Group 1 - The Beijing Stock Exchange (BSE) will switch to the new "920 code" for existing listed companies starting from October 9, 2025, enhancing the identification and recognition of listed companies [1][4] - The transition to the "920 code" is expected to strengthen the BSE's focus on specialized and innovative small and medium-sized enterprises, attracting high-quality companies to the exchange [1][4] - The code switch will not affect the continuity of the identity of listed companies, investor rights, or related business operations [5] Group 2 - The BSE has implemented a phased approach for the code switch, starting with new listings using the "920 code" from April 22, 2024, before transitioning existing companies [2][3] - The BSE has conducted multiple network tests to ensure readiness for the code switch, which is part of a broader effort to enhance market stability and investor confidence [3][5] - The introduction of the "920 code" is seen as a significant step in establishing the BSE's market position and differentiating it from the New Third Board, thereby attracting more investors [4]

罗文才 ◎记者 汪友若 今年7月，奥明易方达创业板ETF在新加坡交易所上市，成为新加坡首只以新币对冲的创业板指数 ETF，这是中新ETF互联互通机制持续扩容的缩影。 深化互联互通、加强金融合作，近年来中新资本市场联系日益紧密，跨境投资便利化举措接连亮 相。"新交所作为亚洲主要的多元化资产交易所之一，发挥着连接中国与全球资本市场的关键桥梁作 用。中新ETF产品互联互通就是为投资者提供高效投资的一个很好的例子。"新加坡交易所集团（简称 新交所）首席执行官罗文才日前在接受上海证券报记者采访时表示。 在罗文才看来：一方面，以中新ETF互联互通机制为抓手，全球投资者高效参与双边市场；另一方面， 在助力中国企业走向国际化的进程中，新交所也在着力提供更稳定、更便利、更高效的投资通道。 更多国际资金流入中国市场 作为一站式多元化资产的平台，新交所拥有广泛的国际投资者基础，包括资管机构、区域性的散户、家 族办公室和全球机构投资者。 罗文才表示，国际投资者对当前中国市场持建设性观点："过去几个月，中国市场表现相当不错。从我 们的多资产平台来看，无论是MSCI中国A50互联互通指数期货还是外汇等品种，相关成交活跃度明显 提升。我们 ...

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) shows a stable technical trend with a slight pullback, indicating potential investment opportunities for conservative investors [1][3]. Technical Analysis - As of 10:17 AM, HKEX's stock price is at 442 HKD, down 0.58% [1]. - The Relative Strength Index (RSI) is at 55, indicating a healthy bullish zone [1]. - Moving averages (MA10 at 442.32 HKD, MA30 at 438.29 HKD, MA60 at 430.08 HKD) are in a bullish arrangement, providing strong support [1]. - Despite a "sell" signal from technical indicators, multiple oscillators show a neutral pattern, with MACD issuing a buy signal [1]. - Key support levels are identified at 435 HKD and 423 HKD, while resistance levels are at 457 HKD and a potential target of 466 HKD if broken [1]. Derivative Products Performance - On September 8, when HKEX's stock price rose by 1.93%, related derivative products performed well, with notable returns: 29% for the BNP Paribas call option (16781) and 26% for the UBS call option (16698) [3]. - HSBC's bull certificate (53124) and UBS's bull certificate (62570) achieved returns of 22% and 21%, respectively, demonstrating significant excess returns even in a moderate upward trend [3]. Investment Options - Investors are advised to focus on two quality call options: UBS call option (16698) with a strike price of 484.08 HKD offering 14x leverage and HSBC call option (17539) with the same strike price but 14.6x leverage, appealing to bullish investors [6]. - For bearish investors, UBS put option (18808) and Bank of China put option (18983) with a strike price of 368.48 HKD provide approximately 9x leverage, suitable for short positions [6]. Bull and Bear Certificates - Bull certificates from HSBC (65210) and UBS (55128) have a redemption price of 422 HKD, maintaining a safe distance from current prices, with actual leverage of 15.9x and 16.2x, respectively, making them attractive for low-cost leveraged investments [8]. - Bear certificates from UBS (60541) and Societe Generale (60816) have a redemption price of 470 HKD, offering leverage exceeding 16x, but investors are cautioned to manage positions carefully due to potential risks [8].

【导读】 新交所集团CEO罗文才：国际投资者正以长远眼光看待中国资产 中国基金报记者 储是 吴娟娟 其次，加强指数开发与合作。上交所和新交所正在共同开发关于亚洲核心主题、行业和大型 公司的指数，希望最终能够落地为 ETF 产品，为投资者提供更多参与亚洲市场增长的选择。 例如，中国和东南亚地区涌现了许多 AI 领域的新兴公司。随着亚洲经济持续增长，消费等领 域都将获得更多投资者青睐。新交所希望编制相关指数，并成功转换为 ETF 产品。 新交所还希望通过二次上市支持中国企业在国际市场筹集资金。 日前，新加坡交易所集团（以下简称新交所）在上海举办媒体交流会。新交所表示，致力于 进一步扩大中新 ETF 互联互通，将围绕企业二次上市等重点领域，吸引拥有全球化战略的中 国企业；致力于推进中国概念相关产品的双向资本流动等，推动中新资本市场合作深化。 新交所数据显示，截至 2025 年 7 月，中新 ETF 互通机制下已上市 10 只跨境 ETF 产品， 总资产管理规模超过 30 亿元人民币。 扩大中新 ETF 互联互通计划 加强指数开发与合作 截至 2025 年 7 月，中新 ETF 互通机制下已上市 10 只跨境 ETF ...

Group 1 - The core viewpoint is that international investors are taking a long-term perspective on Chinese assets, with a focus on expanding the cross-border ETF connectivity between China and Singapore [1][3][4] - The Singapore Exchange (SGX) aims to attract Chinese companies with global strategies for secondary listings and to enhance capital flow related to Chinese concepts [1][3] - As of July 2025, the cross-border ETF mechanism has listed 10 products with a total asset management scale exceeding 30 billion RMB [2][4] Group 2 - SGX plans to include more ETFs in the connectivity mechanism to broaden investment options and attract asset management companies from both China and Singapore [2][3] - There is a focus on developing indices related to core themes and industries in Asia, with the goal of converting these indices into ETF products [2][3] - The SGX has observed a significant increase in trading activity related to Chinese assets, particularly in the consumer sector and REITs [4][5] Group 3 - The SGX has approximately 600 listed companies with a total market capitalization exceeding 600 billion USD, with about 20% of these companies coming from Greater China [3][4] - The STI index has a total return rate close to 18% in 2025, making it one of the best-performing indices in Southeast Asia [6] - The stock market trading volume has increased significantly, with a year-on-year growth of over 27% in the 2025 fiscal year [7]

1、恆指：看好投資者認為明天26600，殺熊證，繼續牛證（收回價26488）；看淡投資自責認為26300已封頂 ，入熊證。 Simon:恆指越升越有，全日突破保力加通道頂部，高位26296元。全日收在26200點。目前技術信號總結為"賣出"，雖然走勢上升但逼近頂部，不排除會有技 術性的調整。阻力位26554點和27100點。如果繼續短期看好的投資者，留意需要挑戰第一個第一個阻力位。擔心回調的話，留意下方支持位在25600點和 25200點。當我們選擇牛熊證的時候，要留意收回機制，選擇產品的時候，要選擇自己認為不會去到的那個價位，相對安全一些。假設要牛證，而支持位在 25600點和25200點，而買牛證當然是看升，需要判斷恆指是否會去到這兩個支持位，如果有機會去到的話，選擇牛證的收回價在25100，比支持位低一點會 更安全一些。選擇收回價氛圍後，再對比不同條款，在同個收回價的產品下。對比輪價或杠杆等。選擇比較擇優的產品。 極指 (HSI) 賣出信號 買入信號 信號總結 中立信號 賣出 9 8 4 3、騰訊控股 (00700.HK)：股價不斷突破，有機會挑戰歷史高位嗎？窩輪市場上，持有認購證。行使價730元。也有 ...

Core Viewpoint - The Hong Kong Stock Exchange emphasizes the importance of climate financing as a crucial solution to address the challenges posed by climate change, advocating for capital allocation to drive innovative technology development and accelerate the achievement of net-zero emissions goals [1] Group 1: Climate Financing Importance - Climate financing is highlighted as a vital approach to tackle the severe challenges of climate change [1] - The allocation of capital can promote the development of innovative technologies [1] - The goal of achieving net-zero emissions can be accelerated through effective climate financing [1] Group 2: Support from Hong Kong Stock Exchange - The Hong Kong Stock Exchange will provide standards, frameworks, and diverse platforms to support the development of sustainable finance [1]

Group 1 - The core viewpoint emphasizes the need for Hong Kong to accelerate its transition towards green and sustainable development through various measures, including carbon emission data disclosure, bank emission reductions, and the carbon credit market [1] - The suggestion includes mandatory disclosure of Scope 1, 2, and 3 carbon emissions data by listed companies starting this year, allowing companies to purchase carbon credits to offset remaining emissions [1] - The Hong Kong Monetary Authority (HKMA) is urged to require banks to achieve carbon neutrality in their operations by 2030, utilizing the local carbon market to manage residual emissions [1] Group 2 - Large events in Hong Kong generate carbon emissions, and it is suggested to adopt practices from the Paris Olympics and Qatar World Cup to encourage local events to offset emissions through the carbon credit market [1] - The proposal includes considering external incentives such as carbon taxes, drawing from Singapore's experience, to enhance the effectiveness and usage of the carbon market [1] - The Hong Kong Stock Exchange's publication of "Carbon Credit: Buyer’s Guide" is seen as a positive step to promote the development of the carbon market, helping companies understand its mechanisms and addressing current demand issues [2]

Core Insights - Nasdaq is accelerating deep reforms in its core market, focusing on tokenization and 24/7 trading to reshape modern capital market structures and efficiency [1][2] - The introduction of tokenized stocks will integrate blockchain technology directly into the core securities trading system, moving beyond off-exchange or ancillary markets [1][2] - Nasdaq plans to extend trading hours to a 24/5 model, allowing global investors to trade freely outside traditional US trading hours [2] Tokenization and Trading Hours - The primary focus is on stock tokenization, which aims to trade tokenized securities alongside traditional stocks in the same system, enhancing market efficiency [2][3] - Nasdaq's transition to a 24/5 trading model is seen as a necessary trend to serve global investors, with the potential for 24/7 trading in the future [2][3] Market Structure and Efficiency - Tokenization and extended trading hours are expected to significantly improve the efficiency of clearing and settlement processes, reducing friction and lowering costs [3] - Nasdaq currently processes 3 million messages per second and nearly 100 billion messages daily, indicating room for improvement in clearing and settlement [3] Regulatory Approach - Nasdaq adopts a cautious "regulatory first" stance towards digital assets, emphasizing investor protection and the need for clear regulatory frameworks before entering the crypto space [4] - The convergence of traditional and digital market regulations is seen as an opportunity for Nasdaq to collaborate with institutional clients in offering compliant crypto asset services [4] IPO and Listing Process Reforms - Nasdaq is advocating for reforms in the IPO process to alleviate the burdens that keep many companies private, emphasizing the importance of public markets for economic growth [5][7] - Proposed reforms include simplifying disclosure requirements, promoting direct listings with capital raises, and improving the SPAC model to provide diverse options for companies [5][7] - The exploration of tokenized direct listings is highlighted as a forward-looking reform, aiming to make the listing process more efficient and transparent [7]

Group 1 - The Hong Kong Stock Exchange (HKEX) hosted a climate financing forum themed "Towards a Net Zero Path," highlighting the importance of climate financing in capital allocation and accelerating the transition to net zero [1][3] - HKEX CEO Charles Li emphasized that climate financing is a crucial solution to the challenges posed by climate change, aiding in the development of innovative technologies and achieving net zero emissions [3] - The Hong Kong government is committed to enhancing its position as an international green finance hub through policy guidance, market innovation, and ecosystem building to address climate challenges [3] Group 2 - HKEX's Chief Sustainability Officer, Dr. Zhou Guanying, stated that the exchange aims to lead regional green transformation by directing funds towards impactful climate solutions [3] - The release of the "Carbon Credit: Buyer’s Guide" aims to provide more information on carbon credits, offering case studies to assist companies and investors in making sustainable development strategy decisions [3] - Mary Schapiro, Vice Chair of the Glasgow Financial Alliance for Net Zero (GFANZ), highlighted the significant potential for global carbon market development, emphasizing the need for local services to support corporate decarbonization while fostering global cooperation for sustainable development [3]