Core Points - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.47%, closing at 5303.57 points with a trading volume of 96.677 billion yuan [1] - Over the past month, the CES100 index has increased by 3.56%, by 16.52% over the last three months, and by 25.56% year-to-date [1] Index Composition - The top ten holdings of the CES100 index are: HSBC Holdings (10.21%), Tencent Holdings (9.83%), Alibaba-W (9.56%), Xiaomi Group-W (7.99%), Meituan-W (5.82%), AIA Group (5.55%), Hong Kong Exchanges and Clearing (4.13%), Standard Chartered Group (2.51%), Prudential (1.93%), and Kuaishou-W (1.61%) [2] - The index is fully composed of securities from the Hong Kong Stock Exchange [2] Sector Allocation - The sector allocation of the CES100 index includes: Financials (27.78%), Consumer Discretionary (26.88%), Communication Services (13.71%), Information Technology (10.34%), Real Estate (5.45%), Health Care (4.84%), Utilities (3.96%), Industrials (3.34%), Consumer Staples (3.17%), and Materials (0.53%) [2] Fund Tracking - Public funds tracking the CES100 index include: Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Core Viewpoint - Standard Chartered Group has launched a comprehensive integrated digital asset trading service for institutional clients, becoming the first global systemically important bank to provide secure, compliant, and scalable spot trading for Bitcoin and Ethereum [1][2]. Group 1: Service Launch and Market Position - The new digital asset trading service is highly integrated with Standard Chartered's existing platforms, allowing institutional clients to trade digital assets through familiar forex interfaces and settle with their chosen custodial banks [2]. - The service includes spot trading for Bitcoin (XBT/USD) and Ethereum (XET/USD) through its UK branch, with plans to introduce non-deliverable forward trading soon [2]. - The launch reflects a shift from traditional financial institutions providing "behind-the-scenes" support to actively participating in the core trading of digital assets [1][2]. Group 2: Market Trends and Institutional Influence - The launch of the digital asset trading service indicates three key trends: 1. Accelerated integration of cryptocurrencies with traditional finance, as evidenced by Standard Chartered's role as a global systemically important bank [3]. 2. Increasing influence of institutional investors in the cryptocurrency market, highlighted by the bank's focus on institutional clients [3]. 3. A growing number of banks actively entering the cryptocurrency service space, expanding their business scope since the second half of 2024 [3]. Group 3: Regulatory Environment and Future Outlook - Recent legislative developments in major countries, including the U.S. and Hong Kong, indicate a move towards regulatory frameworks for cryptocurrencies and stablecoins, suggesting the end of the "wild growth" phase for the market [4]. - The future of the cryptocurrency market will depend on achieving a dynamic balance with traditional financial markets, emphasizing the complementary role of cryptocurrencies in enhancing the existing financial system [4]. - Global efforts are underway to classify and regulate digital assets, setting boundaries and norms for financial institutions to operate within [4].

第 1 頁 共 7 頁 v 1.3.0 | 3). 購回股份 (股份購回並註銷) | | | -709,000 | 0.0304 % | GBP | 12.556955 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 於2025年7月9日購回並已於2025年7月15日註銷 | | | | | | | | 變動日期 | | 2025年7月15日 | | | | | | | 4). | 購回股份 (股份購回並註銷) | | -760,500 | 0.0327 % | GBP | 12.890581 | | | | 於2025年7月10日購回並已於2025年7月15日註銷 | | | | | | | | 變動日期 | | 2025年7月15日 | | | | | | | 5). | 購回股份 (股份購回並註銷) | | -743,500 | 0.0319 % | GBP | 12.755247 | | | | 於2025年7月11日購回並已於2025年7月15日註銷 | | | | | | | | 變動日期 | | 2025年7月15日 | | | ...

Core Insights - Standard Chartered Bank is the first globally systemically important bank to offer spot cryptocurrency trading services, allowing corporate and institutional clients to buy and sell Bitcoin and Ethereum [1] Group 1 - The CEO of Standard Chartered, Bill Winters, stated on July 15 that digital assets are becoming a "core" component of the global financial system [1] - The bank aims to provide a secure and efficient way for clients to trade and manage risks associated with digital assets while meeting regulatory requirements [1] - Despite some competitors being cautious about cryptocurrencies, Standard Chartered is responding to growing client demand for digital asset services [1]

Core Insights - Standard Chartered Bank has become the first globally systemically important bank (G-SIB) to offer spot trading of Bitcoin and Ethereum, marking a significant step for digital currencies into mainstream finance [1] - Unlike Goldman Sachs and Morgan Stanley, which focus on derivatives or ETF distribution, Standard Chartered directly provides BTC/ETH trading and settlement services, initially targeting institutional clients in the UK [1]

FF305 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 02888 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 | 每股發行/出售價 (註4) | | 已發行股份總數 | | 於下列日期開始時的 ...

Group 1: Global and China Market Outlook - The core theme for the second half of 2025 is "Dollar Turnaround," with expectations of increased market volatility due to geopolitical tensions and trade discussions [6] - The probability of a soft landing for the US economy has been adjusted from 50% to 55%, supported by over $3 trillion in fiscal stimulus from the "Big and Beautiful Act" [6] - Investment strategies suggest overweighting global equities, particularly in Asian markets excluding Japan, with a focus on South Korea and China [6] Group 2: Macro Economic Insights - The US economy is expected to slow down but avoid recession, with growth projected to fall below the long-term average of 1.8% [8] - The Eurozone is seeing investment opportunities due to the euro's appreciation and fiscal stimulus measures, which are expected to drive economic growth [8][9] - China's economy shows resilience, with fiscal support expected to continue, particularly in response to external pressures [10] Group 3: Currency and Stock Market Analysis - The dollar is entering a weakening cycle, which may benefit emerging market currencies and assets as capital flows increase [11] - Global stock markets are expected to perform well during periods of dollar weakness, with a particular emphasis on Asian markets for their growth potential [12] - US stocks remain a core part of investment portfolios, while European stocks are also seen as attractive due to increased fiscal spending and economic recovery [13] Group 4: Diversification Strategies - Gold is viewed as a key diversification tool in investment portfolios, particularly in the context of increasing market volatility [14] - Alternative investment strategies are recommended to balance portfolios and capture diverse returns, such as long-short equity strategies [15] Group 5: Wealth Management Opportunities - Investors are encouraged to adopt a global investment approach to mitigate risks and capture growth opportunities in different economic cycles [17] - A diversified product layout, including "fixed income plus" and structured investment products, is essential for balancing stability and returns [17] Group 6: Focus on Asia-Pacific Opportunities - The rise of emerging markets in Asia is seen as a significant opportunity for global economic growth, particularly for Chinese companies looking to expand overseas [19] - Key opportunities for Chinese SMEs include policy support, market potential in Southeast Asia, technological advancements, and mature trade channels [20] Group 7: Challenges and Strategies - The ongoing US-China trade tensions and tariff challenges necessitate strategic responses from Asian countries to maintain competitiveness [22] - Singapore is highlighted as a favorable environment for Chinese enterprises due to its transparent legal framework and supportive government policies [23]

Group 1 - Jin Yong Investment (01328.HK) increased by 12.44% [1] - Standard Chartered Group (02888.HK) rose by 2.03% [1] - Victory Securities (08540.HK) saw a gain of 1.68% [1] - China Everbright Holdings (00165.HK) experienced an increase of 1.32% [1]

FF305 第 1 頁 共 7 頁 v 1.3.0 | 1). | 於2025年7月7日購回但尚未註銷 | | 724,741 | 0.0311 % | GBP | 12.27035 | | --- | --- | --- | --- | --- | --- | --- | | | 變動日期 | 2025年7月7日 | | | | | | 2). | 於2025年7月8日購回但尚未註銷 | | 718,007 | 0.0308 % | GBP | 12.410231 | | | 變動日期 | 2025年7月8日 | | | | | | 3). | 於2025年7月9日購回但尚未註銷 | | 709,000 | 0.0304 % | GBP | 12.556955 | | | 變動日期 | 2025年7月9日 | | | | | | 4). | 於2025年7月10日購回但尚未註銷 | | 760,500 | 0.0327 % | GBP | 12.890581 | | | 變動日期 | 2025年7月10日 | | | | | | 5). | 於2025年7月11日購回但尚未註銷 | | 743,500 | ...

财富方案全球首席投资总监办公室 2025 年 6 月 20 日 2025 年下半年 全球市场展望 美元转向 运筹决胜 我们超配全球股票。全球各地放宽政策、 美国经济很大机会软着陆及美元走弱都有 利于风险资产。我们看好多元化的全球股 票配置，其中我们将亚洲（除日本）股票 上调至超配。 我们预计美元将会走弱，对欧元、日圆和 英镑有利。根据历史经验，美元疲软有助 支持股票和非美国股票表现领先。我们看 好 5-7 年期的美元债券，并将新兴市场本 币债上调至超配。 重新加征关税、通胀和经济数据疲软是主 要风险。黄金和另类投资策略是吸引的多 元化投资工具，也有助减低暂时的波动。 多资产收益配置仍然有 5% 的收益率吗？ 美元的主导地位结束了吗？ 你的量化模型是否仍然偏好 风险资产？ 重要披露载于披露附录。 01 策略 02 宏观概况一瞥 03 资产类别 04 额外观点 05 表现回顾 目录 | | | 1 | | --- | --- | --- | | 2.1 400 | - n 11 | 3 - | | 投资策略：美元转向 运筹决胜 | 03 | | --- | --- | | 基础资产配置模型 | 06 | | 基础 ...