港交所（00388.HK）上半年营收净利润双双飞跃，刷新半年度历史纪录。 港交所20日公布2025年中期业绩报告，上半年收入及其他收益为140.76亿元（港元，下同），同比上升 33%；股东应占溢利为85.19亿元，同比增长39%。主要业务收入同比增长34%至129.54亿元，主要得益 于现货及股票期权市场成交量创历来半年度新高、存管费用增加以及保证金规模增加令投资收益净额上 升等因素。 薪火私募投资基金管理有限公司总经理翟丹在接受《华夏时报》记者采访时预测，若美联储9月启动降 息，港股流动性环境将进一步改善，科技、生物医药等板块或迎估值修复。此外，港交所目前处理中 IPO申请多达200宗，其中生物科技与AI硬件企业占比超40%，预计Q3-Q4融资规模将非常可观。 IPO"后备军"超200家 今年上半年，企业排队赴港上市，新股市场一片火热，上半年港股新股市场共迎来44家公司上市，港交 所新股集资总额达1094亿港元，同比增长716%，集资额居全球首位，这是自2021年以来最强劲的半年 度表现。截至今年6月30日，正在处理的上市申请逾200宗，比去年年底的84宗翻了两倍多。 港交所行政总裁陈翊庭表示："今年香港 ...

Core Viewpoint - The H-share market has seen several listed REITs report mid-term performance, with most experiencing a decline in revenue and net property income growth, while the hotel and tourism sectors in mainland China have shown strong performance [1][5]. Group 1: REITs Performance - Most listed REITs reported a decline in revenue and net property income, with specific examples including: - Yuexiu REIT reported total revenue of 966 million RMB, down 6.6% year-on-year, and net property income of 679 million RMB, down 8.6% [3]. - Link REIT achieved revenue of 855 million HKD, down 2% year-on-year, with net property income of approximately 613 million HKD, down 3.2% [3]. - Sunshine REIT reported revenue of 391 million HKD, down 4.8%, and net property income of approximately 307 million HKD, down 5.4% [3]. - SF REIT achieved revenue of approximately 230 million HKD, up 3.4%, and net property income of approximately 192 million HKD, up 6% [3]. Group 2: Sector Analysis - The performance of different property sectors shows challenges: - Office, retail, and logistics sectors continue to face pressure, with declining occupancy rates reported [5][7]. - Yuexiu REIT's overall occupancy rate was approximately 82.2%, down 1.8 percentage points year-on-year [6]. - Sunshine REIT's overall occupancy rate was 89.2%, down about 2 percentage points from the beginning of the period [6]. - Conversely, the hotel and tourism sectors have performed well, with notable revenue increases: - Guangzhou IFC's serviced apartments achieved record revenue of 603 million RMB, and the Four Seasons Hotel in Guangzhou reported record room revenue of 190 million RMB, with an average occupancy rate of 80.1%, up 1.1 percentage points year-on-year [7]. Group 3: Market Outlook - The inclusion of REITs in the Shanghai-Hong Kong Stock Connect is seen as a significant breakthrough for capital market connectivity, potentially enhancing market activity and liquidity [1]. - The financing costs for several REITs have decreased, which may alleviate pressure on distributable income: - Yuexiu REIT reported a financing cost of 403 million RMB, down 13.5% year-on-year [8]. - Sunshine REIT's weighted average financing cost decreased from 4.2% to 3.7% year-on-year [8]. - Link REIT's financing cost decreased by 12.6% to 173 million HKD [8].

Core Points - The Chuanghua Trading Service Hong Kong Stock Connect Selected 100 Index (CES100) experienced a decline of 0.47%, closing at 5303.57 points with a trading volume of 96.677 billion yuan [1] - Over the past month, the CES100 index has increased by 3.56%, by 16.52% over the last three months, and by 25.56% year-to-date [1] Index Composition - The top ten holdings of the CES100 index are: HSBC Holdings (10.21%), Tencent Holdings (9.83%), Alibaba-W (9.56%), Xiaomi Group-W (7.99%), Meituan-W (5.82%), AIA Group (5.55%), Hong Kong Exchanges and Clearing (4.13%), Standard Chartered Group (2.51%), Prudential (1.93%), and Kuaishou-W (1.61%) [2] - The index is fully composed of securities from the Hong Kong Stock Exchange [2] Sector Allocation - The sector allocation of the CES100 index includes: Financials (27.78%), Consumer Discretionary (26.88%), Communication Services (13.71%), Information Technology (10.34%), Real Estate (5.45%), Health Care (4.84%), Utilities (3.96%), Industrials (3.34%), Consumer Staples (3.17%), and Materials (0.53%) [2] Fund Tracking - Public funds tracking the CES100 index include: Huaan CES Hong Kong Stock Connect Selected 100 ETF Link A, Huaan CES Hong Kong Stock Connect Selected 100 ETF Link C, and Huaan CES Hong Kong Stock Connect Selected 100 ETF [2]

Group 1 - The AH share premium index has dropped to a new low of 128.05 points, the lowest since July 2020, indicating a potential for continued reduction in valuation premiums for dual-listed companies [1] - The decline in the AH share premium index reflects a market re-evaluation of value discrepancies between A-shares and H-shares, driven by improved capital market connectivity [1][2] - The realization of same-price shares for quality AH stocks is a result of enhanced market efficiency, with the Stock Connect mechanism facilitating increased daily trading volumes and greater pricing power for southbound funds [1][2] Group 2 - Institutional breakthroughs in the Hong Kong market, such as simplified cross-border merger approvals and a variety of financing tools, have lowered financing costs and improved efficiency for A+H companies [2] - Some quality listed companies, like Ping An Insurance and China Merchants Bank, have already achieved same-price shares, reflecting a natural trading logic for multi-listed companies [2] - The future realization of same-price shares will have profound implications for both A-shares and H-shares, aligning valuations closer to international standards and enhancing corporate governance and disclosure quality [2][3] Group 3 - The complete alignment of quality AH stock prices requires a more mature investor base and a stronger belief in value investing, which are still developing [3] - The ongoing decline of the AH share premium index is a result of market rationality and institutional progress, presenting investment opportunities as the market moves towards same-price shares [3] - Achieving same-price shares will further solidify China's capital market as a key hub for global asset allocation [3]

【头条要闻】 重申中方政策立场，介绍稀土出口情况，商务部回应中美经贸磋商话题 "中国作为负责任的大国，充分考虑各国在民用领域的合理需求与关切，依法依规对稀土相关物项出口 许可申请进行审查，已依法批准一定数量的合规申请，并将持续加强合规申请的审批工作。"在6月12日 举行的商务部例行记者会上，多数问题集中在中美经贸关系上，稀土更是焦点话题。商务部发言人就外 界高度关注的稀土出口管制问题，进一步廓清了中国的政策立场，并介绍出口许可申请审批工作的进展 情况。 当地时间6月9日至10日，中美经贸官员在英国伦敦举行中美经贸磋商机制首次会议。商务部发言人何亚 东12日应询介绍称，双方就落实两国元首6月5日通话重要共识和巩固日内瓦经贸会谈成果的措施框架达 成原则一致，就解决双方彼此经贸关切取得新进展。下一步，双方将进一步发挥好中美经贸磋商机制作 用，继续保持沟通对话，不断增进共识、减少误解、加强合作，共同推动中美经贸关系行稳致远。 美国宣布23日起对钢制家电加征关税 洗衣机冰箱在列 央视记者当地时间6月12日获悉，美国商务部宣布将自6月23日起对多种钢制家用电器加征关税，包括洗 碗机、洗衣机和冰箱等"钢铁衍生产品"。 据悉 ...

Group 1 - The core viewpoint of the news is the launch of the "Tech Company Special Line" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange, which facilitates the listing application process for 18A and 18C issuers, enhancing the attractiveness of Hong Kong's capital market for biotech and specialized technology companies [1][2] - The new policy marks an upgrade of the listing rules for 18A and 18C, potentially increasing the number of biotech and specialized technology companies choosing Hong Kong as their preferred listing market [2][3] - The introduction of the "Tech Company Special Line" is expected to improve market efficiency and competitiveness in the Hong Kong IPO market, especially in the context of the comprehensive registration system implemented in the A-share market [2][3] Group 2 - The Hong Kong Stock Exchange's 18C listing rules are more inclusive in terms of industry, focusing on emerging sectors with growth potential, while the A-share Sci-Tech Innovation Board emphasizes core technology fields [4][5] - The 18C listing requires a higher expected market capitalization, attracting larger technology companies, while the Sci-Tech Innovation Board has a lower market cap threshold, allowing more mid-sized tech firms to list [5][6] - The investor structure for 18C is primarily institution-driven, requiring at least 50% of shares to be subscribed by independent institutional investors, enhancing market professionalism and liquidity [7][8] Group 3 - The lock-up period arrangements differ significantly between the two markets, with 18C expanding the applicable subjects for lock-up periods to prevent key shareholders from cashing out, while the Sci-Tech Innovation Board enforces strict lock-up periods to ensure long-term focus on company development [8]

【导读】REITs有望纳入沪深港通，领展房托领涨蓝筹！爱高集团暴涨超139% 5月7日，港股高开低走，恒生指数收涨0.13%，报22691.88点；恒生科技指数跌0.75%，报5200.04点；恒生中国企业指数跌0.23%，报8242.25点。全日大市 成交额2401亿港元，较前一交易日回升。南向资金净卖出额78.66亿港元。 REITs有望纳入沪深港通，领展房地产投资信托基金（以下简称领展房托）涨6.68%，中升控股涨4.80%，友邦保险涨2.92%，领涨蓝筹。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 领展房产基金 | 0823 | 39.950 c | 2.500 | 6.68% | 15.39亿 | 21.61% | | 2 | 中升控股 | 0881 | 12.220 c | 0.560 | 4.80% | 1.05亿 | -12.46% | | 3 | 友邦保险 | 1299 | 61.750 c | 1.750 | 2.92% | ...