Core Viewpoint - The news provides an overview of the upcoming IPOs, earnings announcements, shareholder meetings, and dividend distributions for various companies listed on the Hong Kong Stock Exchange as of October 23, 2025 [1]. New IPO Activities - Companies currently in the IPO process include: - Baima Tea Industry - Cambridge Technology - Sany Heavy Industry - Dipu Technology - Prada - Lijuz Pharmaceutical [1] Earnings Announcement Dates - Companies scheduled to announce earnings include: - Faraday - Ping An Good Doctor - Longyuan Power - Orient Overseas International - Qingdao Port - China Innovation Investment - Chongqing Machinery and Electric [1] Shareholder Meeting Dates - Companies holding shareholder meetings include: - Datang Power - Andeli Juice - Hongye Futures - Tibet Water Resources - China Anshun Energy [1] Dividend Distribution - Companies with upcoming dividend distributions include: - Hang Seng Bank (ex-dividend date) - Huaxun (dividend payment date) - Wansichang International (dividend payment date) - Zhifeng Industrial Electronics (dividend payment date) - Haitian Flavoring and Food (dividend payment date) - China Shipbuilding Defense (dividend payment date) - Dongfang Xingye Holdings (dividend payment date) - China Resources Mixc Life (dividend payment date) [1][3][4]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.29% in its closing price on October 17, with a trading volume of 53.86 million yuan [1] Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 16, the fund had a total of 320 million shares and a total size of 324 million yuan [1] - The fund's performance benchmark is the adjusted return of the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 1.048 billion yuan, with an average daily trading amount of 52.41 million yuan [1] Group 3: Fund Management - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.15% during the management period [1] Group 4: Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Market Overview - The Hong Kong stock market showed mixed performance on October 16, with the Hang Seng Index slightly down by 0.09%, the Hang Seng China Enterprises Index up by 0.09%, and the Hang Seng Tech Index down by 1.18% [1][2]. Technology Sector - Major technology stocks experienced weakness, with Xiaomi down by 3.6%, Baidu, Meituan, and Tencent Holdings each down over 1%, while JD.com, Kuaishou, and Alibaba also saw slight declines [2][3][4]. - The overall performance of the technology sector was negatively impacted, with significant declines in stocks related to electric vehicles, robotics, and semiconductor industries [2][5][7]. Electric Vehicle Sector - The electric vehicle sector faced a downturn, with NIO dropping nearly 9% and other companies like Li Auto, Xpeng, and BYD also experiencing declines [5][6]. Education Sector - The education sector showed strong performance, with companies like Think Academy seeing a remarkable increase of 26.5% due to plans to raise approximately HKD 241 million for future AI projects [9][10]. Apple-Related Stocks - Apple-related stocks performed well, with BYD Electronics rising nearly 5% following discussions between Apple's CEO Tim Cook and Chinese officials regarding business development in China [11][12]. Coal Sector - Coal stocks saw gains, with China Qinfa up over 8% as demand for coal increased due to seasonal factors [13]. Shipping Sector - The shipping sector was active, with companies like Orient Overseas International and COSCO Shipping Holdings rising nearly 4% following the announcement of new fees for ships from U.S. ports [14]. Innovative Drug Sector - The innovative drug sector experienced growth, with companies like 3SBio and Innovent Biologics rising nearly 6% ahead of a significant conference in Berlin [16][17]. Insurance Sector - Insurance stocks were active, with China Life rising nearly 5% following positive earnings forecasts from major players in the sector [18][20]. IPO Activity - The recent IPO of Cloudwalk saw a significant increase of 26.05% on its first day of trading, reflecting strong market interest [21]. Market Outlook - Analysts suggest that the Hong Kong stock market may experience wide fluctuations in the future, with a focus on sectors such as precious metals and AI-related industries due to ongoing geopolitical tensions and economic uncertainties [23].

Core Insights - The Hong Kong High Dividend ETF (159302) closed up 1.30% on October 16, with a trading volume of 14.12 million yuan [1] - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 15, 2024, the fund's latest share count was 84.80 million, with a total size of 111 million yuan, reflecting a decrease of 22.06% in shares and 8.55% in size since December 31, 2024 [1] Fund Performance - The current fund manager, Zhang Yichi, has managed the fund since its inception, achieving a return of 28.93% during his tenure [2] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index [1] Holdings Overview - Major holdings in the fund include: - COSCO Shipping Holdings (8.68% of holdings) - Yancoal Australia (6.17%) - Seaspan Corporation (4.28%) - Orient Overseas International (4.23%) - Minsheng Bank (4.22%) - CITIC Bank (4.07%) - China Petroleum (3.41%) - Guotai Junan Securities (3.41%) - Agricultural Bank of China (3.30%) - CNOOC (3.19%) [2]

Group 1 - Shipping stocks are showing active performance with notable increases in share prices [1] - China Merchants Energy (01138.HK) rose by 3.21%, reaching HKD 9.65 [1] - Orient Overseas International (00316.HK) increased by 3%, trading at HKD 126.9 [1] - China Merchants Industry (01919.HK) saw a rise of 2.97%, priced at HKD 12.82 [1] - Yang Ming Marine Transport (02510.HK) gained 1.7%, with shares at HKD 8.39 [1]

Core Viewpoint - The shipping stocks are experiencing active performance due to the upcoming implementation of the U.S. 301 port fee measures on October 14, which has prompted China to announce retaliatory port fees on U.S. vessels. This situation is expected to create short-term volatility in shipping rates, particularly in the oil transportation sector, where rates have already surged due to recent sanctions and fee announcements [1][2]. Group 1: Shipping Stock Performance - Cosco Shipping Energy (01138) rose by 3.21% to HKD 9.65 [1] - Orient Overseas International (00316) increased by 3% to HKD 126.9 [1] - Cosco Shipping Holdings (01919) gained 2.97% to HKD 12.82 [1] - Yang Ming Marine Transport (02510) saw a rise of 1.7% to HKD 8.39 [1] Group 2: Impact of U.S.-China Port Fee Measures - The U.S. port fee measures are expected to have a limited overall impact on freight rates, but initial implementation chaos may lead to rate fluctuations [1] - The introduction of special port fees by China on U.S. vessels is anticipated to increase costs for shipping companies, potentially leading to a stronger motivation for cost pass-through and increased bargaining power for these companies [2] - In the medium to long term, shipping companies may adjust their capacity across global routes to mitigate the impact of port fees, but the significant role of China in global dry bulk, energy transport, and manufacturing exports necessitates ongoing observation of the situation [2] Group 3: Oil Shipping Market Outlook - Following the recent sanctions and the announcement of special port fees, there is heightened concern regarding port congestion and supply chain efficiency, leading to a significant increase in VLCC shipping rates week-on-week [1] - The combination of seasonal demand and the current market conditions suggests that oil shipping rates are likely to perform strongly in the short term [1]

Group 1 - Shipping stocks are experiencing active performance, with notable increases in share prices for companies such as COSCO Shipping Energy (up 3.21% to HKD 9.65), Orient Overseas International (up 3% to HKD 126.9), COSCO Shipping Holdings (up 2.97% to HKD 12.82), and Yang Ming Marine Transport (up 1.7% to HKD 8.39) [1] - The U.S. 301 port fee measures will be implemented on October 14, prompting China to announce special port fees for U.S. vessels starting the same day. This reciprocal action is expected to create short-term price fluctuations in shipping rates due to initial implementation chaos [1][2] - Concerns over port congestion and supply chain efficiency have intensified following new U.S. sanctions and China's announcement of special port fees, leading to a significant increase in VLCC shipping rates last week. The combination of these factors and the seasonal peak is expected to result in strong performance for oil shipping rates in the short to medium term [1] Group 2 - The reciprocal port fee measures between China and the U.S. are anticipated to increase costs for shipping companies, potentially disrupting established trading rhythms and causing short-term chaos. This environment may empower shipping companies to pass on costs and exert greater pricing power, supporting short-term rate increases [2] - In the medium to long term, shipping companies may adjust capacity across global routes to mitigate the impact of port fees. However, given China's critical role in global dry bulk, energy transport, and manufacturing exports, the ultimate effects of these measures will require further observation [2] - Investment opportunities in shipping stocks related to U.S.-China trade tensions are suggested, with oil and dry bulk shipping rates likely to benefit from the short-term risk premium associated with the current chaos [2]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 1.73% on October 15, with a trading volume of 78.84 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 14, the fund had a total of 336 million shares and a total size of 331 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.084 billion yuan, with an average daily trading amount of 54.22 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -1.76% during the management period [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Market Overview - The Hong Kong stock market experienced a strong rebound after seven consecutive declines, with the Hang Seng Index rising 1.84% to 25,910.60 points and a total trading volume of HKD 315.81 billion [1] - Market sentiment is expected to show a "first suppress then rise" trend in the short term, with a potential slow bull market in the medium to long term as multiple marginal benefits accumulate [1] Blue-Chip Stocks Performance - Alibaba (09988) saw a notable increase of 3.86%, closing at HKD 161.6, contributing 90.84 points to the Hang Seng Index [2] - Other blue-chip stocks such as China Life (02628) and JD Health (06618) also performed well, rising 6.02% and 5.82% respectively [2] Sector Highlights - Large technology stocks collectively rebounded, with Alibaba up nearly 4%, Baidu up 2.74%, and Tencent up nearly 1% [3] - The consumer sector was strong, driven by domestic demand expectations and the upcoming "Double 11" shopping festival [3] - Gold stocks surged following the spot gold price surpassing USD 4,200 per ounce, with companies like Zhenfeng Gold (01815) rising 24.21% [5] Chip Sector Developments - Semiconductor stocks generally rose, with notable increases in companies like Jingmen Semiconductor (02878) and Huahong Semiconductor (01347) [6] - The Bay Area Semiconductor Industry Ecological Expo showcased advancements in domestic electronic engineering design software, enhancing industry competitiveness [6] New Listings and Rumors - Xuan Bamboo Biotechnology (02575) debuted with a significant increase of 126.72%, closing at HKD 26.3 [7] - Sanhua Intelligent Control (02050) rose 12.92% amid rumors of a substantial order from Tesla, although the company is verifying the information [8] Earnings Reports - China National Building Material (03323) issued a profit warning, expecting a profit of approximately RMB 2.95 billion for the nine months ending September 30, 2025, compared to a loss of RMB 684 million in the same period last year [10]

Core Insights - The Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) closed up 0.64% on October 14, with a trading volume of 81.81 million yuan [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 13, 2024, the fund's latest share count was 342 million, with a total size of 482 million yuan, reflecting a decrease of 20.65% in shares and 6.18% in size since December 31, 2024 [1] Fund Performance - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 41.58% during his tenure [2] - The ETF's performance benchmark is the ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend Index, adjusted for valuation exchange rates [1] Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a trading volume of 629 million yuan, with an average daily trading amount of 31.46 million yuan [1] - Year-to-date, the ETF has recorded a total trading volume of 7.48 billion yuan across 187 trading days, averaging 39.98 million yuan per day [1] Top Holdings - The ETF's major holdings include: - COSCO Shipping Holdings (6.96% of holdings) - Orient Overseas International (3.21%) - CITIC Bank (3.06%) - China National Petroleum (2.57%) - China Everbright Bank (2.52%) - China Ocean Shipping (2.51%) - Agricultural Bank of China (2.48%) - China National Offshore Oil (2.40%) - China Construction Bank (2.37%) - Industrial and Commercial Bank of China (2.29%) [2]