Group 1 - Companies listed for dividend distribution include Minghui International, Lens Technology, and Caike New Energy [1] - New IPO activities include Jinfang Pharmaceutical-B and Hesai-W, while Saint Martin International and Nanshun (Hong Kong) are scheduled for earnings announcements [2] - Companies such as Dongrui Pharmaceutical, Miniso, and Li Ning are set for dividend distribution, with Hong Kong Exchanges also participating [3] Group 2 - China New Town and Kalian International Hotel are among the companies scheduled for dividend distribution, while Tiande Real Estate and Asia Comm Hold are listed for ex-dividend [4] - Huatai Ruilin is noted for a capital increase with an ex-rights date [4]

与会嘉宾对《倡议》发布表示欢迎和支持。中国银行表示，本次《倡议》发布凝聚行业共识，促进跨境 担保品合作，对推动人民币资产"走出去"具有积极意义。明讯银行表示，人民币债券国际认可度持续提 升，推动其成为全球合格担保品已成为境内外市场各方的共同期盼，《倡议》发布正当其时。 作为凝聚境内外市场共识的重要成果，本次《倡议》发布体现了金融管理部门、金融基础设施推动人民 币债券担保品跨境应用的意愿和决心。下一步，中央结算公司将坚实履行金融基础设施使命担当，为构 建开放包容的人民币债券担保品跨境应用生态贡献智慧与力量。 中央结算公司在中国人民银行等管理部门指导下，在中国银行间市场交易商协会、国际资本市场协会支 持下，联合中国外汇交易中心、上海清算所、香港交易所、迅清结算、明讯银行、欧清银行、中国工商 银行、中国农业银行、中国银行、中国建设银行、交通银行、中国邮政储蓄银行、纽约梅隆银行、摩根 大通银行共同发布《倡议》。 《倡议》呼吁全球金融市场各方秉持开放包容、互利共赢的原则，从共筑合作基石、共建协同机制、共 探跨境应用、共绘发展蓝图入手，提出互惠互利、互信互认、互联互通和互学互鉴的行动框架。 本报讯 （记者韩昱）中央结算公 ...

Market Performance - The Hang Seng Index rose by 58.4 points, an increase of 0.22%, closing at 26,446.56 points with a total turnover of HKD 290.195 billion [1] - The National Enterprises Index increased by 19.82 points, closing at 9,384.76 points, a rise of 0.21% [1] - The Hang Seng Tech Index gained 54.34 points, closing at 6,043.61 points, reflecting a growth of 0.91% [1] Blue-Chip Stocks - Tencent Holdings remained unchanged, closing at HKD 643.5 [1] - Hong Kong Exchanges and Clearing rose by 0.22%, closing at HKD 449.4 [1] - China Mobile decreased by 0.23%, closing at HKD 87.65 [1] - HSBC Holdings increased by 0.19%, closing at HKD 106.5 [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.34%, closing at HKD 37.92 [1] - Sun Hung Kai Properties rose by 0.78%, closing at HKD 96.85 [1] - Henderson Land Development decreased by 0.43%, closing at HKD 28.04 [1] Chinese Financial Stocks - Bank of China declined by 0.9%, closing at HKD 4.42 [1] - China Construction Bank fell by 1.65%, closing at HKD 7.75 [1] - Industrial and Commercial Bank of China decreased by 0.5%, closing at HKD 5.97 [1] - Ping An Insurance dropped by 1.4%, closing at HKD 56.3 [1] - China Life Insurance fell by 1.38%, closing at HKD 22.92 [1] Oil and Petrochemical Stocks - Sinopec fell by 0.24%, closing at HKD 4.22 [1] - PetroChina rose by 0.27%, closing at HKD 7.41 [1] - CNOOC increased by 0.31%, closing at HKD 19.48 [1]

Core Viewpoint - The report from China Merchants Securities highlights the continuous improvement of Hong Kong's capital market system, which provides a favorable environment and opportunities for the market value management of central state-owned enterprises listed in Hong Kong [1] Group 1: Market Environment - The Hong Kong Stock Exchange is continuously optimizing its listing mechanisms and introducing more innovative measures to enhance market attractiveness and competitiveness, thereby attracting more high-quality global companies to list in Hong Kong [1] - The national government will continue to support Hong Kong in consolidating and enhancing its status as an international financial center, strengthening financial cooperation between the two regions, and promoting higher levels of financial market connectivity [1] Group 2: Strategic Integration - Hong Kong will actively integrate into the national development strategy, playing an important "window role" in the new development pattern of "dual circulation," providing stronger support for Chinese enterprises to connect with international capital and achieve globalization [1] Group 3: Opportunities for State-Owned Enterprises - Central state-owned enterprises can fully seize reform opportunities, utilizing methods such as listing and mergers and acquisitions to achieve resource optimization and value enhancement, thereby realizing high-quality development [1]

Market Overview - The Hang Seng Index rose by 301 points, closing at 26,388.16, marking a weekly increase of 970 points or 3.82% [3][4] - The total market turnover for the day was 320.734 billion HKD, with a net inflow of 7.331 billion HKD from northbound trading [3] Key Companies Performance - Among the 88 blue-chip stocks, 55 saw an increase, with China Hongqiao (01378) rising by 7% to 26.84 HKD, making it the second-largest gainer [3] - HSBC Holdings (00005) increased by 1.1% to 106.3 HKD, while Hong Kong Exchanges and Clearing (00388) rose by 1% to 448.4 HKD [3] - Chow Tai Fook (01929) was the weakest blue-chip, declining by 2.9% to 16 HKD [3] Industry Insights - The automotive industry is projected to achieve annual sales of approximately 32.3 million vehicles in 2025, reflecting a year-on-year growth of about 3%, with new energy vehicle sales expected to reach around 15.5 million units, growing by about 20% [10] - The "impact investing" sector is gaining traction globally, with managed funds estimated to reach 1.6 trillion USD last year and expected to grow to 6 trillion USD by 2031 [7] Strategic Developments - Sai Crystal Technology (00580) has signed a strategic cooperation framework agreement with Sanan Semiconductor, ensuring stable supply and competitive pricing for semiconductor products [13] - 361 Degrees (01361) is exploring the use of stablecoins for payments and settlements in overseas markets, aiming to enhance payment efficiency and reduce costs for cross-border e-commerce [14]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company's PE ratio as of the end of August is 37.02x, positioned at the 52nd percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.3 billion, 33.2 billion, and 35.6 billion HKD for 2025-2027, with net profits attributable to shareholders of 19.4 billion, 20.6 billion, and 22.3 billion HKD, corresponding to PE valuations of 29.3, 27.7, and 25.4 times respectively [2][50]. Market Environment - The Hong Kong stock market continued its upward trend in August, driven by domestic policy support and expectations of interest rate cuts by the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 25.0% and 27.0% respectively compared to the end of 2024. The average daily trading (ADT) for Hong Kong stocks in August was 279.1 billion HKD, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [10][15]. Business Segments - **Spot Market**: The overall Hong Kong stock market saw significant increases in trading activity, with the ADT for northbound trading reaching 322.8 billion HKD, up 45.2% month-on-month and 204.9% year-on-year. Southbound trading ADT was 155.2 billion HKD, reflecting increases of 7.4% month-on-month and 448.3% year-on-year [8][15]. - **Derivatives Market**: The average daily volume (ADV) for futures was 62.7 thousand contracts, with month-on-month and year-on-year increases of 9.6% and 5.3% respectively. The ADV for options was 96.2 thousand contracts, with increases of 2.1% month-on-month and 34.5% year-on-year [19]. - **Primary Market**: In August, the IPO scale in the Hong Kong stock market decreased month-on-month but increased significantly year-on-year, with a total of 6 new listings raising 5.4 billion HKD, a 73% decrease month-on-month but a 189% increase year-on-year [29][31]. Investment Income - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, showing month-on-month increases but year-on-year declines for most rates [38].

二季度以来，固态电池的火热将新能源赛道再度带到台前，也让近两年来相对冷门的ESG基金重新获得 关注。 Choice统计数据显示，截至9月10日，全市场17只以ESG为名的主动型基金近一年平均净值增长率达 45.84%，其中博时ESG量化选股混合基金净值增长率达82%，汇添富ESG可持续成长股票、嘉实ESG可 持续投资、东方红ESG可持续投资净值增长率均超60%，南方ESG主题股票、国金ESG持续增长净值增 长率均超50%。被动型产品方面，17只ESG主题指数基金近一年平均回报为39%。 从业绩来看，ESG主题基金近一年来业绩表现稳健，随着新能源题材的升温、ESG理念进一步深入人心 以及产品本身的投资理念趋于成熟，该类基金的配置吸引力正进一步增强。 固态电池带热新能源赛道 固态电池为何能"点燃"市场热情？对此，华夏基金在研报中分析称，订单、应用场景和技术突破是固态 电池的三大看点。 "绿色能源发展是大势所趋，短期的供需错配不影响行业未来的空间。"西部利得基金表示，将重点关注 储能、风电、锂电等环节。 ESG基金呈现吸引力 近年来，ESG理念进一步深入人心。在监管引导下，越来越多上市公司主动加快ESG管理体系的优 ...

Investment Rating - The report maintains a positive outlook on the investment banking and brokerage industry [7] Core Insights - The recent implementation of the public fund fee reform in three phases is driving high-quality development in the industry. Brokerage firms continue to show high growth in their mid-year performance, and market enthusiasm remains high. The valuation still offers cost-effectiveness, suggesting a focus on leading companies and high-performing stocks in the sector. In the insurance sector, the overall trend supports the logic of deposit migration, increased equity allocation, and improved new policy costs, enhancing the certainty of long-term ROE improvement and accelerating valuation recovery [2][4] - From the perspective of profitability and dividend stability, the report continues to recommend Jiangsu Jinzu, which has stable profit growth and dividend rates, China Ping An, which maintains a high dividend yield, and China Pacific Insurance, which has clear advantages in business model and market position. Additionally, based on performance elasticity and valuation levels, the report recommends Xinhua Insurance, China Life, Hong Kong Stock Exchange, CITIC Securities, Dongfang Wealth, Tonghuashun, and Jiufang Zhitu Holdings [4] Summary by Sections Industry Overview - The non-bank financial index increased by 0.3% this week, with an excess return of -1.1% relative to the CSI 300, ranking 24th out of 31 industries. Year-to-date, the non-bank financial index is up 8.2%, with an excess return of -6.7%, also ranking 21st out of 31 [5] - Market enthusiasm has slightly declined, with an average daily trading volume of 23,264.15 billion yuan, down 10.63% week-on-week, and an average turnover rate of 2.45%, down 34.86 basis points [5] Key Industry News & Company Announcements - The China Securities Regulatory Commission released the "Classification Evaluation Regulations for Futures Companies" [6] - Company announcements include Guosen Securities completing the registration procedures for issuing new shares to acquire 96.08% of Wanhe Securities, and Xibu Securities completing the transfer of shares for the acquisition of Guorong Securities [6] Brokerage Data Tracking - The report highlights a slight recovery in margin financing, with a balance of 2.34 trillion yuan, up 2.67% week-on-week. The stock pledge market remains cautious, with expectations of continued contraction in stock pledge scale, but improved asset yield rates are anticipated to enhance income performance [45][49]

Group 1 - The report highlights a significant recovery in the Hong Kong stock market, with the Hang Seng Index rising by 31.5% and the Hang Seng Tech Index increasing by 34.0% as of September 12, 2025, driven by capital inflows and improved market sentiment [13][14][17] - The average daily trading volume in the Hong Kong stock market reached HKD 249.4 billion in September 2025, reflecting a year-on-year increase of nearly 93% [13][14] - Cumulative net inflows from southbound funds have surpassed HKD 1 trillion since the establishment of the Stock Connect, marking a historical high [17][18] Group 2 - The report indicates that the top three brokerage firms account for 54.8% of the total market value held in the Hong Kong Stock Connect, demonstrating a concentration of assets among major players [22][24] - A negative correlation exists between the market value held by brokerage firms and their turnover rates, with larger firms generally exhibiting lower turnover rates compared to smaller firms [22][24] - The report identifies several outstanding brokerage firms, including辉立证券 (Futu Securities) and沪市港股通 (Shanghai-Hong Kong Stock Connect), which have achieved high excess Sharpe ratios, indicating superior performance [29][33] Group 3 - The report presents a quantitative model that optimizes the selection of top-performing brokers and stocks, achieving an annualized excess return of 16.5% and a maximum drawdown of -15.2% [5][28] - The performance of the selected brokers and stocks is notably higher during bull markets, suggesting that the model is effective in capturing market upswings [5][28] - The report emphasizes the importance of utilizing detailed data from the Hong Kong Stock Exchange's CCASS system to gain insights into market dynamics and investor behavior [20][22]

Core Insights - The Hong Kong capital market is experiencing a strong recovery this year, driven by continuous inflow of southbound funds, the return of international investors, and a surge in listings of quality innovative companies [1] Group 1: Market Dynamics - Southbound funds have accumulated to approximately $129 billion this year, surpassing the total for the previous year, with an average daily trading volume exceeding $30 billion, nearly doubling year-on-year [1] - The valuation discount of H-shares relative to A-shares is narrowing, indicating a revaluation of Hong Kong stocks by the market [1] Group 2: Investment Trends - The trading volume of dual-listed companies in Hong Kong has risen to 36%, indicating a shift of funds from U.S. stocks back to Hong Kong stocks [1] - Investors are increasingly favoring direct investments in Hong Kong stocks to mitigate geopolitical risks and seize opportunities for the revaluation of Chinese assets [1] Group 3: International Investor Engagement - There has been a significant increase in foreign participation in new stock projects facilitated by Morgan Stanley, with strong interest from sovereign funds and long-term capital [1] - Many international investors believe that despite the recovery in valuations of leading Chinese companies, Hong Kong stocks still present numerous undervalued quality targets compared to U.S. stocks [1] Group 4: Structural Changes in the Market - The influx of southbound and foreign capital is leading to profound changes in the structure of the Hong Kong stock market, with a shift in funds from traditional financial and real estate sectors towards new economy sectors [1] - The investment logic of international investors is transitioning from "passive tracking" to "active exploration," with innovative companies that possess global competitiveness becoming core beneficiaries [1]