Market Performance - The Hang Seng Index (HSI) fell by 200 points or 0.8%, closing at 26,344 points after reaching a low of 26,204 points[1] - The National Index dropped by 101 points or 1.1%, ending at 9,370 points[1] - The Hang Seng Tech Index decreased by 36 points or 0.6%, closing at 6,257 points[1] - Total market turnover for the day was HKD 290.54 billion[1] Economic Indicators - The People's Bank of China maintained the one-year and five-year Loan Prime Rates (LPR) at 3.00% and 3.50% respectively, in line with expectations[2] - The central bank conducted a 7-day reverse repurchase operation of CNY 240.5 billion at an interest rate of 1.4%[2] - The mid-point exchange rate of the RMB against the USD was adjusted up by 22 points to 7.1106[2] U.S. Market Highlights - The Dow Jones increased by 66 points or 0.1%, closing at 46,381 points[2] - The S&P 500 rose by 29 points or 0.4%, reaching 6,693 points[2] - The Nasdaq led with a gain of 157 points or 0.7%, closing at 22,788 points[2] Corporate Developments - TikTok is expected to generate USD 170 billion in economic benefits over the next four years, with Oracle becoming its "trusted service provider"[3] - JD Industrials, a spin-off from JD Group, plans to list in Hong Kong, with the China Securities Regulatory Commission acknowledging its filing[5]

Report Summary Market Performance - The Hang Seng Index opened 38 points higher, fluctuated throughout the day, and closed up less than 1 point at 26,545 points. The H-share Index rose 15 points or 0.17% to 9,472 points, and the Hang Seng Tech Index rose 23 points or 0.4% to 6,294 points. The total turnover of the market was HK$376.812 billion [1]. - A-share market was weak. The Shanghai Composite Index closed at 3,820 points, down 11 points or 0.3%, with a turnover of over RMB 1.02 trillion. The Shenzhen Component Index closed at 13,070 points, down 4 points or 0.04%, with a turnover of over RMB 1.3 trillion. The ChiNext Index closed at 3,091 points, down 4 points or 0.2%, with a turnover of RMB 599.4 billion [1]. - US stocks continued to hit new highs on Friday. The Dow Jones Industrial Average rose 172 points or 0.4% to 46,315 points, the S&P 500 Index rose 32 points or 0.5% to 6,664 points, and the Nasdaq Composite Index rose 160 points or 0.7% to 22,631 points. The Russell 2000 Index of small - cap stocks fell 0.8% [2]. Macroeconomic Data - In the first eight months of 2025, 42,400 new foreign - invested enterprises were established, a year - on - year increase of 14.8%. The actual use of foreign direct investment (FDI) was RMB 506.58 billion, and the decline narrowed from 13.4% in the first seven months to 12.7% [2]. Policy and Central Bank Operations - The People's Bank of China conducted a seven - day reverse repurchase operation of RMB 354.3 billion on the 19th, with an operating rate of 1.4%. There were RMB 230 billion of reverse repurchases due, resulting in a net injection of RMB 124.3 billion. The central parity rate of the RMB against the US dollar was lowered by 43 points to 7.1128 [1]. International Relations - Chinese President Xi Jinping and US President Trump had a phone call on Friday. Xi Jinping hoped that the US would avoid taking restrictive trade measures, and the two leaders sought to ease the tensions between China and the US. It was the first call between the two leaders since June. Xi also expressed hope for a final agreement on the sale of TikTok's US business [2][3]. Natural Disasters and Corporate Response - Super Typhoon "Hagupit" was expected to cross the Luzon Strait and enter the northern part of the South China Sea on the 22nd, posing a threat to the Guangdong coast. The Hong Kong Observatory would issue a No. 1 Standby Signal at 12:20 pm [3]. - Hong Kong Electric (02638.HK) activated its adverse weather contingency plan in response to the approaching typhoon to ensure a stable power supply [3].

Market Performance - The Hang Seng Index (HSI) rose by 469 points or 1.8%, closing at 26,908 points, reaching a four-year high of 26,936 points during the day[1] - The Hang Seng Tech Index increased by 256 points or 4.2%, closing at 6,334 points[1] - The total market turnover for the day was HKD 360.284 billion[1] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of CNY 418.5 billion at a steady rate of 1.4%, resulting in a net injection of CNY 114.5 billion for the day[1] - The RMB/USD midpoint was adjusted up by 14 points to 7.1013[1] U.S. Federal Reserve Actions - The Federal Reserve announced its first rate cut since December, lowering the benchmark overnight rate by 25 basis points to a range of 4% to 4.25%[2] - The Dow Jones Industrial Average rose by 260 points or 0.6% to close at 46,018 points following the rate cut[2] - The S&P 500 index fell by 6 points or 0.1%, while the Nasdaq dropped by 72 points or 0.3%[2] Trade Statistics - In July, Hong Kong's overall export volume increased by 12.6% and import volume rose by 14.3% compared to July of the previous year[3] - The overall export prices and import prices in July increased by 1.7% and 2% respectively compared to the same month last year[3]

Market Performance - The Hang Seng Index (HSI) closed down 8 points at 26,438, after reaching a four-year high of 26,601 earlier in the day[1] - The Shanghai Composite Index (SSE) rose 1 point, closing at 3,861, with a trading volume of 9,898 billion yuan[1] - The total market turnover in Hong Kong was 294.007 billion HKD[1] U.S. Market Trends - The S&P 500 index fell 8 points to close at 6,606 after hitting a new high of 6,626[1] - The Nasdaq Composite dropped 14 points to 22,333, while the Dow Jones Industrial Average decreased by 125 points or 0.3%, closing at 45,757[1] Economic Indicators - The unemployment rate in Hong Kong for June to August was reported at 3.7%, unchanged from the previous period and below the market expectation of 3.8%[3] - The underemployment rate increased from 1.4% to 1.6% during the same period[3] Corporate Developments - Chery Automobile plans to issue 297 million H shares at a price range of 27.75 to 30.75 HKD, aiming to raise up to 9.145 billion HKD[3] - GAC Group and Huawei have launched a high-end smart electric vehicle brand named "Qijing," integrating both companies' manufacturing and technology strengths[4]

Report Investment Rating - There is no information about the industry investment rating in the provided reports. Core Viewpoints - The Hong Kong stock market rose, with the Hang Seng Index up 301 points or 1.2% to close at 26,388 points, the China Enterprises Index up 104 points or 1.1% to close at 9,364 points, and the Hang Seng Tech Index up 100 points or 1.7% to close at 5,989 points. The total turnover of the market was HK$320.734 billion [1]. - The A - share market had a mixed performance. The Shanghai Composite Index fell 4 points or 0.1% to close at 3,870 points, the Shenzhen Component Index fell 55 points or 0.4% to close at 12,924 points, and the ChiNext Index fell 33 points or 1% to close at 3,020 points [1]. - The US stock market had a mixed performance on Friday. The Dow Jones Industrial Average fell 273 points or 0.6% to close at 45,834 points, the S&P 500 Index fell 3 points to close at 6,584 points, and the Nasdaq Composite Index rose 98 points or 0.4% to close at 22,141 points, hitting a record - high close [2]. Summary by Related Content Stock Market Performance - **Hong Kong Stock Market**: The Hang Seng Index opened 453 points higher, and its gain expanded to 499 points, reaching a four - year high of 26,585 points. It finally closed up 301 points or 1.2% at 26,388 points. The China Enterprises Index rose 104 points or 1.1% to 9,364 points, and the Hang Seng Tech Index rose 100 points or 1.7% to 5,989 points. The total trading volume was HK$320.734 billion [1]. - **A - share Market**: The Shanghai Composite Index closed down 4 points or 0.1% at 3,870 points with a trading volume of RMB 1.09 trillion. The Shenzhen Component Index closed down 55 points or 0.4% at 12,924 points with a trading volume of nearly RMB 1.43 trillion. The ChiNext Index closed down 33 points or 1% at 3,020 points with a trading volume of RMB 675 billion [1]. - **US Stock Market**: The Dow Jones Industrial Average closed down 273 points or 0.6% at 45,834 points. The S&P 500 Index closed down 3 points at 6,584 points. The Nasdaq Composite Index closed up 98 points or 0.4% at 22,141 points, a record - high close, driven by Tesla's more than 7% increase [2]. Macroeconomic Data - **People's Bank of China Operations**: On the 12th, the People's Bank of China conducted 230 billion yuan of seven - day reverse repurchase operations in the open market, with an unchanged operating rate of 1.4%. There were 188.3 billion yuan of reverse repurchases maturing, resulting in a net injection of 41.7 billion yuan. The central parity rate of the RMB against the US dollar was raised by 15 points to 7.1019 [1]. - **Social Financing Scale**: In the first eight months of 2025, the cumulative increase in social financing scale was RMB 26.56 trillion, 4.66 trillion yuan more than the same period last year, exceeding the market expectation of RMB 26.487 trillion [2]. - **Money Supply**: At the end of August, the balance of broad - money (M2) was RMB 331.98 trillion, up 8.8% year - on - year, higher than the market expectation of 8.6%. The balance of narrow - money (M1) was RMB 111.23 trillion, up 6% year - on - year, and the balance of currency in circulation (M0) was RMB 13.34 trillion, up 11.7% year - on - year. In the first eight months, the net cash injection was RMB 520.8 billion [3]. - **Foreign Exchange Fund**: In August, the overseas assets of the Hong Kong Monetary Authority's Exchange Fund decreased by HK$52.6 billion to HK$3,487.1 billion. The monetary base was HK$2,014.2 billion [3]. Corporate News - **Hua Run Land**: In August, the total contract sales amount was about RMB 13.2 billion, and the sales floor area was about 5.39 million square meters, down 13.2% and 26.7% year - on - year respectively. In the first eight months, the cumulative total contract sales amount was RMB 136.8 billion, and the sales area was about 5.12 million square meters, down 12% and 23.3% respectively [4]. - **Sainsbury's and JD.com**: Sainsbury's terminated the negotiation with JD.com regarding the sale of its Argos general merchandise retail business [3]. Other News - **Anti - dumping Investigation**: The Ministry of Commerce of China launched an anti - dumping investigation into imported related analog chips from the United States starting from the 13th, involving general - purpose interface and gate - driver chips [3]. - **Civil Aviation Ticket Booking**: As the National Day holiday approaches, the booking of civil aviation tickets is gradually peaking, and the search popularity of domestic air tickets has increased by more than 30% [3]. - **US President's Statement**: US President Trump said he was ready to impose major sanctions on Russian oil if NATO took the same action and all NATO countries stopped buying Russian oil. He also said that NATO as a whole should impose a 50% - 100% tariff on China until the Russia - Ukraine war ends [2].

Report Summary Market Performance - The Hang Seng Index opened 104 points higher and then widened its gains, rising 262 points or 1% to close at 26,200 points. The China Enterprises Index rose 85 points or 0.93% to close at 9,328 points, and the Hang Seng Tech Index rose 73 points or 1.3% to close at 5,902 points. The total turnover of the market was HK$288.209 billion [1]. - The three major A-share indexes fluctuated and stabilized. The Shanghai Composite Index rose 4 points or 0.1% to close at 3,812 points, with a turnover of RMB821.1 billion. The Shenzhen Component Index rose 47 points or 0.4% to close at 12,557 points, with a turnover of nearly RMB1.2 trillion. The ChiNext Index rose 36 points or 1.3% to close at 2,904 points, with a turnover of RMB563.1 billion [1]. - The S&P 500 index and the Nasdaq Composite Index both hit record highs, but the Dow Jones Industrial Average fell 220 points or 0.5% to close at 45,490 points, dragged down by Apple and Amazon. The S&P 500 index rose 19 points or 0.3% to 6,532 points, and the Nasdaq rose 6 points to 21,886 points [2]. Macroeconomic Data - The People's Bank of China conducted RMB304 billion of seven-day reverse repurchase operations on the 10th, with the operating rate remaining flat at 1.4%. There were RMB229.1 billion of reverse repurchases due, resulting in a net injection of RMB74.9 billion. The central parity rate of the RMB against the US dollar was lowered by 54 points to 7.1062 [1]. - China's CPI fell 0.4% year-on-year last month, worse than expected, and the PPI fell 2.9%, in line with expectations [1]. - The US wholesale price index (PPI) unexpectedly fell in August, fueling market expectations that the Federal Reserve will cut interest rates again next week [2]. Corporate News - China Pacific Insurance (02601.HK) announced the issuance of RMB15.556 billion of zero-coupon convertible bonds due in 2030, with an initial conversion price of RMB39.04 per share, a premium of about 21.24% over the closing price of RMB32.2 on the 10th. The bonds can be fully converted into about 398 million shares, accounting for 12.55% of the enlarged H shares and 3.98% of the issued share capital [3]. - China Resources Power (00836.HK) announced its latest operating data. The electricity sales of its subsidiary power plants reached 20.7334 million megawatt-hours in August, a year-on-year increase of 8.9%. Among them, the electricity sales of its subsidiary wind farms were 2.9779 million megawatt-hours, an increase of 19.4%, and the electricity sales of its subsidiary photovoltaic power plants reached 1.0022 million megawatt-hours, an increase of 30.1% [3]. Policy News - The National Development and Reform Commission stated that it is necessary to implement a special action to boost consumption, clean up restrictive measures, and introduce several measures to expand service consumption [2].

減息預期推動港股隨外圍上升，恒指高開 77 點後升幅擴大，曾升 394 點見 26,027 點，為近四年高位。全日升 304 點或 1.2%，收 25,938 點；國指升 120 點或 1.3%， 收 9,242 點；恒生科技指數升 74 點或 1.3%，收 5,828 點。大市全日成交總額 2,940.33 億元。 人民銀行 9 日在公開市場開展 2,470 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 2,557 億元逆回購到期，單日淨回籠 87 億元。人民幣兌美元中 間價上調 21 點至 7.1008。A 股三大指數低開後反覆向下，創板更跌超過 2%。 滬指收報 3,807 點，跌 19 點或 0.5%，成交額 9,178 億元；深證成指收報 12,510 點，跌 156 點或 1.2%，成交額 1.2 萬億元；創業板指收報 2,867，跌 65 點或 2.2%， 成交額 5,681 億元。 美股周二全線造好，三大指數齊創收市新高。市場觀望即將公布的通脹數據， 道指全日升 196 點或 0.4%，至 45,711 點；標普 500 指數升 17 點或 0.3%至 6,512 點，納指升 8 ...

港股點評 2025年9月9日9:30 a.m 恒指升 215 點，滬指升 14 點，標普 500 升 13 點 丘鈦科技(01478.HK) 公布，今年 8 月手機攝像頭模組銷售數量 4,446.7 萬，按年 升 40.2%，主要是由於集團於手機攝像頭模組業務的市場份額上升，以及應用 於物聯網(IoT)及智能汽車領域的攝像頭模組銷售數量均按年大幅增長；按季升 17.5%。 重要通知及免責聲明 本報告所載的資料及意見由寶通證券亞洲有限公司（證券及期貨條例下的持牌法團(中央編號AGG778)）擬備。本報告 旨在由獲寶通證券亞洲有限公司提供本報告者收取﹐而不是旨在向在有關分發或使用會抵觸當地法律及規例的､或使 任何寶通證券亞洲有限公司､其控股公司及其控股公司的其他附屬公司､其聯屬公司及其另外的關聯公司受當地任何監 管規定限制的任何司法管轄區或國家的任何人士或實體分發或由其使用。任何管有本報告或打算作出行動或依賴其所 載的資料的人士或實體﹐必須確保其本身不受任何對其作出有關行動有所限制或禁止的本地規定所限制。本報告所載 的任何資料或任何意見均不構成寶通證券亞洲有限公司集團的任何成員､其董事､代表及／或雇員（不論作為委 ...

Report Summary Market Performance - The Hang Seng Index opened 145 points higher but then declined, closing down 284 points or 1.1% at 25,058 points. The H-share Index fell 112 points or 1.3% to 8,937 points, and the Hang Seng Tech Index dropped 104 points or 1.8% to 5,578 points. The total turnover of the market was HK$302.233 billion [1]. - A-share market indices declined significantly, with the Shanghai Composite Index down 47 points or 1.25% to 3765 points, the Shenzhen Component Index down 353 points or 2.83% to 12118 points, and the ChiNext Index down 123 points or 4.25% to 2776 points [1]. - U.S. stocks opened lower and closed higher. The Dow Jones Industrial Average rose 350 points or 0.8% to 45,621 points, the S&P 500 Index increased 53 points or 0.8% to 6,502 points (a new closing high), and the Nasdaq Composite Index gained 209 points or 1% to 21,707 points [2]. Policy and News - The People's Bank of China conducted 7-day reverse repurchase operations worth RMB212.6 billion on September 4, with an operating rate of 1.4%. There were RMB416.1 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB203.5 billion. The central parity rate of the RMB against the U.S. dollar was raised by 56 points to 7.1052 [1]. - U.S. President Donald Trump signed an executive order on Thursday to implement a trade agreement with Japan. Under the agreement, the U.S. will impose a maximum 15% tariff on most Japanese goods, including automobiles and parts [2]. Hong Kong Stock Exchange Data - The Hong Kong Exchanges and Clearing Limited (00388.HK) reported that the average daily trading volume in August 2025 reached HK$279.1 billion, a year-on-year increase of 192%. The average daily trading volume for the first eight months of the year was HK$248.3 billion, a year-on-year increase of 132%. There were 59 new listings in the first eight months, up 37% from 43 in the same period in 2024. The IPO fundraising amount in the Hong Kong stock market reached HK$134.5 billion, a year-on-year increase of 579% [2].

Report Summary Global Market Performance - The Hang Seng Index opened 164 points higher but closed 153 points or 0.6% lower at 25,343 points. The China Enterprises Index fell 58 points or 0.6% to 9,050 points, and the Hang Seng Tech Index dropped 44 points or 0.8% to 5,683 points. The total turnover of the market was HK$267.647 billion [1]. - The Shanghai Composite Index lost 44 points or 1.16% to close at 3,813 points, while the Shenzhen Component Index declined 81 points or 0.65% to 12,472 points. The ChiNext Index rose 27 points or 0.95% to 2,899 points [1]. - The Nasdaq Composite Index gained 218 points or 1% to 21,497 points, the Dow Jones Industrial Average fell 24 points to 45,271 points, and the S&P 500 Index rose 32 points or 0.5% to 6,448 points [2]. Central Bank Operations - The People's Bank of China conducted 229.1 billion yuan of seven - day reverse repurchase operations at an unchanged rate of 1.4%. With 379.9 billion yuan of reverse repurchases maturing, there was a net withdrawal of 150.8 billion yuan [1]. Index Changes - FTSE Russell announced the quarterly review results of the FTSE China Index Series for September. The changes will take effect on September 22. The FTSE China A50 Index will include BeiGene (688235.SH), New Fiber Optic Network (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Innolight (300308.SZ), while removing China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian NARI (600406.SH), and Wanhua Chemical (600309.SH) [2]. Economic Conditions - The Fed's Beige Book survey showed that economic activity in most parts of the US has remained little changed in recent weeks. Consumer spending was flat or down as wage growth for many households did not keep up with price increases [2][3]. Company Performance - Country Garden (02007.HK) reported that in August, the contract sales attributable to shareholders' equity were about 2.96 billion yuan, down 13.7% year - on - year, and the contract sales area was about 350,000 square meters, unchanged from the previous year [3].