Group 1 - The Hang Seng Index rose by 0.57% on July 10, with southbound trading totaling HKD 150.16 billion, including HKD 76.53 billion in buying and HKD 73.63 billion in selling, resulting in a net inflow of HKD 2.90 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total turnover of HKD 49.05 billion, with net buying of HKD 1.32 billion, while the Shanghai Stock Connect had a total turnover of HKD 101.11 billion, with net buying of HKD 1.58 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total trading amount of HKD 14.24 billion, followed by Yisou Technology and Juxing Legend with HKD 7.59 billion and HKD 6.44 billion respectively [1] Group 2 - Among the stocks with net buying, China Construction Bank had the highest net inflow of HKD 588 million, closing up by 3.16%, while Alibaba-W and Meituan-W had net inflows of HKD 573 million and HKD 485 million respectively [1] - Tencent Holdings experienced the largest net outflow of HKD 729 million, closing down by 0.20%, while Xiaomi Group-W and Sunac China had net outflows of HKD 379 million and HKD 142 million respectively [1] - A total of 9 stocks, including Alibaba-W and Meituan-W, were active in both the Shenzhen and Shanghai Stock Connects, with Alibaba-W having a total trading amount of HKD 4.71 billion and a net inflow of HKD 573 million [2]

Market Overview - On July 10, the Hang Seng Index rose by 0.57%, closing at 24,028.37 points, with a total net inflow of HKD 2.902 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 150.163 billion, with a net buy of HKD 2.902 billion [1] Southbound Trading Details - The Shanghai-Hong Kong Stock Connect recorded a trading volume of HKD 101.111 billion, with a net buy of HKD 1.579 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 49.053 billion and a net buy of HKD 1.323 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Guotai Junan International with a trading volume of HKD 10.399 billion, followed by Yisou Technology and Giant Star Legend with trading volumes of HKD 5.684 billion and HKD 5.005 billion, respectively [1] Stock Performance - Alibaba-W had the highest net buy amount of HKD 770 million, closing with a price increase of 0.29% [1] - Tencent Holdings recorded the highest net sell amount of HKD 387 million, closing with a price decrease of 0.20% [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International also led in trading volume with HKD 3.837 billion, followed by Yisou Technology and Alibaba-W with trading volumes of HKD 1.906 billion and HKD 1.886 billion, respectively [2] Notable Stock Movements - Meituan-W had a net buy of HKD 291 million despite closing down by 0.50% [2] - Tencent Holdings experienced a net sell of HKD 342 million, closing down by 0.20% [2] - The trading data for the top active stocks included significant fluctuations, with Guotai Junan International showing a daily increase of 10.24% [2]

Group 1: Stock Market Activity - Net purchases included China Construction Bank at 587 million HKD, Alibaba-W at 572 million HKD, Meituan-W at 485 million HKD, and Derlin Holdings at 355 million HKD; net sales included Tencent Holdings at 729 million HKD, Xiaomi Group-W at 378 million HKD, and Sunac China at 141 million HKD [1] - Southbound funds have continuously net purchased SMIC for 15 days, totaling 9.42536 billion HKD; China Construction Bank for 6 days, totaling 2.34321 billion HKD; Meituan for 4 days, totaling 3.41627 billion HKD; and Alibaba for 4 days, totaling 3.28283 billion HKD [1] Group 2: Individual Stock Performance - Guotai Junan International saw a price increase of 10.2% with a net purchase of 20 million HKD and a transaction volume of 10.399 billion HKD [3] - Yisou Technology experienced a price increase of 19.9% with a net sale of 5 million HKD and a transaction volume of 5.684 billion HKD [3] - Derlin Holdings had a price increase of 18.4% with a net purchase of 321 million HKD and a transaction volume of 3.580 billion HKD [3] - Alibaba-W had a slight price increase of 0.3% with a net purchase of 770 million HKD and a transaction volume of 2.826 billion HKD [3] - China Construction Bank had a price increase of 3.2% with a net purchase of 588 million HKD and a transaction volume of 2.531 billion HKD [3] Group 3: Corporate Announcements - Alibaba announced the completion of a private placement of zero-coupon exchangeable bonds totaling 12.023 billion HKD, maturing in 2032, which will not generate periodic interest [4] - Derlin Holdings plans to tokenize assets valued at up to 500 million HKD, including rights to properties in Hong Kong, using blockchain technology for compliance and distribution to eligible shareholders and users [4] Group 4: Banking Industry Insights - The banking industry in China is transitioning from a "de-financialization, market-oriented" model to a new model characterized by "weak cycles," with expectations of slower interest margin declines compared to risk-free rates [5] - The asset quality is showing weak cyclical characteristics, benefiting from enhanced fiscal and banking connections, and the strong sustainability of bank dividend yields [5]

Core Insights - On July 10, 2025, Guotai Junan International (01788), Yisou Technology (02550), and Giant Star Legend (06683) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 10.399 billion, 5.684 billion, and 5.005 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Yisou Technology (02550), and Alibaba-W (09988) led the trading volume, with amounts of 3.837 billion, 1.906 billion, and 1.886 billion respectively [1] Southbound Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 10.399 billion with a net buying amount of +19.8542 million [2] - Yisou Technology (02550) recorded a trading amount of 5.684 billion with a net buying amount of -4.7657 million [2] - Giant Star Legend (06683) achieved a trading amount of 5.005 billion with a net buying amount of +58.8994 million [2] - Other notable companies included Derun Holdings (01709) with 3.580 billion and a net buying amount of +321 million, and Alibaba-W (09988) with 2.826 billion and a net buying amount of +77 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 3.837 billion with a net buying amount of -1.10 billion [2] - Yisou Technology (02550) recorded a trading amount of 1.906 billion with a net buying amount of +7.3879 million [2] - Alibaba-W (09988) achieved a trading amount of 1.886 billion with a net buying amount of -1.98 billion [2] - Other significant companies included Xiaomi Group-W (01810) with 1.511 billion and a net buying amount of -1.95 billion, and Giant Star Legend (06683) with 1.433 billion and a net buying amount of -34.05 million [2]

7月10日港股市场，北水成交净买入29.02亿港元，其中港股通(沪)成交净买入15.79亿港元，港股通(深) 成交净买入13.23亿港元。 北水净买入最多的个股是建设银行（601939）(00939)、阿里巴巴-W(09988)、美团-W(03690)。北水净 卖出最多的个股是腾讯(00700)、小米集团-W(01810)、融创中国(01918)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 国泰君安 ... HK 01788 | 52.10 乙 | 51.90亿 | 103.99 亿 +1985.42万 | | 宜搜科技 | | | 56.84 乙 | | HK 02550 | 28.40亿 | 28.44亿 | -476.57万 | | 巨星传奇 | 25.32 乙 | | 50.05亿 | | HK 06683 | | | 24.73亿 +5889.94万 | | 德林控股 | 19.51 乙 | 16.29 乙 | 35.80亿 | | HK 01709 | | | +3.21 乙 | | 阿里巴巴-W | ...

Group 1 - Northbound capital recorded a net purchase of HKD 29.02 billion in the Hong Kong stock market on July 10, with HK Stock Connect (Shanghai) contributing HKD 15.79 billion and HK Stock Connect (Shenzhen) contributing HKD 13.23 billion [1] - The most purchased stocks by northbound capital were China Construction Bank (00939), Alibaba-W (09988), and Meituan-W (03690) [1] - The most sold stocks included Tencent (00700), Xiaomi Group-W (01810), and Sunac China (01918) [1] Group 2 - China Construction Bank saw a net purchase of HKD 5.87 billion, with its stock price reaching a new high [4] - Alibaba-W and Meituan-W received net purchases of HKD 5.72 billion and HKD 4.85 billion, respectively, amid a competitive subsidy war among major food delivery platforms [5] - Derlin Holdings (01709) received a net purchase of HKD 3.55 billion, planning to tokenize assets worth HKD 500 million [5] Group 3 - E-surfing Technology (02550) had a net purchase of HKD 262 million, with Barclays increasing its stake significantly [6] - Guotai Junan International (01788) faced a net sell-off of HKD 903.5 million despite projecting a substantial profit increase [6] - Xiaomi Group-W experienced a net sell-off of HKD 3.78 billion, with a significant drop in electric vehicle sales [6]

Group 1 - The core viewpoint of the news is the establishment of a comprehensive framework for promoting and integrating Chinese financial culture within the Bank of China Shandong Branch, emphasizing the importance of learning from the exemplary deeds of Zhang Fuqing [1][2][5] - The Shandong Branch has developed a detailed implementation plan with 17 specific measures to promote the advanced deeds of Zhang Fuqing and to cultivate Chinese financial culture, assigning responsibilities to various departments [1][5] - The branch has integrated the promotion of Chinese financial culture into its core activities, including mandatory learning sessions and discussions at the party committee level, with multiple meetings held to reinforce this initiative [2][5] Group 2 - The Shandong Branch has launched a "Five Ones" campaign to enhance cultural recognition, which includes creating a cultural wall, hosting themed reports, and organizing various activities, achieving 100% coverage across all institutions [3] - The branch has published over 3,060 articles online and established 1,038 offline display areas, with extensive participation in training and cultural activities, demonstrating a high engagement rate among employees [3][4] - The branch has identified and recognized over 740 "Zhang Fuqing-style" advanced models and formed numerous service teams to promote these ideals, conducting over 2,400 activities to enhance community engagement [4][5] Group 3 - The Shandong Branch has implemented a mechanism for continuous monitoring and evaluation of the integration of Chinese financial culture into its operations, ensuring that these cultural values are reflected in daily practices and management [5][6] - Future plans include further embedding Chinese financial culture into various operational aspects, aiming to guide employees in establishing correct business perspectives and contributing to the high-quality development of the Shandong economy [6]

Core Viewpoint - The article promotes various credit card reward programs offered by China Construction Bank, highlighting opportunities for customers to earn significant points through specific spending activities during the promotional period from July to December 2025 [5][14]. Group 1: Promotional Activities - Activity 1: Customers who register and spend at least 6,000 yuan in domestic transactions during July to December 2025 will receive a reward of 5,666 comprehensive points [5]. - Activity 2: From April 1 to December 31, 2025, customers using Alipay with a designated China Construction Bank credit card can earn 1 point for every 1 yuan spent, with a maximum bonus of 10,000 points per month, and an additional 20,000 points for reaching a total of 20,000 yuan in monthly spending [10]. - Activity 3: From July 1 to December 31, 2025, customers can earn 1 point for every 1 yuan spent through WeChat Pay, with a cap of 10,000 points per month [12]. - Activity 4: Customers invited to participate can earn 1,666 comprehensive points for spending at least 1,500 yuan in domestic transactions during July to December 2025, with additional rewards for meeting spending thresholds multiple times [14].

Core Viewpoint - The article discusses the recent developments in financial reforms in Hebei Province, emphasizing the importance of inclusive finance and its role in supporting local enterprises and economic growth [1][4]. Group 1: Financial Reforms and Initiatives - The 20th Central Committee of the Communist Party of China has approved a decision to deepen financial reforms, focusing on the development of various types of finance including technology, green, inclusive, pension, and digital finance [1]. - Hebei Province has seen rapid growth in its financial sector, effectively supporting the real economy and facilitating corporate financing [1]. - The People's Bank of China in Hebei has implemented a comprehensive action plan to promote high-quality economic development through inclusive finance, including the establishment of a long-term mechanism for small and micro-enterprise financing [4]. Group 2: Support for Small and Micro Enterprises - A case study highlights a packaging company in Cangzhou that received a 2 million yuan loan from the Bank of China to address its funding shortages, showcasing the bank's proactive approach to supporting local businesses [2]. - The "Yard Quick Loan" product from CITIC Bank has been successfully implemented in Hebei, providing tailored financial solutions to local enterprises, which has led to significant economic benefits for surrounding communities [3]. - As of the end of the first quarter, the balance of inclusive loans for small and micro enterprises in Hebei reached 1.3376 trillion yuan, reflecting a year-to-date growth of 13.31%, significantly outpacing the overall loan growth rate [4][5]. Group 3: Broader Economic Impact - The inclusive finance initiatives in Hebei are not only addressing the immediate financial needs of small enterprises but are also contributing to rural revitalization and supporting special groups such as veterans [5]. - The financial services are being extended to various sectors, including agriculture, with innovative products and services being developed to meet local needs [4][5].

Market Overview - On July 9, the Hang Seng Index fell by 1.06%, closing at 23,892.32 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 9.256 billion [1][3] - The total trading volume for the Stock Connect on July 9 was HKD 132.654 billion, with a net purchase of HKD 9.256 billion [1] Stock Performance - In the Shanghai Stock Connect, the total trading volume was HKD 88.533 billion, with a net purchase of HKD 6.585 billion; in the Shenzhen Stock Connect, the trading volume was HKD 44.122 billion, with a net purchase of HKD 2.672 billion [1] - The most actively traded stock in the Shanghai Stock Connect was Legend Holdings, with a trading volume of HKD 10.867 billion, followed by Guotai Junan International and Alibaba-W, with trading volumes of HKD 9.711 billion and HKD 4.349 billion, respectively [1][2] - In terms of net buying, China Construction Bank led with a net purchase of HKD 1.1 billion, despite its stock price declining by 0.24% [1] - Tencent Holdings had the highest net selling amount at HKD 49 million, with its stock price down by 1.37% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Guotai Junan International topped the trading volume with HKD 3.649 billion, followed by Legend Holdings and Alibaba-W with HKD 3.320 billion and HKD 3.072 billion, respectively [2] - The stock with the highest net purchase was China National Pharmaceutical Group, with a net purchase of HKD 309 million, and its stock price increased by 10.06% [2] - Alibaba-W experienced the highest net selling amount at HKD 25 million, with its stock price down by 3.83% [2]