Group 1: Market Overview - The Asia-Pacific stock market experienced a significant rally on May 2, with the Hong Kong Hang Seng Index rising by 1.22% and the Hang Seng Tech Index surging by 3%, marking the largest single-day gain in nearly three months [1] - Chinese concept stocks saw explosive growth in after-hours trading, with the three-times leveraged FTSE China 50 ETF (YINN) soaring nearly 7%, and major companies like XPeng, Li Auto, and Alibaba all rising over 4% [1][2] - The insurance sector also saw strong performance, with major players like China Life and New China Life leading the gains, driven by high dividend yields and favorable policy developments [3][4] Group 2: XPeng Motors Performance - XPeng Motors reported a record monthly delivery of 35,045 vehicles in April, a staggering year-on-year increase of 273% and a month-on-month rise of 6% [2] - The success of XPeng's models, particularly the MONA M03 and P7+, has significantly contributed to its market position, with the MONA M03 achieving over 100,000 deliveries in just eight months [2] - XPeng's growth is attributed to its competitive pricing and advanced technology, positioning it favorably against rivals like Tesla [2] Group 3: Insurance Sector Dynamics - The insurance sector's rally is characterized by a dual focus on high dividends and policy benefits, with companies like China Life offering a dividend yield of 6.2%, which is significantly higher than the 10-year government bond yield [3] - Recent regulatory guidance has encouraged insurance companies to increase their equity investments, suggesting a potential influx of capital into the stock market [3][4] - The insurance industry is viewed as a safe haven for foreign capital, especially in light of geopolitical risks and the need for stable growth assets [4] Group 4: Gold Sector Decline - In contrast to the stock market rally, gold stocks experienced a sharp decline, with companies like Tongguan Gold and Shandong Gold dropping over 4% due to fluctuations in international gold prices [5][6] - The recent volatility in gold prices, influenced by U.S. economic data and geopolitical developments, has led to a reassessment of gold as a safe-haven asset [6] - Funds are shifting from gold to riskier assets, as evidenced by the overall positive performance of the Asia-Pacific stock markets [6] Group 5: Foreign Investment Trends - The influx of foreign capital into Chinese assets is gaining momentum, with significant net inflows into the Chinese stock market reported [7][8] - Major international banks have upgraded their ratings for Chinese stocks, citing improved government policies and corporate earnings as key factors [7][8] - The current valuation of Chinese stocks is seen as attractive compared to global counterparts, with the Hang Seng Index trading at a price-to-earnings ratio of only 9 times [8]

Core Viewpoint - Central Huijin Company has increased its holdings in ETFs and plans to continue doing so, aiming to act similarly to a stabilizing fund to boost market confidence and valuation recovery, aligning with recent policy benefits released by the CSRC to guide long-term capital into A-share assets and enhance capital market valuations [1][2] Group 1: Central Huijin's Actions - Central Huijin's recent ETF purchases are intended to restore market confidence and support valuation recovery, acting as a marginal source of funds for A-share governance and shareholder return improvements [1] - The increase in ETF holdings is expected to inject liquidity and confidence into the market, sending a clear signal of commitment to maintaining stable capital market operations [1][2] Group 2: Historical Context and Market Stability - Historically, Central Huijin has intervened during market volatility, such as during the 2008 financial crisis and the 2011 European debt crisis, but the current context involves more complex global trade conflicts and domestic economic restructuring [2] - Central Huijin has become a key stabilizing force in the A-share market, indicating a shift towards a more normalized market stabilization mechanism [2] Group 3: Policy Synergy and Market Impact - The increase in holdings by Central Huijin, combined with recent favorable policies from the CSRC, forms a "policy combination punch" that is expected to have multiple impacts on the A-share market [2] - This collaborative policy effort is likely to attract more long-term capital into A-share assets through ETFs, enhancing market liquidity and supporting valuation recovery [2] Group 4: Future Market Outlook - The consensus is that the revaluation of Chinese assets is underway, with A-shares and Hong Kong stocks showing independent performance compared to global markets [3] - Looking ahead to Q2, the implementation of proactive fiscal policies and the advancement of AI technologies are expected to support corporate earnings, with A-shares likely to continue their steady recovery despite external uncertainties [3] - Long-term prospects suggest a potential transition from a "structural bull" market to a "full bull" market, contingent on effective macroeconomic policies to stimulate domestic demand [3]

Group 1 - The core viewpoint indicates that the fundamentals are likely to continue supporting the relative performance of Hong Kong stocks, particularly in the internet sector, as evidenced by the rise of the Hong Kong Internet ETF (159568) and individual stocks like Kingdee International [1][2] - As of March 25, 2025, the Hong Kong Internet ETF has shown a maximum monthly return of 30.31% since its inception, with a historical one-year profit probability of 100% [1][2] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [2] Group 2 - The Hong Kong Internet ETF closely tracks the CSI Hong Kong Internet Index, which consists of 30 listed companies involved in internet-related businesses [3] - The top ten weighted stocks in the CSI Hong Kong Internet Index account for 78.75% of the index, with major players including Alibaba, Xiaomi, and Tencent [3][4] - The current price-to-earnings ratio (PE-TTM) of the index is 24.21, indicating it is at a historical low compared to the past five years [2]

Core Viewpoint - Chinese assets are experiencing a broad-based rebound, with optimistic outlooks from various institutions regarding future performance [2][8]. Market Performance - A-shares and Hong Kong stocks saw a recovery, with major indices turning positive; the Hang Seng Tech Index rose over 2% at one point [2][4]. - A-shares closed with the Shanghai Composite Index up 0.15%, Shenzhen Component Index up 0.07%, and ChiNext Index up 0.01% [4]. - In the Hong Kong market, the Hang Seng Tech Index increased by 1.72%, the Hang Seng Index by 0.92%, and the Hang Seng China Enterprises Index by 1.27% [4]. Sector Highlights - Cyclical stocks, particularly in the non-ferrous metals sector, showed strong performance, with copper stocks leading the gains [4]. - Companies like Jiangxi Copper and Luoyang Molybdenum saw significant increases in their stock prices, driven by expectations of a long-term bull market in copper due to rising electrification demand [4]. Fiscal Policy Insights - The Ministry of Finance released a report indicating that fiscal policy in 2025 will be more proactive, focusing on increasing the fiscal deficit ratio and government bond issuance [5][6]. - Key areas of focus include optimizing expenditure structure, enhancing local financial support, and promoting domestic demand and consumption [5][6]. Future Outlook - Institutions like Huatai Securities maintain a positive outlook on Chinese assets, citing strong earnings from major tech companies and the potential for AI-driven investments to boost domestic demand [8]. - The report suggests that the market may see a rebalancing of styles, focusing on stable earnings and free cash flow, while technology remains a key theme [9]. - Concerns about increased volatility during the earnings season are noted, with a potential shift from valuation-driven to fundamentals-based pricing [9].

GUIDE 摘要 光大证券：市场虽然调整，但趋势并没改变； 华 泰证券 中信证券：预计美联储年内降息不超过2次； 华泰证券：坚定看好中国资产价值重估行情演绎。 光大证券 市场虽然调整，但趋势并没改变 光大证券表示，观望情绪升温，导致市场连续缩量。展望后市， 市场虽然调整，但趋势并没改变，预 计市场大概率延续震荡向上的态势 ；在连续缩量的背景下，热点轮动的风格或将继续。 中信证券 预计美联储年内降息不超过2次 中信证券研报称，美联储2025年3月议息会议维持政策利率不变，符合市场预期。本次点阵图显示今年 目标利率中枢为3.9%，与2024年12月会议点阵图持平，同时上调今年通胀预测和失业率预测、下调经 济增速预测。预计美联储年内降息次数小于或等于2次。 坚定看好中国资产价值重估行情演绎 华泰证券首席宏观经济学家易峘表示， 近期恒生指数表现依然强劲，且部分热点呈现扩散趋势，主 要受三重逻辑支撑 ：科技股企业盈利较强，经济初现企稳迹象，政策预期提振信心。展望未来，这 三重逻辑整体向积极方向发展的概率正在上升，港股相对收益仍有支撑。中长期而言，仍旧坚定看 好中国资产价值重估行情演绎。 免责声明 以上观点来自相关机构， ...

如果说韩国人去年的热门活动是组团扎堆中国上海，今年热门活动则是组团扎堆中国股市； 去年韩国人最大的 孝顺 ， 是送父母去张家界旅游， 那么今年韩国人最大的孝顺，则是买中国股票。 根据韩国证券存托结算院的数据，韩国投资者2月份疯狂买入A股和港股资产，月度交易额高达7.82亿美元，环比增长200%。 点击图片▲立即收听 " 在韩国，未成年人只要征得父母同意，就可以开设账户炒股。 " 文 / 巴九灵（微信公众号：吴晓波频道） 这个数据不仅创下3年来新高，而且远高于同期对于日本和欧洲股市的买入金额。 换言之，韩国投资者，开始做多中国。 以前姥姥不疼舅舅不爱的中国资产，为何能受到韩国投资者的热捧？ 韩国投资者"扫货"A股 春江水暖鸭先知，韩国人就是一只感应全球股市冷暖的敏锐鸭子。 在他们眼中，如今去中国" 扫 货 "，是因为能赚钱，而且能赚大钱。 2025年以来，中国股市行情逐渐回暖，上证指数涨幅2.16%，深成指涨幅4.48%，香港恒生指数涨幅高达13.43%，而韩国投资者更加偏爱的恒生 科技指数涨幅则高达17.9%。 就算受到美股拖累的美国中概股，表现也相当不错，Wind中概100指数涨幅超过15%，引领全球金融市 ...

本周 推荐阅读： 在去年底今年初我们听过的20多场私募交流中，大家基本共识的"港股性价比最高"，很快就迎来了这波 市场的正反馈。 当然，短期波动也在加剧中。 翻看一些私募1月底的产品月报，大家或多或少都谈到了特朗普上台后的新政以及DeepSeek震惊世界的 一跃。 都在重新审视扑面而来的现实：新政带来的剧烈震荡，以及AI开启应用时代，对于中国资产价 值的重估。 1、最近"海湖庄园协议"在华尔街和国内金融圈谈论度都很高。近日桥水基金创始人瑞·达利欧在对话中也被 问到看法： 《 "美债危机恐三年内爆发"，达利欧谈"海湖庄园协议"，警告美元会相对黄金等硬资产发生贬 值 》 2、海外投资大师对中国市场的乐观比很多人都要多，而且他还喊出了，卖美股买中国资产，要知道这可是 在美股刚刚开始调整那会儿： 《 "逆向投资大师"安东尼·波顿罕见发声：我们正处于中国新一轮牛市的初期 阶段 》 3、 "泡沫研究专家"最近的对话： 《 GMO传奇大佬格兰桑最新谈美股泡沫，称电力需求还会高速增 长 》 4、从巴菲特角度，黄金是"非生息资产"，他永远不会投。但对于做配置的投资人而言，比如达利欧， 这是组合当中跟其他资产非常不相关的品种，可 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][12] Core Views - The company's revenue for 2024 was HKD 22.374 billion, a year-on-year increase of 9.1%, and the net profit attributable to shareholders was HKD 13.050 billion, up 10.0% year-on-year. The EBITDA margin improved to 74%, an increase of 1 percentage point from 2023 [7][3] - The fourth quarter saw significant growth, with revenue reaching HKD 6.017 billion, a year-on-year increase of 33.2%, and a quarter-on-quarter increase of 24.0%. The net profit attributable to shareholders for Q4 was HKD 3.780 billion, up 45.6% year-on-year and 20.2% quarter-on-quarter [7][3] - The report attributes the performance improvement to heightened activity in the spot and derivatives markets, with the average daily trading volume (ADT) for the exchange's spot market reaching HKD 171.5 billion, a year-on-year increase of 113.3% [8][11] Summary by Sections Financial Performance - The company reported a total revenue of HKD 22.374 billion for 2024, with a net profit of HKD 13.050 billion. The EBITDA margin was 74%, and the dividend payout ratio remained at 90% [7][3] - For Q4, revenue was HKD 6.017 billion, with a net profit of HKD 3.780 billion, indicating strong performance driven by trading activity [7][3] Market Activity - The average daily trading volume in the Hong Kong stock market increased significantly, with the Hang Seng Index averaging HKD 226.6 billion from January to February 27, 2025, up 79.9% from the full year of 2024 [11][2] - The company's revenue structure is closely tied to market activity, with trading fees and system usage fees accounting for nearly 60% of total revenue [11][2] Earnings Forecast - The earnings forecast for 2025 and 2026 has been adjusted upwards by 6.0% and 7.4%, respectively, with projected net profits of HKD 16.335 billion and HKD 18.152 billion for those years [3][12] - The estimated price-to-earnings (PE) ratio for 2025 is 28.0x, reflecting the company's strong earnings growth potential [3][12]

要点 历史经验：制造业强国支撑世界秩序稳定。 从历史经验来看，自工业革命以来，工业第一大国从来都是世界 秩序的"定海神针"。19世纪的英国凭借其强大的工业实力，建立了日不落帝国，主导了全球贸易和金融体系， 确立了金本位制，成为世界秩序的塑造者。20世纪的美国，通过其庞大的工业产能和技术创新，在第二次世界 大战后建立起布雷顿森林体系，确立美元霸权，主导全球经济秩序长达半个多世纪。 中国硬实力全球领先，与南方国家经济互补。 中国已成为全球制造业第一大国，工业规模远超世界其他国 家。同时，中国的工业能力正在为全球经济发展提供新动能。而南方国家的工业化和城镇化进程与中国形成显 著互补。 文化影响力加速扩张，软实力崛起进入快车道。 春节期间中国电影市场的火爆表现，彻底打破了2024年市场 流传的"中国电影市场萎靡"的悲观论调。以《黑神话》、《哪吒》为代表的中国游戏、电影受到年轻一代的追 捧，同时也向全世界展现中国文化、讲述中国故事。中国电影产业的快速发展，正在重塑全球文化格局。而随 着文化产业的蓬勃发展，中国软实力提升进入快车道。 80、90后群体助力中国软硬实力提升。 80、90后作为改革开放后成长起来的第一代，已成 ...