Group 1 - The Hong Kong stock brokerage sector has shown strong performance, with the Hong Kong Securities ETF price rising by 8.51% and the Hong Kong Securities Index increasing by over 2% during the trading hours [1][2] - The difference in trading hours between A-shares and Hong Kong stocks leads to temporary discrepancies in ETF prices and index performance, but these differences do not significantly impact investor interests [1][2] - The ETF's net asset value is calculated based on the closing price after 4 PM, ensuring that the next trading day's opening price reflects the fair value [1][2] Group 2 - The Hong Kong brokerage sector's strong performance this year is attributed to improved market liquidity, with the average daily trading volume increasing by 111% year-on-year [3][4] - A new wave of listings, including the return of Chinese concept stocks and accelerated A+H share issuances, is enhancing market activity and benefiting brokerage investment banking businesses [4] - The absence of price limits in the Hong Kong market allows for significant single-day price increases, which can lead to substantial gains for related stocks [4] Group 3 - The Hong Kong Securities ETF (513090) is the only product tracking the Hong Kong Securities Index, offering T+0 trading and a low management fee of 0.15% per year, with an average daily trading volume exceeding 5 billion yuan in the past month [4] - On June 25, the Hong Kong Securities ETF achieved a record single-day trading volume of 27.1 billion yuan, marking the highest since its listing [4]

2025年4月，国际金价冲破每盎司3500美元大关，创下历史新高。全球市场沉浸于"黄金狂热"之际，香港却上演了一幕截然相反的景象——市民蜂拥抛售黄 金，金店回收柜台前排起长龙，单日交易额动辄上千万元。这场抛售潮的背后，是理性投资与情绪博弈的激烈碰撞，更折射出两地市场认知的深层鸿沟。 1. 专业套利机制：香港机构投资者通过跨市场操作赚取 "情绪差价"。例如，从伦敦低价购入黄金转售至溢价更高的上海，单笔利润率可达5% 。这种套 利行为依托于对市场波动的精准预判，而非单纯押注金价涨跌。 2. 历史经验与风险意识：香港市民对黄金的周期性波动更为敏感。2025年4月金价单日暴跌4%的教训犹在眼前，加之港股红利资产（如低波红利指数） 以"高股息+低波动"特性成为新避险选择，进一步推动资金撤离黄金市场。 3. 政策与成本差异：香港黄金交易佣金低至2%，且无增值税，而内地购金者需承担更高溢价及潜在关税风险（超50克需申报）。成本差异促使香港投资 者更倾向短线操作。 A 金价狂欢中的"逆行者" 4月27日，香港中环忠记金行内人头攒动，市民手持金条、金饰排队等待交易。据店员透露，单日回收黄金价值可达数千万元，部分店铺甚至因现金耗 ...