Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) celebrates its 25th anniversary, highlighting its role in connecting China and the world, and its continuous reforms to enhance the capital market [1][3][8]. Group 1: Achievements and Developments - HKEX has transformed from a local exchange to an international financial market with a diverse investor base and a rich product ecosystem over the past 25 years [8]. - The average daily trading volume in the securities market has increased from HKD 13 billion in 2000 to over HKD 240 billion in 2025, representing a growth of more than 17 times [12]. - The derivatives market has seen significant growth, with an average daily trading volume of 1.76 million contracts in 2025, compared to just 37,500 contracts in 2000 [12]. - HKEX has maintained its position as the world's leading fundraising market, completing 31 initial public offerings (IPOs) in 2025 with a total fundraising amount exceeding HKD 88.4 billion [12]. Group 2: Future Initiatives and Collaborations - HKEX is committed to promoting market connectivity and sustainable development, welcoming collaboration with mainland exchanges to enhance mutual access [5][8]. - The Hong Kong government has implemented reforms that have reshaped the listing system, including the introduction of the "mutual access mechanism" and specific regulations that have created new opportunities for market participants [10]. - HKEX announced a new charitable initiative with a donation of at least HKD 25 million to support caregivers, reflecting its commitment to community support [12].

Core Viewpoint - The recent developments in the Middle East have led to a decline in the Asia-Pacific markets, with A-shares experiencing a downward trend. However, the market showed signs of recovery on June 20, with the CSI A500 Index ETF (563880) slightly increasing by 0.31% as of 9:50 AM [1]. Group 1: Market Performance - On June 19, the Asia-Pacific markets experienced a broad decline due to escalating tensions in the Middle East, resulting in a single downward trend for A-shares [1]. - On June 20, the CSI A500 Index ETF (563880) opened higher and showed a slight increase of 0.31% by 9:50 AM, indicating a potential market recovery [1]. Group 2: Financial Forum Insights - The 2025 Lujiazui Forum opened on June 18, focusing on financial openness and high-quality development amid global economic changes. This forum is expected to promote capital market reforms and development, providing a favorable environment for the long-term outlook of the equity market [2][3]. - The People's Bank of China announced eight significant financial policies during the forum, including the establishment of a trading report database and a digital RMB international operation center, aimed at enhancing the financial market environment [3]. Group 3: Policy Implications - The forum's policies are expected to support long-term investment strategies, particularly in the context of the ongoing U.S.-China strategic competition, enhancing the international competitiveness of Chinese manufacturing [4][5]. - The reforms in the Sci-Tech Innovation Board (STAR Market) are designed to support high-quality technology enterprises, reflecting a commitment to developing new productive forces [5][6]. Group 4: Investment Opportunities - The CSI A500 Index ETF (563880) is highlighted as a key investment vehicle, focusing on core assets and new productive forces, which are expected to attract foreign capital amid a weak dollar environment [5][6]. - The ETF offers a low comprehensive fee rate and a monthly dividend assessment mechanism, providing investors with predictable returns and enhancing its appeal as a financing tool [7].

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) aims to enhance market connectivity and efficiency by expanding and optimizing the mutual access mechanisms between mainland China and Hong Kong, including the incorporation of RMB counters into the Stock Connect program [1] Group 1: Market Development - The SFC will continue to collaborate with the Hong Kong Stock Exchange to attract a diverse range of companies to list in Hong Kong, thereby enhancing international competitiveness [1] - The focus remains on deepening the integration of the mainland and Hong Kong markets, which has been ongoing for over a decade [1] Group 2: Future Initiatives - Future initiatives include actively promoting the expansion and optimization of mutual access mechanisms, such as the inclusion of RMB counters in the Stock Connect [1]

Group 1 - The overall shareholding ratio of southbound funds in Hong Kong Stock Connect stocks is 17.33%, with 206 stocks having a shareholding ratio exceeding 20% [1] - As of June 6, southbound funds held a total of 4,353.69 million shares, accounting for 13.21% of the total market value of the stocks [1] - The highest shareholding ratio by southbound funds is in China Telecom, with 74.53% of its issued shares held, followed by Tigermed and Kaisa New Energy at 69.89% and 67.27% respectively [1] Group 2 - Southbound funds with a shareholding ratio exceeding 20% are mainly concentrated in the healthcare, industrial, and financial sectors, with 40, 31, and 29 stocks respectively [2] - The top stocks by shareholding ratio include China Telecom (74.53%), Tigermed (69.89%), and Kaisa New Energy (67.27%), among others [2][3] - A significant portion of the stocks with high southbound fund ownership are AH concept stocks, with 119 out of 206 stocks (57.77%) having a shareholding ratio over 20% [1]

Group 1 - The 2025 Dwater Lake Advanced Financial Academy anniversary conference aims to promote emerging financial talent cultivation and academic research innovation, serving national development and regional functional area construction [1] - The academy has established a strategic position in emerging financial education and research, focusing on financial technology and exploring educational paths under institutional openness [1] - The Lingang New Area is a national strategic focus area, promoting high-quality financial development and aiming to build Shanghai's financial "third pole" [1] Group 2 - The global reserve currency supply and international balance of payments imbalance create the "new Triffin dilemma," necessitating a more inclusive and stable international monetary system [2] - The transition from a "dollar-asset anchor" to a "multi-dimensional-institutional anchor" is underway, with an emphasis on enhancing market depth and institutional trust for RMB internationalization [2] - The need for improved transaction transparency and regulatory data sharing is highlighted to prevent cross-border arbitrage and insider trading risks [2]

蓝洁表示，首先基于她最近的业务经验来讲一讲最近看到的企业利用深港两地的资本市场的动态。香港 和内地的两个资本市场天然是既有文化上的共性、监管上的协调，又有市场定位、投资者基础等方面的 差异化，所以给了科技企业很好的选择。企业可以根据自己的需求、战略做出选择，事实上她也看到了 很多的企业非常积极活跃的审视度势，结合自己的需求和两地市场的差异，并且利用现在非常好的政策 供给，打出了非常精彩和漂亮的玩法。这些玩法包括最传统的H股和全流通，包括A+H，又可以细分为 先A后H或者是先H后A，或者是在几个特别具有挑战性的项目里，她还看到同时发行A+H的做法；还包 括设立小红筹的架构，通过小红筹的方式去香港发行上市；以及最近的港股回A，比如百济神州、中芯 国际、中国移动、中海油等等；交易所层面的沪港通、深港通；港股的公司退市之后回到内地发行A 股；或者有些公司在申请A股的过程中又决定放弃A股转头发行港股；港股的上市公司把自己的子公司 脱离出来发行A股；也包括A股的上市公司把自己的子公司去发行港股等等。此外内地交易所与若干境 外的交易所建立了互联互通的机制，允许A股上市公司对境外去发行GDR，以及允许境外的上市公司到 境内来 ...

Investment Rating - The report gives a "Positive" outlook on the interconnectivity mechanism of the bond market, particularly focusing on the "Southbound Bond Connect" [3][5]. Core Insights - The "Southbound Bond Connect" aims to provide a convenient, efficient, and secure channel for mainland institutional investors to invest in overseas bonds through the Hong Kong bond market, enhancing the openness of China's bond market [5][9]. - As of the end of February 2025, there are 962 bonds under the "Southbound Bond Connect" with a total balance of 546.06 billion RMB, indicating significant growth in both the number of bonds and the total amount [5][9]. - The establishment of the "Southbound Bond Connect" helps reduce investment costs and enriches the investment channels for domestic investors, with a net outflow limit of 500 billion RMB per year and a daily quota of 20 billion RMB [5][18]. Summary by Sections 1. Importance of "Southbound Bond Connect" for Mainland Institutions - The "Southbound Bond Connect" connects domestic and overseas investors, allowing for the trading of bonds across markets, thus enhancing the investment choices available to mainland investors [9][10]. 2. Enhancement of Cross-Border Investment Levels - The mechanism allows qualified domestic investors, including 41 major banking institutions and qualified domestic institutional investors (QDII and RQDII), to engage in bond investments [10][18]. 3. Potential for Expansion Driven by Institutional Demand - The Hong Kong bond market includes HKD bonds, offshore RMB bonds, and G3 currency bonds, with market sizes of 190.4 billion, 132.1 billion, and 627.2 billion USD respectively by the end of 2023 [20][24]. - The report highlights that the yield levels in the Hong Kong bond market are generally higher than those in the domestic market, providing better investment value [24][30].

国家金融监管总局：香港、澳门金融机构入股保险公司 不再执行"最近一年末总资产不低于二十亿美元"的规定 2月26日，国家金融监督管理总局发布关于香港、澳门金融机构入股保险公司有关事项的通知。2024年10月， 内地与香港、澳门分别签署了协议，其中对香港、澳门金融机构入股境内保险公司资质要求作出调整。根据 《中华人民共和国外商投资法》第四条和《中华人民共和国外商投资法实施条例》第四十八条规定，现就有关 事项通知如下：自2025年3月1日起，香港、澳门金融机构入股保险公司，不再执行"最近一年末总资产不低于 二十亿美元"的规定。 ★ 宏观动态 ★ 五年高速通行补贴 杭州富阳区发布房地产扶持政策（交通补贴）受理公告 2月26日，据"富阳发布"今日下午公布的信息，2023年11月13日，富阳区政府印发了《杭州市富阳区"提信心、 扩消费、促发展"相关政策》，根据相关规定，自2025年3月1日起受理富阳区房地产扶持政策（交通补贴）补 贴的办理。本次补贴内容为，购房人和其配偶名下的小客车，按照"一房两车"原则，在受理通过后的5年内享 受交通补贴政策；申报时间为，购房人在办理好所购商品住房不动产权证后可提交申请。对于哪些人可享受 ...