2025年以来，港股再融资市场时隔3年再次火爆起来，尤其是在配售方面，截至4月8日，港股市场的配售规模已达到1149亿港元，这一规模已极为接近过 去两年港股配售总额。 分析人士指出，港股配售呈现如此迅猛的增长态势并不意外，此前的中国资产重估和科技股红利为大型公司提供了极为适宜的融资窗口期。不过，随着后续 港股市场持续调整，配售规模可能并不会如一季度迅猛。 企业紧抓融资窗口期 2025年以来，港股配售规模持续飙升，也是港股市场自2021年后，时隔3年配售规模再度突破千亿港元。Wind数据显示，2025年以来，港股市场配售规模已 达到1149亿港元，而2022年到2024年则分别仅为778亿港元、661亿港元和545亿港元。 港股配售市场的火爆并非偶然，背后有着多方面的因素驱动，其中港股市场的回暖是一个极为重要的原因。从市场环境来看，港股在经历过去两年的承压 后，今年迎来强势反弹。 2025年一季度，恒生指数涨幅达到15.25%，在全球大类资产中表现极为突出。同时，随着外围流动性预期边际改善、人民币资产吸引力提升以及内地多项支 持资本市场的政策逐步落地，港股市场呈现出"估值修复+风险偏好提升"的有利窗口期，为企业 ...

市场风高浪急，交易要逆水行舟。 文 丨 陈晶 制图 丨 黄帧昕 编辑 丨 王姗姗 70 后的洪灏留长发、戴圆眼镜、常系一条红色领带，配合总是生无可恋的表情，风格自成一派。 经 历了过去一周全球资本市场的风云突变，他对接下来中国资产的价格走势判断继续保持谨慎乐观。 4 月 2 日特朗普对外宣布美国新的关税政策并定于 4 月 9 日全面生效，数十年的全球贸易链条被斩 断、世界性经济衰退的警报被拉响，将资本市场推入数十年不遇的恐慌。美股经历多日暴跌，市场最 高蒸发超 6.5 万亿美元。 对此，现任华福国际（香港）金融控股有限公司 CEO 的洪灏已数次提醒投资者，面对当下无序的暴 跌需稍安勿躁，不要轻易尝试参与任何的美股反弹。 本周，不确定性仍在进一步加剧。 4 月 7 日，中国对美国表态坚决反制后的第一个交易日，A 股和港 股经历了 "黑色星期一" 的冲击——全市场收盘跌停个股逾 2900 只，A 股总市值一天蒸发 7.6 万亿 元，港股则遭遇其历史上第二大单日暴跌。4 月 8 日，美国报复性宣布对中国输美商品征收 "对等关 税" 的税率由 34 % 提高至 84 %。随后在 4 月 9 日，中国政府回击，反制进一 ...

几周之前曾被热议的中国资产重估逻辑，还继续有效吗？ 制图 丨 黄帧昕 编辑 丨 王姗姗 4 月 2 日特朗普签署所谓 "对等关税" 行政令，宣布 美国对所有贸易伙伴加征 10% 的 "最低基准关 税"， 并对部分贸易伙伴征收更高关税，其中给中国的 "对等关税" 税率达到 34%。此后连续三个交易 日（至 4 月 7 日），全球金融市场暴跌，美国股市蒸发了超过 6 万亿美元。港股则在 4 月 7 日抹平了 开年以来所有涨幅，上证指数创下 8 年来最大单日跌幅。 本周，中美关税争端还在继续升级。4 月 8 日，美国针对中国政府的坚决反制，报复性地宣布对中国 输美商品征收 "对等关税" 的税率由 34 % 提高至 84 %。 中国并不示弱，4 月 9 日反制进一步升级 ——对美加征关税税率由 34 % 提高至 84 %。 "这是一个史诗般的经济和市场事件。" 美国著名基金经理比尔·格罗斯（Bill Gross）在上周表示，本 轮美国关税政策调整的影响，形同 1971 年和金本位制的终结但会带来直接的负面后果，因此他呼吁 投资者不应该试图 "接下落的刀"。 反映市场波动率的芝加哥期权交易所 VIX 指数，也被称为 " ...

Core Viewpoint - The article discusses the current volatility in global capital markets, particularly focusing on the impact of new U.S. tariffs on China and the subsequent market reactions. The CEO of Huafu International, Hong Hao, maintains a cautiously optimistic outlook on Chinese assets despite the turmoil, emphasizing the need for patience and a long-term perspective in investing [3][4][10]. Market Reactions - Following the announcement of new U.S. tariffs, the U.S. stock market experienced significant declines, with over $6.5 trillion in market value evaporating [3]. - On April 7, the Chinese stock market faced a severe downturn, with over 2,900 stocks hitting the daily limit down, resulting in a total market value loss of 7.6 trillion yuan [4]. Tariff Implications - The U.S. increased tariffs on Chinese goods from 34% to 84%, prompting a reciprocal response from China [4]. - Hong Hao criticizes the U.S. approach to trade deficits and tariffs, arguing that the U.S. economy may be more vulnerable than China's in the face of escalating tariffs [9][10]. Market Conditions and Predictions - Hong Hao believes that the fundamental conditions for a long-term rise in the Chinese stock market remain intact, provided that the economic fundamentals do not deteriorate further [4][12]. - He suggests that the current market environment is characterized by a valuation repair rather than a fundamental reassessment, indicating that the market's recovery may be driven by liquidity rather than genuine economic improvement [8][12]. Investment Strategy - Investors are advised to be cautious and not to chase short-term rebounds in the market, as the long-term upward trend requires stable economic fundamentals [10][11]. - Hong Hao emphasizes the importance of making investment decisions based on market sentiment and conditions rather than solely on valuation metrics [10][11]. Economic Outlook - The article highlights the need for China to establish a clear economic strategy to replace reliance on the real estate sector and to communicate this effectively to the market [13]. - Hong Hao points out that the demand for housing in China remains sustainable, with significant annual housing needs projected [14]. AI and Technology Sector - The article discusses the current hype around AI technology, cautioning against over-optimism regarding its immediate profitability and sustainability in the market [18][19]. - Hong Hao notes that while there is enthusiasm for AI, the path to profitability is complex and not guaranteed, suggesting a need for a more cautious approach to investment in this sector [18][19].

Core Viewpoint - The article discusses the ongoing impact of the U.S.-China trade dispute, particularly the significant increase in tariffs, and questions the validity of the previously discussed revaluation logic for Chinese assets in light of these developments [1][5]. Market Reactions - Following the announcement of increased tariffs, global financial markets experienced a sharp decline, with the U.S. stock market losing over $6 trillion and the Hong Kong stock market erasing all gains for the year [1]. - The VIX index, a measure of market volatility, surged to 60 points, nearing levels seen during the COVID-19 pandemic and the 2008 financial crisis [2][3]. Chinese Market Outlook - Despite the trade tensions, there is a belief that the Chinese market can provide certainty to global investors, supported by government measures such as interest rate cuts and increased state investment in the stock market [5]. - Factors supporting the A-share market include stabilizing housing prices in major cities, progressive fiscal policies, and government initiatives to reduce competition among businesses [5][8]. Economic and Policy Factors - The gradual recovery of housing prices is expected to improve risk appetite among investors, while increased fiscal deficits will support macroeconomic recovery [8]. - The emergence of AI applications is anticipated to enhance productivity and create new demand, positioning private enterprises favorably in China's economic transformation [6][8]. Investment Strategies - Investors are advised to be patient and focus on valuation as a protective measure during periods of uncertainty [6][18]. - The shift from a financing market to an investment market in China is highlighted, with a significant increase in dividend payouts expected to attract long-term capital [19]. Future Market Dynamics - The article suggests that the current market volatility may lead to a reallocation of household savings into the stock market, similar to trends observed in previous bull markets [14][18]. - The potential for a long-term bull market is supported by the belief that the Chinese economy is on the verge of significant advancements, particularly in technology and manufacturing [10][12]. External Influences - The article notes that external factors, such as the U.S. trade policies and global economic conditions, will continue to influence the Chinese market, but the resilience of the Chinese supply chain is emphasized [6][10]. - The role of foreign capital is also discussed, with passive funds showing interest in Chinese stocks despite active funds withdrawing, indicating a complex sentiment towards the market [20].

Group 1 - Various institutional investors are actively investing in the A-share market, demonstrating confidence in China's economy and capital market amidst global market turbulence and tariff impacts [1][2][3] - The establishment of a "Chinese version of the stabilization fund" by multiple government departments aims to provide robust support for the A-share market [1][5] - Significant inflows into the stock ETF market were recorded, with net inflows reaching 74 billion yuan during a market downturn, indicating strong institutional buying interest [2] Group 2 - Major insurance companies, including China Life and Ping An, have expressed confidence in the long-term value of China's capital market and are increasing their equity asset allocations [3][4] - Prominent private equity firms and wealth management companies are also increasing their investments, reinforcing the belief in the long-term growth potential of Chinese assets [4][7] - A wave of share buybacks has been initiated by numerous listed companies, including major securities firms and well-known corporations, reflecting a collective commitment to support the market [4][5] Group 3 - Analysts emphasize that the current market environment, characterized by external risks, does not alter the long-term positive outlook for China's capital market, supported by strong domestic fundamentals and ongoing policy initiatives [7][8][9] - The resilience of the Chinese economy, bolstered by a large domestic market and continuous innovation, is expected to drive recovery and growth in the capital market [8][9] - The collaborative efforts between government and market participants are seen as a new phase in stabilizing the capital market, enhancing its ability to respond to external challenges [5][6]

4月8日，多家知名金融机构在盘中"火线"公告回购或股东增持相关事宜，并以此表达对自家公司股票价 值的认同。此次金融巨头们的行动相当之迅速，而且在市场波动的关键时刻拿出"真金白银"，稳定市场 和股价的意图十分明显。 除了金融机构外，还有央企如国家能源集团、中国海油，以及多家上市公司，包括贵州茅台、伊利股份 等食品公司，春秋航空等交通运输企业，上海国际、上海国盛等国有控股平台也普遍发布增持回购或稳 定市值公告，累计数百家。 央企连续出手 国家能源集团宣布，作为国资委国有资本投资公司试点单位，坚定看好中国资本市场发展前景，积极支 持控股上市公司高质量发展。集团旗下相关控股上市公司已发布公告，从公司生产运营整体平稳、优化 提升投资者回报、集团公司持续注入优质资产等方面向市场传递坚定信心，全力维护资本市场平稳运 行。下一步集团将持续支持各控股上市公司深耕主责主业，增强核心竞争力，持续推进资产整合，兑现 同业竞争承诺，实现优质资产向上市公司集聚，增强上市公司核心竞争力。 中国中煤宣布，基于对我国经济长期向好的坚定信心，为维护资本市场平稳运行，提振投资者信心，支 持控股上市公司持续、稳健、高质量发展，集团当日再次启动对旗下 ...

Core Viewpoint - The A-share market showed a strong performance on April 8, with major indices closing in the green, indicating a positive market sentiment driven by significant policy support from government entities [1][2]. Market Performance - The Shanghai Composite Index closed at 3145.55 points, up 1.58% - The Shenzhen Component Index closed at 9424.68 points, up 0.64% - The ChiNext Index closed at 1840.31 points, up 1.83% - Total trading volume in the Shanghai and Shenzhen markets exceeded 1.6 trillion yuan, with over 3200 stocks recording gains [1][2]. Sector Performance - Agricultural stocks surged, with companies like Qiule Seed Industry and Hualu Biology hitting the daily limit - Retail stocks continued their upward trend, with Kid King and Guofang Group also reaching the daily limit - State-owned enterprises and technology innovation stocks were active, with companies like COFCO Technology and Sinotrans both hitting the daily limit - The fruit supply chain sector experienced a collective adjustment, with companies like Luxshare Precision and Dongshan Precision hitting the daily limit - The automotive industry chain saw a decline, with companies like Jinbei Automobile and Asia-Pacific Shares collectively hitting the daily limit [4][5]. Policy Support - On April 8, the Central Huijin, the People's Bank of China, and the National Financial Regulatory Administration collectively announced measures to support the capital market, emphasizing their role as a "national team" [7][10]. - The National Financial Regulatory Administration optimized policies for insurance funds entering the market, increasing the allocation ratio for equity assets, which could potentially bring in an additional 1.66 trillion yuan in market funds [8][10]. - State-owned asset management platforms like China Chengtong and China Guoxin announced significant purchases of central enterprise and technology innovation stocks, creating a strong market support coalition [9][10]. Market Outlook - Analysts believe that the recent policy actions are crucial for maintaining market liquidity and fostering a positive feedback loop for microeconomic entities [10][11]. - The overall valuation of A-shares is considered attractive, with a focus on core assets, as the market is expected to stabilize despite short-term fluctuations [11][15]. - The government is likely to implement further fiscal policies aimed at expanding domestic demand and promoting consumption, with potential measures including accelerated issuance of special bonds and increased subsidies [25][26].

Core Viewpoint - Central financial institutions in China, including Central Huijin and China Chengtong, have announced significant stock purchases, indicating confidence in the Chinese capital market and the value of A-shares [1][2] Group 1: Market Performance - As of April 8, 2025, the Shanghai Stock Exchange Sci-Tech Innovation Board Artificial Intelligence Index (950180) rose by 2.72%, with notable increases in constituent stocks such as Hongsoft Technology (688088) up 9.11% and Chipsea Technologies (688595) up 8.11% [1] - The Sci-Tech AI ETF (588790) increased by 1.96%, with the latest price at 0.52 yuan [1] Group 2: Institutional Actions - Central Huijin announced further purchases of exchange-traded funds (ETFs) to support market stability, emphasizing a positive outlook on the development of the Chinese capital market [1] - China Guoxin stated that its investment arm will increase holdings in central enterprise stocks, technology innovation stocks, and ETFs, with an initial amount of 80 billion yuan [1] Group 3: ETF Performance Metrics - The Sci-Tech AI ETF recorded a turnover rate of 3.06% and a transaction volume of 76.25 million yuan on April 7, 2025, with an average daily transaction volume of 333.2 million yuan over the past month, ranking first among comparable funds [3] - The latest scale of the Sci-Tech AI ETF reached 2.43 billion yuan, placing it in the top fifth among comparable funds [4] - The ETF's share count reached 4.792 billion, marking a new high since its inception and also ranking in the top fifth among comparable funds [5] Group 4: Fund Inflows and Returns - The Sci-Tech AI ETF experienced continuous net inflows over six days, with a peak single-day net inflow of 145 million yuan, totaling 354 million yuan, averaging 59.04 million yuan in daily net inflows [6] - Since its inception, the ETF achieved a maximum monthly return of 15.59%, with a historical holding period of three months showing a 100% probability of profit [6] Group 5: Fee Structure and Tracking Accuracy - The management fee for the Sci-Tech AI ETF is 0.50%, and the custody fee is 0.10%, making it the lowest among comparable funds [7] - As of April 7, 2025, the ETF's tracking error over the past month was 0.010%, indicating the highest tracking precision among comparable funds [8] Group 6: Top Holdings - As of March 31, 2025, the top ten weighted stocks in the Sci-Tech Innovation Board Artificial Intelligence Index accounted for 70.57% of the index, with companies like Lattice Semiconductor (688008) and Cambricon Technologies (688256) among the top performers [8][10]

4月7日，行人经过位于日本东京的电子股指显示屏。 新华社图 4月7日，在韩国首尔一家银行拍摄的股指显示屏。新华社图 日经225指数日K线图 受美国"对等关税"政策冲击，4月7日，全球股市遭遇黑色星期一。美股开盘，三大股指大跌。截至当日 收盘，欧洲股市主要股指均下跌逾4%，日经225指数跌7.83%，韩国综合指数跌5.58%，澳洲标普200指 数跌3.89%。香港股市和A股也未能幸免，恒生指数跌13.22%，上证指数收跌7.34%，深证成指收跌 9.66%，创业板指收跌12.5%。 ◎记者 孙越 费天元 张欣然 A股 沪指失守3100点关口 农业、稀土板块表现相对强势 清明假期，受美国"对等关税"政策影响，全球股市经历了巨幅震荡。4月7日，A股三大股指低开低走， 尾盘在中央汇金公司等机构积极开展稳市操作的消息带动下，三大股指跌幅有所收窄。 截至收盘，沪指下跌7.34%，失守3100点关口，报3096.58点；深证成指下跌9.66%，报9364.50点；创业 板指下跌12.50%，报1807.21点。成交量方面，沪深两市全天成交额为1.59万亿元，较前一交易日增加 4502亿元。 盘面上，消费电子、机器人、AI应 ...