孙东教授提到，在加强香港作为国际仲裁中心的优势方面，香港一直致力推动网上争议解决及交易促成 服务。根据香港律政司提供的资料，2018年《施政报告》提出支持发展网上平台，以便在香港提供高效 率及具成本效益的网上争议解决服务，一邦国际网上仲调中心(eBRAM中心)因而成立。eBRAM中心自 2022年起推出网上平台，包括"亚太经济合作组织网上争议解决平台"、"网上调解平台"及"网上仲裁平 台"，为身处世界任何地方的各方提供高效、具成本效益和安全的网上争议解决服务。为便利企业进行 跨境商业交易以及拓展跨境业务，eBRAM中心于2023年12月推出"网上交易促成平台"。截至2025年8 月，超过550家不同类别的企业(包括来自香港、内地及其他地区的法律、专业及商业服务、资讯科技等 行业)已加入交易促成平台。 就粤港澳大湾区而言，香港律政司在2024年4月首次发布《粤港澳大湾区法治建设行动纲领》，积极支 持建立及推广大湾区内通用的线上争议解决平台。eBRAM中心于2024年7月推出大湾区在线争议解决机 构协作平台的主题网站，提供一站式有关大湾区内争议解决服务的资讯，以整合大湾区仲调资源。协作 平台至今已与14个机构签署 ...

Core Viewpoint - The expectation of a rate cut by the Federal Reserve in September has sparked global market interest, with a focus on the investment opportunities in Asian markets, particularly in the Hong Kong and mainland China stock markets, supported by favorable factors [1][6][10]. Group 1: Global Market Trends - The anticipation of a rate cut by the Federal Reserve has led to a rebound in global stock markets, although U.S. stocks face high investment risks due to elevated valuations and cautious market sentiment [3][5]. - The U.S. stock market's valuation is currently above the average of the past decade, with the S&P 500's forecasted P/E ratio exceeding one standard deviation, indicating a less favorable risk-reward ratio for short-term investments [5]. Group 2: Asian Market Opportunities - Asian stock markets are seen as having significant investment potential, with higher dividend yields compared to U.S. and European markets, and Asia being a major contributor to global economic growth [6][10]. - The technology sector in Asia is highlighted as a focal point, with increased government and corporate investments in artificial intelligence, positioning Asian tech companies favorably within the AI supply chain [7]. Group 3: Hong Kong and Mainland China Stock Markets - The Hong Kong stock market has shown strong performance, particularly in the technology sector, supported by government initiatives to reduce reliance on imported chips and positive earnings reports from tech companies [4][8]. - The A-share market is attracting capital due to lower deposit rates in mainland China, with a relatively high risk premium making it an attractive investment option [8][9].

Core Insights - The Hong Kong stock market, represented by the Hang Seng Composite Index, continued its upward trend in August, recording a 2.6% increase for the fourth consecutive month [1] - The Hang Seng Index and the Hang Seng China Enterprises Index rose by 1.2% and 0.7%, respectively, while the volatility indices for both the Hang Seng Index and the Hang Seng National Index decreased by 2% and 0.04% [1] - The Hang Seng Technology Index, which tracks leading technology companies in Hong Kong, increased by 4.1% in August [1] Market Performance - The Hang Seng Shanghai-Shenzhen-Hong Kong 500 Index, reflecting the performance of the 500 largest listed companies in Hong Kong and mainland China, recorded a 7.1% increase in August [1] - The Hang Seng A-Share 300 Index, which reflects the performance of the 300 largest listed companies in mainland China, saw a 10.1% increase [1] Sector Performance - Among the industry indices in the Hang Seng Composite Index, the materials sector performed the best with a 24.3% increase, while the conglomerates sector performed the worst with a decline of 2.5% [1] - In the ESG index series, the Hang Seng Sustainable Development Enterprises Benchmark Index performed well in the Hong Kong market with a 3.4% increase, while the Hang Seng A-Share Sustainable Development Enterprises Index performed well in mainland/cross-market with a 12.9% increase [1] Thematic Indices - In the thematic index series, the Hang Seng Hong Kong Stock Connect China Technology Index performed well in the Hong Kong market with a 5.8% increase, while the Hang Seng A-Share Power Equipment Index performed well in mainland/cross-market with a 25.1% increase [1] Factor Indices - In the factor index series, the Hang Seng Large and Mid-Cap Stock Size Select Index increased by 3.6%, outperforming all other factor indices in the Hong Kong market [2] - The Hang Seng A-Share Quality Select Index and the Hang Seng Shanghai-Shenzhen-Hong Kong Size Select Index recorded increases of 11.6% and 8.7%, respectively, in mainland and cross-market performance [2] Asset Management - As of August 31, the total assets under management for passive tracking products of the Hang Seng Index series amounted to approximately $103.6 billion, reflecting an increase of 8.7% [2] - The total assets under management for exchange-traded products linked to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index were approximately $25.7 billion, $7.5 billion, and $34.3 billion, with increases of 1.1%, 10.9%, and 16.5%, respectively [2]

Group 1 - Recent inflows from domestic, foreign, and Hong Kong capital into the Hong Kong stock market indicate strong valuation attractiveness, especially with rising expectations of interest rate cuts by the Federal Reserve [1] - As of August 26, southbound funds have net purchased 105.18 billion HKD in August, marking 26 consecutive months of net buying [2] - Year-to-date, southbound funds have net purchased 972.02 billion HKD, with financial, consumer discretionary, information technology, and healthcare sectors being the most favored [2] Group 2 - Notable individual stock holdings by southbound funds include China Construction Bank at 258.20 billion HKD and several others exceeding 100 billion HKD, such as Industrial and Commercial Bank of China and HSBC [2] - The chief macroeconomic analyst at Huatai Securities notes that southbound funds now account for over 40% of trading in interconnectivity stocks, indicating potential for sustained inflows [3] - A report from Nomura Securities highlights a significant increase in holdings in Hong Kong and mainland China markets by emerging market funds, with passive foreign capital accelerating its inflow into Hong Kong stocks [4] Group 3 - Analysts suggest that the dovish stance of the Federal Reserve may lead to increased foreign capital allocation towards the Hong Kong stock market [5] - Recent data shows that foreign capital through ETFs net purchased 31 million USD, while local ETFs saw net subscriptions of 5.5 billion HKD [4]

Group 1 - Recent inflows from domestic, foreign, and Hong Kong capital into the Hong Kong stock market indicate strong valuation attractiveness, especially with rising expectations of interest rate cuts by the Federal Reserve [1] - As of August 26, southbound funds have net purchased 105.18 billion HKD since August, marking 26 consecutive months of net buying [2] - Year-to-date, southbound funds have net purchased 972.02 billion HKD, with financial, consumer discretionary, information technology, and healthcare sectors being favored [2] Group 2 - Notable net purchases in August include 40.14 billion HKD in financials, 10.99 billion HKD in consumer discretionary, 46.53 billion HKD in information technology, and 21.94 billion HKD in healthcare [2] - Major holdings by southbound funds include China Construction Bank at 258.20 billion HKD, Industrial and Commercial Bank of China at 196.01 billion HKD, and HSBC Holdings at 159.01 billion HKD [2] - In the information technology and consumer discretionary sectors, significant holdings include Tencent Holdings at 615.36 billion HKD and Xiaomi Group at 210.99 billion HKD [2] Group 3 - The proportion of southbound funds in the interconnectivity targets has exceeded 40%, indicating potential for sustained inflows [3] - Recent reports show a significant increase in emerging market fund allocations towards Hong Kong and mainland China, with passive foreign capital accelerating into the Hong Kong market [4] - As of August 20, the cumulative trading volume in the Hong Kong stock market has surpassed 5.8 billion USD this year, second only to the US market [4] Group 4 - Analysts expect that the dovish stance of the Federal Reserve will enhance foreign capital allocation towards the Hong Kong stock market [5] - Recent net inflows from southbound funds totaled 17.9 billion HKD, primarily directed towards financial, information technology, and healthcare sectors [4]

公告称，营业额减少主要由于中国内地资讯科技市场竞争越趋激烈，加上新产品收入尚未体现，导致集 团整体收入减少。 富通科技(00465)发布截至2025年6月30日止六个月期间中期业绩，营业额5828万元(人民币，下同)，同 比减少13%;股东应占亏损3269.9万元，同比扩大7.11%;每股基本亏损0.11元。 ...

Group 1 - The core viewpoint of the article highlights that Futong Technology (00465) reported a decline in revenue and an increase in shareholder losses for the six-month period ending June 30, 2025 [1] - The company's revenue amounted to 58.28 million RMB, representing a year-on-year decrease of 13% [1] - Shareholder losses reached 32.699 million RMB, which is an increase of 7.11% compared to the previous year [1] - The basic loss per share was reported at 0.11 RMB [1] Group 2 - The decrease in revenue is attributed to intensified competition in the information technology market in mainland China, along with the fact that new product revenues have not yet materialized [1]

Core Viewpoint - Mingke International (08100.HK) is expected to report a pre-tax loss of no more than HKD 6 million for the six months ending June 30, 2025, compared to a pre-tax profit of approximately HKD 1.4 million for the same period in 2024 [1] Group 1: Financial Performance - The software business segment is expected to generate a profit of approximately HKD 5.5 million, slightly down from HKD 5.7 million in the previous year [3] - The securities investment segment is projected to incur a loss of about HKD 500,000, a significant decline from a profit of HKD 2.5 million in the prior year, primarily due to realized and unrealized losses of approximately HKD 500,000 from financial assets [3] - The enterprise management solutions and IT contract services segment is anticipated to report a loss of around HKD 3.2 million, compared to a profit of HKD 90,000 in the previous year, mainly due to intense competition in the IT industry and goodwill impairment losses of approximately HKD 2.3 million [3] - The e-commerce and B2B product trading segment is expected to show a loss of about HKD 400,000, an improvement from a loss of HKD 700,000 in the previous year [3] - Other corporate expenses are projected to slightly increase to approximately HKD 7.3 million, up from about HKD 6.5 million in the prior year [3] Group 2: Company Overview - Mingke International is an investment holding company engaged in various businesses, including the research, development, and distribution of PC performance software, antivirus software, mobile applications, and toolbar advertising; e-commerce platforms; securities investment; and providing enterprise management solutions and IT contract services [4]

Group 1 - The A-share market has outperformed the Hong Kong stock market recently, with southbound funds maintaining a net inflow, reaching a historical high of 940.3 billion HKD since the launch of the mutual market access in November 2014 [1] - The technology sector in the Hong Kong stock market has been a key focus for fund inflows, ranking among the top two sectors for net inflows from southbound funds over the past month [1] - The Hang Seng Technology ETF (513130) has seen significant capital inflow, with a net inflow of 851 million HKD in the last two trading days, pushing its total size to 32.628 billion HKD, marking a historical high [1] Group 2 - Despite pressures from price wars in e-commerce and electric vehicles, the attractiveness of the Hong Kong technology sector is returning, supported by strong mid-year performance from leading companies and accelerated commercialization of AI [2] - The Hang Seng Technology Index, closely tracked by the Hang Seng Technology ETF, has a relatively low valuation at a P/E ratio of 21.97, compared to other tech indices like the STAR 50 and NASDAQ 100, indicating potential for further valuation expansion [2] - The Hang Seng Technology ETF is a significant tool for capturing opportunities in the Hong Kong technology sector, with its large scale and superior liquidity, and it supports T+0 trading [2]

Core Viewpoint - Mingke International (08100) anticipates a pre-tax loss of no more than HKD 6 million for the six months ending June 30, 2025, compared to a pre-tax profit of approximately HKD 1.4 million for the same period in 2024 [1] Financial Performance Summary - The expected loss for the 2025 interim period is influenced by several factors, including: - The software business segment is projected to generate a profit of approximately HKD 5.5 million, down from HKD 5.7 million in the 2024 interim period [1] - The securities investment segment is expected to incur a loss of about HKD 0.5 million, a decline from a profit of HKD 2.5 million in the 2024 interim period, primarily due to realized and unrealized losses of approximately HKD 0.5 million on financial assets measured at fair value through profit or loss, compared to a gain of HKD 2.4 million in 2024 [1] - The enterprise management solutions and IT contract services segment is expected to report a loss of approximately HKD 3.2 million, down from a profit of HKD 0.09 million in the 2024 interim period, mainly due to intense competition in the IT industry and goodwill impairment losses of approximately HKD 2.3 million, which were not present in the 2024 interim period [1] - The B2C online sales platform and B2B product trading segment is expected to incur a loss of about HKD 0.4 million, an improvement from a loss of approximately HKD 0.7 million in the 2024 interim period [1] - Other corporate expenses are slightly increasing to approximately HKD 7.3 million, compared to about HKD 6.5 million in the 2024 interim period [1]