中新社香港9月22日电 香港特区政府财经事务及库务局局长许正宇22日欢迎香港交易及结算所有限公司 的全资附属公司——伦敦金属交易所，批准香港元朗3个仓库设立为认可仓库的申请。 许正宇表示，伦敦金属交易所扩充在港仓储设施，积极回应香港特区行政长官2025年施政报告政策方 向，有助于进一步完善香港大宗商品交易生态圈，巩固香港国际金融、航运及贸易中心的地位。连同此 前已批准的8个仓库，伦敦金属交易所在港认可仓库的总数已增加至11个，有助于将香港打造成为伦敦 金属交易所在亚洲的重要交割枢纽。3个新增仓库可即时投入运作，为业者参与国际金属交易提供高效 的交割选项，同时带动香港海运及其他服务的发展。 据悉，今年1月，伦敦金属交易所将香港纳入为其全球仓库网络内的许可交付地点，并开始接受仓库营 运商申请许可，以储存伦敦金属交易所注册品牌的金属。(完) ...

Group 1 - The Hong Kong government welcomes the approval of three warehouses in Yuen Long by the London Metal Exchange (LME) as recognized warehouses [1][2][3] - The expansion of LME's storage facilities in Hong Kong aligns with the policy direction outlined in the Chief Executive's 2025 Policy Address, enhancing Hong Kong's position as an international financial, shipping, and trading hub [2] - With the addition of these three warehouses, the total number of recognized warehouses operated by LME in Hong Kong has increased to eleven, facilitating efficient delivery options for international metal trading [2]

王骏表示，当前，香港通过政策顶层设计、基础设施建设和金融创新，正系统性构建大宗商品交易生态 圈。"香港的经验表明，境内期货市场需在税收激励、科技应用、标准制定等方面深化改革，同时加强 与香港的跨境协同，共同提升中国在全球大宗商品市场的话语权。"王骏认为，支持设立更多认可仓 库，特别是与内地联动的仓库，是将香港从"金融交易中心"升级为"金融与贸易一体化中心"的关键举 措，使香港的大宗商品生态圈变得坚实、完整且具有深度。 期货日报网讯（记者 刘威魁）9月17日，香港特区行政长官李家超在特区立法会发表2025年施政报告。 李家超表示，香港特区政府将成立"大宗商品策略委员会"，由财政司司长领导，汇聚业界代表，加强大 宗商品政策的顶层设计和长远策略制订。 李家超介绍，香港特区政府会延续去年施政报告方向，推动发展香港大宗商品交易生态圈，包括：港交 所全资附属公司伦敦金属交易所已批准八个在港交割仓库，香港会支持业界设立更多认可仓库；为大宗 商品贸易商落户香港提供半税优惠，带动香港船运及专业海运服务需求；深化与广期所及内地其他大宗 商品市场的联通发展，助力国家大宗商品市场国际化。 谈及成立 "大宗商品策略委员会"的意义，格林 ...

景川认为，深化广期所与港交所的合作，可以推动粤港澳大湾区建设，是落实粤港澳大湾区发展规划的 重要举措，有助于加强粤港澳大湾区城市间的金融合作与协同发展，促进生产要素高效配置，提升粤港 澳大湾区在国家经济发展和对外开放中的支撑引领作用，打造具有全球影响力的国际金融枢纽。 西安交通大学客座教授景川认为，推动发展香港大宗商品交易生态圈，将进一步巩固香港国际金融、航 运与贸易中心地位。"由于大宗商品交易涉及金融、物流、仓储等多个服务业，构建完整生态圈，有助 于香港整合既有优势，形成新的经济增长点，提升其在全球产业链中的枢纽地位，为香港的进一步发展 拓宽道路。"景川说，香港作为连接内地与国际市场的桥梁，可以助力内地大宗商品市场"走出去"，提 升中国在全球大宗商品定价体系中的话语权。 （文章来源：期货日报网） 9月17日，香港特区行政长官李家超在特区立法会发表2025年施政报告。李家超表示，香港特区政府将 成立"大宗商品策略委员会"，由财政司司长领导，汇聚业界代表，加强大宗商品政策的顶层设计和长远 策略制订。 期货日报记者了解到，此前，广东省及广州市多次发文提及，支持广期所推出与港交所跨境合作品种。 例如，今年8月12日 ...

Capital Market Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [1][2] - The government aims to optimize the main board listing and structured product issuance mechanisms, and promote more overseas companies to list in Hong Kong [2] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's global participation [2] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for wealth products increasing from 25,000 to 110,000 [3] - The government will optimize tax incentives for funds and family offices to attract more investment [3] - The introduction of a new capital investor entry plan will allow for increased investment thresholds in non-residential properties [7] AI and Technology Development - The government will promote AI development across various sectors while ensuring safety and efficiency [4] - A funding program of HKD 3 billion will support local institutions in attracting international research talent in AI [4] - A leading European aviation service company is set to establish operations in Hong Kong, creating new jobs and enhancing trade and financing sectors [4] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies [5] - The establishment of an "International Clinical Trial Academy" is planned to cultivate talent in the Greater Bay Area [5] - A new regulatory center for drugs and medical devices will be set up to enhance Hong Kong's status as a recognized authority [5] Cross-Border Trade and Logistics - The government is expanding logistics capabilities to facilitate goods transport from mainland provinces to international markets [6] - Multi-modal transport options are being developed to enhance efficiency in cargo movement [6] Commodity Trading and Financial Innovation - A "Commodity Strategy Committee" will be established to enhance policy design for commodity trading [9] - The government will support the establishment of more recognized warehouses for commodity trading and provide tax incentives [9] - Financial innovations will be tested to optimize international commodity trading processes [9] Gold Market Development - The government aims to establish a regional gold reserve hub with a target of exceeding 2,000 tons in three years [10] - Initiatives will be taken to enhance gold refining capabilities and establish a central clearing system for gold transactions [10] - The Shanghai Gold Exchange will collaborate with Hong Kong to promote market cooperation [11]

人民财讯9月17日电，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。李家超表 示，香港政府将成立"大宗商品策略委员会"，由财政司司长领导，汇聚业界代表，加强大宗商品政策的 顶层设计和长远策略制订。同时，香港会延续去年《施政报告》方向，推动发展香港大宗商品交易生态 圈，包括：港交所全资附属公司伦敦金属交易所已批准八个在港交割仓库，香港会支持业界设立更多认 可仓库；为大宗商品贸易商落户香港提供半税优惠，带动香港船运及专业海运服务需求；利用金融创新 优化国际大宗商品交易流程，包括金管局与巴西中央银行合作测试提单电子化和存款代币化等科技，以 便利贸易；深化与广州期货交易所及内地其他大宗商品市场的联通发展，助力国家大宗商品市场国际 化。 ...

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 ...

1. Report Industry Investment Rating - Copper: Neutral [7] - Arbitrage: Suspended [7] - Options: short put@77000 yuan/ton, short call@80000 yuan/ton [7] 2. Core View of the Report - The processing fee has rebounded, but the relative shortage of mine resources is difficult to change temporarily. Consumption is also hard to show excellent performance, but with relatively stable power grid orders, it won't collapse significantly. So, the overall price is expected to be in a volatile pattern. The future development of the Putin-Biden meeting needs attention. If the situation continues to improve, the LME may accept Russian copper again, which may put pressure on the LME copper price. Also, the relatively strong performance of the domestic equity market may siphon off commodity funds [7]. 3. Summary by Relevant Catalogs Market News and Important Data Futures Quotes - On August 21, 2025, the main contract of Shanghai copper opened at 78,560 yuan/ton and closed at 78,540 yuan/ton, a -0.13% decrease from the previous trading day's closing. The night session opened at 78,580 yuan/ton and closed at 78,710 yuan/ton, a 0.25% increase from the afternoon closing [1]. Spot Situation - SMM 1 electrolytic copper spot quoted a premium of 100 - 220 yuan/ton to the current 2509 contract, with an average of 160 yuan/ton, a 30 yuan/ton decrease from the previous day. The spot price range was 78,710 - 78,890 yuan/ton. The market's procurement and sales sentiment slightly recovered. Due to the concentrated arrival of imported and domestic copper sources, holders actively sold, leading to a general decline in premiums. It is expected that domestic copper will continue to arrive at the warehouse, and low - priced imported sources will suppress premiums, but downstream procurement may provide support near the weekend, so the downward space for spot premiums is limited [2]. Important Information Summary - **Macroeconomic Data**: The preliminary value of the US S&P Global Manufacturing PMI in August reached 53.3, the highest since May 2022, far exceeding the expected 49.5; the Services PMI slightly declined to 55.4, but the significant increase in manufacturing pushed the Composite PMI to a 9 - month high of 55.4 [3]. - **Employment Market**: The number of initial jobless claims in the US last week increased by 11,000 to 235,000, the highest since June, higher than the market expectation of 225,000; the number of continued jobless claims in the previous week rose to 1.97 million, the highest since November 2021 [3]. - **Monetary Policy**: Cleveland Fed President Harmaque said she would not support a rate cut at the September meeting if Fed officials were to make a policy decision tomorrow. The CME Fedwatch tool shows that the market bets a 75% probability of a 25BP rate cut in September and a 25% probability of keeping it unchanged [3]. Mine End - Blue Moon Metals obtained at least $140 million in financing to support the early construction of its Nussir copper project in Norway. The project is expected to cost $330 million to build, with a mine life of 25 years, an average annual output of 25,000 tons of copper concentrate, and associated silver and gold. The cash cost is only $1.38 per pound of copper, ranking in the low - cost quartile of the industry, and it aims to start production in September 2027 [4]. - Codelco will lower its 2025 production guidance after an accident at its flagship mine El Teniente reduced production by 33,000 tons. The expected output of El Teniente this year is 316,000 tons, and the production decline will cause a loss of $340 million [4]. Smelting and Import - The LME Hong Kong delivery warehouse was inaugurated on the 19th. Hong Kong's participation in the LME's delivery network is an important step in building a commodity trading ecosystem. China's refined copper (electrolytic copper) output in July 2025 was 1.27 million tons, a 14% year - on - year increase. In August, the number of smelters reducing production due to copper concentrate and cold material supply shortages increased compared to July [5]. Consumption - In July, China's copper industry monthly prosperity index was 41.8, up 0.9 points from June, continuing to operate in the "normal" range; the leading index was 79.7, up 0.1 points from June; the coincident index was 73.8, down 0.9 points from June. In July 2025, China's copper foil export volume was 4,483.51 tons, a 13.32% year - on - year increase and a 3.23% month - on - month increase [6]. Inventory and Warehouse Receipts - LME warehouse receipts changed by 1,200.00 tons to 156,350 tons. SHFE warehouse receipts changed by - 66 tons to 25,157 tons. On August 18, the domestic spot inventory of electrolytic copper was 131,700 tons, a - 2,000 - ton change from the previous week [6].

新华财经香港8月19日电（记者林迎楠）香港交易所旗下伦敦金属交易所（LME）在香港的8个核准仓 储设施自7月中正式启用。华润集团旗下华润物流与LME注册运营商GKE Metal Logistics合作的香港有 色金属交割仓19日在香港举行揭牌仪式。 香港特区政府财政司司长陈茂波致辞表示，随着新能源及高新科技产业的蓬勃发展，全球对相关金属的 需求会持续上升，市场机遇巨大。在当前地缘政治深度重塑全球贸易格局之际，加入LME的交割网 络，是香港构建大宗商品交易生态的重要一步，对服务国家发展战略和进一步巩固提升香港国际金融与 航运中心地位具重要意义。他指出，加入LME的交割网络一方面会引领金属交易市场的量变和质变， 另一方面能增强区域有色金属供应的韧性。此外，可加强香港金融与物流服务的联动发展和融合创新， 并吸引各方利用香港多元化和高质量的第三方服务。 港交所主席唐家成表示，作为国际金融中心和"超级联系人"，香港有责任及优势将中国内地这个全球最 大的工业金属消费国，与LME这个全球最活跃的金属交易市场更加紧密地连结起来。他说，在香港设 立LME交割仓，不仅有助降低内地金属用家交割成本，也可以吸引更多企业加入香港大宗商 ...