【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]

摩根标普港股通低波红利指数A股票持仓前十占比合计26.77%，分别为：远东宏信（4.00%）、重庆农 村商（3.33%）、恒隆地产（3.25%）、邮储银行（2.70%）、浙商银行（2.53%）、电讯盈科 （2.35%）、中国石油股份（2.22%）、中国燃气（2.16%）、中国石油化（2.15%）、恒生银行 （2.08%）。 公开资料显示，摩根标普港股通低波红利指数A基金成立于2017年12月4日，截至2025年3月31日，摩根 标普港股通低波红利指数A规模12.77亿元，基金经理为胡迪、何智豪。 简历显示：胡迪女士:CFA,FRM,美国哥伦比亚大学金融工程硕士,现任指数及量化投资部总监。胡迪女 士自2008年2月至2009年12月在纽约美林证券担任全球资产管理部高级经理;自2010年1月至2012年10月 在纽约标准普尔担任量化投资主管;自2012年11月至2020年4月在中国国际金融股份有限公司担任资产管 理部执行总经理;自2020年5月加入摩根基金管理(中国)有限公司(原上投摩根基金管理有限公司),现任指 数及量化投资部总监兼基金经理。2021年1月7日起至2022年6月24日担任上投摩根优选多因子股票型 ...

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].

金融界2025年6月9日消息，摩根标普港股通低波红利指数A(005051) 最新净值1.1349元，增长0.67%。该 基金近1个月收益率3.71%，同类排名361 3864；近6个月收益率10.31%，同类排名236 3250；今年来收 益率9.67%，同类排名475 3431。 简历显示：胡迪女士:CFA,FRM,美国哥伦比亚大学金融工程硕士,现任指数及量化投资部总监。胡迪女 士自2008年2月至2009年12月在纽约美林证券担任全球资产管理部高级经理;自2010年1月至2012年10月 在纽约标准普尔担任量化投资主管;自2012年11月至2020年4月在中国国际金融股份有限公司担任资产管 理部执行总经理;自2020年5月加入摩根基金管理(中国)有限公司(原上投摩根基金管理有限公司),现任指 数及量化投资部总监兼基金经理。2021年1月7日起至2022年6月24日担任上投摩根优选多因子股票型证 券投资基金基金经理。2021年1月7日至2025年5月8日担任上投摩根量化多因子灵活配置混合型证券投资 基金基金经理。2021年1月7日起担任上投摩根标普港股通低波红利指数型证券投资基金基金经理。2021 年1月7 ...

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]

金融界2025年5月13日消息，摩根标普港股通低波红利指数A(005051) 最新净值1.0999元，下跌0.54%。 该基金近1个月收益率7.72%，同类排名388 3749；近6个月收益率9.94%，同类排名220 3177；今年来收 益率6.29%，同类排名529 3437。 摩根标普港股通低波红利指数A股票持仓前十占比合计26.77%，分别为：远东宏信（4.00%）、重庆农 村商（3.33%）、恒隆地产（3.25%）、邮储银行（2.70%）、浙商银行（2.53%）、电讯盈科 （2.35%）、中国石油股份（2.22%）、中国燃气（2.16%）、中国石油化（2.15%）、恒生银行 （2.08%）。 简历显示：胡迪女士:CFA,FRM,美国哥伦比亚大学金融工程硕士,现任指数及量化投资部总监。胡迪女 士自2008年2月至2009年12月在纽约美林证券担任全球资产管理部高级经理;自2010年1月至2012年10月 在纽约标准普尔担任量化投资主管;自2012年11月至2020年4月在中国国际金融股份有限公司担任资产管 理部执行总经理;自2020年5月加入摩根基金管理(中国)有限公司(原上投摩根基金管理有限公司), ...

Group 1 - Global stock markets remained stable last week, with financials, consumer discretionary, and energy sectors leading the performance, indicating a general recovery in risk appetite [1][6][13] - The MSCI Global index decreased by 0.1%, with developed markets also down by 0.1%, while emerging markets saw a slight increase of 0.2% [6][13] - The Hang Seng Index's earnings forecast for 2025 was revised upward from 2195 to 2208, showing the best performance among global markets [7][49] Group 2 - Last week, global liquidity showed signs of tightening, with the Federal Reserve maintaining a hawkish stance and not lowering interest rates, reflecting increased uncertainty in economic outlook [6][62] - The market expectations for interest rate changes have shifted, with the implied rate showing a decrease in anticipated Fed rate cuts from 2.6 to 2.5 times this year [62][66] - Long-term bond yields in major economies, including Germany and Japan, increased, indicating a tightening of liquidity conditions [62][70] Group 3 - Economic expectations improved globally due to easing tariff impacts, with the Citigroup Economic Surprise Index for the US rising from -12.9 to -5.8, and for Europe from -4.2 to 10.6 [5][87] - China's Economic Surprise Index reached its highest level since May 2023, benefiting from policy support and positive developments in US-China trade negotiations [5][87] - The US job market remains resilient, with non-farm payrolls adding 177,000 jobs in April, exceeding market expectations [76][78]

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]