6月17日港股市场，北水成交净买入63.02亿港元，其中港股通(沪)成交净买入35.8亿港元，港股通(深)成 交净买入27.22亿港元。 北水净买入最多的个股是建设银行（601939）(00939)、阿里巴巴-W(09988)、泡泡玛特(09992)。北水净 卖出最多的个股是腾讯(00700)、石药集团(01093)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 山东墨龙 HK 00568 | 19.60 乙 | 19.70亿 | 39.30亿 -975.30万 | | 泡泡玛特 | 19.90 亿 | 17.65 乙 | 37.56亿 | | HK 09992 | | | +2.25 乙 | | 建设银行 | 16.66 亿 | 5.441Z | 22.10亿 | | HK 00939 | | | +11.22 乙 | | 阿里巴巴-W | 12.26 乙 | 8.72亿 | 20.97亿 | | HK 09988 | | | +3.54 乙 | | 南京熊猫 ... | 9.50亿 | 7 ...

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Insights - The company demonstrates resilience in its insurance business, driven by four core ecosystems that support high-quality growth. The total premium income is projected to reach 33.417 billion yuan in 2024, with a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1][2] Summary by Sections 1. Insurance Business Performance - The company has established four ecosystems: Digital Life, Health, Consumer Finance, and Automotive, with Digital Life contributing 48.5% of total premiums, expected to reach 16.197 billion yuan in 2024, growing by 28.9% year-on-year. Health ecosystem premiums are projected at 10.338 billion yuan, with a CAGR of 23.8% [2][29] - The company has achieved underwriting profitability for four consecutive years, with a combined cost ratio of 96.9% in 2024, reflecting improvements in operational efficiency and risk control [30][72] 2. Technology Business - The technology segment has shown significant growth, with a revenue CAGR of 43% over six years, reaching 956 million yuan in 2024, marking a 15.3% year-on-year increase and achieving profitability for the first time [3][8] 3. Digital Banking - The digital bank, ZA Bank, leads in Hong Kong with total assets of 22.3 billion HKD in 2024, a 60% increase year-on-year, and a net income of 548 million HKD, narrowing its net loss by 42% to 232 million HKD [4][8] 4. Financial Forecasts - The company expects premium service revenue growth rates of 11%, 14%, and 14% for 2025 to 2027. Total operating revenue is projected to be 3.715 billion yuan in 2025, with net profit attributable to shareholders expected to reach 904 million yuan [9][11]

Market Overview - On June 16, the Hang Seng Index rose by 0.70%, closing at 24,060.99 points, with a total net inflow of HKD 57.43 billion through the southbound trading channel [1][3] - The total trading volume for the southbound trading was HKD 1,278.17 billion, with a net buy of HKD 57.43 billion [1] Trading Activity - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 779.26 billion, with a net buy of HKD 26.68 billion, while the Shenzhen Stock Exchange had a transaction amount of HKD 498.91 billion and a net buy of HKD 30.75 billion [1] - In the top ten active stocks on the Shanghai Stock Exchange, Xiaomi Group-W had the highest transaction amount of HKD 43.93 billion, followed by Shandong Molong and Alibaba-W with transaction amounts of HKD 40.27 billion and HKD 29.26 billion, respectively [1] Stock Performance - In terms of net buy amounts, China Construction Bank led with a net buy of HKD 11.08 billion, closing with a price increase of 1.97% [1] - Xiaomi Group-W recorded the highest net sell amount of HKD 14.89 billion, while its closing price increased by 4.23% [1] - In the Shenzhen Stock Exchange's top active stocks, Xiaomi Group-W again led with a transaction amount of HKD 34.12 billion, followed by Pop Mart and Meituan-W with transaction amounts of HKD 15.52 billion and HKD 15.46 billion, respectively [2] - Meituan-W had the highest net buy amount of HKD 6.22 billion, closing with a price increase of 0.43%, while Xiaomi Group-W had a net sell of HKD 3.91 billion [2]

6月16日午后，数字货币相关概念大幅上涨。行情软件显示，数字货币、跨境支付、数字哨兵、电子身 份证、数据确权、Web3.0等多个相关概念股大涨。截至收盘，天阳科技（300872）（300872）、四方 精创（300468）（300468）"20cm"涨停，恒生电子（600570）（600570）"10cm"涨停，拉卡拉 （300773）（300773）、雄帝科技（300546）（300546）、正元智慧（300645）（300645）、飞天诚信 （300386）（300386）等个股涨幅居前。 陈茂波表示，按估算，全球稳定币总市值约为2400亿美元，而去年全球稳定币交易量则超过20万亿美 元。随着数字资产市场的蓬勃发展，市场对稳定币的需求料将进一步增加。稳定币是一种锚定法定货币 或与特定资产挂钩、具价格稳定性的数字资产。其中，法币稳定币凭借区块链技术的安全性和高效性以 及法币的稳定性，将成为结合金融体系和实体经济，以降低成本并提升效率的潜在工具。事实上，稳定 币既可不受传统支付时间和地域限制作为交易媒介，还可凭其可编程的特性，开拓多元化的创新方案， 使金融服务流程自动化和智能化。 中金公司（601995）认为 ...

Core Insights - On June 16, 2025, Xiaomi Group-W (01810), Shandong Molong (00568), and Alibaba Group-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.393 billion, 4.027 billion, and 2.926 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Pop Mart (09992), and Meituan-W (03690) led the trading volume, with amounts of 3.412 billion, 1.552 billion, and 1.546 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading amount: - Xiaomi Group-W (01810): 4.393 billion, net buy of -1.489 billion - Shandong Molong (00568): 4.027 billion, net buy of 55.0174 million - Alibaba Group-W (09988): 2.926 billion, net buy of 311 million - Pop Mart (09992): 2.646 billion, net buy of 154 million - China Construction Bank (00939): 1.938 billion, net buy of 1.108 billion - Meituan-W (03690): 1.829 billion, net buy of 493 million - Tencent Holdings (00700): 1.802 billion, net buy of -322 million - ZhongAn Online (06060): 1.700 billion, net buy of 215 million - CNOOC (00883): 1.383 billion, net buy of -261 million - Yika (09923): 1.087 billion, net buy of -2.1563 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading amount: - Xiaomi Group-W (01810): 3.412 billion, net buy of -391 million - Pop Mart (09992): 1.552 billion, net buy of -83.2303 million - Meituan-W (03690): 1.546 billion, net buy of 622 million - Alibaba Group-W (09988): 1.457 billion, net buy of -284 million - Tencent Holdings (00700): 1.314 billion, net buy of -298 million - Shandong Molong (00568): 1.162 billion, net buy of 18.7368 million - Innovent Biologics (01801): 1.111 billion, net buy of -285 million - BeiGene (06160): 1.039 billion, net buy of -228 million - Kuaishou-W (01024): 987 million, net buy of -27.6221 million - CanSino Biologics (09926): 904 million, net buy of 20.6 million [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 57.43 billion on June 16, 2023, indicating strong investor interest in certain stocks while others faced net sell-offs [1]. Group 1: Stock Performance - Meituan-W (03690) and China Construction Bank (00939) were among the top net buyers, with net inflows of HKD 11.61 billion and HKD 15.23 billion respectively [2][5]. - Xiaomi Group-W (01810) faced the highest net sell-off, amounting to HKD 18.79 billion, while Tencent (00700) also saw significant selling pressure with a net outflow of HKD 6.19 billion [2][7]. - Other notable stocks with net inflows included ZHONGAN Online (06060) with HKD 2.15 billion and KANGFANG BIO (09926) with HKD 2.05 billion [5][6]. Group 2: Market Trends and Insights - The report from Goldman Sachs highlighted a recovery in the investment value of Chinese private enterprises, identifying ten major companies that reflect themes in AI, technology development, and new consumption, with a combined market capitalization of USD 1.6 trillion [4]. - The banking sector, particularly China Construction Bank, is experiencing increased interest from insurance funds, which is seen as a positive signal for market sentiment [5]. - The digital asset sector is also gaining traction, with ZHONGAN Online's involvement in stablecoin services indicating a growing focus on digital finance in Hong Kong [6]. Group 3: Company-Specific Developments - Xiaomi's chairman Lei Jun announced the upcoming launch of the Xiaomi YU7, while the company aims to achieve profitability in its automotive and chip businesses by Q3-Q4 of this year [7]. - Bubble Mart (09992) is gaining recognition for its unique IP and product development capabilities, which are expected to drive long-term growth [6].

Group 1: Market Performance - Stablecoin-related stocks are showing strong performance, with $ZA ONLINE (06060.HK) rising over 9%, $LIANLIAN (02598.HK) up more than 8%, $LINKLOGIS-W (09959.HK) rising nearly 8%, and $YEAHKA (09923.HK) increasing by nearly 7% [1] - Specific stock performance details include: - $ZA ONLINE at 20.050, up 1.750 (+9.56%) with a trading volume of 15.48 million and a transaction value of 301 million - $LIANLIAN at 9.990, up 0.750 (+8.12%) with a trading volume of 2.80 million and a transaction value of 27.94 million - $LINKLOGIS-W at 2.040, up 0.150 (+7.94%) with a trading volume of 591.2 thousand and a transaction value of 11.88 million - $YEAHKA at 11.980, up 0.780 (+6.96%) with a trading volume of 746.98 thousand and a transaction value of 87.51 million [2] Group 2: Regulatory Developments - The "Stablecoin Regulation" has been passed by the Hong Kong Legislative Council and will take effect on August 1, establishing a licensing system for legal currency stablecoin issuers [2] - Paul Chan Mo-po announced that the Hong Kong Monetary Authority will expedite the processing of license applications for eligible applicants after the regulation comes into effect [2] - A second policy declaration on the development of digital assets is expected to be issued by Hong Kong, outlining future policy vision and direction [2] Group 3: Industry Initiatives - Lianlian Digital has formed a dedicated team to promote stablecoin-related projects and conduct use case research, holding 65 payment licenses globally [3] - ANT GROUP CO., LTD. plans to initiate qualification applications for stablecoin issuance in Hong Kong and Singapore under respective regulatory frameworks [3] - Kaiyuan Securities has expressed a bullish outlook on investment opportunities in stablecoins driven by policy, capital, and industry resonance [3]

6月16日，香港稳定币概念股再度迎来狂欢，板块个股全线上涨。截至发稿，连连数字(02598.HK)涨近 15%，联易融科技(09959.HK)和众安在线(06060.HK)涨幅均超12%，其他多股也纷纷跟涨。 稳定币概念股集体飙升的背后，是香港即将释放的又一波数字资产政策红利！ 6月15日，香港特区财政司司长陈茂波发表标题是提速前进 扬帆稳航;的随笔。他表示，香港在数字金 融、绿色金融及离岸人民币市场方面有长足发展，带动了金融机构相关的业务。例如，去年本地银行数 字资产和相关产品交易总额达172亿港元；去年底，在银行托管的数字资产总额达51亿港元。 陈茂波进一步表示，因应最新的发展和形势变化，我们即将就数字资产的发展发表第二份政策宣言，阐 述下一步的政策愿景和方向，一系列具体的措施包括让传统金融服务的优势与数字资产领域的技术创新 有更好的结合、提高数字资产在实体经济活动的安全性和灵活性，以及鼓励本地和国际企业探索数字资 产技术的创新及应用。; 香港财经事务及库务局局长许正宇近日也表示，香港积极发展虚拟资产生态圈，政府即将发布第二份虚 拟资产政策宣言，探索传统金融与虚拟资产的融合，并将于年內就场外交易及托管服务 ...

Group 1 - The concept stocks related to stablecoins in Hong Kong have seen an increase, with companies like Lianlian Digital, Linklogis Technology, ZhongAn Online, and Yikate rising, and Yikate increasing by over 10% [1] - The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, recently stated that after the implementation of the "Stablecoin Ordinance," the Hong Kong Monetary Authority will promptly process the received license applications to allow qualified applicants to conduct their business [1] - The new regulations will enable trading of Hong Kong stocks without the need for the Hong Kong Stock Connect, allowing A-share accounts to conduct T+0 trading of Hong Kong stocks [1]

Group 1 - The concept stocks related to stablecoins in the Hong Kong market have seen significant gains, indicating a positive market sentiment towards this sector [1] - Lianlian Digital (02598.HK) experienced an increase of over 13%, reflecting strong investor interest [1] - Other companies such as Linklogis Technology (09959.HK) and ZhongAn Online (06060.HK) also rose by more than 10%, showcasing a broader trend in the stablecoin-related stocks [1] - Yika (09923.HK) saw an increase of over 9%, further emphasizing the upward movement in this segment [1]