| 序号 | 名称 | 港股代码 | ADR代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | (0) 00700 | TCEHY | 533.076 | -1.924 | -0.36% | | 2 | ROEFLE-W | 09988 | BABA | 114.871 | -2.029 | 1 -1.74% | | 3 | 建设银行 | 00939 | CICHY | 7.850 | -0.040 | -0.51% | | 4 | 汇丰控股 | 00005 | HSBC | 96.348 | +1.098 | 1.15% | | 5 | 小米集团-W | 01810 | XIACY | 52.750 | -0.650 | -1.22% | | 6 | 友邦保险 | 01299 | AAGIY | 71.020 | -0.330 | -0.46% | | 7 | 美团-W | 03690 | MPNGY | 120.886 | -1.314 | -1.08% | | 8 | 网 ...

今天(8月1日)，香港《稳定币条例》正式生效！首批牌照仅发数家，花落谁家成为关注焦点之一。 截至目前，香港金管局尚未发出任何牌照。且该局计划的发牌时点晚于预期。 此前7月29日，香港金管局发布一系列咨询文件，并召开一场技术简报会。香港金管局副总裁陈维民在会上透露，将于2026年初发出首阶段牌照，首次发 行的牌照数量将为个位数。 此前，香港金管局多次强调"高门槛""首批仅数个牌照""预先沟通"的态度，被市场广泛解读为"邀请制"。 这是真的吗？ 7月31日，香港金管局人士对21世纪经济报道记者表示，"邀请制"并非官方说法，更多为一种市场解读。 该人士表示，"邀请制(by invitation)"并未完整反映金管局的发牌模式，因为事实上有意愿、有兴趣申请的机构，均可事先主动与香港金管局沟通发牌事 宜。 一周前，香港金管局总裁余伟文透露，尽管已明确初阶段只会批出数个稳定币牌照，但至今已经有数十家机构主动接触金管局团队。 香港金管局7月29日公告也显示，鼓励有意申请牌照的机构于2025年8月31日联系该局，让该局可传达监管期望并适当提供反馈。 同时，发牌将是一个持续进行的过程，如个别机构认为已准备充分并希望尽早获得考虑 ...

8月1日，香港《稳定币条例》正式生效，香港金融管理局近日发布了《持牌稳定币发行人监管指引》等系列配 套指引（简称"指引"），明确了发行人牌照申请门槛，包括财务条件、人员资质、储备资产、托管赎回要求、 司法管辖、过渡期安排等。 香港稳定币发行人牌照申请窗口已开启。按照香港金融管理局的指引，已做好充分准备且希望尽早获得批准的 机构，应在9月30日之前提交稳定币发行人牌照申请。 香港稳定币发行人牌照申请窗口已开启，个位数的首批牌照可能花落谁家？ 此前，香港金管局总裁余伟文明确表示，在初始阶段，最多只会批出数个稳定币牌照。多位业内人士向记者透 露，首批稳定币发行人牌照的数量可能是个位数，不排除只有2～3张。 从申请门槛来看，香港的三大发钞银行最有可能率先申请并获批。 "中国银行（香港）、渣打银行（香港）等香港发钞行是不可或缺的主体，尤其是中资银行，无论是出于自身 发展需要，还是顺应监管推动，会率先申报稳定币发行人牌照。"一位多年深耕跨境交易的知情人士向券商中 国记者透露。 目前，香港特区实行独特的货币发行制度，纸币主要由三家商业银行代理发行，根据联系汇率制度以美元储备 为支撑发行，三家发钞行分别是中国银行（香港）、渣 ...

美联储一如预期维持联邦基金利率区间在4.25-4.5%不变。中银香港财富策略及分析处主管张诗琪认 为，是次议息会议对未来货币政策持审慎态度，未有提供减息路径，市场焦点将转向8月及9月的就业及 经济数据。 会后声明为市场带来三个重点:第一，基于贸易发展，美联储对未来通胀仍保持高度关注； 第二，美国第二季的国内生产总值(GDP)年化季比上升3%，较第一季的收缩有所改善，但上半年整体经 济增速出现放慢迹象；第三，美联储认为美国就业市场依然稳健。本周初，市场几乎肯定美联储将于10 月降息，但会后10月的降息预期降至76%，年内降息次数亦下跌至不足两次。 张诗琪指出，会后声明 反映美联储对美国经济增速未有早前乐观，若未来通胀属于短暂上升或经济增速继续放缓，美联储可能 采取较积极的降息措施，预期第四季降息仍然是大方向。（格隆汇） ...

Core Viewpoint - Bank of China Hong Kong (BOCHK) has launched a free streaming quote service for all individual clients with securities accounts, enhancing real-time stock trading information access and optimizing trading functionalities [1][2] Group 1: Service Offering - The new service allows clients to access unlimited real-time Hong Kong stock streaming quotes through the BOCHK mobile banking platform, replacing the traditional manual update or paid subscription model [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality, smart assistance for filling in trading information, and useful reference information such as price difference alerts [1] Group 2: Market Context - The Hong Kong stock market is expected to recover in the first half of 2025, with a significant increase in new stock issuance, leading to the highest fundraising amount globally [1] - In the first half of this year, BOCHK reported a 39% year-on-year increase in the average number of active securities clients and a 55% increase in monthly per capita trading amount [1] Group 3: Strategic Initiatives - BOCHK is committed to enhancing customer experience through innovative services and has partnered with the Hong Kong Stock Exchange to facilitate easier trading of different counter securities [2] - The bank aims to accelerate its digital banking development by leveraging innovative technology to improve online service capabilities and meet diverse client investment needs [2]

Group 1 - Bank of China Hong Kong (BOCHK) is offering free real-time streaming quotes for Hong Kong stocks to all individual clients with securities accounts, enhancing the online securities investment platform [1][2] - The service replaces the traditional model of manual updates or paid subscriptions, allowing clients to access market information more quickly [1] - BOCHK has upgraded several mobile banking stock trading features, including improved stock search functionality and smart assistance for filling in transaction details [1] Group 2 - The average number of active securities clients and the monthly trading amount per client at BOCHK increased by 39% and 55% year-on-year, respectively, due to a thriving Hong Kong stock market [1] - BOCHK is the first bank to participate in the Hong Kong Stock Exchange's fixed monthly fee plan for corporate data, providing clients with free streaming quotes to capture market opportunities [2] - The collaboration with the Hong Kong Stock Exchange aims to enhance market liquidity by providing high-quality, real-time market data to a broader client base [2]

瑞银发表研究报告，预期中银香港上半年净利润按年增长3.4%，主要受惠于非利息收入强劲增长 55.8%，足以抵消HIBOR下跌导致的净利息收入跌9.1%。在非利息收入推动因素中，瑞银认为资本市场 相关费用，包括证券经纪、基金分销及保险代理费用等，将随港股反弹及市场利率下行而显著提升。另 外，该行预期交易相关投资收益亦表现亮眼，业务收入增长8.1%。 即使上半年业绩可能表现强劲，瑞银仍维持全年净利润按年跌1%的预测，将2025至27年每股盈利预测 上调3至9%，反映非利息收入强劲增长；目标价由34.5港元上调至36.5港元，重申"中性"评级。 ...

Core Viewpoint - The establishment of a regular communication mechanism between relevant authorities and the China Securities Regulatory Commission (CSRC) aims to support the capital market in Shenzhen's comprehensive reform, with expectations for a series of reforms, including the return of companies listed on the Hong Kong Stock Exchange to the Shenzhen Stock Exchange [1][2] Group 1: Market Dynamics - The Shenzhen authorities have enhanced communication with various ministries since the issuance of the "Opinions on Deepening the Reform and Innovation of Shenzhen's Comprehensive Reform Pilot" [2] - The market anticipates that the return of companies from the Guangdong-Hong Kong-Macao Greater Bay Area to the Shenzhen Stock Exchange will provide more investment opportunities for investors and contribute to the growth of the A-share market [2][3] Group 2: Eligible Companies - There are over 250 companies listed on the Hong Kong Stock Exchange that are registered in the Guangdong-Hong Kong-Macao Greater Bay Area, with 30 already listed on the A-share market and 220 yet to return [3] - Among the 220 companies, the top three by market capitalization are AIA Group (737.19 billion HKD), Hong Kong Exchanges and Clearing (548.47 billion HKD), and Bank of China (Hong Kong) (379.03 billion HKD) [3] Group 3: Regulatory Framework - The National Development and Reform Commission has indicated support for eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, clarifying the path for different types of Hong Kong companies to return to A-shares [3][4] - The current rules require that red-chip companies seeking secondary listings on the Shenzhen Stock Exchange must have a market capitalization of at least 200 billion CNY and possess strong technological innovation capabilities [5][6] Group 4: Economic Implications - The return of Hong Kong-listed companies to the Shenzhen Stock Exchange is expected to enrich the industry matrix and enhance the valuation system of the A-share market, potentially attracting international capital [6][7] - The dual listing on both the Shenzhen and Hong Kong exchanges may facilitate the return of offshore RMB, thereby promoting the internationalization of the RMB and enhancing cross-border capital flow [7]

Core Insights - The Cross-Border Payment System has expanded to 17 banks in Hong Kong within a month of its launch, enhancing connectivity between mainland China's online payment system and Hong Kong's Fast Payment System [1][2] - The system offers advantages over traditional cross-border remittances, including instant transfers, simplified documentation, lower costs, and ease of use [1] - The initial participating banks include six from mainland China and six from Hong Kong, with an additional eleven Hong Kong banks recently added to the system [1][3] Summary by Category Participating Institutions - The first batch of participating mainland banks includes: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank [1][3] - The first batch of participating Hong Kong banks includes: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, and ICBC (Asia) [1][3] - The second batch of newly added Hong Kong banks includes: CMB Wing Lung Bank, Shanghai Commercial Bank, CITIC Bank International, Chuangxin Bank, Dah Sing Bank, Guangfa Bank, China Everbright Bank, Nanyang Commercial Bank, ZA Bank, Airstar Bank, and MOX Bank [1][3] Digital Banking Inclusion - This expansion marks the first inclusion of digital banks in the Cross-Border Payment System, with MOX Bank, ZA Bank, and Airstar Bank being notable participants [2][3] User Experience and Limitations - Some newly added banks have not yet officially opened cross-border payment services to customers, leading to mixed experiences among users [4] - The system supports bilateral currency and RMB cross-border remittance between mainland China and Hong Kong, with specific limits on transaction amounts [4][5] Transaction Limits - For northbound transactions, the limit is set at HKD 10,000 per person per day and HKD 200,000 per year, while southbound transactions are subject to an annual foreign exchange limit of USD 50,000 [4][5]

花旗将恒生评级上调至"买入"，主要基于三项关键因素：首先，市场共识已充分反映2025至2027年间平 均50个基点的信用成本预期; 其次，该行截至2025年第一季的核心一级资本充足率(CET1)高达21%，为 资本回报提供更佳能见度，预期2025至2027财年可维持约6%的股息收益率，并于2026至2027财年执行 30亿港元股份回购; 第三，相较市场预期，该行对2026至2027财年营收预测高出4%，主要来自更具韧性 的净利息收入表现。据此将目标价从105港元上调至135港元。同时维持对中银香港的"买入"评级，并将 目标价从33.9港元调升至40.8港元，因其营收前景稳健且资产质量稳定，加上南下资金对回报要求较 低，有望推动该股持续获得估值重估。东亚目标价由11港元调升至11.6港元。 花旗表示，香港银行业短期面临同业拆息下滑的压力，但预期下半年将迎来复苏。由于香港金管局在5 月初港元兑美元触及强方兑换保证水平时进行干预，一个月期HIBOR在第二季较上季下跌186个基点。 目前一个月期HIBOR维持在约1%水平，这可能对香港银行第二至第三季的净息差构成压力。然而，随 着港元兑美元汇率转弱至兑换保证区间的下限 ...