Group 1: Market Overview - The Hong Kong stock market showed mixed performance, with the Hang Seng Index opening high but eventually closing down by 93 points or 0.37% at 25,176 points, influenced by A-share movements [2][3] - The market experienced a trading volume exceeding 300 billion, indicating active trading despite the fluctuations [3] Group 2: Macro & Industry Dynamics - The Hong Kong government is enhancing its position as an international risk management center, with the recent authorization of two new captive insurance companies reflecting strong demand [6] - The government has introduced various incentives, including a 50% profit tax concession for captive insurance businesses, making Hong Kong more competitive compared to other Asian markets [6] - The banking sector is experiencing a downward trend in interest rates, with expectations of a decrease in capped mortgage rates by the end of the year due to anticipated U.S. interest rate cuts [7] - The mortgage rate index reported a monthly increase of 39 basis points, reflecting the rising HIBOR rates, which have implications for mortgage applicants [8] Group 3: Company News - Xtep International reported a 21.47% year-on-year increase in net profit for the first half of the year, amounting to 914 million RMB, driven by strong performance in its main brand and professional sports division [10] - The company plans to upgrade its retail strategy by launching a direct-to-consumer model and expanding its product offerings, indicating a proactive approach to market changes [11] - 361 Degrees has entered a strategic partnership with Stand Robot to leverage each other's strengths in the field of wearable robotics and high-performance materials, aiming to enhance innovation and technological capabilities [12]

Core Viewpoint - The Hong Kong interbank offered rate (HIBOR) has been rising, with the one-month HIBOR reaching 2% on August 18, marking a new high since May 8, indicating a shift in the banking system's liquidity and interest rate dynamics [1][2] Group 1: Banking System and HIBOR Trends - The banking system's surplus has decreased from a high of 1,740 million HKD in May to approximately 537 million HKD, nearing levels before the Hong Kong Monetary Authority (HKMA) intervened in early May [1] - The continuous rise in HIBOR over four consecutive working days suggests a tightening liquidity environment, with the actual mortgage rate now at 3.3%, still below the market cap of 3.5% [1][2] - The significant widening of the interest rate differential between Hong Kong and the U.S. has led to increased arbitrage activities, prompting the HKMA to intervene multiple times [1] Group 2: Future Expectations and Implications - The rise in HIBOR is expected to narrow the interest rate differential between Hong Kong and the U.S., reducing the incentive for arbitrage and stabilizing the Hong Kong dollar [2] - Despite the current HIBOR being over 2% lower than U.S. rates, expectations of a potential U.S. rate cut later this year could further influence HIBOR downward, with predictions of a decrease in the best lending rate (P) and capped mortgage rates by 0.25% to 0.5% [2] - Factors such as demand for Hong Kong dollars, arbitrage activities, and seasonal influences will continue to affect HIBOR fluctuations, necessitating borrowers to choose capped mortgage plans to mitigate risks associated with rising rates [2]

H按实际按息比封顶息率3.5%减少1.64%，供楼业主的利息支出可即时降低，对楼市有正面支持作用。 以500万贷款额，期限30年，若以今日H按按息1.86%计算，每月供款为18133港元，相比以封顶息率 3.5%计算，每月供款为22452港元，每月供款可减少4319港元，降幅达19.2%。 曹德明指出，虽然目前HIBOR处于低水平，但要注意HIBOR容易受资本市场活动影响，波动较大，有 意置业人士仍需定期观察市场走势。不过，H按供楼人士一般设有锁息上限，即使未来息口有机会回 升，H按业主仍可继续以封顶息率供楼，属于"进可攻、退可守"的按揭计划。 智通财经APP获悉，今日1个月HIBOR报0.56%，连跌5个工作日，创2022年6月15日之后的新低。经络 按揭转介首席副总裁曹德明表示，以目前一般新造H按计划"H+1.3%"计算，今日H按实际按息已跌至 1.86%，创近3年新低。曹德明认为，未来HIBOR走势将取决于市场活动以及对港元的需求。如果银行 体系总结余持续维持在千亿港元水平以上，HIBOR短期内仍有下探至0.5%或以下水平的可能。 另外，根据3月份香港金管局住宅按揭统计调查，H按选用比例为91.8%，环 ...