Core Viewpoint - The strategic partnership between Huajian Medical and Renhe Pharmaceutical aims to establish the world's first vertical RWA exchange focused on the OTC sector in the United States, marking a significant step in Huajian's ETHK blockchain financial ecosystem strategy [1][2] Group 1: Strategic Collaboration - The collaboration with Renhe Pharmaceutical represents a key milestone in the implementation of Huajian's ETHK blockchain financial ecosystem strategy and the innovative "ETHK global RWA exchange" business model [1] - This partnership is intended to create a replicable model that validates the feasibility and potential of the innovative approach [1] Group 2: Commitment to Economic Development - Huajian Medical emphasizes that the ultimate mission of financial technology is to serve the real economy and create inclusive value, which this collaboration exemplifies [2] - The company aims to leverage technology to assist classic national brands like Renhe Pharmaceutical in their digital transformation, promoting successful ecological models across various industries [2] Group 3: Future Growth and Synergy - The board believes that this collaboration will generate significant synergies, positively impacting the strategic transformation and value reassessment of both companies [2] - Huajian Medical plans to work closely with Renhe Pharmaceutical to ensure the successful launch and stable operation of the world's first OTC RWA exchange, aiming for high standards and quality [2]

Group 1 - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - The early trading volume in Hong Kong stocks reached 160.2 billion HKD [1] Group 2 - New pharmaceutical stocks in the Hong Kong Stock Connect saw significant gains, with ZhiJie AnKang-B (02617) surging over 49%, reaching a market capitalization of over 240 billion HKD; BaiZe Medical (02609) rose over 76%; and TongYuanKang Pharmaceutical-B (02410) increased by over 36% [1] - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at 1.35 HKD, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company well-prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose over 6% as its "SoFast" service officially launched in Macau, with Daiwa optimistic about the company's revenue growth prospects [2] - Valiant Bio-B (09887) increased by over 13%, with its core product LBL-024 for melanoma completing its first patient dosing in trials [2] - Bilibili-W (09626) rose by 2.78%, accumulating a total increase of about 25% over the past six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - LionTeng Holdings (02562) surged over 7% as it plans to acquire leading companies in artificial intelligence and blockchain to expand its digital finance layout [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted placement to raise approximately 5.392 billion HKD for structural adjustments in polysilicon capacity [2] - China General Nuclear Power Corporation Mining (01164) increased by 6.7%, as the U.S. seeks to expand its strategic uranium reserves, with institutions expecting a recovery in uranium prices [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted placement to raise about 1.15 billion HKD [2]

Market Overview - The Hang Seng Index rose by 0.07%, gaining 19 points to close at 26,465 points, while the Hang Seng Tech Index increased by 0.39% [1] - Early trading volume in Hong Kong stocks reached HKD 160.2 billion [1] Notable Stock Movements - New pharmaceutical stocks in the Hong Kong Stock Connect surged, with Yaojie Ankang-B (02617) rising over 49%, reaching a market capitalization of over HKD 240 billion [1] - Baize Medical (02609) saw an increase of over 76% [1] - Tongyuan Kang Pharmaceutical-B (02410) rose by over 36% [1] Specific Company Highlights - Fosen Pharmaceutical (01652) experienced a dramatic rise of over 410%, closing at HKD 1.35, up 297%, following the approval of Metformin and Ertugliflozin tablets [2] - Shanghai Fudan (01385) increased by 5.87%, with the company prepared for supply chain disruptions, and Morgan Stanley noted limited impact on demand [2] - SF Express (09699) rose by over 6% as its "SoFast" service launched in Macau, with positive revenue growth prospects according to Daiwa [2] - Valiant Pharmaceuticals-B (09887) increased by over 13%, completing the first medication trial for its core product LBL-024 for melanoma [2] - Bilibili-W (09626) rose by 2.78%, accumulating a 25% increase over six days, with the new game "Three Kingdoms: Hundred Generals" set for testing in October [2] - Liontech Holdings (02562) surged over 7% as it plans to acquire a leading AI and blockchain company to expand its digital finance footprint [2] - GCL-Poly Energy (03800) rose by 3.97%, planning a discounted share placement to raise approximately HKD 5.392 billion for structural adjustments in polysilicon capacity [2] - CGN Mining (01164) increased by 6.7% amid expectations of rising uranium prices as the U.S. seeks to expand its strategic uranium reserves [2] - Yunfeng Financial (00376) fell over 16% after announcing a discounted share placement to raise about HKD 1.15 billion [2]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on specific companies and their recent performance, driven by various strategic announcements and market conditions. Hong Kong Stock Market Summary - China General Nuclear Power Corporation (01164) rose over 6% following US Energy Secretary Chris Wright's suggestion to consider expanding strategic uranium reserves, indicating potential upward price adjustments for uranium [1] - Yunfeng Financial (00376) fell over 18% after announcing a rights issue at a discount of approximately 16.8%, aiming to raise about HKD 1.15 billion [1] - GCL-Poly Energy Holdings (03800) increased over 2% as it plans a rights issue at a discount of about 8.73%, targeting net proceeds of HKD 5.392 billion for structural adjustments in polysilicon production [1] - Lion Group Holding (02562) surged over 6% after signing a letter of intent to acquire a leading AI and blockchain company, expanding its digital finance footprint [1] - Pharmaron Beijing Co., Ltd. (02617) skyrocketed over 53% after being included in the Hong Kong Stock Connect list, with a cumulative increase of nearly 10 times since its inclusion, and northbound investors adding over HKD 300 million in two days [1] - Anta Sports Products (02020) rose over 2% as retail sales of sports goods showed rapid growth in the first eight months, indicating marginal improvement in sales [1] - SF Technology (09699) increased over 5% after launching its "SoFast" brand in Macau, marking a significant step in its overseas business expansion [1] - Shanghai Fudan (01385) rose over 6% as Morgan Stanley reported the company is well-prepared for supply chain disruptions, with limited demand impact expected [2] - Tianyue Advanced (02631) increased over 1% after being included in the Hong Kong Stock Connect, with silicon carbide expected to see new market growth [2] - Valiant Co., Ltd. (09887) rose over 10% after announcing the completion of the first patient dosing in a trial for its core product LBL-024 for melanoma [2] US Stock Market Summary - Tesla (TSLA.US) rose 3.56% as the head of its German factory announced an increase in production plans for Q3 and Q4 due to strong sales data [3] - NVIDIA (NVDA.US) fell 0.04% as it faces further investigation for violating antitrust laws [3] - Hesai Technology (HSAI.US) increased 4.31% after announcing a partnership with a leading US Robotaxi company, securing over USD 40 million in lidar orders [3] - XPeng Motors (XPEV.US) rose 2.20% after formalizing a deep cooperation with Magna Steyr in Austria, marking the start of local production in Europe [3] - NIO (NIO.US) increased 4.34% as it announced the NIO Day 2025 event, scheduled for September 20, where the new ES8 will be launched [3] - Apple (AAPL.US) rose 1.12% as Morgan Stanley reported that demand for the iPhone 17 series exceeded that of the previous year's iPhone 16 series during its first week of launch [4] - Fangdd Network Group (DUO.US) fell 9.17% following the National Bureau of Statistics' report indicating a decline in residential property prices in August [3] - Alibaba (BABA.US) rose 1.92% ahead of the 2025 Cloud Summit scheduled for September 24-26 in Hangzhou [4] - ASML Holding (ASML.US) increased 6.56% after announcing a EUR 1.3 billion investment in French AI startup Mistral AI, becoming its largest shareholder [4] - Bilibili (BILI.US) rose 6.40% as it announced the upcoming public test of its new strategy card game, "Three Kingdoms: Hundred Generals Card" [4] - Oracle (ORCL.US) increased 3.41% as management disclosed that its cloud infrastructure revenue is set to experience steep growth [4]

Economic Performance - Shanghai's GDP reached 5.4 trillion yuan in 2024, with a year-on-year growth of 5.0%[2] - Fixed asset investment grew by 4.8%, with industrial investment showing a strong increase of 11.1%[3] - Total retail sales of consumer goods decreased by 3.1% year-on-year, amounting to 17,940 billion yuan[3] Trade and Employment - The total import and export volume reached 4.3 trillion yuan, a year-on-year increase of 1.3%[3] - The urban unemployment rate averaged 4.2%, down by 0.3 percentage points from the previous year[3] - Per capita disposable income in Shanghai increased by 4.2%, reaching 88,366 yuan[43] Financial Sector Development - The balance of deposits and loans reached 22.0 trillion yuan and 12.3 trillion yuan respectively, with year-on-year growth of 7.7% and 9.8%[4] - New loans for small and micro enterprises had a weighted average interest rate of 3.25%, down by 0.37 percentage points year-on-year[5] - The social financing scale increased by 10,612 billion yuan, exceeding the previous year by 3,201 billion yuan[5] Industrial Growth - The total industrial output value was 39 trillion yuan, with a year-on-year growth of 0.7%[3] - The added value of strategic emerging industries reached 17,201 billion yuan, growing by 1.8%[3] - The three leading industries (integrated circuits, biomedicine, and artificial intelligence) achieved a combined output value of 4,618 billion yuan, with a growth rate of 10.8%[3]

Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 3.397 billion, a year-on-year increase of 41.60% [2] - The total profit reached CNY 1.723 billion, up 47.60% year-on-year [2] - Net profit attributable to shareholders was CNY 1.405 billion, reflecting a growth of 40.44% compared to the previous year [2] - The weighted average return on equity was 3.73%, an increase of 0.89 percentage points year-on-year [2] - As of June 30, 2025, total assets amounted to CNY 177.199 billion, a growth of 2.96% from the end of the previous year [2] - Shareholders' equity attributable to the parent company was CNY 37.952 billion, up 2.46% from the end of the previous year [2] Digital Financial Strategy - The company is advancing its digital financial strategy through top-level design, intelligent computing platforms, and digital financial research [3] - A three-layer framework for digital finance has been established, focusing on "5 types of users + 4 new concepts + 3 drivers" [3] - An intelligent computing platform with a total capacity of approximately 20P has been built, enhancing operational efficiency by saving over 80 hours of work monthly and improving efficiency by 70% [3] - The company has received several industry awards for its digital financial research, including the Financial Technology Development Award [3] Market Value Management - The company emphasizes market value management and has implemented a system to enhance investment value and returns for investors [4] - Key measures include establishing a stable investor return mechanism and ensuring continuous, stable cash dividends [4] - The company adheres to information disclosure regulations to ensure timely and accurate communication of significant information [4] International Development Strategy - The company is actively pursuing international development, focusing on technology, consumption, and healthcare sectors [4] - Since 2025, it has assisted multiple companies in successfully issuing and listing on the Hong Kong Stock Exchange, with over 50 companies from Anhui province listed [4] - Future plans include deepening collaboration with Guoyuan International to guide quality domestic enterprises to go public in Hong Kong [4]

Core Performance Indicators - As of June 30, 2025, the company's total assets exceeded 10.61 trillion yuan, with a deposit balance growth of 6.10% [2] - The net profit attributable to shareholders reached 43.141 billion yuan, a year-on-year increase of 0.21%, marking a positive turnaround from negative growth in the first quarter [2] - The net interest margin stood at 1.75%, significantly higher than the industry average of 1.42% [2] Asset Quality and Risk Management - The non-performing loan balance was 63.493 billion yuan, with a non-performing loan ratio of 1.08%, reflecting a slight increase of 0.01 percentage points from the end of the previous year [4] - The company reported a decrease in risk costs, with a provision coverage ratio of 228.54%, indicating strong risk absorption capacity [4] - New non-performing loans in key risk areas such as real estate and credit cards saw significant declines, confirming a turning point in asset quality [4] Strategic Focus Areas - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, driving a transformation towards "light capital, light assets, and high efficiency" [5][6] - In technology finance, the financing balance reached 2.01 trillion yuan, growing by 14.18%, with a non-performing loan ratio of 0.97%, lower than the average for corporate loans [5] - Green finance remains a traditional strength, with a financing balance of 2.43 trillion yuan, an increase of 10.71%, and a non-performing loan ratio of 0.57% [5] Customer Service and Digital Transformation - The retail customer base grew to 112 million, with significant increases in high-value customer segments [9] - The company has implemented a digital inclusive finance service system, with inclusive small and micro loans reaching 584.932 billion yuan, a growth of 5.22% [6] - Monthly active users of mobile banking increased by 8.40%, reflecting the success of digital transformation initiatives [7][11] Core Competencies and Management - The company is enhancing its core capabilities in strategic execution, customer service, investment trading, comprehensive risk control, and management promotion [8][10] - The focus on risk management is evident, with a systematic approach to identifying and mitigating risks across various sectors [10] - The company is committed to high-quality development through digital transformation and talent development initiatives [11][12]

行业发展机遇与挑战 近年来，金融监管部门出台了做好金融"五篇大文章"政策指引，强调金融机构要以数据要素和数字技术为关键驱动，持续深化金融数字化转型。2025年的 《政府工作报告》明确提出，要大力提振消费、提高投资效益，全方位扩大国内需求。这些政策为消费金融行业的发展提供了明确的方向和有力的支持， 也为消费金融业务的创新发展提供了更广阔的市场空间。然而，消 费金融机构也面临着诸多挑战，如市场竞争加剧、消费者权益保护问题等。 社会经济转型与消费大国愿景 2025年6月25日，国务院总理李强在第十六届夏季达沃斯论坛开幕式上的致辞中指出，我国正整体迈向高收入国家，消费升级需求旺盛，既有衣食住行等 传统消费，更有智能终端、文化IP等新兴消费。目前，我国正在加力实施扩大内需战略，开展提振消费专项行动，推动我国在"制造大国"的坚实基础上成 长为超大体量的"消费大国"。在当前全球经济格局深刻调整、我国经济转型升级加速推进的关键阶段，消费升级成为经济增长的重要驱动力。 消费金融作为连接消费与金融的桥梁，顺应消费升级趋势，从传统的单一消费信贷模式，向多元化的消费金融服务体系转变，满足消费者在不同场景下的 融资需求，助力消费升级。 ...

今年5月7日，中国证监会推出重磅改革方案——《推动公募基金高质量发展行动方案》（以下简称《行 动方案》），针对市场和社会关切的痛点、堵点问题提出25条改革措施，督促公募基金形成高质量发 展"拐点"，促进行业持续提升服务居民财富管理、服务资本市场改革发展稳定、服务实体经济和国家战 略的能力。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 2025年9月8日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构、基金 评价机构及多家主流媒体，共同启动"北京公募基金高质量发展系列活动"。活动以"新时代·新基金·新价 值——北京公募基金高质量发展在行动"为主题，旨在贯彻落实《推动公募基金高质量发展行动方 案》，进一步提升北京作为国家金融管理中心的引领作用，打造北京金融高质量发展新名片。 泓德基金表示，《行动方案》为公募基金行业高质量发展指明了路径，公司将立足"新时代"，以"新基 金"为载体，探索新模式，致力于为持有人创造持续、稳健的"新价值"。 新时代——责任担当 金融为民 《行动方案》坚持以投资者为本的理念，突出强化与投资者的利益绑定，突出增强基金投资行为稳定 性，突出提升服务投资 ...

Group 1 - The core point of the article is that Zhou Li Fu (06168) has made a strategic investment in Going Securities (HK) Limited, acquiring a 15% stake through its wholly-owned subsidiary, which has led to a nearly 6% increase in its stock price [1] - The investment agreement has been signed and funds have been paid, marking the official launch of this strategic investment [1] - The strategic investment is seen as a foundation for long-term collaboration in the digital finance sector among the involved parties, aiming to explore new growth opportunities in Hong Kong's digital asset market [1] Group 2 - Going Securities is a licensed corporation recognized by the Hong Kong Securities and Futures Commission, holding multiple regulatory licenses for various activities [1] - The investment also involves Weifutong Technology Co., Ltd., which holds an 18% stake in Going Securities through its wholly-owned subsidiary [1] - The parties plan to integrate resources in cross-border payments, precious metals, and capital markets to expand their digital finance-related businesses [1]