Market Performance - The Hang Seng Index fell by 128.31 points, a decrease of 0.48%, closing at 26,829.46 points [1] - The National Enterprises Index dropped by 49.51 points, closing at 9,523.87 points, a decline of 0.52% [1] - The Hang Seng Tech Index decreased by 36.11 points, closing at 6,514.19 points, down by 0.55% [1] Blue Chip Stocks - Tencent Holdings decreased by 0.37%, closing at 675 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.76%, closing at 445 HKD [1] - China Mobile dropped by 0.78%, closing at 83.2 HKD [1] - HSBC Holdings declined by 0.27%, closing at 110.6 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.39%, closing at 37.96 HKD [1] - Sun Hung Kai Properties rose by 1.23%, closing at 94.35 HKD [1] - Henderson Land Development fell by 0.22%, closing at 27.1 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.95%, closing at 4.16 HKD [1] - China Construction Bank fell by 0.14%, closing at 7.28 HKD [1] - Industrial and Commercial Bank of China dropped by 1.06%, closing at 5.6 HKD [1] - Ping An Insurance decreased by 0.94%, closing at 52.75 HKD [1] - China Life Insurance fell by 0.37%, closing at 21.78 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.08 HKD [1] - China National Petroleum Corporation increased by 0.42%, closing at 7.15 HKD [1] - CNOOC Limited fell by 1.39%, closing at 18.5 HKD [1]

II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00012 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 4,841,387,003 | | 0 | | 4,841,387,003 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 4,841,387,003 | | 0 | | 4,841,387,003 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年9月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒基兆業地產有限公司 | | | 呈交日期: | 2025年10 ...

Core Points - The Hang Seng Index rose by 494.68 points, an increase of 1.89%, closing at 26,622.88 points [1] - The total turnover for the day on the main board was 309.096 billion HKD [1] - The Hang Seng China Enterprises Index increased by 151.02 points, closing at 9,454.12 points, a rise of 1.62% [1] - The Hang Seng Tech Index gained 129.14 points, closing at 6,324.25 points, reflecting a growth of 2.08% [1] Blue Chip Stocks - Tencent Holdings rose by 2.48%, closing at 660 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.79%, closing at 442.2 HKD [1] - China Mobile decreased by 0.12%, closing at 84.9 HKD [1] - HSBC Holdings rose by 1.97%, closing at 108.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at 37.58 HKD [1] - Sun Hung Kai Properties rose by 1.69%, closing at 93.15 HKD [1] - Henderson Land Development increased by 2.06%, closing at 27.7 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.71%, closing at 4.23 HKD [1] - China Construction Bank increased by 1.36%, closing at 7.48 HKD [1] - Industrial and Commercial Bank of China rose by 0.53%, closing at 5.73 HKD [1] - Ping An Insurance increased by 2.1%, closing at 53.5 HKD [1] - China Life Insurance rose by 4.61%, closing at 22.22 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.74%, closing at 4.1 HKD [1] - China National Petroleum Corporation increased by 2.39%, closing at 7.28 HKD [1] - CNOOC Limited rose by 0.84%, closing at 19.28 HKD [1]

Group 1 - HSBC Hong Kong has introduced a new interest rate swap product based on the Loan Prime Rate (LPR) through the "Swap Connect," becoming one of the first banks in the offshore market to offer such contracts, providing effective tools for corporate clients to manage RMB loan interest rate risks [1][2] - The "Swap Connect" has expanded its product offerings since its launch, now including swaps referencing the one-year LPR, which aligns closely with the dynamics of the domestic loan market, allowing banks to tailor LPR-based hedging solutions for clients [1] - The ongoing optimization of the "Swap Connect" has transformed it from a platform primarily for institutional investors to a channel that supports enterprises in effectively managing offshore credit interest rate risks, reinforcing Hong Kong's status as an international financial center and enhancing the liquidity of the offshore RMB market [1] Group 2 - HSBC's Asia-Pacific head of foreign exchange and fixed income trading emphasized the increasing demand from global enterprises for effective RMB interest rate risk management solutions in the offshore market, highlighting the diversification of RMB hedging tools available to businesses [2] - The Chief Financial Officer of Henderson Land Development expressed satisfaction with HSBC's innovative products, indicating that RMB assets and credit are central to their financial management strategy, and they are pleased to collaborate with HSBC to optimize RMB credit interest rate risk management [2] - Since the launch of the "Northbound Swap Connect" in 2023, HSBC Hong Kong has served as a quoting bank and designated clearing agent, facilitating international investors' access to the domestic derivatives market [2]

Group 1 - The core viewpoint of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both share count and total assets in 2024 [1][2] - As of September 19, 2024, the fund's latest share count is 58.08 million, with a total size of 82.26 million yuan, reflecting a 52.84% decrease in shares and a 43.79% decrease in size compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a trading volume of 394 million yuan over the last 20 trading days, with an average daily trading amount of 19.72 million yuan [1]

Group 1 - Companies in Hong Kong are leveraging a new Swap Connect rule to hedge against yuan interest-rate risks, following the introduction of the one-year loan prime rate (LPR) as a floating reference-rate option [1][3][5] - The Swap Connect initiative, launched in 2023, allows global investors to access mainland China's interbank financial derivatives market, enhancing product offerings for managing interest-rate risks [2][6] - The new measure is expected to increase the utilization of Hong Kong's offshore yuan market by global businesses, attracting more international investors to the mainland capital market [7][8] Group 2 - The one-year LPR provides a benchmark closely aligned with mainland China's lending market, aiding offshore corporate treasuries in managing yuan exposures [3][5] - Financial institutions, including Standard Chartered Bank, have begun facilitating transactions using the one-year LPR, marking a significant step in offering more flexible and effective yuan interest-rate hedging tools [6][8] - The enhancement of Swap Connect is anticipated to accelerate the internationalization of the yuan, as it allows offshore investors to manage interest-rate risks more effectively [8]

Group 1 - The core viewpoint of the report indicates that the Federal Reserve is expected to lower interest rates by a total of 125 basis points from Q4 2025 to Q1 2027, which will benefit Hong Kong real estate companies by reducing interest expenses and stimulating the real estate market [1] - The Chief Executive's recent policy report introduced more flexible land acquisition and exchange models, which is believed to accelerate the development of the Northern Metropolis and help Hysan Development (00012) monetize its substantial farmland reserves [1] - Hysan Development holds approximately 41.9 million square feet of farmland with a historical average cost of HKD 227 per square foot, while recent land acquisition prices exceed HKD 1,000 per square foot, indicating significant potential gains in the coming years [1] Group 2 - The company has slightly raised its profit forecasts for Hysan Development for 2025 to 2027, reflecting the impact of reduced interest expenses, and upgraded its rating to "Buy" with a target price increase from HKD 25.9 to HKD 32.68 [2]

Group 1 - The core viewpoint of the report is that the Federal Reserve is expected to lower interest rates by a total of 125 basis points between Q4 2025 and Q1 2027, which will benefit Hong Kong real estate companies by reducing interest expenses and stimulating the real estate market [1] - The Chief Executive's recent policy report introduced more flexible land acquisition and exchange models, which is believed to accelerate the development of the Northern Metropolis and help Hysan Development (00012) monetize its substantial farmland reserves [1] - Hysan Development holds approximately 41.9 million square feet of farmland with a historical average cost of HKD 227 per square foot, while recent land acquisition prices exceed HKD 1,000 per square foot, indicating significant potential gains in the coming years [1] Group 2 - The company has slightly raised its profit forecasts for Hysan Development for 2025 to 2027 to reflect the impact of reduced interest expenses and upgraded its rating to "Buy" with a target price increase from HKD 25.9 to HKD 32.68 [2]

Group 1 - The core viewpoint of the report indicates that the Federal Reserve is expected to lower interest rates by a total of 125 basis points, with two cuts in Q4 2025 and three cuts in Q1 2026 to 2027 [1] - The anticipated interest rate cuts are expected to benefit Hong Kong real estate companies by reducing interest expenses and stimulating the real estate market, which will enhance sales and profit margins in the real estate development sector [1] - The Hong Kong government's latest policy report introduces a more flexible land acquisition and exchange model, which is believed to accelerate the development of the Northern Metropolis and help Henderson Land Development monetize its substantial farmland reserves in the area [1] Group 2 - The report upgrades the rating for Henderson Land Development to "Buy," adjusting the net asset value discount from 55% to 50%, with a target price increase from HKD 25.9 to HKD 32.68 [1]

Group 1 - UBS reports that following the Federal Reserve's 25 basis point rate cut and the Hong Kong Monetary Authority's adjustment of the overnight discount rate, Hong Kong banks have lowered the prime rate by 12.5 basis points to 5.125%, aligning with market expectations [1] - After the adjustment, the new mortgage rate for newly built residential properties will decrease from 3.5% to 3.375% [1] - UBS maintains that Hong Kong property prices will remain stable in 2025, with a potential moderate recovery of 0% to 5% in 2026 after inventory digestion [1] Group 2 - Among developers, UBS favors the performance of Sino Land, Henderson Land, and Kerry Properties over New World Development due to the latter's unattractive dividend yield [1] - UBS also prefers Hang Lung Properties, as the decline in HIBOR will reduce its interest expenses [1] - UBS has raised the target price for Sino Land by 14% to HKD 11.2, maintaining a "Buy" rating, reflecting a narrowing of the net asset value discount from 40% to 35%, supported by strong sales at Victoria Harbour and The Pacific Place, and a potential reduction in scrip dividend arrangements [1]