港股收费大调整 【导读】打破上下限，港股交易大调整！多家券商已通知 中国基金报记者 莫琳 香港交易所自2025年6月30日（周一）起实施新的股票交收费结构，彻底打破原有 的 最低2 港元、最高100港元的限制。 截至目前，包括中信证券等多家内地券商均发布了香港市场股份 交 收费调整的客户通知。中 国银河证券的一名投顾告诉记者，此次调整让小额交易成本骤降，成交金额小于4.76万港元 在新规下的费率是优惠的。例如，1万港元的交易额，原费用为2港元，新规后的费用为0.42 港元。但是，如果成交金额大于4.76万港元的话，费用会增加，因为新规取消了100港元/笔 的最高限制 。 也就是说，单笔交易额越大，收费越多。 值得注意的是，新规之后，仍然是买卖双边收取。 临近调整日，中信证券、中国银河证券、广发证券等多家内地券商纷纷发布了香港市场调整 股份 交 收费结构相关安排的公告，提醒港股通、B转H、H股"全流通"的投资者注意。 多家券商已发通知 今年2月，香港交易所就宣布将优化证券市场的股份交收费结构，以提高市场效率及确保有关 收费与交易金额更紧密挂钩。 具体来看，香港市场的股份交收费由此前的按成交金额的0.002%收取 ...

【多家内地券商发布香港市场股份交收费调整通知】近日，十多家内地券商发布香港市场股份交收费调 整的客户通知。据香港交易所公告，自2025年6月30日起，香港市场股份交收费由按成交金额的0.002% 收取，调整为按0.0042%收取，取消最低2港元和最高100港元收费限额。 内地投资者参与港股通、B转 H、H股"全流通"等交易，需关注新收费标准。业内人士称，调整与香港市场下调最低上落价位政策有 关，新标准下小额交易成本将大幅下降。 中信证券华南、广发证券、东吴证券等内地券商纷纷公告提 醒投资者。调整前，收费按成交金额0.002%收取，四舍五入至小数点后两位，最低2港元，最高100港 元，买卖双边收取。 调整后，按成交金额0.0042%收取，四舍五入至小数点后两位，买卖双边收取。新 收费适用于沪市港股通、深市港股通等业务，6月30日生效，券商将同步修改相关协议。 业内人士认 为，调整利于降低小额交易成本。如1000港元交易，原最低收费2港元，比例0.2%，调整后收费0.042港 元，成本大降。取消限额也助投资者准确算成本、优化策略。 去年12月17日，香港联交所发出下调最 低上落价位咨询总结通告。最低上落价位是证券 ...

证券研究报告 | 2025年06月28日 核心观点 金融工程周报 港股精选组合绩效回顾 本周，港股精选组合绝对收益 3.88%，相对恒生指数超额收益 0.68%。 **Acknowledgement** I am grateful to my supervisor, who has been a great advisor of my supervisor, who has been a great advisor of my supervisor. 本年，港股精选组合绝对收益 38.64%，相对恒生指数超额收益 17.59%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，美丽田园医疗健康等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是大金融板块，其次为医药、科技、 周期和消费板块，具体个股信息可参照正文。 风险提示：市场环境变动风险，模型失效风险。 港股市场一周回顾 宽基指数方面，本周恒生小型股指数本周收益最高，累计收益 4.51%；恒生 大型股指数本周收益 ...

6月26日，港交所迎来了3家公司集体鸣锣——周六福、圣贝拉、颖通控股。这般热闹的场景在今年的港 交所频繁上演。就在6月10日，容大科技、新琪安和MetaLight这3家公司也同日登陆港股市场。 在近期举办的2025陆家嘴金融论坛上，港交所行政总裁陈翊庭表示，当前港股IPO排队企业超160家，仅 5月就有40多家企业递表。火热的港股背后，是一群GP的狂欢。 "锣不够用了"！如此形容2025年的港交所一点也不为过。 市场风向转变 赴港IPO成佳选 今年港股IPO市场火热有目共睹。6月12日，安永发布2025年上半年《中国内地和香港IPO市场》报告 （以下简称"报告"）。报告显示，2025年上半年，港交所预计约有40家公司首发上市，筹资额约140亿 美元（约合1087亿港元），筹资额占全球总筹资额的24%，排在全球首位。 然而，在今年之前，由于企业上市后估值偏低、市场缺乏流动性等因素，不少企业和机构投资者对港股上 市抱有偏见。据记者观察，今年以来，市场风向正开始转变。"去年我们还想劝企业被并购的，今年我们 建议他们上港股。"上述VC机构负责人对记者表示，企业对港股上市的积极性比去年显著升温。 投资人态度的变化，最典 ...

Core Insights - The article discusses the recent IPO of FWD Group, a company founded by Li Ka-shing's son, which has faced challenges in its valuation and market reception [6][17]. Company Overview - FWD Group was established in 2013 by Li Ka-shing's son, Li Ze-kai, through the acquisition of ING Group's insurance business in Hong Kong, Macau, and Thailand for $2.14 billion [7]. - The company operates in 10 markets across Asia, including Hong Kong, Macau, Thailand, Japan, and Southeast Asia [7][8]. IPO Details - The IPO period for FWD Group was from June 26 to July 2, with a total of 91.34 million shares issued, 10% for public sale and 90% for international placement [7]. - The offering price was set at HKD 38, aiming to raise approximately HKD 3.471 billion [17]. - The company has a market capitalization of HKD 48.298 billion and a price-to-earnings ratio indicating losses [7]. Financial Performance - FWD Group's insurance revenue for 2022 was $240.8 million, with projected revenues of $275.6 million in 2023 and $272.4 million in 2024 [9]. - The net profit for the years 2022, 2023, and 2024 is projected to be -$320 million, -$717 million, and $10 million, respectively [9]. Market Position - FWD Group ranks as the fifth largest insurance company in Southeast Asia with a market share of 4.7%, and it holds the tenth position in Hong Kong and Macau with a market share of 3.6% [8]. - In Thailand, it ranks second with a market share of 17.7% [8]. Growth Potential - The company has shown a 30.5% year-on-year growth in contract service margin (CSM) and a 31.9% increase in new business value in Q1 2025, indicating strong growth potential [11]. - The company has established an e-commerce platform, with online direct sales accounting for 6.5% of total sales, which is above the industry average [12]. Valuation Insights - FWD Group's valuation is considered reasonable with a price-to-book (PB) ratio of 0.9, compared to peers like AIA and Manulife, which have higher PB ratios [15]. - The company has faced challenges in previous IPO attempts, leading to a reduced valuation from an expected $10 billion to $6.1 billion for this offering [17]. Market Dynamics - The recent trend of mainland Chinese customers purchasing insurance in Hong Kong has positively impacted the performance of local insurance companies, including FWD Group [17]. - The IPO's success is contingent on market conditions and investor interest, with a low initial subscription rate observed [19].

股价表现：医药与消费带动市场总体回撤 本周，恒生指数跌1.5%，恒生科技跌2.0%。风格方面，大盘(恒生大型股-1.4%)>小盘(恒生小型 股-2.0%)>中盘(恒生中型股-3.3%)。 概念指数多数下跌，跌幅较小的有：恒生金融(-0.3%);跌幅较大的有：恒生创新药(-8.8%)、恒生消费 (-4.3%)。 港股通行业中，2个行业上涨，28个行业下跌。上涨的有：电子(+3.0%)、银行(+0.9%);下跌的主要有： 医药(-7.5%)、国防军工(-5.7%)、基础化工(-5.4%)、轻工制造(-5.2%)、消费者服务(-5.2%)。 结构上，19个行业EPS预期上修，8个行业EPS预期下修，2个基本持平。上修的行业主要有：钢铁 (+2.1%)、农林牧渔(+1.9%)、房地产(+0.8%)、汽车(+0.5%)、计算机(+0.5%);下修的行业主要有：交通运 输(-1.1%)、机械(-0.4%)、煤炭(-0.2%)、电力及公用事业(-0.1%)、基础化工(-0.1%)。 风险提示：经济基本面的不确定性，国际政治局势的不确定性，美国财政政策的不确定性，美联储货币 政策的不确定性。 本文编选自微信公众号"学恒的海外 ...

Core Viewpoint - The company JinkoSolar (002459.SZ) is facing detailed inquiries from the China Securities Regulatory Commission (CSRC) regarding its Hong Kong listing, focusing on safety production administrative penalties and pending litigation [1][3] Group 1: Regulatory Inquiries - The CSRC requires JinkoSolar to provide detailed explanations of safety production administrative penalties faced by its subsidiaries, including whether the incidents constitute major violations, the status of fines, and corrective measures taken [3] - The company must disclose any other production safety incidents and confirm if they fall under financing restrictions as per the State Council's regulations [3] - In terms of pending litigation, the CSRC demands a comprehensive update on the progress of lawsuits involving the company and its subsidiaries, assessing their potential impact on the Hong Kong listing [3] Group 2: Company Overview - JinkoSolar is a leading player in the photovoltaic industry, involved in the research, production, and sales of solar photovoltaic silicon wafers, cells, modules, and energy storage systems, as well as the development, construction, and operation of solar power plants [3] - According to the prospectus, JinkoSolar ranks third globally in solar module shipments with a market share of 12.3% in 2024, maintaining a position among the top four for ten consecutive years since 2015, with products distributed across 178 countries and regions [3] Group 3: Financial Challenges - In 2024, the company reported a significant loss of 4.656 billion yuan, with a debt-to-asset ratio of 74.74%, the highest among the four major module manufacturers [4] - The company faces challenges due to changes in U.S. tariff policies affecting its operations in Southeast Asia, particularly impacting its factory in Vietnam [4] - A previously invested 1.244 billion yuan project in the U.S. was sold for 1.57 billion yuan in April 2024, indicating financial strain [4]

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1、永赢中证港股通央企红利交易型开放式指数证券投资基金（以下简称"本基金"）的募集已于2025年5 月22日获中国证监会证监许可〔2025〕1086号文注册。中国证监会对本基金募集申请的注册，并不表明 其对本基金的投资价值、市场前景和收益做出实质性判断或保证，也不表明投资于本基金没有风险。 2、本基金是交易型开放式、股票型证券投资基金。 基金管理人可根据情况增加其他认购方式，具体以相关公告为准。 6、本基金的网上现金发售通过具有基金销售业务资格的深圳证券交易所会员单位办理。 7、本基金的网下现金发售通过基金管理人及基金管理人指定的发售代理机构进行。发售代理机构请 见"第八部分 本基金募集当事人或中介机构"之"三、基金份额销售机构"。各销售机构的办理地点、办 理日期、办理时间和办理程序等事项参照各销售机构的具体规定。 8、投资者认购本基金时需具有深圳证券交易所A股账户（以下简称"深圳A股账户"）或深圳证券交易所 证券投资基金账户（以下简称"深圳证券投资基金账户"）。如投资人需要参与网下现金或网上现金认 购，应使用深圳A股账户或深圳证券投资基金账户，但需 ...

Group 1 - The Hong Kong stock market indices collectively rose during the week of June 27, with the Hang Seng Index increasing by 3.2% to close at 24,284.15 points, the Hang Seng Tech Index rising by 4.06% to 5,341.43 points, and the National Enterprises Index up by 2.76% to 8,762.47 points [1] - The IPO market in Hong Kong remained active, with several companies successfully listing or initiating the offering process, including the smart control component manufacturer Sanhua Intelligent Control, which officially listed on June 23 [1] - On June 26, the Hong Kong Stock Exchange witnessed a lively scene with three consumer sector companies—Chow Sang Sang, Saint Bella, and Yingtong Holdings—listing on the same day, while two other companies, Boke Vision and FWD Group, also began their offering process during the week [1] Group 2 - According to Deloitte's recent report, Hong Kong has seen 40 new listings this year, raising HKD 102.1 billion, a significant increase compared to 30 listings and HKD 13.2 billion in the same period last year, marking a 33% rise in the number of new listings and a 673% increase in total funds raised [2] - Ernst & Young's report anticipates that the Hong Kong IPO market will continue to recover in the second half of the year, with a conservative estimate of total fundraising reaching approximately HKD 160 billion for the year [2]

Group 1 - The article discusses the "套路回拨" mechanism in Hong Kong IPOs, which is a joint operation by issuers, sponsors, book managers, and institutions to manipulate the share allocation between public offerings and international placements to reduce retail investors' chances of winning shares and concentrate holdings for easier speculation by major players [1] - The article outlines the typical allocation ratios for the public offering and international placement based on the subscription multiples, indicating that when the public offering subscription multiple is between 15-50 times, the public offering allocation increases to 30%, while the international placement decreases to 70% [2] - A statistical analysis of new stocks since 2024 shows that there have been 24 instances of "套路回拨," with all dark market performances increasing, and on the first trading day, there were 21 stocks that rose, 1 that remained flat, and 2 that fell [3]