摩根士丹利称，在刚刚结束的摩根士丹利中国BEST会议上，有80%以上的投资者表示，很可能在近期增加对中国股票的 敞口。报告称，中国市场在所有被摩根士丹利研究评为"增持/持平"的新兴市场中是最低配的，以及短期关税对中国的负 面影响实际上可能小于许多其他主要经济体和市场。 硬·AI 作者 | 董 静 编辑 | 硬 AI 资金态度重大转变，外资大举买入中国股票。 图 点击 上方 硬AI 关注我们 摩根士丹利数据显示，中国在全球新兴市场投资组合中仍然是最大的低配地区，相对于指数基准（MSCI新 兴市场指数中国权重为31.3%）低配2.4个百分点。 这在所有被摩根士丹利研究评为"增持/持平"的新兴市场中是最低配的。 另外，摩根士丹利分析指出，短期关税对宏观和企业盈利的影响是负面的，但对中国的负面影响实际上可 能小于许多其他主要经济体和市场。 例如，对于2025年实际GDP增长，摩根士丹利中国经济团队已将预测从4.5%下调至4.2%（下调幅度为 6.7%），相比之下，美国从1.5%下调至0.6%（下调幅度60%），亚洲整体从4.4%下调至4.0%（下调幅度 9.1%）。 此外，对于盈利增长预测，摩根士丹利已将2025年M ...

Group 1 - The Hong Kong stock market continues to attract capital inflows due to its high dividends and the scarcity of new economy assets, with a net inflow of 605.25 billion HKD as of May 5 [1] - Invesco Great Wall Fund has developed a comprehensive product matrix of Hong Kong stock ETFs covering key sectors such as technology, consumption, pharmaceuticals, and dividends, catering to diverse investor needs [1] - The performance of various Hong Kong stock indices shows significant growth, with the Hong Kong Stock Connect Technology Index rising by 26.56% in the past six months and 52.75% over the past year [1] Group 2 - The Hong Kong Technology 50 ETF (513980) has seen a substantial increase in shares, with a total of 21.4 billion shares and a scale of 15 billion RMB, ranking first among similar index ETFs [2] - The Hang Seng Consumption ETF (513970) focuses on a wide range of consumer sectors, reflecting the transformation of the Chinese economy and the rise of young consumers [2] - The Hong Kong Innovative Drug 50 ETF (513780) covers leading companies in the innovative drug sector, benefiting from government policies supporting innovation in pharmaceuticals [2] Group 3 - In addition to high-growth sectors, Invesco Great Wall Fund has also positioned itself in high-dividend assets through the Hong Kong Dividend Low Volatility ETF (159569) and the Hong Kong Central Enterprise Dividend 50 ETF (520990) [2] - The product matrix of Hong Kong stock ETFs provides investors with diverse and convenient investment tools, enhancing the overall investment landscape in the Hong Kong market [2] - The outlook for the market suggests that changes in overseas capital attitudes towards Chinese assets and the confidence of A-share investors may lead to an overall uplift in the Hong Kong stock market [2]

Core Insights - Hong Kong's IPO fundraising has significantly increased, with 17 new listings raising approximately HKD 177 billion (around USD 20 billion) in the first quarter of 2025, more than doubling the amount from the previous year [1] - The follow-on market has also become more active, raising over USD 18 billion in the first quarter of 2025, a 20-fold increase year-on-year, with notable transactions from BYD and Xiaomi [1] - There is a growing trend of A+H listings, with around 30 companies planning to list in Hong Kong, particularly in the technology and biotech sectors [2] Market Trends - The new economy, artificial intelligence, renewable energy, and tech unicorns are key focus areas for new listings in Hong Kong [2] - Increased dialogue with ASEAN companies has led to successful listings from several firms in the region, indicating a strong interest in the Hong Kong market [2] - Hong Kong is also targeting the Middle East, with plans to open an office in Riyadh and strengthen ties with the Saudi stock exchange [3] Regulatory and Structural Developments - Hong Kong has completed consultations on IPO pricing, aiming to enhance the pricing process and distribution structures [4] - The Hong Kong Securities and Futures Commission and the exchange have announced measures to improve the transparency of the new listing application process [4] - Initiatives like the "REIT Connect" and a dedicated line for tech companies are in preparation to further optimize the listing environment [4]

0:00 上期视频我们了解了什么是跨境ETF，本期视频我们来聊聊细分市场的跨境ETF都有哪些。 （Wind）数据显示，截至2025年3月3日，跨境ETF规模合计近4700亿（元），其中投资于香港市场、美 国市场的ETF规模分别约为3200亿（元）、1300亿（元），规模占比分别为68%、28%。 可以说啊，在众多投资目的地中，ETF规模占比近70%的香港市场成为了内地投资者跨境投资的首选之 地。 事实上，近年来香港市场的行业结构也在悄然发生变化，传统的金融地产板块依然稳健，但新经济领域 的崛起为市场注入了新的活力。 从互联网科技到医疗健康，从新能源到高端制造，越来越多代表中国经济转型方向的优质企业在港股上 市。 跟踪的ETF看，目前有4只跨境ETF跟踪恒生指数，合计管理规模236亿（元），其中规模最大的一只 ETF规模近180亿（元）。 这种结构性的改善，不仅提升了市场的投资吸引力，也为投资者提供了更丰富的配置选择。 那么，投资于港股市场的跨境ETF中，都跟踪哪些核心指数呢？ 从规模上看，这些跨境ETF跟踪的指数主要可以分为宽基、互联网科技、医药、红利、高股息等指数。 本期视频我们先来了解下跟踪的ETF规模大 ...

从港股个股表现来看，今年1月1日至4月17日，按前复权价计算，港股市场991只个股上涨，其中179只 个股涨幅超过50%，57只个股涨幅超过100%，15只个股涨幅超过300%，7只个股涨幅超过700%，5只个 股涨幅超过1000%，涨幅前三名个股分别为HSSP INTL、Mindtell Tech、连城科技集团、Mindtell Tech， 涨幅分别达44497%、1525%、1452%。同时，港股市场1530只个股下跌，其中73只个股跌幅超过50%， 7只个股跌幅超过80%，跌幅前三名分别为建鹏控股、多想云、益美国际控股，跌幅分别为93.40%、 87.21%、87.12%。 港股市场龙头公司领涨大市 今年以来，港股市场领涨全球主要股市，南下资金源源不断流入港股，成为今年港股上行的主要推动 力。今年1月1日至4月17日，恒生指数涨幅为6.7%，最高触及24874.39点，收报21395.14点；恒生科技 指数涨幅达9.40%，收报4887.37点；国企指数一季度涨幅为8.33%，收报7897.44点。 今年以来港股市场991只个股上涨 从全球主要股市表现来看，今年以来港股市场一枝独秀。以美国股市和日本股市 ...

" 欧米伽未来研究所 " 关注科技未来发展趋势，研究人类向欧米伽点演化过程中面临的重大机遇与挑战。将不定期推荐和发布世界范围重要科技研究进 展和未来趋势研究。（ 点击这里查看欧米伽理论 ） 2025年的春天，距离那场席卷全球的互联网科技泡沫宣告破灭，已经过去了整整二十五年。那是一个狂热与梦想交织的时代，也是一个幻灭与阵 痛并存的时代。当年的硝烟早已散尽，但历史的钟摆似乎又一次摆向了相似的位置——科技股，尤其是以美国"七巨头"（Magnificent 7）为代表 的科技巨头，在经历了近年来的辉煌增长后，于2025年初也遭遇了显著回调。这不禁让人发问：我们是否又站在了新一轮泡沫的边缘？历史会简 单地重演吗？高盛集团在科技泡沫破裂25周年之际发布了一份深度报告，试图剖析两次科技浪潮的异同，并从中汲取经验教训。本文将基于这份 报告，带您回顾那段波澜壮阔的历史，审视当下的科技格局，并展望未来的机遇与风险。 第一章：那一场席卷全球的狂热与幻灭 二十世纪末，互联网的商业化浪潮以前所未有的力量席卷全球。一个全新的、充满无限可能的数字世界展现在人们面前。"．com"成为了时代的 最强音，似乎只要与互联网沾边，就意味着拥有了点石 ...

Core Insights - Global investors have re-evaluated the Chinese technology sector, with significant increases in capital expenditure in the AI field by major internet companies, indicating a sustained high level of spending in the future [7] - The economic stimulus plan from the last quarter of the previous year has shown results, stabilizing the "old economy," although its contribution to overall economic growth is diminishing, which has led to an increase in market risk appetite [7] - The real estate market in certain hot cities has seen a rebound in both volume and price, with a narrowing decline in real estate investment; industrial value-added has stabilized and rebounded; and consumer electronics have experienced significant growth due to subsidy incentives, boosting retail sales data [7][8] Economic Overview - The capital market experienced a shift in pricing style in mid to late March, with concerns over performance uncertainty in the technology sector leading to a risk-averse mode among investors [8] - Traditional safe-haven assets like bonds have been unable to meet the demand for risk aversion due to fluctuations in interest rates, while bank stocks face profit growth limitations due to narrowing net interest margins [8] - REITs have emerged as a stable income-generating investment choice, with the total return of the CSI REITs rising by 10.69% this year, including a 3.7% increase in March alone [8] Consumer Behavior - Consumer data shows a significant divergence, with subsidy-related goods experiencing much higher growth rates compared to service consumption, indicating a strong impact from subsidy policies [11] - The marginal diminishing effect of consumption stimulus policies is evident, as pre-emptive consumption behavior has been observed, particularly in the home appliance sector [11] - Rural consumption has outperformed urban consumption, with rural retail sales showing a cumulative year-on-year growth of 4.6%, compared to 3.8% in urban areas [14] Industrial Performance - Industrial profits have shown a negative growth rate of -0.3% in January-February, despite a 5.9% year-on-year increase in industrial value-added, indicating a weak profit margin due to low PPI growth [18] - Manufacturing profits have rebounded significantly, with a year-on-year growth of 4.8%, particularly in sectors closely tied to exports [18][19] - The sustainability of export growth is under scrutiny, with concerns over the impact of tariff policies on future export orders [19] Real Estate Market - The recovery in the real estate market is primarily structural, concentrated in core cities and key plots, driven by demand from technology sector re-evaluations [23] - There is still a significant distance to an overall recovery in the real estate market, as evidenced by high levels of unsold inventory and a lack of leverage among buyers [23][24] - The government has prioritized boosting consumption and expanding domestic demand as key tasks for the year, emphasizing the need for more proactive fiscal policies [26]

Core Viewpoint - China Life Insurance reported a record net profit of 106.935 billion yuan for 2024, marking a year-on-year increase of 108.9%, with earnings per share at 3.78 yuan, aligning with market expectations [2][3]. Investment Performance - The total investment income for China Life reached 308.251 billion yuan in 2024, surpassing 300 billion yuan for the first time, with a total investment return rate of 5.50%, a significant increase from 2.57% in 2023 [4][7]. - The company attributed this performance to a diversified and stable investment portfolio, with over 900 billion yuan allocated to long-term bonds and high-grade credit bonds in 2024 [4][5]. Asset Allocation - As of December 31, 2024, total assets amounted to 6.77 trillion yuan, a 19.7% increase year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [6]. - Equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [7]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.719 billion yuan, with a full-year dividend of 0.65 yuan per share, representing 17% of net profit [8][9]. - The company emphasized the need to balance dividend payouts with solvency and long-term sustainability [9]. Business Growth - In 2024, the company achieved premium income of 671.457 billion yuan, a 4.7% increase, with first-year premium income for long-term products growing by 14.3% [10]. - The internal value exceeded 1.4 trillion yuan, with new business value increasing by 24.3% year-on-year [10][11]. Future Outlook - For 2025, the company remains optimistic about market recovery, expecting a balanced approach to equity investments and a focus on stable long-term returns [13][14]. - The investment strategy will prioritize quality assets and innovative products to enhance long-term yield potential [14].

宏 观 研 究 2025.03.09 数 据 点 评 港股行情持续性探析 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 朱成成 | 登记编号：S1220525030004 | | --- | --- | | 燕翔 | 登记编号：S1220525030001 | | 许茹纯 | 登记编号：S1220525030003 | 相关研究 《不算差但隐忧渐显：2 月非农数据点评》 2025.03.09 《2025 年 1-2 月份进出口数据点评：增速回落， 顺差扩大》2025.03.08 《Q4 美国通胀增速料延续反弹》2024.11.14 《建材价格回升，稳增长政策见效——10 月物 价数据点评》2024.11.09 《维护联储独立性，重申对债务可持续性的担 忧》2024.11.08 《非农意外暴跌，美债利率为何最终收涨？》 2024.11.02 一是本轮 A 股、港股资产走强是发生在美股为代表的海外发达市场持续调 整环境中，独立行情非常显著，反映近期海内外投资者重估中国资产、做多 中国资产的信心在不断提升。 二是恒生科技指数为代表的科技板块在本轮行情中显著占优，deepseek、机 器人、AI 等 ...

Core Viewpoint - The current market dynamics show a significant divergence between the Hong Kong and A-share markets, with Hong Kong stocks experiencing a bull market while A-shares remain in a state of fluctuation. This divergence is primarily driven by the concentration of high-quality core assets in the Hong Kong market, particularly in sectors such as the internet, hard technology, smart vehicles, and innovative pharmaceuticals [1][2][3]. Market Divergence - As of March 7, the Hang Seng Technology Index has recorded a cumulative return of 27.8%, leading global major indices, while the A-share market has shown only modest gains, with the STAR 50 Index rising by 16% and the CSI 300 Index showing minimal increase. The cumulative performance of core assets in A-shares and Hong Kong stocks from January 10, 2025, indicates a 9% increase for A-shares compared to a 51% increase for Hong Kong stocks [3][4]. - The concentration of new economy assets in Hong Kong is notable, with high consensus and strong certainty in sectors such as domestic computing power, the internet, smart vehicles, and innovative pharmaceuticals. The Hang Seng Technology Index covers key assets in these areas, and many Hong Kong companies are still in the early stages of profit recovery, suggesting significant potential for future earnings improvement [3][4]. A-share Market Characteristics - A-share core assets exhibit cyclical characteristics, with approximately 45% of companies yet to reach an operational turning point. The distribution of market capitalization among core assets shows a balanced representation across technology (25.1%), consumer (27.8%), and advanced manufacturing (19.2%). The cyclical nature of A-share core assets is closely tied to macroeconomic conditions, with historical turning points indicating a potential operational turning point between late 2024 and early 2025 [4][5]. - Many public funds face restrictions on investing in Hong Kong stocks, leading to performance anxiety among institutional investors. Approximately 60% of equity public funds lack Hong Kong Stock Connect permissions, which limits their investment scope and forces them to focus on A-shares, resulting in a disparity in asset quality and performance [5][6]. Transition from Macro to Industry Focus - The market is transitioning from a macro-driven environment to one focused on industry dynamics. The clarity of policy direction and the reduction of macroeconomic volatility suggest that market participants should shift their attention from macro concerns to industry trends, particularly in technology and innovation sectors [6][7]. - The current macroeconomic environment is characterized by stabilization in consumption and real estate, with a focus on structural opportunities driven by technological advancements. This shift mirrors the asset recovery period seen in the U.S. from 2010 to 2015, indicating a need for investors to prioritize industry trends over macroeconomic fluctuations [8][9]. Investment Opportunities - In light of the clear policy expectations and the normalization of macroeconomic volatility, the focus should be on A-share "new core assets." Key sectors such as domestic computing power, edge AI, high-density energy batteries, and innovative pharmaceuticals are expected to see significant thematic catalysts and industry upturns, particularly with new product launches from leading companies [11][12].