Core Viewpoint - Eddid Financial Singapore Pte. Ltd., a wholly-owned subsidiary of Eddid Financial Group, has officially opened in Singapore's core financial district, marking a significant step in the group's Southeast Asia strategic expansion after obtaining the Capital Markets Services (CMS) license [1][8]. Group 1: Strategic Importance - Singapore is highlighted as a crucial financial hub in Asia, reinforcing the group's leading position in the Southeast Asian market and serving as an integral part of its global strategy [5]. - The establishment of the Singapore office aims to create a comprehensive business network to seize opportunities in the Asia-Pacific market and enhance cross-border service capabilities [5][9]. Group 2: Business Offerings - Eddid Financial will provide a one-stop comprehensive financial service in Singapore, covering securities, derivatives, and foreign exchange trading, as well as product financing and custody services [8]. - The group plans to leverage technological innovations such as artificial intelligence, blockchain, and big data to enhance trading efficiency and service experience for local and regional clients [8]. Group 3: Global Expansion - Eddid Financial has accelerated its global expansion, establishing a mature business network in markets like Hong Kong and the United States, with Singapore serving as a key outpost for capturing Southeast Asian opportunities [9]. - The group aims to collaborate with global financial markets to expand its international partner ecosystem, providing seamless and efficient cross-border financial services [9]. Group 4: Company Overview - Eddid Financial is a technology-driven financial group based in Hong Kong, offering a diverse range of services including fintech, internet finance, wealth management, asset management, investment banking, and digital assets [11]. - The group holds multiple licenses in major financial markets, including the CMS license from the Monetary Authority of Singapore (MAS) [11].

9月10日，习近平主席向2025年中国国际服务贸易交易会致贺信强调，中国将坚定不移扩大高水平 对外开放，积极对接国际高标准经贸规则，加快在自由贸易试验区、国家服务贸易创新发展示范区等平 台先行先试，有序推进服务市场开放，推动服务贸易高质量发展。党的二十届三中全会围绕完善高水平 对外开放体制机制作出重要部署，提出创新提升服务贸易。国办印发《关于以高水平开放推动服务贸易 高质量发展的意见》，旨在创新提升服务贸易、加快建设贸易强国。服务贸易是国际贸易的重要组成部 分和国际经贸合作的重要领域，在构建新发展格局中具有重要作用。随着外部环境变化和我国产业结构 调整，必须把加快服务贸易创新发展摆在更加重要的位置，找准发力方向。 创新提升服务贸易顺应了绿色发展潮流。积极发展绿色贸易，是扩大高水平对外开放的重点举措。 绿色贸易是指将环境保护和可持续发展理念融入国际贸易全流程，涵盖绿色产品、技术、服务及规则的 综合性贸易模式。在全球绿色转型的大背景下，节能环保、碳排放管理、生态治理和环境咨询等绿色服 务快速增长，越来越多国家强调在贸易活动中合理利用资源和保护生态环境。发展绿色服务贸易既展现 了我国作为负责任大国的担当，也是实现可 ...

9月10日，习近平主席向2025年中国国际服务贸易交易会致贺信强调，中国将坚定不移扩大高水平对外 开放，积极对接国际高标准经贸规则，加快在自由贸易试验区、国家服务贸易创新发展示范区等平台先 行先试，有序推进服务市场开放，推动服务贸易高质量发展。党的二十届三中全会围绕完善高水平对外 开放体制机制作出重要部署，提出创新提升服务贸易。国办印发《关于以高水平开放推动服务贸易高质 量发展的意见》，旨在创新提升服务贸易、加快建设贸易强国。服务贸易是国际贸易的重要组成部分和 国际经贸合作的重要领域，在构建新发展格局中具有重要作用。随着外部环境变化和我国产业结构调 整，必须把加快服务贸易创新发展摆在更加重要的位置，找准发力方向。 基本内涵与发展趋势 服务贸易是以服务作为商品进行跨国交换的经济活动，具有无形、不可分离和不可存储的特征，核心是 以资本、劳动力和知识技术为基本要素的服务交易。在全球贸易格局加速演变的今天，服务贸易不仅是 知识扩散、信息传播和技术转移的重要渠道，更被视为一国贸易结构升级、向全球价值链高端攀升的重 要标志。 从全球视角看，服务贸易在不稳定性不确定性日益上升的国际环境中展现出强大韧性，推动世界经济复 苏和 ...

Core Viewpoint - Tianyang Technology (300872) is focused on providing financial technology services to the banking sector, leveraging advanced technologies such as artificial intelligence, blockchain, cloud computing, and big data to facilitate digital transformation in the financial industry [1] Group 1 - The company serves clients primarily in the banking sector [1] - Tianyang Technology offers consulting, financial technology, digital finance, and financial IT products and services [1] - The company collaborates with major firms like Oracle and IBM [1]

Core Conclusion - The current technology market is experiencing a fourth wave, which has reached a point of crowding risk, and after a period of consolidation, a fifth wave is anticipated [2][3]. Historical Comparison - The technology index has risen nearly 60% over approximately 100 trading days since the adjustment in April 2025, which is comparable to previous growth phases [4]. - Historical data shows that previous growth phases in the technology sector typically lasted around 70 trading days with similar average gains of about 60% [4]. - Adjustments before the initiation of the next wave typically take 30-40 trading days, with pullbacks ranging from 15% to 30% [4]. Market Sentiment and Trading Activity - As of the end of August, the technology sector accounted for 40.7% of total trading volume, surpassing the previous high of 38.5% in October 2024 [8]. - The average turnover rate for TMT stocks in August was 6.3%, close to the levels seen in early 2019 and 2020 [8]. - The financing balance for the technology sector reached 28.1% by the end of August, exceeding the previous high of 27.9% at the beginning of the year [8]. Future Outlook - The current AI market has seen significant growth since the low point on April 9, with sector gains ranging from 50% to 100% [11]. - There is an expectation for a consolidation phase before the emergence of the fifth wave, with a focus on technology applications such as smart driving, fintech, and robotics [11].

Market Dynamics - Since the beginning of 2024, A-shares and Hong Kong stocks have alternated in performance, with Hong Kong stocks stabilizing in Q1 driven by the internet sector, followed by new consumption and innovative pharmaceuticals in Q2, leading to a compression of the AH premium to approximately 120 by June 2025 [2] - In July and August, A-shares continued to perform strongly while Hong Kong stocks faced pressure from tightening liquidity and competition in the platform economy [2] Funding Environment - The liquidity situation is improving, with the Hong Kong Monetary Authority passively injecting liquidity in April and May, leading to a temporary drop in HIBOR to near zero; however, by late June, excess liquidity was being withdrawn, and HIBOR rose rapidly to around 4% in August [3] - The Hong Kong dollar has moved away from the 7.85 weak-side guarantee, and the HIBOR-SOFR overnight interest rate spread has returned to a normal range of about 0.36%, indicating that the most stringent phase of the funding environment is likely over [3] Fundamental Outlook - The consensus EPS forecast for the Hang Seng Index for 2025 was revised down from 6.7% in early July to 2.35% by the end of August, primarily due to lowered profit expectations in the platform economy and increased competition in food delivery [4] - However, earnings expectations for sectors such as materials and healthcare within the Hong Kong Stock Connect have been significantly upgraded, and regulatory constraints on unfair competition are expected to reduce price wars in instant retail [4] - With the release of mid-year reports and a shift in outlook for Q4 towards "AI empowerment and efficiency recovery," the internet sector is anticipated to see a rebound in expectations [4] Long-term Framework - The long-term bullish logic for A/H shares is supported by policies and wealth migration, emphasizing a balance between an effective market and proactive government intervention [5] - The dynamic balance aims to stabilize the market while enhancing capital market functions through measures such as mergers and acquisitions, registration system deepening, and attracting long-term capital [5] Structural Changes in Funding - There is a noticeable acceleration in the entry of long-term funds such as social security, insurance, and wealth management into the market, with a clear trend of increased allocation to ETFs and institutional investments [7] - The decline in deposit and wealth management yields has created an "asset shortage" environment, suggesting that both residents and institutions have room to increase their equity allocation [7] Industry and Sector Trends - Emerging sectors such as AI computing chains, semiconductor equipment and materials, military technology, innovative pharmaceuticals, and humanoid robots are advancing from technology to commercialization [8] - This trend is beneficial for platform-based internet companies in AI commercialization as well as for hard technology and its upstream supply [8] External Variables and Capital Inflow - Historically, there is a strong negative correlation between the US dollar index and the Hang Seng Index; if the Federal Reserve enters a rate-cutting cycle in September and the dollar weakens in Q4, the previously high short-selling ratio in Hong Kong stocks may trigger a short-covering rally [9] - The potential for overseas capital to flow back into A/H shares is expected to increase [9] September Outlook - The market may experience fluctuations due to external interest rates and internal expectations, but the tightest phase of the funding environment has passed, and the fundamental narrative of "AI empowerment" is set to unfold [10] - Valuations and risk premiums remain attractive, suggesting that in a "fluctuating-upward" rhythm, sectors such as technology internet (AI), innovative pharmaceuticals, high-dividend stocks, and cyclical leaders with "anti-involution" characteristics are more cost-effective main lines [10] Strategy and Allocation - The strategy focuses on capturing rebound opportunities and the main line of "qualitative change," with a shift from "price wars" to "AI efficiency" in the internet/technology sector [10] - The innovative pharmaceutical sector is viewed positively, with September being a key window for positioning [10] - In the new consumption sector, performance is prioritized, emphasizing differentiation [10] - High-dividend and "anti-involution" sectors are also highlighted, with a focus on selecting companies with stable cash flow and sustainable dividends [10] Valuation Insights - The forecasted PE for the Hang Seng Technology Index is approximately 20.3 times, which is around 30% lower than levels seen since July 2020 [11] - The Hang Seng Index's TTM PE is about 12.3 times, significantly lower than that of the S&P 500, Nikkei, and European stocks [11] - The risk premium of the Hang Seng Index relative to 10-year government bonds is about 6.4%, making it attractive to global capital [11] Core Logic - Following the mid-year reports, the impact of "involution" is weakening, and the narrative for Q4 is shifting towards "AI empowerment," with a focus on commercialization and efficiency [12] - The direction includes AI applications, advertising efficiency improvements, and collaboration in cloud and computing services [12] - The strategy emphasizes holding quality leaders with strong execution capabilities during the concentrated period of academic and medical insurance directory catalysts in Q3 and Q4 [12]

Core Viewpoint - The Industrial and Commercial Bank of China (ICBC) continues to demonstrate its role as a pillar of financial stability and a key player in supporting the real economy, despite external uncertainties and internal transitions [1][4]. Financial Performance - In the first half of 2025, ICBC achieved operating income of 409.08 billion yuan, a year-on-year increase of 1.8%, and net profit of 168.80 billion yuan, with annualized average total asset return rate at 0.67% and annualized weighted average equity return rate at 8.82% [1]. - As of June 30, 2025, ICBC's total assets reached 52.32 trillion yuan, an increase of 7.2% from the previous year, with various loans amounting to 30.19 trillion yuan, up 6.4% [2]. Asset Quality - ICBC's non-performing loan ratio stood at 1.33%, a slight decrease of 0.01 percentage points, while the provision coverage ratio increased by 2.8 percentage points to 217.71% [2]. Support for the Real Economy - The bank has actively implemented a moderately loose monetary policy, enhancing credit support for the real economy, including over 100 billion yuan in equipment renewal loans and the launch of a project for consumer and elderly care loans [3][4]. Strategic Focus - ICBC emphasizes the importance of its traditional strengths in commercial credit, retail business, and financial technology, which are foundational to its development [5]. - The bank is committed to supporting the modernization of the industrial system and enhancing its service capabilities [5]. Retail Business Development - By the end of June 2025, ICBC's RMB deposit balance exceeded 35 trillion yuan, with a year-to-date increase of 1.92 trillion yuan, and personal consumption loans grew by 10.2% [7]. Financial Technology Advancements - ICBC leads the industry in patent filings and authorizations, reflecting its strong technological capabilities [8]. New Financial Infrastructure - ICBC is actively participating in projects like the Central Bank Digital Currency Bridge and has established a global custody service network covering 92 markets, with a total global custody scale of 2.5 trillion yuan [9][10]. Support for Strategic Emerging Industries - By mid-2025, ICBC's loans to strategic emerging industries reached 4.2 trillion yuan, with green loans exceeding 6 trillion yuan, growing at a rate of 16.4% [12]. Commitment to High-Quality Development - ICBC aims to align its growth with national economic development, contributing to high-quality growth through innovative financial services and technology [13].

Core Insights - The report titled "Future Banking Capability Building 2026-2030" emphasizes that technology and talent are crucial for the sustainable development of Hong Kong's banking industry [1][2] - The main growth drivers identified for the banking sector include technological development, sustainable finance, and business in the Greater Bay Area and other mainland markets [1] - A significant 64% of respondents also see ASEAN and Middle Eastern markets as key growth areas for the future [1] Technology and Skills Demand - The survey involved 147 banks and revealed that the demand for skills in "technology and data," "soft skills," and "banking knowledge" remains high, similar to findings from five years ago [1][2] - There is a notable shift in the skills gap from coding and software to artificial intelligence, cybersecurity, and data application and analysis [1][2] - Investment in technology by banks is increasing, with 97% of surveyed banks adopting compliance technology, up 14 percentage points from 2022, and 75% using AI, an increase of 16 percentage points from the previous year [1] Emerging Skill Requirements - The report highlights the rising importance of "human-machine interaction," indicating a new demand for employees to effectively communicate with AI [2] - Creativity and cross-cultural interpersonal skills are identified as essential future skill requirements, as many tasks cannot be automated [2] - The demand for banking knowledge is evolving, with a focus on understanding local cultures, financial needs, and regulatory frameworks in ASEAN and Middle Eastern markets [2] Action Plan for Talent Development - An action plan named "ASCEND" is proposed to address the skills gap, which includes promoting local professional training, facilitating skill transformation through on-the-job training, and fostering a culture of continuous learning [2] - The plan also aims to assess and update the banking professional qualification framework, attract future talent, and allocate resources for overall skill enhancement in the banking sector [2]

Group 1 - The A-share market is showing strong upward momentum, with trading volume and financing balance reaching historical highs, indicating a positive outlook from private equity institutions [1][2] - Major stock indices, including the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index, have reached new highs since 2025, with daily trading volumes consistently above 2 trillion yuan [2][3] - Private equity firms believe that the current market trend is in a mid-cycle phase, with positive factors accumulating, leading to expectations of further upward movement in the market [2][3] Group 2 - Private equity institutions are focusing on maintaining portfolio stability amid market fluctuations, with a consensus on "maintaining composure and optimizing structure" [4][5] - High portfolio allocation is becoming mainstream among private equity firms, with some viewing potential short-term pullbacks as opportunities to increase positions [4][5] - Different risk profiles among investors lead to varied tactical approaches, with aggressive investors encouraged to take larger positions while conservative investors are advised to maintain a base allocation of 50% to 60% [4][5] Group 3 - Private equity firms are identifying structural opportunities in three main areas: high-growth technology sectors, consumer and pharmaceutical industries, and low-valuation recovery stocks [6][7] - The technology sector, particularly AI and related fields, is receiving heightened attention, with expectations of significant growth and investment opportunities [7] - Consumer and pharmaceutical sectors are also highlighted for their reallocation value, with innovative drugs and "self-indulgent consumption" trends presenting growth potential [7][8] Group 4 - The market is experiencing structural differentiation, with private equity firms advised to balance investments between high-growth technology and traditional industries undergoing value reassessment [8] - There is a notable focus on ensuring valuation safety margins, as significant disparities in valuations among popular sectors could lead to future adjustments [8] - The key to navigating the current market is finding a balance between the technological revolution and the value reassessment of traditional sectors, which is crucial for capturing investment opportunities [8]

Core Insights - Tencent's 2Q25 revenue exceeded expectations, growing 14.5% year-on-year to 184.5 billion yuan, driven by strong performance in gaming, advertising, and FBS [1] - Non-IFRS net profit increased by 10% to 63.05 billion yuan, aligning closely with expectations [1] Revenue Growth - Advertising revenue in 2Q25 rose 20% to 35.8 billion yuan, benefiting from AI applications in ad creation and targeting, with video account and mini-program ads growing by 50% and search ads by 60% [1] - Gaming revenue grew 22% to 59.2 billion yuan, surpassing expectations, with overseas gaming revenue up 35% and domestic revenue up 17% [2] - Financial and enterprise services revenue increased by 10% to 55.5 billion yuan, with financial technology revenue growing by 8% [2] Profitability and Margins - Gross margin improved by 3.6 percentage points year-on-year, with VAS, advertising, and FBS margins increasing by 3.4, 2, and 4.5 percentage points respectively [2] - Non-IFRS operating profit rose by 18.5%, while net profit growth was lower due to underperformance in associate company earnings [2] Future Outlook - Revenue forecasts for 2025 and 2026 have been raised by 2% and 4% respectively, with 2025 revenue expected to reach 745.3 billion yuan [3] - Target price has been increased by 17% to 700 HKD, reflecting a shift in valuation to 2026 with a corresponding P/E ratio of 20x [3]