Core Viewpoint - Shenzhen's Longhua District has launched a three-year action plan to promote the listing of local enterprises, aiming to enhance the financial ecosystem and support high-quality economic development [1][2][4] Group 1: Action Plan Overview - The action plan focuses on the "1+2+3" modern industrial system layout, improving the listing cultivation service system, broadening financing channels, and increasing support for mergers and acquisitions [1][2] - It emphasizes the importance of listed and prospective listed companies as key drivers of high-quality economic and social development [1][2] Group 2: Specific Measures - The plan includes enhancing collaboration with professional financial research institutions, facilitating domestic and international listing policy consultations, and coordinating cross-border financial institutions to support enterprises going global [2][3] - It proposes organizing activities to promote the Hong Kong Stock Exchange and attract overseas exchanges to establish representative offices in Longhua [2][3] Group 3: Financial Support and Ecosystem - The plan aims to establish a multi-tiered capital market service for enterprises, focusing on improving the quality of industrial supply chains and supporting upstream and downstream mergers and acquisitions [3] - It includes setting up a special fund for mergers and acquisitions to attract major brokerage firms and large listed companies to participate in funding [3] Group 4: Broader Policy Context - The action plan aligns with the central government's recent directives to deepen reforms and expand openness in Shenzhen, enhancing its role in the Guangdong-Hong Kong-Macao Greater Bay Area [4][5] - It supports the integration of financial services with the real economy, particularly in technology and innovation sectors, to foster high-quality development [5][6]

相关机构表示，宏观层面来看，在国内利率进入下行周期、资产配置重心逐步从增长转向回报的背景 下，港股高股息资产受到市场较高关注。尤其是在港股市场整体估值处于历史中位水平、企业派息意愿 持续增强、政策支持资本市场长期资金入市的环境中，港股通红利指数逐渐成为投资者配置高现金流、 低波动品种的重要工具。同时，内地红利策略ETF发行热度持续升温，也对指数本身的结构、表现与可 投资性提出了更高要求。 红利港股ETF跟踪的是港股通高股息(港币)指数，该指数由中证指数有限公司编制，从符合港股通条件 的香港上市公司证券中筛选出流动性良好且持续分红的30只高股息率证券作为指数样本，并采用股息率 加权计算。该指数重点聚焦于具备稳定分红能力的优质企业，行业覆盖范围广泛，但主要集中于地产、 能源等传统优势行业，以反映港股市场高股息证券的整体表现。 没有股票账户的投资者可关注国泰中证港股通高股息投资ETF发起联接A（022274），国泰中证港股通 高股息投资ETF发起联接C（022275）。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资 ...

专题：2025基金年中大盘点：最高涨超88% 超120只基金清盘 随着境内投资者对美股、港股、黄金等海外资产配置需求的不断增长，截至6月30日，QDII基金规模已 攀升至5823.7亿元，产品总数达312只。 据Wind数据，2025年上半年QDII基金业绩显著分化，呈现出鲜明的结构性特征。港股与全球医药主题 基金表现强劲，领跑业绩榜单；而泛东南亚科技、原油及相关区域主题产品则普遍面临调整压力。 | | | | 2025上半年QDII基金涨幅TOP10 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 规模(亿) | 区间回报(%) | 基金经理 | | | 1 | 470888.OF | 汇资高香港优势精选A | 2.83 | 86.48 | 张鹤 | | | 2 | 513120.OF | 广发中证香港创新的ETF | 104.56 | 57.12 | 刘杰 | | | 3 | 520500.OF | 华泰柏瑞恒生创新药ETF | 2.51 | 56.94 | 李茜 | | | 4 | 008284.OF | ...

Core Viewpoint - The Hong Kong stock market is currently in a consolidation phase, having largely completed the macroeconomic impact recovery process, with the Hang Seng Index approaching its March high due to themes in new consumption and pharmaceuticals [1][2] Market Conditions - The recent rise in the Hong Kong stock market is supported by a significant reduction in tariff uncertainties and a stabilization of the RMB exchange rate, alongside ample liquidity in the Hong Kong dollar market [2][3] - Despite the favorable liquidity environment, the Hang Seng Technology Index remains in a sideways trend, indicating that strong upward catalysts are still needed for the technology sector [2] Investment Opportunities - The current market conditions present a favorable window for investors, particularly as the technology sector has seen a release of valuation pressure, transitioning from a structural market to a broader rally [3] - The improvement in risk sentiment and liquidity provides a necessary foundation for the next phase of technology stock rallies, with the potential for significant upward movement as the narrative themes evolve [3]

Group 1 - The Hang Seng Consumption Index (HSCGSI) has shown a positive trend, with a 0.40% increase as of July 2, 2025, and notable gains in constituent stocks such as Gu Ming (up 5.68%) and China Resources Beer (up 4.40%) [1] - The Hang Seng Consumption ETF (159699) has rebounded over 15% since its low on April 8, 2025, indicating strong market performance [1] - The trading volume for the Hang Seng Consumption ETF reached 86.7 million yuan, with a turnover rate of 7.5% [1] Group 2 - The latest size of the Hang Seng Consumption ETF is 1.152 billion yuan, with a net value increase of 26.19% over the past year [2] - The ETF has recorded a maximum monthly return of 22.30% since its inception, with an average monthly return of 5.42% and a total annual profit percentage of 100.00% [2] - The top ten weighted stocks in the HSCGSI account for 60.72% of the index, with Pop Mart having the highest weight at 11.32% [2] Group 3 - In May, retail sales in China grew by 6.4% year-on-year, driven by policies promoting consumption and increased holiday periods, marking the highest growth rate since early 2024 [3] - The Ministry of Culture and Tourism plans to launch a national summer cultural and tourism consumption season, offering over 570 million yuan in subsidies to boost consumer spending [3] - The Hong Kong stock market has become a hotspot for consumer companies since September 2024, with brands like Mi Xue Ice City and Lao Pu Gold listing, driven by favorable policies and capital inflow [3] Group 4 - The Hang Seng Consumption ETF (159699) offers T+0 trading and has associated off-market links for easy access to Hong Kong's new consumption sector [4]

今日（7.2）港股多数飘红，恒科逆市回调。恒生科技ETF基金（513260）盘中跌超1%，溢价频现。值得关注的是，恒生科 技ETF基金（513260）是同类唯一费率最低档的产品，管理费率仅0.15%。 | 5分 15分 30分 60分 = 综合屏 F9 前复权 超级叠加 画线 工具 ♡ ② > | | 恒生科技ETF基金 ① | | 513260 | | --- | --- | --- | --- | --- | | 夜ETF基金] 2025/06/27 枚1.375 幅0.36%(0.005) 开1.379 高1.387 低 1.371 均1.37@ | | 1.356 | | -0.014 -1.02% | | 1.3531 MA20 1.3591 MA60 1.3451 MA120 1.3561 MA250 1.1881 (90日) 7 = | | | | | | | | | SSE CNY 13:37:10 交易中 T+0 船 / Q + | | | 1.60 | | 净值走势 | | 汇添富恒生科技ETF | | | | | 12.00% 委差 | 39398 | | | 委比 | | | | | ...

Group 1 - The article highlights the strong performance of the Hong Kong stock market compared to the A-share market, leading to a narrowing of the AH premium, which currently stands below 130 points [3][5] - The Hong Kong Dividend ETF (513820) has shown significant gains, with bank stocks rebounding strongly, particularly Minsheng Bank which rose over 5%, and coal stocks also performing well, with Yancoal Australia increasing by over 4% [4][5] - The article discusses the impact of US dollar liquidity on the AH premium, indicating that while the premium appears low since 2022, it is influenced by high overseas interest rates and a strong dollar index [5] Group 2 - The article notes that the Hong Kong Dividend sector currently has a high AH premium, making it an attractive investment option, with an average premium of 40.96% for 18 constituent stocks listed in both markets [5][10] - The Hong Kong Dividend ETF (513820) has consistently paid dividends for 12 months, with a total cash dividend exceeding 1 trillion HKD in 2024, averaging 33.866 billion HKD per distribution, leading the Hong Kong dividend index [10] - The article emphasizes the importance of dividend levels and frequency in selecting dividend assets, highlighting the ETF's strong performance in this regard [10]

Market Overview - The Hang Seng Index rose by 0.62%, gaining 148 points to close at 24,220 points, while the Hang Seng Tech Index fell by 0.27%. The early trading volume in Hong Kong was HKD 135.2 billion [1]. Copper Industry - Recent strong performance in copper prices has led institutions to believe that prices are likely to rise further. Copper mining stocks generally increased, with China Nonferrous Mining (01258) up by 2%, Zijin Mining (601899) (02899) up by 2.99%, and Jiangxi Copper (600362) (00358) up by 2.36% [1]. Cobalt Market - Luoyang Molybdenum (603993) (03993) saw a 4.14% increase, reaching a new high, as Bank of America noted that soaring cobalt prices offset the impact of extended cobalt export bans [2]. Gold Sector - Most gold stocks rose, with Shandong Gold (600547) (01787) increasing by 6.24% to reach a new peak, and Zijin Mining (02899) rising over 2.99% [3]. Banking Sector - Chinese banks' stocks experienced broad gains in early trading, with institutions indicating that H-shares are more attractive compared to A-shares. Notable increases included Minsheng Bank (600016) (01988) up by 4.72%, CITIC Bank (601998) (00998) up by 2.54%, and China Construction Bank (601939) (00939) up by 3.16% [3]. Photovoltaic Industry - The news of production cuts in photovoltaic glass has been confirmed, leading to expectations of accelerated elimination of outdated capacity in the industry. Stocks in this sector rose significantly, with Fuyao Glass (601865) (06865) up by 8.4% and Xinyi Solar (00968) up by 7.63% [3]. Beverage Sector - Nayuki's Tea (02150) surged over 35%, with a continuous two-month double-digit growth in order volume, indicating significant growth potential [4]. Food Industry - Guoquan (02517) rose over 18% after announcing plans to invest HKD 490 million in a food production base in Hainan, with institutions noting a recovery in same-store sales [5]. Jewelry Sector - Luk Fook Holdings (00590) increased by 3.99%, with institutions stating that the operational performance for the second half of the fiscal year 2025 exceeded expectations, and the company plans to resume store expansion [6]. Biotechnology Sector - JACOB-23E73 completed its first patient dosing in the U.S. for Phase I/IIa clinical trials, leading to a rise of over 7% in shares of JACOB (01167) [7]. Automotive Sector - Li Auto-W (02015) fell by 2.4%, with June delivery volumes down 24% year-on-year, following a previous downward revision of second-quarter guidance [8].

Group 1 - The Hang Seng Index rose by 0.62% while the Hang Seng Tech Index fell by 0.27% [1] - The Hong Kong solar photovoltaic sector showed strong performance, with Flat Glass rising over 9% and Xinyi Solar increasing by over 6% [1]

交银国际研究 每日晨报 2025 年 7 月 2 日 今日焦点 每月金股 七月研选：多重利好因素共振，港股进入交易顺 畅期 交银国际研究团队 近期，港股呈现盘整巩固态势。随着风险溢价回落，港股已基本完成此 前宏观影响的修复进程。在新消费、医药板块主题行情轮番推动下，恒 生指数再度逼近年内 3 月份高点。 港股正处于多重利好因素共振的有利窗口期，科技板块有望成下一轮上 涨行情重要引擎。 当前适度的拥挤度状态为投资者提供了较理想的配置窗口，特别是在科 技板块估值压力充分释放的背景下，我们认为港股从结构性行情向更为 广泛的全面上涨转换，仍需要更加强有力的基本面支撑以及政策催化因 素，以推动市场情绪的全面回暖和参与度的明显提升。 七月研选 | 全球主要指数 | | | | | --- | --- | --- | --- | | | | | 年初至今 | | | 收盘价 | 升跌% | 升跌% | | 恒指 | 24,072 | -0.87 | 20.00 | | 国指 | 8,678 | -0.96 | 19.05 | | 上 A | 3,610 | 0.59 | 2.76 | | 上 B | 258 | -0.07 ...