9月29日恒生指数上涨1.89%，南向资金全天合计成交金额为1488.58亿港元，其中，买入成交736.02亿 港元，卖出成交752.56亿港元，合计净卖出金额16.54亿港元。具体来看，港股通（深）累计成交金额 552.80亿港元，买入成交279.92亿港元，卖出成交272.88亿港元，合计净买入金额7.04亿港元；港股通 （沪）累计成交金额935.78亿港元，买入成交456.10亿港元，卖出成交479.68亿港元，合计净卖出金额 23.58亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额139.01亿港 元，小米集团-W、中芯国际成交额紧随其后，分别成交99.14亿港元、67.04亿港元。以净买卖金额统 计，净买入的个股共有6只，阿里巴巴-W净买入额为35.57亿港元，净买入金额居首，该股收盘股价上 涨4.14%，腾讯控股净买入额为14.94亿港元，小米集团-W净买入额为9.96亿港元。净卖出金额最多的是 盈富基金，净卖出57.83亿港元，该股收盘股价上涨1.72%，中国移动、美团-W遭净卖出8.15亿港元、 1.98亿港元。 今日上榜个股中，阿里巴巴-W、腾讯控 ...

Core Insights - On September 29, China Mobile made its first appearance on the Hong Kong Stock Connect active trading list in nearly a month [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 550.07 billion, accounting for 36.95% of the day's total trading amount, with a net buying amount of HKD 4.20 billion [2] - Alibaba-W led the trading volume with HKD 139.01 billion, followed by Xiaomi Group-W and SMIC with HKD 99.14 billion and HKD 67.04 billion respectively [2] Trading Activity Summary - The most frequently listed stocks in the past month include Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect funds [2] - China Mobile's trading volume on that day was HKD 11.61 billion, with a net selling amount of HKD 8.15 billion, and the stock closed down by 0.12% [2] Individual Stock Performance - Tencent Holdings had a trading amount of HKD 65.16 billion with a net buying amount of HKD 14.94 billion, closing at HKD 660.000, up by 2.48% [2] - SMIC recorded a trading amount of HKD 67.04 billion with a net buying amount of HKD 3.79 billion, closing at HKD 76.500, up by 4.87% [2] - Xiaomi Group-W had a trading amount of HKD 99.14 billion with a net buying amount of HKD 9.96 billion, closing at HKD 53.550, down by 2.01% [2] - Alibaba-W's trading amount was HKD 139.01 billion with a net buying amount of HKD 35.57 billion, closing at HKD 173.400, up by 4.14% [2]

Investment Rating - The report maintains a "Positive" investment rating for the gaming industry [7]. Core Insights - The issuance of game licenses in September, with approvals for companies like Kaiying, Giant Network, and Point Point, indicates a positive trend in the new game cycle and overall industry prosperity. The performance of several new games, such as Giant Network's "Supernatural Action Group" and G-bits' "Staff Sword Legend," is expected to drive the product cycle and industry sentiment upward. The combination of new game cycles, favorable policies, and AI catalysis suggests that the gaming sector still has upward valuation potential, warranting continued attention to investment opportunities in this area [2][4][6]. Summary by Sections Game License Issuance - In September, a total of 156 game licenses were issued, including 145 domestic and 11 imported games. This brings the total number of domestic game licenses issued this year to 1,195, nearing the annual total of 1,306 from 2024 [6][9]. Market Performance - The gaming market in China showed a month-on-month growth, with August revenues reaching 29.263 billion yuan, a 0.61% increase from the previous month. The mobile gaming market accounted for 21.541 billion yuan, reflecting a 0.85% month-on-month growth [9]. New Game Launches - Several new games are set to launch or have recently launched, including Kaiying's "The Legend of the Adventure" and Heartbeat's "Yise," which quickly topped the iOS and TapTap charts. The report highlights a rich pipeline of upcoming games from major developers, indicating potential for revenue growth [6][9].

Core Viewpoint - The article discusses Orange's ambition to develop a "super app" called Max it for the African and Middle Eastern markets, inspired by China's WeChat model, aiming to provide comprehensive communication and subscription management services [7][9][10]. Group 1: Orange's Market Strategy - Orange is a leading telecommunications operator in Europe, the Middle East, and Africa, serving 300 million users across 26 countries [3]. - The company aims to replicate the success of Chinese mobile internet by launching Max it, which will cater to the unique needs of the African market [9][10]. - The average price of mobile devices in sub-Saharan Africa is around 60 euros, necessitating a low-cost, feature-rich application to meet user demands [9]. Group 2: Collaboration with Tencent Cloud - Orange partnered with Tencent Cloud to develop Max it, enhancing its capabilities significantly within a year [12][17]. - The collaboration focuses on localizing technology and adapting it to meet the specific needs of African users, rather than simply copying existing models [18][21]. - Tencent Cloud's expertise has allowed Orange to accelerate the development of new features for Max it, including messaging, video, and music functionalities [12][14]. Group 3: Local Adaptation and Innovation - The partnership emphasizes the importance of local adaptation, with Orange employing local talent to build a sustainable ecosystem [14][15]. - A phased approach is being taken to customize solutions for different countries, ensuring that the app meets diverse market expectations [15][18]. - The goal is to create a long-term, successful digital economy in Africa, similar to the sustained growth of WeChat in China [19][21]. Group 4: Historical Context and Future Outlook - The article draws parallels between historical advancements in telecommunications and the current efforts to leverage Chinese technology in Africa [20][22]. - The aim is to transform the lessons learned from China's market into a framework that can be applied globally, particularly in emerging markets [20][21].

Group 1 - Multiple securities and battery-related ETFs saw significant gains on September 29, with the Hong Kong Securities ETF leading the way, rising over 6% and achieving a trading volume of 475.18 billion yuan, the highest for the day [1][4][10] - The technology innovation bond ETFs were also active, with half of the top ten ETFs by trading volume being such products, including the Guotai and Huatai ETFs, each exceeding 10 billion yuan in trading volume [2][10] - The previous trading day (September 26) saw substantial net inflows into several technology innovation bond ETFs and the CSI A500 ETF, with net inflows exceeding 1 billion yuan [3][12] Group 2 - The technology innovation semiconductor materials and equipment index has surged by 127.17% since September 24, 2024, indicating strong growth potential in the semiconductor sector [6] - The technology innovation semiconductor ETF (588170) experienced over 1.6 billion yuan in net inflows in the past month, reflecting strong investor interest in this segment [7] - The semiconductor equipment and materials industry is expected to enter a rapid growth phase, with established delivery and validation cycles creating a competitive advantage for firms in this space [7] Group 3 - Coal ETFs, along with others like the Saudi ETF and the All-Index Cash Flow ETF, experienced declines, indicating a shift in investor sentiment away from these sectors [8] - The market outlook suggests a continuation of the upward trend in A-shares, driven by technological advancements and supportive policies for AI and innovation sectors [13]

Company News - China CRRC (01766.HK) signed significant contracts totaling approximately 54.34 billion RMB in the last three months, accounting for about 22% of the company's projected revenue for 2024 under Chinese accounting standards [2] - China Railway Construction (01186.HK) recently secured 14 major projects, each exceeding 1.5 billion RMB, with a total project value of 63.037 billion RMB, representing 5.91% of the company's audited revenue for 2024 [2] - Shenzhen Expressway (00548.HK) reported toll revenues for August from various projects, totaling approximately 134.46 million RMB, 624.58 million RMB, 516.79 million RMB, 714.85 million RMB, and 114 million RMB [2] - Bay Area Development (00737.HK) reported toll revenues for August from several highways, with total revenues of approximately 256 million RMB, 105 million RMB, and 714.85 million RMB, showing a year-on-year decrease of 0.5%, 12%, and an increase of 1% respectively [2] - Hema Medical (03309.HK) entered into a global licensing and collaboration agreement with Gilead and Hanmi regarding encequidar, with an initial payment of 10 million USD and potential future payments up to 72.5 million USD [3] Financial Performance - Times Group Holdings (01023.HK) reported annual revenue of 1.584 billion HKD for the year ending June 30, 2025, a decrease of 1.38%, with a shareholder loss of 178 million HKD, marking a shift from profit to loss [4] - China National Automobile (00026.HK) reported annual revenue of 53.063 million HKD for the year ending June 30, 2025, a decrease of 23.71%, with a narrowed shareholder loss of 185 million HKD, down 29.64% [4] Financing and Share Buybacks - Tencent Holdings (00700.HK) repurchased 837,000 shares at a total cost of 551 million HKD, with prices ranging from 648 to 664 HKD per share [5] - Xiaomi Group-W (01810.HK) repurchased 507,400 shares for a total of 26.996 million HKD, with prices between 53.15 and 53.25 HKD [5] - Hang Seng Bank (00011.HK) repurchased 200,000 shares at a cost of 23.6501 million HKD, with prices ranging from 117.4 to 118.9 HKD [6] - Guofu Hydrogen Energy (02582.HK) completed a placement of 1.9948 million shares at a price of 50.13 HKD per share, raising approximately 98.49 million HKD [7] - Youbao Online (02429.HK) successfully placed 157.5 million shares at a price of 2.45 HKD per share to at least six subscribers [8]

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 52.11 亿元 | +18.96 亿元 | | 小米集团-W(01810) | 36.91 亿元 | +5.73 亿元 | | 中芯国际(00981) | 30.22 亿元 | +3.62 亿元 | | 腾讯控股(00700) | 24.53 亿元 | +2.30 亿元 | | 盈富基金(02800) | 18.12 亿元 | -18.07 亿元 | | 华虹半导体(01347) | 12.93 亿元 | -8412.65 万元 | | 美团-W(03690) | 9.89 亿元 | +821.61 万元 | | 理想汽车-W(02015) | 8.99 亿元 | +1.25 亿元 | | 晶泰控股(02228) | 8.29 亿元 | -8819.96 万元 | | 快手-W(01024) | 8.22 亿元 | +3.71 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | ...

Core Insights - The article discusses the rising influence of Guangdong businesses (Yue merchants) in the global economic and technological competition, shifting from traditional manufacturing to technology innovation [2][3][15] - Guangdong enterprises are increasingly focusing on future industry sectors, showcasing their capabilities in AI, robotics, and smart transportation, thus establishing themselves as key players in global technology competition [3][6][10] Group 1: Technological Advancements - Guangdong companies are no longer just manufacturers; they are now competing in critical future industries such as AI, with Tencent's mixed Yuan model and Huawei's Kirin 9020 chip leading the charge [3][6] - New AI models like Kimi and DeepSeek have gained international attention, indicating Guangdong's growing role in the global AI landscape [5][6] - The region is also making strides in robotics, with companies like UBTECH and Zhiqiang demonstrating significant technological breakthroughs [8][10] Group 2: Global Expansion - Guangdong businesses are expanding globally, moving from product exports to brand and technology exports, with a focus on establishing a balanced supply chain [11][12] - Major companies like Midea and BYD are setting up manufacturing bases worldwide, reflecting a shift towards a more diversified and strategic approach to international business [12][13] - The export of high-tech products from Guangdong has seen significant growth, with a 13.3% increase in high-tech product exports in the first half of the year [13] Group 3: Local Adaptation - Successful global expansion requires local adaptation, as seen in TCL's experience in Vietnam, emphasizing the importance of local teams and product localization [14] - Companies like Visionox and EVE Energy are establishing local production bases to enhance their resilience and responsiveness to local markets [14]

Core Points - The Hang Seng Index rose by 494.68 points, an increase of 1.89%, closing at 26,622.88 points [1] - The total turnover for the day on the main board was 309.096 billion HKD [1] - The Hang Seng China Enterprises Index increased by 151.02 points, closing at 9,454.12 points, a rise of 1.62% [1] - The Hang Seng Tech Index gained 129.14 points, closing at 6,324.25 points, reflecting a growth of 2.08% [1] Blue Chip Stocks - Tencent Holdings rose by 2.48%, closing at 660 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.79%, closing at 442.2 HKD [1] - China Mobile decreased by 0.12%, closing at 84.9 HKD [1] - HSBC Holdings rose by 1.97%, closing at 108.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at 37.58 HKD [1] - Sun Hung Kai Properties rose by 1.69%, closing at 93.15 HKD [1] - Henderson Land Development increased by 2.06%, closing at 27.7 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.71%, closing at 4.23 HKD [1] - China Construction Bank increased by 1.36%, closing at 7.48 HKD [1] - Industrial and Commercial Bank of China rose by 0.53%, closing at 5.73 HKD [1] - Ping An Insurance increased by 2.1%, closing at 53.5 HKD [1] - China Life Insurance rose by 4.61%, closing at 22.22 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.74%, closing at 4.1 HKD [1] - China National Petroleum Corporation increased by 2.39%, closing at 7.28 HKD [1] - CNOOC Limited rose by 0.84%, closing at 19.28 HKD [1]

Core Viewpoint - The article discusses the newly released "Shenzhen Plan" which includes 15 clear guidelines aimed at enhancing personal information protection, reflecting a shift towards stricter compliance for companies handling personal data [1][4]. Summary by Sections Privacy Policy Standards - The guidelines require application distribution platforms and apps to provide easily accessible and long-term effective privacy policies, which must include rules for personal information processing, user rights, and complaint channels. Special rules must be established for handling minors' personal information [1][2]. User Consent Management - Operators must inform users about personal information processing in a prominent manner, prohibiting default selections or bundled authorizations. Sensitive personal information requires "separate consent," and users must have effective means to withdraw consent [2][4]. Data Processing Compliance - Operators are mandated to adhere to the principles of "minimum and necessary" data processing, prohibiting blanket authorizations and frequent pop-up requests. Personalized recommendations must offer non-targeted options or easy refusal methods. Generative AI services are restricted from indiscriminately collecting or retaining personal information, and any training data involving personal information must comply with legal standards [2][4]. User Rights Protection - Operators are required to inform users of their rights to access, copy, correct, delete, and restrict processing of their personal information. User requests must be processed within 15 working days without artificial barriers [2][4]. Multi-Party Governance Framework - The initiative aims to establish a multi-party governance framework for personal information protection, involving government regulation, corporate autonomy, industry self-discipline, and social oversight. Key application software distribution platforms have signed a compliance commitment to enhance personal information protection [4][5]. Ongoing Efforts and Future Directions - Shenzhen's efforts include exploring a "law enforcement + service" model, transitioning from punitive measures to proactive legal education and rectification. The city plans to continuously improve long-term mechanisms for personal information protection and enhance collaborative enforcement capabilities [5].