Group 1: Policy Focus - The Chief Executive of Hong Kong, John Lee, emphasized that "benefiting people's livelihood" is a key focus of the new policy report, aiming to enhance long-term economic competitiveness and improve citizens' happiness and sense of gain [2][11] - The report outlines nine key areas related to citizens' daily lives, with housing being the top priority, including accelerated construction of public housing and innovative "simple public housing" initiatives [2][3] Group 2: Northern Metropolis Development - The Northern Metropolis is highlighted as strategically important, occupying one-third of Hong Kong's land, with plans to accelerate its development and attract industries and major projects [4][6] - A new "Northern Metropolis Development Committee" will be established to streamline administrative processes and introduce competitive practices for land management [5][6] Group 3: Housing and Land Policies - The government plans to allow the transfer of unused plot ratios from redevelopment projects to other areas, aiming to optimize land use and facilitate urban renewal [3][6] - A pilot program will permit property owners to offset land compensation costs by returning land to the government, with specific compensation rates set for different land classifications [6][7] Group 4: Financial Market Initiatives - The report proposes exploring the reduction of the stock settlement cycle to T+1, with consultations planned for the first half of next year [9] - The government aims to optimize the "New Capital Investor Entry Scheme" by lowering the residential transaction threshold to HKD 30 million, enhancing the scheme's attractiveness to investors [10]

Group 1 - The Chief Executive of Hong Kong, John Lee, presented the 2025 Policy Address on September 17, highlighting the launch of the international carbon trading platform CoreClimate by the Hong Kong Stock Exchange in 2022, which is the only platform globally that settles voluntary carbon credits in Hong Kong dollars and Renminbi [2] - Future plans include strengthening pilot cooperation with the Greater Bay Area carbon market to test cross-border trading settlement paths and to jointly build a carbon market ecosystem within the region [2] - Hong Kong will collaborate with relevant regulatory bodies and institutions in mainland China to study the country's participation in the international carbon market, including setting voluntary carbon credit standards and methods, as well as the registration, trading, and settlement of carbon reduction amounts [2]

Group 1 - The Hong Kong Stock Exchange (HKEX) aims to attract more Southeast Asian issuers for secondary listings in Hong Kong [1] - HKEX will deepen cooperation with exchanges in Southeast Asia to facilitate this initiative [1] - The Hong Kong government encourages asset companies to issue products locally to enhance market access to Hong Kong [1] Group 2 - The Hong Kong government plans to actively seek the establishment of an Asian Infrastructure Investment Bank office in Hong Kong [3] - The government will coordinate training for personnel from Belt and Road Initiative countries through its "Belt and Road" office [3] - A sustainable green development training center will be established in 2026 to provide training for Belt and Road personnel, supported by a funding of 100 million HKD from the Hong Kong Jockey Club [3]

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，香港将与大湾区内交易所合作开拓大宗商品交易及碳交易等新业务。港交所是前海联合交易中心的 控股股东，将继续加强两地合作，发展好大豆离岸现货市场。港交所碳市场Core Climate亦会与大湾区 试点碳市场研究试验跨境交易结算。 ...

Group 1: Market Performance - In August, the Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech rising by 25.0% and 27.0% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange reached HKD 279.1 billion, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [1] - Northbound trading ADT was HKD 322.8 billion, with month-on-month and year-on-year increases of 45.2% and 204.9% respectively, while southbound trading ADT was HKD 155.2 billion, with increases of 7.4% and 448.3% [1] Group 2: Derivatives Market - In August, the average daily volume (ADV) for futures was 627,000 contracts, showing month-on-month and year-on-year increases of 9.6% and 5.3% respectively [1] - The ADV for options was 962,000 contracts, with month-on-month and year-on-year increases of 2.1% and 34.5% [1] - As of the end of August, the ADT for structured products such as bull and bear certificates and derivative warrants was HKD 17.5 billion, reflecting increases of 11.9% and 58.6% year-on-year [1] Group 3: Initial Public Offerings (IPOs) - In August, there were 6 new IPOs in Hong Kong, with a total scale of HKD 5.4 billion, representing a month-on-month decrease of 73% but a year-on-year increase of 189% [2] - The number of newly listed derivative warrants and bull and bear certificates was 941 and 2,386 respectively, with year-on-year increases of 75% and 40% [2] Group 4: Investment Income and Economic Environment - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, with month-on-month increases across the board [2] - The domestic economic environment showed signs of recovery, with the manufacturing PMI at 49.40%, indicating a slight improvement [3] - The overseas economic outlook suggests a strengthening of interest rate cut expectations, with the Federal Reserve expected to cut rates by 25 basis points in September 2025 [3] Group 5: Valuation and Future Outlook - As of the end of August, the company's price-to-earnings (PE) ratio was 37.02x, positioned at the 52nd percentile historically since 2016, indicating potential value for investors [4] - The company is expected to achieve revenues of HKD 30.3 billion, HKD 33.2 billion, and HKD 35.6 billion for the years 2025 to 2027, with corresponding net profits of HKD 19.4 billion, HKD 20.6 billion, and HKD 22.3 billion [4] - The projected PE ratios for 2025, 2026, and 2027 are 29.3x, 27.7x, and 25.4x respectively, suggesting a favorable investment opportunity [4]

The London Stock Exchange Group (LSEG) has officially rolled out its Digital Markets Infrastructure (DMI) platform, an end-to-end, blockchain-powered infrastructure for private funds. The DMI system, developed with Microsoft and built on Microsoft Azure, supports the lifecycle of digital assets across issuance, tokenization, distribution, investment, post-trade settlement, as well as servicing across asset classes.LSEG reports its open and interoperable design links blockchain with traditional finance, leve ...

Core Viewpoint - Singapore Exchange (SGX) aims to be a gateway for Chinese enterprises to globalize, with over 100 Chinese companies already utilizing SGX to access international markets [1] Group 1: SGX's Role and Strategy - SGX's Executive Vice President and Head of Equities, Loh Boon Chye, highlighted that many Chinese companies are not only pursuing IPOs on SGX but are also engaging in secondary listings to attract international investors [1] - The secondary listing framework allows companies to adhere to the rules of their primary listing location, facilitating the integration of secondary listings into their internationalization strategies [1] Group 2: Support for Chinese Companies - SGX has optimized its secondary listing framework, expanding its applicability to companies listed on Shanghai and Shenzhen stock exchanges, thereby supporting their global business development, particularly in Southeast Asia [1] - In addition to international investors, Southeast Asian institutional and family investors are significant factors driving A-share companies to choose SGX for secondary listings [1] - The funds raised in Singapore dollars or the stocks issued can be used as currency for acquiring international assets, enhancing the influence of Chinese brands in Southeast Asia [1]

Group 1 - Nasdaq's proposal to the SEC marks a significant shift from the "electronic bookkeeping era" to the "on-chain settlement era" in global capital markets [3] - The proposal aims to allow stocks and ETFs to trade in both traditional digital and tokenized forms, potentially rewriting the rules of global capital flow and efficiency [3][4] - The core objectives of the proposal include enhancing efficiency with T+0 real-time settlement, expanding trading hours to 24/7, and lowering barriers for small investors through tokenization [4] Group 2 - The technical design of the proposal focuses on compatibility with traditional systems while embedding blockchain technology, ensuring that tokenized securities share the same rights as traditional securities [5] - The regulatory framework does not break existing rules but integrates blockchain tools within the traditional system, maintaining compliance with AML and KYC processes [5] Group 3 - Institutional investors have shown positive feedback towards the proposal, with major firms like Goldman Sachs and Morgan Stanley initiating tokenized securities trading simulations [6] - A survey indicated that 62% of U.S. retail investors are willing to try tokenized stock trading, attracted by real-time settlement and 24/7 trading capabilities [6] Group 4 - The SEC's historical approval logic has shifted from risk-averse prohibition to compliance-guided openness, as evidenced by the approval of Bitcoin ETFs after a lengthy denial period [9][10] - The SEC's 2025 policy shift under new leadership has created a favorable regulatory environment for Nasdaq's proposal, emphasizing support for tokenization as a natural evolution of financial innovation [11][12] Group 5 - The approval timeline for Nasdaq's proposal is projected to conclude by mid-2026, with a high probability of approval exceeding 80% based on current policy support and market demand [15][8] - The anticipated impact on global capital markets includes a significant increase in trading volume and liquidity, with estimates suggesting a potential daily trading volume exceeding $3 billion upon launch [16][17] Group 6 - The tokenization of securities is expected to reinforce the dominance of the U.S. dollar in global capital flows, with the use of dollar-pegged stablecoins facilitating cross-border transactions [19] - Global exchanges are likely to engage in a digitalization race, with Nasdaq's initiative prompting other markets, such as Hong Kong and the EU, to accelerate their own tokenization efforts [20] Group 7 - Emerging markets may face increased capital outflow pressures as tokenization lowers barriers for investors seeking to access U.S. markets, potentially exacerbating regulatory challenges [22] - Developed countries will experience competitive pressures in their capital markets, necessitating rapid advancements in their own tokenization processes to retain investor interest [23] Group 8 - The impact on China's capital markets includes potential capital outflow risks and intensified competition for technology company listings, as U.S. tokenization may attract Chinese firms seeking better financing opportunities [24][25] - Hong Kong's capital markets may face challenges in maintaining their status as an international financial hub, with the risk of capital diversion to tokenized U.S. securities [28][29]

Core Viewpoint - The Beijing Stock Exchange (BSE) will fully implement the "920" new code for existing listed companies starting from October 9, 2025, enhancing the identification and recognition of companies listed on the exchange [1][8]. Group 1: Implementation Details - The transition to the "920" code is part of a phased approach, with preparations having been underway since November 17, 2023, and the first phase involving new listings starting from April 22, 2024 [5][6]. - The BSE has conducted multiple network tests to ensure readiness for the code switch, which is now confirmed for October 9, 2025 [7]. Group 2: Benefits of the New Code - The introduction of the "920" code aims to eliminate confusion caused by the previous codes from the New Third Board, thereby improving the recognition of BSE-listed companies and differentiating them from New Third Board entities [8][9]. - The unified "920" code is expected to strengthen the BSE's identity as a platform for innovative small and medium-sized enterprises, potentially attracting more quality companies to the exchange [1][9]. Group 3: Market Impact - The transition to the "920" code is seen as a significant step in establishing the BSE's market position, facilitating a shift from niche to mainstream trading, and enhancing brand recognition [9]. - The continuity of the identity of listed companies and investor rights will be maintained during the transition, ensuring a smooth operational process for market participants [9].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Insights - The company's PE ratio as of the end of August is 37.02x, positioned at the 52nd percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of 30.3 billion, 33.2 billion, and 35.6 billion HKD for 2025-2027, with net profits attributable to shareholders of 19.4 billion, 20.6 billion, and 22.3 billion HKD, corresponding to PE valuations of 29.3, 27.7, and 25.4 times respectively [2][50]. Market Environment - The Hong Kong stock market continued its upward trend in August, driven by domestic policy support and expectations of interest rate cuts by the Federal Reserve. The Hang Seng Index and Hang Seng Tech Index increased by 25.0% and 27.0% respectively compared to the end of 2024. The average daily trading (ADT) for Hong Kong stocks in August was 279.1 billion HKD, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [10][15]. Business Segments - **Spot Market**: The overall Hong Kong stock market saw significant increases in trading activity, with the ADT for northbound trading reaching 322.8 billion HKD, up 45.2% month-on-month and 204.9% year-on-year. Southbound trading ADT was 155.2 billion HKD, reflecting increases of 7.4% month-on-month and 448.3% year-on-year [8][15]. - **Derivatives Market**: The average daily volume (ADV) for futures was 62.7 thousand contracts, with month-on-month and year-on-year increases of 9.6% and 5.3% respectively. The ADV for options was 96.2 thousand contracts, with increases of 2.1% month-on-month and 34.5% year-on-year [19]. - **Primary Market**: In August, the IPO scale in the Hong Kong stock market decreased month-on-month but increased significantly year-on-year, with a total of 6 new listings raising 5.4 billion HKD, a 73% decrease month-on-month but a 189% increase year-on-year [29][31]. Investment Income - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, showing month-on-month increases but year-on-year declines for most rates [38].