香港交易所信息显示， 贝莱德在 信达生物的持股比例于07月28日从5.19%降至4.69%。 ...

中国业务咨询委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事 会的顾问，张勇加入后，委员会成员将增至九名。香港交易所非执行董事及中信资本控股有限公司董 事长兼首席执行官张㦤宸担任委员会主席。 委员会的其他成员包括：香港交易所前主席史美伦、春华资本集团董事长胡祖六、北京大学国家发展 研究院院长及数字金融研究中心主任黄益平、现任国家科技成果转化引导基金理事长及招商银行前行 长兼首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、香港交易所主席唐家成以及香港交易所 集团行政总裁陈翊庭。 2025.08. 01 本文字数：845，阅读时长大约2分钟 作者｜ 第一财经 陈杨园 8月1日，香港交易所公告显示，晨壹基金管理合伙人、前阿里巴巴集团董事会主席兼首席执行官张 勇获委任为香港交易所旗下中国业务咨询委员会的最新成员。 香港交易所主席唐家成表示，很高兴张勇先生加入中国业务咨询委员会。张勇对于中国企业和金融市 场都拥有丰富经验及深刻的认识，可以为港交易所董事会提供宝贵意见，帮助香港交易所发挥"连接 中国与世界"的独特优势，落实各项战略目标。 第 一 财 经 持 续 追 踪 财 经 热 点 。 ...

Core Viewpoint - The appointment of Zhang Yong as a member of the Hong Kong Stock Exchange's (HKEX) China Business Advisory Committee is expected to enhance the exchange's strategic goals and strengthen its role in connecting China with the global market [1][2]. Group 1: Appointment and Committee Structure - Zhang Yong has been appointed to the China Business Advisory Committee of HKEX, increasing the committee's membership to nine [1]. - The committee, established in 2021, consists of seasoned industry experts who advise the HKEX board on matters related to the Chinese market [1]. - The committee is chaired by Zhang Yicheng, the Chairman and CEO of CITIC Capital Holdings [1]. Group 2: Zhang Yong's Background - Zhang Yong is a graduate of Shanghai University of Finance and Economics and is currently a managing partner at Chen Yi Fund [2]. - He was a founding member of Alibaba Group's partnership system and served as CEO from 2015 until 2023 [2]. - His previous roles at Alibaba include CFO of Taobao, General Manager of Tmall, COO of Alibaba Group, and Chairman of Cainiao Network [2]. Group 3: Future Aspirations - Zhang Yong expressed enthusiasm about partnering with Liu Xiaodan at Chen Yi Fund to explore new opportunities in mergers and acquisitions [3][4]. - The focus will be on leveraging technological advancements and economic transformation to reshape industries and value chains [4].

下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 香港交易所今天宣布委任 晨壹基金 管理合伙人及阿里巴巴集团前董事会主席张勇为香港交易所旗下中国业务咨询委员会的最新成员。 该委员会成立于2021年，成员包括深谙中国市场的资深业界专家，担任香港交易所董事会的顾问。张勇加入后，委员会成员将增至九名。 ...

Group 1 - The report maintains an investment rating of "Outperform the Market" for the non-bank financial sector [2][43]. - The core viewpoint emphasizes that the current market sentiment is recovering, supported by a series of policy implementations, which may lead to further increases in trading volume and index rebounds [43][44]. - The report highlights that the brokerage sector's price-to-book (PB) ratio is still at historical low levels, indicating potential for growth [44]. Group 2 - The report reviews the performance of the brokerage sector from 2003 to 2025, noting that the sector has experienced significant excess returns compared to the CSI 300 index during various market cycles [5][9]. - It identifies that the brokerage sector's beta has shown a slight recovery in 2025, currently at 1.66, indicating higher volatility compared to the market [5][6]. - The report points out that the current trading volume in the brokerage sector is positively correlated with the index performance, suggesting that increased trading activity often leads to higher index values [23][41]. Group 3 - The report indicates that the H-share brokerage stocks have shown stronger elasticity in the current market cycle, outperforming their A-share counterparts significantly [12][16]. - It notes that the average daily trading volume of the H-share brokerage sector has reached historical highs, with a peak of 15.3% of the total Hong Kong market trading volume [41]. - The report recommends specific brokerage firms such as GF Securities, East Money, CITIC Securities, Huatai Securities, and Hong Kong Exchanges for investment consideration [44].

张勇加入后，中国业务咨询委员会成员将增至九名，香港交易所非执行董事及中信资本控股有限公司董 事长兼首席执行官张懿宸担任委员会主席。委员会的其他成员包括：香港交易所前主席史美伦、春华资 本集团董事长胡祖六、北京大学国家发展研究院院长及数字金融研究中心主任黄益平教授、现任国家科 技成果转化引导基金理事长及招商银行前行长兼首席执行官马蔚华、TPG中国的合伙人兼董事长孙强、 香港交易所主席唐家成以及香港交易所集团行政总裁陈翊庭。 资料显示，张勇现为晨壹基金的管理合伙人。加入晨壹基金之前，他于2007年加入阿里巴巴集团，期间 曾担任多个重要职位，于2015年起出任阿里巴巴集团首席执行官，并于2019年起同时出任阿里巴巴集团 董事会主席，直至2023年卸任。 智通财经APP获悉，8月1日，香港交易所宣布委任晨壹基金合伙人及阿里巴巴(09988)前董事会主席张勇 为香港交易所旗下中国业务咨询委员会的最新成员。 香港交易所主席唐家成表示，很高兴张勇先生加入中国业务咨询委员会。他对于中国企业和金融市场都 拥有丰富经验及深刻的认识，可以为香港交易所董事会提供宝贵意见，帮助香港交易所发挥"连接中国 与世界"的独特优势，落实各项战略 ...

人民财讯8月1日电，香港交易所今天宣布，委任晨壹基金管理合伙人及阿里巴巴集团前董事会主席张勇 为香港交易所旗下中国业务咨询委员会的最新成员。张勇加入后，委员会成员将增至9名。 ...

Core Viewpoint - Hong Kong's stock market is undergoing reforms to attract emerging industries and overseas companies for fundraising, with a focus on optimizing the listing mechanism while ensuring investor protection [2][4]. Group 1: Listing Mechanism Optimization - The Hong Kong Stock Exchange (HKEX) has relaxed listing rules by lowering the market capitalization requirement for secondary listings of Greater China issuers and removing restrictions on "innovative industry companies" [4]. - HKEX is set to lower the listing market cap threshold for specialized technology companies by September 2024 and will launch a "Tech Company Fast Track" by May 2025 to provide pre-listing guidance for biotech and other firms [4]. - The HKEX is researching a tiered minimum public shareholding requirement based on issuer market capitalization, with consultations already initiated [4]. Group 2: Approval Process Efficiency - The approval process for listings has been significantly expedited, with the average time reduced from 61 days in 2022 to 28 days as of June 2023 [5]. - The Securities and Futures Commission (SFC) and HKEX have committed to completing applications within 40 business days, with a maximum of two rounds of inquiries [5]. Group 3: International Outreach and Market Expansion - The proportion of international companies listed in Hong Kong is currently between 5% and 10%, which is significantly lower than London and the US markets [7]. - HKEX plans to expand the list of recognized overseas exchanges and simplify the listing process for foreign issuers, aiming to enhance the attractiveness of Hong Kong as a fundraising platform [7][8]. - The HKEX is actively promoting its listing advantages in ASEAN and the Middle East, with initiatives to attract more international companies to utilize Hong Kong's capital market [8].

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]