见巴拿马驻港总领事，表达对裁决的强烈不满，认为巴拿马对合 法经贸关系的出尔反尔，破坏巴拿马的信用，亦严重破坏国际贸易规则，相信今次事件已经损害投资者 对巴拿马当地的营商环境信心，将对当地经济发展造成深远的损害，香港特区政府敦促巴拿马政府尊重 合约精神，认真保障企业的合法利益。 李家超指，希望巴拿马政府为在当地依法营运的企业，提供公平公正的营商环境，确保企业的合法权益 不受干预，香港企业在巴拿马经营和投资应该获得公平合理的待遇和保障，外交部亦已清晰表明，中方 将采取一切必要措施，坚决维护中方企业正当合法权益，特区政府会全面支持和配合国家所采取的措 施。 香港特区行政长官李家超在行政会议前表示，就巴拿马最高法院所指长和(00001)旗下巴拿马港口公 司，与巴拿马政府签署续约经营两个巴拿马港口的合约违宪，香港政府表示强烈不满，反对任何外国政 府在国际经贸关系中，使用胁迫、施压或者其他不合理的政治手段。 ...

李家超指，希望巴拿马政府为在当地依法营运的企业，提供公平公正的营商环境，确保企业的合法权益 不受干预，香港企业在巴拿马经营和投资应该获得公平合理的待遇和保障，外交部亦已清晰表明，中方 将采取一切必要措施，坚决维护中方企业正当合法权益，特区政府会全面支持和配合国家所采取的措 施。 李家超指，香港商务及经济发展局已召见巴拿马驻港总领事，表达对裁决的强烈不满，认为巴拿马对合 法经贸关系的出尔反尔，破坏巴拿马的信用，亦严重破坏国际贸易规则，相信今次事件已经损害投资者 对巴拿马当地的营商环境信心，将对当地经济发展造成深远的损害，香港特区政府敦促巴拿马政府尊重 合约精神，认真保障企业的合法利益。 智通财经APP获悉，香港特区行政长官李家超在行政会议前表示，就巴拿马最高法院所指长和(00001)旗 下巴拿马港口公司，与巴拿马政府签署续约经营两个巴拿马港口的合约违宪，香港政府表示强烈不满， 反对任何外国政府在国际经贸关系中，使用胁迫、施压或者其他不合理的政治手段。 ...

Group 1 - Major blue-chip stocks mostly rose, with HSBC Holdings closing at HKD 141.801, up 1.8% from the previous close [2] - Tencent Holdings closed at HKD 561.139, reflecting a 0.2% increase from the previous close [2] Group 2 - Tencent Holdings (00700) latest price is HKD 560.000, with an increase of HKD 12.500 or 2.28% [3] - Alibaba Group (09988) latest price is HKD 157.900, up HKD 2.900 or 1.87% [3] - HSBC Holdings (00005) latest price is HKD 139.300, up HKD 4.500 or 3.34% [3] - AIA Group (01299) latest price is HKD 86.350, up HKD 2.850 or 3.41% [3] - Meituan (03690) latest price is HKD 91.050, down HKD 0.350 or 0.38% [3] - China Ping An (02318) latest price is HKD 73.000, up HKD 3.400 or 4.89% [3] - Hong Kong Exchanges (00388) latest price is HKD 418.600, up HKD 11.000 or 2.70% [3] - Baidu Group (09888) latest price is HKD 142.200, up HKD 4.400 or 3.19% [3] - Kuaishou Technology (01024) latest price is HKD 69.300, down HKD 1.950 or 2.74% [3]

逢低布局港股科技相关ETF：恒生科技指数ETF(513180.SH)、恒生互联网ETF(513330.SH)、港股通科技 ETF基金(159101.SZ)，均在内地交易所上市，且支持T+0日内灵活交易。 其中，恒生互联网ETF(513330.SH)更聚焦港股互联网巨头(阿里巴巴/百度集团/腾讯控股/网易/京东集团 等)；港股通科技ETF基金(159101.SZ)除了覆盖互联网/新能源汽车，还兼顾创新药龙头(百济神州/药明 生物/信达生物等)。 自去年10月以来，恒生科技指数调整时间超80个交易日，回撤幅度已接近20%。该调整时长和调整空 间，均超过历史均值(历史均值：20个交易日，调整幅度-18%) 相比A股科技的优势在于弹性大，港股科技优势则在于韧性强，但AI科技方向整体面临的现状是：短期 受到商业化兑现极度慢的质疑，但长期确定性强。 华夏基金看好港股科技后续反弹空间。板块汇聚国产AI核心资产，涵盖算力、模型、软件应用和硬件 终端等龙头企业，在应用端尤其是互联网与商业场景融合方面具有优势，AI与电商、娱乐、企业服务 的结合有望催生现象级产品。 ...

Group 1 - China will host the 2026 APEC summit, with the informal leaders' meeting scheduled for November in Shenzhen, marking its third time as APEC host [1][4] - APEC is recognized as the highest-level and most influential economic cooperation mechanism in the Asia-Pacific region, with China actively participating in regional cooperation [1][2] - The theme for the 2026 APEC year is "Building an Asia-Pacific Community, Promoting Common Prosperity," aligning with President Xi Jinping's vision of a community with a shared future [3][4] Group 2 - The current global context of increasing unilateralism and protectionism poses significant challenges to international economic and trade order, making China's role as APEC host crucial for regional and global cooperation [2][4] - China aims to inject strong momentum into Asia-Pacific cooperation and provide more certainty and stability for global economic growth through the APEC summit [2][4] - The APEC 2026 agenda will focus on three priority areas: openness, innovation, and cooperation, aimed at promoting free trade, driving new productivity, and leveraging member advantages for mutual benefit [3][4]