Core Points - The Chuanghua Trading Service CSI Hong Kong-Shanghai-Shenzhen 300 Index (CES300) experienced a decline of 0.38%, closing at 4788.93 points with a trading volume of 329.87 billion [1] - Over the past month, the CES300 has increased by 2.19%, decreased by 0.19% over the last three months, and has risen by 8.54% year-to-date [1] Index Composition - The top ten holdings of the CES300 are Tencent Holdings (8.02%), Alibaba-W (5.19%), HSBC Holdings (4.13%), Xiaomi Group-W (2.7%), Kweichow Moutai (2.4%), China Construction Bank (2.36%), Meituan-W (1.9%), AIA Group (1.85%), CATL (1.81%), and Ping An Insurance (1.62%) [2] - The market share of the CES300's holdings is composed of 51.69% from the Hong Kong Stock Exchange, 29.85% from the Shanghai Stock Exchange, and 18.46% from the Shenzhen Stock Exchange [2] - The industry breakdown of the CES300 holdings shows Financials at 30.81%, Consumer Discretionary at 15.68%, Communication Services at 12.98%, Information Technology at 9.40%, Industrials at 8.78%, Consumer Staples at 6.28%, Health Care at 4.66%, Materials at 3.50%, Utilities at 2.95%, Energy at 2.85%, and Real Estate at 2.10% [2] Fund Tracking - Public funds tracking the CES300 include Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300C and Dachen Chuanghua Hong Kong-Shanghai-Shenzhen 300A [3]

Core Viewpoint - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.7%, closing at 5189.9 points, with a trading volume of 87.31 billion yuan. However, the index has shown positive performance over the past month, three months, and year-to-date, with increases of 3.73%, 2.81%, and 23.16% respectively [1][2]. Group 1 - The CES100 index is compiled by China Securities Index Co., Ltd. under the commission of Chuanghua Trading Service Co., Ltd., reflecting the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1]. - The index was established on December 31, 2008, with a base point of 2000.0 [1]. Group 2 - The top ten holdings of the CES100 index include HSBC Holdings (10.19%), Tencent Holdings (9.78%), Alibaba-W (9.42%), Xiaomi Group-W (8.54%), Meituan-W (6.01%), AIA Group (5.87%), Hong Kong Exchanges and Clearing (4.17%), Standard Chartered Group (2.41%), Prudential (1.99%), and Pop Mart (1.69%) [2]. - The index's holdings are entirely composed of securities from the Hong Kong Stock Exchange, with the financial sector representing 28.31%, consumer discretionary 26.90%, communication services 13.53%, information technology 10.59%, real estate 5.49%, healthcare 4.32%, utilities 3.98%, consumer staples 3.19%, industrials 3.17%, and materials 0.52% [2]. Group 3 - Public funds tracking the CES100 index include Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2].

Core Insights - On June 30, 2025, Guotai Junan International (01788), Xiaomi Group-W (01810), and Yisou Technology (02550) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 6.705 billion, 6.324 billion, and 5.466 billion respectively [1][2] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), SMIC (00981), and Guotai Junan International (01788) led the trading volume, with amounts of 3.095 billion, 2.491 billion, and 2.160 billion respectively [1][2] Southbound Stock Connect (Hong Kong) - The top three active companies by trading amount were: - Guotai Junan International (01788): 6.705 billion, net buy of -27.5779 million - Xiaomi Group-W (01810): 6.324 billion, net buy of -389 million - Yisou Technology (02550): 5.466 billion, net buy of 54.8996 million [2] Southbound Stock Connect (Shenzhen) - The top three active companies by trading amount were: - Xiaomi Group-W (01810): 3.095 billion, net buy of 274 million - SMIC (00981): 2.491 billion, net buy of 728 million - Guotai Junan International (01788): 2.160 billion, net buy of -24.1087 million [2]

Summary of Key Points Core Viewpoint - The southbound capital flow on June 30 showed significant net inflows into certain stocks while others experienced substantial net outflows, indicating shifting investor sentiment in the Hong Kong market [1]. Group 1: Capital Flow Details - Southbound capital totaled HKD 1340.78 billion with a net inflow of approximately HKD 52.20 billion [1]. - The net inflow from the Shanghai-Hong Kong Stock Connect was about HKD 23.93 billion, while the Shenzhen-Hong Kong Stock Connect saw a net inflow of approximately HKD 28.26 billion [1]. Group 2: Major Net Buyers - Significant net purchases included: - China Construction Bank (00939.HK) with HKD 9.57 billion [1] - SMIC (00981.HK) with HKD 7.15 billion [1] - Meituan-W (03690.HK) with HKD 3.77 billion [1] - Kuaishou-W (01024.HK) with HKD 3.15 billion [2] - Innovent Biologics (01801.HK) with HKD 3.14 billion [3] - Yisou Technology (02550.HK) with HKD 347.16 million [1][4]. Group 3: Major Net Sellers - Significant net sales included: - Alibaba-W (09988.HK) with HKD 55.10 million [5] - Bank of China (03988.HK) with HKD 38.04 million [5] - Tencent Holdings (00700.HK) with HKD 32.57 million [5] - Pop Mart (09992.HK) with HKD 15.80 million [5]. Group 4: Stock Performance - China Construction Bank saw a decline of 1.37% with net buying of HKD 9.57 billion [1]. - SMIC experienced a slight drop of 0.33% with net buying of HKD 7.28 billion from Shenzhen-Hong Kong Stock Connect [1]. - Meituan-W fell by 3.17% despite net buying of HKD 5.11 billion from Shanghai-Hong Kong Stock Connect [1]. - Kuaishou-W increased by 0.80% with net buying of HKD 3.15 billion [2]. - Innovent Biologics rose by 1.36% with net buying of HKD 3.14 billion [3]. - Yisou Technology surged by 38.22% with net buying of HKD 54.90 million from Shanghai-Hong Kong Stock Connect [4]. - Alibaba-W dropped by 2.05% with significant net selling [5]. - Bank of China fell by 2.36% with net selling [5]. - Tencent Holdings decreased by 1.95% with net selling [5]. - Pop Mart increased by 3.41% despite net selling [5].

以下文章来源于养基场王场长 ，作者王场长 养基场王场长 . 牢记基金投资中的第一性原理——通过基金赚钱。 关注我们，陪伴我们，一起成长，一起赚钱。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 养基场王场长 来源：雪球 唐朝的开国名将 ， 商朝的陈塘关总兵 ， 佛教的毗沙门天王 ， 道教的阐教三代弟子 ， 天庭的托塔天王 。 这些跨越了千年历史与人神佛三界的title ， 都归于一个人 —— 李靖 ， 哪吒他爹 。 而在投资中 ， 如果要选出一个能有如此多title的存在 ， 那我想一定是港股的科技主题 。 目前市场上比较 纯粹的 ， 跟踪港股科技主题的指数就有十个 ， 跟踪的基金就高达125只 。 | 指数名称 | 发布日期 | 指数类型 | 产品跟踪数量 | 近1年收益率 | 发布机构 | | --- | --- | --- | --- | --- | --- | | 恒生科技 | 2020-07-27 | 股票指数 | 54 (ETF: 10) | 32.57% | 恒生指数有限公司 | | 恒生互联网科技业 | 2015-08-17 | 股票指数 | 1 ...

Group 1 - The top company by market capitalization is 台棋电 with a value of 11,854.84 million [2] - Tencent Holdings ranks second with a market cap of 5,904.94 million [2] - Alibaba follows in third place with a market cap of 2,722.24 million [2] Group 2 - Xiaomi Group is in fourth place with a market cap of 1,906.02 million [2] - Pinduoduo ranks fifth with a market cap of 1,492.62 million [2] - Meituan is sixth with a market cap of 991.67 million [2] Group 3 - NetEase has a market cap of 839.94 million, placing it seventh [2] - JD.com is in eighth place with a market cap of 476.7 million [3] - SMIC (中芯国际) follows closely with a market cap of 476.28 million [3] Group 4 - Kuaishou (快手-W) has a market cap of 347.93 million, ranking ninth [3] - Baidu ranks tenth with a market cap of 296.09 million [3] - Tencent Music has a market cap of 295.84 million, placing it eleventh [3] Group 5 - Li Auto (理想汽车) ranks twelfth with a market cap of 294.05 million [3] - Beike (贝壳) has a market cap of 222.61 million, placing it thirteenth [3] - Tonghuashun (同花顺) follows with a market cap of 206.05 million, ranking fourteenth [3] Group 6 - XPeng Motors (小鹏汽车) has a market cap of 172.8 million, ranking fifteenth [3] - iFlytek (科大讯飞) is sixteenth with a market cap of 153.61 million [3] - ZTO Express (中通快递) ranks seventeenth with a market cap of 142.2 million [3] Group 7 - 360 (三六零) has a market cap of 99.37 million, placing it eighteenth [3] - Baoxin Software (宝信软件) ranks nineteenth with a market cap of 94.85 million [3] - Weimob (味睡眠唾) has a market cap of 90.14 million, placing it twentieth [3] Group 8 - Hengsheng Electronics (恒生电子) ranks twenty-first with a market cap of 88.68 million [3] - New Oriental (新东方) follows with a market cap of 88.53 million, placing it twenty-second [3] - NIO (蔚来) has a market cap of 78.36 million, ranking twenty-third [3] Group 9 - Vipshop (唯品会) ranks twenty-fourth with a market cap of 77.85 million [4] - Kingsoft (金山软件) has a market cap of 72.56 million, placing it twenty-fifth [4] - Kingdee International (金蝶国际) ranks twenty-sixth with a market cap of 68.95 million [4] Group 10 - TAL Education (好未来) has a market cap of 65.2 million, placing it twenty-seventh [4] - Giant Network (巨人网络) ranks twenty-eighth with a market cap of 63.55 million [4] - Yonyou Network (用友网络) has a market cap of 62.87 million, placing it twenty-ninth [4] Group 11 - WanGuo Data (万国数据) ranks thirtieth with a market cap of 62.26 million [4] - Qifu Technology (奇富科技) has a market cap of 59.88 million, placing it thirty-first [4] - Kunlun Wanwei (昆仑万维) ranks thirty-second with a market cap of 59.46 million [4] Group 12 - Tongcheng Travel (同程旅行) has a market cap of 59.26 million, placing it thirty-third [4] - Kaiying Network (恺英网络) ranks thirty-fourth with a market cap of 57.59 million [4] - Runhe Software (润和软件) has a market cap of 56.7 million, placing it thirty-fifth [4] Group 13 - China Software (中国软件) ranks thirty-sixth with a market cap of 55.89 million [4] - Sangfor Technologies (深信服) has a market cap of 55.57 million, placing it thirty-seventh [4] - Tuo Wei Information (拓维信息) ranks thirty-eighth with a market cap of 54.48 million [4] Group 14 - 37 Interactive Entertainment (三七互娱) has a market cap of 53.49 million, placing it thirty-ninth [4] - Baichu Electronics (柏楚电子) ranks fortieth with a market cap of 53 million [4] Group 15 - Meitu (美图公司) has a market cap of 51.44 million, placing it forty-first [5] - Changshan Beiming (常山北明) ranks forty-second with a market cap of 49.14 million [5] - Newland (新大陆) has a market cap of 46.77 million, placing it forty-third [5] Group 16 - Yanshan Technology (岩山科技) ranks forty-fourth with a market cap of 44.5 million [5] - Yinzhijie (银之杰) has a market cap of 43.6 million, placing it forty-fifth [5] - Donghua Software (东华软件) ranks forty-sixth with a market cap of 43.05 million [5] Group 17 - Perfect World (完美世界) has a market cap of 41.16 million, placing it forty-seventh [5] - China Civil Aviation Information Network (中国民航信息网络) ranks forty-eighth with a market cap of 39.26 million [5] - Yunfei Zhili (云费智联) has a market cap of 38.28 million, placing it forty-ninth [5]

5月28日，美团宣布跟万豪旅享家推出联合会员，主要内容为美团点评体系会员与万豪万豪旅享家全面打通，黑钻会员可直接成为万豪金卡，并拥有参与 白金挑战的活动资格。 万豪的白金会员可在入住时享受多重礼遇，包括赠送双早、客房升级、行政酒廊、积分加赠等，在商旅人士群体中比较具有吸引力。 理论上讲，万豪白金会员需要每年入住50个付费房晚。 但最近几年，实际获得该会员等级的门槛大大降低，用户有多种渠道完成白挑，通常只需要8晚即可满足条件，例如这次跟美团的渠道合作。 有网友调侃到， "钛金遍地走，白金多如狗。""这次拼好房上线，行政酒廊真要变成菜市场了。" 美团跟万豪搭线，双方各有所需。 美团主营的外卖和即时零售等业务，利润空间远不如酒旅，而酒旅里中低端业务赚钱能力又远不如高星酒店。 尽管美团早在2018年Q1间夜量就已超过携程系总量，但中高星市场，携程仍具有显著优势。 美团希望通过跟万豪、洲际等高星品牌的合作，放大行业内的影响力，进一步建立用户心智。 万豪这边则面临迫切的业绩压力，Q1财报显示其在全球市场表现强劲的同时，大中华区RevPAR和ADR均有所下跌：RevPAR为71.2美元，同比减少 1.6%；ADR为112. ...

Investment Rating - Investment rating for the industry is "Positive" (maintained) [2] Core Insights - The tourism sector is experiencing a significant increase in passenger volume during the summer, with a projected 1.5 billion domestic air travelers, reflecting a year-on-year growth of 5.4% [15][17] - The IP and home appliance market is diversifying, with the total retail sales of authorized products expected to reach 1550.9 billion yuan in 2024, marking a 10.7% increase [19][25] - Instant retail is witnessing robust growth, with major players like Meituan and JD.com significantly increasing their market presence and order volumes during promotional events [41][44] Summary by Sections 1. Travel and Tourism - Domestic air travel is projected to reach 91.4 million flights in 2025, a 2.7% increase year-on-year, with international flights expected to grow by 14.1% [15] - Average ticket prices for domestic flights are expected to rise to 946 yuan, a 16% increase compared to 2024 [15][17] - Family and student travel is a major driver, with over 34.7% of domestic travelers being families with children [17] 2. IP and Home Appliances - The market for authorized products is expanding, with over 90% of surveyed authorized merchants reporting that IP licensing boosts sales [19][20] - The home appliance market is projected to reach 8468 billion yuan in retail sales in 2024, with a 9% year-on-year growth [26][27] - Companies like Pop Mart are entering the home appliance sector, focusing on emotional and aesthetic values in their products [32] 3. Instant Retail - Instant retail platforms are seeing explosive growth, with Meituan's flash purchase service achieving over 6000 million daily orders during promotional periods [41][43] - The overall instant retail market is expected to exceed 1 trillion yuan by 2026, driven by increasing consumer demand [44] - SF Express is expanding its instant delivery services, with a significant increase in order volumes during promotional events [44][45]

重构信任链条 2025年榜单上超半数商户为首次入围，超2400家为不易被察觉的烟火小店，超1200家为经受住时间考验 的市井老店。今年榜单新增10座境内味蕾小城、15座港澳台及海外地区热门城市。其中，榜单上近八成 为烟火小店，超四成为10年以上老店。 这背后离不开文旅市场火热所带来的"味蕾游"偏好。数据显示，今年一季度，揭阳、岳阳、包头、丽水 等六成以上发榜城市的榜单中，异地用户占比超五成。此外，"城市特色商户"占比近六成，同比增长近 三成。 以10座新增境内味蕾小城为例，2024年异地用户流量占比均超四成，餐饮商户日均新增评价量最高增长 120%。 据悉，大众点评还将进一步结合目前文旅的热度，推出必住榜、必玩榜。结合酒旅、票务等服务，提供 更多榜单信息，让用户有更多新的发现和体验。 作为一个一年累计有3.63亿条真实评价的平台，更强调体验的大众点评，显然有着与偏重消费的美团气 质截然不同。 "其实大众点评这个组织内部，没有任何一个部门要背商业化指标，最重要的是怎么把用户体验做得更 好。"接棒点评事业部两个多月后首次现身的美团高级副总裁李树斌表示，每个App都有边界，大众点 评还是个独立业务，"点评是收录PO ...

6月1日至6月29日，港股市场震荡上行，恒生指数从5月30日的23289.77点震荡上涨，6月25日一度突破 24533点，区间涨幅达到5.3%。恒生科技指数本月涨幅也达到3.31%。 南向资金成为重要"助推力"。第一财经记者据wind数据统计，截至6月27日，本月南向资金合计买卖成 交总额达到2.28万亿港元，已高于5月全月成交额1.80万亿港元。合计成交净买入750.31亿港元，较上月 同期（5月1日至27日）的360亿港元同比大幅增长108%。 南向资金此轮净流入港股市场始于2024年10月，并在今年春节后开始加速，呈现出规模大速度快的现 象。南向资金年内净流入港股市场金额已超过7259亿港元，创下历史同期新高。也已超过2022年、2023 年的全年净买入额。 第一财经记者注意到，资金配置策略显著转向，医药板块获重点加仓，对创新业务亦展现热情。另外， 国泰君安国际（01788.HK）在获得虚拟资产交易牌照后，单周暴涨167.26%，港股通持股量激增6.79亿 股。 南向资金重点交易哪些个股？ 南向资金近期在港股市场的投资动向呈现明显分化特征。本月港股通成交最为活跃的个股集中在科技和 消费领域。 从6月份 ...