Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES300 index fell by 0.69%, closing at 4945.28 points with a trading volume of 381.4 billion yuan [1] - The CES300 index has shown a monthly increase of 3.18%, a quarterly increase of 8.06%, and a year-to-date increase of 11.66% [1] - The CES300 index is compiled by China Securities Index Co., Ltd. and reflects the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1] Index Holdings - The top ten holdings of the CES300 index include Tencent Holdings (8.31%), Alibaba-W (5.38%), HSBC Holdings (4.03%), Xiaomi Group-W (2.34%), Kweichow Moutai (2.34%), China Construction Bank (2.29%), AIA Group (1.83%), CATL (1.83%), Meituan-W (1.80%), and Ping An Insurance (1.65%) [2] - The market share of the CES300 index holdings is 51.80% from the Hong Kong Stock Exchange, 29.49% from the Shanghai Stock Exchange, and 18.71% from the Shenzhen Stock Exchange [2] - The industry distribution of the CES300 index holdings shows that finance accounts for 30.07%, consumer discretionary for 15.53%, communication services for 13.56%, information technology for 9.29%, industrials for 8.80%, consumer staples for 6.18%, healthcare for 5.23%, materials for 3.58%, energy for 2.87%, utilities for 2.82%, and real estate for 2.08% [2] Fund Tracking - Public funds tracking the CES300 index include Dachen China-Hong Kong Stock Connect 300C and Dachen China-Hong Kong Stock Connect 300A [3]

Core Points - The Shanghai Composite Index decreased by 0.37%, while the CES100 index fell by 0.94%, closing at 5353.14 points with a trading volume of 86.446 billion yuan [1] - The CES100 index has shown a monthly increase of 3.15%, a quarterly increase of 11.48%, and a year-to-date increase of 26.14% [1] Index Composition - The top ten holdings of the CES100 index include Tencent Holdings (10.09%), HSBC Holdings (9.91%), Alibaba-W (9.73%), Xiaomi Group-W (7.38%), AIA Group (5.77%), Meituan-W (5.68%), Hong Kong Exchanges and Clearing (4.02%), Standard Chartered Group (2.52%), Prudential (1.94%), and Kuaishou-W (1.7%) [2] - The CES100 index is fully composed of stocks from the Hong Kong Stock Exchange [2] - Sector allocations within the CES100 index include Financials (27.57%), Consumer Discretionary (26.61%), Communication Services (14.04%), Information Technology (9.72%), Real Estate (5.45%), Health Care (5.39%), Utilities (3.97%), Industrials (3.49%), Consumer Staples (3.19%), and Materials (0.57%) [2] Fund Tracking - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退市时，将其从指数样本中剔除。样本公司发生收购、合并、分拆等情形的 处理，参照计算与维护细则处理。 从指数持仓来看，中证香港300价值指数十大权重分别为：建设银行（10.13%）、汇丰控股 （9.59%）、中国移动（7.31%）、工商银行（7.17%）、中国平安（5.52%）、中国银行（5.21%）、中 国海洋石油（4.63%）、招商银行（3.22%）、中国人寿（2.32%）、中国石油股份（2.22%）。 从中证香港300价值指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300价值指数持仓样本的 ...

数据统计显示，中证香港300相对价值指数近一个月上涨3.74%，近三个月上涨14.41%，年至今上涨 24.24%。 据了解，中证香港300风格指数系列由中证香港300成长指数、中证香港300价值指数、中证香港300相对 成长指数以及中证香港300相对价值指数4条指数构成，以反映基于中证香港300指数样本的不同风格证 券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从指数持仓来看，中证香港300相对价值指数十大权重分别为：汇丰控股（15.46%）、建设银行 （8.88%）、阿里巴巴-W（5.06%）、中国移动（4.88%）、工商银行（4.79%）、中国平安 （3.69%）、中国银行（3.48%）、中国海洋石油（2.32%）、小米集团-W（2.21%）、招商银行 （2.15%）。 作者：行情君 从中证香港300相对价值指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港300相对价值指数持仓样本的行业来看，金融占比51.85%、通信服务占比8.82%、可选消费 占比7.55%、房地产占比6.69%、能源占比6.07%、信息技术占比5.32%、工业占比3.94%、公 ...

Core Viewpoint - The Hong Kong Stablecoin Regulation officially took effect on August 1, with the first batch of licenses expected to be issued in early 2026, but the number of licenses will be limited to single digits, indicating a high barrier to entry for applicants [1][9][10]. Licensing Process - The Hong Kong Monetary Authority (HKMA) has not issued any licenses yet, and the planned issuance timeline is later than previously expected [1]. - The HKMA has emphasized a "high threshold" and a limited number of initial licenses, which has been interpreted by the market as an "invitation-only" approach [1][4]. - Despite the "invitation-only" interpretation, HKMA officials clarified that any interested institutions can proactively communicate with the HKMA regarding licensing matters [4]. Transition Period - A six-month transition period has been established for existing stablecoin issuers to comply with the new regulations, running from August 1, 2025, to January 31, 2026 [6]. - Existing issuers have two options: actively apply for a formal license or enter a winding-up period [6]. - If an existing issuer fails to apply successfully within three months after the regulation takes effect, they must orderly cease operations within four months [6]. Temporary Licenses - The Financial Management Commissioner will grant "temporary licenses" to qualified existing issuers during the first six months, allowing them to continue their issuance activities [7]. - Entities receiving temporary licenses will be treated as licensed until the temporary license expires or a final decision is made [7]. Market Dynamics - The initial licensing phase is expected to be slow, with the HKMA indicating that the timeline for issuing licenses may change based on the completeness of applications and maturity of use cases [10]. - Some institutions have received regulatory guidance to reduce stablecoin issuance, aligning with the HKMA's recent stance on cooling the market [10]. Potential Applicants - The three major note-issuing banks in Hong Kong—Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), and HSBC—are likely to be among the first to apply and receive approval [12]. - Other potential applicants include Chinese-funded banks, sandbox testing companies, large state-owned enterprises, and internet giants with payment licenses [12]. - Securities firms are expected to play a supporting role in stablecoin trading, custody, financing, and consulting services, with 44 institutions upgrading their virtual asset trading licenses as of now [12].

Core Viewpoint - Citigroup has downgraded HSBC Holdings' 2025 basic earnings per share (EPS) forecast by 4%, primarily due to significant impairment charges in Hong Kong's commercial real estate sector [1] - The EPS estimate was also reduced by 9% due to substantial impairments related to Bank of Communications [1] - Slight downward adjustments of 1% were made to the EPS forecasts for 2026 and 2027 [1] Group 1 - Citigroup's updated pre-tax profit forecast for HSBC remains 5% to 7% higher than market expectations, benefiting from slightly higher net interest income [1] - The forecast for fiscal year 2025 is set at $42.5 billion, compared to market guidance and consensus of approximately $42 billion [1] - Non-interest income is expected to significantly increase due to ongoing growth in Asian wealth management business [1] Group 2 - Citigroup anticipates HSBC's tangible return on equity for 2025 to 2027 to be between 15.5% and 17%, exceeding HSBC's target of 14% to 16% and market expectations of 15% to 15.5% [1] - Following the adjustments to EPS estimates, the target price for HSBC has been slightly reduced from HKD 106.2 to HKD 105.6, while maintaining a "Buy" rating [1]

Core Viewpoint - The issuance of stablecoin licenses in Hong Kong has officially begun, with a limited number of licenses expected to be granted, likely to major banks and financial institutions [1][4][5]. Group 1: License Application and Eligibility - The Hong Kong Monetary Authority (HKMA) has set specific criteria for stablecoin issuer license applications, including financial conditions, personnel qualifications, reserve assets, and custody requirements [1][3]. - Major banks such as Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong) are expected to be among the first to apply for stablecoin licenses due to regulatory compliance and business needs [1][5]. - The initial phase of license issuance is expected to be cautious, with only a few licenses (possibly 2-3) being granted [4][6]. Group 2: Role of Financial Institutions - Securities firms are likely to focus on trading, custody, financing, and consulting related to stablecoins, rather than applying for stablecoin issuer licenses themselves [2][9]. - A total of 44 financial institutions have upgraded their virtual asset trading licenses, with most being local securities firms [12][13]. - The upgrade of trading licenses is a prerequisite for firms to offer services related to stablecoins and other virtual assets [13][14]. Group 3: Application Scenarios and Market Potential - The application scenarios for stablecoins include digital asset trading, cross-border payments in global trade, and traditional asset tokenization [7][8]. - The use of stablecoins in different regions varies, with financial applications being more prominent in Europe and North America, while B2B trade is expected to be a focus in Asia, Africa, and Latin America [8]. - The potential for stablecoins as a stable medium of exchange and value storage tool in virtual asset trading is highlighted, with firms like Futu Securities reporting increased trading volumes and customer engagement [14]. Group 4: Future Outlook and Risks - The market is keen on the emergence of offshore RMB-denominated stablecoins, with recent developments indicating a growing interest in this area [15][16]. - The commercial model for stablecoins remains unclear, and there are concerns about market speculation and the safety of reserve assets [16].

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

Major Events - JD Group-SW (09618) has decided to make a voluntary public acquisition offer to CECONOMY and establish a strategic investment partnership [1] - Zhonghui Biological-B (02627) plans to conduct an IPO from July 31 to August 5, aiming to globally offer 33.4426 million H-shares [1] - WuXi AppTec (02359) intends to place 73.8 million new H-shares at a discount of approximately 6.90%, raising about HKD 7.65 billion [1] - Weihai Bank (09677) plans to issue up to approximately 758 million domestic shares and 154 million H-shares, raising nearly HKD 3 billion [1] - HSBC Holdings (00005) plans to repurchase up to USD 3 billion of ordinary shares [1] - Joy City Property (00207) proposes a share buyback through an agreement arrangement, with resumption of trading on August 1 [1] Operating Performance - MGM China (02282) reported total revenue of HKD 16.661 billion for the first half, an increase of 2.73% year-on-year [1] - Standard Chartered Group (02888) released interim results with a profit attributable to shareholders of USD 3.065 billion, a year-on-year increase of 41% [1] - Autohome-S (02518) reported a net profit attributable to the parent of RMB 416 million in the second quarter, with online marketing and other business revenues increasing by 20.5% year-on-year [1] - Tongguan Gold (00340) issued a positive profit alert, expecting a mid-term profit attributable to shareholders of approximately HKD 330 million to HKD 360 million, a year-on-year increase of about 259% to 291% [1] - Qingdao Bank (03866) reported a net profit attributable to the parent of RMB 3.065 billion for the first half, a year-on-year increase of 16.05% [1] - Faraday (09638) announced interim results with a profit attributable to shareholders of EUR 4.3454 million, a year-on-year decrease of 0.92% [1] - Budweiser APAC (01876) released interim results with a profit attributable to shareholders of USD 409 million, a year-on-year decrease of 24.4% [1]

来源：瑞恩资本 | HSBC constant currency profit before tax and balance sheet data | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | Half-year to 30 Jun 2025 | | | | | | Hong | | | | Corporate | | | | Kong | UK | CIB | IWPB | Centre | Total | | | $m | Sm | Sm | Sm | Sm | Sm | | Net operating income/[expense] before change in expected credit | | | | | | | | losses and other credit impairment charges'6 | 7,848 | 6,228 | 14,117 | 7,011 | (1,082) | 34,122 | | - external | 5,037 | 6,678 | 19,648 | 5,964 | ...