港股通交易解析与事件驱动策略

Group 1 - The report analyzes the trading rules of the Hong Kong Stock Connect, detailing aspects such as trading time, trading day arrangements, trading currency, exchange rate mechanisms, settlement cycles, order types, price limits, and trading fees [3][6][22] - The Hong Kong Stock Connect stock pool is biased towards large-cap and high-growth stocks, with a continuous net inflow of southbound trading since its inception in 2014, indicating strong investment value [7][44] - The report statistically analyzes event effects related to "inclusion in the Stock Connect," "A-share repurchase events," "A-share private placement events," and "A-share equity incentive events," showing positive impacts on corresponding stocks [8][9] Group 2 - The event-driven strategy based on positive event effects has consistently outperformed the CSI Hong Kong Stock Connect Composite Index since 2020, even after considering trading costs [9][16] - The report highlights the differences between the trading mechanisms of the Hong Kong Stock Connect and A-shares, emphasizing the need for investors to adapt their strategies accordingly [30][31] - The stock pool under the Hong Kong Stock Connect consists of 544 stocks as of April 30, 2025, with a significant representation from sectors such as pharmaceuticals, real estate, and transportation [40][48]