艾德证券指出，虽然贸易争端导致部分对于风险敏感度较高的资金离场，但是港股市场目前整体的稳定 逻辑已然不同。南下资金的持续流入以及美联储可预期的降息大幅改善港股市场流动性。此外，盈利结 构性回升也成为了港股的主要驱动力，市场预期中国股指明年的盈利增速将会达到双位数。 恒科指数尾盘跌幅扩大逾4%。截至发稿，成份股中，比亚迪（002594）电子(00285)跌8.86%，报37.46 港元；华虹半导体(01347)跌7.73%，报75.15港元；阿里巴巴-W(09988)跌5.02%，报153.1港元；腾讯 (00700)跌2.42%，报605港元。 消息面上，区域银行信贷危机升温拖累隔夜美股全面走弱，亚太股市今日普遍杀跌。据报道，美国两家 区域性银行近日披露的贷款问题，累计潜在损失达数千万美元，引发市场对银行信贷质量和资产透明度 进一步恶化的担忧。有分析认为，近期贸易环境不利于估值演绎，而不少个股此前涨幅较大，如今面临 估值回归的问题；另外，美国区域银行事件导致美股出现大跳水，对全球市场影响较大，市场预期硅谷 银行事件再现。 ...

Core Insights - The Hong Kong stock market showed signs of stabilization and positive growth in the first half of the year, with net profit margins and return on equity remaining at high levels, indicating robust operational efficiency [1] - Sectors such as technology, pharmaceuticals, and materials exhibited high levels of prosperity, supporting the overall performance of the Hong Kong stock market, while non-bank and certain consumer sectors also performed well [1] - However, sectors like energy, utilities, real estate, and most consumer industries continue to face performance pressures [1] - The outlook for the Hong Kong stock market is optimistic, with expectations of a performance turnaround in underperforming sectors such as energy and essential consumer goods in the second half of the year [1] - Given the liquidity-driven nature of the current Hong Kong stock market, sectors with improving fundamental expectations are likely to continue attracting market attention [1]

Core Viewpoint - Bank of China International believes that the Hong Kong Monetary Authority's sale of US dollars for Hong Kong dollars has a minimal impact on the Hong Kong stock market, as the funds are primarily risk-averse and focused on high-interest deposits [1] Group 1: Market Liquidity and Trading Volume - Hong Kong stock market liquidity remains abundant, with an average daily trading volume of HKD 262.9 billion in July 2025, representing a year-on-year increase of 167% [1] - As of August 6, the average daily trading volume for August so far is HKD 233.5 billion, still at historically high levels [1] Group 2: Market Predictions - Bank of China International forecasts that the Hang Seng Index will reach 27,500 points by the end of December this year, which corresponds to a projected price-to-earnings ratio of 12.3 times, a premium of 5% over the average projected price-to-earnings ratio over the past 20 years [1] Group 3: Southbound Trading - Southbound trading has recorded a net inflow of RMB 833.2 billion year-to-date, reflecting a year-on-year growth of 109.8% [1] - The bank predicts that the net inflow from mainland to Hong Kong southbound trading will reach RMB 1.2 trillion in 2025, surpassing RMB 744 billion in 2024 and RMB 289.4 billion in 2023 [1]

新华财经上海7月21日电（林郑宏）7月21日，香港恒生指数收盘上涨0.68%，报24994.14点，盘中一度站上25000 点整数关口，创2022年2月以来新高。 H股股价高于A股股价的AH股公司一览（截至7月21日收盘数据） 受此带动，H股相对A股溢价的AH股公司数量攀升至8家，其中宁德时代H股较A股溢价最多，达36.69%，华新水 泥、东方电气、恒瑞医药3家公司也均超过10%。 新华财经注意到，近一个月内，AH股溢价始终处于低位徘徊，而H股较A股溢价的公司数量也一直维持在3家， 但这一局面在今天被打破。 长江证券研报数据显示，虽然AH溢价率整体来看，一直呈现A股溢价状态，但是历史上也有部分阶段A股相较于 对应港股呈现折价。典型阶段如2014年下半年，当时AH股溢价一度跌至100以下，呈现普遍性的H股贵于A股的 情况，而H股较A股溢价的公司当时也一度攀升至18家。 中字头央企领涨恒指成分股，中国石油化工股份涨5.53%，中国石油股份涨3.61%，中国神华H股涨2.94%。 AH股溢价下跌0.67%，报125.44，创2020年6月后最低水平，两地上市公司H股与A股差价进一步缩小。 得益于雅鲁藏布江水电站工程 ...

Group 1 - The current Hong Kong stock market has abundant liquidity, with a focus on the upward elasticity of the non-bank sector [1] - Since June, the Hong Kong stock market has shown recovery, with the Hang Seng Index up by 4.27% and the Hang Seng Tech Index up by 3.31%, outperforming the MSCI World Index which increased by 3.77% [1] - As of June 27, the overall market capitalization of Hong Kong stocks reached HKD 42.84 trillion, an increase of 6.31% compared to the end of May [1] Group 2 - Trading activity in the Hong Kong stock market has increased, with an average daily turnover (ADT) of HKD 229.44 billion, up by 9.12% month-on-month [1] - Southbound capital's ADT increased by 27.16%, accounting for 26.18% of the total turnover [1] - The trading volume of derivatives has also risen, with futures average daily volume (ADV) at 58,000 contracts, up by 6.30%, and options ADV at 82,000 contracts, up by 11.53% [1] Group 3 - The HIBOR rate has risen again since June, with the 6-month HIBOR reaching 2.38% as of June 27, an increase of 0.22 percentage points month-on-month, and a decrease of 4.2 percentage points year-to-date [1] - With HIBOR remaining high, the investment income of the Hong Kong Stock Exchange is expected to continue to rise [1] Group 4 - The Hong Kong Stock Connect 50 ETF tracks the Hong Kong Stock Connect 50 Index, which is compiled by China Securities Index Co., Ltd., selecting 50 large-cap stocks with good liquidity under the Stock Connect mechanism [1] - The index is calculated using a free-float market capitalization weighting method and sets a 10% weight limit for individual constituent stocks, reflecting the overall market performance of large-cap stocks in Hong Kong [2]

据《2 1世纪经济报道》此前报道，3月9日，港交所行政总裁陈翊庭透露，港股今年以来日均 成交额超 2 0 0 0 亿港元。其中，2 月的港股每日成交金额有 3 次突破 4 0 0 0 亿港元。这个数字 相当于2 0 2 3年日均成交额的4倍。 Wi n d数据显示，2 0 2 5年开年以来，内地资金南下势头凶猛：1月净买入1 2 5 5 . 9 2亿港元，2月 加码至1 5 2 7 . 7 8亿港元，3月前7个交易日再录得6 11 . 3 9亿港元净流入，累计规模达3 3 9 5亿港 元，较去年同期激增近4倍。 3月1 0日，南向资金单日净买入2 9 6 . 2 6亿港元，创下互联互通机制开通以来最高纪录。 在内地资金的持续助推下，港股成为表现最强劲的股市之一。恒生指数从年初的不到2 0 0 0 0点 一路冲高，最高达2 4 6 6 9 . 6；恒生科技指数更以超4 0%的最大涨幅领跑全球，双双刷新近三年 新高。 今日，港股传来利好消息！ 3月1 3日，据《证券时报》援引彭博社消息，知情人士透露， 香港证券交易所正在探讨降低投 资者购买香港部分高价股票门槛的方案 ，以刺激交易。这些人士称，在最近几周港交所与经 ...