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].