智通财经APP获悉，兴业证券发布研报称，以2025年12月31日为考察截止日的恒生综合指数半年度审议工作已 结束，港股通标的名单即将迎来新一轮调整。本次调整结果预计将于2月20日公布，自3月9日（周一）起正式生 效。根据港股通调整规则进行模拟测算，兴业证券预计这次调整中将有48只港股被纳入港股通标的范围。 截至2025年12月31日，港股通新纳入标的的市值准入门槛已提升至90亿港元。从行业分布维度来看，本次港股 通新纳入标的主要集中于医疗保健业、资讯科技业及非必需性消费行业，上述三大行业的纳入标的数量位居前 列。 兴业证券主要观点如下： 以2025年12月31日为考察截止日的恒生综合指数半年度审议工作已结束，港股通标的名单即将迎来新一轮调 整。本次调整结果预计将于2月20日公布，自3月9日（周一）起正式生效。根据港股通调整规则进行模拟测算， 我们预计这次调整中将有48只港股被纳入港股通标的范围。 工业（7家）：京东工业、果下科技、西锐、挚达科技、威胜控股、希迪智驾、津上机床中国 金融业（5家）：HASHKEY HLDGS、耀才证券金融、徽商银行、OSL集团、南华期货股份 原材料业（3家）：创新实业、佳鑫国际资 ...

中信证券研报称，恒生综指将于2月13日迎来新一轮检讨结果，本次调整将在3月9日正式生效，港股通 也将对应调整。我们预计将有38只标的进入港股通，其中信息技术、医疗保健、材料、可选消费流通市 值权重较高。其中，AH股无需等待定期调整，价格稳定期过后可直接纳入港股通，因此1只标的或在3 月9日前已实现纳入。我们也建议投资者关注恒生综指公告日到港股通生效日期间的择时配置机会。另 外，由于部分套利资金或在港股通生效日前提前布局，而被动资金多于生效日前一交易日调仓，部分流 动性较差的个股届时可能存在尾盘放量的现象。 本文源自：金融界AI电报 ...

恒生指数公司近日公告，将于2月13日宣布2025年第四季度恒生指数系列检讨结果，相关成份股变动将 于3月9日正式生效。根据最新数据统计，共有43家公司符合港股通纳入标准，按日均市值排名，京东工 业、创新实业、滴普科技、乐舒适、英矽智能、图达通、卧安机器人等位列前茅。 与此同时，有25家现有港股通公司或因市值未能满足要求而面临被调出的风险，这份名单中包括了粉 笔、一脉阳光、北京汽车、华润医疗等部分曾受市场关注的标的。 根据恒生指数公司的常规安排，港股通标的调整遵循一年四次的定期机制，其中3月和9月为大规模调整 期，6月和12月为小规模调整期。数据考察的截止日期通常为每年的6月30日和12月31日。 对于A+H两地上市的公司，其H股在满足特定条件后，可在价格稳定期结束后直接纳入港股通，无需等 待定期检讨。例如，纳芯微已于1月5日被纳入，南华期货股份预计将于1月19日进入港股通名单。 本文源自：市场资讯 作者：观察君 此外，采用同股不同权架构的公司若要首次纳入港股通，需满足额外的上市时间、市值及流动性要求。 据相关数据预测，极智嘉-W或将于2月6日获纳入，禾赛-W、小马智行-W、明略科技-W、文远知行-W 等公司在 ...

Core Viewpoint - The stock price of Automobile Street (02443) has experienced significant volatility since its listing, with recent trends indicating a potential exit from the Hong Kong Stock Connect program due to its declining market capitalization [5][12]. Price Performance - Since reaching a peak of 5.11 HKD on July 18, the stock has entered a downward trend, with a recent low of 3.38 HKD observed on November 21 [1][2]. - The stock has been in a state of decline since its listing, with a drop of over 60% from its initial offering price of 10.2 HKD [1]. - Following a brief surge on October 8, where the stock price increased by 344% to 117 HKD, it has since returned to lower levels, with a significant drop of 44.44% on November 27 after a major lock-up expiration [1][5]. Technical Analysis - The stock is currently in a downward trend, with all moving averages showing a downward divergence, indicating a fundamental shift in the previous technical trend [2][3]. - The stock has entered an oversold territory, with a low profit-taking ratio of only 0.16%, suggesting a high level of trapped shares at an average price of 4.22 HKD [7][14]. Market Capitalization and Stock Connect Status - The average market capitalization of Automobile Street during the review period is 33.44 billion HKD, significantly below the 61.01 billion HKD threshold required for inclusion in the Hong Kong Stock Connect [5][6]. - The next review for the Hong Kong Stock Connect is scheduled for February 25, 2024, with a high likelihood that Automobile Street will be removed from the list due to its low market capitalization [5][6]. Trading Activity - Despite the downward trend, some investors are buying shares, with notable purchases from mainland investors through the Hong Kong Stock Connect, indicating a potential bet on a technical rebound [10][12]. - The largest buyers include China Investment (沪港通) and China Chuangying (深港通), holding 8.58% and 5.92% of the shares, respectively [10][11]. Historical Context - Historical data shows that stocks removed from the Hong Kong Stock Connect typically experience an average decline of 14.24% on the day of removal, indicating potential liquidity issues for Automobile Street if it is delisted [7][14].

Core Viewpoint - The stock price of Automobile Street (02443) has experienced significant volatility since its listing, with recent trends indicating a potential exit from the Hong Kong Stock Connect program due to its market capitalization falling below the required threshold [5][7]. Price Performance - Since reaching a peak of 5.11 HKD on July 18, the stock has entered a downward trend, with a recent low of 3.38 HKD observed on November 21 [2][11]. - The stock has been in a state of decline since its listing, with a drop of over 60% from its initial offering price of 10.2 HKD [1][5]. Technical Analysis - The stock is currently in a downward trend, with all moving averages showing a downward divergence, indicating a fundamental shift in the previous technical trend [2][3]. - The stock has entered an oversold territory, with a low profit-taking ratio of only 0.16%, suggesting a high level of trapped investors [8][15]. Market Capitalization and Stock Connect - The average market capitalization of Automobile Street during the review period is 33.44 billion HKD, significantly below the 61.01 billion HKD threshold for inclusion in the Stock Connect program [5][6]. - The next review for the Stock Connect program is scheduled for February 25, 2025, with the assessment period from January 1, 2025, to December 31, 2025 [5][6]. Trading Volume and Investor Behavior - The stock has seen a significant decrease in trading volume, with only five days in the past two months exceeding 500,000 shares traded, indicating a lack of market activity and investor interest [14]. - Despite the downward trend, some mainland investors are buying the stock, possibly speculating on a short-term technical rebound [11][13]. Potential Impact of Stock Connect Removal - If removed from the Stock Connect program, mainland investors will be unable to buy shares, potentially leading to increased selling pressure as approximately 14% of shares could be offloaded [15].

Group 1: Market Adjustment Overview - In September 2025, 20 stocks were added to and 20 stocks were removed from the Hong Kong Stock Connect, with 19 of the new additions matching prior predictions[9] - The average market capitalization of the stocks added was 246.5 billion HKD, with the highest being 445.6 billion HKD for Yaojie Ankang-B[7] - Prior to the adjustment, the added stocks experienced an average price increase of 16.30% over the previous month, 4.54% over the previous week, and 5.76% on the last trading day[10] Group 2: Stock Performance Analysis - The average price change on the adjustment day was -2.10%, followed by an average increase of 16.07% in the week after the adjustment[10] - Stocks added to the Connect outperformed their respective industry indices prior to the adjustment, with average relative returns of 10.84%, 1.94%, and 3.19% over the previous month, week, and day respectively[13] - The average relative return on the adjustment day was -3.02%, with a subsequent average return of 13.49% in the following week[13] Group 3: Future Projections - For March 2026, 17 stocks are projected to meet the Hong Kong Stock Connect eligibility criteria, with the lowest estimated market capitalization being 89.1 billion HKD[29] - An additional 29 stocks are close to meeting the criteria, with market capitalizations ranking between the 94th and 96th percentiles[31] - The analysis assumes that trading data from September to December will maintain August's average levels, which may affect future eligibility[29][31] Group 4: Risk Factors - Market capitalization ranking fluctuations pose a risk, as the assessment for March 2026 will consider a full 12-month period, potentially impacting the results[35] - Changes in liquidity ratios could affect stock eligibility, especially if significant changes in shareholding occur[35] - Regulatory changes regarding the inclusion criteria for the Hong Kong Stock Connect may also impact future adjustments[35]

Core Viewpoint - BOE Technology Group (京东方精电) has faced a significant decline in stock price following its removal from the Hang Seng Composite Index, with ongoing challenges in profitability and market conditions impacting its outlook [1] Financial Performance - For the first half of the year, BOE reported revenue of HKD 6.671 billion, an increase of approximately 8% year-on-year [1] - The net profit attributable to shareholders was approximately HKD 180 million, reflecting a year-on-year increase of about 5% [1] - The net profit margin for the company stands at 2.7% [1] Market Reaction - Following the announcement of its removal from the index, BOE's stock price dropped over 4%, closing at HKD 6.12 with a trading volume of HKD 73.1746 million [1] - Citigroup has downgraded its investment rating from "Buy" to "Sell," reducing the target price from HKD 7.4 to HKD 5.5, citing weak profit margins and slow recovery in business [1] Investment Outlook - The company is experiencing increased R&D investments in its automotive display systems and additional investments in its Vietnam factory, which have impacted profit growth [1] - Management anticipates continued inventory destocking pressure in the domestic market for the second half of the year, with no significant improvement expected in operating profit margins over the next two years [1]

Core Viewpoint - Jiamaojiu (09922) has experienced a significant decline in stock price, dropping over 3% following the release of its mid-year results for 2025, indicating ongoing challenges in the restaurant industry [1] Financial Performance - The company reported a revenue of 2.753 billion yuan, representing a year-on-year decrease of 10.1% [1] - The profit attributable to equity shareholders was 60.691 million yuan, down 16% compared to the previous year [1] Same-Store Sales - The same-store sales growth rates for the company's main brands were as follows: Taier at -19.0%, Song Hotpot at -20.1%, and Jiamaojiu at -19.8% [1] Store Closures - In the first half of the year, the company closed a net total of 88 stores, primarily due to the expiration of lease agreements and underperformance of certain restaurants [1] Analyst Revisions - Morgan Stanley has revised its earnings per share forecasts for Jiamaojiu for 2025 to 2027 down by 9%, 6%, and 10% respectively, reflecting weaker-than-expected demand year-to-date [1] - The target price has been adjusted from 2.3 HKD to 2.1 HKD, maintaining a "Reduce" rating [1] Market Impact - The company is expected to face selling pressure in the short term due to its removal from the Hang Seng Composite Index effective September 8, which will exclude it from the Hong Kong Stock Connect program [1] - As of August 22, southbound funds held 311.7 million shares, accounting for 22.3% of the total share capital and 44.4% of the free float [1]

Core Viewpoint - The article discusses the recent adjustments to the Hang Seng Index and its implications for investors, highlighting the inclusion and exclusion of specific stocks and the expected capital flows resulting from these changes [2][3][5]. Group 1: Hang Seng Index Adjustments - The Hang Seng Index has included China Telecom, JD Logistics, and Pop Mart, with respective weights of 1.44%, 0.51%, and 0.22%, increasing the total number of constituent stocks to 88 [3]. - The Hang Seng China Enterprises Index has added Pop Mart with a weight of 2.10%, while Jitu Express has been removed, maintaining the total number of constituent stocks at 50 [3]. - The Hang Seng Technology Index saw no changes, keeping its 30 constituent stocks unchanged [3]. Group 2: Capital Flow Implications - For the Hang Seng Index, the expected capital inflows from the newly included stocks are approximately $160 million for China Telecom, $68.74 million for JD Logistics, and $45 million for Pop Mart, with respective inflow durations of 4.4 days, 3.5 days, and 1.0 day [3]. - The potential capital outflow from China Bank due to weight changes could reach $12 million, with an outflow duration of about 0.6 days [3]. - In the Hang Seng China Enterprises Index, Pop Mart is expected to bring in $15 million, with an inflow duration of approximately 0.3 days, while Jitu Express may see an outflow of about $4.993 million over 1.2 days [4]. Group 3: Hong Kong Stock Connect Adjustments - The article anticipates 20 new stocks to be included in the Hong Kong Stock Connect, with 19 stocks likely to be removed, aligning closely with previous predictions [5]. - The potential new additions include companies such as China Foods, Caocao Travel, and Nanshan Aluminum International, while removals include companies like Xirui and Youkang Vision [5]. Group 4: Implementation Timeline - The adjustments will be implemented on September 5 and will officially take effect on September 8, with passive funds expected to rebalance their portfolios on the implementation date, leading to significant trading volume increases [7].

Group 1 - The Hang Seng Index will announce its semi-annual review results on August 22, 2025, affecting major indices such as the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index, with changes effective from September 8, 2025 [1] - Several brokerages, including UBS, Huatai Securities, and CICC, have released reports predicting adjustments to the Hang Seng Index and potential candidates for inclusion in the Hong Kong Stock Connect [1][2] - CICC highlights the significant size of passive funds tracking flagship indices, with ETF sizes for the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index being approximately $30.35 billion, $6.63 billion, and $26.12 billion respectively, indicating substantial potential fund flows due to component changes [1] Group 2 - CICC estimates that potential candidates for inclusion in the Hang Seng Index include Bank of Communications (03328), Pop Mart (09992), Yum China (09987), XPeng Motors (09868), Huazhu Group (01179), JD Logistics (02618), and Innovent Biologics (01801) [1][2] - UBS predicts that stocks likely to be included in the Hang Seng Index are WuXi AppTec (02268), Pop Mart, JD Logistics, Kingsoft (03888), and Bank of Communications, while Pop Mart is also expected to be included in the Hang Seng China Enterprises Index [2] Group 3 - Companies such as Cao Cao Travel (02643), InnoCare Pharma (09606), and Zhou Liu Fu (06168) are expected to be included in the Hong Kong Stock Connect, which connects Hong Kong-listed companies with mainland investors [3] - CICC estimates that 19 stocks meet the criteria for inclusion in the Hong Kong Stock Connect, including Cao Cao Travel, InnoCare Pharma, Zhou Liu Fu, and others [3][4] - UBS forecasts potential candidates for the Hong Kong Stock Connect based on the Hang Seng Composite Index predictions, including East Asia Bank, InnoCare Pharma-B, Blue Moon Group, and others [3] Group 4 - Huatai Securities also anticipates that 19 stocks may be included in the Hong Kong Stock Connect, with a list that includes Yunzhisheng, InnoCare Pharma-B, and others [4] - Historical data indicates that newly included stocks in the Hong Kong Stock Connect tend to outperform the market, while stocks removed from the index face significant capital outflows [4]