Group 1 - The current Hong Kong stock market has abundant liquidity, with a focus on the upward elasticity of the non-bank sector [1] - Since June, the Hong Kong stock market has shown recovery, with the Hang Seng Index up by 4.27% and the Hang Seng Tech Index up by 3.31%, outperforming the MSCI World Index which increased by 3.77% [1] - As of June 27, the overall market capitalization of Hong Kong stocks reached HKD 42.84 trillion, an increase of 6.31% compared to the end of May [1] Group 2 - Trading activity in the Hong Kong stock market has increased, with an average daily turnover (ADT) of HKD 229.44 billion, up by 9.12% month-on-month [1] - Southbound capital's ADT increased by 27.16%, accounting for 26.18% of the total turnover [1] - The trading volume of derivatives has also risen, with futures average daily volume (ADV) at 58,000 contracts, up by 6.30%, and options ADV at 82,000 contracts, up by 11.53% [1] Group 3 - The HIBOR rate has risen again since June, with the 6-month HIBOR reaching 2.38% as of June 27, an increase of 0.22 percentage points month-on-month, and a decrease of 4.2 percentage points year-to-date [1] - With HIBOR remaining high, the investment income of the Hong Kong Stock Exchange is expected to continue to rise [1] Group 4 - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index, which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap stocks with good liquidity under the Stock Connect mechanism [1] - The index is calculated using a free-float market capitalization weighting method and sets a 10% weight limit for individual constituent stocks, reflecting the overall market performance of large-cap stocks in Hong Kong [2]

提醒：港股今日因香港特别行政区成立纪念日，休市一日，南、北向交易关闭。 ...

提示：港股今日因香港成立纪念日休市一日 金十数据5月5日讯，金十提示：港股今日因香港特别行政区成立纪念日，休市一日，南、北向交易关 闭。 ...

2025年公募基金产品"中考"放榜，医药主题基金成为业绩排名大赢家。今年一季度期间， 一度霸屏的人形机器人赛道基金产品全部淡出十强，当前排名中期业绩前十的产品中有七只 为医药主题基金，且这些医药主题基金产品均大比例持有港股仓位，同时重仓单一行业的赛 道化打法也主导基金业绩格局，前十的基金产品中仅有一只基金产品在持仓上采取"均 衡"策略。 排名今年全市场"中考"业绩十强的诺安价值精选基金经理唐晨认为，港股创新药仓位对基 金产品至关重要，应重点把握具备重磅炸弹潜力的大单品赛道，尤其是肿瘤、代谢性疾病、 自身免疫病这三大赛道的创新药需求刚性，因此也具有更大的投资机会。 人形机器人赛道基淡出 公募基金产品2025年上半年十强业绩今日出炉，以人形机器赛道为核心仓位的基金产品未 能进入业绩十强。 Wind数据显示，截至2025年6月30日收盘，汇添富香港优势精选基金今年上半年累计收益 率为86%，位列全市场公募基金"中考"业绩冠军、中信建投北交所精选基金、长城医药产 业精选基金位列全市场前三，2025年上半年的"中考"业绩分别达到82.45%、75.18%。此 外，华夏北交所精选基金、中银港股通医药基金、永赢医药创新基金 ...

提醒：港股7月1日休市一天 智通财经7月1日电，因香港特别行政区成立纪念日，港股7月1日休市，港股通及沪深股通关闭。7月2日 (星期三)起恢复正常交易。 ...

Group 1 - The Hong Kong IPO market has shown significant recovery in the first half of this year, with a noticeable increase in the profitability of new stock listings, as evidenced by a first-day price increase rate of approximately 63% and a first-day drop rate of about 30% [1] - Among the 43 new stocks listed in the first half of the year, 27 stocks saw price increases on their first day, with an average increase of over 13%. Notably, 18 stocks had increases exceeding 20%, and 9 stocks had increases over 40%, with Ying'en Biotechnology leading at a 116.7% increase [1] - The first-day drop rate for new stocks has decreased to about 30%, the lowest in the past five years, indicating a higher likelihood of short-term profits for investors participating in IPOs [1] Group 2 - The average subscription multiple for Hong Kong IPOs surged to over 600 times, marking a six-year high, with the top three IPOs seeing subscription multiples of 6000 times, 5258 times, and 3617 times respectively [2] - The number of participants in the Hong Kong IPO subscription has significantly increased compared to previous years, reflecting heightened investor interest [3]

Core Viewpoint - The Hong Kong stock market is undergoing a "value reassessment" driven by fundamental recovery and improved liquidity, leading to strong performance of Hong Kong-themed QDII funds this year [1][3]. Group 1: QDII Fund Developments - New QDII funds are rapidly entering the market, with several firms launching products focused on Hong Kong stocks, such as Western Asset Management's Hang Seng Technology Index QDII and Yongying Fund's Hang Seng Consumer Index QDII [2]. - As of June 29, 2023, 24 new QDII funds have been established this year, primarily targeting Hong Kong themes, indicating a strategic shift towards this market [2][3]. Group 2: Market Dynamics - The Hong Kong stock market has experienced two significant rallies this year, driven first by new economy sectors represented by the Hang Seng Technology Index and later by increased capital inflows amid trade uncertainties [3]. - Southbound capital inflows have reached 679.4 billion yuan this year, nearing the total for the entire year of 2024, highlighting strong investor interest [3]. Group 3: Investment Strategies - Fund managers are optimistic about the Hong Kong market, noting that despite a recovery from last year's lows, valuations remain below historical averages, presenting attractive investment opportunities [4]. - Investment strategies focus on high-quality companies with scarce advantages that can withstand economic cycles, as well as dividend assets in a low-interest-rate environment [4]. - There is a consensus among fund managers to prioritize core technology assets, particularly in light of advancements in AI, while also being cautious of market structures that may have fully priced in short-term growth [4].

本报记者 毛艺融 6月30日，3只新股在港交所上市，分别是泰德医药、IFBH、云知声。2025年上半年，港股新股市场火热。Wind资讯数据 显示，截至6月30日，年内港股共有43只新股上市，首发募资合计1067亿港元，数量和规模较去年同期分别增长43%、708%。 近期港股IPO节奏明显加快，仅6月份，就有15家新股在港上市。此外，6月底还有多家企业扎堆递表。港交所官网显示， 仅6月25日至6月30日，就有39家企业递交上市申请。当前，港交所IPO储备项目相当丰富。据Wind资讯数据统计，按最新公告 日计，目前还有超200家企业的状态为"处理中"。 华商律师事务所执行合伙人齐梦林对《证券日报》记者表示，上半年港股IPO十分火热，这体现了市场信心与流动性恢 复。 内地公司占比超九成 国际投资者也在积极参与港股IPO市场。高盛中国股票策略分析师付思表示，今年参与港股IPO的基石投资者中，不乏海外 主权基金、养老金等长线投资者。付思说："这轮赴港上市的企业质地都不错，吸引更多海外长线资金参与。" 齐梦林提醒，有意赴港上市的A股企业，需建立两地合规团队，统一协调A股和H股信息披露，建立内幕信息隔离机制，避 免静默期违 ...

2025年公募基金产品"中考"放榜，医药主题基金成为业绩排名大赢家。今年一季度期间，一度霸屏的人形机器 人赛道基金产品全部淡出十强，当前排名中期业绩前十的产品中有七只为医药主题基金，且这些医药主题基金 产品均大比例持有港股仓位，同时重仓单一行业的赛道化打法也主导基金业绩格局，前十的基金产品中仅有一 只基金产品在持仓上采取"均衡"策略。 排名今年全市场"中考"业绩十强的诺安价值精选基金经理唐晨认为，港股创新药仓位对基金产品至关重要，应 重点把握具备重磅炸弹潜力的大单品赛道，尤其是肿瘤、代谢性疾病、自身免疫病这三大赛道的创新药需求刚 性，因此也具有更大的投资机会。 人形机器人赛道基淡出 公募基金产品2025年上半年十强业绩今日出炉，以人形机器赛道为核心仓位的基金产品未能进入业绩十强。 Wind数据显示，截至2025年6月30日收盘，汇添富香港优势精选基金今年上半年累计收益率为86%，位列全市 场公募基金"中考"业绩冠军、中信建投北交所精选基金、长城医药产业精选基金位列全市场前三，2025年上半 年的"中考"业绩分别达到82.45%、75.18%。此外，华夏北交所精选基金、中银港股通医药基金、永赢医药创 新基金、广 ...

转自：新华财经 新华财经香港6月30日电（记者李柏涛）27日，16家内地企业递表申请在港股主板上市，其中13家是第一次递表；30日，云知声、IFBH、泰德医药三家公 司在港交所挂牌上市，这是6月份第四次出现"三重奏"…… 实际上，2025年上半年，港股IPO市场强势复苏，新股发行节奏加快、募资规模回升，成为全球资本市场关注的焦点。 新股认购数据显示，5月在港上市的宁德时代，吸引来自欧洲、中东和美国等地的投资者参与，其IPO集资规模也刷新了港股近年纪录。 政策制度红利释放 港交所数据显示，今年上半年已完成42宗传统IPO项目，累计集资超过1050亿港元，规模也分别超过了2022年、2023年、2024年的全年融资规模。 业内人士认为，这一亮眼成绩的背后，是国际资金转向、政策制度红利释放、估值修复与流动性改善等多重动能的叠加共振，为港股市场注入了新的活力 与韧性。 国际资金投资转向 今年上半年，全球经济在复杂环境中缓慢修复，地缘冲突与科技浪潮并行，国际资金流动逻辑正从"避险主导"向"收益与风险再平衡"切换。 港股IPO市场走热并非偶然。德勤中国华南区主管合伙人欧振兴指出，香港作为国际金融中心，是全球资本配置中国资 ...