Core Viewpoint - Standard Chartered Hong Kong, Anheuser-Busch Group, and Hong Kong Telecommunications have established a joint venture named Anchorpoint to focus on issuing and promoting regulated stablecoins, aiming to enhance digital asset applications in Hong Kong [1] Group 1: Joint Venture Formation - The joint venture Anchorpoint was formed on August 1, coinciding with the effective date of the Stablecoin Regulation [1] - The partners have expressed their intention to apply for a stablecoin issuer license from the Hong Kong Monetary Authority [1] Group 2: Strategic Goals - The CEO of Standard Chartered Hong Kong emphasized the goal of providing an innovative, efficient, and secure medium of exchange to facilitate transactions and enhance the widespread use of digital assets in Hong Kong [1] - The company believes that stablecoins will play a crucial role in building a sustainable digital asset ecosystem in Hong Kong [1] Group 3: Regulatory Engagement - The partners participated in the stablecoin issuer "sandbox" launched by the Hong Kong Monetary Authority in July of the previous year to explore the integration of Web3 with traditional finance [1] - This initiative aims to strengthen Hong Kong's position as a global digital asset hub [1]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 香港電訊信託與香港電訊有限公司（備註1&2） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06823 | 說明 | 普通股（為股份合訂單位的組成部分） | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | 0.0005 | HKD | | 10,000,000 | ...

香港电讯-SS(06823.HK)发布公告称，上半年总收益173.22亿港元，同比增长4%；同期净利润20.7亿港 元，同比增加4%。 ...

Core Viewpoint - UBS has raised the target price for Hong Kong Telecom-SS (06823) to HKD 13.4, reflecting a stable operational performance with EBITDA meeting market expectations [1] Financial Performance - Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations [1] - Despite stable operational performance, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses [1] Revenue Forecast - UBS has adjusted the revenue forecast for fixed-line business (TSS) for 2025 to 2027 upwards by 2% to 3%, contributing to an overall revenue forecast increase of 1% to 2% for the period [1] Target Price Adjustment - The target price for Hong Kong Telecom has been slightly increased by about 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]

瑞银发布研报称，香港电讯-SS(06823)上半年EBITDA同比升约3%至64亿元，符合市场预期。虽然营运 业绩表现稳健，但净利润似乎低于市场预期，这可能是由于利息费用较预期高，因为较低HIBOR的利 好因素尚未在上半年完全反映出来。该行表示，由于企业收入增长，上调2025至27年固网业务(TSS)收 入预测2至3%，带动期内整体收入预测调升1%至2%。该行微升公司目标价约3%，由13元上调至13.4港 元，维持"买入"评级。 ...

Core Viewpoint - UBS's research report indicates that Hong Kong Telecom's EBITDA for the first half of the year increased by approximately 3% year-on-year to HKD 6.4 billion, aligning with market expectations. However, net profit appears to be below market expectations, potentially due to higher-than-expected interest expenses, as the benefits of lower HIBOR have not fully reflected in the first half [1] Group 1 - The company's operational performance remains robust, with a year-on-year EBITDA increase of about 3% to HKD 6.4 billion [1] - Net profit is reportedly lower than market expectations, attributed to higher interest expenses [1] - The lower HIBOR benefits have not been fully realized in the first half of the year [1] Group 2 - UBS has raised its revenue forecast for the fixed-line business (TSS) for 2025 to 2027 by 2% to 3%, which contributes to an overall revenue forecast increase of 1% to 2% for the period [1] - The target price for the company has been slightly increased by approximately 3%, from HKD 13 to HKD 13.4, while maintaining a "Buy" rating [1]

Market Performance - Hang Seng Index fell by 403 points, or 1.6%, closing at 24,773 points[1] - Shanghai Composite Index dropped by 42 points, or 1.18%, closing at 3,573 points[2] - S&P 500 decreased by 23 points, or 0.4%, closing at 6,339 points, marking the third consecutive day of decline[2] Currency and Economic Indicators - Hong Kong Monetary Authority bought HKD 39.25 billion during New York session due to a weak HKD[1] - People's Bank of China conducted a 7-day reverse repo operation of CNY 283.2 billion at a steady rate of 1.4%[2] - July's official manufacturing PMI in China fell to 49.3, below expectations[2] Real Estate and Corporate Performance - Top 100 real estate companies in China reported total sales of CNY 2.07 trillion in the first seven months, a year-on-year decline of 13.3%[4] - Internet and related services companies in China generated revenue of CNY 961.3 billion in H1, a year-on-year growth of 3.1%[4] - Sinopec expects H1 2025 net profit to be between CNY 20.1 billion and CNY 21.6 billion, a year-on-year decline of 39.5% to 43.7%[6] Automotive Sector - XPeng Motors delivered 36,717 smart electric vehicles in July, a year-on-year increase of 229%[7] - Cumulative deliveries exceeded 800,000 units as of July, with a total of 233,906 units delivered in the first seven months, marking a 270% year-on-year growth[7]

Core Viewpoint - Hong Kong Telecommunications-SS reported a 4% year-on-year increase in total revenue for the first half of 2025, reaching HKD 17.322 billion, driven by growth in local data services and telecommunications services [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion [1] - EBITDA rose over 3% to HKD 6.380 billion [1] - Profit attributable to shareholders increased by 4% to HKD 2.07 billion [1] - Basic earnings per share were HKD 0.2732, with an interim dividend of HKD 0.3380 per share [1] Revenue Breakdown - Local data service revenue grew by 8% to HKD 6.867 billion, making it the largest component of local telecommunications services, accounting for 79% of total revenue [1] - Local telecommunications service revenue increased by 5% to HKD 8.714 billion [1] - Revenue from pay television services was HKD 1.16 billion, while local telephone service revenue was HKD 0.953 billion [1] - International telecommunications service revenue grew by 1% to HKD 3.813 billion [1] - Total telecommunications service revenue rose by 4% to HKD 12.527 billion [1] Mobile Services Performance - Mobile communications service revenue increased by 5% to HKD 4.189 billion, driven by growth in roaming services, an expanding postpaid customer base, increased wholesale revenue, and rising demand for enterprise solutions utilizing 5G and IoT technologies [1]

Core Viewpoint - Hong Kong Telecommunications-SS reported a 4% year-on-year increase in total revenue for the first half of 2025, reaching HKD 17.322 billion, with EBITDA rising over 3% to HKD 6.38 billion, and net profit attributable to shareholders increasing by 4% to HKD 2.07 billion [1] Financial Performance - Total revenue increased by 4% to HKD 17.322 billion [1] - EBITDA rose over 3% to HKD 6.38 billion [1] - Net profit attributable to shareholders increased by 4% to HKD 2.07 billion [1] - Basic earnings per share were HKD 0.2732, with an interim dividend of HKD 0.3380 per share [1] Revenue Breakdown - Local data service revenue grew by 8% to HKD 6.867 billion, driving local telecommunications service revenue up by 5% to HKD 8.714 billion [1] - Local data services accounted for 79% of local telecommunications service revenue [1] - Pay TV services generated revenue of HKD 1.16 billion, while local telephone services brought in HKD 0.953 billion [1] - International telecommunications service revenue increased by 1% to HKD 3.813 billion, contributing to a total telecommunications service revenue rise of 4% to HKD 12.527 billion [1] Mobile Services Performance - Mobile communications service revenue grew by 5% to HKD 4.189 billion, driven by increased roaming services, an expanding postpaid customer base, higher wholesale revenue, and rising demand for enterprise solutions utilizing 5G and IoT technologies [1]

Performance Updates - 开拓药业-B (09939.HK) has completed patient enrollment for the Phase III clinical trial of KX-826 solution for androgenetic alopecia in adult males in China [2] - 李氏大药厂 (00950.HK) has received approval from the National Medical Products Administration for Socazolimab to be used in combination with chemotherapy for first-line treatment of extensive-stage small cell lung cancer in mainland China [2] - 恒瑞医药 (01276.HK) has received approval for clinical trials of SHR-8068 injection, Adebali monoclonal antibody injection, and Bevacizumab injection [2] - 恒瑞医药 (01276.HK) has also received approval to conduct clinical trials for HRS-5041, intended for prostate cancer treatment [2] - 深圳高速公路股份 (00548.HK) reported toll revenue of 106 million yuan for the outer ring project in June [2] - 大成生化科技 (00809.HK) has signed an EPC contract with Northeast Electric and Liaoning Electric for boiler renovation projects, with a maximum cost of 129.1 million yuan [2] - 小黄鸭德盈 (02250.HK) has signed a contract to develop an AI marketing system to diversify revenue sources [2] Buyback and Financing Activities - 威海银行 (09677.HK) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly 3 billion yuan [2] Financial Results - 香港电讯-SS (06823.HK) reported total revenue of 17.322 billion HKD for the first half, a year-on-year increase of 4%, with a net profit of 2.07 billion HKD, also up 4% [4] - 青岛银行 (03866.HK) reported operating revenue of 7.662 billion yuan for the first half, a growth of 7.5%, and a net profit of 3.065 billion yuan, up 16.05% [4] - 中国石油化工股份 (00386.HK) expects mid-term net profit to be between 20.1 billion and 21.6 billion yuan, a year-on-year decline of 39.5%-43.7% [4] - 汽车之家-S (02518.HK) reported total revenue of 3.212 billion yuan for the first half, a decrease of 7.75%, with a net profit of 772 million yuan, down 15.99% [4] - 绿茶集团 (06831.HK) issued a profit warning, expecting mid-term net profit to be between 230 million and 237 million yuan, a year-on-year increase of approximately 32%-36% [4] - 粤海置地 (00124.HK) issued a profit warning, expecting mid-term net profit to exceed 260 million HKD, turning from loss to profit [4] - 药师帮 (09885.HK) issued a profit warning, expecting mid-term net profit to exceed 70 million yuan [4] - 中国东方教育 (00667.HK) issued a profit warning, expecting mid-term net profit to grow by 45%-50% year-on-year [4] - 中核国际 (02302.HK) issued a profit warning, expecting mid-term revenue to increase to at least 585 million HKD, with net profit of at least 9.5 million HKD [4] - 大唐环境 (01272.HK) issued a profit warning, expecting mid-term net profit to decrease to between 350 million and 400 million yuan [4] - 长江生命科技 (00775.HK) issued a profit warning, expecting mid-term net loss of approximately 150 million HKD, turning from profit to loss year-on-year [4] - 延长石油国际 (00346.HK) issued a profit warning, expecting mid-term loss of approximately 27.9 million HKD [4]