Group 1 - The Shenzhen Stock Exchange announced the trading schedule for the Hong Kong Stock Connect during the National Day and Mid-Autumn Festival in 2025, indicating that there will be no Hong Kong Stock Connect services from October 1 to October 8, 2025 [1] - The Hong Kong Stock Connect services will resume on October 9, 2025, as per the regular schedule [1] - Additionally, the weekends of September 28, 2025, and October 11, 2025, will be market holidays [1] Group 2 - The clearing and settlement of Hong Kong Stock Connect transactions will follow the arrangements made by China Securities Depository and Clearing Corporation Limited [1]

Group 1 - The Shenzhen Stock Exchange announced an adjustment to the list of Hong Kong Stock Connect eligible securities due to the share split of Jin Jing New Energy (01783) [1] - The adjustment will take effect from September 23, 2025, with Jin Jing New Energy (02945) being added to the list [1]

Core Viewpoint - The Hong Kong stock brokerage sector has experienced a significant rebound, with the brokerage index rising 150% over the past decade, reaching a historical high, driven by various market factors and policy changes [1][10]. Group 1: Market Performance and Historical Context - The Hong Kong stock market has undergone approximately seven rounds of brokerage rallies from January 2013 to August 2025, showcasing its volatility and recovery capability [1]. - The first major rally from March 2014 to May 2015 saw the Hong Kong Securities Index increase by 162%, while the Hang Seng Index rose by 32% [4]. - Subsequent rallies included a 21% increase in the Hong Kong Securities Index from February to April 2016 and a 20% increase from December 2017 to January 2018 [5][6]. - The most recent rally from September 2024 to now has resulted in a 151% increase in the Hong Kong Securities Index, with a 40% rise in the Hang Seng Index, indicating a significant outperformance of 111% [9]. Group 2: Factors Driving the Market - The initial rally was fueled by expectations surrounding the Shanghai-Hong Kong Stock Connect, increased corporate financing activities, and a loose liquidity environment [1]. - The second rally was supported by rising international oil prices and policy measures such as reserve requirement cuts in mainland China, alongside the anticipation of the Shenzhen-Hong Kong Stock Connect [2]. - Major policy reforms in 2017, particularly new listing rules by the Hong Kong Stock Exchange, attracted substantial southbound capital and provided new growth drivers for the brokerage sector [3]. - The COVID-19 pandemic in 2020 led to a significant increase in global liquidity, accelerating the return of Chinese concept stocks to Hong Kong, which boosted brokerage business growth [7]. - Recent market improvements have been attributed to favorable policies and enhanced market sentiment, particularly benefiting Chinese brokerages in underwriting and placement activities [8]. Group 3: Future Outlook - The current brokerage market is characterized by significant policy support, active international and domestic capital responses, and rapidly expanding trading volumes [10]. - The valuation of the brokerage sector is recovering quickly, although individual stock performance shows notable divergence, with some stocks still at historical lows and possessing recovery potential [10]. - Future performance of the Hong Kong brokerage sector will be influenced by global liquidity, policy directions, and corporate fundamentals, making it a sector to watch for investment opportunities [10].

Core Points - The Shanghai Composite Index opened high and rose, with the CES300 index increasing by 1.5% to 5259.53 points, with a trading volume of 633.5 billion yuan [1] - The CES300 index has seen a 3.98% increase over the past month, an 8.01% increase over the past three months, and a year-to-date increase of 16.99% [1] - The CES300 index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Index Holdings - The top ten holdings of the CES300 index include Tencent Holdings (8.77%), Alibaba-W (5.11%), HSBC Holdings (4.03%), Kweichow Moutai (2.27%), Xiaomi Group-W (2.17%), China Construction Bank (2.12%), CATL (1.87%), AIA Group (1.76%), Meituan-W (1.64%), and Ping An Insurance (1.61%) [2] - The market share of the CES300 index holdings is 51.07% from the Hong Kong Stock Exchange, 29.35% from the Shanghai Stock Exchange, and 19.58% from the Shenzhen Stock Exchange [2] - The industry composition of the CES300 index holdings includes Financials (29.42%), Consumer Discretionary (15.15%), Communication Services (14.38%), Information Technology (10.00%), Industrials (8.74%), Consumer Staples (6.06%), Health Care (5.19%), Materials (3.64%), Energy (2.77%), Utilities (2.63%), and Real Estate (2.02%) [2] Tracking Funds - Public funds tracking the CES300 index include Dachen CES300C and Dachen CES300A [3]

Group 1 - On August 18, 2025, the top three companies by trading volume in the Southbound Stock Connect were Yingfu Fund (02800) with 4.148 billion, Tencent Holdings (00700) with 3.654 billion, and Hua Hong Semiconductor (01347) with 3.365 billion [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, the top three companies were Hua Hong Semiconductor (01347) with 2.360 billion, Yingfu Fund (02800) with 2.301 billion, and Tencent Holdings (00700) with 2.214 billion [1] Group 2 - In the Southbound Stock Connect, the most active companies included Yingfu Fund (02800) with a trading amount of 4.148 billion and a net buy amount of -4.130 billion, Tencent Holdings (00700) with 3.654 billion and a net buy amount of +1.098 billion, and Hua Hong Semiconductor (01347) with 3.365 billion and a net buy amount of +0.966 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Hua Hong Semiconductor (01347) had a trading amount of 2.360 billion with a net buy amount of -0.577 billion, Yingfu Fund (02800) had 2.301 billion with a net buy amount of -2.283 billion, and Tencent Holdings (00700) had 2.214 billion with a net buy amount of -0.798 billion [2]

Group 1 - The core viewpoint of the news is that the CES300 index has shown positive performance, with a 4.45% increase over the past month, 8.56% over the past three months, and 13.22% year-to-date [1] - The CES300 index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" programs [1] - The index is compiled by China Securities Index Co., Ltd. and is based on a starting point of 2000.0 on December 31, 2008 [1] Group 2 - The top ten holdings of the CES300 index include Tencent Holdings (8.66%), Alibaba-W (5.27%), HSBC Holdings (4.03%), Xiaomi Group-W (2.32%), and Kweichow Moutai (2.31%) [2] - The market segment distribution of the CES300 index shows that the Hong Kong Stock Exchange accounts for 51.90%, the Shanghai Stock Exchange for 29.49%, and the Shenzhen Stock Exchange for 18.61% [2] - The industry allocation of the CES300 index indicates that finance comprises 30.07%, consumer discretionary 15.33%, communication services 13.86%, and information technology 9.29% [2] Group 3 - Public funds tracking the CES300 index include Dachen China-Hong Kong Stock Connect 300C and Dachen China-Hong Kong Stock Connect 300A [3]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES300 index fell by 0.69%, closing at 4945.28 points with a trading volume of 381.4 billion yuan [1] - The CES300 index has shown a monthly increase of 3.18%, a quarterly increase of 8.06%, and a year-to-date increase of 11.66% [1] - The CES300 index is compiled by China Securities Index Co., Ltd. and reflects the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Index Holdings - The top ten holdings of the CES300 index include Tencent Holdings (8.31%), Alibaba-W (5.38%), HSBC Holdings (4.03%), Xiaomi Group-W (2.34%), Kweichow Moutai (2.34%), China Construction Bank (2.29%), AIA Group (1.83%), CATL (1.83%), Meituan-W (1.80%), and Ping An Insurance (1.65%) [2] - The market share of the CES300 index holdings is 51.80% from the Hong Kong Stock Exchange, 29.49% from the Shanghai Stock Exchange, and 18.71% from the Shenzhen Stock Exchange [2] - The industry distribution of the CES300 index holdings shows that finance accounts for 30.07%, consumer discretionary for 15.53%, communication services for 13.56%, information technology for 9.29%, industrials for 8.80%, consumer staples for 6.18%, healthcare for 5.23%, materials for 3.58%, energy for 2.87%, utilities for 2.82%, and real estate for 2.08% [2] Fund Tracking - Public funds tracking the CES300 index include Dachen China-Hong Kong Stock Connect 300C and Dachen China-Hong Kong Stock Connect 300A [3]

Core Points - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) experienced a decline of 0.38%, closing at 4788.93 points with a trading volume of 329.87 billion [1] - Over the past month, the CES300 has increased by 2.19%, decreased by 0.19% over the last three months, and has risen by 8.54% year-to-date [1] Index Composition - The top ten holdings of the CES300 are Tencent Holdings (8.02%), Alibaba-W (5.19%), HSBC Holdings (4.13%), Xiaomi Group-W (2.7%), Kweichow Moutai (2.4%), China Construction Bank (2.36%), Meituan-W (1.9%), AIA Group (1.85%), CATL (1.81%), and Ping An Insurance (1.62%) [2] - The market share of the CES300's holdings is composed of 51.69% from the Hong Kong Stock Exchange, 29.85% from the Shanghai Stock Exchange, and 18.46% from the Shenzhen Stock Exchange [2] - The industry breakdown of the CES300 holdings shows Financials at 30.81%, Consumer Discretionary at 15.68%, Communication Services at 12.98%, Information Technology at 9.40%, Industrials at 8.78%, Consumer Staples at 6.28%, Health Care at 4.66%, Materials at 3.50%, Utilities at 2.95%, Energy at 2.85%, and Real Estate at 2.10% [2] Fund Tracking - Public funds tracking the CES300 include Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

Core Viewpoint - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) has shown a positive performance with a 0.79% increase, reaching 4709.68 points, and a trading volume of 265.51 billion yuan [1] Group 1: Index Performance - The CES300 index has increased by 2.37% over the past month, decreased by 0.78% over the last three months, and has risen by 5.77% year-to-date [1] - The index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Group 2: Index Composition - The top ten holdings of the CES300 index include Tencent Holdings (8.4%), Alibaba-W (5.57%), HSBC Holdings (4.25%), Kweichow Moutai (2.65%), Xiaomi Group-W (2.39%), China Construction Bank (2.21%), Meituan-W (2.13%), AIA Group (1.86%), CATL (1.86%), and Ping An Insurance (1.62%) [2] - The market share of the CES300 index holdings is composed of 51.79% from the Hong Kong Stock Exchange, 29.81% from the Shanghai Stock Exchange, and 18.40% from the Shenzhen Stock Exchange [2] - The industry composition of the CES300 index includes Financials (30.21%), Consumer Discretionary (16.28%), Communication Services (13.19%), Industrials (9.04%), Information Technology (8.39%), Consumer Staples (6.63%), Health Care (4.77%), Materials (3.51%), Utilities (3.15%), Energy (2.99%), and Real Estate (1.84%) [2] Group 3: Fund Tracking - Public funds tracking the CES300 index include Da Cheng Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Da Cheng Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

Group 1 - The core index, the CES100, increased by 2.13% to 5117.79 points, with a trading volume of 78.878 billion yuan [1] - The CES100 index has risen by 13.12% in the past month, 7.71% in the last three months, and 18.08% year-to-date [1] - The CES100 index is designed to reflect the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Group 2 - The top ten holdings of the CES100 index include Alibaba-W (12.84%), Tencent Holdings (10.65%), and HSBC Holdings (10.45%) [2] - The index's sector allocation shows that consumer discretionary accounts for 30.76%, financials for 27.69%, and communication services for 14.06% [2] - Public funds tracking the CES100 include Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]