Market Overview - The Hang Seng Index faces resistance around 27,200 points, with a projected P/E ratio of approximately 13 times over the next 12 months, as the US and China agree to extend the tariff truce and the US Federal Reserve signals potential policy adjustments due to economic conditions [2][5] - The market remains active with a positive risk appetite, as capital rotates among different sectors despite limited corporate profit improvements [2] Sector Focus - The AI sector is gaining traction as mainland China accelerates the application of "Artificial Intelligence+" and breakthroughs in chip development are reported [8] - The humanoid robot sector is expected to see increased confidence in the supply chain due to Tesla's developments [8] - The mobile components sector is entering a traditional peak season for consumer electronics, with major brands launching new smartphones [8] Corporate News - Zijin Mining International (2259) is set to launch an IPO today, aiming to raise up to 25 billion HKD [8] - Ctrip has been summoned for discussions regarding unreasonable restrictions on transaction pricing [8] - Macau Telecom has extended its contract with the Macau government for an additional two years [8] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of 487 billion RMB, maintaining the interest rate at 1.4% [9] - The retail sales of new energy vehicles in mainland China are projected to reach 1.25 million units in September, with a penetration rate of 58.1% [9] - The Shanghai Municipal Government is set to issue the first round of home appliance replacement subsidy vouchers starting September 20 [9] International Relations - The US and China are expected to have a significant phone call on September 19, focusing on trade issues and the future of TikTok [10] - The EU is planning to propose a new round of sanctions against Russia, targeting the cryptocurrency, banking, and energy sectors [10]

Group 1: Hang Seng Index - The Hang Seng Index opened high but closed lower, with investors taking profits and waiting for a buying opportunity around 26,300-26,400 [1] - The index reached a high of 27,058 points but closed at 26,544 points, signaling a "sell" [1] - Support levels are identified at 25,859 points and 25,300 points, while resistance is at 27,300 points [1] Group 2: HSBC Holdings - Investors view interest rate cuts as beneficial for HSBC, with expectations for the stock to rise to 110 HKD [3] - Some investors anticipate a decline to the range of 96-100 HKD, opting for put options [3] Group 3: Hong Kong Exchanges and Clearing - The stock experienced a significant drop, closing at 444 HKD, which is within the Bollinger Band's middle line [5] - Short-term technical signals suggest a "buy" with resistance levels at 459 HKD and 470 HKD [5] - For those considering entry at lower levels, support is noted at 436 HKD and 428 HKD [5] Group 4: Ping An Insurance - The stock is trading within a sideways range, with a closing price of 54.25 HKD, near the lower boundary of the Bollinger Band [8] - Technical signals are neutral, suggesting a wait-and-see approach [8] - Support levels are at 52.7 HKD and 51 HKD, with options available at a strike price of 43.83 HKD [8] Group 5: Baidu Group - Baidu's stock closed at 132.8 HKD, above the upper boundary of the Bollinger Band, with a high of 38.4 HKD during the day [11] - The data signal indicates a "sell," with support levels at 114.2 HKD and 103.2 HKD [11] - Investors holding bear certificates have a safe recovery price of 150 HKD, with resistance levels at 140 HKD and 162 HKD [11]

Report Summary Market Performance - The Hang Seng Index opened 104 points higher and then widened its gains, rising 262 points or 1% to close at 26,200 points. The China Enterprises Index rose 85 points or 0.93% to close at 9,328 points, and the Hang Seng Tech Index rose 73 points or 1.3% to close at 5,902 points. The total turnover of the market was HK$288.209 billion [1]. - The three major A-share indexes fluctuated and stabilized. The Shanghai Composite Index rose 4 points or 0.1% to close at 3,812 points, with a turnover of RMB821.1 billion. The Shenzhen Component Index rose 47 points or 0.4% to close at 12,557 points, with a turnover of nearly RMB1.2 trillion. The ChiNext Index rose 36 points or 1.3% to close at 2,904 points, with a turnover of RMB563.1 billion [1]. - The S&P 500 index and the Nasdaq Composite Index both hit record highs, but the Dow Jones Industrial Average fell 220 points or 0.5% to close at 45,490 points, dragged down by Apple and Amazon. The S&P 500 index rose 19 points or 0.3% to 6,532 points, and the Nasdaq rose 6 points to 21,886 points [2]. Macroeconomic Data - The People's Bank of China conducted RMB304 billion of seven-day reverse repurchase operations on the 10th, with the operating rate remaining flat at 1.4%. There were RMB229.1 billion of reverse repurchases due, resulting in a net injection of RMB74.9 billion. The central parity rate of the RMB against the US dollar was lowered by 54 points to 7.1062 [1]. - China's CPI fell 0.4% year-on-year last month, worse than expected, and the PPI fell 2.9%, in line with expectations [1]. - The US wholesale price index (PPI) unexpectedly fell in August, fueling market expectations that the Federal Reserve will cut interest rates again next week [2]. Corporate News - China Pacific Insurance (02601.HK) announced the issuance of RMB15.556 billion of zero-coupon convertible bonds due in 2030, with an initial conversion price of RMB39.04 per share, a premium of about 21.24% over the closing price of RMB32.2 on the 10th. The bonds can be fully converted into about 398 million shares, accounting for 12.55% of the enlarged H shares and 3.98% of the issued share capital [3]. - China Resources Power (00836.HK) announced its latest operating data. The electricity sales of its subsidiary power plants reached 20.7334 million megawatt-hours in August, a year-on-year increase of 8.9%. Among them, the electricity sales of its subsidiary wind farms were 2.9779 million megawatt-hours, an increase of 19.4%, and the electricity sales of its subsidiary photovoltaic power plants reached 1.0022 million megawatt-hours, an increase of 30.1% [3]. Policy News - The National Development and Reform Commission stated that it is necessary to implement a special action to boost consumption, clean up restrictive measures, and introduce several measures to expand service consumption [2].

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的內 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 海 外 監 管 公 告 乃 按 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09條、第13.10B條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）之 規 定 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月29日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 ...

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的內 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 海 外 監 管 公 告 乃 按 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09條、第13.10B條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）之 規 定 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 | 公司名稱： | 中國太平洋人壽保險股份有限公司 | | --- | --- | | 公司英文名稱： | China Pacific Life Insurance Co., Ltd ...

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的內 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 海 外 監 管 公 告 乃 按 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09條、第13.10B條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）之 規 定 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月29日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 ...

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的內 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 海 外 監 管 公 告 乃 按 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09條、第13.10B條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）之 規 定 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月29日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 ...

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的內 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 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （股份代號：02601） 海外監管公告 本 海 外 監 管 公 告 乃 按 香 港 聯 合 交 易 所 有 限 公 司 證 券 上 市 規 則（「上市規則」） 第13.09條、第13.10B條及香港法例第571章《證 券 及 期 貨 條 例》第XIVA部 下 之 內 幕 消 息 條 文（定 義 見 上 市 規 則）之 規 定 作 出。 茲 載 列 該 公 告 如 下，僅 供 參 考。 承董事會命 中 國 太 平 洋 保 險（集 團）股 份 有 限 公 司 傅 帆 董事長 香 港，2025年8月29日 於 本 公 告 日 期，本 公 司 執 行 董 事 為 傅 帆 先 生 和 ...

Market Performance - The Hang Seng Index opened 101 points higher on the 27th, rose 129 points to a high of 25,653 points in the early session, then fell back, and closed down 323 points or 1.3% at 25,201 points [1] - The H-shares Index fell 128 points or 1.4% to close at 9,020 points, and the Hang Seng Tech Index fell 84 points or 1.5% to close at 5,697 points [1] - The total turnover of the market increased to HK$371.376 billion, the highest in nearly four months [1] - A-share market opened slightly higher, the ChiNext Index once rose more than 2%, but all three major indices fell in the afternoon. The Shanghai Composite Index closed down 68 points or 1.8% at 3,800 points, with a turnover of RMB 1.33 trillion; the Shenzhen Component Index closed down 178 points or 1.4% at 12,295 points, with a turnover of RMB 1.84 trillion; the ChiNext Index closed down 18 points or 0.7% at 2,723 points, with a turnover of RMB 878.3 billion [2] - In the US stock market on Wednesday, the Nasdaq rose 45 points or 0.2% to 21,590 points, the S&P 500 Index rose 15 points or 0.2% to 6,481 points, and the Dow Jones Industrial Average rose 147 points or 0.3% to 45,565 points [2] Central Bank Operations - The People's Bank of China conducted RMB 379.9 billion of seven-day reverse repurchase operations on the 27th, with the operating rate remaining unchanged at 1.4%. There were RMB 616 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB 236.1 billion [2] - The central parity rate of the RMB against the US dollar was raised by 80 points to 7.1108 [2] Company Earnings - Ctrip Group - S (09961.HK) reported a turnover of RMB 28.714 billion for the six months ended June this year, up 16.2% year-on-year. Net profit was RMB 9.123 billion, up 12% year-on-year, and non-GAAP net profit was also RMB 9.123 billion, up 12% year-on-year. Earnings per share were RMB 13.82. No dividend was declared [3] - Maogeping (01318.HK) reported revenue of RMB 2.588 billion for the six months ended June, up 31.3% year-on-year; gross profit was RMB 2.179 billion, up 30.2%. Net profit was RMB 670 million, up 36.1%, and earnings per share were RMB 1.37. No dividend was declared [4] - China Mengniu Dairy Company Limited (02319.HK) reported revenue of RMB 41.567 billion for the six months ended June, down 6.9% year-on-year due to the oversupply of raw milk and the slower-than-expected recovery of demand. Net profit was RMB 2.046 billion, down 16.4%, and earnings per share were 52.3 cents. No dividend was declared [4] - People's Insurance Company (Group) of China, Ltd. (01339.HK) reported total operating income of RMB 324.122 billion for the six months ended June this year, up 10.9% year-on-year. Net profit was RMB 26.671 billion, up 14% year-on-year, and earnings per share were RMB 0.6. An interim cash dividend of RMB 0.075 per 10 shares was declared, compared with RMB 0.063 per 10 shares in the same period last year [4] - Innovent Biologics, Inc. (01801.HK) reported revenue of RMB 5.953 billion for the six months ended June this year, up 50.6% year-on-year. It turned from a loss to a profit of RMB 834 million, compared with a loss of RMB 393 million in the same period last year. Earnings per share were RMB 0.51. No dividend was declared. Non-IFRS profit was RMB 1.213 billion, compared with a loss of RMB 160 million last year; non-IFRS EBITDA was RMB 1.413 billion, compared with a loss of RMB 161 million last year [5] - Meituan (03690.HK) reported a profit of RMB 365 million for the second quarter ended June 2025, down 96.8% year-on-year. Non-IFRS adjusted EBITDA was RMB 2.782 billion, down 81.5% year-on-year, and adjusted net profit fell 89% to RMB 1.493 billion. Revenue in the second quarter was RMB 91.84 billion, up 11.7% year-on-year, slightly lower than the forecast range of RMB 92.067 billion to RMB 94.534 billion by 8 brokers [5]

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的內容概不負責 ，對其準 確性或完整性亦不發表任何聲明 ，並明確表示 ，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國人壽保險股份有限公司 CHINA LIFE INSURANCE COMPANY LIMITED 炷㕤ᷕ厗Ṣ㮹ℙ⚳姣Ⅎㆸ䩳ᷳ偉ấ㚱旸℔⎠炸! 炷偉ấẋ嘇;!3739炸! 保險公司償付能力報告摘要 註 2025年第2季度 公司簡介和報告聯繫人 | 公司中文名稱： | 中國人壽保險股份有限公司 | | --- | --- | | 公司英文名稱： | China Life Insurance Company Limited | | 法定代表人： | 蔡希良 | | 註冊地址： | 中國北京市西城區金融大街16號 | | 註冊資本（營運資金）： | 人民幣282.65億元 | 註： 本 償 付 能 力 季 度 報 告 摘 要 根 據 原 中 國 銀 行 保 險 監 督 管 理 委 員 會（「原中國銀保監會 」）印 發 的《保 險 公 司 償 付 能 力監管規則（Ⅱ）》，國家金融監督管理總局（「金融監管總 ...