Group 1 - The Hang Seng Index reached a new high of 25120.68 points, marking the highest level since 2022, with a year-to-date increase of 25% [1][2][4] - Despite recent fluctuations, the Hong Kong stock market is considered undervalued, with significant net inflows from mainland investors and increased holdings by state-owned enterprises [1][4][6] - The market sentiment is improving, and analysts remain optimistic about the future performance of the Hong Kong stock market [1][6][7] Group 2 - The active inflow of southbound funds has been notable, with net purchases reaching 971.36 billion yuan in the past month and a total of 0.79 trillion yuan year-to-date [4] - Public funds have shown increased interest in Hong Kong stocks, with the total scale of actively managed funds reaching 325.9 billion yuan, up from 19.13% to 19.92% of total heavy holdings [4][6] - The performance of new consumption and innovative pharmaceutical sectors has significantly boosted market sentiment, with stocks like Pop Mart seeing a price increase of over 250% this year [8][9] Group 3 - The innovative pharmaceutical sector has outperformed, with related ETFs showing year-to-date gains exceeding 80%, indicating strong investor interest [9][10] - The biotechnology and medical technology sectors in Hong Kong account for 40% of the total market capitalization in the pharmaceutical sector, compared to 24% in A-shares, suggesting a higher level of innovation in Hong Kong stocks [10][11]

Core Viewpoint - The Hong Kong stock market showed strong performance today, with the Hong Kong Innovative Drug ETF (513120) rising over 2% and a premium rate of -0.73% [1] Group 1: ETF Performance - The trading volume of the Hong Kong Innovative Drug ETF reached 3.234 billion yuan, an increase of 32.27% compared to yesterday [1] - The fund's trading volume decreased by 3.52 million units over the past month [1] - Other related ETFs also showed positive performance, with the Hang Seng Consumer ETF (513970) increasing by 0.51% [1]

Group 1 - The Hong Kong stock market is experiencing a bullish trend, supported by national empowerment, the enhancement of its international financial center status, and an influx of incremental capital, with expectations for continued strength in the second half of the year [1] - The market is anticipated to remain volatile in the third quarter, but pressure factors are expected to be lower than anticipated, potentially leading to an earlier market rally [1] - The long-term macro factors supporting the Hong Kong stock market's liquidity have not changed, although there may be marginal tightening pressures in the third quarter due to various factors [1] Group 2 - The Hong Kong stock market is currently at a relatively low absolute valuation level, with historical valuation percentiles in the upper middle range [2] - The market has shown strong performance in the first half of the year, driven by a resonance between fundamentals and capital flows, with both domestic and foreign investors forming a bullish consensus on Chinese assets [2] - There is a positive sentiment in the Hong Kong stock market, with continuous inflows of southbound capital and no significant outflows observed so far this year [2]

国泰海通研究指出，近期中东地缘政治冲突局势逐步降温、中美关系边际改善，以及美国经济韧性尚存 的宏观背景下，全球市场风险偏好持续修复。对业绩景气预期持续上修、市场流动性与风险偏好逐渐改 善的港股相对乐观。 中国银河证券表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 恒生指数高开1.06%，恒生科技指数涨1.31%。科网股领涨，阿里巴巴、网易涨超2%，京东集团、美 团、快手涨近2%。 关于港股后市 华泰柏瑞基金指出，港股的特色主要集中在互联网、创新药等领 ...

恒生指数高开0.46%，恒生科技指数涨0.89%。百度集团涨超4%，阿里巴巴涨近2%，快手、美团涨超 1%。 关于港股后市 中国银河证券表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 本文转自"腾讯自选股"；智通财经编辑：徐文强。 国泰海通研究指出，近期中东地缘政治冲突局势逐步降温、中美关系边际改善，以及美国经济韧性尚存 的宏观背景下，全球市场风险偏好持续修复。对业绩景气预期持续上修、市场流动性与风险偏好逐渐改 善的港股相对乐观。 中信证券表示，港股 ...

华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 中国银河证券分析指出，近期全球宏观风险再次升温预期，市场的风险偏好受到影响。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。展望 后市，科技板块依然具备较高投资机会。主要由于科技板块政策支持力度较大，盈利增速居前，估值处 于历史中低水平，第二，在国内促消费政策刺激下，消费行业业绩增速预期改善，估值相对较低的港股 消费股有望上涨，重点关注医药行业和可选消费行业。而在海内外不确定性因素的扰动下，高股息标也 可以为投资者提供较为稳定的回报。 本文转自"腾讯自选股"；智通财经编辑：刘璇。 恒生指数高开0.32%，恒生科技 ...

Core Insights - The Hong Kong stock market has shown impressive performance this year, significantly boosting the performance of related thematic funds [1] - As of July 14, among 12,941 funds in the market, Hong Kong-themed funds have stood out, with notable performances from specific funds [1] - Fund managers anticipate a fluctuating upward trend for the Hong Kong stock market throughout the year, with distinct phases in market operation [1] Fund Performance - The fund "Huitianfu Hong Kong Advantage Selection A" leads the market with a 100% year-to-date net value growth rate, while "Bank of China Hong Kong Stock Connect Pharmaceutical A" ranks third with an 81.31% growth rate [1] - Among the top 20 funds by growth rate, six are Hong Kong-themed funds, indicating strong interest and performance in this sector [1] Market Trends - The first half of the year saw a market preference for assets with valuation elasticity, driven by liquidity easing [1] - In the second half, the investment focus is expected to shift towards cyclical stocks with stronger profit certainty [1]

港股收盘，恒生指数涨0.26%，恒生科技指数涨0.67%。港股科技ETF(159751)上涨0.19%，恒生港股通 ETF(159318)跌0.60%。蔚来涨超10%，中国神华（601088）涨超5%；海底捞跌超3%。 ...

Group 1 - The Hong Kong Securities ETF led the market with a weekly increase of 12.85%, achieving a weekly trading volume of 943.36 billion yuan, making it the largest product by trading volume for the week [1][4] - Several rare earth-themed ETFs also saw significant gains, with weekly increases exceeding 10%, alongside strong performances from real estate and fintech-related ETFs [2][4] - The top ten ETFs by weekly decline were primarily gold stock-related ETFs and cross-border ETFs investing in Japan, with declines exceeding 2% [2] Group 2 - The A-share ETFs, particularly the Sci-Tech 50 ETF and the CSI 1000 ETF, experienced substantial net inflows of 20.56 billion yuan and 17.90 billion yuan respectively, with other industry ETFs like coal, sci-tech chips, and banking also seeing net inflows exceeding 10 billion yuan [4] - A number of new ETF products have been approved or submitted for approval, including the first batch of the Shanghai Stock Exchange 580 ETF and its linked funds, as well as several ETFs related to the newly optimized ChiNext Composite Index [5] - The market outlook suggests a potential upward shift in the stock market's central tendency, driven by stable economic fundamentals and ongoing reforms in the sci-tech sector [6]

Group 1 - The Hang Seng Index closed down 0.74% and the Hang Seng Tech Index fell by 1.14% [1] - The Hong Kong Tech ETF (159751) decreased by 0.49%, while the Hang Seng Hong Kong Stock Connect ETF (159318) dropped by 0.46% [1] - Notable stock movements included a 60% increase for Superstar Legend Zhang Chao and over a 10% rise for Greenland Hong Kong, while NetEase saw a decline of over 2% [1]