Report Summary Market Performance - The Hang Seng Index opened 145 points higher but then declined, closing down 284 points or 1.1% at 25,058 points. The H-share Index fell 112 points or 1.3% to 8,937 points, and the Hang Seng Tech Index dropped 104 points or 1.8% to 5,578 points. The total turnover of the market was HK$302.233 billion [1]. - A-share market indices declined significantly, with the Shanghai Composite Index down 47 points or 1.25% to 3765 points, the Shenzhen Component Index down 353 points or 2.83% to 12118 points, and the ChiNext Index down 123 points or 4.25% to 2776 points [1]. - U.S. stocks opened lower and closed higher. The Dow Jones Industrial Average rose 350 points or 0.8% to 45,621 points, the S&P 500 Index increased 53 points or 0.8% to 6,502 points (a new closing high), and the Nasdaq Composite Index gained 209 points or 1% to 21,707 points [2]. Policy and News - The People's Bank of China conducted 7-day reverse repurchase operations worth RMB212.6 billion on September 4, with an operating rate of 1.4%. There were RMB416.1 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB203.5 billion. The central parity rate of the RMB against the U.S. dollar was raised by 56 points to 7.1052 [1]. - U.S. President Donald Trump signed an executive order on Thursday to implement a trade agreement with Japan. Under the agreement, the U.S. will impose a maximum 15% tariff on most Japanese goods, including automobiles and parts [2]. Hong Kong Stock Exchange Data - The Hong Kong Exchanges and Clearing Limited (00388.HK) reported that the average daily trading volume in August 2025 reached HK$279.1 billion, a year-on-year increase of 192%. The average daily trading volume for the first eight months of the year was HK$248.3 billion, a year-on-year increase of 132%. There were 59 new listings in the first eight months, up 37% from 43 in the same period in 2024. The IPO fundraising amount in the Hong Kong stock market reached HK$134.5 billion, a year-on-year increase of 579% [2].

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