| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 53.64 亿元 | +9.89 亿元 | | 国泰君安国际(01788) | 41.48 亿元 | +1.69 亿元 | | 腾讯控股(00700) | 30.04 亿元 | +10.60 亿元 | | 阿里巴巴-W(09988) | 22.43 亿元 | +2.02 亿元 | | 中芯国际(00981) | 21.86 亿元 | +2.43 亿元 | | 美团-W(03690) | 20.67 亿元 | +2.21 亿元 | | 南方恒生科技(03033) | 16.71 亿元 | -6787.71 万元 | | 锦欣生殖(01951) | 15.63 亿元 | +1.95 亿元 | | 泡泡玛特(09992) | 15.31 亿元 | -2.72 亿元 | | 石药集团(01093) | 14.85 亿元 | +3.88 亿元 | 智通财经APP获悉，2025年7月29日当天，小米集团-W(01810)、国泰君安国际(01788)、腾讯控股 (00700)位居沪港通（南向）成交额前3 ...

Market Overview - The indices continued to rise collectively, with a significant drop in the morning followed by a recovery in sentiment in the afternoon [3] - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index closed up by 0.33%, 0.64%, and 1.86% respectively, with over 3,000 stocks declining and more than 2,200 stocks rising [4] Optimizing Fertility - The "Implementation Plan for Childcare Subsidy System" was officially launched, providing annual subsidies of 3,600 yuan per child for children under three years old starting January 1, 2025 [8] - The fertility optimization sector saw a collective high opening but ended with a "high open low close" trend, with the sector rising by only 0.18% after an initial surge [9][10] - Stocks like Beiyinmei and Aiyingshi opened strongly but fell significantly, while stocks in the dairy sector also experienced a similar pattern [10] Yajiang Hydropower Station - The Yajiang Hydropower Station saw a rebound in the afternoon, with stocks like Xining Special Steel and Tibet Tianlu hitting the daily limit [15] - The Yajiang Hydropower concept stocks rose over 2% by the end of the day, indicating a recovery in investor interest [14] Stablecoin Sector - The stablecoin concept stocks experienced a partial rebound, with companies like Hengbao Co. and Sifang Jichuang showing strong performance [19] - The sector had been quiet for about two weeks but is now looking for a significant catalyst to revive interest [21] Guotou Intelligent - Guotou Intelligent saw a significant rise, closing up over 18.5%, attributed to news regarding a special action by the Internet Information Office [25] - The company is reportedly working on AI fraud prevention services, with a potential market space exceeding 120 billion yuan if it covers 1 billion smartphone users [28]

Group 1 - Southbound funds net bought Hong Kong stocks worth 12.72 billion HKD today, with notable purchases in Xiaomi Group-W (1.659 billion), Tencent Holdings (0.832 billion), and Alibaba-W (0.753 billion) [1] - Southbound funds have net bought Tencent for four consecutive days, totaling 2.08902 billion HKD, and Xiaomi for three consecutive days, totaling 2.44603 billion HKD [1] - Other significant net purchases include Sino Biopharmaceutical (0.651 billion), InnoCare Pharma (0.514 billion), and SMIC (0.366 billion) [1] Group 2 - In the Shanghai Stock Connect, Xiaomi Group-W saw a decrease of 2.6% with a net buy of 0.989 billion, while Tencent Holdings increased by 0.1% with a net buy of 1.060 billion [3] - Alibaba-W had a slight increase of 0.1% with a net buy of 0.202 billion, and SMIC rose by 0.5% with a net buy of 0.243 billion [3] - Meituan-W experienced a decline of 0.6% with a net sell of 0.221 billion, while Pop Mart saw a significant increase of 5.9% with a net sell of 0.272 billion [3]

Core Viewpoint - The implementation of the Hong Kong Stablecoin Regulation on August 1 has led to a surge in digital currency concept stocks, with many experiencing significant price increases, although the underlying business support remains insufficient [1][6]. Group 1: Market Reaction - The capital market has reacted swiftly to the upcoming stablecoin regulation, with digital currency concept stocks collectively soaring [1]. - Companies like China San San Media and Jiamu Technology have seen year-to-date increases exceeding 1000% [1]. - In the A-share market, stocks such as Dongxin Peace and Sifang Jingchuang have also surged based on announcements related to stablecoin business collaborations [1][6]. Group 2: Notable Stock Performances - Guotai Junan International's stock rose by 198% on June 25 after receiving approval for virtual asset trading services, marking the largest single-day gain in the Hong Kong fintech sector [4]. - China San San Media's stock skyrocketed by 72.73% following its announcement to apply for a stablecoin license, with a year-to-date increase of 1839% [5]. - Jiamu Technology's stock increased by 22% after announcing plans to enter the stablecoin sector, with a total year-to-date rise of 1612% [5]. Group 3: Industry Sentiment and Concerns - The Hong Kong Monetary Authority has indicated that only a few stablecoin licenses will be granted initially, leading to potential disappointment among companies [11]. - Many companies are currently in the early stages of stablecoin-related business development, with little to no actual revenue generated from these initiatives [10][11]. - There is a growing concern about the speculative nature of the market, with some companies clarifying that their involvement in stablecoins does not significantly contribute to their revenues [10][12]. Group 4: Shareholder Actions - Several shareholders of concept stocks are taking advantage of the price increases to reduce their holdings, indicating a cautious approach amidst the market hype [12][13].

7月28日上榜港股通成交活跃榜个股中，微创医疗为近一个月首次上榜。 证券时报•数据宝统计显示，7月28日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 332.01亿港元，占当日港股通成交金额的24.88%，净买入金额32.47亿港元。 7月28日港股通成交活跃股榜单 上榜的成交活跃股中，阿里巴巴-W成交额为47.61亿港元，成交金额居首；其次是中芯国际、中国人 寿，成交金额分别为39.52亿港元、38.95亿港元。 | 证券代码 | 证券简称 | 成交金额 | 净买入金额 | 近一个月上榜次数 | 最新收盘价 | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | --- | | | | （亿港元） | （亿港元） | | （港元） | | | 00700 | 腾讯控股 | 38.39 | 5.98 | 20 | 555.500 | 0.91 | | 00981 | 中芯国际 | 39.52 | 1.55 | 20 | 53.100 | 0.66 | | 01788 | 国泰君安国际 | 35.70 | 0.53 | 20 | 6.720 | 9.45 | ...

Group 1 - The core viewpoint of the articles highlights the significant surge in the stock prices of companies involved in the stablecoin sector following the implementation of the Hong Kong Stablecoin Regulation on August 1 [1][2] - Companies such as China San San Media and Jiamu Technology have seen their stock prices increase by over 1000% this year, while others like Yao Cai Securities and Okex Chain have also experienced substantial gains exceeding 100% [1][5] - The A-share market has similarly witnessed a trend where companies without licenses have seen their stock prices rise due to announcements related to stablecoin business collaborations or strategic plans [1][5] Group 2 - The stock price of Guotai Junan International surged by 198% on June 25 after receiving approval from the Hong Kong Securities and Futures Commission to provide virtual asset trading services, marking the largest single-day gain in the Hong Kong fintech sector [3] - China San San Media announced its preparation for applying for a stablecoin license, leading to a 72.73% increase in its stock price on July 16, with a year-to-date increase of 1839% [4] - Jiamu Technology's stock rose by 22% after announcing that funds from a share placement would be used to enter the stablecoin market, with a year-to-date increase of 1612% [4] Group 3 - The Hong Kong Monetary Authority has indicated that only a few stablecoin licenses will be granted in the initial phase, and even with a license, the short-term profitability for companies remains uncertain due to required resource investments [1][8] - Many companies have not yet generated substantial revenue from their stablecoin-related activities, and some have issued clarifications stating that their contributions to revenue are minimal [8][9] - There is a growing concern about the speculative nature of the stablecoin market, with some companies experiencing stock price increases based solely on announcements of intentions to explore stablecoin business [5][9]

Market Overview - On July 28, the Hang Seng Index rose by 0.68%, closing at 25,562.13 points, with a total net inflow of southbound funds through the Stock Connect amounting to HKD 9.253 billion [1] Trading Activity - The total trading volume for the Stock Connect on July 28 was HKD 133.454 billion, with a net buy of HKD 9.253 billion [1] - The Shanghai Stock Connect recorded a trading volume of HKD 85.075 billion and a net buy of HKD 6.338 billion, while the Shenzhen Stock Connect had a trading volume of HKD 48.378 billion and a net buy of HKD 2.915 billion [1] Active Stocks - In the Shanghai Stock Connect, the top traded stock was Alibaba-W with a transaction amount of HKD 3.322 billion, followed by China Life and Tencent Holdings with transaction amounts of HKD 2.878 billion and HKD 2.590 billion, respectively [1] - China Life had the highest net buy amount of HKD 1.007 billion, with its stock price increasing by 1.76%. Conversely, China Ping An had the highest net sell amount of HKD 214 million, with its stock price rising by 3.49% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, the top traded stock was SMIC with a transaction amount of HKD 1.615 billion, followed by Alibaba-W and Xiaomi Group with transaction amounts of HKD 1.438 billion and HKD 1.416 billion, respectively [2] - China Ping An recorded the highest net buy amount of HKD 462 million, with its stock price increasing by 3.49%. Meituan had the highest net sell amount of HKD 281 million, with its stock price declining by 0.54% [2] Summary of Active Stocks - A summary table of the top active stocks includes: - Alibaba-W: Transaction amount HKD 3.322 billion, net buy HKD 797 million, daily change +2.20% [2] - China Life: Transaction amount HKD 2.878 billion, net buy HKD 1.007 billion, daily change +1.76% [2] - Tencent Holdings: Transaction amount HKD 2.590 billion, net buy HKD 749 million, daily change +0.91% [2] - SMIC: Transaction amount HKD 1.615 billion, net buy HKD 453 million, daily change +0.66% [2] - China Ping An: Transaction amount HKD 1.534 billion, net sell HKD 214 million, daily change +3.49% [2]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, while the secondary market continued to rise slightly. The 10-year US Treasury yield fluctuated downward, and there were multiple macroeconomic events and data changes in the US and other regions [1][4]. Summary by Directory 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds declined, with 12 bonds issued, totaling approximately $1.988 billion, mainly in the financial and urban investment sectors [6]. - Mengniu Dairy issued two sustainable development bonds totaling RMB 3.5 billion, the largest issuance scale last week, with a final subscription over 5 times; Dazhou Kaisheng Construction and Development Group issued a $70 million green bond with a coupon rate of 7%, the highest - priced new bond last week [1][9]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - Last week, the Chinese US dollar bond index (Bloomberg Barclays) rose 0.26% week - on - week, the emerging market US dollar bond index rose 0.56%. The investment - grade index of Chinese US dollar bonds was at 196.273, with a weekly increase of 0.26%; the high - yield index was at 161.38, with a weekly increase of 0.23% [8]. - The Chinese US dollar bond return index (Markit iBoxx) rose 0.21% week - on - week. The investment - grade return index was at 237.5951, with a weekly increase of 0.21%; the high - yield return index was at 240.6378, with a weekly increase of 0.23% [14]. 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the healthcare and materials sectors led the gains, while the real estate and communication sectors led the losses. The healthcare sector's yield decreased by 515.7bps, and the materials sector's yield decreased by 35.4bps; the real estate sector's yield increased by 1.3Mbps, and the communication sector's yield increased by 6.9bps [19]. 2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive rating, investment - grade names all rose, with the A - grade weekly yield down 4.4bps and the BBB - grade weekly yield down 10.4bps; most high - yield names fell, with the BB - grade yield down 11.8bps, the DD + to NR - grade yield up about 25.7bps, and the unrated names' yield up 762.0bps [21]. 2.4 Last Week's Bond Market Hot Events - Shanghai Shimao Construction Co., Ltd.'s controlling shareholder, Shimao Group, had its overseas debt restructuring take effect on July 21, 2025 [24]. - Guangzhou R&F Properties Co., Ltd. was added to the list of dishonest被执行人, but it has not had a significant adverse impact on the company's daily operations and onshore bond repayment ability for now [25]. 2.5 Last Week's Subject Rating Adjustments - Multiple companies' ratings or outlooks were adjusted, including Zhangzhou Transportation Group, Bank of Communications Financial Leasing, and others, mainly due to factors such as government support, parent - company relationships, and company fundamentals [27]. 3. US Treasury Bond Quotes - The report provides quotes for 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low [28]. 4. Macroeconomic Data Tracking - As of July 25, the 1 - year US Treasury yield was 4.0932%, up 2.99bps from last week; the 2 - year yield was 3.9232%, up 5.41bps; the 5 - year yield was 3.9573%, up 1.08bps; the 10 - year yield was 4.3878%, down 2.77bps [33]. 5. Macroeconomic News - The US July S&P Global manufacturing PMI preliminary value dropped to 49.5, a new low since December 2024, but the service PMI and composite PMI reached new highs since December 2024 [31]. - The number of initial jobless claims in the US last week was 217,000, dropping for the sixth consecutive week [32]. - US existing - home sales in June decreased by 2.7% [33]. - There were also multiple international trade, policy, and economic events, such as the EU's plan to impose counter - tariffs on US products, and Japan's 40 - year Treasury auction with record - low demand [43][44].

Core Insights - On July 28, 2025, Alibaba-W (09988), China Life (02628), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 3.322 billion, 2.878 billion, and 2.590 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) led the trading volume, with amounts of 1.615 billion, 1.438 billion, and 1.416 billion respectively [1] Southbound Trading - Hong Kong Stock Connect - Top active companies by trading amount: - Alibaba-W (09988): 3.322 billion, net inflow of 79.7145 million [2] - China Life (02628): 2.878 billion, net inflow of 1.007 billion [2] - Tencent Holdings (00700): 2.590 billion, net inflow of 74.9 million [2] - Other notable companies include: - Guotai Junan International (01788): 2.588 billion, net outflow of 37.9091 million [2] - SMIC (00981): 2.337 billion, net inflow of 1.1 billion [2] Southbound Trading - Shenzhen-Hong Kong Stock Connect - Top active companies by trading amount: - SMIC (00981): 1.615 billion, net inflow of 45.3191 million [2] - Alibaba-W (09988): 1.438 billion, net inflow of 358 million [2] - Xiaomi Group-W (01810): 1.416 billion, net outflow of 187 million [2] - Other notable companies include: - Tencent Holdings (00700): 1.249 billion, net outflow of 152 million [2] - Meituan-W (03690): 1.186 billion, net outflow of 281 million [2]

Market Performance - The Hong Kong stock market showed mixed performance with the Hang Seng Index rising by 0.68% to 25,562.13 points, while the Tech Index fell by 0.24% to 5,664.02 points, and the National Enterprises Index increased by 0.29% to 9,177.15 points [2][3]. Hang Seng Index Movement - The Hang Seng Index reached a high of 25,660.54 points in the morning but maintained a volatile pattern before closing slightly higher [4]. Sector Performance - Insurance, pharmaceuticals, and brokerage stocks saw collective strength, while coal, shipping, and photovoltaic stocks experienced adjustments [5]. Insurance Sector Strength - Major insurance stocks like AIA Group (up 4.96%), China Pacific Insurance (up 3.91%), and Ping An Insurance (up 3.49%) saw significant gains due to a favorable assessment of life insurance reserve interest rates, which are expected to lower the new business liability costs for insurers [6][7]. Pharmaceutical Sector Boost - Pharmaceutical stocks surged, with companies like Fonda Holdings (up 10.39%), Zhaoyan New Drug (up 6.76%), and Via Biotechnology (up 5.45%) benefiting from overseas licensing deals, including a notable $12.5 billion collaboration between Hengrui Medicine and GlaxoSmithKline [8][9]. Brokerage Sector Gains - Brokerage stocks such as Guotai Junan International (up 9.45%), Shenwan Hongyuan Hong Kong (up 7.32%), and Xingzheng International (up 5.08%) experienced strong performance, likely influenced by the upcoming implementation of the Stablecoin Regulation in Hong Kong [11][13]. Weakness in Cyclical Stocks - Coal, shipping, and photovoltaic stocks faced declines, with companies like Feishang Non-Ferrous Coal (down 15.28%) and COSCO Shipping Ports (down 10.99%) leading the downturn due to falling commodity prices in the futures market [14][18]. Individual Stock Movements - Xuanwu Cloud saw a significant increase of 28% following a strategic partnership with LG Uplus, while Zhejiang United Investment surged by 116.67% on expectations of turning a profit by April 2025 [23][24].