Core Viewpoint - The significant stock price increases of Heng Rui Pharmaceutical and Ningde Times in the Hong Kong market indicate strong investor interest, particularly from foreign investors, following positive news and ratings from major financial institutions [1][3][4]. Group 1: Company Performance - Heng Rui Pharmaceutical's H-shares surged by 15.61%, reaching a peak increase of 18%, while its A-shares rose over 8% [1][3]. - Ningde Times' H-shares experienced a rise of 7.18%, with a peak increase of over 8%, and its warrants saw a maximum increase of over 60% [1][2]. - The stock price of Heng Rui Pharmaceutical reached a high of 71.15 HKD per share, with a target price set at 134 HKD per share by Citigroup [3]. Group 2: Market Dynamics - Analysts noted that foreign investors reacted more vigorously to positive news compared to domestic investors, leading to increased buying activity in the stocks of Heng Rui Pharmaceutical and Ningde Times [1][4]. - The recent approval of clinical trials for SHR-2173 injection by Heng Rui Pharmaceutical's subsidiary is expected to enhance its market position [3]. - Ningde Times reported a battery installation capacity of 26.2 GWh in May, marking a year-on-year growth of 39%, with a domestic market share of 42% [5]. Group 3: Future Outlook - The Hong Kong IPO market is expected to attract more foreign investment, with an estimated new financing scale of approximately 340 billion HKD in 2025 [6][8]. - The influx of foreign cornerstone investors in Hong Kong IPOs has been increasing, with their share rising to 45.2% by mid-2025 [9].

Group 1 - The cornerstone investment in the Hong Kong IPO market has become increasingly active, with over 40% of the 43 IPOs in the first half of the year attracting more than five cornerstone investors, a significant increase compared to the same period last year [1] - The willingness of medium to long-term funds to participate in cornerstone investments has risen, as institutions seek to "lock in" quality assets amid improving market liquidity [1][2] - The consumer and healthcare sectors are particularly favored by cornerstone investors, with notable examples including the Thai coconut water brand attracting 11 cornerstone investors who collectively subscribed approximately $3.95 million, representing about 26% of the shares [2] Group 2 - The diversity of cornerstone investors in Hong Kong IPOs has increased, including foreign sovereign funds, global asset management giants, and domestic platforms, indicating a more varied investment landscape [3][4] - Foreign investors are particularly focused on industry leaders, with significant investments in companies like Heng Rui Pharmaceutical and Ningde Times, highlighting a trend towards selecting high-growth, profitable enterprises [4] - The Hong Kong market is positioned as a key platform for connecting quality Chinese enterprises with global capital, driven by the dual demand for "A+H listings" and the return of quality overseas Chinese assets [5]

Core Viewpoint - The Hong Kong stock market has unexpectedly become a hot investment destination in 2023, driven by internet value reassessment, new consumption trends, and innovation in pharmaceuticals, leading to a technical bull market after a significant drop in April [1][2]. Group 1: Market Performance - As of June 27, 2025, southbound funds have net bought 679.4 billion yuan in the Hong Kong market, nearly matching the total for the previous year within just six months [2]. - After a significant drop of 17.16% on April 7, the Hong Kong stock market rebounded within two months, entering a technical bull market [1]. Group 2: Investment Strategies - Fund managers, like Ning Jun from Fortune Fund, emphasize the importance of identifying emerging industries that have not yet been fully priced by the market to achieve excess returns [3][5]. - The proportion of new economy companies in the Hong Kong market has increased from 1.3% in 2018 to 14% by April 2023, with their market capitalization rising from 2.8% to approximately 28% [5]. Group 3: Case Studies - Ning Jun identified a hot toy company in Q1 2024, noticing its products were gaining popularity in Southeast Asia, which led her to track the investment opportunity closely [7]. - Despite previous concerns about the company's IP overexploitation, Ning Jun maintained a long-term view on the stock, indicating her belief in its potential [9]. Group 4: Market Dynamics - The rapid decline of the A/H premium index to 126.91 points by June 12, 2025, raised discussions about potential bubble risks in the Hong Kong market, but Ning Jun argues that the market is less prone to bubbles due to its unique placement mechanisms [24][25]. - The influx of high-quality companies into the Hong Kong market, particularly in the internet and innovative pharmaceutical sectors, is attracting more investors and creating a positive feedback loop for the market [26][27]. Group 5: Personal Insights - Ning Jun's investment approach is characterized by a continuous curiosity and sensitivity to new trends, which has allowed her to discover valuable investment opportunities through everyday experiences [10][12]. - Her ability to adapt to changing market conditions, such as the shift from growth to value stocks, showcases the importance of flexibility in investment strategies [15][17].

Core Viewpoint - The article emphasizes that the transformation of asset and funding structures in the Hong Kong stock market is expected to enhance trading activity and liquidity, leading to long-term growth opportunities for capital market institutions with high business exposure and competitive advantages [1]. Group 1: Changes in Assets - The "A+H" listing and potential return of Chinese concept stocks are expected to inject quality assets into the Hong Kong market, enhancing valuation and trading turnover [3]. - The market is witnessing an increase in new economy companies, with their market capitalization share projected to rise from 27% in 2015 to 51% by the end of 2024, and trading volume share from 30% to 59% [21][24]. - The average turnover rate for new economy stocks is estimated to be 1.3 times that of traditional assets, with a projected price-to-earnings (P/E) ratio of 4.3 times higher than traditional sectors [25][28]. Group 2: Changes in Funding - The influx of southbound capital and increased retail trading are expected to drive the turnover rate higher, with southbound trading turnover averaging 2.4 times that of non-southbound trading [4][30]. - The share of southbound capital in the Hong Kong market has increased from 1.8% in March 2017 to 12.0% by June 2025, indicating a growing trend in high-frequency trading [30][31]. - Retail investor participation is on the rise, with internet brokerage firms' market share increasing from 4.5% in 2023 to 5.1% in 2025, suggesting a shift towards more active trading behavior among individual investors [36][41]. Group 3: Market Liquidity and Valuation - The average daily trading volume (ADT) in the Hong Kong market is projected to grow at a compound annual growth rate (CAGR) of 14% over the next decade, driven by both asset and funding transformations [41]. - The total market capitalization is expected to increase due to both existing companies' performance and new listings, with a historical average of IPO financing accounting for 1.9% of the total market capitalization [6][12]. - The article highlights that the ongoing optimization of listing mechanisms and the influx of new economy companies will further support the upward movement of the valuation and trading activity in the Hong Kong market [21][24].

Group 1: New Order - Gold's Revaluation - Gold's long-term turning points are generally marked by turning points in the US economy, particularly shifts in Federal Reserve policy. Recent geopolitical shifts and high debt levels have weakened the dollar's credibility, leading to a revaluation of gold's value as a safe haven asset [7][66]. - The current uncertainty surrounding the sustainability of inflation due to Trump's tariff policies complicates the Federal Reserve's interest rate decisions, making it difficult to predict economic recovery in the short term [7][66]. - The disintegration and reconstruction of the international order have led to a resurgence of gold's financial and monetary attributes, suggesting that while gold may experience short-term corrections, its long-term value remains strong [7][66]. Group 2: New Economy - Copper's Value Reassessment - Copper is expected to undergo a two-fold revaluation due to long-term supply constraints and rapid growth in new economic demands, particularly in energy transition and data centers [7][66]. - The geopolitical landscape has intensified concerns over copper supply shortages, with expectations that the US may impose a 25% tariff on copper imports by the end of 2025, further enhancing copper's strategic resource status [7][66]. - The demand for copper is projected to grow significantly, with estimates suggesting a 70% increase by 2050, driven by the electrification of industries and the rise of data centers [51][62]. Group 3: Investment Recommendations - The report maintains a "recommended" rating for the industry, emphasizing that gold is finding a new pricing anchor amid international turmoil, while copper is poised for revaluation driven by supply constraints and new economic demands [7][66].

分析师： 蔡梦苑 登记编号：S0890521120001 分析师：郝一凡 登记编号：S0890524080002 分析师：刘 芳 登记编号：S0890524100002 | | 宏观主线梳理 | | --- | --- | | 海外宏观 | 美国经济初代防名自边际趋弱,大而美法案将加剧财政示字压力 | | | > 劳动力市场韧性仍存,通胀风险相对可控 | | | ◆ 6月新增非农就业13.9万人持产预期,不过结构性风险显现。5月美国通胀显示关税带来的价格风险相对可控,不过居民可选消费 | | | 需求下降。预计6月开始,关税对价格的冲击可能会有所体现。但程度或低于市场预期。我们预计芳经济数据不出现巨大的变化, | | | 9月之前美联储仍将按兵不动。 | | | > 在美国关税暂缓期7月到期后，美国大概率与多数国家达成部分贸易协议或延期，对少数国家实施关税 | | | ◆ 参议院通过的法案版本带来更高的财政赤字,可能进一步推动国债收益率上行。 | | | ◆ 7月9日关税豁免到期后,美国大概率将对大部分国家延长协议或达成部分贸易协议,可能会对少数国家实施关税。 上半年经济总量韧性较强,政策或处于观察窗期 | ...

【导读】 港股高开低走，钢铁板块午后拉升，黄金股、博彩股和光伏股走强，芯片股、军工 股下挫 见习记者 储是 7月2日为港股下半年第一个交易日。 今日，港股高开低走，窄幅震荡。截至收盘，恒生指数上涨0.62%，报收于24221.41点；恒 生科技指数下跌0.64%，报收于5269.11点；国企指数上涨0.54%，报收于8724.9点。 盘面上，大型科网股普遍走高，钢铁板块午后猛拉，黄金股、博彩股和光伏股走强，芯片 股、军工股下挫。 大型科技股多数走高 此外，弘业期货H股跌超13%，A股跌停两连板，累计下跌超19%。 黄金股、博彩股和光伏股走强 今日，山东黄金涨超5%，潼关黄金、紫金矿业、招金矿业、中国黄金国际等纷纷上涨。 涨跌不一 京东集团涨0.08%，小米集团涨0.33%，美团涨0.56%；阿里巴巴跌0.36%，腾讯控股跌 0.3%，网易跌1.33%，快手跌2.76%，哔哩哔哩跌2.21%。 钢铁板块午后拉升 重庆钢铁股份盘中突破130% 午后，港股钢铁板块持续拉升。重庆钢铁股份盘中涨幅一度扩大至135.56%。截至收盘，涨 幅回落至91.11%，报1.72港元/股。该公司A股也于午后快速拉升并封住涨停。此外 ...

信息科技及电信服务、医疗和医药、以及零售、消费品及服务相关的行业板块将会是市场焦点。 具体看来，上半年香港市场共有44只新股上市，其中42只在主板上市，主板新股以零售、消费品及服务 为主，占比为34%，其次为工业及材料与医疗和医药，各占23%。 普华永道预计，下半年，预期利好市场气氛将延续。目前，已经递交申请在香港上市的企业超过200 家，涵盖制造业、零售等传统行业，也有生物科技、医疗、人工智能等新经济行业，以及大型A股龙头 企业、中概股及海外企业亦积极赴港集资。 普华永道香港资本市场服务合伙人梁令欣认为，尽管地缘冲突、贸易关税等不确定因素依然存在，香港 IPO市场仍展现出明显的增长趋势，预计今年的新股市场将迎来近四年来最活跃的募资潮。 梁令欣提到，截至2024年12月，港交所在第18C章下有3家特专科技公司，在第18A章下则有67家生物科 技公司。2025年5月推出"科企专线"后，生物技术与制药产业受益显著，到2025年6月，生物科技公司的 上市量增至73家。此外，人工智能、信息科技和电信产业是另一个主要的成长领域。长期来看，创新医 疗保健和科技公司的比例将会进一步提高。 普华永道预测，2025全年将有90 ...

Core Viewpoint - PwC forecasts that Hong Kong's IPO fundraising will reach between HKD 200 billion to 220 billion by 2025, positioning Hong Kong to reclaim the top spot globally for IPO fundraising [1] Group 1: Market Outlook - The second half of the year is traditionally a peak season for Hong Kong IPOs, and the positive market sentiment is expected to continue [1] - Over 200 companies have submitted applications to list in Hong Kong, representing a diverse range of industries [1] Group 2: Industry Representation - The companies applying for IPOs include traditional sectors such as manufacturing, retail, consumer goods, and services, as well as new economy sectors like biotechnology, healthcare, artificial intelligence, information technology, and telecommunications [1] - Major A-share leading companies, Chinese concept stocks, and overseas enterprises are also actively seeking to raise funds in Hong Kong [1]

"港股IPO数量和融资额固然亮眼，但资本市场的核心仍在于服务实体经济、推动可持续发展。" 过去，香港被视作资本中转站，功能主要集中在引资方面。而现在，这一角色正悄然转向"双向连接"： 一方面帮助优质企业更好走出去，另一方面也为全球资本创造了重新理解中国增长的机会。这种双向流 动，是香港金融市场独特的竞争力所在。 当然，热潮之下，冷思考依然重要。港股IPO数量和融资额固然亮眼，但资本市场的核心仍在于服务实 体经济、推动可持续发展。港交所管理层也多次强调，不以排名为目标，而以打造良性生态系统为导 向。这说明市场机制的完善与制度透明，仍是香港金融竞争力的基础。 今天的香港，面临的不只是市场周期的波动，更是角色定位的重新塑造。在全球资本更加谨慎、区域竞 争日趋激烈的背景下，香港要保持自身优势，关键在于能否持续为企业提供开放、可靠、可预期的融资 环境。 从当前趋势看，香港有机会借助新一轮科技与产业周期，在引进来和走出去之间找到新的平衡点。港股 IPO热潮像是一面镜子，反映出资本如何理解中国，也反映出香港如何在资本市场中稳住阵脚、寻找路 径。 港交所的优势，在于清晰的商业逻辑、市场定位和国际角色。而这种清晰，正是香港资本 ...