Report Summary Global Market Performance - The Hang Seng Index opened 164 points higher but closed 153 points or 0.6% lower at 25,343 points. The China Enterprises Index fell 58 points or 0.6% to 9,050 points, and the Hang Seng Tech Index dropped 44 points or 0.8% to 5,683 points. The total turnover of the market was HK$267.647 billion [1]. - The Shanghai Composite Index lost 44 points or 1.16% to close at 3,813 points, while the Shenzhen Component Index declined 81 points or 0.65% to 12,472 points. The ChiNext Index rose 27 points or 0.95% to 2,899 points [1]. - The Nasdaq Composite Index gained 218 points or 1% to 21,497 points, the Dow Jones Industrial Average fell 24 points to 45,271 points, and the S&P 500 Index rose 32 points or 0.5% to 6,448 points [2]. Central Bank Operations - The People's Bank of China conducted 229.1 billion yuan of seven - day reverse repurchase operations at an unchanged rate of 1.4%. With 379.9 billion yuan of reverse repurchases maturing, there was a net withdrawal of 150.8 billion yuan [1]. Index Changes - FTSE Russell announced the quarterly review results of the FTSE China Index Series for September. The changes will take effect on September 22. The FTSE China A50 Index will include BeiGene (688235.SH), New Fiber Optic Network (300502.SZ), WuXi AppTec (603259.SH), and Zhongji Innolight (300308.SZ), while removing China National Nuclear Power (601985.SH), China Unicom (600050.SH), Guodian NARI (600406.SH), and Wanhua Chemical (600309.SH) [2]. Economic Conditions - The Fed's Beige Book survey showed that economic activity in most parts of the US has remained little changed in recent weeks. Consumer spending was flat or down as wage growth for many households did not keep up with price increases [2][3]. Company Performance - Country Garden (02007.HK) reported that in August, the contract sales attributable to shareholders' equity were about 2.96 billion yuan, down 13.7% year - on - year, and the contract sales area was about 350,000 square meters, unchanged from the previous year [3].

Market Performance - The Hang Seng Index opened 197 points lower and closed 249 points or 1% down at 25,270, with a daily trading volume up over 15% to HK$312.687 billion [1] - The Shanghai Composite Index rose 30 points or 0.8% to 3,696, with a turnover of RMB960.6 billion; the Shenzhen Component Index rose 183 points or 1.6% to 11,634, with a turnover of RMB1.28 trillion; the ChiNext Index rose 64 points or 2.6% to 2,534, with a turnover of RMB652.2 billion [2] - The Dow Jones Industrial Average rose 34 points or 0.1% to 44,946; the S&P 500 Index fell 18 points or 0.3% to 6,449; the Nasdaq Composite Index fell 87 points or 0.4% to 21,622 [2] Central Bank Operations - The People's Bank of China conducted a 7 - day reverse repurchase operation worth RMB238 billion at an unchanged rate of 1.4% on the 15th, with a net injection of RMB116 billion after RMB122 billion of reverse repurchases matured. It also carried out a 6 - month buy - out reverse repurchase operation worth RMB500 billion [2] - The central parity rate of the RMB against the US dollar was lowered by 34 points to 7.1371 [2] Corporate News - Huahong Semiconductor is planning to acquire the controlling stake of Shanghai Huili Microelectronics by issuing shares and paying cash, and is currently in contact with potential transaction parties [4] - Argo Biopharma is considering an IPO in Hong Kong, aiming to raise about US$300 million (equivalent to about HK$2.34 billion) [4] - China Shenhua plans a mid - 2025 profit distribution, with the amount not less than 75% and not more than the attributable net profit to shareholders in the first half of the year [4] - Longfor Group issued a profit warning, expecting a 45% drop in profit and a 70% drop in core profit for the six months ended June compared to last year due to the decline in the real estate industry [5] - China Hongqiao reported a 10.1% year - on - year increase in revenue to RMB81.039 billion and a 35% increase in net profit to RMB12.361 billion for the six months ended June, with no interim dividend [5] - Sands China reported a 23.7% year - on - year drop in net profit to US$413 million for the six months ended June, with an interim dividend of HK$0.25 [5] International News - US President Trump and Russian President Putin met in Alaska but did not reach a consensus on a cease - fire in Ukraine. Trump said they discussed land transfer and security guarantees in Ukraine and were close to an agreement, pending Ukraine's approval [3] - Based on the results of the meeting, Trump said he did not think it was necessary to take action regarding China's purchase of Russian oil for the time being and might reconsider in two to three weeks [3] Banking Data - In the first half of 2025, commercial banks in China achieved a cumulative net profit of RMB1.2 trillion. At the end of the second quarter of 2025, the average return on capital was 8.19% and the average return on assets was 0.63% [4]

Market Performance - The Hang Seng Index dropped 37 points or 0.1% to close at 25,524 points, the China Enterprises Index fell 31 points or 0.3% to end at 9,145 points, and the Hang Seng Tech Index declined 19 points or 0.3% to finish at 5,644 points. The total turnover of the market was HK$267.01 billion [1]. - The Shanghai Composite Index rose 11 points or 0.3% to close at 3,609 points, with a turnover of RMB793.6 billion; the Shenzhen Component Index increased 71 points or 0.6% to end at 11,289 points, with a turnover of nearly RMB1.01 trillion; the ChiNext Index climbed 44 points or 1.9% to finish at 2,406 points, with a turnover of RMB492.2 billion [1]. - The S&P 500 Index slightly closed lower by 18 points or 0.3% at 6,370 points, the Nasdaq Composite Index ended down 80 points or 0.4% at 21,098 points, and the Dow Jones Industrial Average closed 204 points or 0.5% lower at 44,632 points [2]. Macroeconomic News - The People's Bank of China conducted RMB449.2 billion of seven - day reverse repurchase operations on the 29th, with an operating rate unchanged at 1.4%. There were RMB214.8 billion of reverse repurchases due, resulting in a net injection of RMB234.4 billion. The central parity rate of the RMB against the US dollar was reported at 7.1511, down 44 points [1]. - The Monetary Authority of Singapore maintained its monetary policy unchanged, expecting economic growth to slow in the second half of the year, with the output level slightly below the economic potential, but core and overall inflation to remain between 0.5% - 1.5% [2]. - China and the US held a new round of economic and trade talks in Stockholm on the 29th. According to the consensus, both sides will continue to promote the extension of the suspended 24% US reciprocal tariffs and China's counter - measures [3]. - In the first half of this year, the total profit of national state - owned enterprises was RMB2.18 trillion, down 3.1% year - on - year; the total operating income was RMB40.75 trillion, down 0.2% year - on - year; and the tax payable was about RMB3 trillion, down 0.8% year - on - year [3]. - In June 2025, the import of passenger cars in the Chinese mainland was 41,000 units (including chassis), down 30.3% year - on - year and 9.1% month - on - month. In the first half of the year, the cumulative import of passenger cars was 221,000 units, down 32.1% year - on - year [3]. Company News - China Ruyi (00136.HK) issued a profit warning, expecting to turn losses into profits in the six - month period ended June 30, 2025, with an unaudited after - tax comprehensive net profit of about RMB1 - 1.2 billion, compared with a net loss of about RMB123 million in the same period last year. Revenue is expected to be between about RMB2.1 - 2.3 billion, up 14% - 25% from about RMB1.84 billion in 2024 [4]. - Huaneng Power International (00902.HK) announced its interim results for the six months ended June. Operating income was RMB112.032 billion, down 5.7% year - on - year. Net profit was RMB9.578 billion, up 23.2%, with earnings per share of 52 cents. No interim dividend was declared [4]. - Shanghai Fudan (01385.HK) issued a profit warning, expecting net profit for the six months ended June to be between RMB180 - 210 million, down 39.7% - 48.3% year - on - year; revenue to be between RMB1.82 - 1.85 billion, up 1.4% - 3.1% [4]. - Baosheng International (03813.HK) announced that it expects to record operating income of about RMB9.159 billion and profit attributable to the company's owners of about RMB188 million for the six months ended June 30, 2025, down about 8.3% and 44.1% respectively from the same period last year [4]. Trade - related News - US President Trump announced that India may face a 20% - 25% tariff if a trade agreement cannot be reached [2].