Group 1 - BlackRock's shareholding in Li Ning decreased from 5.08% to 4.14% as of June 17 [1]

Group 1 - JPMorgan increased its stake in Bilibili-W from 12.79% to 13.04% as of June 16 [1] - The average share price for this transaction was HKD 163.1448 [1]

Group 1 - The core viewpoint emphasizes the need to develop a multi-tiered market system in China's capital market, leveraging the strengths of various exchanges for complementary and differentiated growth [1] - The CEO of Hong Kong Exchanges and Clearing (HKEX) highlighted the importance of the "people, goods, and venues" framework in capital market development, focusing on collaboration with industry peers [1] - Currently, over 100 companies are waiting to list on HKEX, showcasing China's strong capabilities in resource allocation for listings, which has garnered admiration from international peers [1] Group 2 - HKEX's CEO explained that A-share companies are keen on listing in Hong Kong to build overseas business platforms and access more financing channels, leading to an "A+H" linkage effect that boosts trading volumes in both markets [2] - There is significant potential for foreign institutional investors to increase their asset allocation in China, particularly in the context of shifting perceptions regarding the safety of U.S. assets [2] - HKEX is preparing to launch RMB-denominated government bond futures, which is seen as a crucial step in enhancing the market ecosystem and attracting global capital [2] Group 3 - The infrastructure and mechanism construction of the capital market are deemed essential, with increasing demands for trading experience, such as providing all-day trading services [3] - HKEX plans to advance the connectivity mechanism by incorporating RMB counters into the Hong Kong Stock Connect, facilitating mainland investors' participation without currency conversion [3] - Continuous investment in technology platform development is highlighted as a critical aspect for exchanges to enhance their systems [3]

智通财经6月18日电，香港交易所信息显示，摩根大通（JPMorgan）在中国财险的持股比例于06月13日 从7.87%升至8.15%，平均股价为15.0875港元。 ...

智通财经6月18日电，香港交易所信息显示，贝莱德（BlackRock）在阿里巴巴-W的持股比例于06月13 日从4.89%升至5.16%。 ...

Core Viewpoint - The Hong Kong stock market showed strong performance in May, with active trading and positive growth expectations for the Hong Kong Stock Exchange's (HKEX) earnings [1][2] Market Performance - The Hang Seng Index and Hang Seng Tech Index increased by 16.1% and 15.7% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for HKEX was HKD 210.3 billion, down 23.4% month-on-month but up 50.4% year-on-year [1] - The monthly ADT for the Shanghai-Shenzhen Stock Connect was HKD 906.13 billion, down 6.9% month-on-month but up 22.4% year-on-year [1] - The monthly ADT for the Hong Kong Stock Connect was HKD 147.42 billion, down 22.9% month-on-month but up 50.1% year-on-year [1] Derivatives and Commodity Markets - In the derivatives market, both futures and options trading volumes decreased month-on-month and year-on-year [1] - The average daily volume (ADV) for futures was 586,000 contracts, down 30.3% month-on-month and 14.6% year-on-year [1] - The ADV for options was 805,000 contracts, down 19.8% month-on-month and 23.7% year-on-year [1] - The London Metal Exchange (LME) saw a decrease in trading volume, with a daily average of 707,000 contracts, down 19.7% month-on-month and 8.5% year-on-year [1] IPO Market - The Hong Kong IPO market experienced significant growth, with 10 new listings in May totaling HKD 55.8 billion, representing increases of 1830.4% month-on-month and 3150.6% year-on-year [1] Investment Income - Investment income rates for HKEX showed a decline month-on-month and year-on-year as of the end of May [1] - The 6-month HIBOR was 2.16%, down 1.86 percentage points month-on-month and down 2.66 percentage points year-on-year [1] - The 1-month HIBOR was 0.59%, down 3.37 percentage points month-on-month and down 3.89 percentage points year-on-year [1] - The overnight HIBOR was 0.03%, down 4.47 percentage points month-on-month and down 4.44 percentage points year-on-year [1] - The US overnight bank funding rate was 4.33%, unchanged month-on-month [1] Macroeconomic Environment - Domestic economic conditions showed signs of recovery, with the manufacturing PMI at 49.50%, up 0.50 percentage points month-on-month [1] - New orders and new export orders indices were at 49.8% and 47.5%, respectively, with increases of 0.60 percentage points and 2.80 percentage points month-on-month [1] - The manufacturing production index was at 50.7%, up 0.90 percentage points month-on-month [1] - Internationally, the Federal Reserve maintained its interest rate at 4.25%-4.50%, with expectations for rate cuts being postponed [1][2] Investment Outlook - As of the end of May, the company's PE ratio was 35.45x, positioned at the 44th percentile historically since 2016, indicating potential value for investment [2] - The company is expected to achieve revenues of HKD 29.8 billion, HKD 31.0 billion, and HKD 32.5 billion for 2025-2027, with net profits of HKD 17.9 billion, HKD 18.6 billion, and HKD 19.6 billion respectively [2] - Corresponding PE valuations are projected to be 29.2x, 28.0x, and 26.6x for the same period, suggesting a "buy" rating [2]

Group 1 - The core viewpoint of the news is the performance of the CES100 index, which reflects the overall performance of eligible securities under the "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" [1][2] - The CES100 index experienced a decline of 0.38% on June 17, closing at 5169.93 points, with a trading volume of 67.847 billion yuan [1] - Over the past month, the CES100 index has increased by 3.00%, by 0.20% over the last three months, and has risen by 22.29% year-to-date [1] Group 2 - The top ten holdings of the CES100 index include Tencent Holdings (10.02%), HSBC Holdings (9.93%), Alibaba-W (9.89%), Xiaomi Group-W (7.73%), Meituan-W (6.65%), AIA Group (5.77%), Hong Kong Exchanges and Clearing (4.13%), Standard Chartered (2.31%), Prudential (1.94%), and Pop Mart (1.64%) [2] - The index's holdings are entirely composed of securities from the Hong Kong Stock Exchange, with a sector breakdown showing 27.96% in consumer discretionary, 27.80% in financials, 13.72% in communication services, 9.70% in information technology, 5.56% in real estate, 4.32% in healthcare, 4.10% in utilities, 3.21% in consumer staples, 3.15% in industrials, and 0.48% in materials [2] - 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]

智通财经6月17日电，香港交易所信息显示，LAV Asset Management (Hong Kong) Limited在信达生物的 持股比例于06月12日从5.00%降至3.09%。 ...

Group 1 - JPMorgan's stake in Alibaba-W decreased from 6.26% to 5.94% as of June 11 [1] - The average share price for this transaction was HKD 118.4452 [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][6][44] Core Views - The company's PE ratio as of the end of May is 35.45x, positioned at the 44th percentile historically since 2016, indicating a certain level of cost-effectiveness for allocation. It is expected that with the continuous 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 overall increase in market activity and valuation. The company is projected to achieve revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with corresponding net profits of 17.9 billion, 18.6 billion, and 19.6 billion HKD, resulting in PE valuations of 29.2, 28.0, and 26.6 times respectively [2][44]. Summary by Sections Market Performance - The Hong Kong stock market has shown a significant increase, with the Hang Seng Index and Hang Seng Tech Index rising by 16.1% and 15.7% respectively compared to the end of 2024. The average daily trading (ADT) for the Hong Kong stock market in May was 210.3 billion HKD, reflecting a year-on-year increase of 50.4% but a month-on-month decrease of 23.4% [7][10][15]. IPO Market - The IPO market in Hong Kong has experienced substantial growth, with 10 new stocks listed in May, raising a total of 55.8 billion HKD, which is a remarkable increase of 3150.6% year-on-year and 1830.4% month-on-month. For the first five months of 2025, a total of 28 new companies were listed, with a cumulative scale of 77.4 billion HKD, representing a year-on-year increase of 707.2% [25][27][28]. Revenue and Profit Forecast - The company is expected to generate revenues and other income of 29.8 billion, 31.0 billion, and 32.5 billion HKD for 2025, 2026, and 2027 respectively, with net profits projected at 17.9 billion, 18.6 billion, and 19.6 billion HKD. The corresponding PE ratios are estimated to be 29.2, 28.0, and 26.6 times [2][44][46]. Investment Income - As of the end of May, the relevant interest rates for investment income have decreased compared to the previous month. The 6-month HIBOR was 2.16%, the 1-month HIBOR was 0.59%, and the overnight HIBOR was 0.03% [23][31][44]. Macro Environment - The domestic economic climate has shown signs of recovery, with the manufacturing PMI for May at 49.50%, indicating a slight improvement. Meanwhile, overseas liquidity has tightened due to the postponement of interest rate cuts by the Federal Reserve, which is expected to maintain the federal funds rate at 4.25%-4.50% [32][36].