Core Viewpoint - Goldman Sachs reports that the Hong Kong Stock Exchange (HKEX) is taking steps towards simplifying its platform, enhancing capital efficiency for market participants, and aligning with international standards through the recent reduction of trading and settlement fees and the expansion of derivative product holding limits by the Securities and Futures Commission [1] Group 1: Revenue and Earnings Forecasts - Goldman Sachs has revised down its yield forecasts from Hong Kong's margin balances for HKEX to 1.97%, 1.39%, and 1.42% for this year, next year, and 2027 respectively [1] - The daily average sales volume for HKEX is projected to be HKD 249 billion, HKD 275 billion, and HKD 299 billion for the respective years [1] Group 2: Earnings Per Share and Target Price - The earnings per share forecasts for HKEX have been increased by 2%, 3%, and 4% for this year, next year, and 2027 respectively [1] - The target price for HKEX has been raised from HKD 509 to HKD 524, maintaining a "Buy" rating [1]

Group 1 - The top three stocks with the highest short-selling ratios are China Resources Beer (100.00%), Lenovo Group (100.00%), and Anta Sports (100.00%) [1][2] - The top three stocks with the highest short-selling amounts are Alibaba (2.283 billion), Tencent Holdings (1.289 billion), and Xiaomi Group (1.113 billion) [1][2] - The top three stocks with the highest deviation values are China Resources Beer (50.97%), Lenovo Group (46.84%), and Tencent Holdings (44.51%) [1][2] Group 2 - The top ten short-selling ratio rankings include China Resources Beer, Lenovo Group, and Anta Sports, all at 100.00% [2] - The top ten short-selling amounts show Alibaba leading with 22.83 billion, followed by Tencent Holdings and Xiaomi Group [2] - The top ten deviation values highlight China Resources Beer and Lenovo Group with significant deviations from their average short-selling ratios [2]

Investment Rating - The report maintains a "Buy" rating for the non-bank financial sector [2] Core Insights - The report highlights a "slow bull" new cycle, indicating a revaluation of the sector with significant growth in insurance premiums and profits for listed insurance companies in 2025 [7] - The insurance sector is experiencing rapid growth in bank insurance, improved cost structures, and increased allocation to equity assets, reflecting a trend of "deposit migration" and rising industry concentration [7] - Brokerage firms continue to show strong performance, with a notable recovery in investment banking activities and a significant increase in net profits [7] - Financial technology firms are seeing strong revenue elasticity in C-end businesses, while B-end businesses face challenges due to declining downstream demand [7] - The report recommends focusing on companies with strong long-term profitability potential and suggests long-term holdings in leading and high-dividend stocks within the industry [7] Summary by Sections Insurance: Gradual Validation of ROE Revaluation - The 2025 interim report for listed insurance companies shows significant growth in value and premiums, with a focus on bank insurance growth and improved cost structures [12] - The new business value (NBV) increased by 31% year-on-year, and the net investment yield decreased slightly [13] - The allocation to equity assets has increased, with a notable rise in stock and fund exposure [12][13] Brokerage: Stability of Leading Firms' Profitability - In the first half of 2025, brokerage firms achieved a total revenue of 2,518.94 billion and a net profit of 1,036.05 billion, representing year-on-year increases of 11.3% and 65.6%, respectively [41] - The brokerage business continues to show strong growth, particularly in proprietary trading and brokerage services [41] - The average return on equity (ROE) for the sector increased to 3.5%, with leading firms showing significantly higher ROE [47] Financial Technology: Strong Elasticity in C-end Business - C-end business revenues are driven by increased trading demand, leading to improved profit margins, while B-end businesses remain under pressure [7] - The competitive landscape among large platforms remains stable, with revenue primarily driven by trading-related services [7] Investment Recommendations - The report emphasizes the shift in industry valuation from short-term trading risks to long-term profitability potential, recommending companies with strong earnings stability and growth potential [7] - Specific stock recommendations include New China Life Insurance, China Life, and China Pacific Insurance for the insurance sector, and Jiufang Zhitu, Tonghuashun, and CITIC Securities for the brokerage and financial IT sectors [7]

Core Points - The Hong Kong Stock Exchange announced that the exchange rate deduction rates for RMB to HKD and RMB to USD will remain at 2.6% after market close on September 5, 2025 [1] - The deduction rate for USD to HKD will be revised from 0.7% to 1% effective September 5, 2025 [1] - The deduction rate for using HKD or USD as collateral for early use of frozen securities under the China Connect will remain at 3.7% starting September 5, 2025 [1]

Market Overview - The Hang Seng Index fell by 153.12 points, a decrease of 0.6%, closing at 25,343.43 points [1] - The total turnover for the day on the main board was 267.647 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 58.1 points, closing at 9,050.02 points, a decline of 0.64% [1] - The Hang Seng Tech Index decreased by 44.72 points, closing at 5,683.74 points, a drop of 0.78% [1] Blue Chip Stocks - Tencent Holdings fell by 0.33%, closing at 598.5 HKD [1] - Hong Kong Exchanges and Clearing decreased by 1.35%, closing at 437.6 HKD [1] - China Mobile increased by 0.12%, closing at 85.7 HKD [1] - HSBC Holdings declined by 0.6%, closing at 99.15 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings dropped by 1.41%, closing at 36.42 HKD [1] - Sun Hung Kai Properties fell by 1.66%, closing at 92.1 HKD [1] - Henderson Land Development decreased by 1.35%, closing at 26.3 HKD [1] Chinese Financial Stocks - Bank of China fell by 0.92%, closing at 4.31 HKD [1] - China Construction Bank decreased by 0.91%, closing at 7.63 HKD [1] - Industrial and Commercial Bank of China dropped by 1.2%, closing at 5.74 HKD [1] - Ping An Insurance increased by 0.09%, closing at 56.5 HKD [1] - China Life Insurance fell by 0.77%, closing at 23.16 HKD [1] Oil and Petrochemical Stocks - Sinopec fell by 0.92%, closing at 4.29 HKD [1] - PetroChina increased by 0.91%, closing at 7.74 HKD [1] - CNOOC dropped by 0.95%, closing at 19.87 HKD [1]

（股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位非登記股東（註 1）： 香港交易及結算所有限公司（「香港交易所」） – 刊發《2025 年中期業績報告》以及發布公司通訊的新安排 香港交易所《2025 年中期業績報告》的英文及中文版本已載於香港交易所集團網站 （www.hkexgroup.com）「投資者關係（監管披露／監管報告 ）」一欄及「披露易」 網站（www.hkexnews.hk）。如閣下自香港交易所於 2025 年 3 月刊發的香港交易所 《2024 年年報》後提交收取公司通訊（註 2）印刷本的要求，現隨本函附上香港交易所 《2025 年中期業績報告》印刷本（按閣下所選擇之語言版本）。 發布公司通訊的新安排 股東網上申請表格二維碼 根據《上市規則》、香港《公司條例》及香港交易所的《組織章程細則》，香港交易所將繼續透過香港交易所 集團網站（www.hkexgroup.com） 及「披露易」網站 （www.hkexnews.hk）以電子方式發布公司通訊。 香港交易所將僅按非登記股東提出的要求，向他們發送公司通訊的印刷本。 請注意，閣下提出有關收取香港交易所日後公司通訊印刷本的要求（如有） ...

香港交易所日後將不再以郵寄方式通知股東有關以電子方式刊發公司通訊。若閣下擬於香港交易所在香港交易所 集團網站刊發公司通訊時收到通知，可於香港交易所市場網站（www.hkex.com.hk）「市場數據」項下登記使用 「訊息提示」服務，又或向香港交易所提供電郵地址以要求收取有關刊發公司通訊的電郵通知。 （股份代號：388（港幣櫃台）及 80388（人民幣櫃台）) 各位登記股東： 香港交易及結算所有限公司（「香港交易所」） – 刊發《2025 年中期業績報告》以及發布公司通訊的新安排 香港交易所《2025 年中期業績報告》的英文及中文版本已載於香港交易所集團 網站（www.hkexgroup.com）「投資者關係（監管披露／監管報告 ）」一欄及 「披露易」網站（www.hkexnews.hk）。如閣下自香港交易所於 2025 年 3 月 刊發的香港交易所《2024 年年報》後提交收取公司通訊（註 1）印刷本的要求， 現隨本函附上香港交易所《2025 年中期業績報告》印刷本（按閣下所選擇之語 言版本）。 發布公司通訊的新安排 根據《上市規則》、香港《公司條例》及香港交易所的《組織章程細則》，香港交易所將繼續透過香港交 ...

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]