国泰海通研究指出，近期中东地缘政治冲突局势逐步降温、中美关系边际改善，以及美国经济韧性尚存 的宏观背景下，全球市场风险偏好持续修复。对业绩景气预期持续上修、市场流动性与风险偏好逐渐改 善的港股相对乐观。 中国银河证券表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 恒生指数高开1.06%，恒生科技指数涨1.31%。科网股领涨，阿里巴巴、网易涨超2%，京东集团、美 团、快手涨近2%。 关于港股后市 华泰柏瑞基金指出，港股的特色主要集中在互联网、创新药等领 ...

恒生指数高开0.46%，恒生科技指数涨0.89%。百度集团涨超4%，阿里巴巴涨近2%，快手、美团涨超 1%。 关于港股后市 中国银河证券表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 本文转自"腾讯自选股"；智通财经编辑：徐文强。 国泰海通研究指出，近期中东地缘政治冲突局势逐步降温、中美关系边际改善，以及美国经济韧性尚存 的宏观背景下，全球市场风险偏好持续修复。对业绩景气预期持续上修、市场流动性与风险偏好逐渐改 善的港股相对乐观。 中信证券表示，港股 ...

华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 中国银河证券分析指出，近期全球宏观风险再次升温预期，市场的风险偏好受到影响。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。展望 后市，科技板块依然具备较高投资机会。主要由于科技板块政策支持力度较大，盈利增速居前，估值处 于历史中低水平，第二，在国内促消费政策刺激下，消费行业业绩增速预期改善，估值相对较低的港股 消费股有望上涨，重点关注医药行业和可选消费行业。而在海内外不确定性因素的扰动下，高股息标也 可以为投资者提供较为稳定的回报。 本文转自"腾讯自选股"；智通财经编辑：刘璇。 恒生指数高开0.32%，恒生科技 ...

Core Insights - The Hong Kong stock market has shown impressive performance this year, significantly boosting the performance of related thematic funds [1] - As of July 14, among 12,941 funds in the market, Hong Kong-themed funds have stood out, with notable performances from specific funds [1] - Fund managers anticipate a fluctuating upward trend for the Hong Kong stock market throughout the year, with distinct phases in market operation [1] Fund Performance - The fund "Huitianfu Hong Kong Advantage Selection A" leads the market with a 100% year-to-date net value growth rate, while "Bank of China Hong Kong Stock Connect Pharmaceutical A" ranks third with an 81.31% growth rate [1] - Among the top 20 funds by growth rate, six are Hong Kong-themed funds, indicating strong interest and performance in this sector [1] Market Trends - The first half of the year saw a market preference for assets with valuation elasticity, driven by liquidity easing [1] - In the second half, the investment focus is expected to shift towards cyclical stocks with stronger profit certainty [1]

Group 1 - The Hang Seng Index closed up by 0.26% [1] - The Hang Seng Tech Index increased by 0.67% [1] - NIO saw a rise of over 10% [1] - China Shenhua (601088) rose by over 5% [1] - Haidilao experienced a decline of over 3% [1] Group 2 - The Hong Kong Tech ETF (159751) increased by 0.19% [1] - The Hang Seng Hong Kong Stock Connect ETF (159318) decreased by 0.60% [1]

Group 1 - The Hong Kong Securities ETF led the market with a weekly increase of 12.85%, achieving a weekly trading volume of 943.36 billion yuan, making it the largest product by trading volume for the week [1][4] - Several rare earth-themed ETFs also saw significant gains, with weekly increases exceeding 10%, alongside strong performances from real estate and fintech-related ETFs [2][4] - The top ten ETFs by weekly decline were primarily gold stock-related ETFs and cross-border ETFs investing in Japan, with declines exceeding 2% [2] Group 2 - The A-share ETFs, particularly the Sci-Tech 50 ETF and the CSI 1000 ETF, experienced substantial net inflows of 20.56 billion yuan and 17.90 billion yuan respectively, with other industry ETFs like coal, sci-tech chips, and banking also seeing net inflows exceeding 10 billion yuan [4] - A number of new ETF products have been approved or submitted for approval, including the first batch of the Shanghai Stock Exchange 580 ETF and its linked funds, as well as several ETFs related to the newly optimized ChiNext Composite Index [5] - The market outlook suggests a potential upward shift in the stock market's central tendency, driven by stable economic fundamentals and ongoing reforms in the sci-tech sector [6]

Group 1 - The Hang Seng Index closed down 0.74% and the Hang Seng Tech Index fell by 1.14% [1] - The Hong Kong Tech ETF (159751) decreased by 0.49%, while the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.46% [1] - Notable stock movements included a 60% increase for Superstar Legend Zhang Chao and over a 10% rise for Greenland Hong Kong, while NetEase saw a decline of over 2% [1]

Group 1 - The Hong Kong stock market experienced fluctuations, with the Hang Seng Technology Index turning positive after previously declining over 1% [1] - The decline in the Hang Seng Index narrowed to 0.3% [1]

Group 1 - The Hang Seng Index opened down 0.7%, with the Hang Seng Tech Index falling 0.75%. Alibaba Health dropped nearly 5%, and AIA Group fell nearly 2% [1] - According to Zhongtai International, the technical bull market pattern for Hong Kong stocks is clear in the first half of the year, with expectations for continued strength in the market under supportive policies and improved US dollar liquidity in the second half of 2025 [1] - Earnings per share for the Hang Seng Index are projected to grow by 8.5% and 8.3% in 2025 and 2026, respectively [1] Group 2 - CITIC Securities anticipates that the ongoing reform of the Hong Kong listing system will enhance the asset quality and liquidity of the market, with southbound capital likely to continue flowing into Hong Kong stocks [2] - The market is expected to show a trend of "oscillation upwards + structural differentiation" in the second half of the year, driven by macro policies focusing on high-quality development, technological innovation, and domestic demand [2] - Annual net inflow of southbound funds is expected to exceed 1 trillion yuan, continuously improving liquidity in the Hong Kong stock market [2]

Group 1 - The core viewpoint of the articles highlights the acceleration of internationalization among Chinese securities firms, particularly in response to the dual opening of capital markets and the expansion of cross-border investment channels [1][3] - Western Securities has announced plans to establish a wholly-owned subsidiary in Hong Kong, named "Western Securities International Financial Holdings Limited," to meet strategic development needs and serve cross-border investment demands [1] - The establishment of the Hong Kong subsidiary is seen as a move to create an international business platform and support the sustainable and comprehensive development of the company [1] Group 2 - The Hong Kong market is becoming a preferred choice for Chinese securities firms to expand their international business, with major firms like CITIC Securities and Huatai Securities already having a strong presence [1] - Analysts believe that the recovery of the Hong Kong stock market is driving Chinese securities firms to expand their service offerings and capture market share [2][3] - The ongoing reforms in the Hong Kong IPO process and the trend of Chinese concept stocks returning to the market are expected to enhance the role of Hong Kong as a bridge between domestic and international capital markets [3]