智通财经APP获悉，近期，摩根士丹利与美联集团有限公司的专家谢先生(Gordon Tse)和刘先生(Buggle Lau)就香港住宅市场举行了一次电话会议。他们认为，在以下因素的支撑下，香港房价可能已经触底： (1)供应有限;(2)抵押贷款利率下降;(3)内地购房者的贡献增加。 相对于零售和写字楼市场，摩根士丹利对住宅市场和开发商保持积极看法。 2025 年上半年，整体成交量(一手和二手单位)同比增长 3.9%，达到 2.9 万套，这得益于 2025 年 5 月以 来 Hibor 下降、开发商的竞争性定价策略以及内地购房者贡献的增加。2025/26 年度财政预算案放宽了 印花税(仅 100 港元)，因此 2025 年上半年，售价在 1000 万港元及以下的房产销量同比激增 305%。 2025 年，大众市场的表现可能会继续优于奢侈品市场。美联预计 2025 年一手单位销量将达到 1.8 万套 (同比增长 6%)。 在开发商中，摩根士丹利看好新鸿基地产(00016，增持)和恒基兆业(00012，增持)。 摩根士丹利的依据是：(1)高股息收益率;(2) Hibor(香港银行同业拆借利率)和利率下降带来的好处;(3 ...

Group 1 - The top three companies with the highest short positions are WuXi AppTec (02359), CATL (03750), and COSCO Shipping Holdings (01919), with short ratios of 23.99%, 17.39%, and 14.14% respectively [1][2] - The companies with the largest increase in short positions are Giant Biogene (02367), WuXi AppTec (02359), and Henderson Land Development (00012), with increases of 2.05%, 1.43%, and 1.41% respectively [1][2] - The companies with the largest decrease in short positions are SF Holding (06936), Far East Horizon (03360), and Jiumaojiu International Holdings (09922), with decreases of -1.94%, -1.22%, and -1.18% respectively [1][3] Group 2 - The top ten companies with the highest short ratios include Ganfeng Lithium (01772) at 13.09%, Xiexin Technology (03800) at 12.57%, and Shandong Gold (01787) at 12.35% [2] - The companies with the largest increase in short ratios also include Fuyou Glass (06865) at 12.07% and Tigermed (03347) at 9.81% [2] - The companies with the largest decrease in short ratios include Vanke Enterprise (02202) at 11.38% and Green Leaf Pharmaceutical (02186) at 11.96% [3][4]

Group 1: Market Overview - The Hang Seng Index closed at 23892.32, down 1.06%, while the Hang Seng Tech Index fell by 1.76% to 5231.99 [3][4] - The trading volume for the day was 2338.78 million [4] Group 2: Economic Data - In June, China's Consumer Price Index (CPI) rose by 0.1% year-on-year, ending four consecutive months of deflation [7][8] - The Producer Price Index (PPI) fell by 3.6% year-on-year, with the decline widening by 0.3 percentage points compared to the previous month [7][8] Group 3: Company News - New World Development is reportedly seeking to sell its real estate assets in mainland China, including landmark buildings in cities like Hangzhou, Shenzhen, and Shanghai, following a refinancing agreement [12] - China General Nuclear Power Corporation's renewable energy output in June decreased by 1.3% year-on-year, with a total output of 1403.5 GWh [11] - Cornerstone Pharmaceuticals announced a placement of 100 million new shares at a price of 4.72 HKD per share, raising 4.72 million HKD, with 90% of the proceeds allocated for further development of specific assets [13] Group 4: Sector Insights - Morgan Stanley indicated that Hong Kong real estate stocks have outperformed the Hang Seng Index by 8% since mid-June, suggesting potential profit-taking in the short term [9] - The report highlights that the issuance of convertible bonds by major developers could lead to a decrease in average financing costs, with Henderson Land's recent issuance being a key example [9]

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

Core Viewpoint - The Hong Kong Dividend Low Volatility ETF (520890) has experienced a significant decline in both share count and total assets in 2024, indicating potential challenges in attracting investment [1][2]. Group 1: Fund Overview - The Hong Kong Dividend Low Volatility ETF (520890) was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of July 8, 2024, the fund had a total of 47.508 million shares and a total size of 66.131 million yuan, down from 123 million shares and 146 million yuan at the end of 2024, representing a 61.38% decrease in shares and a 54.81% decrease in size year-to-date [1]. Group 2: Liquidity and Performance - The cumulative trading amount for the ETF over the last 20 trading days was 150 million yuan, with an average daily trading amount of 7.4938 million yuan [1]. - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 39.20% during her tenure [1]. Group 3: Top Holdings - The ETF's top holdings include Far East Horizon, Shougang Resources, Chongqing Rural Commercial Bank, VTECH Holdings, Kerry Properties, Minsheng Bank, Henderson Land, China Petroleum, Sinopec, and Fufeng Group, with respective holding percentages and market values detailed [2]. - The largest holding is Far East Horizon at 3.78%, followed closely by Shougang Resources at 3.72% [2].

Core Viewpoint - Morgan Stanley reports that Henderson Land Development (00012) plans to issue HKD 8 billion convertible bonds (CB), which is somewhat unexpected given the recent strong performance of its stock, as issuing CBs is not common for Hong Kong real estate companies [1] Group 1: Company Actions - The issuance of CBs is seen as a low-cost financing option with a coupon rate of 0.5%, potentially encouraging other developers to explore similar financing methods to lower their average cost of capital [1] - New World Development (00017) is identified as the company with the highest likelihood of a rights issue within the research scope [1] Group 2: Market Performance - Since mid-June, Hong Kong real estate stocks have outperformed the Hang Seng Index by 8% [1] - The recent CB issuance, along with rising Hong Kong Interbank Offered Rate (HIBOR), may trigger short-term profit-taking, particularly in Henderson Land [1] Group 3: Investment Recommendations - Morgan Stanley suggests buying stocks with clear catalysts, such as Swire Properties (01972) due to share buybacks and improvements in the Chinese retail sector, and Link REIT (00823) due to its inclusion in the Stock Connect and capital recycling [1] - For Henderson Land, after the market digests potentially weak performance in the first half of 2025 (with a projected 46% year-on-year decline in net profit due to a one-off project in the first half of 2024), the recommendation is to "buy" [1] - From a tactical perspective, Morgan Stanley sees upside potential in Wharf Real Estate Investment Company (01997), which has been upgraded to "overweight" due to a strengthening trend in retail sales [1]

Group 1: New Listings in Hong Kong - Five companies, including Lens Technology, Geek+, Peak Technology, Dazhong Dental, and Xunzhong Communication, were listed on the Hong Kong Stock Exchange on July 9, reflecting a growing interest in emerging industries and technology firms [1] - Four out of the five companies saw an increase in their stock prices during the pre-market trading on July 8, indicating positive market sentiment [1] Group 2: Bond Issuance by Henderson Land - Henderson Land announced plans to issue Hong Kong dollar-denominated guaranteed convertible bonds through its subsidiary, targeting professional investors only [2] - The net proceeds from the bond issuance are intended for general corporate purposes or refinancing, showcasing the company's proactive approach to capital market tools [2] Group 3: Tianqi Materials' Hong Kong Listing - Tianqi Materials announced its intention to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and improve its capital structure [3] - This move is expected to attract foreign investment and signal the internationalization of the new materials industry [3] Group 4: Huabao International's Financial Product Investment - Huabao International reported an investment of 565 million yuan in financial products from Zheshang Bank, indicating a strategy for diversified asset allocation [4] - This investment aims to enhance capital efficiency and may provide funding for future business development [4] Group 5: Hong Kong Market Performance - The Hang Seng Index closed at 24,148.07, with a gain of 1.09% on July 8, while the Hang Seng Tech Index rose by 1.84% [5] - The overall market performance reflects a positive trend in investor sentiment towards the Hong Kong stock market [5]

文件显示：恒基地产拟发行78.5亿港元2030年到期可转债。（彭博） ...

Core Viewpoint - The China Securities Hong Kong 300 Real Estate Index has shown significant growth, with a 5.78% increase over the past month, 19.41% over the past three months, and 15.61% year-to-date [1] Group 1: Index Performance - The China Securities Hong Kong 300 Real Estate Index is currently at 1031.30 points [1] - The index is based on a sample of securities classified according to the China Securities industry classification standards, reflecting the overall performance of different sectors in the Hong Kong market [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2: Index Holdings - The top ten weighted stocks in the index are: - Sun Hung Kai Properties (14.82%) - Beike-W (13.06%) - Link REIT (12.08%) - China Resources Land (11.16%) - Cheung Kong Holdings (8.0%) - China Overseas Land & Investment (6.46%) - Wharf Real Estate Investment (4.83%) - Henderson Land Development (4.62%) - Longfor Group (2.97%) - China Resources Mixc Lifestyle (2.85%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100.00% market share [1] Group 3: Industry Composition - The industry composition of the index holdings is as follows: - Real estate development: 57.84% - Real estate services: 21.75% - Real Estate Investment Trusts (REITs): 12.97% - Real estate management: 7.45% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the underlying index [2]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].