Market Overview - On September 17, the market showed a strong upward trend, with the Shanghai Composite Index rising by 0.37%, the Shenzhen Component Index by 1.16%, and the ChiNext Index by 1.95%[2] - The total trading volume reached 2.4 trillion, a slight increase of approximately 30 billion compared to the previous trading day[1] Sector Performance - More than half of the sectors experienced gains, with notable increases in power equipment, automotive, home appliances, coal, and machinery[1] - The main sectors attracting capital include computing power, semiconductors, robotics, and new energy, indicating a high level of market activity[1] Capital Flow - On September 17, net inflows into the Shanghai Stock Exchange amounted to 27.539 billion, while the Shenzhen Stock Exchange saw net inflows of 24.762 billion[3] - The top three sectors for capital inflow were automotive parts, batteries, and power grid equipment, while the sectors with the highest outflows were components, chemical pharmaceuticals, and liquor[3] Policy and Regulatory Developments - The State-owned Assets Supervision and Administration Commission announced plans to promote strategic restructuring of state-owned enterprises to enhance core competitiveness and operational efficiency[4] - Hong Kong's Chief Executive proposed exploring a reduction in the stock settlement cycle to T+1 to attract more overseas companies for secondary listings[5] Industry Dynamics - The Ministry of Industry and Information Technology is focusing on 116 key directions for product and process innovation, including high-performance integrated electric joint modules and precision transmission technologies[7][8] - The 2025 World Energy Storage Conference reported a total planned investment of 24.58 billion in 18 signed projects, covering new batteries, storage systems, and zero-carbon parks[9] Fundraising Activity - In September, 122 new funds were launched, representing a 45.24% increase compared to August, with a notable improvement in fundraising efficiency[11][12] - Foreign institutions have conducted nearly 1,800 research visits to A-share companies since the second half of the year, indicating sustained interest in Chinese assets[13]

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is considering shortening the settlement cycle for the cash market from "T+2" to "T+1", aligning with global trends to enhance market efficiency and competitiveness [1][2]. Group 1: Market Trends - The HKEX has maintained a "T+2" settlement cycle since 1992, while many international markets have transitioned to "T+1" or shorter cycles over the past 20 years [1]. - By the end of 2027, it is projected that 88% of global stock market transactions will adopt "T+1" or "T+0" settlement cycles [1]. Group 2: Impact on Brokers - Internet brokers may not experience significant changes with the transition to "T+1", as they typically require clients to pre-fund accounts, effectively operating under a "T+0" model [1]. - Traditional brokers, however, may face challenges as they often extend credit to clients, which could lead to financial risks if clients do not adapt to the new settlement timeline [1][2]. Group 3: System Upgrades and Costs - Upgrading the relevant settlement systems is not expected to incur additional costs for brokers, as the systems can be categorized into in-house developed systems and those provided by external vendors [2]. - The transition to "T+1" will require synchronization with mainland regulatory bodies, particularly for the southbound trading under the Stock Connect program, which may complicate operations due to simultaneous reforms [2]. Group 4: Future Outlook - The shortening of the settlement cycle is seen as an inevitable trend, with expectations that it may eventually move to "T+0" in the future, particularly as trading hours expand [3].