Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.71%), Gree Power Environmental (70.02%), and China Shenhua (66.91%) [1][2] - The largest increases in holding amounts over the last five trading days were seen in BYD Company (+135.40 billion), Yingfu Fund (+69.37 billion), and China Construction Bank (+25.49 billion) [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (-18.92 billion), Pop Mart (-11.62 billion), and Agricultural Bank of China (-8.02 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding ratio of 74.71% with 10.37 billion shares [2] - Gree Power Environmental (01330) has a holding ratio of 70.02% with 283 million shares [2] - China Shenhua (01088) has a holding ratio of 66.91% with 2.26 billion shares [2] Group 2: Recent Increases in Holdings - BYD Company (01211) saw an increase of 135.40 billion in holding amount, with a change of 11.73 million shares [2] - Yingfu Fund (02800) experienced an increase of 69.37 billion, with a change of 27.46 million shares [2] - China Construction Bank (00939) had an increase of 25.49 billion, with a change of 31.67 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) had a decrease of 18.92 billion, with a change of -2.20 million shares [3] - Pop Mart (09992) saw a decrease of 11.62 billion, with a change of -0.47 million shares [3] - Agricultural Bank of China (01288) experienced a decrease of 8.02 billion, with a change of -15.57 million shares [3]

| 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 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is set to reduce the minimum price fluctuation unit for securities trading, with a maximum reduction of 60%, aimed at enhancing market liquidity and trading efficiency [1][2][3] Summary by Relevant Sections Minimum Price Fluctuation Unit Adjustment - Starting from August 4, the minimum price fluctuation unit for securities will be adjusted in phases. For securities priced between HKD 10 and 20, the minimum fluctuation will decrease from HKD 0.02 to HKD 0.01 (a 50% reduction). For those priced between HKD 20 and 50, it will drop from HKD 0.05 to HKD 0.02 (a 60% reduction) [2][5] - This adjustment applies to stocks, Real Estate Investment Trusts (REITs), and equity warrants [2] Market Liquidity and Trading Efficiency - The HKEX aims to improve market liquidity through this adjustment, making it easier for orders to be executed at expected prices and aligning trading prices closer to the actual value of stocks [1][4] - The average daily trading volume in the Hong Kong stock market reached HKD 240.2 billion in the first half of 2025, reflecting a 118% increase compared to the same period last year [3] Impact on Market Participants - Industry experts believe that the reduction in the minimum price fluctuation unit will lower trading costs and enhance efficiency, potentially attracting more quantitative funds into the market [4] - However, there are concerns that traders relying on small price differences for arbitrage may exit the market due to reduced profit margins, which could negatively impact overall market liquidity [1][7] Future Phases of Adjustment - A second phase of adjustments is planned for securities priced between HKD 0.5 and 10, which will see a 50% reduction in the minimum price fluctuation unit, expected to be implemented next year [2][5]

2025年上半年港股日均成交额已达2402亿港元，同比增长118%。 港股证券的最小有效报价单位，即将迎来下调，最高下调幅度达到60%。 香港交易所宣布，自8月4日起将分阶段调整证券市场最小价格变动单位，首阶段调整涉及10至50港元区间的股票及相 关产品。 根据新规，10至20港元证券的最低上落价位将从0.02港元下调至0.01港元，20至50港元证券则从0.05港元降至0.02港 元，调整幅度分别达50%和60%。 这是港交所继2023年成立促进股票市场流动性专责小组后，推出的又一重要举措，旨在通过缩小价差提升市场流动性 和交易效率。港交所数据显示，2025年上半年，港股日均成交额已达2402亿港元，较去年同期增长118%。 业内人士认为，此次调整将使订单更易在预期价格内成交，同时让交易价格更贴近股票实际价值，有望进一步增强市 场流动性。同时，让高频交易的冲击成本降低，未来市场或迎来更多量化资金。 不过，也有市场参与者担忧，新规实施后依赖微小价差套利的"爬格仔"投资者，可能因利润空间压缩而被迫离场，从 而不利于市场流动性。 10—50港元证券最低下调六成 根据披露，第一阶段，价格范围位于10港元至20港元、 ...

Core Viewpoint - The article discusses the current trading situation of Hong Kong Exchanges and Clearing Limited (HKEX), highlighting investor sentiment and technical analysis signals indicating a potential buying opportunity while also noting the risks of profit-taking due to overbought conditions [1][3]. Technical Analysis - The current stock price of HKEX is reported at 440.8 HKD, with a buy signal indicated by various technical indicators, including multiple moving averages and MACD [1]. - Key support levels are identified at 427 HKD and 413 HKD, while resistance levels are at 451 HKD and 468 HKD [1]. - The stock has shown a 5-day volatility of 4.7%, suggesting a high level of short-term price fluctuation [1]. Market Sentiment - Investors are considering entering the market at around 430 HKD, which is close to the first support level [1]. - There is a mixed sentiment among investors regarding whether to take advantage of potential price adjustments or wait for clearer signals [1]. Derivative Products Performance - Recent performance of structured products, such as the Societe Generale bull certificates (59685 and 57702), has been strong, with gains of 20% and 22% respectively, outperforming the underlying stock's 1.15% increase [1]. - The article highlights the attractiveness of certain call options with high leverage, suitable for investors optimistic about HKEX breaking through resistance levels [3]. Investment Tools - Notable call options include JPMorgan's call option (16572) with a leverage of 8.5 and a strike price of 483.88 HKD, and UBS's call option (16698) with a leverage of 9.1 and a strike price of 484.08 HKD [3]. - For bearish investors, HSBC's put option (57040) offers a high leverage of 11.3 with a strike price of 475 HKD, while UBS's put option (60541) has a lower premium and a leverage of 14 [6].

| 36 | | 阿里巴巴 | 2799.92 | | | --- | --- | --- | --- | --- | | 4 | | 小米集团-W | 1763.96 | | | 5 | | 拼多多 | 1603.06 | | | | 網易 | 网易 | 825.18 | 11 | | 7 | | 东方财富 | 520.85 | II | | 8 | | 中芯国际 | 516.85 | | | --- | --- | --- | --- | --- | | 9 | | 京东 | 457.68 | | | 10 | | 快手-W | 409.34 | | | II | | 腾讯音乐 | 326.82 | | | 12 | Bal Car | 目度 | 295.44 | | | 13 | | 理想汽车 | 283.13 | | | 14 | | 贝壳 | 221.36 | | | 15 | | 同花顺 | 218.78 | | | 16 | | 小鹏汽车 | 171.87 | | | 17 | | 中通快递 | 159.79 | | | 18 | | 科大讯飞 | 157.13 | | | 19 | | 蔚来 ...

| 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 | 545.065 | -3.935 | -0.72% | 69.440 | | 2 | 阿里巴巴-W | 09988 | 115.171 | -1.929 | -1.65% | 117.380 | | 3 | 建设银行 | 00939 | 8.136 | -0.054 | -0.66% | 20.730 | | 4 | 汇丰控股 | 00005 | 96.517 | -0.433 | -0.45% | 61.480 | | 5 | 小米集团-W | 01810 | 54.365 | -0.385 | -0.70% | 34.630 | | 6 | 友邦保险 | 01299 | 73.804 | -0.446 | -0.60% | 37.610 | | 7 | 美团-W | 03690 | 121.823 | -5.577 | -4.38% | 31. ...

智通财经7月30日电，香港交易所信息显示，摩根大通在微盟集团的持股比例于07月24日从4.81%升至 5.33%，平均股价为2.0488港元。 ...

智通财经7月30日电，香港交易所信息显示，贝莱德在理想汽车-W的持股比例于07月24日从5.06%降至 4.94%。 ...