港股市场回购统计周报 2025.4.21-2025.4.27 | 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 3 港股市场回购周统计数据（2025.4.21-2025.4.27） l 周回购数据总汇 | 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 | | 1299.HK | 友邦保险 | 91,364.90 | 1,648.10 | 0.15% | | 0005.HK | 汇丰控股 | 15,024.80 | 179.52 | 0.01% | | 1378.HK | 中国宏桥 | 14,730.39 | 1,095.60 | 0.12% | | 0019.HK | 太古股份公司A | 7,929.60 | 122 ...

Market Performance Review - The Hong Kong stock market continued to rebound this week, driven by a potential easing of US tariffs on China, with the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Tech Index rising by 3.15%, 2.74%, and 1.96% respectively [4][14] - All major industry sectors, except telecommunications, saw gains this week, with healthcare and information technology sectors leading with weekly increases of approximately 8% and 6% [4][14] - As of the end of this week, the 5-year PE (TTM) valuation percentile for the Hang Seng Index rose to around 55%, still below the 5-year average [4] Market Valuation Level - The valuation level of the Hong Kong stock market remains below the 5-year average, indicating potential for future growth [4] Buyback Statistics - The total buyback amount for the week was 1.53 billion HKD, a decrease from 1.99 billion HKD the previous week, with 62 companies participating in buybacks, down from 78 [24][25] - AIA Group (1299.HK) led the buybacks with 913.64 million HKD, followed by HSBC Holdings (0005.HK) with 150.25 million HKD [24][25] - The financial sector saw the highest concentration of buyback amounts, driven by significant buybacks from AIA and HSBC [28] Southbound Fund Flow - The top net buying companies this week included Alibaba (9988.HK) with a net inflow of 4.197 billion HKD and Tencent Holdings (0700.HK) with 2.227 billion HKD [32] - Conversely, the top net selling companies included Xiaomi Group (1810.HK) with a net outflow of 4.540 billion HKD and China Mobile (0941.HK) with 1.875 billion HKD [33] Macroeconomic Environment Tracking - The political bureau meeting emphasized the urgency of expanding domestic demand amidst a severe external environment, indicating a focus on stabilizing economic growth [44][46] - The meeting also highlighted the need for proactive macroeconomic policies to counter external shocks and support domestic economic stability [46] - Recent data showed a 0.8% increase in profits for industrial enterprises in the first quarter, reflecting some improvement due to policy support, although external demand pressures remain [37][39] Sector Allocation Outlook - The report continues to favor sectors with relative economic resilience, such as automotive, technology, and internet industries, as well as low-valuation state-owned enterprises benefiting from policy support [46]

港股通数据统计周报 2025.4.21-2025.4.27 | 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 3 港股通本周前十大净买入公司（2025.4.21-2025.4.27） | 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 | 36308762 | 41.97 | | 2 | 0700.HK | 腾讯控股 | 信息技术 | 4657084 | 22.27 | | 3 | 3690.HK | 美团-W | 可选消费 | 11177084 | 14.26 | | 4 | 2367.HK | 巨子生物 | 日常消费 | 15718400 | 12 ...

Production Sector - The coke oven operating rate increased to 75.29%, up by 1.86% from the previous week[7] - The high furnace operating rate rose to 84.35%, reflecting a 0.77% increase[7] - The full tire steel operating rate decreased to 62.46%, down by 2.97% from the previous week[7] Consumption Sector - Weekly box office revenue decreased to 216 million CNY, down by 2,000,000 CNY from the previous week[7] - Average daily retail sales of passenger cars fell to 61,788.25 units, a decrease of 4,001 units[7] - Average daily wholesale sales of passenger cars dropped to 73,632.75 units, down by 5,425.55 units[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities increased to 167.19 million square meters, up by 18.21% from the previous week[7] - The land premium rate in 100 major cities rose to 7.5%, an increase of 3.27%[7] - Excavator sales reached 19,517 units, a significant increase of 7,877 units compared to the previous month[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) decreased to 1,347.84, down by 22.74 points[8] - The Consumer Price Index (CPI) for agricultural products showed a slight decline, with the wholesale price index at 118.13, down by 0.69%[8] - The Producer Price Index (PPI) indicated a rebound in domestic and international commodity prices[8] Transportation - The subway passenger volume in Beijing decreased to 1,057.37 million trips, down by 5.02%[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,847.57 flights, down by 92.29 flights[8] - The China Road Logistics Price Index increased slightly to 1,050.75, up by 0.61[8]

Group 1: Market Performance Review - The Hong Kong stock market stabilized and rebounded this week after a previous panic, with the Hang Seng Index, Hang Seng Composite Index, and Hang Seng Tech Index increasing by +2.21%, +2.30%, and -0.27% respectively [13] - All major industry sectors, except for industrials, saw gains this week, with a defensive dividend style prevailing, particularly in the financial and conglomerate sectors, both of which had weekly gains exceeding 4% [13] - The 5-year PE (TTM) valuation percentile of the Hang Seng Composite Index slightly rose to around 50%, still below the 5-year average [13] Group 2: Macroeconomic Environment - The macroeconomic environment shows that March economic data and Q1 GDP performance exceeded expectations, but external demand is expected to impact Q2, with a focus on whether policy measures can be strengthened [43][45] - The overall profitability of the Hong Kong stock market is highly synchronized with the Chinese economy, as over 80% of profits come from Chinese companies, necessitating close attention to changes in the Chinese economic outlook [36] Group 3: Sector Allocation Outlook - The report continues to favor sectors with relative prosperity such as automotive, technology, and internet, as well as low-valuation state-owned enterprises benefiting from policy support [45] - Local Hong Kong banks and utility stocks, which are relatively independent in their fundamentals and benefit from a rate-cutting cycle, are also highlighted as favorable [45] Group 4: Buyback Statistics - The total buyback amount this week was HKD 1.99 billion, a significant decrease from HKD 5.59 billion the previous week, with 78 companies participating in buybacks, down from 100 [24] - AIA Group (1299.HK) led the buybacks with an amount of HKD 939.31 million, followed by HSBC Holdings (0005.HK) with HKD 289.29 million [24][27] Group 5: Southbound Capital Flow - The top net buy companies this week included Alibaba (9988.HK) with a net buy amount of HKD 4.838 billion, Tencent Holdings (0700.HK) with HKD 2.914 billion, and Xiaomi Group (1810.HK) with HKD 2.360 billion [31] - Conversely, the top net sell companies included the Tracker Fund of Hong Kong (2800.HK) with a net sell amount of HKD -14.672 billion and Hang Seng China Enterprises Index (2828.HK) with HKD -7.231 billion [32]

宏观经济 高频数据统计周报 2025.4.7-2025.4.13 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 宏观经济高频数据一览表 l 生产端 l 消费端 l 地产基建 l 进出口 l 物价通胀 l 交通运输 宏观经济 高频数据一览表 3 宏观经济高频数据一览表 | 指标名称 数据频率 | | 更新时间 | 最新值 | 前值 | 环比变动 | | --- | --- | --- | --- | --- | --- | | 牛产 | | | | | | | 焦炉开工率(%) | 周频 | 2025/4/11 | 73. 01 | 72. 62 | คิ 0.39 | | 高炉开工率(%) | 周频 | 2025/4/11 | 83. 3 | 83. 15 | คิ 0. 15 | | PX开工率(%) | 周频 | 2025/4/11 | 78. 70 | 78. 70 | 0. 00 | | PTA开工率(%) | 周频 | 2025/4/11 | 77.57 | 80. 48 | P -2.91 | | 全 ...

港股通数据统计周报 2025.4.7-2025.4.13 | 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 | 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 | 0700.HK | 腾讯控股 | 信息技术 | 22157478 | 98.25 | | 2 | 9988.HK | 阿里巴巴-W | 可选消费 | 84272955 | 86.80 | | 3 | 1810.HK | 小米集团-W | 信息技术 | 155106362 | 68.63 | | 4 | 2800.HK | 盈富基金 | | 318766500 | 67.64 | | 5 | 2828.HK | ...

港股市场策略周报 2025.4.7-2025.4.13 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 2 n 既美国全球"对等关税"发布后，中国予以关税反击，中美贸易战升温，导致周一港股市场遭遇历史性暴跌。本周 恒生综指/恒生指数/恒生科技分别-8.66%/-8.47%/-7.77%。本周市场恒生一级行业板块全部收跌，随着外需预 期承压，市场资金转向内需为主的必选消费，本周仅跌1.1%，排在第一 n 截至本周末，恒生综指的5年PE（TTM）估值分位点快速降至44%左右，估值水平回落至5年均值以下。 l 港股市场宏观环境： n 基本面：3月国内金融数据超预期，但通胀数据不及预期；关税摩擦升温，政策端以内需为主多方面进一步加力。 n 资金面：贸易摩擦升温，美国经济预期走弱通胀预期升高；港股遭历史性暴跌，政策频出托底股市，南下资金大幅 流入。 l 港股市场展望： n 基本面：国内经济整体表现仍然呈现弱复 ...

e_main] 衍生品市场类模板 报告日期：2025 年 4 月 宏 观 报 告 美债利率或已企稳 宏 观 ──市场走势点评+宏观策略展望 报告导读 经 济 研 究 — 宏 观 策 略 报 告 过去一周以来，长端美债波动明显上升，以 10Y 美债利率为例，在周一亚盘开 始下行至 3.86%的年内低点后，自周一晚上开始一路上行，在周三亚盘期间一 度突破 4.5%，为 2 月以来新高水平。我们认为本轮美债利率大幅上行主要源 于对冲基金超过 5500 亿美元规模的基差交易（basis trade）发生逆转。这是 近期经济衰退预期升温、信用债利差小幅走阔、流动性边际收紧导致基差交易 收益率下滑和规模收敛的正常结果，并非像 2020 年 3 月期间，广义美元流动 性出了问题或者是美债面临广谱的抛售压力。我们认为在经济基本面依然具备 一定韧性、美联储利率调整门槛仍较高的基准情形下，10Y 美债收益率或在 4.5%筑顶后企稳，因此短期内逢低抄底或是最佳策略。 | 分析师： | 曹潮 | | --- | --- | | 中央编号： | BVH841 | | 联系电话： | 852-9658 1360 | | 邮箱： | ca ...

中债策略周报 2025.3.31-2025.4.6 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： 季初资金滞后转松，长端利率横盘震荡，随后对等关税落地，做多情绪催化债牛快速重启。长端方面， 10年国债活跃券（250004）下行至1.72%（-10bp）；30年国债活跃券（2400006）下行至 1.92%（-11bp）。 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：本周为经济数据真空期，基本面对债市影响有限。货币政策方面，本周央行净回 笼5019亿元，其中逆回购投放6849亿元，到期11868亿元。 资金面：跨季后，资金面逐步转松，DR007、R007周均值分别下行7bp、18bp，隔夜利率也在跨季 之后逐步回落至1.6%水平。 基本面和货币政策来看，当前市场交易重心已经由基本面和货币/财政政策转向为关税。4月3日对等关 税方案落地后，即将到来的可能是国家间的协商期，关税冲击可能经历升级与缓和之间的摇摆。预期 的不稳定，或带来风险偏好 ...