Core Viewpoint - The article highlights the efforts of the Jinan branch of China Construction Bank (CCB) in providing support and care for outdoor workers during a sudden heavy rainstorm, showcasing the bank's commitment to social responsibility and community service [1] Group 1: Company Initiatives - CCB's Jinan Tianqiao branch has established a "Laborer’s Harbor" to offer convenient services for outdoor workers, providing a warm and safe space during adverse weather conditions [1] - During the recent rainstorm, the branch provided hot ginger tea and snacks to outdoor workers, demonstrating a proactive approach to supporting laborers in need [1] Group 2: Community Impact - The "Laborer’s Harbor" has been designed to create a temporary refuge for workers, emphasizing the importance of community support and care for those in physically demanding jobs [1] - The branch plans to continue enhancing the facilities and services of the harbor, aiming to make it a more welcoming and supportive environment for outdoor laborers [1]

当时网点人员十分紧缺，各项工作都在紧张有序地进行着。主管在了解客户的紧急情况后，没有丝毫犹 豫，立刻安排刚结束前一个业务的对公会计暂停休息，前往客户处提供上门服务。 顶着正午的烈日，对公会计很快赶到了客户的店里。一到现场，她便迅速投入工作，耐心细致地帮客户 排查问题。她先一步步指导客户安装"E 路护航" 控件，随后开始讲解收票操作流程。然而，过程并非一 帆风顺，期间不断遇到系统不兼容、证书无法驱动等突发状况。对公会计没有慌乱，一边安抚客户的情 绪，一边不断打电话与网金部经理沟通，共同寻找解决办法。 时间在紧张的忙碌中一点点过去，室外的温度持续攀升，汗水浸湿了对公会计的衣衫，但她丝毫没有在 意，全身心投入到解决问题中。经过一个半小时的努力，系统终于调试成功，客户顺利接收了汇票，悬 着的心也终于放了下来，脸上露出了轻松的笑容。 近日，持续的高温天气炙烤着烟台大地，一位从事金属制品销售的对公客户却满面焦灼地走进建行烟台 临港支行网点求助。原来，该客户刚收到一笔货款的银行承兑汇票，按照业务流程，需确认收票后才能 给对方发货，可她不仅不熟悉接收操作流程，电脑因重装系统还未安装"E 路护航"，业务办理陷入停滞 状态，这让 ...

Fund Overview - The fund is named "Oriental Red CSI Hong Kong Stock Connect High Dividend Investment Index Fund" and is a contract-based open-end stock investment fund [21][22]. - The fund aims to closely track the underlying index, minimizing tracking deviation and error [23]. Fund Management and Custody - The fund is managed by Shanghai Oriental Securities Asset Management Co., Ltd. and the custodian is China Construction Bank Co., Ltd. [1][60]. Fund Offering Details - The fund's offering period is from July 28, 2025, to August 15, 2025, with a minimum total subscription of 200 million units and a minimum fundraising amount of 200 million RMB [25][57]. - The fund has two classes of shares: Class A (code: 024227) and Class C (code: 024228) [3][21]. Subscription Process - Investors can subscribe through direct sales and distribution institutions, with a minimum subscription amount of 10 RMB for direct sales [5][29]. - The fund allows multiple subscriptions during the offering period, and the subscription fee structure varies between Class A and Class C shares [30][32]. Investment Strategy - The fund will invest at least 90% of its net asset value in the index constituents and at least 80% of its non-cash assets in the same [14]. - The underlying index is the CSI Hong Kong Stock Connect High Dividend Investment Index, which includes stocks that have consistently paid dividends over the past three years [10][12][13]. Risk Factors - The fund is subject to various risks, including market volatility, liquidity risk, and specific risks associated with the Hong Kong stock market and investment in financial derivatives [18][19][20].

Group 1 - The company has decided to adjust the custody fee rate of the Dongfang Hong Jixin 90-day holding period pure bond fund from 0.1% per year to 0.05% per year, effective from July 11, 2025 [1][2] - The modifications to the fund contract and custody agreement will not have any substantial adverse impact on the interests of fund shareholders, and no shareholder meeting is required for these changes [1][2] - The updated fund contract and custody agreement will be disclosed through the prescribed media as per the regulations [2]

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]