Group 1 - The core viewpoint of the article highlights the performance of the HuShen 300 ESG ETF (561900), which experienced a decline of 0.60% to 0.990 yuan with a trading volume of 979,400 yuan as of the midday close [1] - Major holdings in the ETF include Kweichow Moutai, which fell by 1.23%, Contemporary Amperex Technology Co., Ltd. (CATL) down by 4.94%, and Ping An Insurance down by 2.03% [1] - The ETF's performance benchmark is the HuShen 300 ESG Index return, managed by China Merchants Fund Management Co., Ltd., with a return of -0.24% since its inception on July 6, 2021, and a return of 0.90% over the past month [1]

Core Viewpoint - Huayuan Securities initiates coverage on Hong Kong Exchanges and Clearing Limited (HKEX) with a "Buy" rating, highlighting its unique ecological position connecting "capital" and "goods," along with regional monopoly, scarcity, and commercial viability [1] Group 1: Financial Performance - From 2015 to 2024, HKEX's revenue and other income are expected to grow at a compound annual growth rate (CAGR) of 6.3%, while net profit attributable to shareholders is projected to grow at a CAGR of 5.8% [1] - In Q3 2025, the average daily turnover (ADT) of stock securities products increased by 150% year-on-year to HKD 267.9 billion, with southbound and northbound trading volumes growing by 285% and 144% respectively [1] - For the first three quarters of 2025, revenue from spot trading increased by 75% year-on-year to HKD 11.1 billion, accounting for 51% of total revenue [1] Group 2: Derivatives and Commodity Performance - In Q3 2025, the average daily trading volume of derivative contracts decreased by 7% year-on-year to 727,000 contracts, while stock options saw a 30% increase in daily trading volume [2] - The commodity segment's revenue and other income grew by 9.5% year-on-year, with the average daily trading volume of LME metal contracts increasing by 3% [3] Group 3: Investment and Strategic Initiatives - Investment income for Q3 2025 decreased by 16% year-on-year to HKD 1.02 billion, primarily due to reduced investable funds from property redemptions [4] - HKEX is advancing strategic measures, including the launch of LME-approved warehousing facilities, adjustments to minimum price fluctuations, and the introduction of new products like the Hang Seng Biotechnology Index futures [5] Group 4: IPO Contributions and Market Dynamics - In the first three quarters of 2025, 69 IPOs raised a total of HKD 188.3 billion, marking a new high since 2022, with a significant increase in the number of IPO applications [6] - The top ten stocks by trading volume in Q3 2025 included seven internet and technology companies, contributing 30% to the total market ADT [7]

2月26日，港股AI再现回调，港股AI核心资产——港股互联网ETF（513770）场内价格现跌1.44%，再探 近10个月以来新低。 板块个股中，互联网龙头走势分化，小米集团-W涨超1%；阿里巴巴-W、快手-W跌超2%，美团-W跌逾 1%，腾讯控股跟跌0.67%。 2月以来，港股科技剧烈调整，中证港股通互联网指数期间累计跌幅已超10%。南向资金明显加大了买 入力度，逢低积极抢筹。 数据显示，2026年2月以来南向资金累计净买入额超过800亿港元，超过此前的2026年1月全月的累计净 买入额。其中多只港股互联网龙头被重点"扫货"，截至2月24日，南向资金当月增持腾讯控股、阿里巴 巴-W均超3000万股，小米集团-W、美团-W亦获大力增持。 相关ETF亦强势吸金。上交所数据显示，港股互联网ETF（513770）近20日累计获资金净流入4.45亿 元，基金份额突破266亿份历史新高。 资金的持续流入构成支撑，港股互联网是否已回调到位？中金公司认为，后市前景取决于三个维度的变 化：信用周期决定指数空间，产业趋势决定景气结构的强弱，而流动性则会放大波动。由于支撑港股和 估值弹性的主要是科技（尤其是AI）和新消费板块，因 ...

来源：新浪基金∞工作室 数据显示，2月25日，华宝港股通恒生中国(香港上市)30ETF(520560)遭净赎回725.49万元，位居当日跨 境ETF净流出排名13/216。最新规模7.35亿元，前一日规模7.42亿元，当日资金净流出额占前一日规模 的比例为0.98%。 代码名称基金规模(亿元) 20260225近1月日均成交额 (亿元)净申购(亿元) 20260225近1周净申购 (亿元)近1月净申购 (亿元)基金公司520560华宝港股通恒生中国(香港上市)30ETF7.350.19-0.07-0.05-0.47华宝基金 华宝港股通恒生中国(香港上市)30ETF（520560）现任基金经理为张放、蒋俊阳。张放自2025年9月24日 管理（或拟管理）该基金，任职期内收益-9.05%；蒋俊阳自2025年9月24日管理（或拟管理）该基金， 任职期内收益-9.05%。 近5日，华宝港股通恒生中国(香港上市)30ETF(520560)遭净赎回452.93万元，位居跨境ETF净流出排名 第40/216。近10日，华宝港股通恒生中国(香港上市)30ETF(520560)遭净赎回547.99万元，位居跨境ETF 净流出排名 ...

"产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 投资要点： 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

Group 1 - AIA Group Limited (友邦保险-R) and Li Ning Company Limited (李宁-R) have the highest short-selling ratios at 100.00%, followed by JD.com (京东集团-SWR) at 95.15% [1][2] - The top three companies by short-selling amount are HSBC Holdings (汇丰控股) at 1.676 billion, Tencent Holdings (腾讯控股) at 944 million, and Ping An Insurance (中国平安) at 872 million [1][2] - Li Ning Company Limited has the highest deviation value at 39.85%, followed by Standard Chartered (渣打集团) at 34.61% and AIA Group Limited at 33.51% [1][2] Group 2 - The top short-selling amounts are led by HSBC Holdings at 1.676 billion, followed by Tencent Holdings at 944 million and Ping An Insurance at 872 million [2] - The short-selling ratio for HSBC Holdings is 27.07%, while Tencent Holdings has a ratio of 7.88% and Ping An Insurance has 38.42% [2] - The highest short-selling deviation values are observed in Li Ning Company Limited at 39.85%, Standard Chartered at 34.61%, and AIA Group Limited at 33.51% [2]

在业内人士看来，给人形机器人上保险，不仅能助推机器人产业健康发展，也让保险更好地服务产业升 级，让金融与创新产业（300832）进一步深度融合。从承保情况来看，虽然险企有诸多创新实践可圈可 点，但各家险企对于人形机器人全链条的探索尚属起步阶段。 由于人形机器人风险数据缺失、技术迭代速度快、风险结构复杂并呈现动态变化，险企在摸清相关业务 的风险轮廓上还面临多重挑战。专家认为，未来需推动生态协同，在数据和隐私安全可控前提下，加强 科技产业、科研领域与保险行业的数据共享和标准共建。 春节期间，市场对人形机器人的讨论热度不减。随着具身智能技术快速发展，人形机器人正在一步步从 实验室走向生活场景。与此同时，配套的风险兜底需求同步增多。目前，多家大型财险公司已布局相关 业务，让人形机器人也能有自己的保单。 ● 本报记者 薛瑾 让风险轮廓更清晰 "保险经营遵循大数法则，以大量同质风险集合来预测损失、厘定费率。"一位保险业内人士说，但是人 形机器人领域缺乏这样的同质风险集合，导致险企定价缺乏可靠稳定的锚。多位业内人士坦言，在人形 机器人这种新兴领域，险企缺乏历史数据，而且叠加人形机器人技术迭代速度快、风险结构复杂且动态 变化 ...

春节期间，市场对人形机器人的讨论热度不减。随着具身智能技术快速发展，人形机器人正在一步步从 实验室走向生活场景。与此同时，配套的风险兜底需求同步增多。目前，多家大型财险公司已布局相关 业务，让人形机器人也能有自己的保单。 在业内人士看来，给人形机器人上保险，不仅能助推机器人产业健康发展，也让保险更好地服务产业升 级，让金融与创新产业进一步深度融合。从承保情况来看，虽然险企有诸多创新实践可圈可点，但各家 险企对于人形机器人全链条的探索尚属起步阶段。 由于人形机器人风险数据缺失、技术迭代速度快、风险结构复杂并呈现动态变化，险企在摸清相关业务 的风险轮廓上还面临多重挑战。专家认为，未来需推动生态协同，在数据和隐私安全可控前提下，加强 科技产业、科研领域与保险行业的数据共享和标准共建。 ● 本报记者 薛瑾 头部财险公司纷纷布局 "目前各大保险公司为人形机器人定制的保险方案，有点像车险的逻辑，主要集中在两大方面：一方面 是本体损失保险，另一方面是第三者责任保险。"一位保险业内人士告诉记者。 春节假期前夕，人保财险广州市分公司为国家级专精特新"小巨人"企业、具身智能机器人装备及智能制 造方案提供商广州里工实业有限公司定制 ...

投资要点： "产品加服务",打造平安新的价值增长 中国平安(601318) ——中国平安更新报告 | [Table_Authors] 姓名 | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_Target] 目标价格(元): | 88.53 | 本报告导读： 中国平安战略定位 "综合金融"+"医疗养老"，依据三大竞争优势打造的"产品 +服务"模式将带来盈利长期的稳定增长，构成中国平安新的价值增长极。 催化剂：推动商业健康险的制度性政策 风险提示：资本市场波动；利率曲线持续下移。 | [Table_Finance] 财务摘要（百万元） | 2023A | 2024A | 2025E | 2026E | 2027E | | - ...

Investment Rating - The report assigns a "Buy" rating for Hong Kong Exchanges and Clearing Limited (00388.HK) as a first coverage [4]. Core Insights - The report highlights that Hong Kong Exchanges and Clearing Limited experienced a significant increase in revenue and net profit for the first three quarters of 2025, with revenue and net profit growing by 37% and 45% year-on-year, reaching HKD 21.9 billion and HKD 13.4 billion respectively [4]. - The EBITDA margin improved by 5 percentage points to 79% due to scale effects, with Q3 alone showing an 8% and 10% quarter-on-quarter growth in revenue and net profit [4]. - The report emphasizes the strong performance in spot trading and stock options, with average daily trading amounts (ADT) for stock securities products increasing by 150% year-on-year to HKD 267.9 billion in Q3 [5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the revenue from spot trading increased by 75% year-on-year to HKD 111 billion, accounting for 51% of total revenue [5]. - The average daily trading amount for southbound and northbound trading increased by 285% and 144% respectively, contributing to the overall growth in trading volume [5]. - The financial derivatives segment saw a decline in average daily contract volume by 7% year-on-year, while stock options trading increased by 30% [5]. Strategic Initiatives - Hong Kong Exchanges and Clearing Limited has implemented several strategic measures, including the launch of LME-approved warehousing facilities and adjustments to minimum price fluctuations in the securities market [6][7]. - The company is also focusing on enhancing market vitality and technological empowerment, with plans to shorten the settlement cycle for the cash market [6][7]. IPO Contributions - In the first three quarters of 2025, there were 69 successful IPOs on the Hong Kong Exchange, raising a total of HKD 188.3 billion, marking the highest level since 2022 [8]. - The report notes that internet and technology stocks were the main contributors to trading volume, with the top ten stocks accounting for 30% of the total market ADT [8]. Profit Forecast and Valuation - The report projects that the net profit for Hong Kong Exchanges and Clearing Limited will reach HKD 17.9 billion, HKD 20.3 billion, and HKD 22.1 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 37.5%, 13.1%, and 9.0% [9]. - The current price-to-earnings (P/E) ratios are forecasted to be 29.1, 25.7, and 23.6 for the years 2025, 2026, and 2027 [9].