Market Overview - The Hang Seng Index rose by 17.85 points, an increase of 0.07%, closing at 25,945.93 points with a total turnover of HKD 2,047.28 billion [1] - The National Enterprises Index increased by 2.5 points, closing at 9,164.87 points, a rise of 0.03% [1] - The Hang Seng Tech Index fell by 20.31 points, closing at 5,598.05 points, a decrease of 0.36% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.29%, closing at HKD 611.5 [1] - Hong Kong Exchanges and Clearing fell by 0.34%, closing at HKD 411.8 [1] - China Mobile dropped by 0.11%, closing at HKD 87.25 [1] - HSBC Holdings increased by 1.3%, closing at HKD 109 [1] Local Hong Kong Stocks - Cheung Kong Holdings decreased by 0.2%, closing at HKD 40.04 [1] - Sun Hung Kai Properties rose by 0.97%, closing at HKD 99.2 [1] - Henderson Land Development fell by 0.47%, closing at HKD 29.74 [1] Chinese Financial Stocks - Bank of China decreased by 0.42%, closing at HKD 4.73 [1] - China Construction Bank rose by 0.24%, closing at HKD 8.23 [1] - Industrial and Commercial Bank of China fell by 0.15%, closing at HKD 6.49 [1] - Ping An Insurance decreased by 0.17%, closing at HKD 57.25 [1] - China Life Insurance increased by 2.17%, closing at HKD 27.32 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 1.13%, closing at HKD 4.47 [1] - China National Petroleum Corporation increased by 0.46%, closing at HKD 8.74 [1] - CNOOC Limited rose by 1.33%, closing at HKD 21.34 [1]

Core Viewpoint - The article highlights the rapid response from various sectors in Hong Kong to support victims of the fire incident at Hong Fu Court in Tai Po, with significant donations and aid being mobilized for emergency relief and recovery efforts [1][2][4]. Group 1: Donations and Aid - The Hong Kong Jockey Club announced an initial aid of 100 million HKD through its "Emergency Relief Fund" to assist the injured and families of the deceased, with more support planned in the future [1]. - China Merchants Group allocated 20 million HKD to establish a special charity fund for emergency relief and post-disaster recovery efforts [1]. - The Lee Shau Kee Foundation pledged 30 million HKD for emergency relief and transitional housing for affected individuals [1]. - The Macao Ho Ying Tung Foundation, Hong Kong Ho Ying Tung Foundation, and Ho Ying Tung Group collectively donated 30 million HKD to support residents of Hong Fu Court [2]. - The Sun Hung Kai Properties and Huang Ting Fang Charity Foundation announced a donation of 20 million HKD for disaster relief [2]. - Several banks, including HSBC and Hang Seng Bank, contributed an initial 30 million HKD for post-fire recovery efforts, while Bank of China (Hong Kong) donated 20 million HKD [2]. - Lenovo Hong Kong and Lao Pu Gold each donated 10 million HKD for emergency relief, supply of living materials, medical assistance, and subsequent recovery efforts [2]. Group 2: Ongoing Support and Coordination - The Chinese Red Cross Society donated 2 million RMB to the Hong Kong Red Cross [3]. - Donations from various sectors continue to accumulate, and aid efforts are ongoing [4].

近期，汇丰集团面向全球企业的一项贸易前景调查（下称"调查"）显示，尽管全球贸易政策和关税等仍存 在不确定性，但随着中国内地企业逐步适应这一充满变数的"贸易新常态"，他们对这些变化带来的影响有 了更清晰的认识和更多准备，对收入前景的信心也在增加。 与此同时，内地企业正积极加大对新兴市场的业务布局，尤其是亚洲和中东，积极应对变化带来的挑战，显示 出强大韧性和业务灵活性。 未来预期 调查显示，超过七成（72%）的内地受访企业表示，与6个月前相比，企业自身已对全球贸易形势变化有了更 清晰地认识，对业务受到的影响有了更确定的了解和评估，该比例高于全球平均（66%），而这种确定性的增 加正是企业决策和进行未来计划的重要一环。 得益于此，超过半数（54%）内地受访企业预计，未来两年能实现收入增长。 同时，调查结果显示，内地企业对收入受关税和贸易变局影响的担忧也比六个月前有所缓解，担心未来两年收 入受到较大影响（25%以上）的受访企业从半年前的24%降到了本次调查的8%。 目光投向 此次调查还发现，受全球贸易局势演变的推动，内地企业正把目光进一步投向亚洲和中东等新兴市场。 从区域来看，近三成（28%）内地受访企业计划增加对东 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請或要 約或該等邀請或要約的一部分，亦不在任何司法管轄區構成任何投票或批准的招攬，亦不構成 於任何司法管轄區內任何收購、購買或認購滙豐控股、滙豐亞太或恒生銀行證券的邀請 、 要約 或招攬要約，亦不得在任何司法管轄區內違反適用法律進行銷售、發行或轉讓滙豐控股、滙豐 亞太或恒生銀行證券。若構成違反任何司法管轄區的適用法律或法規，則本公告所載全部或部 分資料不得於、向或從該司法管轄區發佈、刊發或分發。 滙豐控股有限公司 (香港股份代號：5) 恒生銀行有限公司 (股份代號：11(港幣櫃台)及 80011(人民幣櫃台)) 香港上海滙豐銀行有限公司 聯合公告 （1）香港上海滙豐銀行有限公司根據公司條例第 673 條 以協議安排方式將恒生銀行有限公司私有化之建議 及 （2）建議撤銷恒生銀行股份的上市地位 之月度進展情況 滙豐控股和滙豐亞太的聯 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 2025 年 11 月 27 日 （香港股份代號：5） HSBC Holdings plc 滙豐控股有限公司 公告 香港上海滙豐銀行有限公司根據公司條例第673條 以協議安排方式將恒生銀行有限公司私有化之建議 執行人員根據收購守則給予相關同意 茲提述滙豐控股有限公司（「本公司」）、香港上海滙豐銀行有限公司（「滙豐亞太」）及恒生銀行有限 公司（「恒生銀行」）於2025年10月9日聯合刊發的公告（「該公告」），內容關於滙豐亞太以協議安排 方式將恒生銀行私有化之建議（「建議」）。除文義另有所指外，本公告所使用的詞彙與該公告中界定者 具有相同涵義。 執行人員根據收購守則給予相關同意 本公司謹此通知各股東，就建議而言，滙豐亞太及任何與其一致行動的人士在買賣、借出及借入恒生銀行 相關證券時，均須遵守收購守則項下的若干限制，當中包括但不限於收購守則規則21.2、21.7、23及24的 規定。 鑑於本公司及其附屬公司（ ...

Market Overview - The Hang Seng Index (HSI) closed at 25,936.51, up by 8.43 points or 0.03% on November 26 [1] - The index reached a high of 26,078.75 and a low of 25,801.83 during the trading session, with a trading volume of 61.01 million shares [1] Stock Performance - Major blue-chip stocks showed mixed performance, with HSBC Holdings closing at HKD 109.799, up by 2.04% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 614.101, down by 0.87% compared to the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) reported a price of HKD 619.500, down by HKD 5.500 or 0.88%, with an ADR price of USD 614.101, reflecting a decrease of 0.87% [3] - Alibaba Group (09988) saw a decline of HKD 3.000 or 1.90%, with a latest price of HKD 154.800 and an ADR price of USD 153.233, down by 1.01% [3] - HSBC Holdings (00005) increased by HKD 0.800 or 0.75%, with a latest price of HKD 107.600 and an ADR price of USD 109.799, up by 2.04% [3] - AIA Group (01299) rose by HKD 1.450 or 1.83%, with a latest price of HKD 80.700 and an ADR price of USD 81.128, up by 0.53% [3] - Meituan (03690) increased significantly by HKD 5.550 or 5.65%, while other stocks like Baidu (09888) and Kuaishou (01024) experienced declines of 2.05% and 2.83% respectively [3]

Core Insights - HSBC Group's recent global trade outlook survey indicates that despite uncertainties in global trade policies and tariffs, mainland companies are adapting to the "new normal" of trade, gaining clearer insights and increased confidence in their revenue prospects [1] - Mainland companies are actively expanding their business presence in emerging markets, particularly in Asia and the Middle East, demonstrating strong resilience and business flexibility in response to challenges [1] Regional Focus - Approximately 28% of surveyed mainland companies plan to increase their business presence in Southeast Asia, followed by 24% in Northeast Asia and 23% in the Middle East [1] - Saudi Arabia ranks as the top target market for mainland companies in terms of both sales and production [1] Strategic Measures - In response to the changing trade landscape, mainland companies are implementing various measures, including: - Expanding online business and developing new revenue sources (86%) [1] - Formulating risk management and business continuity plans (85%) [1] - Adjusting products and services to mitigate tariff impacts (85%) [1]

·东吴期货：市场对12月降息的押注概率逼近80% 提振贵金属 ·华泰期货：美10月联邦预算赤字高企贵金属价格走强 东吴期货表示，美国9月PPI同比增速高于预期，但9月零售销售环比增长仅为0.2%，大幅低于预期，显 示出消费动能正在减弱。美联储理事米兰称，美国经济需要大幅降息，现行货币政策"阻碍了经济发 展"，并将失业率逐步推高。这些表态推动市场对12月降息的押注概率逼近80%，提振贵金属。预计中 长期来看，贸易政策不确定性、降息周期开启等因素下，黄金将维持上涨趋势。 华泰期货表示，现阶段市场对12月美联储议息会议延续宽松的预期略有升温，预计近期黄金价格或以震 荡偏强格局为主。具体来看，通胀数据方面，美国9月PPI环比上涨0.3%，核心PPI环比上涨0.1%，均较 前值明显加速，显示美国通胀在9月重新升温。同时，美国9月零售销售环比增长0.2%，连续四个月正 增长但显著放缓，且低于市场预期。财政数据方面，美国财政部称，受近期联邦政府"停摆"影响，10月 份联邦政府预算赤字高达2840亿美元，财政端压力进一步凸显。美联储方面，美联储理事米兰发表最新 讲话称，当前货币政策阻碍了经济发展，美国经济需要大幅降息。 东证 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential market movements based on short-selling ratios and amounts. Group 1: Top Short-Selling Ratios - Great Wall Motor-R (82333) has the highest short-selling ratio at 100.00% [1] - JD Group-SWR (89618) follows with a short-selling ratio of 94.41% [1] - Bank of China Hong Kong-R (82388) ranks third with a short-selling ratio of 93.33% [1] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 4.633 billion [2] - Xiaomi Group-W (01810) has a short-selling amount of 1.448 billion [2] - Tencent Holdings (00700) follows with a short-selling amount of 1.011 billion [2] Group 3: Top Short-Selling Deviation Values - Bank of China Hong Kong-R (82388) has the highest deviation value at 56.68% [1] - China Ping An-R (82318) comes next with a deviation value of 51.38% [1] - China National Offshore Oil Corporation-R (80883) has a deviation value of 48.09% [1]

Core Viewpoint - The Hong Kong stock market has seen a significant increase in share buybacks by companies, indicating confidence in future prospects and helping to stabilize investor sentiment [1][2][3]. Group 1: Share Buyback Activities - As of November 25, 2023, 247 Hong Kong companies have repurchased a total of 6.769 billion shares, amounting to approximately 154.415 billion HKD [1]. - In November alone, 90 companies repurchased shares worth about 8.333 billion HKD [1]. - Major companies leading the buyback activities include Tencent Holdings, HSBC Holdings, and AIA Group, with buyback amounts of 64.143 billion HKD, 30.257 billion HKD, and 17.693 billion HKD respectively [2]. Group 2: Industry Distribution - The buybacks are concentrated in sectors such as financials, information technology, consumer staples, healthcare, and energy [1]. - The information technology sector has the highest number of companies engaging in buybacks, while the healthcare sector stands out in terms of both buyback amounts and numbers [1][2]. Group 3: Market Conditions and Future Outlook - The Hong Kong stock market has shown improved liquidity, with the average daily trading amount reaching a record high of 286.4 billion HKD in Q3 2023 [4]. - Analysts predict a dual opportunity in the market, focusing on high dividend assets and technology growth sectors, particularly those related to AI [5]. - The implementation of a new treasury stock mechanism in June 2024 is expected to encourage more companies to participate in buybacks [3].