Group 1: Market Overview - The Hang Seng Index has faced pressure, dropping 284 points or 1.12% to close at 25058, marking a three-day decline totaling 558 points or 2.2% [3] - The index opened high at 25489, briefly rising to a mid-day high of 25494 before reversing direction and falling below the 20-day moving average [3] - The total market turnover for the day was 3022.33 million [3] Group 2: Company News - BYD has reportedly lowered its annual sales target by 16% to 4.6 million vehicles, indicating the slowest sales growth in nearly five years [11][12] - The revised sales target is below recent forecasts from several institutions, with Deutsche Bank estimating 4.7 million and Morningstar predicting 4.8 million [12] - Yum China plans to repurchase approximately 270 million USD of its common stock by the end of 2025, building on previous repurchase agreements [13]

智通财经APP获悉，9月4日，香港财经事务及库务局局长许正宇发表网志表示，面对不断变化的全球政 经格局，香港正积极在国际金融体系中寻求新突破。强化市场生态、推动金融创新、促进与实体经济融 合，已成为我们政策部署的重要方向。当中，黄金既是全球认可的避险资产，具备实体商品与金融投资 的双重属性，认受性高而交易活跃，正好契合香港作为国际金融中心的定位。 许正宇续称，行政长官在2024年《施政报告》中提出，香港将以黄金作为切入点，建立大宗商品交易生 态圈。政策重点包括拓展用家及投资者在港存放和交割实金，带动抵押和借用等衍生金融服务，为金融 业开创新增长点。随着全球市场对黄金的需求上升，香港正全力把握机遇，朝着建设国际黄金交易中心 的目标稳步前行。 原文如下： 黄金时代 由香港策动 面对不断变化的全球政经格局，香港正积极在国际金融体系中寻求新突破。强化市场生态、推动金融创 新、促进与实体经济融合，已成为我们政策部署的重要方向。当中，黄金既是全球认可的避险资产，具 备实体商品与金融投资的双重属性，认受性高而交易活跃，正好契合香港作为国际金融中心的定位。 自推动发展香港成为黄金交易中心的工作启动以来，已在多个范畴取得实质进 ...

Group 1 - The Hong Kong Stablecoin Regulation comes into effect this month, with a clear positioning of stablecoins as a payment tool and an alternative representation of fiat currency, eliminating speculation opportunities [1] - The cost of payments through the banking system may reach 3%, while the use of stablecoins is expected to lower costs to 1%, thereby reducing cross-border payment costs and enhancing economic efficiency [1] - The Hong Kong government is actively planning the development of the city as an international gold trading center, starting with warehousing and including new designs for trading and settlement [1] Group 2 - The "Interconnection" mechanism will celebrate its 11th anniversary, with a focus on continuously enriching and expanding varieties under a safe and controllable risk framework [1] - There are plans to promote the inclusion of real estate investment trusts into the interconnection mechanism, pending discussions with mainland authorities [1]

Core Viewpoint - The Hong Kong government is actively working to establish an international gold trading center as part of its broader strategy to enhance its status as a global financial hub [1][3][4]. Group 1: Government Initiatives - The Hong Kong government has formed a dedicated task force to review all aspects related to gold financial transactions, aiming to support the development of Hong Kong as an international gold trading center [1][4]. - The Chief Executive of Hong Kong announced plans to build a commodity trading ecosystem and establish an international gold trading market in the 2024 policy address [3][4]. - The Hong Kong Airport Authority is planning to expand its precious metals storage facilities to support the government's initiatives [3]. Group 2: Market Development - A working group led by the Secretary for Financial Services and the Treasury has been established to comprehensively review gold market aspects, including supply and demand, product development, and logistics [4]. - The government aims to enhance gold storage facilities and expand related financial services such as insurance and certification, creating a complete ecosystem for gold trading [4][5]. - The Shanghai Gold Exchange is set to launch its first offshore gold delivery warehouse in Hong Kong, marking a significant step in the internationalization of China's gold market [4]. Group 3: Market Demand and Opportunities - There is a growing demand for gold storage and trading in Hong Kong, driven by geopolitical uncertainties and the need for investors to store physical gold in various regions [5]. - The evolving global supply chain and the emergence of innovative financial technologies are closely linked to Hong Kong's ambition to strengthen its position as an international financial center [5].

Group 1 - The integration of supply chains and the reshaping of trade patterns present new development opportunities for Hong Kong's trade, shipping, finance, and professional services [1][2] - Hong Kong's exports to Vietnam and Malaysia increased by over 50% and 30% respectively in the first half of this year, with ASEAN becoming Hong Kong's second-largest trading partner, rising from 12.1% of total trade in 2021 to 14.8% in the first half of this year [2] - The establishment of a "bulk commodity trading ecosystem" is progressing, with Hong Kong successfully joining the London Metal Exchange's global warehouse and delivery network, enhancing connections with active metal trading markets [2][3] Group 2 - The recognition of warehouses in Hong Kong by the LME improves the efficiency of non-ferrous metal allocation and reduces logistics time and costs, while stabilizing the supply of key metal resources in the region [3] - The trading and delivery activities of bulk commodities in Hong Kong will increase demand for related shipping services and promote the development of trade financing, insurance, risk management, and derivative financial services [3] - The Hong Kong government is actively promoting the establishment of multinational supply chain management centers, making Hong Kong a preferred platform for companies looking to expand internationally [4]

Group 1 - The integration of supply chains and the reshaping of trade patterns present new development opportunities for Hong Kong's trade, shipping, finance, and professional services [1][2] - Hong Kong's exports to Vietnam and Malaysia increased by over 50% and 30% respectively in the first half of this year, with ASEAN becoming Hong Kong's second-largest trading partner, rising from 12.1% in 2021 to 14.8% in the first half of this year [2] - The establishment of a "bulk commodity trading ecosystem" is progressing steadily, with Hong Kong joining the London Metal Exchange's global warehouse and delivery network, marking a significant milestone [2][3] Group 2 - The recognition of LME warehouses in Hong Kong enhances the efficiency of non-ferrous metal allocation, reduces logistics time and costs, and stabilizes the supply of key metal resources in the region [3] - Since becoming an LME delivery point in January, eight approved warehouses have been operational, with over 8,000 tons of LME registered warrants supporting LME contract delivery by early August [3] - The Hong Kong government is actively promoting the establishment of multinational supply chain management centers, positioning Hong Kong as a preferred platform for companies looking to expand internationally [4]

Group 1 - Hong Kong is advancing its strategy to establish a commodity trading ecosystem, focusing on becoming an international gold trading center [1][3] - The Hong Kong government has formed a dedicated task force to review all aspects related to gold financial transactions and promote the development of an international gold trading center [1][3][4] - The Hong Kong International Airport is planning to expand its precious metal storage facilities to support the construction of an international gold trading center [3][4] Group 2 - The government aims to enhance gold storage facilities while expanding related financial services such as insurance, certification, and logistics, creating a comprehensive ecosystem for gold trading [4][6] - The demand for gold storage and trading in Hong Kong has significantly increased, driven by geopolitical uncertainties and the need for secure storage options [6][7] - The establishment of an international gold trading center is seen as a new opportunity to reinforce Hong Kong's status as a global financial hub [5][7]

Core Viewpoint - Hong Kong is strategically positioning itself to become an international gold trading center, enhancing its status as a global financial, shipping, and trade hub [1][3][4]. Group 1: Strategic Developments - The Hong Kong government has established a dedicated task force to review all aspects related to gold financial transactions, aiming to promote the development of an international gold trading center [1][3]. - The Hong Kong International Airport is planning to expand its precious metal storage facilities to support the establishment of international-grade gold storage [3][4]. - The government aims to create a comprehensive ecosystem for gold trading, including storage, insurance, certification, logistics, and related financial services [4][5]. Group 2: Market Demand and Opportunities - There has been a significant increase in demand for gold storage, trading, and delivery in Hong Kong, driven by geopolitical uncertainties and the desire for physical gold storage in various regions [3][7]. - The establishment of an international gold trading center is seen as a new opportunity to solidify Hong Kong's position as an international financial center [7]. - The recent launch of designated warehouses for gold trading in Hong Kong is expected to attract more international investors and increase the region's gold reserves [5][6].

Group 1 - Hong Kong is advancing its strategy to establish a commodity trading ecosystem, focusing on becoming an international gold trading center [1][2] - The Hong Kong government has formed a dedicated task force to review all aspects related to gold financial transactions and to promote the development of an international gold trading center [2][3] - There is a significant increase in demand for gold storage, trading, and delivery in Hong Kong, prompting the Hong Kong Airport Authority to plan the expansion of gold storage facilities at the international airport [2][3] Group 2 - The government aims to build international-grade gold storage facilities and expand related financial services such as insurance, certification, and logistics, creating a comprehensive ecosystem for gold trading [3] - The establishment of an international gold trading center is seen as a new opportunity to enhance Hong Kong's status as a global financial hub, especially amid increasing geopolitical uncertainties [4] - The Hong Kong government is also exploring the possibility of connecting with mainland financial markets at an appropriate time [3][4]

Group 1 - Hong Kong is advancing its strategy to establish an international gold trading center as part of its broader initiative to build a commodity trading ecosystem, enhancing its status as a global financial, shipping, and trading hub [1][2][4] - The Hong Kong International Airport Authority is planning to expand its precious metals storage facilities to support the development of an international gold trading center, responding to increased demand from investors for gold storage and trading [2][3] - The Hong Kong government has formed a working group to comprehensively review all aspects related to gold financial transactions, aiming to optimize market trading and regulatory mechanisms [2][3] Group 2 - The demand for gold is expected to remain high due to increasing geopolitical uncertainties, providing an opportunity for Hong Kong to develop its gold financial trading market [4] - The establishment of an international gold trading center is seen as a new approach to solidify and enhance Hong Kong's position as an international financial center, with plans to attract international gold spot trading [4][3] - The government aims to create a complete ecosystem for gold trading, including storage, insurance, certification, logistics, and related financial services, to facilitate comprehensive multi-currency trading and settlement [3][4]