港股市场回购统计周报 2025.6.9-2025.6.15 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 目录 2 l 港股市场回购周统计数据 l 上市公司回购的意义与作用 港股市场回购周统计数据（2025.6.9-2025.6.15） l 周回购数据总汇 l 回购金额前十大公司统计 | 证券代码 | 证券简称 | 期间回购金额 | 期间回购数量 | 回购数量占 | | --- | --- | --- | --- | --- | | | | (万港元) | (万股) | 总股本比例 | | 0700.HK | 腾讯控股 | 250,224.89 | 486.70 | 0.05% | | 1299.HK | 友邦保险 | 73,364.94 | 1,060.00 | 0.10% | | 0005.HK | 汇丰控股 | 48,134.96 | 516.80 | 0.03% | | 2517.HK | 锅圈 | 3,910.15 | 1,268.80 | ...

2025.3.10-2025.3.16 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 港股通数据统计周报 目录 2 l 港股通前十大净买入/卖出公司 l 港股通净买入/卖出行业分布 l 港股通前十大活跃个股 l 港股通与南下资金介绍 港股通前十大净买入/卖出公司 3 港股通本周前十大净买入公司（2025.3.10-2025.3.16） | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | --- | --- | --- | --- | --- | --- | | 1 | 9988.HK | 阿里巴巴-W | 可选消费 | 97165958 | 131.95 | | 2 | 2611.HK | 国泰君安 | 金融 | 833729793 | 105.05 | | 3 | 2800.HK | 盈富基金 | | 301820000 | 73.22 | | 4 | 0700.HK | 腾讯控股 | 信息技术 | ...

Key Points - The report indicates that the long-end interest rates in the Chinese bond market continued to rise, with the 10-year government bond increasing by 6 basis points to 1.85% and the 30-year bond rising by 10 basis points to 2.07%. In contrast, the short-end rates stabilized and fell, with the 1-year government bond dropping to 1.56% [3][9][13] - The report highlights that the social financing (社融) increased by 2.2 trillion yuan in February, which is 737.4 billion yuan more than the previous year. The government bonds were a significant support item, with a year-on-year increase of 1.1 trillion yuan [5][30][46] - The report suggests that despite the potential for a looser monetary environment in March and April, the extent of this shift will depend on the central bank's stance. It recommends a defensive strategy and wave trading as the best approach in the current challenging trading environment [5][46] Bond Market Performance Review - The long-end interest rates showed a continued upward trend, while short-end rates stabilized. Specifically, the 10-year and 30-year government bonds saw increases of 6 and 10 basis points, respectively [3][9] - The report notes that the yield curve for government bonds has steepened, with minor adjustments in yields for bonds with maturities of 7 years or less, while longer maturities experienced more significant increases [13][18] Bond Market Issuance Situation - The report details that the total issuance of government bonds this week was 3.378 billion yuan, with a net issuance of 709 million yuan. Additionally, local government bonds issued amounted to 867 million yuan, with a net issuance of 490 million yuan [18][19] - The issuance of policy bank bonds reached 1.33 billion yuan, with a net issuance of 695 million yuan [18] Funding Market Situation - The report indicates that the funding market remained stable despite the central bank's net withdrawal of 3.972 billion yuan. The R001 rate fluctuated between 1.77% and 1.81%, with a weekly average slightly rising to 1.79% [21][23] - The report also mentions that the weighted issuance rate for interbank certificates of deposit was 2.05%, reflecting a slight increase from the previous week [24] Macroeconomic Environment Tracking - The report emphasizes that the economic recovery remains fragile, with weak credit demand and delayed debt funding indicating that further fiscal policy support may be necessary [5][46] - It also notes that the M1 growth rate fell to 0.1%, primarily due to a decline in the growth rate of household demand deposits, suggesting a shift in asset allocation preferences among residents [41][46]

中债策略周报 2025.3.3-2025.3.9 分析师： 曹潮 中央编号： BVH841 联系电话： 852-96581360 邮箱： caochao@cnzsqh.hk 1 中国债券场策略周报 - 投资要点 中国债券市场表现回顾： 本周各期限收益率均出现大幅上行。长端利率方面，10年国债活跃券、30年国债活跃券分别上行6个 bps至1.79%和1.98%；短端方面，1年国债活跃券持平于1.59%。 中国债券市场基本面、货币政策与资金面： 中国债券市场展望： 2 基本面和货币政策：1-2月出口同比2.3%，较去年11-12月的读数明显回落，主因"抢出口"透支需 求，关税落地后扰动出口+高基数拖累；2月CPI同比较前值大幅回落超1个百分点至-0.7%，春节错月 主要影响CPI同比由涨转降，扣除春节错月影响CPI同比为0.1%，反应内需仍偏弱。货币政策方面， 本周央行净回笼8813亿元，其中逆回购投放7779亿元，到期16592亿元。 资金面：本周资金面边际修复，但价格仍偏贵。从加权利率看，R001在1.74-1.81%区间震荡，周均 值环比下行21bp。R007则由2.3%的高位回落至1.8%一线，周均值环比 ...

[Table_main] 衍生品市场类模板 报告日期：2025 年 3 月 策_main] 衍生品市场类模板 略 报 告 2025 年 3 月美债市场月度展望及配置策略 ──债券策略月报 市 场 策 报告导读 略 研 究 — 美 债 策 略 月 报 2 月经济数据依然多空交织，美债市场在月内冲高回落，累计波动幅度达到 37.4 个 bps。2 月下旬的海湖庄园协议新闻引发市场关注，协议中的关税、多 边货币协议及制造业回流或将成为未来 4 年特朗普政策的主要目标；尽管从长 期视角看，这一目标有望缓和美国当前贸易/财政赤字严重失衡的问题，但关 税短期内对经济和通胀的冲击，将不可避免的导致美国经济短期内进入"类滞 胀"状态；与此同时，财政部在债务上限争端仍存背景下，难以在未来 1-2 个 季度增加长久期美债的发行规模，这会迫使本森特延续此前耶伦超量发行短债 的融资策略（即影子"QE"）。我们预计在经济"类滞胀"和财政部影子"QE" 两因素共振下，Q1-Q2 期间美债市场有望迎来一波牛平行情；对应的 10 年期 美债低点在 4%左右，10Y-2Y 美债利差则逐渐收敛甚至倒挂。落实到具体策略 层面，我们推荐做多长久期美 ...

Group 1: Market Overview - As of October 4, the Hang Seng Index has increased nearly 25% since its rally began on September 24[4] - The market's main trend revolves around cyclical recovery and valuation repair, with defensive dividend sectors underperforming significantly[4] - The overall valuation of the Hong Kong market has returned to above the 5-year average level[5] Group 2: Driving Forces of the Market - The current market is characterized as a "first-stage rocket" driven by policy-induced valuation recovery[9] - The "first-stage rocket" is primarily driven by market expectations rather than substantial economic data improvements[11] - The Hang Seng Index's PE valuation percentile has exceeded 75%, indicating that valuation repair is largely complete[11] Group 3: Future Market Path - The market is currently overheated but has not yet ended; attention should be paid to potential corrections and volatility risks[13] - The second-stage rocket's ability to take over is uncertain and will depend on upcoming economic data[15] - If economic fundamentals do not stabilize, the market may experience further downward pressure, potentially leading to a return of dividend assets as the main focus[16]

1 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------------|-------|---------------------------------------|----------------------------------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | 港股市场估值周报 2024.8.5-2024.8.11 | | 分析师： 中央编号： 联系电话： 邮箱： | 沈凡超 BTT231 852-4623 5564 hector@cnzsqh.hk | | 目录 l 港股市场重要指数估值 l 港股市场各行业估值水平 l AH股溢价/折价水平 2 港股市场 重要指数估值 3 港股市场重要指数估值-恒生综合指数 (HSCI) | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------- ...

Investment Rating - The report does not provide a specific investment rating for the companies discussed [2]. Core Insights - The report highlights a significant decrease in the number of companies engaging in stock buybacks, with only 16 companies participating this week compared to 26 the previous week. However, the total buyback amount increased to 32.5 billion HKD from 13.7 billion HKD [3]. - The financial sector dominated the buyback activity, primarily driven by substantial repurchases from AIA Group and Hang Seng Bank, indicating a concentrated effort in this industry [7]. - The report notes that stock buybacks often occur during bear markets, suggesting that companies perceive their stock prices to be undervalued, which can stabilize investor confidence and potentially lead to price increases [12]. Summary by Sections Weekly Buyback Statistics - Total buyback activity saw a decline in the number of participating companies, with 16 companies reported this week, down from 26 last week. The total buyback amount rose to 32.5 billion HKD [3]. - AIA Group led the buybacks with 20.0 billion HKD, followed by HSBC Holdings with 10.3 billion HKD, and Hang Seng Bank with 0.9 billion HKD [4][8]. Industry Analysis - The financial sector accounted for the majority of buyback amounts, significantly influenced by AIA Group and Hang Seng Bank's activities. Other sectors showed scattered buyback amounts [7]. - The consumer discretionary sector had the highest number of companies engaging in buybacks, with five companies participating, followed by the industrial sector with four companies, and the financial sector with three [7]. Significance of Buybacks - Stock buybacks are defined as companies repurchasing their own shares from the market, which can be used for cancellation or employee stock incentives. This activity is often seen as a signal that companies believe their stock is undervalued [12]. - Historical data indicates that buyback waves in the Hong Kong market have occurred during bear markets, often followed by subsequent price recoveries [12].

1 港股通数据统计周报 2024.8.5-2024.8.11 分析师： 沈凡超 中央编号： BTT231 联系电话： 852-4623 5564 邮箱： hector@cnzsqh.hk 目录 | --- | --- | |-------|-------------------------------| | | | | | l 港股通前十大净买入/卖出公司 | | | l 港股通净买入/卖出行业分布 | | | l 港股通前十大活跃个股 | | | l 港股通与南下资金介绍 | 2 港股通前十大净买入/卖出公司 3 港股通本周前十大净买入公司（2024.8.5-2024.8.11） | --- | --- | --- | --- | --- | --- | |-------|----------|--------------|----------|------------------|--------------------| | 序号 | 证券代码 | 证券简称 | 行业 | 港股通持股变动数 | 净买入金额（亿元） | | 1 | 2800.HK | 盈富基金 | | 362807107 | 64.07 ...

| --- | --- | --- | |-------|-----------------------------------------------------------------------------|----------------------------------------------| | | | | | | | | | | | | | | 美债策略周报 2024.8.5-2024.8.11 分析师： 中央编号： 联系电话： 邮箱： | 沈凡超 BTT231 852-4623 5564 hector@cnzsqh.hk | 1 美债市场策略周报 - 投资要点 美债市场表现回顾： 7月非制造业PMI回升，初请失业金人数较前值回落，市场"衰退"担忧缓和；不同期限美债收益率回 升，短端上行幅度大于长端，10Y-2Y利差回升2.4个bp至11.3bps，曲线形态较上周更平坦化。 美债市场基本面、货币政策和资金面： 基本面与货币政策：7月非制造业PMI较前值回升2.6个百分点至51.4%，新订单、商业活动、就业分 项均回升，反应出行旺季下，美国私人部门消费仍有韧性；周四公布的初请失业金人数较前值显 ...