Core Points - The Hong Kong Fundamental 50 Index (H11110) experienced a decline of 0.57%, closing at 2024.18 points with a trading volume of 88.877 billion yuan [1] - Over the past month, the index has increased by 5.23%, 2.50% over the last three months, and 10.55% year-to-date [1] - The index selects the 50 companies with the highest fundamental value from the Hong Kong market, using a fundamental value-weighted calculation to mitigate the impact of overvalued securities typically found in traditional market-capitalization indices [1] Company Holdings - The top ten holdings of the Hong Kong Fundamental 50 Index are: - China Construction Bank (15.8%) - China Mobile (7.5%) - HSBC Holdings (6.62%) - Tencent Holdings (5.13%) - Industrial and Commercial Bank of China (5.01%) - Alibaba Group (4.6%) - Bank of China (4.02%) - China Unicom (3.87%) - CNOOC (3.21%) - Ping An Insurance (2.62%) [1] Sector Allocation - The sector allocation of the index is as follows: - Financials: 44.71% - Communication Services: 20.38% - Real Estate: 10.74% - Energy: 6.48% - Consumer Discretionary: 6.25% - Information Technology: 3.61% - Utilities: 2.49% - Health Care: 1.61% - Materials: 1.31% - Consumer Staples: 1.23% - Industrials: 1.20% [2] Index Adjustment - The index samples are adjusted annually, with changes implemented on the next trading day following the second Friday of June [2] - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2]

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 21.12 亿元 | +1.15 亿元 | | 小米集团-W(01810) | 18.77 亿元 | +1.73 亿元 | | 石药集团(01093) | 13.44 亿元 | +3.70 亿元 | | 腾讯控股(00700) | 12.27 亿元 | -6024.10 万元 | | 众安在线(06060) | 10.23 亿元 | +5290.10 万元 | | 美团-W(03690) | 9.60 亿元 | +1.83 亿元 | | 理想汽车-W(02015) | 9.59 亿元 | +4.01 亿元 | | 盈富基金(02800) | 8.89 亿元 | -8.86 亿元 | | 中芯国际(00981) | 6.34 亿元 | -1.44 亿元 | | 泡泡玛特(09992) | 5.37 亿元 | +1.27 亿元 | 智通财经APP获悉，2025年5月30日当天，阿里巴巴-W(09988)、腾讯控股(00700)、小米集团-W(01810) 位居沪 ...

Investment Rating - The report maintains an "Increase" rating for the petrochemical and chemical transportation industry [6] Core Viewpoints - The process of domestic substitution continues to advance, with a positive outlook on semiconductor materials, MXD6, and ion exchange resins [1][2] - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, impacting companies like Cadence, Synopsys, and Siemens EDA [2] - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The semiconductor materials industry in China has achieved significant progress in key areas, but high-end materials remain dominated by foreign manufacturers, necessitating innovation and increased domestic production [2] - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [3] - The ion exchange resin market is primarily dominated by foreign companies, but domestic leaders are making strides in substituting imports and enhancing their market competitiveness [4] Summary by Sections Semiconductor Materials - The semiconductor market is expected to reach $697.1 billion in 2025, with a year-on-year growth of 11% [2] - Domestic semiconductor materials have largely achieved production in key areas, but high-end materials still rely heavily on imports [2] MXD6 - MXD6 is utilized in lightweight applications for automobiles and drones, with domestic companies overcoming technical barriers to increase production [3] - Major domestic players are ramping up production capabilities, with projects like the 5,000 tons/year MXD6 project by Qicai Chemical entering trial production [3] Ion Exchange Resins - The high-end ion exchange resin market is largely monopolized by foreign companies, but domestic firms are progressively replacing imports and enhancing their brand recognition [4] - Domestic companies like Blue Sky Technology and Jiangsu Suqing are achieving competitive performance in core products [4] Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, as well as materials companies benefiting from domestic substitution trends [5]

Investment Rating - The report maintains an "Overweight" rating for the petrochemical and chemical transportation industry [6] Core Viewpoints - The process of domestic substitution continues to advance, with a positive outlook on semiconductor materials, MXD6, and ion exchange resins [1][2] - The U.S. government has effectively cut off certain American companies from selling semiconductor design software to China, impacting companies like Cadence, Synopsys, and Siemens EDA [2] - Global semiconductor sales are expected to improve in 2024, with an estimated sales figure of approximately $630.5 billion, representing a year-on-year growth of about 19.7% [2] - The semiconductor materials industry in China has achieved significant progress in key areas, but high-end materials are still dominated by foreign manufacturers [2] - MXD6, a high-performance engineering plastic, is projected to grow from $410 million in 2024 to $760 million by 2033, with a CAGR of approximately 7.1% [3] - The ion exchange resin market is primarily dominated by foreign leaders, but domestic companies are making strides in achieving domestic substitution [4] Summary by Sections Semiconductor Materials - The semiconductor market is expected to reach $697.1 billion in 2025, with a year-on-year growth of 11% [2] - Domestic semiconductor materials have largely achieved layout or mass production in key areas, but high-end materials still rely heavily on imports [2] MXD6 - MXD6 is used in lightweight applications for automobiles and drones, with domestic companies overcoming technical barriers to increase production [3] - Major domestic players like Sinochem International and Qicai Chemical are advancing in MXD6 production capabilities [3] Ion Exchange Resins - The high-end ion exchange resin market is largely monopolized by multinational corporations, while domestic companies are gradually improving their competitive edge [4] - Domestic companies are achieving significant performance levels in core products and expanding their market influence [4] Investment Recommendations - The report suggests focusing on undervalued, high-dividend, and well-performing companies in the "three barrels of oil" and oil service sectors, including China National Petroleum, Sinopec, and CNOOC [5] - It also recommends attention to domestic material companies benefiting from the substitution trend, such as Jingrui Electric Materials and Tongcheng New Materials [5] - Positive monetary and fiscal policies are expected to benefit the real estate chain and leading companies, with a focus on agricultural chemicals and private refining sectors [5]

Core Viewpoint - The China Securities Hong Kong 300 Upstream Index (H300 Upstream) has shown significant growth, with a 8.71% increase over the past month, 10.63% over the past three months, and a 5.02% increase year-to-date [2]. Group 1: Index Performance - The H300 Upstream Index is currently reported at 2474.02 points, reflecting a strong upward trend [1]. - The index is based on a sample of securities selected from the China Securities Hong Kong 300 Index, representing the overall performance of various thematic securities listed on the Hong Kong Stock Exchange [2]. Group 2: Index Composition - The top ten holdings of the H300 Upstream Index include: - China National Offshore Oil Corporation (29.31%) - PetroChina Company Limited (12.7%) - China Shenhua Energy Company (10.38%) - Zijin Mining Group (9.79%) - Sinopec Limited (9.47%) - China Hongqiao Group (3.57%) - China Coal Energy Company (3.32%) - Zhaojin Mining Industry Company (3.14%) - Yanzhou Coal Mining Company (2.77%) - Luoyang Molybdenum Company (2.28%) [2]. Group 3: Sector Allocation - The sector allocation of the H300 Upstream Index is as follows: - Oil and Gas: 51.89% - Coal: 18.54% - Precious Metals: 14.87% - Industrial Metals: 10.17% - Rare Metals: 2.98% - Oil and Gas Extraction and Field Services: 1.05% - Other Non-ferrous Metals and Alloys: 0.49% [3]. Group 4: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day following the second Friday of June and December each year. Temporary adjustments may occur under special circumstances [3].

Investment Rating - The report maintains an "Overweight" rating for the oil and gas sector, specifically for the "Big Three" oil companies and oil service companies [5]. Core Viewpoints - The long-term outlook for oil prices remains optimistic due to improving supply-demand dynamics and ongoing geopolitical risks that provide price support [1]. - The "Big Three" oil companies in China are expected to increase their oil and gas equivalent production by 1.6%, 1.3%, and 5.9% respectively by 2025, with significant growth in natural gas production [2]. - The downstream sector is accelerating its transformation towards new materials and clean energy, with major companies investing in high-value products and energy supply networks [3]. - Investment recommendations include focusing on undervalued, high-dividend, and well-performing companies in the oil and gas sector, as well as materials companies benefiting from domestic substitution trends [4]. Summary by Sections Oil and Gas Sector - Oil prices are supported by geopolitical tensions and a slowdown in U.S. shale oil production, with the IEA projecting increases in U.S. crude supply of 440,000 barrels per day in 2025 and 180,000 barrels per day in 2026 [1]. - The "Big Three" oil companies are responding to national calls for increased reserves and production, with specific growth targets set for oil and gas equivalent production [2]. Downstream Transformation - Companies are enhancing their refining and sales operations, transitioning to comprehensive energy suppliers, and investing in electric vehicle infrastructure [3]. Investment Recommendations - The report suggests focusing on the "Big Three" oil companies, oil service firms, and companies in the materials sector that are poised to benefit from domestic substitution trends [4].

2025 年 5 月 29 日 行业研究 油价长期不悲观，继续看好"三桶油"及油服板块 ——石化化工交运行业日报第 70 期（20250528） 要点 供需前景改善叠加地缘政治风险仍存，油价仍有底部支撑。需求方面，本周 美欧谈判取得积极进展，特朗普推迟对欧盟关税的起征时间，且表示对欧盟 加快贸易谈判进程感到鼓舞，贸易冲突缓和或有望提振原油需求。地缘政治 方面，本周西方对俄制裁风险上升，欧盟正在讨论对俄罗斯实施新一轮制 裁，包括针对俄石油的相关措施、降低俄石油和石油产品价格上限以及针对 俄罗斯"影子舰队"船只的新限制措施，特朗普亦考虑本周对俄实施制裁， 因其对俄罗斯总统普京持续攻击乌克兰及和平谈判进展缓慢感到不满，地缘 政治风险仍为油价提供支撑。供给端，近期油价下行对美国页岩油增产前景 造成较大影响，IEA 预计 25、26 年美国原油供应量增幅分别为 44 万桶/日和 18 万桶/日，美国页岩油增产放缓有望部分抵消全球原油供给增长带来的冲 击。 "三桶油"加强"增储上产"，油气产量有望稳步上行。"三桶油"响应国 家"增储上产"号召，中国石油、中国石化、中国海油 2025 年油气当量产 量计划分别增长 1.6% ...

5月28日恒生指数下跌0.53%，南向资金全天合计成交金额为752.05亿港元，其中，买入成交393.91亿港 元，卖出成交358.13亿港元，合计净买入金额35.78亿港元。具体来看，港股通（深）累计成交金额 252.33亿港元，买入成交124.43亿港元，卖出成交127.89亿港元，合计净卖出金额3.46亿港元；港股通 （沪）累计成交金额499.72亿港元，买入成交269.48亿港元，卖出成交230.24亿港元，合计净买入金额 39.24亿港元。 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 03690 | 美团-W | 241440.24 | 107449.67 | -0.53 | | 00941 | 中国移动 | 79179.78 | 59705.14 | 0.11 | | 00883 | 中国海洋石油 | 108233.96 | 56416.13 | 0.78 | | 09660 | 地平线机器人-W | 35702.86 | 18197.81 | -5.68 | | 09992 | ...

5月28日恒生指数下跌0.53%，报收23258.31点，全天南向资金通过港股通渠道合计净买入35.78亿港 元。 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 港股通(沪) | 431631.26 | -71556.87 | 0.39 | | 09992 | 泡泡玛特 | 港股通(沪) | 252859.42 | -10544.44 | -7.12 | | 01810 | 小米集团-W | 港股通(深) | 197727.00 | 578.74 | 0.39 | | 09988 | 阿里巴巴-W | 港股通(沪) | 184967.12 | -22810.05 | -1.95 | | 00700 | 腾讯控股 | 港股通(沪) | 180853.04 | 12058.43 | -1.17 | | 03690 | 美团-W | 港股通(沪) | 161587.08 | 77979.37 | -0.53 | | 00981 | 中芯国际 | ...

智通财经APP获悉，2025年5月28日当天，小米集团-W(01810)、泡泡玛特(09992)、阿里巴巴-W(09988) 位居沪港通（南向）成交额前3位，成交额分别为43.16 亿元、25.29 亿元、18.50 亿元；小米集团- W(01810)、阿里巴巴-W(09988)、泡泡玛特(09992) 位居深港通（南向）成交额前3位，成交额分别为 19.77 亿元、11.63 亿元、10.54 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 43.16 亿元 | -7.16 亿元 | | 泡泡玛特(09992) | 25.29 亿元 | -1.05 亿元 | | 阿里巴巴-W(09988) | 18.50 亿元 | -2.28 亿元 | | 腾讯控股(00700) | 18.09 亿元 | +1.21 亿元 | | 美团-W(03690) | 16.16 亿元 | +7.80 亿元 | | 中芯国际(00981) | 15.28 亿元 | -1.33 亿元 | | 中国海洋石油(00883) | 10.82 亿元 | +5.6 ...