1月27日，香港交易所宣布与巴西证券交易所签署合作备忘录，促进两地的可持续金融及碳市场发展。 根据合作备忘录，港交所将与巴西证券交易所共同推动香港与巴西的碳市场发展、开拓大宗商品机遇， 并建立定期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的可能性，同时寻找 亚洲及南美洲碳产品和ESG产品的新机遇。 ...

本报讯 （记者毛艺融）1月27日，香港交易所宣布与巴西证券交易所签署合作备忘录，促进两地的可持 续金融及碳市场发展。 根据合作备忘录，香港交易所将与巴西证券交易所携手推动碳市场发展、开拓大宗商品机遇，并建立定 期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的可能性，同时寻找亚洲及南 美洲碳产品和ESG产品的新机遇。 香港交易所首席可持续发展总监周冠英表示："我们很高兴能与巴西证券交易所签署这份合作备忘录。 这次合作进一步拓展了Core Climate在碳市场上的发展，充分展现香港交易所持续推动全球各地可持续 金融发展的承诺。我们期待与巴西证券交易所紧密合作，共同推动国际碳排放标准的发展，鼓励创新， 并透过跨境合作，为市场迈向低碳经济带来实质进展。" 香港交易所表示，致力于拓展可持续金融领域的发展，推动建立透明、包容且与全球接轨的碳市场。透 过加强与巴西证券交易所的合作及持续推进可持续金融举措，进一步巩固其作为市场联系人的地位，促 进跨境创新和协作，以构建更具韧性和包容性的金融生态圈。 （编辑 张昕） ...

转自：新华财经 编辑：胡晨曦 新华财经香港1月27日电（记者林迎楠）香港交易及结算所有限公司27日宣布与巴西证券交易所签署合 作备忘录，双方将携手推动香港与巴西的碳市场发展、开拓大宗商品机遇，并建立定期沟通渠道，加强 双方合作。 巴西证券交易所国际业务发展部（亚洲及大洋洲）总监Sérgio Gullo指出，与香港交易所合作不仅巩固 了巴西证券交易所作为推动可持续经济转型方面的影响力，也为巴西市场在国际舞台上开辟了新机遇。 扩大其国际业务布局能够加强巴西在全球可持续金融市场中的影响力，并协助企业投资各类ESG产品。 香港交易所表示，通过加强与巴西证券交易所的合作及持续推进可持续金融举措，进一步巩固其作为市 场联系人的地位，促进跨境创新和协作，以构建更具韧性和包容性的金融生态圈。 根据合作备忘录，香港交易所与巴西证券交易所两家交易所还会探讨旗下市场证券相互挂牌的可能性， 同时寻找亚洲及南美洲碳产品和ESG产品的新机遇。 香港交易所首席可持续发展总监周冠英表示，此次合作进一步拓展了核心气候（Core Climate）在碳市 场上的发展，充分展现香港交易所持续推动全球各地可持续金融发展的承诺。他说，"我们期待与巴西 ...

智通财经APP获悉，港交所今天(1月27日)宣布与巴西证券交易所签署合作备忘录，促进两地的可持续金 融及碳市场发展。根据合作备忘录，港交所将与巴西证券交易所携手推动香港与巴西的碳市场发展、开 拓大宗商品机遇，并建立定期沟通渠道，加强双方合作。两家交易所亦会探讨旗下市场证券相互挂牌的 可能性，同时寻找亚洲及南美洲碳产品和ESG产品的新机遇。 这份合作备忘录不仅展现了香港交易所致力推动全球市场迈向低碳转型的决心，也进一步将集团的可持 续发展合作伙伴关系拓展至南美洲这个在全球气候解决方案具有重要意义的地区。 港交所首席可持续发展总监周冠英表示："我们很高兴能与全球领先的金融市场基础设施集团之一—— 巴西证券交易所签署这份合作备忘录。这次合作进一步拓展了Core Climate在碳市场上的发展，充分展 现香港交易所持续推动全球各地可持续金融发展的承诺。我们期待与巴西证券交易所紧密合作，共同推 动国际碳排放标准的发展，鼓励创新，并透过跨境合作，为市场迈向低碳经济带来实质进展。" 巴西证券交易所国际业务发展部(亚洲及大洋洲)总监Sérgio Gullo表示："与香港交易所合作不仅巩固了 巴西证券交易所作为推动可持续经济转 ...

Group 1 - The core point of the article is that Beijing Xingchen Tianhe Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with Huatai International acting as the sole sponsor [1] Group 2 - The listing application is aimed at the main board of the Hong Kong Stock Exchange [1] - The involvement of Huatai International as the sole sponsor indicates a significant backing for the company's public offering [1]

另外，香港金融发展局主席洪丕正在早餐会上表示，去年是前所未有一年，政策波动影响广泛，投资者 检视投资组合是否过度集中于某个领域，期望组合可避免受政策波动影响，而香港去年则协助投资者将 投资从成熟市场分散至新兴市场，亦帮助内地投资者将资产由国内分散至全球。 洪丕正表示，世界不断向前，香港不能原地踏步，香港金发局必须发挥角色，提出相关政策以确保香港 保持竞争力，并向全球投资者及机构推广香港。 智通财经APP获悉，1月27日，港交所(00388)行政总裁陈翊庭在亚洲金融论坛专题早餐会上表示，两年 前她还在与人们争论中国是否值得投资，现在大家已达成共识，需要增加对中国的配置，"需要从低权 重提升至与市场同步权重"，相信这是一种进步。她提到，将进一步扩大产品范围，提升市场营运效 率，以应对国际投资者期望加码投资中国的需求。 她表示，目前稳定币、24小时交易和代币化是最常谈的三个话题，自己理解的是，投资者对此关心的是 交易所将如何在技术操作层面改进，让他们在执行和交易效率上更具明确性和速度，未来港交所会继续 在科技方面作投入，维持港交所的领先优势。 谈及港交所未来发展，陈翊庭指出，现代交易所的竞争不再是传统交易所的竞争， ...

Core Viewpoint - Innovation and geopolitical factors are reshaping capital markets, with Hong Kong positioned as a globally connected hub [1] Group 1: Market Confidence and Policy Measures - Timely policy measures have enhanced market confidence in a changing environment [1] - The People's Bank of China and the Hong Kong Monetary Authority have expanded the RMB business funding arrangement to 200 billion RMB, laying the foundation for the next phase of connectivity development [1] - Confidence is reflected in economic, capital markets, and business activities, translating into tangible results [1] Group 2: Competition and Product Offerings - The Hong Kong Stock Exchange (HKEX) faces competition not only from traditional exchanges but also from emerging virtual platforms, necessitating deep and broad professional capabilities [1] - Investors are increasing their exposure to the Chinese market, prompting Hong Kong to offer product options beyond stocks [1] Group 3: Future Development of HKEX - The future development of HKEX relies on stablecoins, tokenization, and 24-hour trading [1] - HKEX will continue to invest in technology and is promoting infrastructure reforms, including shortening the new stock settlement cycle [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Investment Rating - The report maintains a "Positive" investment rating for the non-bank financial sector [7] Core Insights - The non-bank sector has shown weak overall performance this week, but some companies have disclosed high profit growth forecasts for 2025. The China Securities Regulatory Commission (CSRC) has issued guidelines to promote the return to fundamentals in the public offering securities investment fund industry, which is expected to drive long-term stable development [2][4] - The market trading volume has decreased, yet remains at historically high levels. The report suggests monitoring the sector's future performance [4] - In the insurance sector, the third-quarter reports have confirmed the logic of deposit migration, increased equity allocation, and improved new policy costs. The certainty of ROE improvement has increased, and valuations are expected to accelerate recovery [4] - The report highlights the increasing cost-effectiveness of overall allocations and ongoing revaluation in the sector [4] Summary by Sections Non-Bank Sector Performance - The non-bank financial index decreased by 1.5% this week, with an underperformance of 0.8% relative to the CSI 300, ranking 29th out of 31 sectors [5] - Year-to-date, the non-bank financial index has decreased by 1.6%, underperforming the CSI 300 by 3.1% [5] Market Overview - The average daily trading volume in the two markets was 27,988.78 billion yuan, down 19.23% week-on-week, with a daily turnover rate of 2.68%, down 68.47 basis points [5] - The leverage capital scale has rebounded, with a margin balance of 2.72 trillion yuan, up 0.23% [5] Insurance Sector Insights - The cumulative insurance premium income for November 2025 reached 57,629 billion yuan, a year-on-year increase of 7.56% [23] - Life insurance income was 41,472 billion yuan, up 9.06% year-on-year, while property insurance income was 16,157 billion yuan, up 3.88% [24] Company Recommendations - The report recommends companies with stable profit growth and dividend rates, including Jiangsu Jinzu, China Ping An, and China Pacific Insurance, due to their strong business models and market positions [4] - Additional recommendations include New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Dongfang Caifu, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4]

Group 1 - The top short-selling ratios are led by AIA Group (81299) and JD Health (86618) at 100.00%, followed by Baidu Group (89888) at 95.46% [1][2] - The highest short-selling amounts are recorded for Pop Mart (09992) at 1.3 billion, Alibaba (09988) at 1.26 billion, and Xiaomi Group (01810) at 1.064 billion [1][2] - The highest deviation values are for Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and Baidu Group (89888) at 95.46% [2] - The top ten short-selling amounts show Pop Mart (09992) leading with 1.3 billion, followed by Alibaba (09988) with 1.26 billion, and Xiaomi Group (01810) with 1.064 billion [2] - The top ten deviation values highlight Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [2]