Group 1 - The Hang Seng Index has outperformed globally in the first half of the year, rising over 20% due to strong investment interest from international and mainland Chinese investors [1][3] - The average daily trading volume of Hong Kong stocks increased by 82% year-on-year to HKD 240 billion [1] - The Hong Kong stock equity financing market saw significant growth, with new stock financing reaching USD 14.1 billion in the first half of 2025, a 695% increase compared to the same period in 2024 [3] Group 2 - The new stock financing amount in Hong Kong for the first half of 2025 surpassed the total financing amounts for the years 2022, 2023, and 2024 [3] - Eight A-share companies listed in Hong Kong in the first half of 2025, raising a total of USD 10.1 billion, primarily to expand their international presence [3] - The Hong Kong new stock market has maintained strong momentum in July, with eight companies successfully listing in the first two weeks [3]

智通财经7月23日电，香港交易所信息显示，贝莱德在快手-W的持股比例于07月18日从5.25%降至 4.96%。 ...

据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。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现代服务指数十大权重分别为：腾讯控股（17.58%）、阿里巴巴-W （11.7%）、汇丰控股（9.08%）、建设银行（5.16%）、美团-W（4.09%）、友邦保险（3.83%）、香 港交易所（2.85%）、中国移动（2.79%）、工商银行（2.74%）、网易-S（2.21%）。 金融界7月23日消息，A股三大指数收盘涨跌不一，中证香港300现代服务指数 (H300现代服务， H30107)报1730.04点。 从中证香港300现代服务指数持仓的市场板块来看，香港证券交易所占比100.00%。 数据统计显示，中证香港300现代服务指数近一个月上涨6.24%，近三个月上涨16.01%，年至今上涨 23.03%。 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。特殊情况下将对指数进行临时调整。当样本退市时，将其 ...

Core Viewpoint - The establishment of a regular communication mechanism between relevant authorities and the China Securities Regulatory Commission (CSRC) aims to support the capital market in Shenzhen's comprehensive reform, with expectations for a series of reforms, including the return of companies listed on the Hong Kong Stock Exchange to the Shenzhen Stock Exchange [1][2] Group 1: Market Dynamics - The Shenzhen authorities have enhanced communication with various ministries since the issuance of the "Opinions on Deepening the Reform and Innovation of Shenzhen's Comprehensive Reform Pilot" [2] - The market anticipates that the return of companies from the Guangdong-Hong Kong-Macao Greater Bay Area to the Shenzhen Stock Exchange will provide more investment opportunities for investors and contribute to the growth of the A-share market [2][3] Group 2: Eligible Companies - There are over 250 companies listed on the Hong Kong Stock Exchange that are registered in the Guangdong-Hong Kong-Macao Greater Bay Area, with 30 already listed on the A-share market and 220 yet to return [3] - Among the 220 companies, the top three by market capitalization are AIA Group (737.19 billion HKD), Hong Kong Exchanges and Clearing (548.47 billion HKD), and Bank of China (Hong Kong) (379.03 billion HKD) [3] Group 3: Regulatory Framework - The National Development and Reform Commission has indicated support for eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, clarifying the path for different types of Hong Kong companies to return to A-shares [3][4] - The current rules require that red-chip companies seeking secondary listings on the Shenzhen Stock Exchange must have a market capitalization of at least 200 billion CNY and possess strong technological innovation capabilities [5][6] Group 4: Economic Implications - The return of Hong Kong-listed companies to the Shenzhen Stock Exchange is expected to enrich the industry matrix and enhance the valuation system of the A-share market, potentially attracting international capital [6][7] - The dual listing on both the Shenzhen and Hong Kong exchanges may facilitate the return of offshore RMB, thereby promoting the internationalization of the RMB and enhancing cross-border capital flow [7]

Investment Rating - The report maintains a recommendation for the securities and insurance sectors, indicating a positive outlook despite potential challenges from trade friction and economic pressures [6]. Core Insights - The non-bank financial sector saw a significant increase in holdings, with the insurance sector's holdings rising to 1.54%, up 0.63 percentage points from the previous quarter, while the brokerage sector's holdings reached 0.90%, up 0.36 percentage points [5][21]. - The total market value of public funds reached 6,285.3 billion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [2]. - The insurance sector is benefiting from a recovery in premium income, with a cumulative premium income of 30,602 billion from January to May, reflecting a year-on-year growth of 3.8% [20]. Summary by Sections Public Fund Market Size - In Q2 2025, the total net value of funds was 33.7 trillion, with a year-on-year increase of 10% and a quarter-on-quarter increase of 7% [10]. - The non-monetary fund scale was 19.5 trillion, up 11% year-on-year and 7% quarter-on-quarter [10]. High Dividend Stock Holdings Analysis - The holdings of banks, electric equipment, transportation, public utilities, oil and petrochemicals, and coal showed varied changes, with bank holdings increasing by 16% [16]. Non-Bank Sector Holdings Analysis Brokerage Sector - The brokerage sector's holdings increased to 0.90%, with a 58% rise in shareholding volume to 669 million shares [18][19]. - The average daily trading volume for equity funds reached 1.49 trillion, a year-on-year increase of 57% [18]. Insurance Sector - The insurance sector's holdings increased significantly, with a notable rise in individual stock holdings for major companies like China Ping An and China Taiping [21]. - The insurance sector's holdings are still below the standard allocation of 1.91%, indicating potential for further investment [21]. Investment Recommendations - The report suggests focusing on key brokerage firms such as CITIC Securities and Guotai Junan, as well as insurance companies like China Taiping and China Ping An, due to their potential for growth in the current market environment [6].

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) has announced an optimization of the Stock Connect trading mechanism, which is expected to shorten the settlement cycle and enhance market liquidity. The number of new listings in the first half of the year has increased by 15% year-on-year, contributing to a positive market reaction regarding its revenue from transaction fees [1]. Group 1: Market Performance - HKEX's stock closed at HKD 431.2, with a daily increase of 0.28% and a trading volume of HKD 1.502 billion [1]. - Technical analysis indicates a "strong buy" signal with a strength of 16, while multiple moving averages also reflect a robust medium to long-term trend [2]. - The stock is currently approaching its first resistance level at HKD 439, with a 54% probability of breaking through this level [5]. Group 2: Support and Resistance Levels - The first support level for HKEX is at HKD 419, with a deeper support level at HKD 403. The first resistance level is at HKD 439, and a higher resistance level is at HKD 448 [5]. - The stock has experienced a 2.5% fluctuation over the past five days, indicating some short-term speculative opportunities [5]. Group 3: Derivative Products - For bullish investors, UBS call option (16698) has a leverage of 9.4 times with a strike price of HKD 484.08, while HSBC call option (13488) has a leverage of 7.5 times with a strike price of HKD 480.2, both featuring relatively low premiums [7]. - For bearish investors, UBS put option (53316) offers the lowest premium with a leverage of 13.1 times and a strike price of HKD 460, while Morgan Stanley put option (54605) has the highest leverage of 12.5 times with the same strike price [9].

Core Insights - Hong Kong is positioned as a unique international financial center that supports mainland enterprises in expanding overseas through listing opportunities [1][2] - The seminar attracted over 110 representatives from various enterprises, indicating strong interest in leveraging Hong Kong's advantages for international market expansion [1] Group 1: Event Overview - The Hong Kong Investment Promotion Agency held a hybrid seminar to discuss how to utilize Hong Kong's advantages for mainland dining, retail, and creative enterprises [1] - The event featured insights from professionals at the Hong Kong Stock Exchange, Deloitte China, and China International Capital Corporation, focusing on listing processes and international business strategies [1] Group 2: Market Potential - In the first half of 2025, IPO fundraising in Hong Kong is projected to exceed HKD 107 billion, ranking first globally, with retail, consumer goods, and services accounting for 34% of main board listings [2] - The Investment Promotion Agency has assisted over 1,300 enterprises in establishing operations in Hong Kong, resulting in investments exceeding HKD 160 billion, reflecting international confidence in Hong Kong's business environment [2] Group 3: Expert Opinions - Deloitte China's partner highlighted that Hong Kong's mature capital market, stable valuations, and low tax rates create a competitive financial and tax structure for enterprises [2] - Mainland dining enterprises can enhance brand recognition and leverage Hong Kong's role as a "super connector" to accelerate overseas business expansion [2]

智通财经7月22日电，香港交易所信息显示，贝莱德在蒙牛乳业的持股比例于07月17日从7.10%降至 6.64%。 ...

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。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。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入指数。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。当港股通范围发生 变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通非银行金融主题指数从港股通证券范围中选取符合非银行金融主题的不超过50家上 市公司证券作为指数样本，以反映港股通范围内非银行金融主题上市公司的整体表现。该指数以2014年 11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：中国平安（15.24%）、香港交易 所（13.97%）、友邦保险（13.55%）、中国人寿（8.76%）、中国太保（6.94%）、中国财险 （6.21%）、新华保险（3.96%）、中 ...

Group 1 - The Hong Kong Stock Exchange (HKEX) announced the launch of the first phase of lowering the minimum price fluctuation for the Hong Kong securities market, set to take place on August 4, 2025, following successful market rehearsals and regulatory approvals [1] - A pre-launch test will be conducted on August 2, 2025, to ensure that all exchange participants are ready for the upcoming changes, with a strong recommendation for participation [2] - Confirmation of the official launch of the first phase will be announced on the same day as the pre-launch test, with a dedicated webpage for updates and necessary actions for exchange participants [3]