智通财经7月2日电，截至发稿，南向资金净买入超20亿港元。 ...

Summary of the Conference Call Records Industry Overview - The conference call discusses the Hong Kong stock market, specifically its performance in the first half of 2025, which showed a significant increase of over 20% [2][17]. - The market's activity level is approaching the levels seen during the 2015 bull market, with trading volume as a percentage of market capitalization high, indicating potential for further growth [1][2]. Key Points and Arguments Market Performance and Drivers - Southbound capital has been a crucial driver for the rise in the Hong Kong stock market, with net purchases exceeding 730 billion HKD, accounting for about 40% of total trading volume [1][8]. - The Hong Kong Monetary Authority injected 129.4 billion HKD in May to maintain currency stability, which led to increased liquidity in the banking sector and a decrease in the Hong Kong Interbank Offered Rate (Hibor) [1][7]. - The current market cycle shows similarities to 1997, with a declining property market but an early rebound in the stock market; however, the current downturn is milder, with mortgage delinquency rates significantly lower than in 1997 [3][11]. Fundamental Factors Supporting the Market - Positive fundamental factors include: - Stock returns are currently below economic growth rates, suggesting potential undervaluation [4][12]. - Significant improvement in corporate earnings growth across most sectors, with many industries returning to profitability [5][12]. - A favorable interest rate environment due to the Federal Reserve's rate-cutting cycle, historically beneficial for the Hong Kong stock market [5][15]. Comparison with Historical Cycles - The current cycle is compared to the 1997 cycle, noting that while both periods experienced a property market downturn, the current situation has a healthier mortgage delinquency rate of 0.13% compared to 1.42% in 1997 [10][11]. - The current property market has seen a decline of about 30% from its peak, which is less severe than the nearly 70% drop in 1997 [11]. Future Market Outlook - The outlook for the Hong Kong stock market remains optimistic, with expectations of continued support from improving corporate earnings and a favorable macroeconomic environment [12][18]. - Investors are advised to consider a left-side strategy, gradually increasing positions amid uncertainty, while waiting for clearer signals regarding the U.S. economy and interest rates [19]. Other Important Insights - The U.S. economy's resilience and potential fiscal stimulus measures could further support the Hong Kong market, with a relatively low likelihood of a severe recession [16][18]. - Historical data suggests that during the later stages of the Federal Reserve's rate-cutting cycles, the Hang Seng Index often breaks previous highs, indicating potential for further gains [15][18].

Group 1 - The core viewpoint of the article is that the Hong Kong Stock Exchange (HKEX) has regained its position as the world's leading IPO market, with a significant increase in fundraising activities in the first half of 2025 [2][14]. - According to Ernst & Young's report, HKEX's IPO fundraising accounted for 24% of the global total in the first half of 2025, surpassing both NASDAQ and NYSE [2]. - The number of IPOs and the amount raised in Hong Kong are expected to grow by 33% and 711% respectively compared to the same period last year [2]. Group 2 - As of June 20, 2025, HKEX had 31 IPO projects with a total fundraising of 884 billion HKD, exceeding the total amount raised in the previous year [2]. - The average fundraising amount for IPOs in Hong Kong in 2023 was only 6.77 million HKD, marking a ten-year low, with only one IPO exceeding 5 billion HKD [3]. - The IPO market in Hong Kong has seen a turnaround this year, with several notable IPOs contributing to the market's recovery [3][4]. Group 3 - Notable IPOs this year include the toy company Bluc, which set a record with a subscription amount of 877.5 billion HKD, and the beverage company Mixue, which raised 1.84 trillion HKD in subscriptions [4][8]. - The performance of newly listed companies like Mixue and InnoCare has significantly improved market sentiment, with Mixue's stock price rising by 153.6% from its issue price [8][9]. - The influx of southbound capital through the Stock Connect program has reached a record net inflow of 186 billion HKD in the first half of 2025, indicating strong investor interest [9][13]. Group 4 - The structure of the Hong Kong stock market is changing, with a shift towards sectors such as healthcare, technology, and consumer goods, which have shown strong performance [11][12]. - The Hang Seng Index has seen significant gains, reaching its highest levels since 2021, driven by strong performances from various sectors [11]. - The article highlights the potential for continued growth in the Hong Kong IPO market, with expectations for over 50 new economy companies to list in the second half of 2025, potentially raising over 160 billion HKD [13][14].

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, particularly focusing on the banking sector, which has led to improved liquidity and a narrowing of the liquidity gap between Hong Kong and A-shares [1][4][5]. Group 1: Southbound Capital Inflow - Southbound capital has accumulated a net inflow of nearly 730 billion HKD in the first half of the year, marking the highest level for the same period historically [4]. - The continuous inflow of southbound capital has a profound impact on the liquidity and valuation system of the Hong Kong stock market [4]. - The liquidity of the Hong Kong stock market is catching up with that of A-shares, with trading volumes significantly increasing [5]. Group 2: Valuation and Dividend Assets - The AH premium index for Hong Kong and Shanghai stocks fell to 126.91 points on June 12, the lowest since June 2020, indicating a significant decline in the AH premium [6]. - The banking sector has been a major contributor to the decline in AH premium, with banks contributing 6.3 percentage points to the decrease [6]. - The current dividend yield of H-shares is higher than that of A-shares, with 14 H-share banks having valuations lower than their A-share counterparts, presenting a "higher dividend, lower valuation" scenario [8]. Group 3: Investment Trends - The banking sector has become a core allocation direction for southbound capital, with major banks like China Construction Bank and Industrial and Commercial Bank of China seeing significant increases in investment [8]. - Insurance funds have been significant buyers of bank stocks, with 9 out of 19 total stakes taken in banks occurring in the Hong Kong market [9]. - The current yield spread between bank stocks and the 10-year government bond yield remains above 3.5%, indicating that the core logic for the continuation of bank stock performance is still intact [10].

Group 1 - Southbound funds recorded a net purchase of 5.22 billion HKD today [1] - China Construction Bank and SMIC were the top net buyers, with net purchases of 957 million HKD and 715 million HKD respectively [1] - Meituan-W also saw a significant net purchase of 377 million HKD [1] Group 2 - Alibaba-W had the highest net sell amount, totaling 551 million HKD [1]

Group 1 - Southbound funds recorded a significant net purchase of 5.22 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), China Construction Bank and Meituan-W received net purchases of 957 million HKD and 511 million HKD respectively [1] - Xiaomi Group-W had the highest net sell amount at 389 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), SMIC and Kuaishou-W received net purchases of 728 million HKD and 315 million HKD respectively [1] - Tencent Holdings had the highest net sell amount at 269 million HKD [1]

智通财经6月30日电，截至发稿，南向资金净买入超30亿港元。 ...

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 ...

南向资金今日净买入30.37亿港元。其中， 建设银行、 中芯国际分别获净买入约13.38亿港元、6.30亿港 元； 小米集团-W遭净卖出约32.52亿港元。 ...

Group 1 - Southbound funds recorded a net purchase of 30.37 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), China Construction Bank and China Cinda received net purchases of 1.338 billion HKD and 162 million HKD respectively [1] - Xiaomi Group-W had the highest net sell amount, totaling 1.85 billion HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), SMIC and BeiGene received net purchases of 473 million HKD and 209 million HKD respectively [1] - Xiaomi Group-W again had the highest net sell amount, amounting to 1.402 billion HKD [1]