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].