凤凰网财经讯 4月29日，美股三大指数集体走高。截止发稿，道指涨0.42%，纳指涨0.02%，标普500指 数涨0.08%。 特斯拉跌4.8%，苹果涨1%，微软涨3%。 中概股方面，新东方涨超3%；金山云、万国数据、哔哩哔哩涨超2%；小鹏汽车跌超5%；微博跌 1.21%。 全球要闻 中方发布《不跪！》视频传递何种信息？外交部回应 路透社记者就中国外交部微信公众号发布中英双语《不跪！》视频提问，视频表示，中国不会向美国低 头，并指责美国总统特朗普通过"90天暂停"的游戏，强迫限制其他国家与中国的贸易。中方是想传递什 么信息？"首先感谢你对外交部新媒体账号的关注，希望这条视频能够帮助各方更好地理解中方的立 场。"郭嘉昆说。 美财长：正与15-18个贸易伙伴谈判 首份协议本周或下周达成 美东时间周一，美国财政部长斯科特·贝森特（Scott Bessent）在接受采访时表示，美国正与15至18 个"重要贸易伙伴"谈判定制化协议，而首批签署的协议之一很可能是与印度签署的。在特朗普总统4月2 日宣布征收广泛的全球关税后，全球市场对关税的走向感到不安。尽管特朗普政府一直声称正与多国谈 判，但截至目前，仍未宣布达成任何协议。 ...

Market Overview - The Hong Kong stock market has shown interesting movements, with the Hang Seng Index fluctuating around 22,000 points for five consecutive trading days, indicating a stalemate between bulls and bears [1] - A recent video from the Chinese Ministry of Foreign Affairs emphasized China's strong resolve against hegemony, which has boosted investor confidence [1] - Major U.S. retailers, including Walmart, have resumed supply to Chinese manufacturers, indicating a potential easing of trade tensions and a shift in tariff burdens [1][2] Automotive Sector - The U.S. government is expected to ease its high tariff policies, particularly on automobiles, which has led to a positive response in automotive stocks [2] - Companies like Nexperia and Horizon Robotics have seen significant stock increases due to their high exposure to North American markets and advancements in autonomous driving technology [3] - Leap Motor's CEO has been actively increasing his stake in the company, reflecting confidence in its upcoming product launches and sales targets [3] Consumer Goods and Retail - The market for consumer stocks is heating up, with companies like "沪上阿姨" seeing massive oversubscription in their IPO, indicating strong investor interest [4] - The beauty brand 韩束 reported a significant revenue increase, showcasing the potential for growth in the cosmetics sector [5] Technology and AI - Alibaba's launch of the Qwen3 model has positioned it as a leading open-source AI model, which could have implications for the tech sector and related companies [5] - The evolution of large models in AI is expected to drive interest in companies involved in chips, computing power, and intelligent systems [5] Mining and Commodities - Indonesia has raised mining taxes, particularly for nickel, which may lead to increased production costs and potential supply constraints, benefiting companies like China Nonferrous Mining [6] - The anticipated acquisition of Yao Cai Securities by Ant Group is linked to the trend of Chinese companies returning to the Hong Kong market [6] Regulatory Environment - The Hong Kong Stock Exchange and the Securities and Futures Commission are preparing to facilitate the return of Chinese companies to the Hong Kong market, which is seen as a positive development for the exchange [7][8] - Ongoing reviews of listing requirements aim to attract more companies from various regions, enhancing the market's appeal [7][8] Automotive Innovations - Geely's launch of the Lynk & Co 900 model is expected to enhance its presence in overseas markets, with a focus on electric vehicle technology [9] - The company is undergoing a significant transformation towards electrification and smart technology, which is anticipated to drive future growth [10]

3、港交所与香港证监会已根据特区政府的指示做好准备，并已与部分相关企业接触。若仍未在香港市 场上市的"中概股"希望回流，会为其香港上市提供适当的指引与协助。 4、腾讯对其混元大模型研发体系进行了全面重组，主要围绕算力、算法和数据三大核心板块刷新团队 部署，加码研发投入。 2、国家发展改革委下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品以旧换新。 智通财经4月29日晚间新闻精选 5、9天6板红墙股份：广东科创、何元杰、韩强减持计划已实施完毕。万科A：拟出售7295.6万股库存股 补充流动性。浪潮信息：一季度净利润同比增长53%。工业富联：第一季度净利润同比增长25%。中远 海控：第一季度净利润同比增长73.12%。中金黄金：一季度净利润同比增长33%。贵州茅台：一季度净 利润268.47亿元 同比增长11.56%。工商银行第一季度净利润841.6亿元 同比下降4%。7天5板永安药 业："牛磺酸价格暴涨几倍"等传闻不实。 1、习近平在上海考察时强调，不断增强科技创新策源功能和高端产业引领功能，加快建成具有全球影 响力的科技创新高地。 ...

恒指全天成交1776亿港元，南下资金今日净卖出港股64.24亿港元。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 恒生科技指数 | par | 5019.73 | +30.79 +0.62% | | | 800700 | | | | | | 恒生指数 | | 22008.11 | +36.15 +0.16% | | | 800000 | | | | | | 国企指数 | | 8067.94 | -12.25 | -0.15% | | 000100 | | | | | 板块上，大型科技股涨跌不一，生物医药、医药外包概念股走强，芯片、半导体股上扬，教育股、餐饮 股涨幅居前，新能源车表现活跃；反之，锂电池股下跌，石油股走低。 4月29日，恒指收涨0.16%报22008点，恒生科技指数涨0.62%，国企指数跌0.15%。 具体来看： 科技股涨跌不一，美团涨超2%，京东、哔哩哔哩、快手等跟涨，腾讯跌超1%，百度、阿里小幅收跌。 消息面上，港交所、证监会据报就中概股回流意向已与部分相关企业接触。若仍未在香港市场上市 的"中概股"希望回流，会 ...

据证券时报，记者获悉，针对全球最新变化，港交所与香港证监会已根据特区政府的指示做好准备， 并已与部分相关企业接触。若仍未在香港市场上市的"中概股"希望回流，会为其香港上市提供适当的 指引与协助。有关具体措施会根据具体情况调整，务必切合实际需要。此外，为配合最新经济趋势和 企业需求，吸引更多来自不同地区的企业来港上市，香港证监会和港交所正推进全面的上市制度检 讨，其中包括审视上市要求和上市后的持续责任；检视上市规例和安排，改善审批流程；以及研究优 化双重主要上市及第二上市门槛等。相关检讨将进一步便利新兴产业公司和海外企业在港上市。 此外，对于美国滥施关税对环球市场带来的波动，香港财经事务及库务局发言人称，香港证监会直至 目前没有发现任何可能引发系统性风险或严重影响金融稳定的行为，未有过度杠杆或头寸集中的情 况。股票市场和股票衍生品市场，没有出现显著增加持仓，亦未有出现淡仓集中或累积的情况。 目前，香港特区政府和监管机构已建构一个"全天候、联动式、跨市场"的实时监控机制，密切监察市 场变化，包括防范尤其在市场信心脆弱时可能突现涌现的风险。倘若市场出现异常情况，亦有足够且 多元化的工具应付，以防范可能出现的系统性风 ...

Core Viewpoint - The Hong Kong government, represented by Financial Secretary's Deputy Wong Wai-lun, is prepared to support Chinese companies listed overseas that wish to return to Hong Kong for listing, especially in light of potential delisting threats from the U.S. [1] Group 1: Government Support for Chinese Companies - The Hong Kong government has instructed the Securities and Futures Commission and the Hong Kong Stock Exchange to be ready to assist Chinese companies listed abroad that are considering a return to Hong Kong [1] - The government aims to position Hong Kong as the preferred listing destination for these companies [1] Group 2: Global Trade Challenges - The current global trade environment is facing significant challenges, including trade wars and tariff disputes initiated by the U.S., which are harming the interests of various countries and the multilateral trading system [1] - The potential delisting of Chinese companies from U.S. exchanges is a direct consequence of these trade tensions [1] Group 3: Opportunities for Hong Kong - The Hong Kong government is enhancing communication and cooperation with different regions to navigate the instability in global trade and geopolitical landscapes [1] - Many companies are restructuring their supply chains along the Belt and Road Initiative and in the Global South, which is believed to create opportunities for Hong Kong [1]

非银金融 行 业 研 究 2025 年 04 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% 0% 19% 38% 58% 77% 2024-04 2024-08 2024-12 非银金融 沪深300 相关研究报告 《券商 1 季报超预期，稳股市政策下 看 好 券 商 板 块 机 会 — 行 业 周 报 》 -2025.4.13 《央行和汇金积极稳股市，关注券商 一季报业绩改善—行业点评报告》 -2025.4.8 《关税事件带来不确定性，1 季度 A 股 开 户 数 增 长 明 显 — 行 业 周 报 》 -2025.4.6 中概股回流预期利好港交所，个险营销体系改革升级 高超（分析师） 卢崑（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 lukun@kysec.cn 证书编号：S0790524040002 周观点：券商 1 季报超预期，稳股市政策下看好券商板块机会 国务院总理李强4月18日主持召开国常会，研究稳就业稳经济推动高质量发展若 干举措，提到"要持续稳定股市"，继续看好低估值、一季报超预期的零售型券 商机会；看好高股息率、盈利稳健增 ...

Core Viewpoint - The article discusses the potential return of Chinese concept stocks (Chinext stocks) to Hong Kong following threats of delisting from the U.S. market, emphasizing Hong Kong's readiness to become the preferred listing location for these companies [1][3]. Group 1: Market Dynamics - Approximately 230 Chinese concept stocks are listed in the U.S., with a total market capitalization of $460 billion, significantly down from $1.1 trillion at the end of 2021 [1]. - UBS estimates that the impact of potential delisting concerns will be more manageable due to many large Chinese concept stocks already having dual listings in Hong Kong [8]. - The Hang Seng Index has shown volatility, with a significant drop on April 7, but has since stabilized, with average daily trading volume recovering to HKD 427.6 billion [3]. Group 2: Regulatory and Strategic Responses - Hong Kong's Financial Secretary, Paul Chan, has instructed the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange to ensure that Hong Kong becomes the primary destination for overseas Chinese concept stocks wishing to return [3][4]. - The Hong Kong Stock Exchange has established a regulatory framework to facilitate dual listings and second listings for overseas companies, with several international financial institutions exploring increased participation in the Hong Kong market [3]. Group 3: Investment Implications - UBS highlights that the proportion of dual-listed Chinese concept stocks in Hong Kong has increased by 30 percentage points over the past three years, now accounting for about 60% of their total market capitalization [8]. - The southbound holding ratio in the Hong Kong market has risen from 5% in 2021 to approximately 11%-12% currently, which may help mitigate the impact of potential delistings from the U.S. [8]. - Morgan Stanley reports that the risk of American Depositary Receipts (ADRs) being delisted is re-emerging, with over 80% of ADRs already dual-listed in Hong Kong, suggesting that trading will remain smooth even in the event of delistings [9].