Core Viewpoint - The 18th typhoon "Haikui" has intensified to a super typhoon level and is approaching the coastal areas of Guangdong, posing a significant test for the Hong Kong Stock Exchange's new trading arrangements during severe weather conditions [1] Group 1: Typhoon Impact on Trading - The Hong Kong Stock Exchange has been informed that the Hong Kong Observatory plans to issue a No. 8 gale or storm signal on September 23 afternoon [1] - The exchange will continue to operate under normal trading hours during the issuance of a No. 8 or higher gale/storm signal, black rainstorm warning, or extreme situation warning, as per the new regulations implemented in September 2024 [1] - This situation marks a critical evaluation of the "trading during typhoons" policy since its introduction [1]

Core Viewpoint - The impending super typhoon "Haikui" poses a significant threat to Hong Kong, testing the Hong Kong Stock Exchange's (HKEX) newly implemented "no market closure during typhoons" regulation established a year ago [1][3][7] Group 1: Typhoon Details - Typhoon "Haikui" is moving westward at a speed of 20 kilometers per hour, with maximum wind speeds exceeding 62 meters per second [1] - The Hong Kong Observatory issued a No. 1 warning signal and anticipates upgrading to a No. 3 strong wind signal between 8 PM and 10 PM [4] - The typhoon's peak intensity is comparable to the severe typhoon "Mojia," which impacted South China in 2024, with sustained wind speeds reaching 230 kilometers per hour [5] Group 2: HKEX Regulations and Response - HKEX's "no market closure during typhoons" rule allows trading to continue during severe weather conditions, including typhoons of signal No. 8 or above, and black rainstorms [3] - The exchange is in close communication with regulatory bodies and market participants, prioritizing the safety of employees and the public [3] - The implementation of this regulation is seen as a test of the trading system's resilience and the crisis response capabilities of Hong Kong as an international financial center [7]

Group 1 - The central inspection team conducted a routine inspection of the Shenzhen Stock Exchange (SZSE) from April 17 to July 20, 2024, and provided feedback on October 18, 2024 [1] - The SZSE's Party Committee is committed to implementing the inspection rectification responsibilities, emphasizing political leadership and ideological correction [2][3] - A comprehensive rectification mechanism has been established, including leadership, process management, and supervision mechanisms to ensure effective implementation of rectification measures [3][4] Group 2 - The SZSE is focusing on enhancing its political and people-oriented values, aligning with the central government's strategic goals and improving its service to national major strategies [6][7][8] - The exchange is actively promoting the development of innovative financial products, such as Sci-Tech bonds and green bonds, to support technological innovation and sustainable development [7][8] Group 3 - The SZSE is committed to strict regulatory measures to ensure the quality of listed companies and enhance the effectiveness of the stock issuance registration system [9][10] - The exchange is optimizing its review mechanisms and enhancing the responsibilities of intermediary institutions to improve the overall quality of the market [10] Group 4 - The SZSE is focused on maintaining market stability and enhancing risk monitoring capabilities to prevent systemic risks [11][22] - The exchange is implementing measures to support the continuous growth of listed companies and improve their investment value [21][22] Group 5 - The SZSE is dedicated to strengthening its internal governance and enhancing the capabilities of its personnel to ensure effective execution of its responsibilities [19][23] - The exchange is committed to deepening the results of the inspection rectification and integrating these efforts into its daily operations and reform initiatives [24]

Core Points - The Shanghai Stock Exchange (SSE) is undergoing a comprehensive inspection and rectification process as part of a central directive, with the aim of enhancing governance and operational effectiveness [1][17]. Group 1: Party Leadership and Responsibility - The SSE Party Committee emphasizes the importance of adhering to the leadership of the Communist Party and implementing the central government's decisions [2][4]. - A closed-loop work mechanism has been established to ensure accountability and quality in the rectification process, with the Party Committee taking the lead in addressing key issues [2][3]. Group 2: Systematic and Comprehensive Rectification - The SSE is focusing on both immediate and long-term improvements, aiming to establish robust institutional frameworks as part of the rectification efforts [3][15]. - The SSE is committed to maintaining market stability while enhancing investor protection and promoting healthy market development [3][7]. Group 3: Regulatory Enhancements - The SSE is intensifying its regulatory measures to combat market irregularities, including strict penalties for fraudulent activities and enhancing monitoring of insider trading [5][8]. - The SSE is also working on improving the quality of listed companies and facilitating a more efficient capital market [15][18]. Group 4: Investor Protection - The SSE is prioritizing the protection of investors, particularly small and medium-sized investors, by ensuring a fair and transparent market environment [7][9]. - Initiatives are being implemented to enhance investor engagement and education, as well as to improve the accessibility of investment opportunities [7][12]. Group 5: Financial Risk Management - The SSE is focused on preventing systemic financial risks through enhanced monitoring and proactive measures to support market stability [9][10]. - The SSE is also committed to improving its safety production governance and ensuring the operational security of its systems [9][10]. Group 6: Party Discipline and Governance - The SSE is reinforcing its commitment to strict party governance and anti-corruption measures, ensuring accountability at all levels [10][11]. - Continuous education and awareness programs are being conducted to promote integrity and ethical conduct among employees [11][19]. Group 7: Future Plans - The SSE plans to maintain its focus on the central government's directives while enhancing its operational capabilities and market functions [17][18]. - The SSE aims to deepen reforms in the capital market and improve its service offerings to both domestic and international investors [18][19].

每经讯，2025年9月22日，北交所上市公司世昌股份（920022，收盘价：34.4元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到52.17%，成交数量866.89万股，成交金额3.12亿元。买一席位为广发证券股份有限公司广州中山三路中华广场 营业部，买入1187.9万元；卖一席位为中信建投证券股份有限公司大连分公司，卖出965.82万元。 （记者 张喜威） | | 2025-09-22世昌股份 (920022) 龙虎榜 | | | | --- | --- | --- | --- | | 序号 | 交易营业部名称 | 买入金额 (元) | 卖出金额 (元) | | न्द्र ग | 广发证券股份有限公司广州中山三路中华广场营业部 | 11878954 | 3702 | | 买2 | 华泰证券股份有限公司深圳益田路荣超商务中心证券营业 都 | 7909416.62 | 500375.28 | | ऋ३ | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | 4423698.17 | 973521.86 | | ग्रेडर | 中信建投证券股份有限公司北京朝阳路证券营业部 | 3727486 ...

Group 1 - HSBC maintains a hold rating on SenseTime (00020.HK) and raises the target price to HKD 3.1, citing the company's "1+X" strategic transformation and improved market sentiment, but warns of potential supply bottlenecks in AI chip resources [1] - Goldman Sachs maintains a buy rating on Hong Kong Exchanges and Clearing (00388.HK) and raises the target price to HKD 544, expecting structural increases in southbound capital flow and participation due to the company's diversified offerings [1] - Citic Lyon reiterates a market outperform rating on CATL (03750.HK) and raises the H-share target price to HKD 670, driven by strong demand in the electric vehicle and ESS markets, with a projected 10% increase in battery shipments from 2026 to 2027 [1] Group 2 - Morgan Stanley maintains an overweight rating on Ping An Insurance (02318.HK) and raises the target price to HKD 70, adjusting earnings forecasts for 2025 to 2027 upwards by 1.9%, 0.4%, and 0.6% respectively [2] - Morgan Stanley gives China Life Insurance (02628.HK) an overweight rating and raises the H-share target price to HKD 25.7, with earnings forecasts for 2025 to 2027 increased by 13.1%, 1%, and 1.9% respectively, benefiting from a rising stock market and stable sales growth [3] Group 3 - Goldman Sachs reiterates a buy rating on Baidu (09888.HK) and raises the target price to HKD 150, highlighting the rapid growth of non-search businesses and the acceleration of AI value release [4] - Guotai Junan maintains an overweight rating on Boss Zhipin (02076.HK) with a target price of HKD 109.66, noting a 30.9% year-on-year growth in adjusted net profit and steady progress in AI commercialization in recruitment scenarios [4] - Guotai Junan maintains an overweight rating on Super盈 International Holdings (02111.HK) with a target price of HKD 4.42, emphasizing the company's strong position in the elastic fabric sector and consistent high dividend yield [5]

Core Viewpoint - Nasdaq's proposal to introduce tokenized securities aims to integrate blockchain technology into mainstream financial markets, marking a significant evolution in global capital market structures [5][10]. Group 1: Tokenization of Securities - Tokenized securities refer to the process of converting traditional financial assets into digital tokens via blockchain, allowing for 1:1 anchoring with physical securities and granting equivalent voting, dividend, and governance rights [7]. - The tokenization framework extends beyond public market securities to include Real World Assets (RWA) such as real estate, private equity, and art, enabling low-cost, high-transparency trading of previously illiquid assets [7][12]. - Stablecoins are expected to play a crucial role as transaction mediums and settlement tools in the tokenized ecosystem, facilitating instant payments without relying on traditional cross-border remittance networks [7][8]. Group 2: Nasdaq's Tokenization Settlement Plan - Nasdaq's tokenization settlement plan involves four key steps: investors select the "tokenized settlement" option through brokers, settlement instructions are sent to the Depository Trust Company (DTC), DTC locks the corresponding stocks in a dedicated account and triggers the minting of equivalent tokens via smart contracts, and finally, tokens are distributed to brokers' on-chain wallets [8]. - This hybrid model of "off-chain trading, on-chain settlement" retains traditional market liquidity while leveraging blockchain's efficiency, achieving near-instant (T+0) settlement and significantly reducing counterparty risk and capital costs [8][11]. Group 3: Strategic Motivations Behind Nasdaq's Move - Nasdaq's push for tokenized securities addresses deep-rooted inefficiencies in traditional settlement systems, aiming to compress the lengthy T+2 settlement process to seconds, thus lowering costs and risks associated with trading [11]. - The initiative seeks to expand the asset boundary by enabling the fractionalization of non-standard assets, thereby attracting a diverse range of global assets and new on-chain investors [12]. - By leading the charge in compliant tokenization frameworks, Nasdaq aims to maintain its global trading technology leadership amidst increasing competition from firms like BlackRock and JPMorgan [13]. Group 4: Implications for Global Financial Infrastructure - Nasdaq's approach to tokenization is reshaping the development path of global financial infrastructure, ensuring that digital tokens have the same legal status and investor rights as traditional securities [15]. - The integration of programmable features through smart contracts is expected to automate complex processes such as corporate governance and compliance, enhancing operational precision and efficiency in global capital markets [15]. - The hybrid model of "on-chain and off-chain" is anticipated to become an industry standard, opening compliant pathways for trillions in non-standard assets to enter the blockchain ecosystem [15]. Group 5: Challenges and Future Outlook - Despite the promising outlook for tokenized securities, structural challenges such as regulatory compliance, traditional financial system inertia, and the need for significant infrastructure upgrades pose hurdles to widespread adoption [16][17]. - The lack of a unified global regulatory framework for securities tokens remains a significant barrier, as different countries have varying legal definitions and investor access rules [16][17]. - The potential impact on Chinese stock exchanges could be profound, as Nasdaq's advancements in T+0 settlement and RWA compliance may attract domestic investors to overseas blockchain markets, challenging the current capital flow dynamics [19][20].

Core Viewpoint - The U.S. Securities and Exchange Commission (SEC) has approved three exchanges to expedite the listing process for exchange-traded products (ETPs) that hold physical commodities like gold or Bitcoin, aiming to enhance investor access and promote innovation in the market [1]. Group 1 - The approved exchanges include the Chicago Board Options Exchange (CBOE), Nasdaq, and the New York Stock Exchange [1]. - The SEC's approval allows these exchanges to list commodity-based trust stocks as long as they meet the "approved generic listing standards" [1]. - SEC Chairman Paul Atkins stated that this approval simplifies the listing process and reduces barriers to accessing digital asset products in the U.S. capital markets [1].

人民财讯9月17日电，9月17日，香港特区行政长官李家超在立法会发表2025年《施政报告》。李家超表 示，港交所2022年推出国际碳交易平台Core Climate，是全球唯一以港元及人民币结算自愿碳信用的交 易平台。未来会加强与大湾区碳市场的试点合作，试验跨境交易结算路径，共建区内碳市场生态圈。香 港亦会联同内地相关监管部门和机构，研究国家参与国际碳市场的相关事宜，包括设订自愿碳信用标准 和方法，以及碳减排量的登记、交易、结算等。 ...

Core Viewpoint - The Moscow Exchange temporarily suspended trading in the securities market on September 13, 2025, at 10:12 MSK without providing a reason for the suspension. Trading resumed at 11:40 MSK the same day [1][3]. Group 1: Trading Suspension and Resumption - The Moscow Exchange announced the suspension of trading in the securities market at 10:12 MSK on September 13, 2025, with no reason given for the halt [1]. - Trading was resumed at 11:40 MSK on the same day, and the trading system was available for order withdrawal [3]. - Earlier in the year, the Moscow Exchange had multiple instances of suspending trading in the derivatives market [3]. Group 2: Previous Trading Issues - On September 11, 2025, the derivatives market trading was suspended at 15:23 MSK, with a resumption at 15:55 MSK [4]. - The exchange had previously faced technical issues leading to trading suspensions, including a notable incident on August 14, 2024, due to software errors [4]. - The Central Bank of Russia lowered the key interest rate from 18% to 17% on September 12, 2025, marking the third consecutive rate cut, which was influenced by lower-than-expected demand and inflation [4][5][6].