Core Insights - The report highlights the challenges faced by the Hong Kong stock market, with the Hang Seng Index experiencing fluctuations and closing down 72 points or 0.29% [2][3] - The report indicates a decrease in net inflow from the Northbound trading, with a net inflow of 1.603 billion HKD, down 58.1% from the previous day [2] - The report discusses the performance of various sectors, noting that 7 out of 12 Hang Seng Composite Industry Indices rose, while 8 fell, with the healthcare, telecommunications, essential consumer goods, and conglomerates showing slight increases [3] Company Analysis - The report focuses on Li Ning (2331.HK), noting that the running and fitness categories are leading growth, while retail channels remain under pressure due to weak consumer spending [5][6] - For Q2, the company reported low single-digit growth in overall platform revenue, with offline channels experiencing a decline, while e-commerce channels showed mid-single-digit growth [5] - The report mentions a decrease in the number of stores, with a total of 6,099 stores as of June 30, reflecting a net decrease of 18 stores since the beginning of the year [6] - The report highlights the signing of a new basketball ambassador, which is expected to boost the basketball category's growth [6] Investment Recommendations - The report suggests that Li Ning's strategy of "single brand, multiple categories, and multiple channels" will continue to evolve, with a target price of 19.2 HKD based on a 20x PE for 2025 [7]

Core Points - The company has announced the use of raised funds to replace previously paid issuance expenses amounting to 5.5196 million yuan (excluding VAT), which complies with the regulation of replacement within six months after the funds are received [1][2][3] Fundraising Overview - The China Securities Regulatory Commission approved the company's initial public offering (IPO) on April 9, 2025, allowing the company to issue 25 million shares at a price of 19.88 yuan per share, raising a total of 497 million yuan [1][2] - After deducting issuance expenses, the net amount raised was 444.164 million yuan, which is lower than the total planned investment of 486.0858 million yuan for the fundraising projects [2][3] Investment Project Adjustments - The company held board and supervisory meetings on July 16, 2025, to adjust the planned investment amounts for the fundraising projects without changing the intended use of the funds [2][3] - The total investment for the projects remains at 48,608.58 million yuan, with the adjusted amount for the raised funds set at 44,416.44 million yuan [2] Compliance and Verification - The board and supervisory meetings confirmed that the use of raised funds to replace paid issuance expenses adheres to relevant regulations and does not affect the normal implementation of fundraising projects [3][4] - The accounting firm Tianjian provided verification that the company's management's report on the prepayment of issuance expenses aligns with regulatory requirements [4][6]

Core Viewpoint - The company has adjusted the amount of funds to be invested in its fundraising projects based on the actual net amount raised and the needs of the projects, ensuring compliance with regulatory requirements and maintaining shareholder interests [1][6][7]. Fundraising Basic Information - The company issued 25,000,000 shares at a price of RMB 19.88 per share, raising a total of RMB 497 million, with issuance costs deducted [2][4]. - The raised funds are managed in a special account approved by the board, with a regulatory agreement in place [2]. Fundraising Project Details and Adjustment - The initial planned investment in fundraising projects was RMB 48,608.58 million, but the adjusted amount is RMB 44,416.44 million due to the actual net amount raised being lower than expected [4][6]. - The company will cover the shortfall through self-raised funds without changing the intended use of the raised funds [4][6]. Impact of the Adjustment - The adjustment is based on the actual fundraising situation and future development plans, ensuring no substantial impact on the normal use of the raised funds and no harm to shareholder interests [4][6][7]. - The adjustment aligns with regulatory requirements and aims to enhance fund utilization efficiency and resource allocation [4][6][7]. Review Procedures - The adjustment was approved in meetings of the board and supervisory committee, falling within the board's authority and not requiring shareholder meeting approval [6][7]. - Both the supervisory committee and the sponsor provided positive opinions on the adjustment, confirming compliance with relevant regulations [6][7].

【导读】港交所：上半年总集资金额同比上升322%！5只新股齐上市首日均实现上涨 中国基金报记者 郭玟君 7月9日，恒生指数收跌1.06%，报23892.32点，恒生科技指数跌1.76%，恒生中国企业指 数跌1.28%。全日市场成交额为2339亿港元，较前一交易日的2132.89亿港元有所增加。南 向资金净买入额为92.56亿港元。 恒基地产跌8.64%，阿里巴巴跌3.83%，紫金矿业跌3.38%，领跌蓝筹。恒基地产大跌主要 是由于公司披露，拟发行本金总额为80亿港元的可换股债券。 | 序号 | 名称 | 代码 | 现价 | 消歧跌 | 涨跌幅 ^ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 恒县地产 | 0012 | 25.900 c | -2.450 | -8.64% | 11.58亿 | 15.88% | | 2 | 阿里巴巴-W | 9988 | 102.900 c | -4.100 | -3.83% | 139.51亿 | 26.98% | | 3 | 紫等处,不 | 2899 | 20.000 c | ...

Quantitative Models and Factor Analysis Quantitative Models and Construction - **Model Name**: Hang Seng Stock Connect Index (HSISC) **Model Construction Idea**: The index selects all eligible securities from the Hang Seng Index constituents that qualify for Stock Connect, aiming to reflect the overall performance of these stocks traded via Stock Connect[26] **Model Construction Process**: 1. **Sample Space**: Constituents of the Hang Seng Index (base index)[26] 2. **Selection Criteria**: All securities eligible for Stock Connect[26] 3. **Adjustment Mechanism**: - **Regular Adjustments**: Quarterly adjustments to the index sample[26] - **Temporary Adjustments**: Replacement based on changes in the base index and Stock Connect eligibility[26] **Model Evaluation**: The index demonstrates high elasticity, providing significant beta returns during market uptrends[27] Quantitative Factors and Construction - **Factor Name**: Technical Factor **Factor Construction Idea**: Measures the exposure of the Hang Seng Stock Connect Index to technical indicators relative to the Hang Seng Index[38] **Factor Construction Process**: 1. Analyze the factor exposure of the Hang Seng Stock Connect Index relative to the Hang Seng Index[38] 2. Quantify the exposure value for the technical factor, which is -0.066[38] **Factor Evaluation**: The index shows notable exposure to technical factors, along with other factors such as profitability, dividends, and volatility[38] Backtesting Results of Models - **Hang Seng Stock Connect Index**: - **Cumulative Return**: 49.92%[29] - **Annualized Return**: 39.22%[29] - **Annualized Volatility**: 24.48%[29] - **Sharpe Ratio**: 1.60[29] - **Maximum Drawdown**: 20.08%[29] Backtesting Results of Factors - **Technical Factor**: Exposure value of -0.066[38] - **Profitability Factor**: Exposure value of -0.029[38] - **Dividend Factor**: Exposure value of 0.026[38] - **Volatility Factor**: Exposure value of 0.022[38] Additional Metrics for the Hang Seng Stock Connect Index - **Valuation Metrics**: - Price-to-Earnings (PE): 10.08x[40] - Price-to-Book (PB): 1.08x[40] - **Profitability**: Return on Equity (ROE): 10.63%[42] - **Liquidity**: Trading volume accounts for 52% of the Hang Seng Composite Index, with a historical low congestion percentile of 9%[45] - **Dividend Yield**: 4.76%, higher than the CSI All Share Index (2.68%) and CSI 300 Index (3.59%)[49]

Core Viewpoint - Suzhou Huazhi Jie Telecommunications Co., Ltd. has successfully completed its initial public offering (IPO) and is set to list on the main board, with the issuance approved by the Shanghai Stock Exchange and registered by the China Securities Regulatory Commission [1][2]. Group 1: Issuance Details - The total number of shares for this issuance is 25 million, with an initial strategic placement of 5 million shares, accounting for 20% of the total issuance [2]. - The final strategic placement remains at 5 million shares, with no need for a downward adjustment to the offline issuance [2]. - The issuance price is set at 19.88 yuan per share, with 8 million shares allocated for online issuance on June 10, 2025 [2]. Group 2: Subscription and Allocation - The online issuance received 11,054,785 valid applications, totaling 64,250,198,500 shares, resulting in an initial online winning rate of 0.01245132% [5]. - Due to an oversubscription rate of approximately 8,031.27 times, the company and underwriter decided to implement a mechanism to adjust the allocation, increasing the online issuance to 16 million shares, which is 80% of the adjusted total [5]. - The offline issuance will be reduced to 4 million shares, accounting for 20% of the adjusted total [5]. Group 3: Payment and Compliance - Investors must ensure that their accounts have sufficient funds for the new share subscription by June 12, 2025, or they will be deemed to have forfeited their subscription [3][5]. - Investors who fail to comply with payment obligations may face penalties and be reported to the China Securities Association [5]. - A 10% lock-up period applies to shares, starting from the date of listing on the Shanghai Stock Exchange [4].

Group 1 - CITIC Group is a large comprehensive enterprise group founded in 1979, headquartered in Beijing, and is one of the first multinational enterprises established after China's reform and opening up [1] - The group operates under a unique "finance + industry" dual-drive model, covering sectors such as finance, resource energy, high-end manufacturing, and engineering contracting [1] - CITIC Group has a significant presence in both domestic and international markets, consistently ranking in the Fortune Global 500 [1] Group 2 - CITIC Bank, established in 1987, is one of the earliest emerging commercial banks in China, providing a wide range of financial services [3] - CITIC Securities, founded in 1995, is the largest securities company in China, leading in investment banking market share for five consecutive years [5] - CITIC Special Steel, established in 1993, is a global leader in special steel manufacturing, with products used in high-end applications [7] Group 3 - CITIC Heavy Industries, founded in 2008, specializes in heavy machinery manufacturing and has a global presence in 68 countries [10][11] - CITIC Offshore Helicopter, established in 1999, is the largest general aviation operator in China, focusing on offshore oil and emergency rescue services [13] - CITIC Guoan Information Industry, founded in 1997, holds a significant position in the integrated information services sector [15] Group 4 - CITIC Metal, established in 1988, is a leading trader of metal and mineral products, with a focus on iron ore and non-ferrous metals [17] - CITIC Publishing Group, founded in 1993, is a leading publishing group in China, focusing on book publishing and digital reading [18] - CITIC Resources Holdings, established in 1997, engages in the exploration and trading of natural resources [20] Group 5 - CITIC International Financial Holdings serves as the main asset integration platform for CITIC Group, covering various sectors including finance and manufacturing [22] - CITIC International Telecommunications is one of the largest international telecommunications hubs in the Asia-Pacific region [24] - CITIC Financial Asset Management, restructured in 2023, focuses on managing non-performing assets and financial services [26] Group 6 - CITIC Group's listed companies benefit from a "strategic control + market-oriented operation" model, enjoying resource synergy while maintaining competitiveness in niche markets [26] - Many of the group's listed companies are currently undervalued compared to their industry positions, presenting potential investment opportunities [26] - The ongoing national policy for state-owned enterprise value reassessment and the effective layout of emerging industries may lead to structural opportunities for CITIC Group companies [26]

Core Viewpoint - Li Ka-shing, at 92 years old, made a rare statement to deny rumors of selling strategic ports to American capital, coinciding with a significant U.S.-China agreement to gradually remove punitive tariffs imposed since 2018 [1][3][4] Group 1: Market Response - Following the U.S.-China joint statement, the Hong Kong capital market reacted with speculation about potential re-engagement in the market [4] - Li Ka-shing's swift and direct response was unusual for him, indicating a strategic positioning rather than a typical defensive reaction [5][6] Group 2: Strategic Importance of Ports - Li Ka-shing has maintained a low profile regarding his extensive global port holdings, which are crucial logistical assets [7] - The ports in question, Balboa and Cristobal, are strategically located at the Panama Canal, a vital shipping route where one in every 17 containers globally passes through, with over 20% of traffic being Chinese vessels [8] Group 3: Implications of the Statement - The rumors of selling port assets to BlackRock raised questions about Li Ka-shing's alignment amid U.S.-China tensions, but his denial leaves room for potential future transactions [8][10] - Li Ka-shing's history of strategic asset management reflects a long-term vision rather than short-term profit motives, suggesting a focus on asset continuity and navigating future economic cycles [12][13] Group 4: Asset Structure and Family Legacy - Long-term trends in Li Ka-shing's financial reports show a decreasing reliance on mainland China, with a shift towards European and Commonwealth markets [14] - The next generation, represented by his grandson, may prefer stable cash flows over complex political negotiations, indicating a strategic withdrawal from intricate assets like ports [14][15] Group 5: Overall Strategy - Li Ka-shing's recent actions are seen as a calculated move rather than a reaction to immediate pressures, signaling a clear understanding of market dynamics [15][16] - His approach emphasizes strategic foresight, avoiding overt political stances while maintaining a focus on viable business paths [17][18]

策略研究 / 2025.05.12 关税缓和下全球风险偏好回暖 一全球股市立体投资策略周报 本报告导读: 1上周全球股市基本收平,结构上金融、可选消费、能源表现领先, 风险偏好普遍回暖。2海外流动性边际转紧,全球央行降息预期延 后。3从经济景气预期看,美国、欧洲边际改善,中国继续抬升。 投资要点: | 吴信坤(分析师) | | --- | | 021-38676666 | | S0880525040061 | | 陈菲(分析师) | | 021-38676666 | | S0880525040127 | 比下降。从投资者情绪看,港股方面,上周港股卖空占比较前周环 比下降,处于历史高位;美股方面,上周 NAAIM 经理人持仓指数 较前周环比上升,处于历史偏高位。从波动率看,上周港股、美股、 欧股、日股波动率均下降。从估值看,上周发达市场整体估值较前 周下降,新兴市场整体估值较前周提升。 参研究报 因欧洲关税冲击缓和、4月经济数据偏强提振预期;花旗中国经济 意外指数从 44.1 升至 50.5,为 23年5月以来最高水平,受益于政 策发力与中美谈判顺利。 目录 | 1. 全球市场:上周全球风险偏好出现回升 | | ...

Group 1 - The Hong Kong stock market opened with mixed performance in the Hang Seng Index and Hang Seng Tech Index, with energy, finance, and consumer sectors showing gains [1] - The Hong Kong Tech 30 ETF (513160) declined by 0.80%, with a turnover rate exceeding 7% and a transaction volume over 800 million yuan [1] - The ETF market has seen significant inflows this year, with a net inflow of over 249.3 billion yuan as of May 7, and stock ETFs accounting for over 50% of this inflow [1] Group 2 - Haitong International's report suggests investors should wait for a second bottoming opportunity in May, particularly focusing on internet and AI applications [2] - The internet sector has lagged in the recent market rebound but has caught up after a significant rise last week, indicating potential future opportunities [2] - The report highlights the ongoing benefits in foreign trade and cross-border payment sectors due to deepening trade relations between China and ASEAN, as well as Japan and South Korea [2]