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]

Core Viewpoint - The expectation of a rate cut by the Federal Reserve in September has sparked global market interest, with a focus on the investment opportunities in Asian markets, particularly in the Hong Kong and mainland China stock markets, supported by favorable factors [1][6][10]. Group 1: Global Market Trends - The anticipation of a rate cut by the Federal Reserve has led to a rebound in global stock markets, although U.S. stocks face high investment risks due to elevated valuations and cautious market sentiment [3][5]. - The U.S. stock market's valuation is currently above the average of the past decade, with the S&P 500's forecasted P/E ratio exceeding one standard deviation, indicating a less favorable risk-reward ratio for short-term investments [5]. Group 2: Asian Market Opportunities - Asian stock markets are seen as having significant investment potential, with higher dividend yields compared to U.S. and European markets, and Asia being a major contributor to global economic growth [6][10]. - The technology sector in Asia is highlighted as a focal point, with increased government and corporate investments in artificial intelligence, positioning Asian tech companies favorably within the AI supply chain [7]. Group 3: Hong Kong and Mainland China Stock Markets - The Hong Kong stock market has shown strong performance, particularly in the technology sector, supported by government initiatives to reduce reliance on imported chips and positive earnings reports from tech companies [4][8]. - The A-share market is attracting capital due to lower deposit rates in mainland China, with a relatively high risk premium making it an attractive investment option [8][9].

Core Insights - The Hong Kong stock market, represented by the Hang Seng Composite Index, continued its upward trend in August, recording a 2.6% increase for the fourth consecutive month [1] - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 1.2% and 0.7%, respectively, while the volatility indices for both the Hang Seng Index and the Hang Seng National Index decreased by 2% and 0.04% [1] - The Hang Seng Technology Index, which tracks leading technology companies in Hong Kong, increased by 4.1% in August [1] Market Performance - The Hang Seng Shanghai-Shenzhen-Hong Kong 500 Index, reflecting the performance of the 500 largest listed companies in Hong Kong and mainland China, recorded a 7.1% increase in August [1] - The Hang Seng A-Share 300 Index, which reflects the performance of the 300 largest listed companies in mainland China, saw a 10.1% increase [1] Sector Performance - Among the industry indices in the Hang Seng Composite Index, the materials sector performed the best with a 24.3% increase, while the conglomerates sector performed the worst with a decline of 2.5% [1] - In the ESG index series, the Hang Seng Sustainable Development Enterprises Benchmark Index performed well in the Hong Kong market with a 3.4% increase, while the Hang Seng A-Share Sustainable Development Enterprises Index performed well in mainland/cross-market with a 12.9% increase [1] Thematic Indices - In the thematic index series, the Hang Seng Hong Kong Stock Connect China Technology Index performed well in the Hong Kong market with a 5.8% increase, while the Hang Seng A-Share Power Equipment Index performed well in mainland/cross-market with a 25.1% increase [1] Factor Indices - In the factor index series, the Hang Seng Large and Mid-Cap Stock Size Select Index increased by 3.6%, outperforming all other factor indices in the Hong Kong market [2] - The Hang Seng A-Share Quality Select Index and the Hang Seng Shanghai-Shenzhen-Hong Kong Size Select Index recorded increases of 11.6% and 8.7%, respectively, in mainland and cross-market performance [2] Asset Management - As of August 31, the total assets under management for passive tracking products of the Hang Seng Index series amounted to approximately $103.6 billion, reflecting an increase of 8.7% [2] - The total assets under management for exchange-traded products linked to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index were approximately $25.7 billion, $7.5 billion, and $34.3 billion, with increases of 1.1%, 10.9%, and 16.5%, respectively [2]

Group 1 - Recent inflows from domestic, foreign, and Hong Kong capital into the Hong Kong stock market indicate strong valuation attractiveness, especially with rising expectations of interest rate cuts by the Federal Reserve [1] - As of August 26, southbound funds have net purchased 105.18 billion HKD in August, marking 26 consecutive months of net buying [2] - Year-to-date, southbound funds have net purchased 972.02 billion HKD, with financial, consumer discretionary, information technology, and healthcare sectors being the most favored [2] Group 2 - Notable individual stock holdings by southbound funds include China Construction Bank at 258.20 billion HKD and several others exceeding 100 billion HKD, such as Industrial and Commercial Bank of China and HSBC [2] - The chief macroeconomic analyst at Huatai Securities notes that southbound funds now account for over 40% of trading in interconnectivity stocks, indicating potential for sustained inflows [3] - A report from Nomura Securities highlights a significant increase in holdings in Hong Kong and mainland China markets by emerging market funds, with passive foreign capital accelerating its inflow into Hong Kong stocks [4] Group 3 - Analysts suggest that the dovish stance of the Federal Reserve may lead to increased foreign capital allocation towards the Hong Kong stock market [5] - Recent data shows that foreign capital through ETFs net purchased 31 million USD, while local ETFs saw net subscriptions of 5.5 billion HKD [4]

Group 1 - Recent inflows from domestic, foreign, and Hong Kong capital into the Hong Kong stock market indicate strong valuation attractiveness, especially with rising expectations of interest rate cuts by the Federal Reserve [1] - As of August 26, southbound funds have net purchased 105.18 billion HKD since August, marking 26 consecutive months of net buying [2] - Year-to-date, southbound funds have net purchased 972.02 billion HKD, with financial, consumer discretionary, information technology, and healthcare sectors being favored [2] Group 2 - Notable net purchases in August include 40.14 billion HKD in financials, 10.99 billion HKD in consumer discretionary, 46.53 billion HKD in information technology, and 21.94 billion HKD in healthcare [2] - Major holdings by southbound funds include China Construction Bank at 258.20 billion HKD, Industrial and Commercial Bank of China at 196.01 billion HKD, and HSBC Holdings at 159.01 billion HKD [2] - In the information technology and consumer discretionary sectors, significant holdings include Tencent Holdings at 615.36 billion HKD and Xiaomi Group at 210.99 billion HKD [2] Group 3 - The proportion of southbound funds in the interconnectivity targets has exceeded 40%, indicating potential for sustained inflows [3] - Recent reports show a significant increase in emerging market fund allocations towards Hong Kong and mainland China, with passive foreign capital accelerating into the Hong Kong market [4] - As of August 20, the cumulative trading volume in the Hong Kong stock market has surpassed 5.8 billion USD this year, second only to the US market [4] Group 4 - Analysts expect that the dovish stance of the Federal Reserve will enhance foreign capital allocation towards the Hong Kong stock market [5] - Recent net inflows from southbound funds totaled 17.9 billion HKD, primarily directed towards financial, information technology, and healthcare sectors [4]

Core Viewpoint - Futong Technology (00465) reported a decline in revenue and an increase in shareholder losses for the six months ending June 30, 2025, primarily due to intensified competition in the mainland China information technology market and the lack of revenue from new products [1] Financial Performance - Revenue for the period was 58.28 million RMB, representing a year-on-year decrease of 13% [1] - Shareholder losses amounted to 32.699 million RMB, which is an increase of 7.11% compared to the previous year [1] - Basic loss per share was 0.11 RMB [1] Market Conditions - The decrease in revenue is attributed to the increasingly competitive landscape in the mainland China information technology market [1] - The anticipated revenue from new products has not yet materialized, contributing to the overall decline in group income [1]

Group 1 - The core viewpoint of the article highlights that Futong Technology (00465) reported a decline in revenue and an increase in shareholder losses for the six-month period ending June 30, 2025 [1] - The company's revenue amounted to 58.28 million RMB, representing a year-on-year decrease of 13% [1] - Shareholder losses reached 32.699 million RMB, which is an increase of 7.11% compared to the previous year [1] - The basic loss per share was reported at 0.11 RMB [1] Group 2 - The decrease in revenue is attributed to intensified competition in the information technology market in mainland China, along with the fact that new product revenues have not yet materialized [1]

Core Viewpoint - Mingke International (08100.HK) is expected to report a pre-tax loss of no more than HKD 6 million for the six months ending June 30, 2025, compared to a pre-tax profit of approximately HKD 1.4 million for the same period in 2024 [1] Group 1: Financial Performance - The software business segment is expected to generate a profit of approximately HKD 5.5 million, slightly down from HKD 5.7 million in the previous year [3] - The securities investment segment is projected to incur a loss of about HKD 500,000, a significant decline from a profit of HKD 2.5 million in the prior year, primarily due to realized and unrealized losses of approximately HKD 500,000 from financial assets [3] - The enterprise management solutions and IT contract services segment is anticipated to report a loss of around HKD 3.2 million, compared to a profit of HKD 90,000 in the previous year, mainly due to intense competition in the IT industry and goodwill impairment losses of approximately HKD 2.3 million [3] - The e-commerce and B2B product trading segment is expected to show a loss of about HKD 400,000, an improvement from a loss of HKD 700,000 in the previous year [3] - Other corporate expenses are projected to slightly increase to approximately HKD 7.3 million, up from about HKD 6.5 million in the prior year [3] Group 2: Company Overview - Mingke International is an investment holding company engaged in various businesses, including the research, development, and distribution of PC performance software, antivirus software, mobile applications, and toolbar advertising; e-commerce platforms; securities investment; and providing enterprise management solutions and IT contract services [4]