Core Viewpoint - National United Resources (00254) reported an audited annual performance for the year ending June 30, 2025, showing a revenue of HKD 104 million, a year-on-year increase of 22.47%, while the loss attributable to shareholders reached HKD 60.06 million, a significant year-on-year increase of 596.03% [1] Revenue Performance - The revenue increase was primarily driven by the information technology segment, which benefited from the acquisition of City Gear and its subsidiaries [1] - Additionally, a wholly-owned subsidiary of the company invested in equipment for a computing analysis and processing center, contributing to the revenue growth [1] Loss Analysis - The loss attributable to shareholders increased substantially, indicating potential challenges in cost management or operational efficiency [1] - The basic loss per share was reported at HKD 0.1369, reflecting the company's financial struggles despite revenue growth [1]

Core Viewpoint - The report from China Merchants Securities International indicates that while the Hong Kong stock market is experiencing short-term volatility, the long-term upward trend remains intact, suggesting a focus on structural themes rather than index levels [1] Market Performance - During the week of September 22-26, the Hong Kong stock market saw a general decline, with the Hang Seng Index dropping by 1.57% and the Hang Seng Tech Index falling by 1.58% [1] - The AH premium significantly widened to 120, indicating a disparity between Hong Kong and mainland Chinese stocks [1] Sector Analysis - Most major sectors in the Hong Kong market experienced declines, with only the materials sector showing an increase, while sectors such as consumer staples, real estate, and construction led the losses [1] Capital Flow - The micro-funding environment showed a net outflow of Hong Kong capital, while both southbound and foreign capital recorded net inflows [1] - Southbound capital saw a total net inflow of 44 billion HKD, primarily directed towards non-essential consumer and information technology sectors [1] - Foreign capital through ETFs recorded a net purchase of 555 million USD, and local Hong Kong ETFs also saw a net inflow of 7.7 billion HKD, totaling a year-to-date net inflow of 59.6 billion HKD [1] Investment Focus - The report highlights AI technology and non-ferrous metals as two core investment themes, with Alibaba-W (09988) being the preferred choice in the AI sector due to its full-stack AI capabilities [1] - There is an emphasis on increasing allocation to sectors experiencing a reversal of difficulties, such as essential consumption, high dividend strategies, and undervalued innovative pharmaceutical stocks, while avoiding excessive concentration risk in holdings [1]

Group 1 - The core viewpoint of the report indicates that while the Hong Kong stock market is experiencing short-term volatility, the long-term upward trend remains intact, suggesting a focus on structural themes rather than index points [1] - The report identifies AI technology and non-ferrous metals as the two main investment themes, with Alibaba (09988) being the preferred choice in the AI sector due to its full-stack AI capabilities, and attention on copper price upward opportunities in the non-ferrous metals sector [1] - The report recommends increasing allocation to sectors experiencing a reversal of difficulties, such as essential consumption, high dividend strategies, and undervalued innovative pharmaceutical stocks, while avoiding excessive concentration risk in holdings [1] Group 2 - Last week (September 22-26), the Hong Kong stock market saw a general decline, with the Hang Seng Index dropping by 1.57% and the Hang Seng Tech Index falling by 1.58%, while the AH premium significantly widened to 120 [1] - From an industry perspective, most major sectors in the Hong Kong stock market experienced declines, with only the materials sector showing an increase, while sectors such as conglomerates, real estate, and essential consumption led the declines [1] - In terms of micro-funding, there was a net outflow of Hong Kong capital, while both southbound and foreign capital saw net inflows: 1) Southbound capital had a total net inflow of HKD 44 billion, primarily flowing into non-essential consumption and information technology; 2) Foreign capital net bought USD 555 million through ETFs; 3) Local Hong Kong ETFs also saw a net inflow of HKD 7.7 billion, totaling a net inflow of HKD 59.6 billion year-to-date [1]

Core Viewpoint - Yangke Group (01460.HK) has entered into a subscription agreement to acquire $3 million worth of preferred shares from Weitu AI Inc, aiming to integrate advanced AI capabilities into its operations [1][2] Group 1: Subscription Agreement Details - The subscription involves Yangke's wholly-owned subsidiary agreeing to purchase preferred shares from Weitu AI Inc, which is registered in the Cayman Islands [1] - Weitu AI Inc is co-founded by Wang Liwei, an expert in multimodal vision and language, who holds a PhD from the University of Illinois at Urbana-Champaign [1] Group 2: Strategic Integration Plans - Post-completion of the subscription, the company plans to implement a comprehensive strategy to incorporate Weitu's AI capabilities into its business operations, particularly in IT application and solution development services, as well as IT infrastructure solution services [1] - The board believes that the mature AI technology and innovative business model of Weitu will create synergies for the group's operations, enabling the development of new AI service platforms for clients [1] Group 3: Financial Management Perspective - The group maintains a robust financial position, opting for cash payment for the subscription, which will not significantly deplete its liquidity and working capital [2] - This cash-based settlement method is deemed more appropriate for the subscription, as it does not affect the shareholding proportions of existing shareholders compared to a share-based settlement [2]

Core Viewpoint - The Hong Kong stock market is experiencing significant net inflows, with the Hong Kong Stock Connect seeing over HKD 1 trillion in net inflows year-to-date, surpassing the total for the entire year of 2024, indicating a potential record high for the year [1][4]. Group 1: Market Performance - The average daily trading volume of the Hong Kong Stock Connect has reached HKD 60.8 billion, accounting for 24.5% of the overall market [4]. - In August 2025, the Hong Kong stock market recorded a net inflow of HKD 112.2 billion, marking the ninth highest monthly inflow on record [6]. - The Southbound trading of ETFs has seen an average daily trading volume of HKD 3.8 billion in the first half of 2025, setting a new semi-annual record [6]. Group 2: Sector Analysis - The financial sector remains the largest holding in the Hang Seng Stock Connect, accounting for 32%, followed by information technology at 20% and consumer discretionary at 16% [6]. - The healthcare sector has seen the largest increase in weight from 3% to 7% year-to-date, while consumer discretionary and information technology sectors have increased by 3 and 2 percentage points, respectively [6]. Group 3: Earnings and Growth Outlook - The Hong Kong stock market has stabilized, with positive earnings growth in the first half of 2025, showing revenue and profit growth rates of 1.9% and 4.6%, respectively [8]. - The sectors of technology, healthcare, and materials are expected to maintain high growth, while some sectors like energy and utilities are still under pressure [8]. - The second half of 2025 is anticipated to see a turning point in earnings growth, with expectations for a rebound in previously underperforming sectors [8]. Group 4: Investment Trends - AI remains a key theme in the Hong Kong stock market, with internet stocks expected to benefit significantly [9]. - The demand for AI cloud services is driving revenue growth, with private cloud service providers outpacing state-owned telecom companies for the first time in four years [10].

Group 1 - The Hong Kong stock market is showing unique investment value due to a combination of factors, particularly driven by policy support and capital inflows [1] - The Chinese government's proactive fiscal policy and moderately loose monetary policy provide a stable environment for economic growth, benefiting the Hong Kong stock market [1] - Recent policy measures announced by the Chief Executive of Hong Kong aim to attract more companies to list in Hong Kong, enhancing market vitality and providing investors with diverse investment options [1] Group 2 - There is a significant inflow of capital into the Hong Kong stock market, with southbound funds exceeding 1 trillion HKD this year, indicating increased demand from mainland investors [1][2] - The attractiveness of Hong Kong stocks has increased for foreign investors due to the U.S. entering a rate-cutting cycle, making it a primary channel for allocating quality Chinese assets [1] - The valuation of the Hong Kong stock market remains significantly lower than other major markets, providing potential investment opportunities, especially in the technology sector [2] Group 3 - The industry structure of the Hong Kong stock market is undergoing optimization, with a shift from a finance-dominated market to a more diversified one, particularly in non-essential consumer goods and information technology [3] - The rise of new economic forces allows investors to access emerging companies through the Hong Kong stock market, effectively diversifying market risks and reducing portfolio volatility [3] - The current environment in the Hong Kong stock market is favorable for various types of investors, whether they seek steady long-term growth or aim to capitalize on short-term fluctuations [3]

Core Viewpoint - Hong Kong stocks in H1 2025 have stabilized and achieved positive growth, with net profit margins and ROE remaining at high levels, indicating robust operational efficiency [1][5] Group 1: Overall Performance - Hong Kong stocks in H1 2025 recorded revenue and profit growth rates of 1.9% and 4.6% respectively, despite facing significant pressure [1] - The overall net profit margin has increased quarter-on-quarter, while ROE has slightly decreased year-on-year to 5.2%, reflecting stable operational efficiency [1] - Among the 107 stocks with effective mid-year reports, nearly 50% exceeded profit expectations, indicating better-than-expected performance in the Hong Kong market [1] Group 2: Sector Performance - High-growth sectors include technology, healthcare, and materials, while energy, public utilities, real estate, and most consumer sectors continue to face performance pressures [2][3] - The technology sector's profit growth remains strong at 11.2%, outperforming stagnant growth in the Hang Seng Index and Hang Seng China Enterprises Index [1] - The materials and industrial sectors are experiencing upward profit growth, while energy-related sectors are under pressure due to low demand and falling prices [2] Group 3: Defensive and Financial Sectors - Public utilities are under pressure, particularly electricity companies facing demand shortages and price declines, while telecommunications maintain around 5% profit growth [3] - The financial sector shows steady growth, with non-bank financials performing well due to a booming stock market and specific asset restructuring [3] - Insurance sector growth remains moderate, while banks continue to experience low single-digit growth due to narrowing net interest margins [3] Group 4: Growth Sectors - The technology sector benefits from hardware and semiconductor demand, with gaming and software companies also showing positive growth [4] - The healthcare sector is seeing steady growth, particularly in medical devices and services, while biotech is entering a performance realization phase [4] - Consumer sectors are mixed, with home appliances and media entertainment showing growth, while other consumer segments face profit pressures [4] Group 5: Future Outlook - Full-year performance expectations have improved post-earnings reports, with upward revisions in most sectors, particularly in materials, healthcare, and finance [5] - The second half of 2025 is expected to see a rebound in performance growth, especially in real estate, essential consumption, public utilities, and energy sectors [5] - The focus for investment strategies should be on sectors with high or improving growth prospects, such as metals, retail, pharmaceuticals, and semiconductors [6]

Core Viewpoint - The report from CITIC Securities indicates that the Hong Kong stock market is expected to outperform the A-share market in the coming period, particularly focusing on core growth sectors such as internet, innovative pharmaceuticals, new consumption, and technology [1][3]. Group 1: Market Performance - Since the end of June, the A-share market has shown better performance compared to the Hong Kong market, but A-shares have entered a consolidation phase in September, leading to increased volatility [1][2]. - The current long-cycle bull market in Hong Kong stocks, established in the fourth quarter of last year, is believed to be in the mid-stage, with liquidity and valuation cycles showing signs of improvement [2]. Group 2: Economic Indicators - The liquidity cycle is approximately at the mid-point, with expectations of overall easing in the next 1-2 years [2]. - The valuation cycle indicates that after three years of bear market, Hong Kong stocks are currently at a low valuation, which has been recovering for over a year [2]. - The profit cycle is just beginning to recover from the bottom, with significant recovery concentrated in structurally favorable sectors [2]. Group 3: External Influences - The tightening of overseas liquidity, particularly due to the Federal Reserve's previous interest rate pauses, has been a major pressure point for the Hong Kong market [2]. - Recent U.S. employment data falling significantly below market expectations has raised the likelihood of interest rate cuts, which could quickly alleviate macro liquidity pressures in Hong Kong [2][3]. Group 4: Sector Analysis - Profit growth in the Hong Kong market is primarily driven by sectors with structural prosperity, such as raw materials, healthcare, information technology, and discretionary consumption, while real estate, energy, and conglomerates are still experiencing profit declines [2]. - The report emphasizes the need to focus on sectors that are currently thriving, as the overall valuation recovery in the Hong Kong market has been slow due to the drag from cyclical sectors [2]. Group 5: Capital Flows - Since June, the Hong Kong Monetary Authority has intervened in the currency market seven times, absorbing a total amount equivalent to 70% of the hot money inflow in May [3]. - There is an expectation of continued foreign capital inflow into the Hong Kong stock market and Chinese assets, particularly with Alibaba being a significant net inflow stock for southbound funds [3].

繼續暫停交易 本公告由御德國際控股有限公司（以下簡稱「本公司」）根據《證券及期貨條例》（香 港法例第 571 章）第 XIVA 部所訂的「內幕消息規定」及香港聯合交易所有限公司（以 下簡稱「交易所」）《GEM 證券上市規則》（以下簡稱「GEM 上市規則」）第 17.10(2)條 有關規定發放。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 YU TAK INTERNATIONAL HOLDINGS LIMITED 御德國際控股有限公司 (在百慕達註冊成立之有限公司) (股份代號: 08048) 復牌進度之季度更新 和 茲提述本公司於 2025 年 5 月 23 日刊發之公告（「第一季度更新」）。除另有說明外， 本文件所用詞彙與該公告所界定者具有相同涵義。 交易繼續暫停 本公司股票自 2025 年 4 月 1 日起已暫停在交易所進行交易。 該安排將繼續維持，直 至另行通知為止。 業務運作更新 如該等公告所述，本集團失去對資訊科技分部於香港及海外若干附屬 ...

Group 1 - The Hong Kong government is commissioning an expert group to study the establishment of a robust data trading ecosystem, focusing on Hong Kong's role as a super connector in international data trade, including necessary conditions, rules, and implementation models [1] - The expert group's research will cover important topics related to data trading, such as data format standardization, pricing mechanisms, and data security protection, with recommendations expected by the 2025-2026 fiscal year [1] - The Hong Kong Innovation and Technology Bureau signed a memorandum in June 2023 to promote cross-border data flow within the Guangdong-Hong Kong-Macao Greater Bay Area, facilitating personal information transfer from mainland cities to Hong Kong [2] Group 2 - The Greater Bay Area Standard Contract has been established to simplify arrangements for cross-border data flow, addressing potential legal issues through voluntary adoption of the contract model [2] - Hong Kong aims to enhance its position as an international arbitration center by promoting online dispute resolution services, with the eBRAM Center providing efficient and cost-effective online platforms for dispute resolution since 2022 [3] - As of August 2025, over 550 companies from various sectors have joined the eBRAM Center's online transaction facilitation platform, supporting cross-border business transactions [3] Group 3 - The Hong Kong government is actively supporting the establishment of a common online dispute resolution platform for the Greater Bay Area, with the eBRAM Center launching a collaborative platform in July 2024 [4] - The collaborative platform has signed memorandums of understanding with 14 institutions to integrate dispute resolution resources within the Greater Bay Area [4] - The Hong Kong government plans to continue optimizing dispute resolution mechanisms, particularly for cross-border commercial disputes arising from data flow, while maintaining communication with stakeholders in the legal and dispute resolution sectors [4]