香港投资推广署署长刘凯旋表示，两个活动今年均踏入十周年，是推动双向投资流动及促进实质合作的 绝佳平台。今年活动将有30个来自国际及内地，包括北京和深圳等内地重点科技枢纽的代表团参与，反 映香港是实践创新理念的理想地方。 他指出，香港作为金融科技领导者的说法并非空谈，在最新全球金融中心指数显示，香港在"金融科 技"排名全球第一，现时香港拥有逾1100家金融科技公司，预计到2032年，金融科技业的总收入将达到 6060亿美元，年均增长率高达28.5%。今年上半年，香港新股集资额位居全球第一，吸引不少先进科技 公司和企业上市。 智通财经APP获悉，香港财经事务及库务局局长许正宇表示，香港将抓紧全球资金重新配置浪潮，巩固 香港国际金融中心地位，推动金融科技、绿色和可持续金融，并把握新增长机会，让全球金融流动更智 能，并利用科技应对现实世界的经济挑战。 许正宇又指，由香港财经事务及库务局、商务及经济发展局和投资推广署联合主办的"香港金融科技周 xStartmeupHK创业节"将于11月3至7日举行。预计活动将吸引来自超过100个经济体，逾800名演讲嘉宾 及700多家参展机构，共逾3.7万人参加。 ...

Group 1 - The Hong Kong Special Administrative Region (HKSAR) government has issued approximately HKD 240 billion worth of green bonds to finance local green projects and provide benchmarks for potential issuers [1][3] - The funds raised through green bonds have been fully allocated or reserved for various green projects, including the construction and repair of the Cheung Sha Wan sewage main pumping station, the expansion plan for North District Hospital, and a high-performance computer system for the Hong Kong Observatory [3] - The Secretary for Financial Services and the Treasury, Christopher Hui, stated the commitment to strengthen Hong Kong's position as a regional and international center for green and sustainable finance, leveraging its advantages in the bond market, green finance, and fintech to create a conducive regulatory environment [3]

Core Viewpoint - The Hong Kong government emphasizes the increasing investment in sustainable development in the Asia-Pacific region and highlights Hong Kong's potential role as an international financial center in fostering an impactful investment ecosystem [1] Group 1: Investment Opportunities - Hong Kong is home to numerous family offices, charitable organizations, and foundations, as well as regional and international impact investment networks, which can be connected to socially beneficial projects to enhance effectiveness and influence [1] - The establishment of internationally trusted standards and rules in investment is crucial, particularly in green and sustainable finance, to bolster investor confidence and reduce communication costs across sectors and regions [1] Group 2: Leadership in Sustainable Finance - Hong Kong is recognized as a leader in green and sustainable finance in Asia, but there is a need to go beyond quantity by providing innovative products that cater to the development needs of different countries and regions [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The economy shows mixed trends with some indicators improving and others weakening. Gold prices reach new highs, while oil prices decline due to potential supply increases. The bond market has complex dynamics, and the stock market is segmented. [1][4][9] - The paper industry's prices are rising due to raw material cost increases, and the coal - coking - steel - mining market is expected to have a positive trend in September. [2][7] 3. Summary by Relevant Catalogs Macro Data - GDP in Q2 2025 had a year - on - year growth of 5.2%, slightly lower than the previous quarter's 5.4% but higher than the same period last year's 4.7%. [1] - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month and 49.1% last year. The non - manufacturing PMI was 50.3%, up from 50.1% in the previous month and the same as last year. [1] - In July 2025, social financing scale increment was 11320 billion yuan, down from 42251 billion yuan in the previous month but higher than 7707 billion yuan last year. [1] - In July 2025, M0, M1, and M2 year - on - year growth rates were 11.8%, 5.6%, and 8.8% respectively. M1 and M2 growth accelerated compared to the previous month and last year, while M0 growth slowed slightly. [1] - In July 2025, CPI year - on - year was 0.0%, down from 0.1% in the previous month and 0.5% last year. PPI year - on - year was - 3.6%, the same as the previous month but lower than - 0.8% last year. [1] - In July 2025, fixed - asset investment (excluding rural households) cumulative year - on - year growth was 1.6%, down from 2.8% in the previous month and 3.6% last year. Social consumer goods retail cumulative year - on - year growth was 4.8%, down from 5.0% in the previous month but higher than 3.5% last year. [1] - In July 2025, export and import year - on - year growth were 7.2% and 4.1% respectively, both showing an upward trend compared to the previous month. [1] Commodity Investment Comprehensive - From September 5, 2025, the Shanghai Gold Exchange will adjust the margin levels and price limit ranges for multiple gold and silver contracts. [2] - The London Metal Exchange postponed its Asian opening on a Wednesday by 90 minutes without stating a reason. [2] - Major paper mills announced price increases in early September due to rising raw material costs, and the industry's supply - demand situation is expected to improve in the second half of the year. [2] - China imposed anti - dumping duties on certain optical fibers imported from the US, with different tax rates for different companies. [3] - China's August S&P Global services PMI was 53, and the composite PMI was 51.9, both higher than the previous month. [3] Metals - Gold prices reached new highs on September 3, 2025, with London Gold Spot and COMEX Gold hitting record levels, and domestic gold prices also rising. [4] - The World Gold Council is seeking to introduce digital gold, which may transform the London gold market. [5] - Nickel and tin inventories increased on September 2, 2025, while lead and zinc inventories decreased. [6] - Citi adjusted its price forecasts for silver, aluminum, and copper, expressing optimism about copper prices. [6] Coal - Coking - Steel - Mining - Since July 2025, steel prices have recovered, and upstream coking coal and coke prices have risen significantly. The steel market in September may see an upward trend. [7] - Shaanxi has made achievements in mineral exploration during the "14th Five - Year Plan" period, exceeding the national targets. [8] - The EU is working on new steel and aluminum safeguard measures after 2026. [8] Energy and Chemicals - On September 3, 2025, international oil prices declined due to potential OPEC+ production increases, an unexpected increase in US API crude inventories, and reduced geopolitical concerns. [9] - OPEC's August oil production increased by 400,000 barrels per day. [10] - Russia's September oil exports from western ports are expected to decline by 6% compared to August. [10] - Colombia's July oil production decreased by 4.8% year - on - year. [10] - Citi slightly lowered its 2026 Brent crude oil price forecast. [10] Agricultural Products - India's August soybean oil imports decreased by 28% month - on - month, while palm oil imports increased by 16%. [11] - Argentina's August agricultural product export revenue decreased by 25% year - on - year. [11] - Malaysia's August palm oil exports increased by 10.22% month - on - month. [12] Financial News Open Market - On September 3, 2025, the central bank conducted 229.1 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 150.8 billion yuan. [13] Key News - The joint working group of the Ministry of Finance and the central bank discussed issues related to the bond market and aims to promote its stable development. [14] - Since the implementation of the "science and technology board" policy in the bond market, the issuance of science and technology innovation bonds has accelerated, with a total issuance scale exceeding 1.02 trillion yuan since May. [14] - Tianjin's first private technology enterprise science and technology innovation bond was successfully issued. [14] - The China - SCO Digital Economy Cooperation Platform was inaugurated in Tianjin. [15] - 12 provinces have raised their minimum wage standards this year, and all 31 provinces' highest - grade monthly minimum wage standards exceed 2000 yuan. [16] - Shanghai's "Six Measures" for the property market have had a positive initial impact, and the market is expected to recover. [16] - In 2024, the total issuance of green and sustainable debt in Hong Kong reached 84.4 billion US dollars, and the HKMA is researching the application of tokenization technology in sustainable finance. [17] - The global long - term treasury bond sell - off intensifies, with yields rising in many countries. [17] - There were corporate events such as leadership changes, name changes, and bond redemptions in the corporate bond market. [18] - Some companies' credit ratings were confirmed or adjusted by international rating agencies. [18] Bond Market Review - The bond market was positive on September 3, 2025, with yields of major interest - rate bonds in the inter - bank market falling, and treasury bond futures rising. [19] - The currency market interest rates showed mixed trends, and some short - term Shibor rates reached new lows. [20] - The winning bid yields and multiples of some financial bonds and treasury bonds were announced. [21] - Repurchase fixed - rate and inter - bank repurchase fixed - rate showed different trends, and European and US bond yields generally declined. [22] Foreign Exchange Market - The on - shore RMB against the US dollar rose on September 3, 2025, while the RMB central parity rate was depreciated. The US dollar index declined, and most non - US currencies rose. [23] Research Report Highlights - Xingzheng Fixed Income believes that the yields and credit spreads of bank secondary and perpetual bonds are at relatively high levels since 2021, and the long - end US bond yields may rise. [24] - Huatai Fixed Income reports that "fixed income +" products have experienced large - scale redemptions, affecting the stock - bond relationship. [25] - Xingzheng Fixed Income also points out that the PMI in August shows some improvements, but the bond market may be affected by the equity market. [25] Stock Market - The A - share market was segmented on September 3, 2025, with the ChiNext Index rising, and the Shanghai Composite Index and Shenzhen Component Index falling. The market turnover decreased. [27] - The Hong Kong stock market declined, with financial and consumer sectors falling and pharmaceutical stocks rising. Southbound funds had a large - scale net inflow, and Alibaba was significantly added. [28] - Southbound funds' net inflow to the Hong Kong stock market reached a record high this year, and most Hong Kong - Stock Connect stocks' shareholdings increased. [28] - 41 brokerages have completed their September golden stock recommendations, and they are generally optimistic about the A - share market. [28] - Since August, institutions have actively investigated North Exchange listed companies. [29]

Core Insights - Hong Kong is positioning itself as a leading hub for green and sustainable finance, with significant progress in the issuance of green bonds and the establishment of ESG funds [1][8] Group 1: ESG Funds and Green Bonds - As of June 30, 2025, there are 204 ESG funds recognized by the Hong Kong Securities and Futures Commission, with an asset management scale of approximately $148.9 billion (over HKD 1,161.4 billion) [1] - In 2024, the total amount of green and sustainable debt issued in Hong Kong is expected to exceed $84 billion (or HKD 65.52 billion), with around $43 billion (equivalent to HKD 33.54 billion) attributed to green and sustainable bonds, maintaining a leading position in the Asia-Pacific region for seven consecutive years, accounting for about 45% of the regional total [1] - The Hong Kong government has issued approximately HKD 240 billion in green bonds, providing a crucial benchmark for local and regional issuers [2] Group 2: Market Development Initiatives - The government continues to promote green and sustainable financing activities through the "Green and Sustainable Finance Grant Scheme," which has funded over 590 green and sustainable debt instruments in Hong Kong, totaling over $160 billion [3] - The government aims to develop a deeper and broader financing platform, with local governments from mainland China having issued RMB 40 billion in various bonds, including green and sustainable bonds [2] Group 3: Sustainable Disclosure and Standards - The Hong Kong Financial Services and the Treasury Bureau launched the "Hong Kong Sustainable Disclosure Roadmap" to ensure large public interest entities adopt the International Financial Reporting Sustainability Disclosure Standards (ISSB Standards) by 2028 [4] - The Hong Kong Institute of Certified Public Accountants has developed a comprehensive set of sustainable disclosure standards aligned with ISSB, enhancing transparency in capital markets regarding sustainable development [4] Group 4: Green Finance Technology - The Green and Sustainable Finance Cross-Agency Steering Group has collaborated with Cyberport and the Hong Kong Investment Promotion Agency to create the "Hong Kong Green Finance Technology Map Prototype," providing a one-stop information service for green finance technology enterprises [5] Group 5: Talent Development - The government launched the "Green and Sustainable Finance Training Pilot Scheme" in 2022, offering training programs for local professionals and students, with over 7,600 applications approved and total funding exceeding HKD 42 million [6][7] - The upcoming "Hong Kong Green Week" aims to explore opportunities in green and sustainable finance, with significant participation expected [7]