Group 1: Southbound Capital Flow - On May 29, southbound funds net bought Hong Kong stocks worth 4.382 billion HKD [1] - Notable net purchases included Meituan at 1.044 billion HKD, ZhongAn Online at 756 million HKD, and CSPC Pharmaceutical at 365 million HKD [1] - Continuous selling pressure was observed on Alibaba, with net sales totaling 5.021 billion HKD over 8 consecutive days [1] Group 2: Meituan Performance - Meituan's flash sale for liquor on May 29 reported over 18 times year-on-year growth in overall sales within the first 24 hours [3] - The first 12 hours of white liquor sales exceeded 300 million HKD, marking a year-on-year increase of over 70 times [3] - Sales of beer reached nearly 10 million bottles on the first day, with trendy alcoholic beverages seeing over triple-digit year-on-year growth [3] Group 3: ZhongAn Online Developments - Hong Kong's Legislative Council passed the Stablecoin Bill, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [3] - ZhongAn Online holds a 43.43% stake in ZhongAn Bank, which is positioned to benefit from the stablecoin issuance services [3] - Guotai Junan Securities maintains a "Buy" rating for ZhongAn Online due to its deep involvement in virtual asset business [3] Group 4: Pop Mart Outlook - Jianyin International initiated coverage on Pop Mart with an "Outperform" rating and a target price of 256 HKD, implying a future P/E ratio of about 50 times [4] - The company is expected to achieve a compound annual growth rate of 38% in revenue and 44% in profit from 2025 to 2027 [4][5] - Pop Mart has opened over 35 stores and 20 unmanned stores this year, aiming to reach 100 overseas stores by year-end [5]

Core Viewpoint - Southbound capital saw a significant net inflow today, indicating renewed interest in the Hong Kong market, with the Hang Seng Index rebounding above 23,500 points, suggesting bullish sentiment from various investors beyond just southbound funds [1][2]. Group 1: Southbound Capital Flow - Today's southbound capital transaction amounted to approximately 99.01 billion HKD, accounting for about 43.64% of the total turnover of the Hang Seng Index, showing a recovery in share compared to the previous day but still below the long-term average [1]. - The net inflow of southbound capital was around 4.38 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing approximately 4.19 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing about 0.20 billion HKD [2][6]. Group 2: Individual Stock Performance - Major net purchases included Meituan-W (03690.HK) with 1.04 billion HKD, ZhongAn Online (06060.HK) with 0.76 billion HKD, and CSPC Pharmaceutical Group (01093.HK) with 0.37 billion HKD, indicating strong interest in these stocks [3][4]. - Significant net sales were observed in Semiconductor Manufacturing International Corporation (00981.HK) with 0.56 billion HKD, Xiaomi Group-W (01810.HK) with 0.53 billion HKD, and XPeng Inc. (09868.HK) with 0.48 billion HKD, reflecting a shift in investor sentiment away from these companies [3][4]. Group 3: Stock Price Movements - Meituan-W experienced a price increase of 6.62%, with short-term funds accelerating their inflow, having accumulated 3.12 million shares over the past five days [4]. - ZhongAn Online surged by 31.56%, indicating a strong influx of short-term capital, with 0.77 million shares added in the last five days [4]. - CSPC Pharmaceutical Group rose by 11.73%, with a predominant inflow of short-term funds, accumulating 1.62 million shares over the past five days [4]. - In contrast, Semiconductor Manufacturing International Corporation saw a slight increase of 1.47%, but short-term funds continued to flow out, reducing holdings by 1.11 million shares [4].

智通财经APP获悉，5月29日港股市场，北水成交净买入43.82亿港元，其中港股通(沪)成交净买入41.86 亿港元，港股通(深)成交净买入1.96亿港元。 北水净买入最多的个股是美团-W(03690)、众安在线(06060)、石药集团(01093)。北水净卖出最多的个股 是中芯国际(00981)、小米集团-W(01810)、小鹏汽车-W(09868)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 28.37 乙 | 19.94 Z | 48.31亿 | | HK 03690 | | | +8.42亿 | | 小米集团-W | 13.14 Z | 14.18 Z | 27.32亿 | | HK 01810 | | | -1.04 Z | | 众安在线 | 14.89亿 | 8.69 Z | 23.57亿 | | HK 08060 | | | +6.20 亿 | | 阿里巴巴-W | 10.76 Z | 11.95亿 | 22.71亿 | | HK 09988 | | | -1.19 亿 | | 中芯国 ...

Group 1 - Southbound funds recorded a net purchase of 4.382 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), Meituan-W and ZhongAn Online received net purchases of 842 million HKD and 620 million HKD respectively [1] - SMIC had the highest net sell amount at 481 million HKD in the Hong Kong Stock Connect (Shanghai) [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Tencent Holdings and Meituan-W received net purchases of 252 million HKD and 202 million HKD respectively [1] - Xiaomi Group-W had the highest net sell amount at 426 million HKD in the Hong Kong Stock Connect (Shenzhen) [1]

Market Performance - The Hong Kong stock market indices experienced a collective rebound, with the Hang Seng Index rising by 1.35%, the Hang Seng China Enterprises Index increasing by 1.37%, and the Hang Seng Tech Index gaining 2.46% [1] Sector Performance - The pharmaceutical outsourcing and biotech sectors saw significant gains, with notable increases in stocks such as Zhaoyan New Drug (+14.83%), WuXi Biologics (+10.04%), and Tigermed (+9.95%) [1] - The stablecoin sector surged, highlighted by Lianlian Digital's increase of 44.86% and ZhongAn Online's rise of 31.56% following supportive comments from U.S. Vice President Kamala Harris regarding stablecoins [1] Active Stocks - Short video and tech stocks were active, with Kuaishou-W rising by 4.94% and JD Group-SW increasing by 4.19% [2] - Education stocks also saw upward movement, with China Education Group rising by 8.7% and New Oriental-S increasing by 4.32% [2] - Consumer stocks, including Meituan-W (+6.62%) and Anta Sports (+4.18%), performed well, driven by strong sales reports [2] Declining Stocks - The infant products and dairy sectors faced declines, with H&H International Holdings dropping by 2.14% and Ausnutria falling by 2% [3] - Nuclear power stocks continued to adjust, with China National Nuclear Power falling by 5.32% [3] - Coal stocks also weakened, with Mongolian Energy decreasing by 3.85% amid falling coal prices, which reached a five-year low [3] Underperforming Sectors - Sectors such as aviation, film, and food showed poor performance, alongside declines in electric power and gold stocks [4]

港股今日走势强势，恒生科技指数涨2.46%，医药股、科技股多数走高，药明生物大涨逾10%，美团涨 超6%，舜宇光学科技涨超4%。众安在线收涨逾31%，盘中一度涨超36%。 ...

从消息面来看，稳定币概念板块近日的暴涨和香港特区通过了一项草案有关。 具体而言，5月21日，香港特区立法会通过《稳定币条例草案》（《草案》），标志着将稳定币这一虚 拟资产正式纳入法治监管体系，预计今年底前机构可向金管局申请成为合规稳定币发行商。 《草案》以在香港设立法币稳定币发行人的发牌制度，完善对虚拟资产活动在香港的监管框架，以保持 金融稳定，同时推动金融创新。 具体而言，《草案》实施后，任何人如在业务过程中在香港发行法币稳定币，或在香港或以外发行宣称 锚定港元价值的法币稳定币，必须向金融管理专员申领牌照。相关人士须符合储备资产管理及赎回等方 面的规定，包括妥善分隔客户资产、维持健全的稳定机制，以及须在合理条件下按面额处理稳定币持有 人的赎回要求。相关人士还须符合一系列打击洗钱及恐怖分子资金筹集、风险管理、披露规定及审计和 适当人选等要求。金融管理专员会适时就制度的详细监管要求作进一步咨询。 5月29日，港股市场的稳定币概念板块延续了5月23日以来的升势，再度跳空上涨。板块内，连连数字 （02598.HK）一度放量飙升近51%；众安在线（06060.HK）也一度暴涨近37%，近期表现极其强势， 已连涨5天； ...

Group 1 - The core viewpoint of the news is that ZhongAn Online has seen a significant increase in stock price, driven by the recent approval of the Stablecoin Regulation Bill in Hong Kong, which is expected to enhance the regulatory framework for virtual assets and improve cross-border payment efficiency [1][2] - ZhongAn Online's stock price rose over 36% on May 29, reaching a new high for the year, with a cumulative increase of over 80% in May, resulting in a market capitalization exceeding HKD 30 billion [1] - The Stablecoin Regulation Bill, passed on May 21, aims to establish a licensing system for fiat-backed stablecoin issuers in Hong Kong, which could lower costs and delays associated with traditional SWIFT systems [1] Group 2 - ZhongAn Bank, a subsidiary of ZhongAn Online, has positioned itself as the first digital bank in Hong Kong to provide reserve banking services for stablecoin issuers, potentially creating new growth opportunities for the company [2] - Since launching its "Banking for Web3" strategy in 2023, ZhongAn Bank has built a complete ecosystem, serving over 200 Web3 companies and major virtual asset trading platforms, and became the first digital bank in Hong Kong to achieve monthly profitability in July of the previous year [2] - Analysts from DBS Bank and Guotai Junan Securities have issued bullish reports on ZhongAn Online, with DBS maintaining a "buy" rating and raising the target price to HKD 20, while estimating the hidden value of ZhongAn Bank at USD 2 billion [3] Group 3 - ZhongAn Online reported total premiums of CNY 33.417 billion for 2024, a year-on-year increase of 13.37%, maintaining underwriting profitability for four consecutive years [3] - The net profit for ZhongAn Online was CNY 603 million, reflecting a 105.4% increase compared to the adjusted net profit for 2023 [3] - Guotai Junan Securities anticipates high elastic growth in net profit by 2025, with improvements in both underwriting and investment performance, while noting that the current price-to-book (PB) ratio is only 0.74 times, indicating a historical low [3]

Group 1 - The stock of ZhongAn Online surged over 36% at one point and is currently up over 31% [1]

Group 1 - The stock of ZhongAn Online surged over 36% at one point and is currently up over 30% [1] - The trading volume exceeded 2.8 billion Hong Kong dollars [1]