Core Viewpoint - Hong Kong Stock Exchange (HKEX) reported record-breaking revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a 33% year-on-year increase, and net profit attributable to shareholders at HKD 8.519 billion, up 39% [2] Group 1: Financial Performance - HKEX's main business revenue grew by 34% to HKD 12.954 billion, driven by record trading volumes in the spot and stock options markets, increased custody fees, and higher margin balances contributing to net investment income [2] - The average daily trading volume in the securities market surged to HKD 240.2 billion, a 118% increase year-on-year, influenced by favorable market conditions and increased participation from international and mainland investors [3] Group 2: Market Trends and Innovations - Northbound and Southbound trading under the Stock Connect programs reached historical highs, with the average daily turnover for the Stock Connect at RMB 171.3 billion, a 32% increase, and HKD 111 billion for Hong Kong Stock Connect, soaring 196% [3] - The Hong Kong ETF market also saw significant growth, with an average daily turnover of HKD 33.8 billion, up 184% from the previous year [3] Group 3: IPO Activity - The first half of the year saw 44 companies listed on the Hong Kong Stock Exchange, raising a total of HKD 109.4 billion, a staggering 716% increase year-on-year, marking the strongest performance since 2021 [6] - There are currently over 200 IPO applications being processed, more than double the 84 applications at the end of the previous year, indicating a robust pipeline for new listings [6][5] Group 4: Future Outlook - Despite global economic uncertainties, HKEX is expected to maintain its growth momentum, particularly with more innovative companies, especially in technology and biotechnology, choosing to list in Hong Kong [4] - Predictions suggest that if the Federal Reserve initiates interest rate cuts, liquidity in the Hong Kong market will improve, potentially leading to valuation recovery in sectors like technology and biomedicine [4] - HKEX has implemented reforms to attract specialized technology companies, which have already shown positive results in attracting new listings and enhancing market competitiveness [6][7]

Core Insights - Hong Kong Stock Exchange (HKEX) reported record high revenue and net profit for the first half of 2025, with revenue reaching HKD 14.076 billion, a year-on-year increase of 32.53% [1] - The average daily trading volume in the Hong Kong stock market surged to HKD 240.2 billion, up 118% from the previous year, driven significantly by southbound capital [1][2] - Southbound capital's average daily trading volume reached HKD 111.04 billion, a remarkable increase of 196% year-on-year, indicating its growing influence in the market [1][2] Financial Performance - Main business revenue was HKD 12.954 billion, reflecting a 33.68% year-on-year growth, with net investment income rising due to increased deposit fees and margin scale [1] - EBITDA margin improved to 79%, up 6% year-on-year, while net profit attributable to shareholders was HKD 8.519 billion, a 39.09% increase [1] - Basic earnings per share were HKD 6.74, with an interim dividend of HKD 6 per share, marking a 37.61% increase from the previous year [1] Market Dynamics - The trading volume in the derivatives market contributed HKD 17.4 billion to the daily average, while the average daily trading volume for equity securities was HKD 222.8 billion after excluding derivatives [2] - Cumulative net inflow of southbound capital exceeded HKD 4.6 trillion, enhancing its pricing power in the Hong Kong stock market [2] - Northbound capital also saw significant growth, with average daily trading volume for stocks reaching RMB 173.14 billion, a 32% increase year-on-year [2] IPO Activity - IPO financing in the Hong Kong stock market reached HKD 106.713 billion, a staggering increase of 688% year-on-year, reclaiming the top position among global exchanges [3] - The number of new stock listing applications surged to 207, more than double the 84 applications in 2024 [3] - HKEX plans to implement several reforms to enhance market competitiveness, including shortening settlement cycles and optimizing IPO pricing regulations [3] Future Outlook - The explosive growth of southbound capital signifies a restructuring of the Hong Kong stock market, positioning it as a crucial force in market dynamics [4] - If macroeconomic conditions remain stable, southbound capital is expected to further support the Hong Kong stock market [4]

Core Viewpoint - The H-share market has seen several listed REITs report mid-term performance, with most experiencing a decline in revenue and net property income growth, while the hotel and tourism sectors in mainland China have shown strong performance [1][5]. Group 1: REITs Performance - Most listed REITs reported a decline in revenue and net property income, with specific examples including: - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Link REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8%, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4%, and net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Analysis - The performance of different property sectors shows challenges: - Office, retail, and logistics sectors continue to face pressure, with declining occupancy rates reported [5][7]. - Yuexiu REIT's overall occupancy rate was approximately 82.2%, down 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down about 2 percentage points from the beginning of the period [6]. - Conversely, the hotel and tourism sectors have performed well, with notable revenue increases: - Guangzhou IFC's serviced apartments achieved record revenue of 603 million RMB, and the Four Seasons Hotel in Guangzhou reported record room revenue of 190 million RMB, with an average occupancy rate of 80.1%, up 1.1 percentage points year-on-year [7]. Group 3: Market Outlook - The inclusion of REITs in the Shanghai-Hong Kong Stock Connect is seen as a significant breakthrough for capital market connectivity, potentially enhancing market activity and liquidity [1]. - The financing costs for several REITs have decreased, which may alleviate pressure on distributable income: - Yuexiu REIT reported a financing cost of 403 million RMB, down 13.5% year-on-year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Link REIT's financing cost decreased by 12.6% to 173 million HKD [8].

Core Points - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.47%, closing at 5303.57 points with a trading volume of 96.677 billion yuan [1] - Over the past month, the CES100 index has increased by 3.56%, by 16.52% over the last three months, and by 25.56% year-to-date [1] Index Composition - The top ten holdings of the CES100 index are: HSBC Holdings (10.21%), Tencent Holdings (9.83%), Alibaba-W (9.56%), Xiaomi Group-W (7.99%), Meituan-W (5.82%), AIA Group (5.55%), Hong Kong Exchanges and Clearing (4.13%), Standard Chartered Group (2.51%), Prudential (1.93%), and Kuaishou-W (1.61%) [2] - The index is fully composed of securities from the Hong Kong Stock Exchange [2] Sector Allocation - The sector allocation of the CES100 index includes: Financials (27.78%), Consumer Discretionary (26.88%), Communication Services (13.71%), Information Technology (10.34%), Real Estate (5.45%), Health Care (4.84%), Utilities (3.96%), Industrials (3.34%), Consumer Staples (3.17%), and Materials (0.53%) [2] Fund Tracking - Public funds tracking the CES100 index include: Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Group 1 - The AH share premium index has dropped to a new low of 128.05 points, the lowest since July 2020, indicating a potential for continued reduction in valuation premiums for dual-listed companies [1] - The decline in the AH share premium index reflects a market re-evaluation of value discrepancies between A-shares and H-shares, driven by improved capital market connectivity [1][2] - The realization of same-price shares for quality AH stocks is a result of enhanced market efficiency, with the Stock Connect mechanism facilitating increased daily trading volumes and greater pricing power for southbound funds [1][2] Group 2 - Institutional breakthroughs in the Hong Kong market, such as simplified cross-border merger approvals and a variety of financing tools, have lowered financing costs and improved efficiency for A+H companies [2] - Some quality listed companies, like Ping An Insurance and China Merchants Bank, have already achieved same-price shares, reflecting a natural trading logic for multi-listed companies [2] - The future realization of same-price shares will have profound implications for both A-shares and H-shares, aligning valuations closer to international standards and enhancing corporate governance and disclosure quality [2][3] Group 3 - The complete alignment of quality AH stock prices requires a more mature investor base and a stronger belief in value investing, which are still developing [3] - The ongoing decline of the AH share premium index is a result of market rationality and institutional progress, presenting investment opportunities as the market moves towards same-price shares [3] - Achieving same-price shares will further solidify China's capital market as a key hub for global asset allocation [3]

Group 1 - China emphasizes its responsible stance on rare earth exports and clarifies its approval process for export license applications during a press conference [2] - The Ministry of Commerce reported progress in US-China trade negotiations, highlighting a framework agreement reached to address mutual economic concerns [2] - The US Department of Commerce announced a 50% tariff on various steel household appliances starting June 23, which may lead to increased consumer prices [4] Group 2 - The People's Bank of China and the State Administration of Foreign Exchange issued measures to encourage Taiwanese enterprises to participate in the mainland financial market [5][6] - The measures include enhancing payment services for foreign personnel and facilitating cross-border trade settlements [6] Group 3 - Hong Kong's Securities and Futures Commission is considering optimizing the Stock Connect program and adjusting the minimum trading lot size to improve market liquidity [7] - The commission plans to lower trading costs and enhance the IPO price discovery process [7] Group 4 - Ant Group is set to apply for stablecoin licenses in Hong Kong and Singapore through its subsidiaries, marking its entry into the stablecoin sector [14] - The move follows a trend of major internet companies exploring stablecoin opportunities [14] Group 5 - NIO's founder faced employee protests over unpaid wages, indicating financial distress within the company [15] - The company is experiencing significant operational challenges, including store closures and insurance issues [15] Group 6 - Vanke has completed the sale of all its A-share treasury stock, raising approximately 4.79 billion yuan [16] - The company is actively seeking funding through various channels [16] Group 7 - The insurance sector is seeing developments in long-term stock investment trials, with Xinhua Insurance planning to invest up to 15 billion yuan in a private fund [11][22] - This initiative reflects a broader trend of insurance companies increasing their equity investments [11]

Group 1 - The core viewpoint of the news is the launch of the "Tech Company Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, which facilitates the listing application process for 18A and 18C issuers, enhancing the attractiveness of Hong Kong's capital market for biotech and specialized technology companies [1][2] - The new policy marks an upgrade of the listing rules for 18A and 18C, potentially increasing the number of biotech and specialized technology companies choosing Hong Kong as their preferred listing market [2][3] - The introduction of the "Tech Company Special Line" is expected to improve market efficiency and competitiveness in the Hong Kong IPO market, especially in the context of the comprehensive registration system implemented in the A-share market [2][3] Group 2 - The Hong Kong Stock Exchange's 18C listing rules are more inclusive in terms of industry, focusing on emerging sectors with growth potential, while the A-share Sci-Tech Innovation Board emphasizes core technology fields [4][5] - The 18C listing requires a higher expected market capitalization, attracting larger technology companies, while the Sci-Tech Innovation Board has a lower market cap threshold, allowing more mid-sized tech firms to list [5][6] - The investor structure for 18C is primarily institution-driven, requiring at least 50% of shares to be subscribed by independent institutional investors, enhancing market professionalism and liquidity [7][8] Group 3 - The lock-up period arrangements differ significantly between the two markets, with 18C expanding the applicable subjects for lock-up periods to prevent key shareholders from cashing out, while the Sci-Tech Innovation Board enforces strict lock-up periods to ensure long-term focus on company development [8]

每经记者｜李蕾 每经编辑｜彭水萍 上周，我国已上市公募REITs的二级市场价格整体呈现震荡上行的趋势。截至5月9日，中证REITs（收盘）指数收于848.41点，环比上涨0.28%；中证REITs全 收益指数收于1062.05点，环比上涨0.39%。各大类资产收益表现由高到低排序依次为：可转债>美股>A 股>黄金>REITs>纯债>原油。 在这其中，保障房、消费基础设施板块REITs表现较优，其中保障房板块交易活跃度最高。 | | | | | --- | --- | --- | | 基金筒称 | 基金成立日 | 上市 | | 华安百联消费REIT | 2024-07-11 | 2024- | | 工银蒙能清洁能源REIT | 2024-11-28 | 2024- | | 国泰君安临港创新产业园REIT | 2022-09-22 2022- | | | 中金厦门安居保障性租赁住房REIT 2022-08-22 | | 2022- | | 华夏基金华润有巢REIT | 2022-11-18 | 2022- | | 华夏深国际REIT | 2024-06-25 | 2024- | | 华夏北京保障房REIT | 2 ...

Group 1 - REITs are expected to be included in the Shanghai-Hong Kong Stock Connect, which has led to a rise in the stock price of Link REIT by 6.68% [4][10][13] - Link REIT, the largest REIT in Asia and a component of the Hang Seng Index, closed at HKD 39.95, marking a year-to-date increase of 21.61% [5][10] - The overall market saw a trading volume of HKD 240.1 billion, with southbound funds recording a net sell of HKD 7.866 billion [2] Group 2 - ALCO Holdings (爱高集团) experienced a significant surge in stock price, rising by 139.02% to a maximum price of HKD 0.49 [14][15] - The stock market showed mixed performance, with the financial sector index rising by 1.18% and the healthcare sector index falling by 3.24% [6][8]