# Morning Trading Report
*Date: [REDACTED_PHONE] · Time: 07:00 HKT*

## 1. Calendar Events (Next 2 Weeks)

### Ex‑dividend Dates (HKEX Listed Equity)
| Date | Stock (Symbol) | Div Amount (HK$) | Div % | Payable Date | Note |
|------|----------------|------------------|-------|--------------|------|
| [REDACTED_PHONE] | CSOP HSCEI Covered Call Active ETF (02802.HK) | 0.1400 | *tbd* | [REDACTED_PHONE] | Dividend |
| [REDACTED_PHONE] | Global X HSCEI Covered Call Active ETF (03416.HK) | 0.1400 | *tbd* | [REDACTED_PHONE] | Dividend (note: payable year mismatch) |
| [REDACTED_PHONE] | Global X Hang Seng TECH Covered Call Active ETF (03417.HK) | 0.1200 | *tbd* | [REDACTED_PHONE] | Dividend |
| [REDACTED_PHONE] | KE Holdings Inc. (02423.HK) | USD 0.0920 | *tbd* | [REDACTED_PHONE] | Dividend |
| [REDACTED_PHONE] | China Lilang Limited (01234.HK) | 0.1300 | *tbd* | [REDACTED_PHONE] | Final dividend |
| *No ex‑dividend dates within next 7 days* | | | | | |

### Index Rebalancing (Next 2 Weeks)
- HSI rebalancing scheduled for March 2026 (exact date not specified). No rebalancing within next 2 weeks.

### Major Macro Releases (China Only)
- China macro calendar March 2026 includes industrial production, producer price index, Federal Reserve interest rate decisions, and Chair Jerome Powell's post-meeting press conference. (Source: Tavily)
- Exact dates not found in search.

## 2. Overnight Spot Moves

### Hong Kong Indices (Overnight Moves)
| Index | 4pm Close (Mark) | T‑1 (Day‑on‑Day) | T0 (Close‑to‑Present) |
|-------|------------------|------------------|----------------------|
| HSI | 25,716.76 (previous close) | -0.97% (to 25,467) | -0.97% (as of 07:00 HKT) |
| HSCEI | *Data not found* | *N/A* | *N/A* |

*4pm Close (Mark): Yesterday's close (most recent trading day).  
T‑1: Day‑on‑day change from previous close to yesterday's close.  
T0: Close‑to‑present move from yesterday's close to current live spot (Yahoo Finance/Reuters).*

### Major ADRs/GDRs (AAStocks.com)
| Stock (Symbol) | Last Close | Current | Change | % Change | Note |
|----------------|------------|---------|--------|----------|------|
| BYD COMPANY (01211.HK) BYDDY | *N/A* | *N/A* | *N/A* | +8.062% | ADR performance |
| TECHTRONIC IND (00669.HK) TTNDY | *N/A* | *N/A* | *N/A* | -0.514% | ADR performance |
| *Other ADRs showed no changes or data not loaded* | | | | | |

*Excess move (expected HK open gap‑fill) = (ADR_Price_HKD – HK_Price) / HK_Price × 100%.*

### Interest Rate Moves (Pre‑9:15am Proxy)
**US Treasury Yields (3M, 6M, 1Y, 2Y)**
- 3M: 3.686% | 6M: 3.686% | 1Y: 3.592% | 2Y: 3.59%
- Overnight change: Not available.
- 5‑day trend: Not available.

**Hong Kong IRSB Rates** (if available before 9:15am)
- Not found in search.
- Daily change vs yesterday: N/A.
- 5‑day trend vs US moves alignment: N/A.

*Note: Hong Kong rates released at ~9:15 HKT; pre‑open proxy is US rate movement.*

### FX Rates
| Pair | Current | 1D Change | 5D Change |
|------|---------|-----------|-----------|
| USD/HKD | 7.85 | *N/A* | *N/A* |
| HKD/CNY | 0.99 | *N/A* | *N/A* |

## 3. News & Sentiment (HKEX Stocks & Macro)
- **HKEX Stocks (.HK)**: Hong Kong Exchange proposed easing listing rules to enhance city's appeal as an IPO venue. Dragon Mining reported significant profit increase and nearly doubled revenue for 2025. CGN Mining scheduled board meeting to approve 2025 results and consider final dividend.
- **Macro Developments**: China's monthly economic data beat expectations as retail sales and industrial output picked up in the first two months of the year, but uncertainty lingers over Middle East war. Asia-Pacific markets opened lower Friday as oil prices surged on renewed fears of prolonged conflict.
- **Sector Themes**: Notable sector movements not specified.

## 4. Volatility Conduction
- **9:15 HSI stock‑vol open**: Previous close vol: __.
- **9:30 option market open**: Anticipate early flow based on overnight moves.
- **Spot movement at 9:15/9:20**: Adjust spreads if spot gap > 0.5%.

## 5. Desk‑Specific Parameters
### Pricing Engine
- **UsedVol** = ManVol(editable) + ManVolTraderOffset(editable) + ManVolOffset(algo) + AdjVol(algo)
- **DeltaSpreadBid/Ask**: *Default settings.*
- **Tick/Cash spread**: *Trader‑tweakable.*

### KO (CBBC) Preparedness
- **CBBCs near barrier** (< 3% spot move): *None identified.*
- **Overnight gap risk**: *Review positions after open.*

## 6. Dashboard Metrics (Previous Day)
- **P&L**: *Not available.*
- **Delta/Vega/Gamma**: *Not available.*
- **SlippageProduct**: *Not available.*
- **SlippageHedge**: *Not available.*

## 7. Today’s Focus
- Monitor early vol conduction (9:15–9:30).
- Adjust margins/spreads based on spot moves.
- Watch for KO events in CBBCs.
- Note interest rate alignment between HK and US.

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*This is an automated report based on the updated checklist. Data sourced via Tavily search and AAStocks scraping.*