Group 1 - Hong Kong authorities are investigating insider trading allegations involving at least two employees from the Hong Kong Stock Exchange (HKEX) and the Securities and Futures Commission (SFC) [1] - The investigation is focused on whether these employees disclosed upcoming announcements to traders and others over the past few years, involving dozens of listed companies [1] - Reports indicate that the investigation has been ongoing for several months and could take years to conclude, with no guarantee that charges will be filed [1] Group 2 - Some of the leaked announcements reportedly pertain to privatization processes, although the companies involved may not necessarily be linked to the investigation [1] - A spokesperson for the SFC stated that the commission does not disclose whether it is investigating cases, while HKEX declined to comment [1]

Core Viewpoint - The Hong Kong government is investigating insider trading allegations involving at least two employees from the Hong Kong Stock Exchange (HKEX) and the Securities and Futures Commission (SFC), as well as brokers and influencers [1] Group 1: Investigation Details - The investigation is focused on whether employees from HKEX and SFC disclosed upcoming announcements to traders and others over the past few years, involving dozens of listed companies [1] - Some of the leaked announcements reportedly pertain to privatizations [1] - The investigation has been ongoing for several months, but such inquiries may take years and may not necessarily lead to charges [1]

Market Overview - The Hang Seng Index (HSI) closed at 25,485.70, down by 10.85 points or 0.04% as of September 2, 16:00 Eastern Time [1] - The index reached a high of 25,496.61 and a low of 25,284.62 during the trading session, with a trading volume of 95.8438 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99, indicating a trading range of 0.83% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 100.038, up by 0.29% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 603.227, reflecting an increase of 0.45% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 600.500, down by HKD 4.500 or 0.74% [3] - Alibaba Group (09988) latest price is HKD 134.700, down by HKD 2.400 or 1.75% [3] - China Construction Bank (00939) latest price is HKD 7.700, up by HKD 0.150 or 1.99% [3] - Xiaomi Group (01810) latest price is HKD 55.850, up by HKD 1.850 or 3.43% [3] - AIA Group (01299) latest price is HKD 72.700, down by HKD 1.400 or 1.89% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 443.600, down by HKD 4.400 or 0.98% [3] - JD.com (09618) latest price is HKD 119.600, down by HKD 1.800 or 1.48% [3]

Group 1 - The New Energy Vehicle Battery ETF (159775) experienced a strong surge, reaching a closing price limit with a premium rate of 11.24% as of September 1 [1] - Gold-related stocks saw a collective increase, with multiple gold stock ETFs rising over 8% [1] - CPO and other computing hardware stocks maintained strong performance, with several AI-related ETFs also showing significant gains [1] Group 2 - Hong Kong Stock Exchange announced on September 1 that it will optimize the collateral arrangements for its securities and derivatives clearing house to reduce costs for market participants [1] - The clearing house will adjust the calculation method for cash collateral interest paid to participants and lower the financing costs for non-cash collateral [1] Group 3 - According to the latest calculations from Cinda Securities, as of August 29, the active equity fund positions have once again surpassed 90%, marking the highest level since March 2021 [1] - The average position for ordinary stock funds is approximately 91.94%, an increase of 1.16 percentage points from the previous week [1] - The average position for equity-mixed funds is around 90.39%, rising by 1.53 percentage points [1]

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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港交易及結算所有限公司 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 不適用 備註： 香港交易所並無法定股本，及其股本並無股份面值。 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 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) | 00388 | | 說明 | 股份 | | | | | | 多櫃檯證券代號 | 80388 | RMB 說明 | | 股份 | | | | | | | | 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 | | | | 1,267,836,895 | | 0 | | 1,267,83 ...

Core Viewpoint - Hong Kong Stock Exchange (HKEX) announced an optimization of its securities and derivatives clearing house margin collateral arrangements to enhance market efficiency and reduce costs for market participants [1] Group 1: New Margin Collateral Arrangements - The new arrangement includes a calculation method for cash collateral interest payments based on the overnight reference rate minus fees, applicable to all accepted currencies including RMB, HKD, and USD [2][3] - Cash collateral fees will be reduced from 0.8% to 0.5% over three years, with a 10 basis points reduction each year starting from October 2025 [4] - Non-cash collateral financing fees will be lowered from 0.5% to 0.25% [5] Group 2: Efficiency and Cost Reduction - HKEX previously introduced measures to increase stock options and index derivatives position limits, enhancing the capital efficiency of settled positions [6] - The Chief Operating Officer of HKEX emphasized the commitment to enhancing the vitality, resilience, and competitiveness of the Hong Kong market through these new arrangements [6]

Group 1 - The Hong Kong Stock Exchange (HKEX) announced an optimization of margin collateral arrangements, adjusting interest payments on cash collateral and related fees to be calculated daily based on international market standards, specifically the overnight reference rate minus handling fees [1] - The financing cost for non-cash collateral has been reduced from 0.5% per annum to 0.25% per annum [1] - The Hong Kong stock market has shown strong performance this year, with the Hang Seng Index and the Hang Seng Tech Index rising by 27.70% and 29.79% respectively as of September 1 [1] Group 2 - According to HKEX data, from May to the end of July, long-term stable foreign institutional funds inflow totaled approximately 67.7 billion HKD, while short-term flexible foreign institutional funds inflow was about 16.2 billion HKD [3] - Many quality Hong Kong stocks have seen significant accumulation by foreign institutional investors [3]

Group 1: Stablecoin Regulation in Hong Kong - The implementation of the Stablecoin Regulation began on August 1, with 77 applications received by the Hong Kong Monetary Authority (HKMA) by August 31, from various sectors including banks, tech companies, and e-commerce [1] - The HKMA reiterated that only a limited number of stablecoin licenses will be issued in the initial phase of the regulation [1] Group 2: Market Developments - Hong Kong Exchanges and Clearing Limited (HKEX) announced an optimization of its collateral arrangements, reducing the financing cost for non-cash collateral from 0.5% to 0.25% [3] - The total trading amount of Hong Kong Stock Connect by brokers reached HKD 12.76 trillion in the first half of 2025, with cross-border business stock reaching CNY 19.7 trillion [4] Group 3: Corporate Actions - JD Group announced a voluntary public acquisition offer for CECONOMY AG at a price of €4.60 per share [5] - New World Development's controlling shareholder is considering injecting approximately HKD 10 billion into the company, seeking partners for a joint venture [6] - Weihai Bank entered into a conditional agreement to issue up to 430 million domestic shares [7][8] - Zheshang Bank plans to invest CNY 9.94 billion to increase its stake in Zheshang Financial Leasing to 54.04% [9] Group 4: Industry Performance - BYD reported August sales of 373,600 new energy vehicles, a slight increase from 373,100 units year-on-year, with a cumulative sales growth of 23% for the first eight months [13] - Geely's total vehicle sales in August reached 250,200 units, a year-on-year increase of approximately 38% [14] - NIO delivered 31,305 vehicles in August, marking a 55.2% year-on-year growth [16] - XPeng Motors achieved a record delivery of 37,709 smart electric vehicles in August, a 169% increase year-on-year [16] Group 5: Regulatory Approvals - Fuhong Hanlin received FDA approval for two products, BILDYOS® and BILPREVDA®, for specific osteoporosis treatments, marking a significant milestone in the company's international market presence [18][19]

Market Overview - On Monday, US stock indices collectively declined while the Hang Seng Index ADR rose, closing at 25,410.34 points, an increase of 332.72 points or 1.33% compared to the Hong Kong closing [1]. ADR Performance - The Hang Seng Index ADR reached a high of 25,436.07 and opened at 25,310.36, with a trading volume of 146 million. The lowest point was 25,191.42, and the previous close was 25,077.62, with an average price of 25,313.74 [2]. Major Blue-Chip Stocks - HSBC Holdings closed at 100.534 HKD, up 0.53% from the Hong Kong close. Tencent Holdings closed at 604.965 HKD, down 0.01% from the Hong Kong close [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the investment banking and brokerage industry [7] Core Insights - The report highlights strong mid-year performance from 42 listed brokerages, with total revenue and net profit attributable to shareholders reaching CNY 251.89 billion and CNY 103.61 billion, respectively, reflecting year-on-year increases of 11.3% and 65.6% [2][4] - The insurance sector's mid-year disclosures confirm trends of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and potential valuation recovery [4] - Recommendations include focusing on high-performing stocks such as New China Life, China Life, Hong Kong Exchanges and Clearing, CITIC Securities, Eastmoney, Tonghuashun, and Jiufang Zhitu Holdings based on performance elasticity and valuation levels [4] Summary by Sections Industry Overview - The non-bank financial index decreased by 0.8% this week, underperforming the CSI 300 by 3.5%, ranking 23rd out of 31 sectors [5] - Year-to-date, the non-bank financial index has increased by 13.5%, with a relative underperformance of 0.8% against the CSI 300, ranking 19th out of 31 sectors [5] Market Performance - Market activity has shown signs of recovery, with average daily trading volume across both exchanges reaching CNY 298.31 billion, up 15.29% week-on-week [5][36] - The margin financing balance increased to CNY 2.24 trillion, reflecting a week-on-week rise of 4.52% [5][42] Brokerage Data Tracking - The report notes a recovery in trading activity, with the average daily trading volume exceeding the 2024 average, indicating a gradual improvement in brokerage business profitability [36] - The report emphasizes the importance of monitoring the stock and bond market fluctuations for brokerage self-operated income [40] Insurance Sector Insights - The insurance industry reported a cumulative premium income of CNY 420.85 billion in July 2025, marking a year-on-year increase of 6.75% [20][21] - The total assets of the insurance sector reached CNY 39.59 trillion, with a month-on-month increase of 0.95% [25][26] Investment Banking Activity - In July 2025, equity financing decreased significantly to CNY 53.38 billion, down 90.2% month-on-month, while bond financing totaled CNY 783 billion, down 11.3% [44] - The report anticipates an increase in stock underwriting scale due to the advancement of refinancing regulations [47] Asset Management and Derivatives - The report indicates a decline in new issuance of collective asset management products, with July 2025 issuance at 5.489 billion units, down 43.6% [49] - The futures market saw a significant increase in trading volume, with July 2025 transactions reaching CNY 62.23 trillion, up 34.02% [54]