Market Overview - On June 24, the Hang Seng Index rose by 2.06%, closing at 24,177.07 points, with a total net inflow of HKD 2.589 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on June 24 was HKD 121.261 billion, with a net buying amount of HKD 2.589 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 76.777 billion, with a net buying of HKD 0.812 billion; the Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 44.484 billion, with a net buying of HKD 1.777 billion [1] - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Xiaomi Group-W had the highest transaction amount of HKD 5.007 billion, followed by Meituan-W and Shandong Molong with transaction amounts of HKD 3.106 billion and HKD 2.791 billion, respectively [1] Stock Performance - In terms of net buying, China Construction Bank led with a net buying amount of HKD 0.693 billion, closing with a price increase of 2.56% [1] - Xiaomi Group-W had the highest net selling amount of HKD 1.083 billion, while its closing price increased by 3.74% [1] - For the Shenzhen Stock Exchange's southbound trading, Xiaomi Group-W also led in transaction amount with HKD 2.868 billion, followed by Meituan-W and Alibaba-W with transaction amounts of HKD 2.500 billion and HKD 1.793 billion, respectively [2] - The stock with the highest net buying in the Shenzhen market was Innovent Biologics, with a net buying amount of HKD 0.599 billion, closing up by 4.06% [2]

Core Viewpoint - The "Deep Sea No. 1" Phase II project, China's first deep-water high-pressure gas field, has been fully put into production, marking a significant achievement in the country's energy sector [1] Group 1: Project Overview - "Deep Sea No. 1" gas field is the deepest and most challenging deep-water gas field developed independently in China, with a maximum operating water depth exceeding 1500 meters and a maximum formation temperature of 138 degrees Celsius [1] - The proven geological reserves of natural gas in the field exceed 150 billion cubic meters [1] - The project is developed in two phases, with Phase I launched in June 2021 and Phase II deploying 12 underwater gas wells across three well areas: south, north, and east [1] Group 2: Infrastructure Development - Phase II includes the construction of one jacket platform, one underwater production system, five subsea pipelines, and four deep-water umbilicals, creating a large-scale oil and gas production facility cluster with a geographical span of over 170 kilometers and a water depth span exceeding 1500 meters [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of China National Offshore Oil Corporation (CNOOC), indicating a decline in stock price and profitability metrics [1][2] - As of June 24, CNOOC's closing stock price was 26.15 yuan, down 2.21%, with a rolling price-to-earnings (PE) ratio of 9.22 times and a total market capitalization of 1,242.9 billion yuan [1] - The average industry PE ratio is 12.92 times, with a median of 30.72 times, placing CNOOC in 9th position within the industry rankings [1][2] Group 2 - For the first quarter of 2025, CNOOC reported operating revenue of 1,068.54 billion yuan, a year-on-year decrease of 4.14%, and a net profit of 365.63 billion yuan, down 7.90% year-on-year, with a sales gross margin of 54.65% [1] - A total of 163 institutions held shares in CNOOC, including 152 funds, 7 others, 3 brokerages, and 1 social security fund, with a total shareholding of 1,092.50 million shares valued at 28.37 billion yuan [1]

Core Insights - On June 24, 2025, Xiaomi Group-W (01810), Meituan-W (03690), and Shandong Molong (00568) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 5.007 billion, 3.106 billion, and 2.791 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Meituan-W (03690), and Alibaba-W (09988) led the trading volume, with amounts of 2.868 billion, 2.500 billion, and 1.793 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Xiaomi Group-W (01810): 5.007 billion, net buy of -1.083 billion - Meituan-W (03690): 3.106 billion, net buy of 0.514 billion - Shandong Molong (00568): 2.791 billion, net buy of -56.957 million - Alibaba-W (09988): 2.194 billion, net buy of -0.470 billion - SMIC (00981): 2.118 billion, net buy of 0.394 billion - CNOOC (00883): 1.908 billion, net buy of 0.084 billion - Pop Mart (09992): 1.835 billion, net buy of 0.264 billion - Tencent Holdings (00700): 1.713 billion, net buy of -0.563 billion - China Construction Bank (00939): 1.664 billion, net buy of 0.693 billion - Zhejiang Shibao (01057): 1.317 billion, net buy of 0.087 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Xiaomi Group-W (01810): 2.868 billion, net buy of -0.468 billion - Meituan-W (03690): 2.500 billion, net buy of 0.271 billion - Alibaba-W (09988): 1.793 billion, net buy of -0.281 billion - Tencent Holdings (00700): 1.290 billion, net buy of -0.382 billion - CNOOC (00883): 1.159 billion, net buy of -0.350 billion - SMIC (00981): 1.069 billion, net buy of 0.330 billion - Shandong Molong (00568): 0.925 billion, net buy of 0.067 billion - Innovent Biologics (01801): 0.894 billion, net buy of 0.059 billion - Pop Mart (09992): 0.877 billion, net buy of 0.063 billion - XPeng Motors-W (09868): 0.692 billion, net buy of -0.042 billion [2]

Core Insights - The Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) closed up 1.35% on June 24, with a trading volume of 36.7761 million yuan [1] - The ETF was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of June 23, 2024, the ETF had 441 million shares outstanding and a total size of 589 million yuan, reflecting a 2.32% increase in shares and a 14.75% increase in size year-to-date [1] Fund Performance - The ETF's manager, Yang Kun, has achieved a return of 33.64% since taking over management on August 21, 2024 [1] - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 684 million yuan, with an average daily trading amount of 34.1891 million yuan [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (7.71% holding, 3.6175 million shares, market value of 40.8613 million yuan) [2] - Orient Overseas International (3.06% holding, 152,500 shares, market value of 16.2264 million yuan) [2] - CNOOC (2.77% holding, 860,000 shares, market value of 14.6981 million yuan) [2] - CITIC Bank (2.76% holding, 2.606 million shares, market value of 14.6458 million yuan) [2] - China National Petroleum Corporation (2.65% holding, 2.422 million shares, market value of 14.0587 million yuan) [2] - China National Foreign Trade Transportation Group (2.62% holding, 4.019 million shares, market value of 13.9082 million yuan) [2] - Bank of China (2.54% holding, 3.109 million shares, market value of 13.4560 million yuan) [2] - China Shenhua Energy (2.47% holding, 450,500 shares, market value of 13.1164 million yuan) [2] - Bank of Communications (2.36% holding, 1.947 million shares, market value of 12.5054 million yuan) [2] - China Unicom (2.34% holding, 1.546 million shares, market value of 12.3980 million yuan) [2]

Group 1: Company Initiatives - China National Offshore Oil Corporation (CNOOC) is implementing a comprehensive green transformation across its operations, focusing on ecological restoration and sustainable development [1][5] - The company has launched multiple solar photovoltaic projects, including a 1.88 MW installation at the Basuo Port, generating over 2 million kWh annually, and a planned 3.89 MW expansion [2][4] - CNOOC's Daguikou Company has transformed its rooftop into a "roof power plant" with 17,575 solar panels, producing 3.6 million kWh of clean energy and reducing carbon emissions by nearly 2,000 tons [6][8] Group 2: Environmental Impact - The initiatives at Basuo Port are expected to reduce carbon emissions by over 10,000 tons annually through the transition to LNG fueling for vehicles and the implementation of electric loading systems [4][5] - The Daguikou Company's solar project has led to a 12% reduction in carbon footprint intensity, showcasing the effectiveness of integrating renewable energy into operations [8][12] - CNOOC's efforts in VOCs treatment at the Fudao Company have achieved a removal efficiency of over 97%, significantly lowering harmful emissions [9][11] Group 3: Ecological Restoration - CNOOC's Huhe Company has successfully rehabilitated 19 hectares of abandoned mining pits into thriving ecological forests, utilizing waste materials from production processes [15][17] - The collaboration between Huhe Company and local government has resulted in a cost-effective solution for waste disposal while enhancing local environmental quality [16][17] - The ecological restoration efforts have transformed previously unusable land into recreational areas for the community, demonstrating the company's commitment to sustainable practices [17][19]

Group 1 - The A-share oil and gas exploration sector opened with significant declines, with Tongyuan Petroleum hitting the 20% limit down [1] - Multiple stocks, including Continental Oil, Huai Oil, Beiken Energy, and Zhongman Petroleum, also reached their daily limit down [1] - China National Offshore Oil Corporation (CNOOC) and CNOOC Services followed the downward trend [1] Group 2 - The market reaction is influenced by Trump's statement claiming that Israel and Iran have fully agreed to a comprehensive ceasefire [1]

Core Viewpoint - On June 23, the Hang Seng Index rose by 0.67%, with southbound funds totaling a transaction amount of HKD 98.834 billion, resulting in a net inflow of HKD 7.895 billion [1]. Group 1: Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 98.834 billion, with buy transactions amounting to HKD 53.365 billion and sell transactions amounting to HKD 45.470 billion, leading to a net buy of HKD 7.895 billion [1]. - The cumulative transaction amount for the Stock Connect (Shenzhen) was HKD 36.039 billion, with net buying of HKD 3.506 billion, while the Stock Connect (Shanghai) had a cumulative transaction amount of HKD 62.795 billion, with net buying of HKD 4.389 billion [1]. Group 2: Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 48.21 billion, followed by Xiaomi Group-W and Alibaba-W, with transaction amounts of HKD 46.63 billion and HKD 45.52 billion, respectively [1]. - Among the net buying stocks, Meituan-W had the highest net inflow of HKD 15.15 billion, with a closing price increase of 2.18%. Other notable net buying stocks included China Construction Bank with HKD 8.44 billion and SMIC with HKD 6.78 billion [1]. - Alibaba-W experienced the highest net outflow of HKD 12.86 billion, with a closing price decrease of 0.81%. Other stocks with significant net outflows included China National Offshore Oil Corporation and Xiaomi Group-W, with net outflows of HKD 3.27 billion and HKD 3.18 billion, respectively [1]. Group 3: Continuous Net Buying and Selling - Two stocks, China Construction Bank and SMIC, saw continuous net buying for more than three days, with China Construction Bank having a total net buy of HKD 58.54 billion over nine days and SMIC with HKD 12.36 billion over three days [2]. - Three stocks experienced continuous net selling, with Tencent Holdings and Alibaba-W leading in net outflows, totaling HKD 187.31 billion and HKD 19.98 billion, respectively [2].

【主编观市】 陆家嘴论坛未有期待的利好加上中东冲突持续对港股产生负面冲击，上周恒指继续调整。 美国终于出手，特朗普21日在社交媒体上说，美军已"成功打击"伊朗三处核设施。包括用6枚钻地弹攻 击那个深达90米的福尔多基地。特朗普称，伊朗关键的铀浓缩核设施已被彻底摧毁。 作为回应，伊朗有可能会对美国在中东的基地进行打击，周边阿拉伯国家可能会面临更高的安全风险， 地区局势在短期和中期内将会出现严重升级。 伊朗伊斯兰革命卫队称，22日早上，在对以色列的袭击中，伊朗发射了40枚导弹，包括"霍拉姆沙赫尔 4"导弹。胡塞武装表示如果美国对伊朗发动攻击，组织将袭击红海海域的美国军舰和船只。 过去一周国际平均运费上涨12%，部分高风险航线，如波斯湾至欧洲航线，以及经过红海的亚洲至欧洲 航线，运费涨幅高达2.5倍。航运股预计持续受到追捧。 无疑本周市场都在高度关注后续伊朗的应对举措，从好的方面看，大家都找个台阶，伊朗和美国重新举 行和谈；从最坏的方面看，伊朗打击美国在中东驻军，引发美国更大干预；中性情况是维持现状，不出 现升级。港股则根据事态发展而变化。 其他因素会有间接影响，本周鲍威尔将向参众两院提交半年度货币政策报告并作证， ...

港股三桶油集体高开，中国海洋石油(00883.HK)开涨1.68%，中国石油股份(00857.HK)开涨1.64%，中国 石油化工股份(00386.HK)开涨0.74%，消息面上美国宣布轰炸伊朗核设施，中东局势进一步紧张。 ...