11月20日，香港特区政府公布《新田科技城创科产业发展规划概念纲要》(《概念纲要》)，从顶层设计 新田科技城210公顷新创科用地的发展愿景、目标与定位、产业空间布局，以及发展模式，为新田科技 城订下清晰的发展方略。 根据顾问估算，新田科技城在完全运作阶段预计每年将为香港本地生产总值 带来约2,500亿港元或以上的贡献，提供超过30万个相关全职工作岗位。 新田一带的新创科用地与河套香港园区将形成上中下游协同发展的重要纽带，为创科产业提供办公、原 型、小试、中试、生产综合空间的全链条配套支持。在国家十四五规划及十五五规划建议香港作为国际 创科中心，以及未来香港南金融、北创科的新产业布局下，新田科技城作为香港创科发展不可或缺的关 键部分，将成为香港未来新兴科技产业发展的重镇和发展新质生产力的重要基地。 原文如下： 政府公布《新田科技城创科产业发展规划概念纲要》 政府今日(十一月二十日)公布《新田科技城创科产业发展规划概念纲要》(《概念纲要》)，从顶层设计 新田科技城210公顷新创科用地的发展愿景、目标与定位、产业空间布局，以及发展模式，为新田科技 城订下清晰的发展方略。 创新科技及工业局局长孙东教授表示：「新田科技 ...

11月18日，香港财政司司长陈茂波出席由英国《金融时报》与信和合办的研讨会致辞指，地缘政治的发 展，正在提升而非削弱香港国际金融中心地位，香港亦正发展成为全球领先创新科技中心，全球只有少 数城市能够做到在这两方面保持领先地位，并有强劲发展势头。 陈茂波指，数个月前美国政策出现重大转变，为全球带来新的不确定性，投资者重新评估风险，寻找具 有透明、一致及稳定的政策环境，并有可信监管框架及熟悉法律制度的司法管辖区，以让他们可以继续 追求回报，而香港正是答案所在，很多金融机构亦扩大在港业务。 陈茂波提到，今年初港股估值只是约12倍，随着全球投资者意识到对中国市场配置不足，吸引大量资金 流入。恒生指数今年以来升约30%，日均成交是去年的2倍多，IPO集资额约280亿美元，上市后融资达 610亿美元。资产及财富管理业亦强劲增长，首8个月香港注册基金录得净流入450亿美元；银行存款至 今亦增长10%至逾2.4万亿美元。 陈茂波认为，随着地缘经济格局重塑加快区域经济合作，促进区内贸易及投资，中国与东盟及中东合 作，香港亦可发挥关键作用，连结市场及引导资金流动，促成企业合作并提供专业支援。 ...

Core Insights - The China International Import Expo (CIIE) serves as a significant platform for innovation and strategic cooperation, facilitating the globalization of Chinese technology enterprises through Hong Kong's unique advantages [4][5]. Group 1: Event Overview - The 8th CIIE has attracted representatives from over 155 countries and regions, with 4,108 overseas companies participating, marking a record exhibition area of over 430,000 square meters [5]. - The Hong Kong Chinese General Chamber of Commerce successfully hosted the "Innovation Technology Globalization Investment and Financing Forum," gathering over 130 representatives from government, industry, and investment sectors to discuss global development paths for innovative technology enterprises [4]. Group 2: Key Speakers and Themes - Keynote speeches were delivered by prominent figures such as Liang Yong'an, Xu Xin from Fosun Group, and Zhang Jun from China Europe Capital, focusing on the investment opportunities and pathways for the globalization of innovative technology [3][7]. - Xu Xin emphasized Hong Kong's evolving role beyond a traditional financing center, positioning it as a "global operational simulation testing ground" for innovation ecosystems [7]. Group 3: Regional Collaboration and Support - Shanghai is enhancing its internationalization efforts, with local officials promoting a favorable business environment and policy support for innovative technology enterprises, highlighting the importance of Hong Kong-Shanghai cooperation [9]. - The forum included discussions on how different regions can leverage local advantages to attract innovative technology companies, contributing to a thriving ecosystem for innovation in China [9][12]. Group 4: Investment and Market Dynamics - The roundtable discussions highlighted the inherent global nature of Chinese innovative technology enterprises, which are increasingly focusing on global market strategies from inception [11]. - The CIIE is seen as a platform that transforms products into investment opportunities, with previous expos generating over $500 billion in intended transaction value, showcasing its long-term impact on the international market [14]. Group 5: Future Prospects - The Hong Kong Chinese General Chamber of Commerce aims to leverage its Shanghai office to foster more collaborations, viewing the partnership between technology and capital as a new chapter in innovation [16].

Core Insights - The eighth China International Import Expo (CIIE) is being held in Shanghai from November 5 to 10, with participation from 155 countries, regions, and international organizations, featuring over 4,100 overseas enterprises and an exhibition area exceeding 430,000 square meters [1][3] Group 1: Hong Kong Participation - Approximately 380 enterprises from Hong Kong are participating, marking a new high in the number of exhibitors from the region [1] - The Hong Kong exhibition area in the China Pavilion is themed "Connecting Internally and Externally: A Brilliant New Chapter," showcasing Hong Kong's dual advantages under "One Country, Two Systems" [3] - Over 40% of the participating Hong Kong enterprises are first-time exhibitors, covering sectors such as food, innovative technology, medical technology, professional services, logistics, and information technology [4] Group 2: Focus on Food and Services - The "Hong Kong Food Pavilion" features 33 enterprises presenting six categories of products, emphasizing health and taste, including both classic brands and emerging health-focused products [7] - The "Hong Kong Services Pavilion" includes 21 enterprises showcasing innovations in technology, medical services, finance, logistics, and information technology [7][11] Group 3: Promotion of Hong Kong as a Gateway - A promotional event titled "Hong Kong: The Preferred Platform for Mainland Enterprises Going Global" attracted around 500 participants, highlighting Hong Kong's unique role in assisting mainland enterprises to access international markets [12] - The Hong Kong government is establishing a "Mainland Enterprises Going Global Task Force" to support these initiatives further [14] Group 4: Market Dynamics - The CIIE reflects strong demand from Chinese consumers for various products, countering claims of "consumption downgrade" [15] - Hong Kong businesses are actively engaging with the mainland market, utilizing new sales channels such as live streaming to promote their products [15][16]

Core Insights - The recent volatility in the A-share market has led to a focus on style rebalancing, with several well-known balanced fund managers preparing their holdings in advance for the third quarter [1] - Fund managers have indicated that the recent rotation expectations in the market are increasing, with the strength of cyclical sectors reflecting a balance between performance and valuation considerations, making the "barbell strategy" a core approach to balance risk and return [1] What is the "Barbell Strategy" - The "barbell strategy" is a diversified multi-asset allocation approach that incorporates both low-risk and high-risk assets to balance the portfolio's risk and return [2] - This strategy can be visualized as a dumbbell, where one end represents low-risk stable assets and the other end represents high-risk high-return assets, creating a "heavy on both ends, light in the middle" structure [2] Investment Structure and Market Adaptability - This investment structure sacrifices potential returns from mid-risk assets in exchange for resilience in extreme market conditions, allowing investors to respond to black swan events and seek returns in stable markets [3] - Investors should avoid mid-risk assets that lack highlights, such as traditional consumer electronics and homogeneous manufacturing industries [7] Practical Implementation of the Barbell Strategy - In practical terms, investors should select conservative assets on the left end of the barbell, such as high-dividend, low-volatility stocks from sectors like utilities and energy [5] - On the right end, the focus should be on high-growth, high-volatility assets, such as innovative technology and new energy sectors [6] - Historical data shows that the CSI Bank Index and the STAR 50 Index can form a basic barbell strategy, as they exhibit a negative correlation [8][10] Dynamic Weight Adjustment - The barbell strategy does not require equal weight on both ends but should be adjusted based on market conditions and individual risk preferences [10] - In optimistic markets, the aggressive end can be increased to 70%, while in pessimistic markets, the defensive end can be raised to 60% [10] ETF Configuration for the Barbell Strategy - The ETF market offers a variety of options across sectors, broad indices, bonds, and overseas investments, with a simple approach being the combination of stock ETFs and bond ETFs to achieve balance [11] - Recent high-performing ETFs include those focused on technology themes, which have shown returns exceeding 80% in the past year [11] - Defensive tools such as dividend ETFs and bond ETFs can provide stable returns and are essential for liquidity management [11]

Group 1 - The 8th China International Import Expo (CIIE) opened in Shanghai on November 5, lasting for six days, with the theme "Open Cooperation for New Opportunities, Share a New Future" [1][3] - Approximately 380 Hong Kong enterprises are participating in this year's expo, marking a new high, with a wide range of industries represented [1][3] - The expo is seen as a platform for Hong Kong businesses to expand domestic sales and showcase their brands and innovative capabilities [1] Group 2 - Hong Kong Chief Executive John Lee led a delegation to the CIIE, which includes key government officials, emphasizing the event's significance for international business opportunities [3][5] - The expo features over 3,200 enterprises from more than 110 countries and regions, providing substantial business opportunities for Hong Kong companies [3] - During his visit, John Lee will host a promotional event titled "Hong Kong: The Preferred Platform for Mainland Enterprises Going Global," highlighting Hong Kong's advantages as an international platform [5] Group 3 - The Hong Kong Trade Development Council (HKTDC) has participated in the expo for eight consecutive years, leading the establishment of the "Hong Kong Food Pavilion" and "Hong Kong Services Pavilion" [7] - The "Hong Kong Food Pavilion" showcases 33 enterprises with a focus on health and taste, featuring six categories of products, including traditional brands and innovative health-focused products [7] - The "Hong Kong Services Pavilion" includes 21 enterprises across five sectors, demonstrating Hong Kong's strengths in innovative technology, medical technology, finance, professional services, logistics, and information and communication technology [7]

Core Viewpoint - Hong Kong is positioned as a key player in the Greater Bay Area (GBA), serving as a "super connector" and "super value creator" for both local and international markets, leveraging its status as a global financial, shipping, and trade center [1][2] Group 1: Development Strategies - The Northern Metropolis is identified as a crucial area for GBA development, enhancing collaboration between Hong Kong and mainland cities while promoting innovation and industrial growth [1] - The Lok Ma Chau Loop Cooperation Zone is highlighted as an accelerator for innovation, with the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally in the latest Global Innovation Index [2] - The government plans to implement incentive policies to attract high-value industries, particularly in the life sciences sector, and establish a clinical trial collaboration platform to facilitate synchronized trials in Hong Kong and Shenzhen [2] Group 2: Market Expansion Initiatives - Hong Kong aims to enhance its role as a dual-platform for "bringing in" and "going out," supporting mainland enterprises in establishing financial centers and regional headquarters in Hong Kong [2] - The government has established a dedicated task force for mainland enterprises to facilitate their overseas expansion, emphasizing the growing global demand for "Made in China" products [2][3] - The promotion of GBA opportunities is seen as a way for Hong Kong to connect with the world and foster mutual benefits, with plans for joint investment initiatives and global outreach activities [3]

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Summit held in Hong Kong focuses on "Innovative Economy, Breaking New Ground" and explores the opportunities in the Greater Bay Area development [1] - Hong Kong's Chief Executive, John Lee, emphasizes the dual advantages of "One Country, Two Systems" to drive the Greater Bay Area's development through innovation, finance, and infrastructure [1] - The Deputy Secretary for Administration, Eric Chan, highlights the government's commitment to developing innovative industries and integrating into the national development strategy [1] Group 1 - The summit discusses the collaborative development of the Greater Bay Area, which is seen as a key engine for the country's new era of development [1] - Hong Kong aims to leverage its unique position to facilitate the Greater Bay Area's growth by embracing changes in innovation and technology [1] - The government is focusing on enhancing the quality of life for the elderly through innovative applications in health management and social engagement [1] Group 2 - Bank of China Hong Kong's Vice Chairman and President, Sun Yu, states that Hong Kong can enhance its role in connecting domestic and international markets, particularly as mainland enterprises seek to expand overseas [2] - The deepening cooperation in digital economy, green economy, and silver economy is identified as a crucial driver for the economic transformation and upgrading of the Greater Bay Area [2]

Core Insights - The World Intellectual Property Organization (WIPO) announced that Hong Kong has risen to 15th place in the 2025 Global Innovation Index among over a hundred economies, maintaining its 5th position in Asia [1] - Hong Kong's rankings in the sub-indices of "Innovation Input" and "Innovation Output" have improved, reaching 8th and 22nd globally, respectively [1] Government Initiatives - The Financial Secretary of the Hong Kong Special Administrative Region (SAR) stated that the ranking reflects the effectiveness of the government's strategy to promote the synergy between finance and innovation technology [1] - The government aims to leverage Hong Kong's comprehensive financing capabilities and the role of the Hong Kong Investment Management Company as patient capital to accelerate the development of innovation technology [1] Policy Measures - The Hong Kong government has implemented several favorable policies to strengthen its foundational research advantages, expedite technology transfer, and promote the development of the innovation technology industry [1] - The government spokesperson highlighted that Hong Kong has achieved leading rankings in credit, investment, higher education, and knowledge absorption, indicating its strong conditions for advancing innovation [1] Future Goals - The Hong Kong government plans to continuously improve the innovation technology ecosystem, attract global innovation resources and talent, and fully promote Hong Kong's development as an international innovation technology center [1]

Core Insights - Hong Kong's ranking in the 2025 Global Innovation Index has improved by three positions to 15th globally among 139 economies, maintaining its 5th position in Asia [1] - The Hong Kong government emphasizes the importance of accelerating innovation and technology development as a key policy focus, aiming to enhance the innovation ecosystem and attract global resources and talent [1] Innovation Input - Hong Kong's ranking in "Innovation Input" has risen to 8th globally, with scores in all five pillars exceeding the average of high-income economies [1] - The "Market Sophistication" pillar ranks 2nd globally, while the "Institutional" pillar ranks 8th [1] - Hong Kong ranks 1st globally in "Credit" and is in the top ten for several areas, including "Higher Education" (3rd), "Knowledge Absorption" (5th), "Information and Communication Technology" (6th), "Institutional Environment" (9th), and "Investment" (9th) [1] Innovation Output - In the "Innovation Output" category, Hong Kong's ranking in "Knowledge and Technology Output" has surged by 28 positions to 30th [2] - The "Creative Output" pillar ranks 17th globally, with the sub-pillar "Creative Products and Services" ranking 7th [2] - There is a continuous increase in the number of patents and high-tech manufacturing output in Hong Kong [2]