宏源山旁 :: 7 SHENWAN HONGYUAN SECURITIES D @ @ 投资指南针 F 知名少 + 灌股通 如果一只港股股票被纳入港股通,意味着内地投资者不需要开通 港股账户,可以直接在内地交易所交易,包括南向资金在内,这 将有助于提升该公司的流动性和市场认可度。 例如今年4月,赤峰黄金被纳入港股通,表现抢眼,叠加黄金板块 的避险属性,市场反应热烈。 (数据来源:港交所港股通标的证 券调整名单,不作为个股推荐) 个人开通条件 以投资者名义开立的证券账户及资金账户内资产 在申请权限前20个交易日日均资产不低于人民币50万元 具备港股通证券交易基础知识, 了解港股通证券投资风险,通过港股通业务知识测试 有较强的风险承受能力和风险控制能力,普通投资者 信当性 风险承受能力测评结果为C4（积极型）（含）以上 言记录 不存在严重的不良诚信记录 禁止行为 不存在法律、行政法规、部门规章等规定的 禁止或限制参与港股通证券交易的情形。 海岸道设 港股通,是上交所、深交所分别和港交所,建立技术连接,使得 内地与香港投资者可以互相买卖在对方交易所上市的部分股票。 它像一座连接内地和香港的"投资大桥" -- 通过上 ...

Group 1 - The report highlights that the Hong Kong stock market is experiencing a shift towards mid and small-cap stocks, particularly in the pharmaceutical sector, indicating a broader exploration of investment opportunities beyond just large-cap leaders [4][8][10] - Policies promoting the private economy and the Hong Kong market have been increasing since Q4 2024, with significant support for private enterprises, especially in new economic growth sectors like information technology and biotechnology [4][30] - The performance of the Hong Kong stock market is showing signs of recovery, with revenue growth of 2.4% and net profit growth of 7.4% reported in the 2024 annual results, indicating a positive trend in profitability [42][46] Group 2 - The report identifies TMT (Technology, Media, and Telecommunications) and pharmaceuticals as sectors with significant improvements in revenue and profit margins, suggesting a favorable investment outlook [4][54][64] - The report notes that public funds have increased their allocation to Hong Kong stocks, with the proportion rising from 14.5% in Q4 2024 to 19.2% in Q1 2025, indicating potential for further investment growth [4][5] - The report emphasizes that the valuation gap between A-shares and H-shares remains significant, with the A-H premium around 140%, suggesting that Hong Kong stocks may still be undervalued [5][10] Group 3 - The report indicates that the market is witnessing a systematic expansion of investment opportunities, particularly in quality companies across various sectors, rather than being limited to large-cap stocks [4][5][29] - The analysis of the performance of different sectors shows that while TMT and pharmaceuticals are experiencing growth, sectors like real estate and power equipment are facing declines in both price and volume [4][64][59] - The report suggests that the Hong Kong market is becoming an attractive destination for global capital, especially as funds shift away from the US market due to geopolitical tensions and currency concerns [5][8][30]

导读：我和零城投资一起，已经连续4年推出了TOP 100主动权益基金经理榜单。 我们的这份榜单已经连续3年战胜了万得偏股基金指数。最近我们 刚看了一下，今年以来依然跑赢了万得偏股基金指数（数据截止2025年5月28日）。 这说明，优秀的主动权益基金经理还是有价值的，而且他们确实是能跑赢同类产品的。包括最近发行的浮动费率产品，我们也看到不少管理的基金经 理，都是我们TOP 100榜单的基金经理。 数据截止：2025年5月28日 下面是我们TOP 100榜单的港股基金经理： 这份榜单有比较明确的分工，我主要负责定性筛选，零城投资负责定量筛选。我相信通过彼此能力的互补，一定能为大家选到各个细分领域优秀的主 动权益基金经理。况且，我们两人每年访谈跟踪的基金经理数量在200位以上。 今年以来，港股表现明显好于A股，我们在过去一年也推荐了一些港股相关的ETF产品。当然，我们榜单里面也有港股的基金经理。大家希望买主动 权益的基金经理，也可以参考我们TOP 100榜单中的港股基金经理。 事实上，我们的港股榜单每一次都是花了很多时间讨论出来的。公募基金中，真正在香港市场有阿尔法的基金经理数量不是那么多。而且一直以来， 港股相关 ...

Group 1 - Hong Kong stocks have shown resilience, outperforming A-shares and maintaining competitiveness in global markets despite challenges such as unexpected tariffs [1][2] - The market's earnings growth is projected at 4-5% for the year, but a 30% tariff could reduce this growth by 2 percentage points to 2% [1][10] - The Hang Seng Index is expected to fluctuate between 23,000-24,000 points under baseline conditions, with optimistic scenarios reaching 25,000-26,000 points, while pessimistic scenarios could see it drop to around 20,500 points [10] Group 2 - The current credit cycle in China is characterized by a shift from recovery to stagnation, with private sector credit contraction remaining a core issue [3][6] - Key factors influencing the credit cycle include tariffs, fiscal policy, and advancements in AI technology, with expectations for these factors to remain stable in the near term [6][7] - The market is experiencing a dichotomy, with excess liquidity leading to structural opportunities in sectors like new consumption and technology, while traditional sectors face challenges [8][9] Group 3 - The influx of southbound capital into Hong Kong is expected to continue, with estimates of 200-300 billion HKD in net inflows for the year, driven by the search for stable returns and structural opportunities [11] - The structural changes in the Hong Kong market are attributed to improved liquidity and the listing of high-quality companies, which helps attract more capital [11] - The potential risks for Hong Kong stocks include external risks and the impact of fiscal policies on consumption and cyclical sectors, although these are not considered baseline scenarios [12]

Group 1 - The Hang Seng Technology HKETF (513890) has seen a 2.62% increase, with a trading volume of 75.4589 million yuan and a turnover rate of 17.44%, indicating active market participation [1] - The Hang Seng Technology Index (HSTECH) rose by 2.91%, with notable increases in constituent stocks such as Kingdee International (00268) up 7.45%, Tencent Music-SW (01698) up 7.05%, and Kuaishou-W (01024) up 6.18% [1] - Over the past two weeks, the Hang Seng Technology HKETF has experienced a significant increase of 9 million shares, ranking among the top in comparable funds [1] Group 2 - In the last nine trading days, the Hang Seng Technology HKETF has attracted a total of 17.8159 million yuan in inflows [1] - CITIC Securities notes that the Hong Kong stock market remains relatively active, with core internet leading companies' valuations still within a normal range [1] - The overall quality of assets in the Hong Kong market is showing systematic improvement, with new economy leaders and high-quality manufacturing companies from A-shares listing in Hong Kong [1] Group 3 - Morgan Asset Management is integrating its "Global Vision Investment in Technology" product line to help investors capitalize on quality technology companies amid the AI-driven tech wave [2] - The Morgan Emerging Power Fund aims to capture emerging industry trends from a long-term perspective, while the Morgan Smart Connectivity Fund focuses on AI-related opportunities [2] - The Morgan Hang Seng Technology ETF (QDII) provides a one-click solution for investing in Hong Kong tech assets [3]

Market Performance - The Hong Kong stock market has shown strong performance this year, with the total scale of Hong Kong-themed ETFs approaching 360 billion yuan, an increase of approximately 96.1 billion yuan compared to the end of last year [1][3] - The Hang Seng Index and the Hang Seng Tech Index have increased by 18.61% and 18.32% respectively [3] ETF Growth - As of June 6, there are 144 Hong Kong-themed ETFs with a total scale of 357.24 billion yuan, up from 261.1 billion yuan at the end of last year, marking a growth of 96.1 billion yuan [3] - The largest Hong Kong-themed ETF is the FTSE China Hong Kong Internet ETF, with a scale of approximately 45.6 billion yuan [3] Fund Inflows - Southbound capital has seen a cumulative net inflow of over 600 billion HKD, accounting for nearly 82% of the expected total for 2024, with an average daily net inflow exceeding 8 billion HKD [3] - The number of Hong Kong-themed funds issued this year has reached 43, most of which are passive index funds [4] Investment Outlook - Industry experts believe that the Hong Kong stock market still holds long-term investment value, particularly in sectors such as internet, innovative pharmaceuticals, smart vehicles, and new consumption [1][4] - Despite recent gains, the valuation of Hong Kong stocks remains relatively low, with the Hang Seng Index trading at a P/E ratio of approximately 10.2, lower than the S&P 500 and CSI 300 indices [6] Sector Focus - Key investment opportunities are identified in new consumption sectors such as trendy toys, tea drinks, and domestic beauty products, as well as in technology and innovative pharmaceuticals [6][7] - The innovative pharmaceutical sector has seen overseas licensing transactions exceed 50 billion USD, indicating a potential profitability turning point [7] Market Strategy - Investors are advised to avoid chasing high prices and to focus on the fundamentals of companies, as well as changes in the macroeconomic environment [1][7] - A balanced strategy of "high dividend + technology growth" is suggested to capture both valuation recovery and industrial upgrades [6]

证券研究报告 | 2025年06月07日 港股投资周报 港股精选组合本周上涨 4.07%，年内上涨 36.51% 行业指数方面，本周原材料业行业本周收益最高，累计收益 5.59%；电讯业 行业本周收益最低，累计收益-0.58%。 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 4.07%，相对恒生指数超额收益 1.91%。 本年，港股精选组合绝对收益 36.51%，相对恒生指数超额收益 17.90%。 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，信达生物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消费板块，其次为医药、大金融、 科技、周期和制造板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生大型股指数本周收益最高，累计收益 2.26%；恒生 小型股指数本周收益最低，累计收益 1.74%。 概念板块方面，本周富士康概念板块本周收益最高，累计收益 11.61%；彩 票概念板块本周收益最低，累计收益-5.21%。 ...

（原标题：普通投资者，要如何把握港股投资机遇？） 2025年初至今的港股市场相当热闹。年初以来，港股主流指数表现领跑全球资本市场，出现了很多现象 级的股票。近期，政策暖风吹拂下，不少大公司纷纷赴港二次上市，丰富了港股市场的可投资选择。 从Wind数据显示的行情表现来看，截至5月30日，今年以来恒生指数、恒生中国企业指数、恒生科技指 数三大指数均实现超15%的正收益，在全球重要资本市场指数中领跑。尽管4月受关税政策以及全球经 济形势数据等因素的影响，港股行情出现波动，但5月以来回暖显著。 另据Wind数据，截至5月30日，今年以来，南向资金共计净买入港股市场6509.42亿港元，不到半年的时 间，该金额已经是历年第三高，仅暂时排在2024年、2020年分别创下的8079亿港元、6721亿港元的纪录 之后。这意味着，香港市场愈发成为内地投资者配置重要的一环，而南向资金的净流入也带来了港股市 场的流动性繁荣。 在基本面向好、流动性改善等多重因素推动下，港股市场正迎来复苏的新格局，走向价值重估的新时 代。其中，科技、创新药和消费三大板块表现尤为突出，成为推动市场上涨的核心动力。 在这背后，港股市场的生态环境发生深刻改 ...

Core Viewpoint - The recent surge in the Hong Kong stock market has led to increased attention on the ability of mainland investors to open accounts with online brokers like Futu Holdings and Tiger International, with both companies adjusting their policies in response to regulatory changes [1][5][6]. Group 1: Company Policies - Futu Holdings has completely stopped allowing new account openings for mainland users, only permitting those who live or work abroad to open accounts, requiring both a mainland ID and proof of residence or employment abroad [1][3]. - Tiger International still allows existing customers to open accounts if they had previously opened accounts with other overseas brokers before May 19, 2023, but does not accept new mainland investors [2][3]. Group 2: Regulatory Environment - The regulatory scrutiny of online brokers like Futu and Tiger began in October 2021, with the China Securities Regulatory Commission (CSRC) declaring their cross-border securities operations as non-compliant with existing laws [2]. - In December 2022, the CSRC formally classified the cross-border operations of these brokers as "illegal" and mandated them to cease new business activities while allowing existing clients to continue trading [2]. Group 3: Market Conditions - The Hong Kong stock market has shown significant recovery, with the Hang Seng Index rebounding from a drop of over 13% in early April to reach a new closing high since March 2025 by June 5, 2023 [5]. - The interest in Hong Kong stocks has been further fueled by successful IPOs of major mainland companies, such as CATL and Heng Rui Pharmaceutical, which saw substantial first-day gains [6]. Group 4: Investment Channels - Mainland investors can access Hong Kong stocks primarily through two channels: the Stock Connect program and Hong Kong-listed ETFs, with different eligibility criteria [7]. - The Stock Connect requires a minimum average asset of 500,000 RMB in the investor's securities and funds accounts over the previous 20 trading days, while the ETF route has no such financial threshold, making it more accessible for retail investors [7].

以下文章来源于时代财经APP ，作者周梦梅 港股市场也变得热闹起来。蜜雪集团、泡泡玛特、老铺黄金"新消费三股"股价暴涨，成 为资本市场现象级盛宴；阿里、腾讯、小米等为代表的"中国科技七姐妹"强势崛起；宁 德时代赴港募资约3 5 3亿港元，成为年内全球最大规模IPO，掀起港股融资热浪。 不少投资者在这轮港股盛宴中吃到"肉"。"打恒瑞医药这只新股，中签400股，单只股票 赚了6 4 1 3元港币。"投资者王淼称。5月2 3日，恒瑞医药在港股挂牌上市，恒瑞医药首日 涨幅达到2 5 . 2 0%。近来，港股新股上市行情火爆，宁德时代和沪上阿姨在上市首日分别 收涨16.43%和4 0 . 0 3% 这背后是，2 0 2 5年二季度以来，全球宏观叙事主线出现变化，"东稳西荡" 成为资本市场 新故事，市场对美国经济增长、资产价格和美元的信心在衰退，对中国资产价格和货币 的信心在走强，围绕着中国的科技创新和产业升级，市场正在重新定价中国核心资产。 而汇集了众多高新企业的港股市场，则成为全球资本配置中国资产的战略要地。 投资有风险，交易需谨慎 。 作者 | 周梦梅 编辑 | 张常旺 来源 | 时代财经APP (ID: tf-a ...