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]

Group 1 - The Hang Seng Index rose by 1.60% on July 15, with southbound funds totaling a transaction amount of 150.755 billion HKD, including 77.289 billion HKD in buy transactions and 73.466 billion HKD in sell transactions, resulting in a net buy of 3.824 billion HKD [1] - The southbound trading through Stock Connect (Shenzhen) had a cumulative transaction amount of 54.072 billion HKD, with net buying of 2.234 billion HKD, while Stock Connect (Shanghai) had a cumulative transaction amount of 96.683 billion HKD, with net buying of 1.590 billion HKD [1] - Alibaba-W had the highest transaction amount among southbound funds at 11.593 billion HKD, followed by Tencent Holdings and Meituan-W with transaction amounts of 6.587 billion HKD and 6.315 billion HKD respectively [1] Group 2 - Meituan-W recorded a net buy of 647 million HKD, with a closing price increase of 4.38%, while Tencent Holdings faced the highest net sell of 831 million HKD, despite a closing price increase of 3.50% [1][2] - Among the stocks with continuous net buying, Meituan-W had the highest net buy amount of 5.752 billion HKD over 7 days, followed by Giant Star Legend with a net buy of 528 million HKD over 5 days [2] - The stocks with the highest net sell amounts included Tencent Holdings and Xiaomi Group-W, with total net sells of 1.820 billion HKD and 1.708 billion HKD respectively [2]

Core Insights - On July 15, 2025, Alibaba-W (09988), Meituan-W (03690), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 75.09 billion, 38.52 billion, and 37.38 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Tencent Holdings (00700), and Meituan-W (03690) also ranked as the top three, with trading amounts of 40.83 billion, 28.49 billion, and 24.63 billion respectively [1] Southbound Trading Activity - The top active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect included: - Alibaba-W (09988) with a trading amount of 75.09 billion and a net buy of -4.77 billion - Meituan-W (03690) with a trading amount of 38.52 billion and a net buy of +843.695 million - Tencent Holdings (00700) with a trading amount of 37.38 billion and a net buy of +1.31 billion [2] - The top active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect included: - Alibaba-W (09988) with a trading amount of 40.83 billion and a net buy of +4.75 billion - Tencent Holdings (00700) with a trading amount of 28.49 billion and a net buy of -9.62 billion - Meituan-W (03690) with a trading amount of 24.63 billion and a net buy of +5.62 billion [2]

那么，港股这波阶段性牛市逻辑是什么，还能再涨吗？ 板块个股雨露均沾，今年盘子较大的权重股涨幅较少，但平均也有30%以上，比如国泰海通及广发证券，涨幅分别为38%及49%，市值排第一的中信证券涨 幅也超过25%。这波阶段性牛市，给港股市场带来了更多的投资吸引力。 | 周期 指 | 这周涨幅(两天) | 7月涨幅 | 今年涨幅 | 市值 | | --- | --- | --- | --- | --- | | 标 | | | | | | 恒指 | 1% | 1.3% | 21.5% | | | 证券及经纪 | -0.8% | 16.3% | 36.9% | | | 中州证券 | -9% | 44.6% | 54.6% | | | 兴证国际 | -8.5% | 37.5% | 158% | | | 华泰证券 | 0.5% | 6% | 29% | | | 广发证券 | 3.3% | 14% | 49% | | | 国泰君安国际 | -3.1% | 81.3% | 464.6% | | | 国泰海通 | -4.1% | 18.6% | 38% | | | 中国银河 | -0.8% | 10.6% | 38.5% | | ...