Core Viewpoint - Hong Kong Stock Exchange has signed a memorandum of cooperation with Guangzhou Carbon Emission Trading Center, Shenzhen Green Exchange, and Macau International Carbon Emission Trading Exchange to promote the development of the carbon market and green finance ecosystem in the Guangdong-Hong Kong-Macao Greater Bay Area [1] Group 1 - The four exchanges will explore cooperation opportunities in the carbon market and green finance sectors [1] - The collaboration aims to enhance experience exchange and knowledge sharing among relevant institutions and personnel [1] - The initiative is expected to improve professional capabilities in carbon market operations and green finance [1] - The partnership will contribute to the deepening development of the regional carbon market [1]

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].

Core Viewpoint - On September 22, 2025, Shichang Co., Ltd. (stock code: 920022) was featured on the trading leaderboard of the Beijing Stock Exchange due to a significant trading volume, with a turnover rate of 52.17% and a transaction amount of 312 million yuan [1][2]. Trading Activity Summary - The total trading volume for Shichang Co., Ltd. reached 8.6689 million shares on the day [1]. - The leading buyer was GF Securities Co., Ltd. from Guangzhou, purchasing shares worth approximately 11.879 million yuan [2]. - The primary seller was CITIC Securities Co., Ltd. from Dalian, selling shares valued at about 9.6582 million yuan [1][2].

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].

Core Viewpoint - The Hong Kong Special Administrative Region Chief Executive, John Lee, announced the 2025 Policy Address, highlighting the launch of the Core Climate international carbon trading platform 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 [1] Group 1: Carbon Trading Initiatives - The Core Climate platform aims to strengthen collaboration with the Greater Bay Area's carbon market through pilot projects, testing cross-border trading settlement paths, and building a regional carbon market ecosystem [1] - Hong Kong will work with relevant regulatory bodies and institutions in mainland China to explore the country's participation in the international carbon market, including establishing voluntary carbon credit standards and methods [1] - The initiatives will also cover the registration, trading, and settlement of carbon reduction credits [1]