Group 1 - A total of 37 Hong Kong stocks conducted share buybacks on October 15, with 2 stocks exceeding HKD 10 million in buyback amounts [1] - The largest buyback amounts were recorded by Xiaomi Group-W (HKD 98.96 million), Sihuan Pharmaceutical (HKD 15.19 million), and Yun Gong Chang (HKD 8.01 million) [1] - Year-to-date, 240 Hong Kong stocks have conducted buybacks, with 53 stocks having cumulative buyback amounts exceeding HKD 100 million [1] Group 2 - The companies with the largest cumulative buyback amounts this year include Tencent Holdings (HKD 60.97 billion), HSBC Holdings (HKD 29.41 billion), and AIA Group (HKD 17.69 billion) [1]

Core Viewpoint - HSBC believes that the US dollar is likely to weaken again and may hit bottom in early next year, driven by historical patterns when the Federal Reserve resumes easing and the US economy avoids recession [1] Group 1: Economic Indicators - HSBC's global foreign exchange research head, Paul Mackel, points out that historical experience indicates a weakening dollar when the Fed restarts its easing cycle while the US economy remains resilient [1] - Discussions about a potential re-acceleration of the US economy and recent political turmoil in France and Japan have contributed to the dollar's sideways movement since July [1] Group 2: Market Sentiment - The market's sentiment is described as volatile, with a strong desire for a stronger dollar, but it is deemed premature to abandon bearish views at this time [1] - Mackel anticipates that the dollar will reach its lowest point in early next year [1]

3.单日债基涨跌幅榜 10月15日，市场探底回升，沪指涨超1%重回3900点，创业板指探底回升涨超2%。板块方面，汽车、电网设备、医药等板块涨幅居前，港口航运、光刻机等 板块跌幅居前。全市场超4300家股票上涨。沪深两市成交额2.07万亿元，较上一个交易日缩量5034亿。 下面一起来看今天公募基金的表现。 （注：榜单1、榜单2仅选取灵活配置型、偏股混合型和普通股票型三类产品作为主动基金的代表，纳入统计；债基相关榜单包括各类主、被动债券型基金） 1.单日涨幅榜 | 证券代码 | 证券简称 | 单日净值增长率(%) | | 近1周回报(%) 今年以来回报(%) | 基金经理(现任) | 基金规模(乙元) | | --- | --- | --- | --- | --- | --- | --- | | 003835.OF | 鹏华沪深港新兴成长A | 6.87 | -4.63 | 58.16 | 闫思倩 | 11.36 | | 024647.OF | 中欧制造升级A | 5.69 | -7.35 | 4.75 | 钟鸣 | 0.82 | | 005296.OF | 南华丰淳A | 5.68 | -7.24 | 41. ...

Company News - China Coal Energy (01898.HK) reported a coal sales volume of approximately 190 million tons for the first nine months, a year-on-year decrease of 7.4%. In September, coal sales volume was 19.66 million tons, down 20.1% year-on-year [1] - China Southern Airlines (01055.HK) saw a 4.43% year-on-year increase in passenger capacity in September, with passenger turnover rising by 5.25%. The passenger load factor was 86.30%, an increase of 0.67 percentage points year-on-year. Cargo and mail turnover increased by 1.91% year-on-year [1] - China Eastern Airlines (00670.HK) reported a 3.63% year-on-year increase in passenger capacity for September, with passenger turnover up 8.67%. The passenger load factor was 87.57%, an increase of 4.06 percentage points year-on-year. Cargo and mail turnover rose by 10.95% year-on-year [1] - China Resources Power (00836.HK) achieved a cumulative electricity sales volume of 161 million MWh for the first nine months, an increase of 4.2% year-on-year, with wind power sales up 10.3% and solar power sales up 35.1% year-on-year [1] - Hopson Development Holdings (00754.HK) reported a total contract sales amount of 11.264 billion yuan for the first nine months, a year-on-year decrease of 12.62% [1] - China Design Group (01599.HK) won important project bids totaling approximately 3.175 billion yuan in the third quarter [1] - Jiumaojiu International Holdings (09922.HK) reported table turnover rates for its brands in the third quarter: 3.3 for Taier (self-operated only), 2.4 for Song Hotpot, and 2.5 for Jiumaojiu (self-operated only). Same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year, respectively, with the decline continuing to narrow [1][1] Financing and Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 2 million shares for a total of approximately 98.9589 million HKD, with a repurchase price range of 49.42 to 49.54 HKD [5] - Yum China (09987.HK) repurchased 18,800 shares for approximately 6.2596 million HKD, with a repurchase price range of 330.6 to 340.2 HKD [6] - HSBC Holdings (00005.HK) repurchased 4.721 billion HKD worth of shares, totaling 4.6216 million shares, with a repurchase price range of 101.1 to 103.2 HKD [7] - Qiniu Intelligent (02567) has cornerstone investor He Shun voluntarily extend the lock-up commitment, representing approximately 3.20% of the total issued shares [8] - China Galaxy (06881.HK) completed the issuance of 4 billion HKD short-term financing bonds with a final coupon rate of 1.66%, primarily for working capital replenishment [8] - Huaneng International Power (00902.HK) issued 3 billion HKD ultra-short-term financing bonds with an issuance rate of 1.50% [9]

Core Insights - The 2024 Hong Kong Listed Companies Director Compensation Ranking was released, highlighting significant earnings among top executives, with Li Xiang of Li Auto leading the list with a total compensation of approximately 680 million HKD [3][5]. Summary by Categories Director Compensation - A total of 31 directors received over 100 million HKD in total compensation for 2024 [3]. - Li Xiang (Li Auto) topped the list with nearly 680 million HKD, followed by Wang Xuning (JS Global) at about 521 million HKD, and Li Jie (Jitu Express) at approximately 519 million HKD [3][5]. - Liu Qiangdong (JD.com) ranked fourth with around 449 million HKD [3]. Detailed Compensation Breakdown - Li Xiang's compensation included 2.83 million HKD in salary and benefits, with a significant portion (approximately 676.77 million HKD) attributed to share-based payments [4]. - Wang Xuning received a salary of 8.69 million HKD and a bonus of about 4.97 million HKD, totaling 521 million HKD [4]. - Liu Qiangdong's reported compensation was primarily share-based, with no cash salary or benefits listed [4]. Clarifications on Li Xiang's Compensation - Li Auto clarified that the reported 639 million RMB (approximately 6.39 billion HKD) was misunderstood; the actual cash salary was only 266,500 RMB [5]. - The high figure included stock-based compensation calculated under US GAAP, contingent on achieving sales targets, with no actual shares received yet [6].

汇丰控股(00005)发布公告，于2025年10月14日，该公司斥资6535.96万英镑回购658.01万股股份；斥资 4.72亿港元回购462.16万股股份。 ...

Core Viewpoint - HSBC Holdings announced a share buyback program, spending HKD 472 million to repurchase 4.6216 million shares at a price range of HKD 101.1 to 103.2 per share [1] Summary by Categories - **Company Actions** - HSBC Holdings executed a buyback of 4.6216 million shares at a total cost of HKD 472 million [1] - The repurchase price per share ranged from HKD 101.1 to 103.2 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： HSBC Holdings plc 滙豐控股有限公司 呈交日期： 2025年10月15日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 00005 | 說明 | 普通股(每股0.50美元) | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存 ...

Core Insights - Webb-site released the ranking of director remuneration for Hong Kong listed companies over the past 20 years, highlighting that 31 individuals earned over 100 million HKD in total compensation for the year 2024, with Li Xiang of Ideal Auto leading at nearly 680 million HKD [1] Group 1: Top Earners - Li Xiang, Chairman and CEO of Ideal Auto, ranks first with total compensation of nearly 680 million HKD [1] - Wang Xuning, Chairman of JS Global Life, and Li Jie, Founder and Chairman of J&T Express, rank second and third with total compensations exceeding 520 million HKD and 519 million HKD respectively [3] - Liu Qiangdong, Chairman of JD.com, dropped two places to fourth with nearly 449 million HKD, while Peng Yongdong, Chairman and CEO of Beike, fell to fifth with 426 million HKD [3] Group 2: Notable Rankings - JS Global Life and Beike each have two directors in the top ten, with Wang Xuning and CFO Han Run ranking second and ninth, and Peng Yongdong and co-founder Shan Yigang ranking fifth and seventh respectively [5] - Ho Yulong, Chairman and CEO of Melco International, ranks tenth with compensation of nearly 214 million HKD, an increase of one rank from the previous year [5] Group 3: Other High Earners - Other directors earning over 100 million HKD include Li Zeju, Chairman of Cheung Kong, at 212 million HKD, ranking 11th, and Noel Quinn, CEO of HSBC, at 128 million HKD, ranking 23rd [7] - Bill Winters, CEO of Standard Chartered, ranks 29th with over 103 million HKD, while Zheng Jiachun, Chairman of New World Development, ranks 32nd with 98.83 million HKD [7] - Tencent's Chairman Ma Huateng ranks 92nd with compensation of 47.94 million HKD [7] - Shi Liqian, known as the "Independent Director King" for serving on 15 companies' boards, ranks 878th with 7.119 million HKD [7]

Group 1 - On October 14, a total of 36 Hong Kong stocks were repurchased by companies, with 4 stocks having repurchase amounts exceeding 10 million HKD [1] - The largest repurchase amounts were recorded by Xiaomi Group-W (195 million HKD), Kuaishou-W (98.41 million HKD), and Shoucheng Holdings (36.36 million HKD) [1] - As of October 14, 239 Hong Kong stocks have been repurchased this year, with 53 stocks having a cumulative repurchase amount exceeding 100 million HKD [1] Group 2 - The companies with the largest cumulative repurchase amounts this year include Tencent Holdings (60.965 billion HKD), HSBC Holdings (28.941 billion HKD), and AIA Group (17.693 billion HKD) [1]