Core Viewpoint - Zijin Mining International (02259) saw a significant increase of over 6%, specifically a rise of 6.62%, reaching a price of 135.3 HKD with a trading volume of 243 million HKD [1] Group 1: MSCI Index Changes - On November 6, 2023, MSCI announced the results of its November index review, which included the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks [1] - The changes from this review will take effect after the market closes on November 24, 2025 [1] - In addition to A-share stocks, the MSCI China Index also added 9 Hong Kong stocks, including Zijin Mining International [1]

Core Viewpoint - The inclusion of Baker Hughes (02149) in the Hang Seng Semiconductor Index is expected to provide structural benefits, leading to potential passive fund inflows and increased market liquidity, while attracting active management funds [1] Group 1: Company Analysis - Baker Hughes has been added to the Hang Seng Semiconductor Industry Theme Index, effective from November 7, 2025 [1] - The company is projected to experience a 21% growth in net profit by 2025, with a net profit margin maintained above 25% [1] - Current valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, indicating a significant discount compared to A-share and global peers [1] Group 2: Market Implications - The reclassification of the Hang Seng Semiconductor Index is expected to drive valuation improvements for Baker Hughes [1] - The report emphasizes the importance of monitoring potential passive fund inflows related to the index inclusion [1] - The company's high profitability has shown resilience during previous industry downturns, highlighting its unique business model and operational excellence [1]

Group 1 - The Hang Seng Index has officially renamed the "Hang Seng Information Technology Index" to "Hang Seng Semiconductor Industry Theme Index," with Baker Hughes (02149) included in the constituent stocks effective from November 7, 2025 [1] - The report suggests that this change will provide structural benefits to Baker Hughes, potentially leading to passive capital inflows that enhance market liquidity and attract active management funds [1] - The firm maintains a "Buy" rating on Baker Hughes with a target price of HKD 93, based on a forecasted price-to-earnings ratio of 26.6 times for 2025 [1] Group 2 - The company's valuation is expected to benefit from favorable factors such as the reclassification of the Hang Seng Semiconductor Index, presenting a revaluation opportunity [1] - Investors are advised to closely monitor potential passive capital inflows related to the index inclusion [1] - During the previous industry downturn, the company's high profitability demonstrated resilience, highlighting its unique business model and excellent operational capabilities [1] Group 3 - The company is projected to achieve a 21% growth in net profit for 2025, with a net profit margin expected to remain above 25% [1] - Currently, the company's valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, which is significantly discounted compared to A-shares and global peers [1]

Core Viewpoint - China Gold International (02099) has seen a significant increase in stock price, rising by 3.31% to HKD 146.7, with a trading volume of HKD 7.1883 million, following the announcement of its inclusion in the Hang Seng Hong Kong Chinese Enterprises Index effective October 27, 2025 [1] Group 1 - The stock price of China Gold International opened over 3% higher and is currently up 3.31% [1] - The company will be included in the Hang Seng Hong Kong Chinese Enterprises Index after market close on October 24, 2025 [1] - The inclusion in the index is expected to enhance the company's visibility and attract more investors [1] Group 2 - According to招商证券, the company's Jia Ma Mine has significant expansion potential [1] - Exploration activities in the Bayi Ranch and Zhegu Langbei areas have shown substantial resource potential [1] - These exploration efforts are likely to support larger-scale expansions in the future [1]

Core Insights - Robinhood Markets' shares surged 37% last month following its inclusion in the S&P 500, reflecting strong growth in customer deposits and trading volumes [1][3] - The stock's market capitalization exceeded $100 billion after the S&P 500 announcement, with shares increasing over 10 times since early 2023 [3][4] - The company is evolving into a comprehensive banking service, with 13% of customers subscribing to Robinhood Gold, up from 8% a year ago, contributing to revenue growth [5] Business Performance - Robinhood is experiencing significant growth, adding approximately $5 billion in monthly deposits, with total assets under custody reaching $300 billion by the end of August [4] - The company has captured a larger market share in stock trading, with revenue increasing over 1,000% since 2020, positioning it as one of the fastest-growing businesses globally [7] Valuation Concerns - Despite its rapid growth, Robinhood's stock trades at a market cap of $124 billion, with a price-to-earnings (P/E) ratio of 145, raising concerns about future returns for new investors [8] - The high valuation may pose challenges for generating positive forward returns for shareholders who purchase the stock at current levels [8][10]

Core Viewpoint - FTSE Russell has updated its semi-annual adjustment list for the FTSE Global Equity Index Series in September, with China Ruyi (00136) being included in the FTSE China Large Cap Index, which consists of large market capitalization, high liquidity, and industry-leading companies [1] Group 1 - Inclusion in international indices typically leads to broader capital attention and liquidity premium [1] - With the addition of passive capital allocation such as index funds, the company is expected to receive more incremental funds, enhancing trading activity and providing more support for its stock price [1] - FTSE Russell's endorsement will increase the company's visibility and credibility in the global market, laying the foundation for attracting quality capital and expanding partnerships, thus aiding in long-term value release [1]

Group 1 - FTSE Russell updated its FTSE Global Equity Index Series, including companies like SF Express and others into the FTSE China Small Cap Index, effective after market close on September 19 [1] - A total of 89 Chinese stocks were included in the small-cap index, with 14 being Hong Kong stocks, highlighting the recognition of their comprehensive strength and development potential in the international capital market [1] - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, solidifying its leading position in the industry [1] Group 2 - Inclusion in international indices typically leads to increased capital attention and liquidity premium, potentially attracting more incremental funds and enhancing trading activity for the company [2] - SF Express has also been included in multiple indices, such as MSCI China Small Cap Index and Hang Seng Composite Index, indicating ongoing recognition in mainstream international capital markets [2] - Financial performance has improved significantly, with revenue reaching 10.236 billion yuan, a 48.8% year-on-year increase, and net profit growing by 120.4% to 137 million yuan, marking a historical high [2] - The growth in performance is attributed to the rapid development of the food delivery and instant retail sectors, with a more than 50% year-on-year increase in same-city delivery order volume [2] - The company is expected to continue benefiting from deepening relationships with key accounts, expansion in mid-tier markets, and penetration into lower-tier markets [2]

Core Viewpoint - Abivax has been admitted to the CAC Mid 60 and SBF 120 indices on Euronext Paris, enhancing its visibility and accessibility to institutional investors and index-linked funds [1][2][3]. Group 1: Company Overview - Abivax is a clinical-stage biotechnology company focused on developing therapeutics that modulate the inflammatory response in patients with chronic inflammatory diseases [1][4]. - The company's lead drug candidate, obefazimod (ABX464), is currently in Phase 3 clinical trials for the treatment of moderately to severely active ulcerative colitis [4]. Group 2: Market Impact - Inclusion in the CAC Mid 60 and SBF 120 indices is expected to broaden Abivax's investor base and enhance its market presence [2]. - The decision to include Abivax in these indices reflects the financial markets' confidence in the company's strategic vision and execution capabilities [3].

Core Viewpoint - Mercurity Fintech (MFH.US) shares rose over 9.5% to $6.22 following the disclosure of increased holdings by major institutions such as BlackRock, Vanguard, and State Street, as well as some pension funds, as indicated in the 13F filings [1] Group 1 - The increase in institutional holdings was primarily driven by Mercurity Fintech's inclusion in the Russell 2000 index, reflecting an expansion and diversification of the institutional investor base [1] - The CEO of Mercurity Fintech noted that while some investments are passive allocations, they contribute to increased liquidity and visibility for the company, which may lead to deeper collaborations with institutions in the future [1]

Core Viewpoint - The number of indices a listed company is included in, along with the market recognition of these indices, serves as an important reference for evaluating the investment value of the company [1] Group 1: Market Context - Since August, the bullish atmosphere in the Chinese capital market has intensified, with major A and H-share indices reaching new highs, indicating a potential acceleration in index performance [1] - High-quality stocks that are included in multiple indices and index-linked funds are particularly noteworthy, as they are likely to attract more buying interest from external investors during a bull market [1] Group 2: Company Profile - China Hongqiao - China Hongqiao (01378) is highlighted as a representative company with significant potential, having been included in a total of 216 indices, with 16 of these indices linked to fund products, amounting to a total fund size of approximately 42.6 billion yuan [1] - The average market value of China Hongqiao shares held by each index fund is about 946 million yuan [1] Group 3: Investment Value Recognition - China Hongqiao has a substantial weight in several actively managed index funds, reflecting its recognized investment value among professional investors [2] - In the CSI Hong Kong 100 Equal Weight Index, China Hongqiao accounts for approximately 1.41% of the fund, making it the second-largest holding by market value [2] - The company has been newly included in 24 indices this year, with the latest inclusion being in the Hang Seng Hong Kong Stock Connect Resource Series Index on August 11 [2] Group 4: Dividend and Share Buyback Strategy - China Hongqiao has been enhancing its shareholder return mechanism by increasing its dividend payout ratio and implementing share buybacks, with dividends projected to rise from 0.51 HKD per share in 2022 to 1.61 HKD in 2024 [3] - The company has spent 2.61 billion HKD to repurchase approximately 18.7 million shares in the first half of the year, with plans to initiate a new buyback program of at least 3 billion HKD [3] Group 5: Financial Performance - The latest financial report shows that China Hongqiao's revenue and net profit attributable to shareholders reached 81.039 billion yuan and 12.361 billion yuan, respectively, representing year-on-year increases of 10.1% and 35% [3][4] - The company is also expanding its production capacity through strategic acquisitions and international projects, which are expected to enhance its competitive advantage and profitability [4] Group 6: Future Outlook - With the increasing number of indices including China Hongqiao, the number of index funds holding the company is expected to grow, enhancing its attractiveness to external investors [4] - Given its strong growth potential and high dividend characteristics, the company's stock price is anticipated to maintain robust support, with expectations for continued upward momentum in a bullish market environment [4]