Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that the market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Company Projections - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and East Asia Bank (00023) will remain flat in 2026, with expected per-share dividend growth of 2% to 3% [1] - The target prices for Bank of China Hong Kong and East Asia Bank have been raised to HKD 40 and HKD 13.5, respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Market Conditions - Despite the improvement in net interest income for Hong Kong banks, the risk of non-performing loans has increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and East Asia Bank [1] - The average one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to 3.19% in the fourth quarter, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that the net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upward [1]

Group 1 - The core objective of the visit by the Cambodian delegation to Hong Kong is to deepen financial cooperation and promote connectivity between the capital markets of Cambodia and Hong Kong [1] - Discussions focused on key topics such as the implementation of Dim Sum bonds (offshore RMB bonds), dual listing mechanisms, and collaboration between brokers to facilitate cross-border capital inflow [1][3] - The Cambodian Securities and Exchange Commission (SERC) aims to enhance cooperation with the Hong Kong Stock Exchange (HKEX) and establish a more systematic and actionable framework for bilateral capital market collaboration [3] Group 2 - The SERC Chairman emphasized the importance of dual listing and international financing channels, aiming to guide more Cambodian companies to list in Hong Kong after their domestic listings [3] - The Cambodian Chamber of Commerce President highlighted the country's economic reforms and the potential for international capital to drive growth, governance, and market confidence [4] - The Chairman of the Cambodian Securities Company expressed intentions to deepen cooperation with Haitong International, focusing on cross-border investments and dual listings [5][6] Group 3 - A two-phase approach for RMB bond issuance was outlined: the first phase involves supporting top Cambodian companies to issue Dim Sum bonds in Hong Kong, while the second phase aims to facilitate the issuance of RMB-denominated bonds within Cambodia [7] - Future efforts will include coordinating visits from Hong Kong partners to Cambodia to promote project-based cooperation and expedite the issuance of Dim Sum bonds and dual listings [8] - The Cambodian delegation has established a clearer roadmap for advancing institutional cooperation with Hong Kong in capital markets, aiming to attract long-term capital and resources [8]

Market Overview - The Hang Seng Index (HSI) closed at 25,849.55, up by 47.78 points or 0.19% from the previous close [1] - The index reached a high of 25,866.92 and a low of 25,705.84 during the trading session [1] - The trading volume was 32.1069 million shares [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 122.506 HKD, an increase of 0.99% compared to the Hong Kong close [2] - Tencent Holdings closed at 614.085 HKD, a slight decrease of 0.07% from the Hong Kong close [2] - Alibaba Group (W) saw a rise of 0.76%, closing at 146.400 HKD [3] Stock Price Movements - Tencent Holdings: Latest price 614.500 HKD, up by 0.500 HKD (0.08%), ADR price 614.085 HKD, down by 0.415 HKD (-0.07%) [3] - Alibaba Group (W): Latest price 146.400 HKD, up by 1.100 HKD (0.76%), ADR price 146.811 HKD, up by 0.411 HKD (0.28%) [3] - HSBC Holdings: Latest price 121.300 HKD, up by 2.000 HKD (1.68%), ADR price 122.506 HKD, up by 1.206 HKD (0.99%) [3] - Xiaomi Group (W): Latest price 39.800 HKD, down by 0.740 HKD (-1.83%), ADR price 39.647 HKD, down by 0.153 HKD (-0.38%) [3] - AIA Group: Latest price 82.650 HKD, up by 0.150 HKD (0.18%), ADR price 83.053 HKD, up by 0.403 HKD (0.49%) [3]

证券之星消息，12月22日南向资金增持63.25万股中银香港（02388.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持640.36万股。近20个交易日中，获南向资金增持的有13天，累计净增持383.96 万股。截至目前，南向资金持有中银香港（02388.HK）3.78亿股，占公司已发行普通股的3.57%。 中银香港是香港三家发钞银行之一，亦是香港唯一的人民币业务清算行，在各主要业务市场位居前列。 凭借在人民币业务方面的优势，中银香港的人民币服务成为客户的当然选择。我们在香港透过最庞大的 分行网络及多元化的服务渠道，以及网上银行和手机银行等高效电子渠道，为个人、各类企业和机构等 客户提供全面的金融及投资理财服务。透过与母行中国银行的紧密联动，我们为跨国公司、跨境客户、 内地「走出去」企业，以及各地央行和超主权机构客户提供全方位及优质的跨境服务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

Core Insights - The Hong Kong Monetary Authority, in collaboration with the Commerce and Economic Development Bureau and the Intellectual Property Department, has launched an Intellectual Property Financing Sandbox [1][2] - The sandbox provides a collaborative and risk-controlled environment for banks, intellectual property valuation agencies, legal practitioners, and other relevant professionals to test financing arrangements based on intellectual property assets such as patents, trademarks, and copyrights [1][2] - Three major banks in Hong Kong have joined the sandbox as initial participants, confirming interest from clients in the biotechnology, electronics, and technology sectors in testing intellectual property financing transactions [1][2] Participating Banks and Client Industries - Bank of China (Hong Kong) Limited is targeting clients in the biotechnology sector [2][3] - HSBC Hong Kong is focusing on clients in the electronics sector [2][3] - Standard Chartered Bank (Hong Kong) Limited is engaging with clients in the technology sector [2][3]

智通财经APP获悉，12月22日，香港金融管理局(金管局)联同商务及经济发展局(商经局)及知识产权署 推出知识产权融资沙盒。香港三家主要银行已经加入沙盒成为首批参与者，并确认有来自生物科技、电 子及科技行业的客户对透过沙盒测试知识产权融资交易感兴趣。 《行政长官2025年施政报告》提及，知识产权融资沙盒旨在协助试点行业利用知识产权资产进行融资。 沙盒提供一个协作和风险可控的环境，让银行、知识产权估值机构、法律执业者及其他相关专业界别共 同测试以知识产权资产(例如专利、商标及版权)为基础的整个融资安排。 | 參與銀行 | 擬參與客戶所屬行業 | | --- | --- | | · 中國銀行(香港)有限公司 | . 生物科技 | | . 香港上海滙豐銀行有限公司 | ● 電子 | | · 渣打銀行(香港)有限公司 | ● 科技 | 银行可以透过沙盒，获得跨领域专业人士的支持，以及金管局、商经局和知识产权署的指导，制定并完 善其知识产权融资的安排。措施亦能为银行日后提供知识产权融资累积实务经验，以更好满足创新企业 的需要，尤其是拥有丰富知识产权但欠缺有形资产作银行融资抵押品的中小企。 ...

Group 1 - The core point of the article highlights the top short-selling ratios and amounts for various companies, indicating significant market interest in these stocks [1][2]. - China Resources Beer (80291), Anta Sports (82020), and Great Wall Motors (82333) have the highest short-selling ratios at 100% [1][2]. - Xiaomi Group (01810), Tencent Holdings (00700), and Alibaba-SW (09988) lead in short-selling amounts, with 1.229 billion, 1.054 billion, and 830 million respectively [1][2]. Group 2 - The top ten short-selling ratios include China Resources Beer (100.00%), Anta Sports (100.00%), and Great Wall Motors (100.00%) [2]. - The top ten short-selling amounts show Xiaomi Group at 1.229 billion, Tencent Holdings at 1.054 billion, and Alibaba-SW at 830 million [2]. - The highest deviation values are led by Bank of China Hong Kong (48.85%), Alibaba-SW (34.26%), and China Resources Beer (32.32%) [1][2].

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed with a slight increase of 0.10% on December 17, with a trading volume of 6.0187 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10%, and its performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] - As of December 16, the latest share count for the ETF is 155 million shares, with a total size of 158 million yuan [1] - The ETF has shown liquidity with a cumulative trading amount of 97.7976 million yuan over the last 20 trading days, averaging 4.8899 million yuan per day [1] Group 2 - The latest report indicates that the ETF's top holdings include companies such as Hang Lung Properties, Jiangxi Copper, China Shenhua, and others, with specific holding percentages and market values detailed [2] - The top holdings and their respective percentages are as follows: Hang Lung Properties at 1.08% with a market value of 4.0664 million yuan, Jiangxi Copper at 1.08% with a market value of 4.0565 million yuan, and China Shenhua at 1.05% with a market value of 3.9728 million yuan, among others [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.46% in its closing price on December 16, with a trading volume of 8.09 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend ETF [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The fund's performance benchmark is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 15, the latest share count for the ETF is 155 million shares, with a total size of 160 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 100 million yuan, with an average daily trading amount of 5.01 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 3.58% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.07 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.06 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.97 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.72 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.62 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.54 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.29 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.26 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.05 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.06 million yuan [2].

Market Overview - The Hang Seng Index (HSI) closed at 25,577.23, down by 51.65 points or 0.20% from the previous close [1] - The index reached a high of 25,757.83 and a low of 25,577.23 during the trading session, with a trading volume of 35.27 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 117.167, up by 0.83% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 600.386, down by 0.43% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 603.000, down by HKD 13.000 or 2.11% [3] - Alibaba Group (09988) latest price is HKD 148.600, down by HKD 5.500 or 3.57% [3] - HSBC Holdings (00005) latest price is HKD 116.200, down by HKD 1.100 or 0.94% [3] - AIA Group (01299) latest price is HKD 80.650, up by HKD 1.650 or 2.09% [3] - BYD Company (01211) latest price is HKD 96.000, down by HKD 2.500 or 2.54% [3] - Baidu Group (09888) latest price is HKD 118.700, down by HKD 7.300 or 5.79% [3] - JD.com (09618) latest price is HKD 113.500, down by HKD 2.100 or 1.82% [3]