Group 1 - The Hang Seng Index fell by 0.08% on July 17, with southbound trading totaling HKD 134.72 billion, including HKD 68.29 billion in buying and HKD 66.43 billion in selling, resulting in a net inflow of HKD 1.85 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 49.60 billion, with net buying of HKD 0.19 billion, while Stock Connect (Shanghai) had a turnover of HKD 85.12 billion, with net buying of HKD 1.67 billion [1] - The most actively traded stock by southbound funds was Xiaomi Group-W, with a total turnover of HKD 64.88 billion, followed by Alibaba-W and Guotai Junan International with turnovers of HKD 52.03 billion and HKD 50.25 billion respectively [1] Group 2 - Among the stocks with net buying, Meituan-W led with a net inflow of HKD 6.06 billion, while China Construction Bank and Xiaomi Group-W followed with net inflows of HKD 5.91 billion and HKD 3.15 billion respectively [1][2] - The stock with the highest net selling was Pop Mart, with a net outflow of HKD 8.44 billion, and Tencent Holdings and Kangfang Biotech also experienced significant net selling of HKD 3.79 billion and HKD 0.76 billion respectively [1][2] - Meituan-W has seen continuous net buying for 9 days, with a total net inflow of HKD 72.14 billion during this period [2]

Group 1 - Southbound funds recorded a total transaction of 134.72 billion HKD with a net inflow of approximately 1.86 billion HKD on July 17 [1] - Major net purchases included Meituan-W (6.06 billion HKD), China Construction Bank (5.91 billion HKD), and Xiaomi Group-W (3.15 billion HKD) [1] - Significant net sales were observed in Pop Mart (844.33 million HKD), Tencent Holdings (379.45 million HKD), and Kangfang Biotech (76.18 million HKD) [1] Group 2 - Meituan-W saw a price increase of 1.13% with net purchases of 2.76 billion HKD from the Shanghai-Hong Kong Stock Connect [1] - China Construction Bank experienced a price drop of 0.95% with net purchases of 5.91 billion HKD [1] - Xiaomi Group-W declined by 2.01% with net purchases of 6.06 billion HKD from the Shanghai-Hong Kong Stock Connect and net sales of 290.13 million HKD from the Shenzhen-Hong Kong Stock Connect [1] Group 3 - Guotai Junan International fell by 0.16% with net purchases of 1.45 billion HKD from the Shanghai-Hong Kong Stock Connect [2] - Li Auto-W increased by 9.73% with net sales of 204.21 million HKD from the Shanghai-Hong Kong Stock Connect and net purchases of 2.91 billion HKD from the Shenzhen-Hong Kong Stock Connect [2] - Pop Mart decreased by 0.87% with net sales of 47.79 million HKD from the Shanghai-Hong Kong Stock Connect and 36.64 million HKD from the Shenzhen-Hong Kong Stock Connect [2]

Core Insights - On July 17, 2025, Xiaomi Group-W (01810), Guotai Junan International (01788), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.809 billion, 3.754 billion, and 3.426 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Alibaba-W (09988), and Li Auto-W (02015) led the trading volume, with amounts of 2.680 billion, 1.777 billion, and 1.720 billion respectively [1] Southbound Stock Connect - Top Active Companies - Xiaomi Group-W (01810) had a trading amount of 3.809 billion with a net buying amount of +606 million [2] - Guotai Junan International (01788) recorded a trading amount of 3.754 billion with a net buying amount of +145 million [2] - Alibaba-W (09988) had a trading amount of 3.426 billion with a net buying amount of +30.17 million [2] - Other notable companies included Pop Mart (09992) with a trading amount of 2.162 billion and a net selling amount of -478 million, and Li Auto-W (02015) with a trading amount of 1.997 billion and a net selling amount of -204 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Xiaomi Group-W (01810) had a trading amount of 2.680 billion with a net selling amount of -290 million [2] - Alibaba-W (09988) recorded a trading amount of 1.777 billion with a net buying amount of +51.36 million [2] - Li Auto-W (02015) had a trading amount of 1.720 billion with a net buying amount of +29.1 million [2] - Other significant companies included Tencent Holdings (00700) with a trading amount of 1.627 billion and a net selling amount of -379 million, and Pop Mart (09992) with a trading amount of 1.316 billion and a net selling amount of -366 million [2]

Core Insights - Hong Kong is accelerating the construction of an international virtual asset center, prompting Chinese securities firms to diversify their business by entering the virtual asset trading service market [1][4] - The number of Chinese securities firms obtaining licenses for virtual asset trading services is increasing, with notable firms like Zhaoyin International and Guotai Junan International leading the way [1][2] Licensing Progress - Zhaoyin International became the first Chinese bank-affiliated securities firm to obtain a virtual asset trading service license from the Hong Kong Securities and Futures Commission on July 14 [1][2] - Guotai Junan International announced on June 24 that it is the first Chinese securities firm in Hong Kong to provide comprehensive virtual asset trading services [2] - Other firms such as Dongfang Caifu and Tianfeng Securities have also received approval for virtual asset trading services, indicating a faster licensing process among Chinese securities firms [2] Business Diversification - The implementation of the Stablecoin Regulation in Hong Kong on August 1, 2025, is expected to enhance the development of virtual asset trading, cross-border payments, and related services [4] - Analysts believe that the approval of virtual asset trading licenses will allow Chinese securities firms to expand their business and create new revenue growth points [4][5] - Engaging in virtual asset trading is anticipated to improve the resilience of brokerage income and broaden the range of investment products offered to clients [5]

7月16日恒生指数下跌0.29%，报收24517.76点，全天南向资金通过港股通渠道合计净买入16.03亿港 元。 证券时报·数据宝统计，7月16日港股通全天合计成交金额为1288.02亿港元，成交净买入16.03亿港元。 具体来看，沪市港股通成交金额819.58亿港元，成交净买入20.09亿港元；深市港股通成交金额468.44亿 港元，成交净卖出4.06亿港元。 | 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（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 572834.28 | -34338.01 | 0.26 | | 01788 | 国泰君安国际 | 港股通(沪) | 567262.75 | 10080.56 | 4.93 | | 09992 | 泡泡玛特 | 港股通(沪) | 362346.76 | 31572.40 | -4.03 | | 09988 | 阿里巴巴-W | 港股通(深) | 307619.00 | 31374.96 | 0.26 | | 0070 ...

Summary of Key Points Core Viewpoint - On July 16, the Hang Seng Index fell by 0.29%, with southbound funds recording a total transaction amount of HKD 128.80 billion, resulting in a net inflow of HKD 16.03 billion [1]. Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 128.80 billion, with buy transactions amounting to HKD 65.20 billion and sell transactions at HKD 63.60 billion, leading to a net buy of HKD 16.03 billion [1]. - The southbound trading through Stock Connect (Shenzhen) had a total transaction amount of HKD 46.84 billion, with net selling of HKD 4.06 billion, while the trading through Stock Connect (Shanghai) had a total transaction amount of HKD 81.96 billion, resulting in a net buy of HKD 20.09 billion [1]. Active Stocks - The most actively traded stock by southbound funds was Alibaba-W, with a total transaction amount of HKD 88.05 billion, followed by Guotai Junan International and Pop Mart, with transaction amounts of HKD 76.18 billion and HKD 58.30 billion, respectively [1]. - The stocks with the highest net buying included Meituan-W with a net buy of HKD 8.57 billion, followed by China Construction Bank with HKD 7.59 billion and CanSino Biologics with HKD 1.30 billion [1]. - Tencent Holdings had the highest net selling amount of HKD 17.57 billion, with other notable net sells from Xiaomi Group-W and Kingsoft Cloud at HKD 2.67 billion and HKD 1.69 billion, respectively [1]. Continuous Net Buying and Selling - Meituan-W was the only stock to receive continuous net buying for more than three days, with a total net buy of HKD 66.08 billion over eight days [2]. - The stocks with the highest continuous net selling included Tencent Holdings and Xiaomi Group-W, with total net sells of HKD 35.78 billion and HKD 19.75 billion, respectively [2].

Core Insights - On July 16, 2025, Alibaba-W (09988), Guotai Junan International (01788), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.728 billion, 5.673 billion, and 3.623 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) also ranked as the top three, with trading amounts of 3.076 billion, 2.718 billion, and 2.207 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 5.728 billion with a net buy of -0.343 billion [2] - Guotai Junan International (01788) recorded a trading amount of 5.673 billion with a net buy of +0.101 billion [2] - Pop Mart (09992) achieved a trading amount of 3.623 billion with a net buy of +0.316 billion [2] - Tencent Holdings (00700) had a trading amount of 2.635 billion with a net buy of -0.294 billion [2] - Meituan-W (03690) had a trading amount of 2.480 billion with a net buy of +0.498 billion [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 3.076 billion with a net buy of +0.314 billion [2] - Tencent Holdings (00700) recorded a trading amount of 2.718 billion with a net buy of -1.464 billion [2] - Pop Mart (09992) achieved a trading amount of 2.207 billion with a net buy of -0.394 billion [2] - Guotai Junan International (01788) had a trading amount of 1.945 billion with a net buy of -0.040 billion [2] - Meituan-W (03690) had a trading amount of 1.759 billion with a net buy of +0.359 billion [2]

Group 1 - The stocks of Lianyi Technology-W (09959) fell by 6.17% [1] - OSL Group (00863.HK) experienced a decline of 4.10% [1] - Guotai Junan International (01788.HK) dropped by 3.45% [1] - China Everbright Holdings (00165.HK) decreased by 3.10% [1]

Core Viewpoint - Chinese securities firms are increasingly expanding their presence in the virtual asset business in Hong Kong, with recent approvals for virtual asset licenses from firms like Haitong Securities and China Merchants Bank's subsidiary, CM International Securities [2][3][4]. Group 1: License Acquisition - Haitong Securities and CM International have obtained licenses to provide virtual asset trading services through comprehensive account arrangements, with CM International also acting as an introducing agent for virtual asset trading platforms [2][3]. - As of July 14, 2023, the Hong Kong Securities and Futures Commission (SFC) has seen a continuous increase in the number of institutions holding various types of virtual asset licenses, with 15, 43, 19, 41, and 37 institutions approved for different categories of licenses respectively [3][6]. Group 2: Market Trends and Investor Demand - The growing acceptance of cryptocurrencies and digital assets in mainstream markets has led to a significant increase in investor demand for these emerging asset classes, prompting securities firms to acquire virtual asset licenses to meet client needs [2][8]. - The recent performance of several securities firms in the virtual asset sector has been positive, reflecting market optimism and encouraging more firms to enter this space [8]. Group 3: Regulatory Framework and Industry Dynamics - Hong Kong is accelerating its development as an international virtual asset center, with a regulatory framework that categorizes virtual asset-related businesses into five types, requiring corresponding licenses [6]. - Traditional financial institutions, particularly securities firms, are playing a crucial role in the rapid expansion of virtual asset services, with many firms upgrading their licenses to offer comprehensive trading services [6][8]. Group 4: Future Opportunities - The acquisition of virtual asset licenses allows securities firms to provide a wider range of investment options, enhancing client retention and expanding business opportunities [8]. - Firms like CM International anticipate that their newly acquired virtual asset licenses will open up more development opportunities for their stock business and create more efficient financial service solutions for investors [8].

Core Insights - Kingsoft Cloud made its debut on the Hong Kong Stock Connect active trading list on July 15, marking its first appearance in the past month [1] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 485.32 billion, accounting for 32.19% of the day's total trading amount, with a net sell amount of HKD 4.08 billion [1] Trading Activity Summary - Alibaba-W had the highest trading volume at HKD 115.93 billion, followed by Tencent Holdings at HKD 65.87 billion and Meituan-W at HKD 63.15 billion [1] - The most frequently listed stocks in the past month were Alibaba-W and Tencent Holdings, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1] - Kingsoft Cloud recorded a trading volume of HKD 41.33 billion on its first appearance, with a net buying amount of HKD 0.15 billion and a closing price increase of 16.81% [1] Active Stocks List - The active stocks on July 15 included: - Tencent Holdings: Trading amount HKD 65.87 billion, net sell HKD 8.31 billion, closing price HKD 517.500, daily change +3.50% [1] - Xiaomi Group W: Trading amount HKD 42.78 billion, net sell HKD 5.25 billion, closing price HKD 57.650, daily change +0.61% [1] - Alibaba W: Trading amount HKD 115.93 billion, net sell HKD 0.03 billion, closing price HKD 113.500, daily change +6.97% [1] - Meituan-W: Trading amount HKD 63.15 billion, net buy HKD 6.47 billion, closing price HKD 126.200, daily change +4.38% [1] - Kingsoft Cloud: Trading amount HKD 41.33 billion, net buy HKD 0.15 billion, closing price HKD 7.920, daily change +16.81% [1]