9月25日(华沙时间)，许正宇将访问华沙证券交易所，并与波兰政府官员和商界人士会面。 许正宇表示，香港特别行政区政府与斯洛文尼亚政府均积极寻求早日签订全面性协定，减少不必要的税 务障碍，以鼓励双边贸易和投资。签署全面性协定有助香港和斯洛文尼亚建立更紧密的经济联系，相信 两地商界会对此表示欢迎。 他补充说，中国香港和斯洛文尼亚有着不少共通之处，两地面积虽小，但同样目光远大，占有重要的经 济和战略地位。此外，两地均拥有多元化的经济体系，奉行开放和高效政策并具备稳定的投资环境，相 信可成为彼此的理想门户，助力欧洲企业通过香港进入亚洲和中国巿场，与此同时，中国企业亦可由此 走进欧洲巿场。 许正宇特别向Klemen Boštjančič提到，香港正巩固其作为国际资产和财富管理中心的地位。香港管理的 资产总值在2024年年底达到3.81万亿欧元，同比增加13%。乘着私人银行和私人财富管理领域亮丽的表 现，行政长官在2025年《施政报告》宣布更多便利措施，包括丰富"新资本投资者入境计划"下的投资选 项，优化基金、单一家族办公室和附带权益的优惠税制，以及扩大内地与香港资本市场的互联互通，以 加大香港对家族办公室和全球高资产净 ...

Group 1: TikTok Issue Resolution - China and the US have reached a basic framework consensus to resolve the TikTok issue through cooperation, aiming to reduce investment barriers and promote economic and trade cooperation [1] - The consensus includes the operation of TikTok's US user data and content security business, as well as the authorization of algorithm and intellectual property usage rights [1] Group 2: Trade and Logistics Developments - The China-Laos Railway has seen over 15 million tons of import and export cargo since its operation began in December 2021, with a total value exceeding 65.3 billion yuan [2] - In the first eight months of this year, cargo volume through the railway reached 3.762 million tons, with a value of 17.78 billion yuan, marking year-on-year increases of 5% and 43.7% respectively [2] Group 3: E-commerce Regulations - Thailand's Trade Competition Commission is advancing new regulatory guidelines for digital e-commerce platforms, focusing on prohibiting below-cost pricing, price discrimination, unreasonable fees, and algorithm manipulation [3] - The new regulations aim to address complaints from online merchants regarding forced use of specific logistics and increased commissions, promoting fair competition [3] Group 4: E-commerce Expansion - Lazada has fully integrated with Tmall, allowing merchants to easily enter the Southeast Asian market, marking a significant operational collaboration [4] - Notable brands such as Philips and Babycare have confirmed their participation in this initiative [4] Group 5: International Expansion of Delivery Services - Meituan's international delivery brand Keeta has officially launched operations in Kuwait, marking its third entry into the Gulf region [5] - Didi's subsidiary 99 announced a 2 billion real (approximately 2.6 billion yuan) investment in Brazil to expand its food delivery service, aiming to cover 15 cities by the end of the year [6] Group 6: Logistics Service Expansion - Amazon has expanded its multi-channel fulfillment service to allow sellers on platforms like Shein, Shopify, and Walmart to manage their logistics through a single operation [7][8] Group 7: Cross-Border Payment Services - The Saudi Central Bank has signed an agreement with Ant Group to launch Alipay+ cross-border payment services in Saudi Arabia by next year [9] Group 8: Consumer Electronics and Retail Expansion - The tech company Dreame has secured over 100 million yuan in overseas pre-orders for its first smartphone, indicating strong market recognition [10] - Bawang Tea has opened its second store in North America, located in a major shopping center in Los Angeles, attracting significant customer interest [11] Group 9: Automotive Industry Developments - XPeng Motors reported a 137% year-on-year increase in overseas deliveries, with over 24,702 vehicles delivered in the first eight months of the year [12] - XPeng has initiated localized production in Europe, with its first vehicles set to roll off the production line in Austria by the third quarter of 2025 [13]

Group 1 - The Federal Reserve announced a reduction in the federal funds rate target range to 4.00% to 4.25%, a decrease of 25 basis points, marking the first rate cut since 2025 and the resumption of rate cuts after nine months [1] - The FOMC statement highlighted increased downside risks to employment, a slowdown in economic growth during the first half of the year, and a rise in inflation [1] - Market expectations for another rate cut in October exceed 90% following the Fed's announcement [1] Group 2 - Fed Chairman Jerome Powell indicated that job growth has slowed and that the labor market is showing signs of fatigue, while inflation remains slightly elevated [1] - Powell described the rate cut as a "risk management" measure, suggesting it is a precaution against a sharp economic slowdown rather than the beginning of a monetary easing cycle [1] - Wall Street traders have increased their bets on at least one more rate cut this year, leading to mixed performance in major U.S. stock indices [1] Group 3 - Chinese concept stocks saw a general increase, with the Nasdaq China Golden Dragon Index rising by 2.85%, and notable gains in companies like Baidu and Semiconductor Manufacturing International Corporation [3] - Morgan Stanley reported that U.S. investor interest in Chinese stocks has reached its highest level in five years, indicating a potential influx of capital into the Chinese market [3]

Market Performance - The three major A-share indices collectively rose on Wednesday, with the Shanghai Composite Index up 0.37% closing at 3876.34 points, the Shenzhen Component Index up 1.16% closing at 13215.46 points, and the ChiNext Index up 1.95% closing at 3147.35 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 23,767 billion yuan, a slight increase of 353 billion yuan compared to Tuesday [1] - Over 2,500 stocks rose, with 80 stocks hitting the daily limit [1] Hong Kong Market Dynamics - The Hong Kong stock market has shown signs of significant upward momentum, particularly following the increasing expectations of a Federal Reserve interest rate cut [1] - Despite lagging behind other major global capital markets this year, the Hong Kong market is now exhibiting a trend of catching up with A-shares [1] - The anticipated Federal Reserve rate cut is expected to lead to a return of overseas liquidity, presenting new opportunities for Chinese assets [1] Capital Flow and Investment Opportunities - Southbound capital has consistently net flowed into the Hong Kong market this year, providing strong financial support [1] - The enhanced expectations of a Federal Reserve rate cut are prompting global capital to reallocate assets, with the undervaluation of Hong Kong stocks attracting international capital [1] - The combined force of domestic and foreign capital is a significant driver of the recent rise in the Hong Kong market [1] Investment Focus Areas - Investors should closely monitor two core variables: the specific progress of the Federal Reserve's interest rate cuts and the subsequent domestic policy responses [2] - Growth sectors such as biotechnology and technology hardware may offer higher elasticity due to liquidity easing and increased risk appetite [2] - Local dividend sectors benefiting from Hong Kong's interest rate cuts, along with sectors closely tied to China's economic recovery, such as consumption and infrastructure, are also expected to present investment opportunities [2] Market Trends and Future Outlook - The market still has potential for further upward movement as long as the 5-day moving average remains intact [2] - Trading volume is crucial for the strength of future market performance; recent trading volumes have not yet reached the 24 trillion yuan level needed to support continuous index rises [2] - The market is maintaining a healthy rotation of hot sectors, with robotics, semiconductors, AI computing power, and batteries showing repeated activity [2]

Summary of Conference Call Records Industry or Company Involved - The conference call discusses the performance and outlook of the A-share and Hong Kong stock markets, particularly focusing on the impact of global liquidity, currency fluctuations, and sector performance. Core Points and Arguments 1. **Global Liquidity and Market Performance** Global liquidity easing is beneficial for risk assets, with both Hong Kong and A-shares expected to benefit. The U.S. Treasury's actions, such as increasing short-term debt issuance, may further lower U.S. interest rates, supporting risk asset growth [1][4]. 2. **AH Premium Narrowing** The narrowing of the AH premium is influenced by changes in U.S.-China interest rate differentials and shifts in market expectations regarding China's long-term growth. The AH premium has decreased from 35-40% to below 20% this year [1][5]. 3. **RMB Appreciation and Market Sentiment** The appreciation of the RMB enhances market risk appetite and supports downward space, leading to foreign capital inflows. Historical data shows significant foreign capital inflows during RMB appreciation periods, with passive funds reacting more strongly [1][6]. 4. **Sector Performance in Hong Kong** The technology sector in Hong Kong is poised for a dual boost in valuation and sentiment. Major internet companies are gaining attention for their AI, gaming, and cloud services, despite competitive pressures [1][7]. 5. **Foreign Investment Trends** There is a noticeable increase in foreign interest in Chinese assets, particularly in A-shares and Hong Kong stocks. The inflow of passive funds is outpacing market growth, indicating potential for further allocation increases [1][8]. 6. **Sectoral Benefits from RMB Appreciation** During RMB appreciation, the technology sector leads in performance, while sectors like non-ferrous metals, agriculture, home appliances, and machinery benefit from reduced cost pressures and advantages in overseas markets [1][9][10]. 7. **Investment Recommendations for Hong Kong** Recommendations for Hong Kong investments include a focus on technology, followed by non-bank financials and traditional consumer goods, as these sectors may gain further advantages amid foreign capital inflows and RMB appreciation [1][11]. 8. **Sentiment Indicators for Investment Decisions** Sentiment indicators can objectively measure market participant emotions, providing insights for investment timing. A divergence between personal sentiment and sentiment indicators may signal good entry points [2][12]. 9. **Performance of Overseas Chinese Stocks** The performance of overseas Chinese stocks in the first half of 2025 was stable, with revenue growth around 2% and profit growth around 5%. The financial sector showed slight declines, while non-financial sectors remained robust [1][13][14]. 10. **Sector Highlights in Financial Reports** The technology hardware and new consumption sectors showed strong revenue and profit growth, while the internet and automotive sectors faced challenges but are still in a revenue growth phase [1][15][16]. 11. **Cash Flow and ROE Trends** The cash flow situation for overseas Chinese stocks is improving, with operating cash flow rising and dividend payouts increasing by about 10%. The return on equity (ROE) has slightly improved, driven by net profit margin enhancements [1][18][20]. 12. **Market Dynamics and Future Outlook** The A-share market has shown signs of recovery, with active trading and sector trends becoming more pronounced. The outlook for domestic fundamentals remains positive, with expectations of stabilization in capacity cycles [1][22][23]. 13. **Investment Selection Criteria** Investment selection is based on inventory and capacity cycles, with recommendations for sectors showing signs of recovery and improvement in order trends, such as TMT and high-end manufacturing [1][29]. Other Important but Possibly Overlooked Content - The overall sentiment in the market is influenced by external factors, including U.S. Federal Reserve policies, which are expected to favor growth sectors like pharmaceuticals and technology in Hong Kong [1][25]. - The internal competition in the Hong Kong market is less severe compared to A-shares, providing a more favorable environment for certain sectors [1][19].

Group 1 - The core point of the news is the launch of "Giant Star Dog," a collaboration between Giant Star Legend and Yushu Technology, which will debut at the Shanghai Tourism Festival on September 13 [1] - "Giant Star Dog" combines celebrity IP, trendy toys, and technology, featuring companionship and social attributes [1] - The design of "Giant Star Dog" is more approachable compared to typical robotic dogs, with a soft color palette and a blend of pet cuteness and technological sophistication [4] Group 2 - Following the announcement, shares of Giant Star Legend surged nearly 22% during early trading on September 12 [5] - Giant Star Legend was established in 2017 with the support of celebrity Jay Chou and his associates, and it went public on the Hong Kong Stock Exchange in July 2023 [5]

Core Insights - The China Securities A500 ETF (560510) has risen by 2.07% as of September 11, 2025, with a trading volume of 86.545 million yuan, reflecting strong performance in the underlying index, the China Securities A500 Index (000510), which increased by 2.10% [1] - Foreign investors have injected nearly $45 billion into emerging market stocks and bonds in August, marking the highest inflow in nearly a year, with a significant portion directed towards the Chinese market, while other emerging markets experienced substantial outflows [1] - Zhejiang Securities anticipates continued short-term volatility in the market, indicating a need for further consolidation, while also suggesting that systemic factors such as policy, capital, and sentiment will support a "slow bull" market in the medium to long term [1] Company and Industry Summary - The China Securities A500 Index selects 500 securities from various industries based on market capitalization and liquidity, aiming to reflect the overall performance of the most representative listed companies across sectors [1]

Core Viewpoint - The Hong Kong stock market has shown notable performance recently, with specific ETFs experiencing gains, but the overall outlook suggests that a rebound may not be imminent due to structural differences with the A-share market [1][2]. Market Performance - The Hong Kong stock market, particularly the National Enterprises ETF (159519), Dividend ETF (159331), and Technology ETF (513020), saw increases of 1.95%, 1.37%, and 0.64% respectively [1]. - Since July, the Hong Kong market has underperformed compared to the A-share market, raising questions about potential catch-up growth [1]. Earnings Expectations - There is an expectation of downward revisions in earnings for Hong Kong stocks, contrasting with the A-share market, which is experiencing a positive shift in profit forecasts [1]. - In the first half of the year, Hong Kong's net profit growth was +4.2% year-on-year, but this is a decline from the projected +9.2% for 2024, while A-shares reported a +2.8% increase, recovering from a -3.0% forecast for 2024 [1]. Valuation Insights - The AH premium remains low, having slightly rebounded after reaching 125%, which indicates that Hong Kong's dividend-paying assets are losing their attractiveness compared to A-shares due to a 20% dividend tax for investors using the Hong Kong Stock Connect [1]. - According to Zheshang Securities, the current appeal of Hong Kong stocks is not strong given the low AH premium [1]. Liquidity and Market Drivers - Market expectations of a Federal Reserve interest rate cut may provide some support for Hong Kong stocks, but historical data suggests that such cuts do not guarantee market uptrends [2]. - The fundamental factors are expected to dominate market movements, with structural opportunities identified in sectors like technology hardware and pharmaceuticals [2]. Investment Recommendations - Investors are advised to focus on specific ETFs such as the Technology ETF (513020) and the Innovative Drug ETF (517110) to capture structural opportunities in the Hong Kong market [2].

Group 1 - Company announced the launch of a global offering of 17,000,000 shares of Class B common stock, including 1,700,000 shares for public offering in Hong Kong starting September 8, 2025 [2] - The maximum offering price for the Hong Kong public offering is set at 228 HKD per share, equivalent to approximately 29.04 USD based on the exchange rate as of June 30 [2] - The final offering price will be determined around September 12, 2025, considering factors such as the closing price of American Depositary Receipts on NASDAQ and investor demand during the marketing process [2] Group 2 - The company has signed cornerstone investment agreements with several investors, including HHLR Advisors, Taikang Life, and Grab, agreeing to subscribe for a total amount of approximately 148 million USD, or about 1.1537 billion HKD [3] - The cornerstone investors' subscriptions represent approximately 29.8% of the total shares offered in the global sale, assuming the shares are sold at the maximum price in Hong Kong [3]

Group 1 - The Hong Kong capital market is experiencing a significant recovery in 2025, with IPO financing reaching HKD 132.9 billion in the first eight months, marking a 50% increase compared to the total for 2024, and the highest level in nearly four years [1] - The strong performance of the Hong Kong secondary offering market is primarily supported by large-cap companies, with notable contributions from BYD and Xiaomi, which completed substantial fundraising activities [1] - BYD's HKD 43.51 billion placement in March 2025 is the largest equity refinancing project globally in nearly a decade, and it represents a strategic move timed with the market's recovery [1] Group 2 - Xiaomi Group's HKD 42.6 billion placement set a record for overseas equity refinancing in the Chinese technology hardware sector, surpassing its total fundraising since its 2019 IPO [2] - Despite the successful fundraising, Xiaomi's stock price faced short-term pressure post-placement, with a 32% drop from the placement price, contrasting with BYD's minimal decline [2]