Group 1 - The Hong Kong Monetary Authority reported an increase of HKD 20.13 billion in foreign assets of the exchange fund in May, reaching HKD 358.66 billion [1] - The monetary base stands at HKD 21.25 billion, which includes various components such as certificates of indebtedness, government-issued currency, and bank reserves [1] - The total claims of the exchange fund on the private sector in Hong Kong amount to HKD 325.6 billion, while total external liabilities are HKD 31 billion [1] Group 2 - The Financial Secretary of Hong Kong, Paul Chan, indicated that international confidence in US dollar bonds is wavering, leading to an influx of international funds into Hong Kong, which is becoming a safe haven for capital [1] - The overnight interbank lending rates have decreased, and the Hong Kong dollar is expected to maintain its peg to the US dollar, providing a trustworthy environment for capital flow [1] - According to Shenwan Hongyuan Securities, the Hong Kong stock market has shown strong performance as a pioneer in the revaluation of Chinese assets, with increased trading volume in small and mid-cap stocks since April 2025 [1][3] Group 3 - Shenwan Hongyuan Securities emphasized that amidst the US-China trade conflict and declining confidence in the US dollar, global funds are undergoing a rebalancing, with capital moving from US stocks to European markets [3] - The firm anticipates that as high-quality assets in Hong Kong increase, foreign capital will return to Chinese assets, with Hong Kong stocks being the first destination [3]

Group 1 - The core viewpoint is that despite geopolitical tensions leading to a decrease in market risk appetite, the Hong Kong stock market, particularly the technology sector, is expected to recover in the second half of the year due to domestic policy support and improving capital conditions [1][2]. - The Hong Kong technology sector is projected to have strong earnings growth by 2025, supported by favorable expectations driven by the AI industry, which may lead to an improvement in return on equity (ROE) and subsequently boost valuations [1]. - Foreign capital outflow has narrowed, and domestic institutional investment is increasing, indicating a potential shift in the capital flow dynamics towards the Hong Kong market, with a notable rise in net inflows from southbound funds [1][2]. Group 2 - The outlook for the Hong Kong stock market remains positive for the second half of the year, with a particular emphasis on the technology sector, which is seen as a collection of scarce high-quality assets [2]. - The valuation of the Hong Kong stock market is considered low compared to international standards, suggesting potential for upward movement despite uncertainties surrounding US-China trade negotiations [2].

这家中小券商布局海外业务。 6月12日晚，西部证券表示计划出资等值10亿元人民币设立中国香港全资子公司，暂定名为"西部证券国际金融 控股有限公司"，旨在打造国际化业务平台，服务公司跨境客户需求。此举是西部证券推进收购国融证券后另 一重大布局。 今年港股二级市场交投活跃、赚钱效应凸显，吸引各方资金关注；一级市场则迎来内地企业赴港上市热 潮，"A+H"上市模式尤为活跃。在此背景下，中资券商迎来新的业务周期。 西部证券拟赴港落子 2020年1月华福证券获得证监会的批文，监管部门同意其在香港设立华福国际（香港）金融控股有限公司。更 早则要追溯至2019年年底，华安证券及国联证券陆续被证监会批准赴香港设立香港子公司，其中华安证券（香 港）在2年后（2021年12月）才举行试营业。 香港IPO平均募资额同比增长逾5倍 自2024年下半年以来港股表现强劲，尤其今年年初"中国资产重估"叙事带动港股流动性明显改善，在此背景 下，企业赴港上市掀起一波热潮。多家券商投行人士表示，港股市场已成为公司布局的重点。 一家华中地区中小型证券公司投行人士向券商中国记者透露，公司年初已着手摸排项目，积极推动部分原计划 在沪深交易所上市的IPO ...

Market Overview - The Hong Kong stock market opened lower, with the Hang Seng Index down 0.59% at 24,223.12 points, the Hang Seng Tech Index down 1.13% at 5,389.56 points, and the National Enterprises Index down 0.78% at 8,796.99 points [1] - Major tech stocks generally declined, with Alibaba down 2.28%, JD Group down 1.79%, and Xiaomi down 1.11%. However, Netease rose by 1.05% [1] Company News - XPeng Motors reported that its delivery volume has exceeded 30,000 units for seven consecutive months as of 2025 [2] - Morgan Stanley upgraded the rating of Wei Long Delicious to "Overweight" [3] - Junshi Biosciences received a clinical trial application acceptance notice from the National Medical Products Administration for JT118, aimed at preventing monkeypox virus infection [3] - Vanke Enterprise sold 30.1 million A-shares, raising a total of RMB 198 million [4] - Horizon Robotics plans to issue 681 million shares, aiming to raise approximately HKD 4.674 billion, at a discount of about 6.85% from the previous closing price [4] Institutional Insights - Guotai Junan noted that the narrative of asset revaluation in China has gained traction this year, with the Hong Kong stock market showing a volatile upward trend, although valuations remain relatively low. Future trade environments may disrupt the market, but domestic policy efforts could drive fundamental recovery [5] - CITIC Securities reported that Hong Kong stocks saw a 3.4% year-on-year revenue increase and an 8.5% profit increase in 2024, indicating a significant improvement compared to 2023. The performance of technology and finance sectors was particularly strong, while the real estate and some consumer-related companies still showed weak performance [6]

Group 1 - The launch of DeepSeek has led to a revaluation of Chinese technology stocks, supported by favorable policies for economic stability, capital market reforms, and consumption promotion, resulting in an upward trend in the A-share market [1] - Foreign institutions are reassessing Chinese assets, with Morgan Stanley noting a significant increase in international investors' willingness to allocate to Chinese stocks, indicating substantial future growth potential due to relatively low exposure [1][2] - Nomura and other international investment banks have raised their growth forecasts for the Chinese economy, attributing this to ongoing monetary and fiscal policy support, resilient service sector performance, and technological breakthroughs [2] Group 2 - The CSI A500 index is designed using an "industry-balanced" approach, representing a selection of 500 securities with large market capitalization and good liquidity across various sectors, making it a core asset index in the A-share market [3] - The CSI A500 index covers 100% of the CSI secondary industries and 97% of the CSI tertiary industries, outperforming the CSI 300 index in terms of industry coverage [3][5] - The index consists of approximately 50% traditional value sectors and 50% emerging growth sectors, positioning it as a growth-oriented value index that can capture both value and growth stock rebounds [5] Group 3 - The CSI A500 index has demonstrated impressive long-term cumulative returns, with a growth rate of 350.35% since its base date, outperforming the CSI 300 and CSI 800 indices [8] - As of June 10, 2025, the CSI A500 ETF has a scale of 19.742 billion yuan, ranking first among 34 similar ETFs, indicating strong liquidity and investor interest [10][11]

今年以来，港股市场表现亮眼，截至6月11日收盘，恒生指数、恒生科技指数累计涨幅均超21%，恒生 指数成分股中总市值超1万亿港元的股票均上涨，涨幅最大的比亚迪股份累计涨逾60%，总市值最大的 腾讯控股累计涨逾25%。南向资金持续加仓港股市场，今年以来累计净流入超6700亿港元，创历史同期 新高。 近日，中信证券、华泰证券、国泰海通等多家券商机构召开2025年中期策略会。对于下半年的港股市 场，机构人士认为，国内政策发力驱动基本面修复，港股有望延续震荡向上趋势，南向资金在下半年仍 将持续增配港股市场，红利、科技、新消费等方向有望受青睐。 港股市场表现亮眼 在DeepSeek引领中国资产重估叙事的大背景下，今年以来港股市场表现全球领先。不过，受海外因素 扰动，其在4月一度出现明显回调。 截至6月11日收盘，恒生指数、恒生中国企业指数、恒生科技指数今年以来分别累计上涨21.47%、 21.62%、22%，领涨全球主要市场。 ● 本报记者 吴玉华 胡雨 对于今年以来港股市场上涨的原因，中金公司研究部海外策略首席分析师刘刚认为，当前中国有结构亮 点的宏观与市场环境更有利于港股，这是因为无论是提供稳定回报的分红，还是作为结 ...

Market Overview - Positive signals from China-US trade negotiations have led to a rise in Hong Kong's three major indices, with the Hang Seng Index closing up 0.84% at 24,366.94 points and a total turnover of HKD 235.17 billion [1] - The Hang Seng China Enterprises Index increased by 1.12% to 8,865.72 points, while the Hang Seng Tech Index rose by 1.09% to 5,451.2 points [1] Blue-Chip Stocks Performance - China Hongqiao (01378) reached a historical high, closing up 4.61% at HKD 15.9, contributing 3.12 points to the Hang Seng Index [2] - China Life (02628) rose by 4.58% to HKD 17.8, contributing 9.19 points, while BYD (01211) increased by 3.83% to HKD 140.8, contributing 30.2 points [2] - Notable declines included Master Kong (00322), down 3.7% to HKD 11.88, and CSPC Pharmaceutical (01093), down 2.75% to HKD 8.83 [2] Sector Highlights - Major tech stocks showed positive performance, with JD.com and Alibaba both rising over 1%, and Tencent up 0.88% [3] - The brokerage sector continued its upward trend, with notable gains from Everbright Securities (06178) up 6.26% and GF Securities (01776) up 6.17% [3] - The automotive sector saw a general increase, with NIO-SW (09866) up 4.04% and BYD (01211) up 3.83% [4][5] Policy Developments - The Central Committee and State Council issued opinions to deepen reforms and expand openness in the Shenzhen Comprehensive Reform Pilot, allowing companies in the Guangdong-Hong Kong-Macao Greater Bay Area to list on the Shenzhen Stock Exchange [4] - The China Securities Regulatory Commission approved Central Huijin to become the controlling shareholder of eight financial institutions, enhancing the influence of state-backed entities in the brokerage sector [4] Emerging Trends - The automotive industry is responding to government initiatives by standardizing supplier payment terms to within 60 days, aimed at improving cash flow and promoting sustainable development [5] - The gaming sector experienced a boost following the announcement of 20 measures by Zhejiang Province to support the overseas expansion of the gaming industry, with stocks like Bilibili-W (09626) rising 9.92% [6] - The photovoltaic sector showed strong performance, with New Hope Energy (01799) up 9.15% and significant participation in the upcoming SNEC International Solar Energy Conference [6] Notable Stock Movements - Derlin International (01126) surged 44% to HKD 9, recognized as a leading plush toy manufacturer [7] - China Rare Earth (00769) rose 18.18% to HKD 0.91, driven by expectations of relaxed export controls [8] - Pop Mart (09992) reached a new high, closing up 4.25% at HKD 269.8, following successful auction results for collectible items [9] - ConvaTec (02162) faced pressure, down 3.49% to HKD 46.95, after announcing a share placement at a discount [10]

外资机构重估中国资产。 据摩根士丹利的最新报告，随着国际投资者正寻求加大投资组合的多元化，并担心错过中国的科技进步红利，国际投资者对中国股票的配置意愿已经明显加强。考 虑到国际投资者对中国的敞口仍相对较低，未来的增持空间较大。 截至6月10日收盘，恒生指数、恒生科技指数年内累计涨幅均超过20%。中信证券海外策略首席分析师徐广鸿表示，近期部分区域外资长线资金如全球区域基金、美 国区域基金、太平洋区域基金等开始流入港股市场。 展望下半年，野村东方国际证券表示，中国权益资产将跑赢海外市场。在波动性上升的背景下，政策对成长行业的有力支持不容忽视，这可能促使市场将更多目光 投向新兴高景气成长领域。 外资的重大转变 摩根士丹利在最新发布的报告中表示，目前全球投资者对中国的投资敞口仍相对较低。但随着国际投资者正寻求加大投资组合的多元化，并担心错过中国的科技进 步红利，国际投资者对中国股票的配置意愿已经明显加强。 摩根士丹利表示，国际投资者此前一度担心，由于对先进芯片、人工智能技术的获取方面受限，中国将在科技竞争力方面落后于全球。但最近，中国在人工智能和 其他领域都取得了重大突破，这让国际投资者开始重新考量中国股票的前景，并 ...

2025年已行至年中，港股市场在经历上半年"脉冲式反弹"后，下半年走势成为投资者关注焦点。 近日，中金公司、中信证券、国泰海通等多家券商机构发布了港股下半年策略报告，多家机构认为，港股将延 续震荡向上趋势，高股息资产、科技互联网、新消费等方向有望受青睐。 多重因素推动港股市场走强 回顾今年上半年港股市场行情，在DeepSeek引领中国资产重估叙事的大背景下，港股表现全球领先。不过， 受美国所谓的"对等关税"扰动，市场在反弹与回调中循环往复。 截至目前，恒生指数年内涨幅为20.45%，恒生科技指数的年内涨幅为20.68%。个股方面，恒生指数成份股中 的石药集团、周大福、翰森制药、小米集团、比亚迪股份、药明生物、网易等多股年内涨幅超过50%。 今年上半年，DeepSeek引发AI热潮助推中国资产重估，推动港股市场一度领涨全球，随后，由于部分中国科 技龙头股的资本开支计划不及预期，科技重估叙事有所降温。中金公司认为，后续需要更多催化剂，尤其是跨 越式的模型迭代或突破性的应用落地。中短期来看，AI趋势主要通过拉动资本开支推动私人部门信用扩张， 2025年AI相关新增资本开支预计约1500亿元。 中金公司表示，当前中国 ...

6月9日，A股主要指数高开高走，沪指盘中一度站上3400点，截至13点56分，A500ETF基金 （512050）涨0.21%，冲击四连涨，盘中成交额超24亿元位居同类前列。持仓股中，江淮汽车涨停，中 航沈飞、晨光股份、天孚通信、先导智能等纷纷走强。 每日经济新闻 华泰证券表示，中国资产重估的三大叙事仍在演绎，经过第一阶段修复，当前中证800前向PETTM 稳定在约19x、较MSCI新兴市场除中国已转为溢价约5%，背后是三点压制因素的缓解：1）Deepseek出 圈使全球投资者重估中国创新能力及在科技领域的全球竞争力；2）地产周期调整最快阶段或已度过， 一线城市价格已有企稳迹象；3）政策周期积极转向，民营经济、供需错配等问题有所应对；2025年下 半年，前述三点积极变化有望延续，人民币或对美元升值，全球资金"去美元化"大幕初启，广谱型估值 修复的第二阶段有望迎来，我们定量模型预计2025年末PETTM较当前上行空间约5%。 （责任编辑：张晓波 ） A股估值中枢上移，核心资产显著受益。资料显示，A500ETF基金（512050）跟踪中证A500指数， 采取行业均衡配置与龙头优选双策略，细分行业全覆盖，融合价值与 ...