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 ...

| 2025 年中盘点 | | | --- | --- | | 港股. | | | 板块涨跌幅排行 | | | 板块 | 区间涨跌幅 (本年初 - 2025.6.26) | | 原材料 | 52.41% | | 医疗保健 | 47.83% | | 资讯科技 | 34.38% | | 金融 | 32.11% | | 必需性消费 | 27.74% | | 非必需性消费 | 26.83% | | 电讯 | 17.48% | | 空合个业 | 16 96% | =小口 正 ㅠ 15.58% 地产建筑 13.78% 工业 7.68% 公用事业 能源 4.21% | 代码/公司名称 | 区间涨跌幅 (本年初 - 2025.6.26) | 总市值(亿港元) | | --- | --- | --- | | 03330.HK | 259.45% | 133.59 | | 灵宝黄金 | | | | 03939.HK | 154.31% | 313.77 | | 万国黄金集团 | | | | 06680.HK | 131.18% | 319.05 | | 金力永磁 | | | | 01787.HK | 129.53% | 1541 ...

基金管理人：嘉实基金管理有限公司 基金托管人：招商证券股份有限公司 二〇二五年七月 重要提示 1、嘉实中证港股通高股息投资交易型开放式指数证券投资基金发起式联接基金（以下简称"本基金"） 经中国证监会2025年6月6日证监许可〔2025〕1187号《关于准予嘉实中证港股通高股息投资交易型开放 式指数证券投资基金发起式联接基金注册的批复》注册募集。 2、本基金是契约型开放式ETF联接基金。 基金简称：嘉实中证港股通高股息投资ETF发起联接A，基金代码：024705，收取认（申）购费 基金简称：嘉实中证港股通高股息投资ETF发起联接C，基金代码：024706，不收取认（申）购费，但 从本类别基金资产中计提销售服务费 3、本基金的管理人为嘉实基金管理有限公司（以下简称"本公司"），托管人为招商证券股份有限公 司，注册登记机构为本公司。 4、本基金募集对象是符合法律法规规定的可投资于证券投资基金的个人投资者、机构投资者、合格境 外投资者和发起资金提供方以及法律法规或中国证监会允许购买证券投资基金的其他投资人。 5、本基金自2025年7月7日至2025年7月18日通过各销售机构公开发售。 6、发起资金的认购： 本基金发 ...

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sector has significant allocation value during a weak US dollar cycle, benefiting from liquidity premium and enhanced EPS expectations for Chinese companies [1] - The depreciation of the US dollar reduces foreign exchange risks for foreign investors holding Hong Kong stocks, further elevating risk appetite [1] - In the current market environment, stable dividends remain a core selection, with traditional industry leaders expected to deliver improved dividend yields and ROE due to enhanced competition and weakened capital expenditure [1] Group 2 - The Hong Kong Stock Connect high dividend index, compiled by China Securities Index Co., selects 30 high dividend stocks from eligible Hong Kong-listed companies, focusing on those with good liquidity and consistent dividend payouts [1] - The index primarily covers traditional advantageous industries such as real estate and energy, reflecting the overall performance of high dividend securities in the Hong Kong market [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect High Dividend Investment ETF linked A (022274) and linked C (022275) [1]