人民币股票交易柜台即将纳入港股通，A、H股联袂大涨

Core Viewpoint - The inclusion of the RMB stock trading counter into the Hong Kong Stock Connect is expected to enhance market liquidity and drive the trading scale of RMB-denominated Hong Kong stocks upward, supported by the recent bullish trends in both A-shares and Hong Kong stocks [1][5]. Group 1: Market Reactions - Following the announcement by the Hong Kong Securities and Futures Commission (SFC) CEO, the A-share and Hong Kong stock markets experienced significant gains, with the A-share indices closing in the green and the Hang Seng Technology Index surging nearly 2% [1][4]. - The total trading volume in the A-share market exceeded 1.47 trillion yuan, indicating a strong market response to the news [1][4]. Group 2: RMB Stock Trading Counter - The technical preparations for incorporating the RMB stock trading counter into the Hong Kong Stock Connect are progressing smoothly, with an aim to announce implementation details soon [2][3]. - The anticipated inclusion is expected to allow mainland investors to trade RMB-denominated stocks directly, significantly boosting market liquidity [5]. Group 3: Southbound Capital Inflows - Recent data shows that southbound capital has been actively buying into Hong Kong stocks, with a net purchase of 12.067 billion HKD on July 7, marking the largest single-day net inflow since May 6 [5]. - Key stocks benefiting from this trend include Meituan, Tencent, and SMIC, which have seen substantial net purchases from southbound funds [5]. Group 4: Broader Market Implications - Analysts believe that the inclusion of the RMB trading counter will not only enhance liquidity but also lead to a higher proportion of RMB assets in the Hong Kong market as more Chinese concept stocks return and new economy enterprises list [5]. - The ongoing "anti-involution" policies are expected to accelerate the clearing of outdated production capacities, improving the return on equity (ROE) levels in related industries [6]. Group 5: External Environment - The current low interest rate environment in Hong Kong, coupled with the U.S. Federal Reserve's easing cycle, is seen as favorable for maintaining liquidity and reducing downward pressure on the Hong Kong stock market [7]. - The proportion of short-selling in the Hong Kong market has decreased to relatively low historical levels, further indicating reduced downward pressure [7].