Group 1 - The core viewpoint of the news is that the Hong Kong government’s 2025 policy address aims to enhance the financial and capital markets, with measures expected to solidify Hong Kong's position as a leading global listing venue [1][2] - The Hong Kong Securities and Futures Commission (SFC) believes that the proposed measures to strengthen the stock market and optimize the listing system will reinforce Hong Kong's status as a preferred listing location globally [1] - Suggestions to include Renminbi counters and Real Estate Investment Trusts (REITs) in the Stock Connect program are expected to deepen the connection between Hong Kong and mainland markets [1] Group 2 - The policy address emphasizes the development of fixed income and money markets through initiatives such as promoting bond issuance, establishing a commercial repurchase market, and launching government bond futures [1] - The SFC views these measures as a significant boost for the diversification of Hong Kong's market and its attractiveness to global investors [1] - The SFC Chairman, Huang Tianyou, stated the commitment to consolidating Hong Kong's traditional advantages in financing and connectivity, while pursuing innovation and diversification for future success [2]

Group 1 - The Hong Kong government will establish a "Commodity Strategy Committee" led by the Financial Secretary to enhance the top-level design and long-term strategy formulation for commodity policies [1] - The government aims to develop a commodity trading ecosystem in Hong Kong, including supporting the establishment of more recognized warehouses and providing tax incentives for commodity traders [1] - The initiative is expected to strengthen Hong Kong's position as an international financial, shipping, and trading center, integrating existing advantages and creating new economic growth points [1] Group 2 - Guangdong Province and Guangzhou have expressed support for cross-border cooperation between the Guangzhou Futures Exchange and the Hong Kong Stock Exchange [2] - The collaboration is seen as a practical measure to enhance the influence of Hong Kong's capital market and promote the integration of financial resources in the Guangdong-Hong Kong-Macao Greater Bay Area [2] - Strengthening cooperation between the two exchanges is crucial for the development of the Greater Bay Area and will facilitate efficient allocation of production factors [2]

Core Viewpoint - The 2025 Policy Address by Hong Kong Chief Executive John Lee emphasizes measures to enhance Hong Kong's status as a leading international financial center, with a focus on strengthening the stock market, optimizing listing systems, and promoting innovation in digital assets [1][2]. Group 1: Financial Market Development - The Hong Kong Securities and Futures Commission (SFC) welcomes the measures in the Policy Address aimed at supporting Hong Kong's continuous development as a leading international financial center [2]. - Suggestions to include Renminbi counters and Real Estate Investment Trusts (REITs) in the Stock Connect program are expected to deepen ties between Hong Kong and mainland markets [2]. - The SFC believes that promoting bond issuance, establishing a commercial repurchase market, and launching government bond futures will inject vitality into the fixed income and currency markets, enhancing Hong Kong's attractiveness to global investors [2]. Group 2: Collaboration and Innovation - The SFC Chairman emphasizes the commitment to maintaining Hong Kong's traditional advantages in fundraising and connectivity while pursuing innovation and diversification for future success [3]. - The Hong Kong Exchanges and Clearing Limited (HKEX) expresses support for the measures in the Policy Address, which cover both primary and secondary markets, and aim to broaden Hong Kong's financial ecosystem [3][4]. - HKEX's CEO highlights the importance of building a diverse asset ecosystem in Hong Kong to connect capital with opportunities, supported by the government's ongoing initiatives [4]. Group 3: SME Financing Support - Following the Policy Address, the Hong Kong Monetary Authority (HKMA) introduced new measures under the "SME Financing Guarantee Scheme," extending the application period for 80% credit guarantee products until March 2028 [4]. - The total credit guarantee amount will increase by HKD 20 billion to HKD 310 billion, and the "interest-only" repayment arrangement will be extended for another year [4].

OSTTRA, the global post-trade solutions provider, has completed its inaugural portfolio compression run for USD/CNH cross currency swaps (CCS) cleared through Hong Kong Exchanges and Clearing’s (HKEX) OTC Clear. The exercise, conducted on August 28, involved five financial institutions including Bank of China (Hong Kong) and Crédit Agricole CIB. In total, $5.8 billion in notional value was compressed, providing market participants with meaningful cost and risk reduction.The service was carried out via OSTTR ...

Core Viewpoint - The Hong Kong Special Administrative Region Chief Executive, John Lee, announced the 2025 Policy Address, highlighting the launch of the Core Climate international carbon trading platform by the Hong Kong Stock Exchange in 2022, which is the only platform globally that settles voluntary carbon credits in Hong Kong dollars and Renminbi [1] Group 1: Carbon Trading Initiatives - The Core Climate platform aims to strengthen collaboration with the Greater Bay Area's carbon market through pilot projects, testing cross-border trading settlement paths, and building a regional carbon market ecosystem [1] - Hong Kong will work with relevant regulatory bodies and institutions in mainland China to explore the country's participation in the international carbon market, including establishing voluntary carbon credit standards and methods [1] - The initiatives will also cover the registration, trading, and settlement of carbon reduction credits [1]

Core Viewpoint - Hong Kong will collaborate with exchanges in the Greater Bay Area to develop new businesses in bulk commodity trading and carbon trading [1] Group 1: Collaboration and Market Development - The Hong Kong Stock Exchange (HKEX) is the controlling shareholder of the Qianhai Joint Trading Center and will continue to strengthen cooperation between the two regions [1] - The development of an offshore soybean spot market is a key focus for HKEX [1] - HKEX's carbon market, Core Climate, will conduct research on cross-border trading settlement with pilot carbon markets in the Greater Bay Area [1]

目前，禾赛科技在车载激光雷达市场摘得三项全球第一：全球车载激光雷达市占率第一、全球 ADAS 激光雷达市占率第一、全球 L4 自动驾驶激光雷达市占率第一，也成为了行业唯一一个连续四年获"多 项全球第一"殊荣的企业，持续领跑全球市场。 本次IPO绿鞋（超额配售选择权）前募资41.6亿港元（约5.33亿美元），创全球激光雷达行业规模最大 纪录，也是近四年融资额最高的中概股回港项目。 北京商报讯（记者 陶凤 实习记者 王天逸）2025年9月16日，全球激光雷达龙头禾赛科技正式在香港交 易所主板挂牌，成为业内首家"美股+港股"双重主要上市公司。 2024 年公司实现营收 20.8 亿元，年度交付量连续 4 年翻倍，成为全球首家且唯一实现全年盈利的上市 激光雷达企业，也是全球首家全年经营和净现金流为正的上市激光雷达企业。公司 2021 至 2024 年的营 收复合增长率达 42.3%，收入保持高速增长。 ...

Market Overview - The Hang Seng Index (HSI) closed at 26,457.88, up by 11.32 points or 0.04% as of September 15, 16:00 Eastern Time [1] - The index reached a high of 26,527.24 and a low of 26,435.55 during the trading session, with an average price of 26,481.40 [1] - The trading volume was 71.35 million shares, indicating active market participation [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 108.054, reflecting an increase of 1.46% compared to the Hong Kong closing price [2] - Tencent Holdings closed at HKD 644.822, with a slight increase of 0.21% from the Hong Kong closing price [2] - Alibaba Group (ADR) saw a price of HKD 153.679, down by 0.921 compared to its Hong Kong price, despite a 2.32% increase in its latest price [3] - Other notable performances include BYD Company, which rose by 3.44% to HKD 108.100, and Xiaomi Group, which increased by 1.90% to HKD 56.200 [3] Summary of Stock Movements - Tencent Holdings remained stable with no change in its latest price [3] - HSBC Holdings showed a minor increase of 0.19% [3] - Alibaba's stock experienced a decline when compared to its ADR price [3] - The overall performance of major blue-chip stocks was mixed, with some stocks like BYD and Xiaomi showing positive movements while others like China Ping An and AIA Group faced declines [3]

Group 1: Market Performance - In August, the Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech rising by 25.0% and 27.0% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange reached HKD 279.1 billion, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [1] - Northbound trading ADT was HKD 322.8 billion, with month-on-month and year-on-year increases of 45.2% and 204.9% respectively, while southbound trading ADT was HKD 155.2 billion, with increases of 7.4% and 448.3% [1] Group 2: Derivatives Market - In August, the average daily volume (ADV) for futures was 627,000 contracts, showing month-on-month and year-on-year increases of 9.6% and 5.3% respectively [1] - The ADV for options was 962,000 contracts, with month-on-month and year-on-year increases of 2.1% and 34.5% [1] - As of the end of August, the ADT for structured products such as bull and bear certificates and derivative warrants was HKD 17.5 billion, reflecting increases of 11.9% and 58.6% year-on-year [1] Group 3: Initial Public Offerings (IPOs) - In August, there were 6 new IPOs in Hong Kong, with a total scale of HKD 5.4 billion, representing a month-on-month decrease of 73% but a year-on-year increase of 189% [2] - The number of newly listed derivative warrants and bull and bear certificates was 941 and 2,386 respectively, with year-on-year increases of 75% and 40% [2] Group 4: Investment Income and Economic Environment - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, with month-on-month increases across the board [2] - The domestic economic environment showed signs of recovery, with the manufacturing PMI at 49.40%, indicating a slight improvement [3] - The overseas economic outlook suggests a strengthening of interest rate cut expectations, with the Federal Reserve expected to cut rates by 25 basis points in September 2025 [3] Group 5: Valuation and Future Outlook - As of the end of August, the company's price-to-earnings (PE) ratio was 37.02x, positioned at the 52nd percentile historically since 2016, indicating potential value for investors [4] - The company is expected to achieve revenues of HKD 30.3 billion, HKD 33.2 billion, and HKD 35.6 billion for the years 2025 to 2027, with corresponding net profits of HKD 19.4 billion, HKD 20.6 billion, and HKD 22.3 billion [4] - The projected PE ratios for 2025, 2026, and 2027 are 29.3x, 27.7x, and 25.4x respectively, suggesting a favorable investment opportunity [4]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company's PE ratio as of the end of August is 37.02x, positioned at the 52nd percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.3 billion, 33.2 billion, and 35.6 billion HKD for 2025-2027, with net profits attributable to shareholders of 19.4 billion, 20.6 billion, and 22.3 billion HKD, corresponding to PE valuations of 29.3, 27.7, and 25.4 times respectively [2][50]. Market Environment - The Hong Kong stock market continued its upward trend in August, driven by domestic policy support and expectations of interest rate cuts by the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 25.0% and 27.0% respectively compared to the end of 2024. The average daily trading (ADT) for Hong Kong stocks in August was 279.1 billion HKD, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [10][15]. Business Segments - **Spot Market**: The overall Hong Kong stock market saw significant increases in trading activity, with the ADT for northbound trading reaching 322.8 billion HKD, up 45.2% month-on-month and 204.9% year-on-year. Southbound trading ADT was 155.2 billion HKD, reflecting increases of 7.4% month-on-month and 448.3% year-on-year [8][15]. - **Derivatives Market**: The average daily volume (ADV) for futures was 62.7 thousand contracts, with month-on-month and year-on-year increases of 9.6% and 5.3% respectively. The ADV for options was 96.2 thousand contracts, with increases of 2.1% month-on-month and 34.5% year-on-year [19]. - **Primary Market**: In August, the IPO scale in the Hong Kong stock market decreased month-on-month but increased significantly year-on-year, with a total of 6 new listings raising 5.4 billion HKD, a 73% decrease month-on-month but a 189% increase year-on-year [29][31]. Investment Income - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, showing month-on-month increases but year-on-year declines for most rates [38].