如果投资者的资金量不大，选择强行分散投资也值得商榷。如果资金体量较小，仍然分仓多笔进行交 易，其实会无形中增加额外的交易成本。比如5万元一次性买入一只股票和5万元分仓买入五只股票相 比，前者产生的佣金费用肯定更低。 对于中小投资者来说，经过漫长的等待，找准时机，满仓买入一只股票，不仅是小资金最优的投资策 略，同时也是交易成本最低的投资方式。 当然，单笔交易佣金的高低并不是决定投资者交易成本的唯一因素，交易习惯也对投资者的交易成本影 响很大。如果投资者买入股票后长期持有，进行价值投资，那么即使是交易佣金按照5元的"最低消 费"收取，投资者依然有很大的机会盈利。但如果投资者总是频繁交易，追涨杀跌，那么即使没有5元 的"最低消费"，长期下来，投资者需要支付的交易成本也会高得吓人，降低交易频率才是关键所在。 以往投资者交易股票，券商佣金相对较高，如果券商能给投资者降低佣金比例，对于投资者降低交易成 本大有好处。于是下调佣金价格也成为了券商争取客户的主要方式之一。但是随着券商佣金降低到了万 分之一附近的时候，一个新的问题也就产生，券商佣金费率对于中小投资者来说，已经没有那么重要。 假如一个投资者有2万元炒股本金，一次性 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) has announced a reduction in the minimum price fluctuation unit for trading securities, effective August 4, aimed at lowering transaction costs and enhancing market efficiency [1][3][6]. Summary by Sections Minimum Price Fluctuation Adjustment - The minimum price fluctuation for securities priced between HKD 10 and HKD 20 will be reduced from HKD 0.02 to HKD 0.01, and for those priced between HKD 20 and HKD 50, it will be reduced from HKD 0.05 to HKD 0.02 [2][5]. - This adjustment applies to stocks, Real Estate Investment Trusts (REITs), and equity warrants [2][4]. Benefits of the Adjustment - The initiative is expected to lower trading costs, facilitate order execution at expected prices, improve market efficiency, and enhance the price discovery function [3][6]. - The HKEX plans a second phase of adjustments in mid-2026, which will further reduce the minimum price fluctuation for securities priced between HKD 0.5 and HKD 10 by 50% [3][8]. Settlement Cycle Changes - The HKEX is also considering shortening the stock settlement cycle from T+2 to T+1, aligning with international practices [10][11]. - This change aims to reduce market risk and improve capital efficiency for market participants [15]. Market Context - The HKEX has been actively working on reforms to lower transaction costs and enhance liquidity, with the goal of increasing its international competitiveness [3][10]. - As of mid-2025, the HKEX is expected to have over 2,600 listed companies, with an average daily trading volume of HKD 240.2 billion [13].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is implementing a phased reduction in the minimum price fluctuation for stocks, aimed at lowering trading costs and enhancing market efficiency, with the first phase effective from August 4, 2023 [1][6]. Group 1: Phase One Implementation - The first phase will adjust the minimum price fluctuation for stocks priced between HKD 10 to 20 from HKD 0.02 to HKD 0.01, and for stocks priced between HKD 20 to 50 from HKD 0.05 to HKD 0.02, representing a reduction of 50% and 60% respectively [5][9]. - A preparatory period of at least six months is allocated before the implementation of both phases, with the first phase set to be reviewed after its implementation [5][10]. - A pre-launch test is scheduled for August 2, 2025, to ensure that market participants are ready for the changes [7][8]. Group 2: Phase Two Considerations - The second phase is expected to be implemented around mid-2026, contingent on the review of the first phase's effectiveness [4][6]. - Concerns have been raised regarding the potential impact of the second phase on lower-priced securities, particularly regarding the narrowing of bid-ask spreads and its effect on liquidity [9][10]. - HKEX believes that the reduction in minimum price fluctuation will lower transaction costs for active investors, thereby increasing trading volume and market liquidity [10].