大家好 欢迎来到中国基金报打造的对话栏目我是主持人郭文君今天我们来到香港特区政府投资推广署邀请金融服务及科技可持续发展环球总裁梁瀚敬先生和我们分享他的经历和思考Key 你好你好非常感谢您参加我们的这个节目那先跟我们中国基金报的粉丝打声招呼吧大家好 一年之前我们也采访过您然后经过了一年您应该有很多的新的成果和一些思考可以跟我们分享 首先我发现之前您的职务是金融科技主管然后你现在的title特别的长我念一下是金融服务及科技可持续发展环球总裁那新的职务肯定就是有赋予你更多的责任能不能够介绍一下您现在的具体的工作 因为是在香港的经济体金融方面这个行业也是一个主要的经济的基础同时间如果我们看一看过去十年时间金融科技这个领域也是富能一个传统金融去转型去服务更大的一个市场经济同时间我们也发现全球也有压力 怎么去能够从摊牌棒这方面的一些努力我们国家也是一个全球领先的经济体对于那个绿色方面的一些拥抱这也是一个非常主要的赛道所以我们的领导也想到怎么能够 让三个领域有更好的协同效应这也是给我一个很好的一个机会有个信任让我就是能够帮助到三个团队的同事更融合能够产出更多的协同效应服务三个赛道的一些机构其实就是包括金融科技金融服务还有这 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the sustained economic growth of Mainland China, which has consistently outpaced developed economies, achieving a GDP growth of 5.2% in 2023 compared to the US's 2.6% and OECD countries' 1.6% [10][12] - Hong Kong is transitioning from a passive bridge role to an active connector in the global financial landscape, emphasizing the need to seek and channel flows of people, capital, and goods [11][12] - The internationalization of the Renminbi is identified as a significant opportunity, with the currency currently accounting for only 4.5% of global trade settlement despite China representing 17.8% of the world's GDP [13][14] Summary by Sections Chairman's Message - The report discusses key historical milestones in China's economic growth, including its accession to the WTO in 2001 and the peak growth rate of 14.2% in 2007 [10] - It notes the resilience of the Chinese economy during global downturns, such as the Great Recession and the COVID-19 pandemic, and highlights the recovery trends observed in 2023 [10][12] Executive Director's Message - The financial services sector in Hong Kong has shown resilience and adaptability in a rapidly changing global environment, achieving significant results through enhanced partnerships [22][24] - The establishment of the Hong Kong Academy for Wealth Legacy is a notable initiative aimed at strengthening Hong Kong's position as a global family office hub [27][30] Market Promotion - The report emphasizes the importance of market promotion activities, with over 100 local and international events held to foster connections among stakeholders [26][30] - It highlights the successful hosting of the inaugural conference on impact investing, showcasing Hong Kong's commitment to driving positive social and environmental change [26][30] Human Capital Development - The report outlines initiatives aimed at nurturing young talent in the financial services industry, including a career festival in collaboration with professional associations [29][30] - Continuous improvement in systems and talent is emphasized as crucial for achieving the organization's goals [18][34] Insights and Publications - The report mentions ongoing research into digital assets and blockchain technology, indicating a focus on innovation within the financial services sector [12][18] - It references a specific study on the development of the offshore Renminbi market, which is crucial for enhancing Hong Kong's role as an international financial center [16][18]

Summary of Conference Call Company and Industry Involved - The conference is hosted by Zhong Cheng Xin Asia Pacific, focusing on sustainable finance development in Hong Kong [1] Core Points and Arguments - The event marks the announcement of Zhong Cheng Xin Asia Pacific receiving qualifications from the Hong Kong Monetary Authority (HKMA) for Qualified Domestic Institutional Investor (QDII) and Green Sustainable Finance (GSF) [1] Other Important but Possibly Overlooked Content - The president of Zhong Cheng Xin Asia Pacific, Shao Jinhong, expresses gratitude to attendees for their participation in the forum [1]

China Asset Management (Hong Kong) Limited – 日报 https://www.chinaamc.com.hk 报 华夏基金（香港）数字资产日报 | --- | --- | --- | --- | |----------------------------------------------------------------------|--------------------------------------------|--------|-------------| | 图表 1 ：华夏比特币 \n华夏比特币ETF (3042 HK / 83042 HK / 9042 HK) | ETF (3042 HK / 83042 HK / 9042 HK) \n日期 | 最新 | 表现 \n变动 | | 每基金单位资产净值 - 美元（正式） | 2024年07月08日 | 0.8907 | 0.0233 | | 每基金单位资产净值 - 人民币 (仅供参考) | 2024年07月08日 | 6.4911 | 0.1711 | | 每基金单位资产净值 - 港币 (仅供参考) ...

上周恰逢香港策略会，跑了一圈我有几个明显的感受。1）红利切成长，几乎没人觉得行。CN Inflation 满脸的不相信 2）NV 或者说纳指和CN之间，一定是存在比较明显的跷跷板效应 3）NV 几乎没人觉得 能持续坐稳市值第一的位置，最最核心的本质，Ta是个周期股。苹果， 或许是最后的赢家。回到香港 策略会，非常有收获的一天！我截取一些我的意外之喜，和大家一起分享。1）中美去全球化带来的全 球化 或许还没有结束 2）现在CN抱团的红利，最核心本质交易的是什么（增速下降，利率中枢下移， 加强股东回报，还是看空CN） 3）如果破局之道，只能是纳指。大佬们对于AI+端侧的各种想法 1）中美去全球化带来的全球化或许还没有结束 20多年前，从各国加入WTO开始。东西方就各自选了一条路径：东方负责资本密集型活动，西方负责 知识密集型活动。随着CN占到全世界出口的14%plus, 这个平衡被打破了。再平衡的过程里，西方开始 大举双轨供应链，东方开始弥补服务业。 A: 在大量基建和双轨供应链的过程里，中国的优势会比上一轮制造出口型国家（德国+日本）更加明 显； B: 在很多资本品领域（产能外迁的过程里），中国制造业的优势(无 ...

Investment Rating - The report maintains a positive structural case for Indian equities, suggesting an upward bias in the near term despite concerns about potential risks [3][4]. Core Insights - India's macroeconomic stability and policy continuity are well understood by investors, with strong growth, low inflation, and ample foreign exchange reserves contributing to a favorable outlook [3]. - Earnings delivery has been a key driver of the recent 40% rally in Indian equities, with a projected 15% earnings CAGR for 2024/25 expected to support market returns [4][8]. - High valuations are a common concern among investors, with MSCI India trading at nearly 24x forward P/E, but there is optimism about sustained domestic and foreign inflows [10][14]. Summary by Sections Economic Outlook - Investors are focused on the upcoming budget to assess the fiscal consolidation path, with expectations of continued decent growth data and domestic inflows [3]. - The report highlights a declining sensitivity of the Indian economy to global shocks, indicating resilience in the face of external pressures [3]. Earnings and Valuation - The report notes a 40% increase in MSCI India driven by a cumulative profit growth of 33% over the past 18 months, with a mixed sentiment regarding the sustainability of future earnings [4][8]. - The 12-month NIFTY target is set at 26,000, driven by anticipated profit growth and moderate valuation compression [10]. Market Dynamics - Retail flows have been identified as a significant driver of market activity, with high net-worth individuals and retail investors influencing prices, while foreign investors have been less active [14][15]. - There is potential for foreign inflows to improve, given the current low levels of foreign ownership in Indian equities, which could lead to outperformance of large-cap and quality mid-cap stocks [15][19]. Sector Preferences - Investors show a preference for sectors with strong earnings visibility, favoring manufacturing over low-end consumption, and private banks over public sector banks [19]. - The report indicates a rising focus on quality companies, with thematic investment ideas outperforming the NIFTY index [20]. Investor Concerns - Key concerns include global risks related to moderating US growth and potential volatility surrounding the US elections, as well as domestic equity supply issues [19][22]. - Investors are cautious about the large amount of equity supply hitting the market and the potential impact of upcoming IPOs [19].

Investment Rating - The report maintains a "Buy" rating on Hong Kong Exchanges (HKEX) with a 12-month target price of HK$345, indicating an upside potential of 37.9% from the current price of HK$250.20 [7][12][14]. Core Insights - HKEX has initiated a consultation on reducing minimum spreads in the Hong Kong Securities market to lower transaction costs and enhance liquidity, aligning with the HKSAR government's budget speech on improving market efficiency [2][3]. - The proposed changes will be implemented in two phases, with Phase 1 targeting price bands between HK$10 and HK$50, reducing minimum spreads by 50% to 60%, and Phase 2 focusing on price bands between HK$0.5 and HK$10, reducing spreads by 50% [3][4]. - The expected impact of these changes is significant, with over 75% of the market (by average daily trading volume) projected to achieve optimal bid-ask spread levels after the implementation of the proposed changes [4][6]. Summary by Sections Consultation Details - The consultation period for the proposed changes will end on September 20, 2024, with a timeline for implementation that includes a 6-month observation period for Phase 1 before moving to Phase 2 [3][6]. Market Impact - The bid-ask spread reduction is expected to affect over 280 securities, representing approximately 29% of equity average daily trading (ADT) in Phase 1 and 24% in Phase 2, based on data from 2021-2023 [4][6]. - A reduction of 15 basis points in bid-ask spread is anticipated to improve trading velocity by 18 percentage points, potentially increasing HKEX's ADT by 30% [6][12]. Financial Projections - The report projects a 7% compound annual growth rate (CAGR) in HKEX's ADT from 2024 to 2026, indicating that the anticipated changes are not heavily reliant on improvements in Chinese corporate earnings [6][12]. - Revenue projections for HKEX are estimated to grow from HK$20.52 billion in FY23 to HK$23.64 billion by FY26, with earnings per share (EPS) expected to increase from HK$9.37 to HK$10.50 over the same period [14].

按发行方地区划分的新股数量 • 今年上半年来自中国内地的新股数量比例由去年上半年的90% 微跌1个百分点至89%，香港及澳门公司的新股数量则相应对 地上升1个百分点至11% • 今年上半年与去年上半年均没有任何海外公司来港上市 • 来自中国内地企业的新股融资总额比重从去年上半年的 97%(173亿港元)微调2个百分点至约今年上半年的95%(110亿港 元) 更多一手调研纪要和研报数据加V：shuinu9870 • 今年上半年三大表现最佳和最欠佳的新股的表现全数较去年同期理想。 • 今年表现最差的3只新股分别来自房地产和消费行业。 • 以整体新股首日平均回报率来分析，今年新股的平均上市首日回报率为17.44% ，远远高过去年同期的6.29%。 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 © 2024。欲了解更多信息，请联系德勤中国。 16 香港主板IPO(10亿美元或以上的超大规模发行除外) 6.4 18.0 8.9 `6.1 4.4 0.0 5.0 10.0 15.0 20.0 0 200 400 600 800 2020上半年 2021年上半年 2022年上半年 2023年上半年 2024年上 ...

a FINANCIAI SERVICES DEVELOPMENT COUNCIL 香港金融發展局 A proport 2024年六月 FSDC Paper No.64 數碼身份 作 l ● ● 居港 達的 金融服務 天 目錄 | 引言 | | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----| | 1.1 數碼身份助力數字經濟邁向新高度 | | | 1.2 整合數碼身份 ·釋放經濟價值 ·解鎖發展路徑 | | | 數碼身份的基本原理 . | | | 2.1 支撑數碼身份的核心原則與技術 | | | 2.2 數碼身份格局:不同數碼身份管理方法 | | | 2.3 賦予個人權利:混合式去中心化管理方法......................................................... ...

Company and Industry Overview * **Company**: Zhongyuan Hong Kong, a publicly listed company under China Tobacco, focusing on tobacco products and international expansion. * **Industry**: Tobacco industry, with a significant global market share held by China Tobacco. * **Key Points**: * Zhongyuan Hong Kong was listed on the Hong Kong Stock Exchange in June 2019 and is the only publicly listed tobacco company under China Tobacco. * The company operates in three main segments: raw tobacco, cigarettes, and new tobacco products, with a focus on international markets. * Zhongyuan Hong Kong aims to expand its international market presence and establish a strong position in the global tobacco industry. Business Segments and Performance * **Raw Tobacco**: * Imports: Exclusively operates in non-sanctioned regions globally, with a focus on countries like Brazil, Argentina, and the United States. * Exports: Mainly operates in Southeast Asia, Hong Kong, Macau, and Taiwan, as well as Europe. * Performance: Imports increased by 27% in 2023, with revenue growing by 49% and gross profit increasing by 18%. * Challenges: Global supply shortages and fluctuating prices due to weather conditions and climate change. * **Cigarettes**: * Exports: Initially focused on two countries and three regions (Thailand, Singapore, Hong Kong, Macau, and China's domestic duty-free stores). * Performance: Revenue and gross profit increased significantly in 2023, driven by strong sales in the first half of the year and improved product pricing and increased自营比例. * Future Outlook: Continued growth expected due to the recovery of passenger traffic and increased product pricing and自营比例. * **New Tobacco Products**: * Exports: Exclusively operates in regions outside of China, with a focus on heat-not-burn products. * Performance: Revenue and gross profit increased in 2023, driven by strong demand and improved product pricing. * Future Outlook: Expected to continue growing due to increased investment and market expansion. Financial Performance and Dividends * **Revenue**: Increased by 42% in 2023, reaching over 10 billion yuan. * **Gross Profit**: Increased by 42% in 2023, reaching over 3.6 billion yuan. * **Dividends**: Increased the dividend per share by 60% to 0.32 yuan, with an additional interim dividend to be paid in 2024. Future Outlook and Strategy * **Business Growth**: Expected to continue growing in the coming years, driven by the recovery of passenger traffic, increased product pricing, and expanded market presence. * **International Expansion**: Continues to focus on expanding its international market presence and establishing a strong position in the global tobacco industry. * **Investment**: Continues to look for opportunities to acquire assets in the tobacco industry, both within and outside of China Tobacco. * **Dividends**: Expected to continue increasing dividends to provide investors with a stable and growing income stream.