智通财经6月2日电，香港交易所信息显示，美国银行在哔哩哔哩-W的持股比例于05月28日从8.02%降至 7.72%。 ...

3）商品市场，LME 成交量同环比均有所上升。4 月，LME 日均成交张数为88.0 万张，环比、同比分别 +10.6%、+2.7%。4）一级市场，港股IPO 规模同环比均有所下降。4 月港股共有2 只新股上市，合计规 模为29 亿港元，环比、同比分别-73%、-6%。5）投资收益，港交所投资收益相关利率环比有所上行， 同比下行。截止4 月底，HIBOR 6 个月、HIBOR 1 个月、HIBOR 隔夜、美国隔夜银行基金利率分别为 4.03%、3.95%、4.50%、4.33%，环比分别+0.05pct、+0.23pct、+0.65pct、+0.00pct，同比分 别-0.65pct、-0.35pct、-0.75pct、-0.99pct。 海内外宏观环境：1）国内方面，经济景气度整体下降，供需两端均有所走弱。4 月中国制造业PMI 为 49.0%，环比回落-1.50pct，整体表现较弱。需求端，4 月制造业PMI 新订单指数、新出口订单指数分别 为49.2%、44.7%，环比分别-2.60pct、-4.30pct。供给端，4 月制造业生产指数为49.8%，环比-2.80pct。 2）海外方面，暂停降息导致海外 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6][45] Core Views - The company's PE ratio is 30.52x as of the end of April, positioned at the 20th percentile historically since 2016, indicating a reasonable cost-benefit ratio for investment. The report anticipates that with the continued enhancement of the mutual access policy in Hong Kong's capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is expected to achieve revenues and other income of HKD 291 billion, 306 billion, and 321 billion for 2025-2027, with net profits attributable to shareholders of HKD 173 billion, 182 billion, and 192 billion, corresponding to PE valuations of 29.2x, 27.7x, and 26.2x respectively [2][7][45]. Summary by Sections Market Performance - In April, the Hong Kong stock market overall rose, with the Hang Seng Index and Hang Seng Tech increasing by 10% and 14% respectively compared to the end of 2024. The monthly average daily trading (ADT) for the Hong Kong Stock Exchange was HKD 2,747 billion, showing a month-on-month decrease of 2.0% but a year-on-year increase of 144.7% [7][10][16]. Business Segments - **Spot Market**: The trading activity in the Hong Kong stock market remained high, with the monthly ADT for northbound funds at HKD 9,732 billion, down 20% month-on-month but up 20% year-on-year. Southbound funds had an ADT of HKD 1,911 billion, down 3% month-on-month but up 145% year-on-year [7][16]. - **Derivatives Market**: Futures trading volume increased, while options trading volume decreased. The average daily volume (ADV) for futures was 84.1 million contracts, up 5.6% month-on-month and 23.2% year-on-year, while options ADV was 100.3 million contracts, down 6.0% month-on-month but up 14.0% year-on-year [20]. - **Commodity Market**: The LME daily average trading volume was 88.0 million contracts, reflecting a month-on-month increase of 10.6% and a year-on-year increase of 2.7% [24]. - **Primary Market**: The IPO scale in April saw a decrease, with only 2 new stocks listed, totaling HKD 29 billion, down 73% month-on-month and down 6% year-on-year [26]. Investment Income - Investment income-related interest rates showed a month-on-month increase but a year-on-year decline. As of the end of April, the 6-month HIBOR was 4.03%, up 0.05 percentage points month-on-month but down 0.65 percentage points year-on-year [33][45]. Macroeconomic Environment - The domestic economic sentiment has generally declined, with the manufacturing PMI for April at 49.0%, down 1.50 percentage points month-on-month. The demand side showed weakness, with new orders and new export orders indices at 49.2% and 44.7% respectively [37][39].

智通财经5月30日电，香港交易所信息显示，摩根大通（JPMorgan）在中国财险的持股比例于05月26日 从7.27%降至6.55%，平均股价为15.1359港元。 ...

智通财经5月30日电，香港交易所信息显示，贝莱德（BlackRock）在美团-W的持股比例于05月27日从 6.11%降至5.84%。 ...

Investment Rating - The report assigns a "Neutral" rating to Hong Kong Exchanges and Clearing Limited (00388) with a target price of HKD 340 for the next 12 months [1] Core Insights - The report highlights that improvements in the new stock listing channels for Hong Kong Exchanges are a significant long-term benefit for the Greater China stock market, as the Stock Connect programs have fundamentally changed the investment landscape for both Hong Kong and mainland Chinese investors since their launch in 2014 [1] - It mentions that there are 26 Chinese concept stocks, which are constituents of the MSCI China and FTSE China indices, that have not yet been listed in Hong Kong, with a total market capitalization of USD 237 billion and an average daily trading volume of USD 2 billion over the past three months, representing approximately 5% and 6% of Hong Kong Exchanges' current market capitalization and daily trading volume, respectively [1] - According to sensitivity analysis, if all these stocks were to list in Hong Kong, it is anticipated that the earnings per share for Hong Kong Exchanges would increase by 6% by 2026 [1]

智通财经5月28日电，香港交易所信息显示，贝莱德在友邦保险的持股比例于05月22日从6.03%降至 5.90%。 ...

Group 1 - The Hong Kong Stock Exchange plans to increase the trading limits for futures and options contracts on the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, pending regulatory approval [1] - The proposed change is set to take effect on July 2, 2025 [1] - This adjustment aims to enhance market liquidity and trading flexibility for participants [1]

Group 1 - Morgan Stanley increased its stake in China Pacific Insurance from 6.97% to 7.12% as of May 19 [1] - The average share price for this transaction was 14.9480 HKD [1]

Group 1 - BlackRock's stake in Meituan-W decreased from 6.15% to 5.92% on May 15 [1]