Core Viewpoint - Citigroup increased its stake in Alibaba Group Holding Limited (Alibaba-W) from 3.66% to 5.60% as of July 14 [1] Group 1 - Citigroup's ownership in Alibaba-W has seen a significant rise, indicating increased confidence in the company's prospects [1]

智通财经7月18日电，香港交易所信息显示，腾讯大股东、南非Naspers集团在腾讯控股的持股比例于07 月17日从23.00%降至22.99%，平均股价为516.0776港元。 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - As of the end of June, the company's PE ratio stands at 37.51x, which is at the 55th percentile historically since 2016, indicating a certain level of investment value. It is expected that with the continued enhancement of the mutual access policy in the Hong Kong capital market, liquidity in the Hong Kong stock market will continue to rise, leading to an increase in overall market activity and valuation. The company is projected to achieve revenues and other income of HKD 27.4 billion, 29.9 billion, and 32.4 billion for 2025-2027, with net profits attributable to shareholders of HKD 16.8 billion, 17.6 billion, and 19.4 billion, corresponding to PE valuations of 32.2x, 30.8x, and 27.9x respectively [2][48]. Market Environment - The Hong Kong stock market continued its upward trend in June, driven by domestic policy support, with the Hang Seng Index and Hang Seng Tech Index rising by 20.0% and 18.7% respectively compared to the end of 2024. The average daily trading volume (ADT) for the Hong Kong Stock Exchange in June was HKD 230.2 billion, reflecting a month-on-month increase of 9.4% and a year-on-year increase of 106.9% [11][17]. - The IPO scale in June saw 15 new stocks listed, totaling HKD 27.9 billion, which is a significant year-on-year increase of 606% despite a month-on-month decrease of 51% [27][28]. Business Segments - **Spot Market**: The overall Hong Kong stock market showed high trading activity, with the ADT for the Hong Kong stock market reaching HKD 230.2 billion in June, up 9.4% month-on-month and 106.9% year-on-year. Northbound trading ADT was HKD 162.9 billion, and southbound trading ADT was HKD 120.8 billion, reflecting increases of 7.5% and 27.9% month-on-month respectively [8][17]. - **Derivatives Market**: In June, the average daily volume (ADV) for futures was 57.3 million contracts, down 2.4% month-on-month and 8.4% year-on-year, while the ADV for options was 82.0 million contracts, up 1.9% month-on-month and 9.7% year-on-year [21]. - **Commodity Market**: The LME daily average trading volume in June was 749,000 contracts, reflecting increases of 6.0% month-on-month and 11.2% year-on-year [24]. - **Primary Market**: The number of new listings in the Hong Kong stock market for the first half of 2025 reached 43, with a total scale of HKD 1,067 billion, representing a year-on-year increase of 688.6% [27]. Investment Income - As of the end of June, the HIBOR rates for 6 months, 1 month, and overnight were 2.38%, 0.73%, and 0.03% respectively, showing a month-on-month increase while year-on-year rates have decreased [36].

智通财经7月16日电，香港交易所信息显示，贝莱德在信达生物的持股比例于07月10日从4.98%升至 5.18%。 ...

智通财经7月16日电，香港交易所信息显示，摩根大通在哔哩哔哩-W的持股比例于07月11日从13.63%升 至14.77%，平均股价为172.7633港元。 ...

金十数据7月16日讯，香港交易所今天刊发了有关缩短香港股票现货市场结算周期的讨论文件。香港交 易所股票现货市场自1992年以来一直采用T+2结算周期，而其他国际股票市场在过去20年间也逐渐将结 算周期缩短至T+2。近年来，许多市场已转向或正在考虑转向T+1或更短的结算周期。根据世界交易所 联合会和国际交易所的统计数据，香港交易所预计，到2027年底，全球股票市场88%*的交易将采用 T+1或T+0结算周期。本讨论文件列出了缩短香港股票现货市场现行T+2结算周期的潜在好处和挑战， 并参考了其他主要市场在缩短结算周期过程中的经验，为所有市场参与者展开深入讨论提供了基础。 香港交易所发布有关缩短香港股票现货市场结算周期的讨论文件 ...

智通财经7月15日电， 香港交易所信息显示，纽约梅隆银行在金山云的持股比例于07月11日从10.03%升 至10.12%。 ...

智通财经7月15日电，香港交易所信息显示，摩根大通在中国财险的持股比例于07月09日从8.26%升至 9.16%，平均股价为14.8739港元。 ...

智通财经7月14日电，香港交易所信息显示，贝莱德在美团-W的持股比例于07月08日从5.84%升至 6.13%。 ...

香港交易所信息显示， 贝莱德在 理想汽车-W的持股比例于07月08日从5.07%降至4.95%。 ...