香港交易所主席唐家成表示："我很高兴张勇先生加入我们的中国业务咨询委员会。他对于中国企业和金融市场都拥有丰富经验及深刻的认识，可以为香 港交易所董事会提供宝贵意见，帮助香港交易所发挥'连接中国与世界'的独特优势，落实各项战略目标。" 每经编辑｜何小桃 8月1日，香港交易所宣布，委任晨壹基金管理合伙人及阿里巴巴集团前董事会主席张勇，为香港交易所旗下中国业务咨询委员会的最新成员。 图片来源：视觉中国 2019年9月10日，张勇接替马云成为阿里巴巴集团董事局新任主席，正式站上这个商业帝国的二号位。 张勇于2023年卸任阿里巴巴集团董事会主席、CEO，阿里云CEO等职务。今年6月，阿里2025财年年报例行披露了最新合伙人信息，张勇已退出合伙人之 列。 编辑|何小桃 杜波 香港交易所中国业务咨询委员会成立于2021年。 张勇加入后，委员会成员将增至九名。香港交易所非执行董事及中信资本控股有限公司董事长兼首席执行官张㦤宸担任委员会主席。 委员会的其他成员包括：香港交易所前主席史美伦、春华资本集团董事长胡祖六、北京大学国家发展研究院院长及数字金融研究中心主任黄益平、现任国 家科技成果转化引导基金理事长及招商银行前行长兼首席 ...

8月1日，香港交易所发布公告称，委任晨壹基金管理合伙人及阿里巴巴集团前董事会主席张勇为香港交 易所旗下中国业务咨询委员会的最新成员。 2007年，张勇加入阿里巴巴集团，是阿里巴巴集团合伙人制度的创始成员，由此开启其此前职业生涯中 最"浓墨重彩"的一笔。在阿里巴巴期间，张勇曾担任多个重要职位，包括淘宝首席财务官、天猫总经理 及总裁、阿里巴巴集团首席运营官、菜鸟网络董事长、阿里云智能集团董事长兼首席执行官，以及其他 重要职位。 2015年起，张勇出任阿里巴巴集团首席执行官，并于2019年起同时出任阿里巴巴集团董事会主席，直至 2023年卸任。 在阿里巴巴的16年间，据阿里巴巴此前的内部评价，张勇创造了"双十一"这个家喻户晓的消费者狂欢 节；带领天猫快速发展推动了品牌企业互联网化；带领团队让阿里顺利跨越到无线时代；带领阿里巴巴 集团在多个领域布局。 2023年9月10日，张勇宣布退休，蔡崇信接替他成为董事会主席，吴泳铭则出任集团CEO。阿里对他的 功劳给予充分肯定，向其颁发了阿里史上第一个"功勋阿里人"荣誉称号，并称将投资10亿美金支持张勇 设立面向未来的科技基金。 2024年3月，张勇担任晨壹基金的管理合伙人并供 ...

Core Viewpoint - The CEO of the European Exchange suggests that the U.S. is increasingly resembling an "emerging market," while Europe is becoming a focal point for investment [1] Group 1: Market Trends - There has been a significant shift in investment patterns, with funds moving towards European markets, a trend that began before Trump's return to the White House [1] - This shift has evolved into a historic transformation, as investors are distancing themselves from the U.S., which is perceived as unfamiliar and unreliable by some [1] Group 2: Economic Sentiment - The weakening of the dollar and more attractive valuations in Europe are contributing factors to this trend, making Europe a renewed focus for investors [1] - Europe is now viewed as a stable and predictable environment, akin to a large Switzerland, rather than being driven by excitement over economic growth prospects [1]

每经讯，2025年7月31日，北交所上市公司*ST云创（835305，收盘价：19.24元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到27.38%，成交数量2220.7万股，成交金额4.21亿元。买一席位为东方财富证券股份有限公司拉萨团结路第一证 券营业部，买入668.63万元；卖一席位为东方财富证券股份有限公司拉萨团结路第二证券营业部，卖出563.78万元。 （记者 张喜威） 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 ...

免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。 每日经济新闻 （记者 胡玲） 每经讯，2025年7月30日，北交所上市公司科力股份（920088，收盘价：40.8元）登上龙虎榜，交易方式是连续竞价，披露原因 是当日换手率达到46.32%，成交数量1118.69万股，成交金额4.45亿元。买一席位为东方财富证券股份有限公司拉萨东环路第一 证券营业部，买入881.18万元；卖一席位为国盛证券有限责任公司佛山分公司，卖出604.66万元。 ...

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering extending trading hours to meet the growing demand from retail investors, potentially moving towards a 24-hour trading model [1][3][6]. Group 1: London Stock Exchange Considerations - LSEG is evaluating the feasibility of extending trading hours, including necessary technology and regulatory impacts [3][5]. - Discussions are ongoing regarding the potential implementation of 24-hour trading or extended trading hours, reflecting a broader conversation about new products and services [4][6]. - The initiative aims to enhance the attractiveness of the UK market and encourage investment from overseas and younger traders [6][9]. Group 2: Global Trends in Trading Hours - Nasdaq has applied to extend trading hours to 24/5, responding to increased interest from global investors, particularly in Asia [2][14]. - Other exchanges, such as the Indonesian Stock Exchange and the Chicago Board Options Exchange, are also exploring extended trading hours to boost market activity [11][15]. - The Tokyo Stock Exchange has already implemented a minor extension of trading hours to improve market efficiency [17]. Group 3: Market Challenges - The UK stock market is facing challenges, including declining trading volumes and a lack of new listings, raising concerns about its status as a global capital center [9][10]. - Recent data indicates a significant drop in IPO activity, with only five companies listed in the first half of the year, raising questions about the market's attractiveness [9][10]. - Traditional fund managers may resist extended trading hours due to complications in pricing and valuation based on closing prices [8].

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering the introduction of 24-hour trading to meet the growing demand from investors and enhance the attractiveness of the UK market [1][2]. Group 1: Trading Hours Extension - LSEG aims to implement a 24-hour trading plan primarily to cater to "night owl" traders and attract overseas investors and younger traders to buy UK stocks [2]. - The UK stock market is facing a crisis with a significant decline in trading volume and a lack of new listings, evidenced by only 5 IPOs raising £160 million in the first half of the year, the lowest since 1995 [2]. - The CEO of JPMorgan, Jamie Dimon, has indicated that the low number of IPOs is causing London to lose its status as a significant financing market [2]. Group 2: Current Trading Environment - LSEG's revenue is mainly derived from selling financial data to banks and brokers, with stock trading-related income accounting for only 2.7% of total revenue in the first quarter [2][3]. - The current trading hours for LSEG are from 8:00 AM to 4:30 PM [3]. Group 3: Global Trends in Trading Hours - The trend of extending trading hours has gained popularity among various exchanges, originating from the United States, with the SEC approving the 24X National Exchange for 23-hour trading [4]. - Other exchanges, including the New York Stock Exchange and the Chicago Board Options Exchange, are also planning to extend their trading hours significantly [4]. - Exchanges in Japan and Indonesia are following suit, with Japan's exchange gradually extending trading hours to attract overseas investors [5]. Group 4: Industry Insights - The European Securities Exchanges Federation has noted that while extending trading hours may attract retail traders, the long-term sustainability and benefits of such a model remain to be seen [5]. - The trend towards 24-hour trading is influenced by younger investors engaging in trading via smartphones and the continuous trading nature of the cryptocurrency market [5].

Core Viewpoint - The London Stock Exchange Group (LSEG) is considering the introduction of 24-hour trading to meet the growing demand from investors and to enhance the attractiveness of the UK market, which is currently facing challenges such as declining trading volumes and a lack of new IPOs [1][3]. Group 1: 24-Hour Trading Plan - The primary motivation for LSEG's potential 24-hour trading plan is to cater to "night owl" traders and to attract overseas investors and younger traders to invest in UK stocks [3]. - The UK stock market is experiencing a crisis, with only 5 IPOs raising a total of £160 million in the first half of the year, marking the lowest half-year data since 1995 [3]. - The CEO of JPMorgan, Jamie Dimon, has indicated that the low number of IPOs is causing London to lose its status as a significant financing market [3]. Group 2: Current Trading Environment - LSEG's current trading hours are from 8:00 AM to 4:30 PM, and the extension of trading hours would require consideration of various factors, including technological upgrades, regulatory issues, and potential impacts on liquidity [4]. - The revenue of LSEG primarily comes from selling financial data to banks and brokers, with stock trading-related revenue accounting for only 2.7% of total revenue in the first quarter [3][4]. Group 3: Global Trends in Trading Hours - The trend of extending trading hours originated in the U.S., with several exchanges, including the New York Stock Exchange and Nasdaq, planning to implement longer trading hours [6][7]. - Japan and Indonesia are also considering extending trading hours to attract overseas investors and increase market activity [8]. - The European Securities Exchanges Federation has noted that while extending trading hours may be beneficial for attracting retail trading, the long-term sustainability and benefits of such models remain to be seen [8].

Core Viewpoint - The Hong Kong IPO market is experiencing a significant recovery in the first half of 2025, driven by strong market performance, relaxed listing rules, and regulatory support for dual listings [1][2]. Group 1: Factors Driving IPO Activity - The recovery in the Hong Kong IPO market is attributed to multiple factors, including a rebound in the market that has sparked corporate financing interest, with the Hang Seng Index showing its best performance in a decade [2]. - The Hong Kong Stock Exchange has optimized its rules to enhance attractiveness for high-quality companies, facilitating market activity [2]. - Specific rule optimizations include shortening application timelines and introducing a technology company channel to support confidential filings and non-equity voting structures [2][3]. Group 2: Dual Listings and Regulatory Support - Regulatory bodies are actively promoting dual listings, with measures announced to support leading domestic companies in listing in Hong Kong [3]. - A-share companies are seeking internationalization through Hong Kong listings to establish offshore financing channels and attract overseas investment [3]. - ADR companies are pursuing dual listings to mitigate delisting risks, with approximately 80% of ADR institutional investors already involved in the Hong Kong market [3]. Group 3: Market Sentiment and Liquidity - Active IPOs enhance market sentiment, correlating positively with index trends and trading speed, as companies tend to raise funds during high valuation periods [4]. - The low interest rate environment supports participation in IPOs, with significant liquidity available following interventions by the Hong Kong Monetary Authority [4]. - Historical data indicates that large IPOs have a short-term positive impact on the market, with strong inflows from southbound and active funds reflecting improved risk appetite [4]. Group 4: Investor Participation - The Hong Kong IPO market attracts a diverse range of investors, including hedge funds, mutual funds, pension funds, sovereign wealth funds, and retail investors [5]. - Cornerstone investors accounted for 42% of total fundraising this year, with two-thirds coming from foreign investors, indicating increased participation from global long-term investors [5]. - Retail investor interest has reached a multi-year high, with a demand-supply ratio averaging 9%, lower than the past five-year average of 25%, reflecting improved public risk appetite [5]. Group 5: Future Performance Factors - The average first-day return for Hong Kong IPOs is projected at 10% for 2024-2025, with first-month returns at 17% and three-month returns at 41%, significantly exceeding the previous five-year averages [6]. - The proportion of cornerstone investors is a key determinant of post-IPO performance, with companies having 30%-50% cornerstone holdings historically performing best [6]. Group 6: Spillover Effects on A-shares and Industry Peers - Active IPOs in Hong Kong positively influence the A-share market, with historical data showing that strong IPO activity correlates with good performance in A-shares [7]. - Industries with newly listed companies in Hong Kong typically outperform the market in the following week, although this effect tends to diminish over the subsequent month [7]. Group 7: Index Inclusion and Southbound Fund Impact - Approximately $134 billion in passive funds track indices that include Chinese stocks, with significant funds following the Hang Seng Index and Hang Seng Tech Index [8]. - New listings meeting certain market capitalization and liquidity requirements can be quickly included in indices after 10 trading days, facilitating access to southbound funds [8]. - Historical evidence shows that southbound buying can persist for several months after a company is included in southbound trading, with notable increases in southbound holdings for dual-listed companies [8]. Group 8: Investment Implications - The market recovery is favorable for the Hong Kong Stock Exchange and Chinese offshore brokers, with new stocks in popular sectors like consumer, healthcare, and technology showing higher demand [9]. - Dual-listed stocks are expected to perform strongly, with corresponding A-shares and ADRs also showing positive returns [9]. - A selection of 20 high-quality A-shares with announced plans to list in Hong Kong has been identified, characterized by strong earnings growth and reasonable valuations [9].

Core Viewpoint - The Shanghai Stock Exchange (SSE) has organized training sessions for fund managers and member units to explain the recently revised ETF risk management guidelines, aiming to enhance the understanding and implementation of these guidelines among market institutions [1][3]. Group 1: ETF Market Development - The training sessions focus on the revised ETF risk management guidelines, emphasizing the importance of protecting the legitimate rights of small and medium investors and promoting the healthy and stable development of the ETF market [3]. - The SSE aims to help market institutions accurately understand the revised guidelines and improve their professional service capabilities, thereby better serving the real economy and meeting investors' wealth management needs [3]. Group 2: Training Content and Objectives - The training covered various aspects, including ETF safety operation training, management experiences of member clients' ETF trading behaviors, and the ecological construction and future outlook of the Shanghai ETF market [3]. - The SSE addressed key issues raised by market institutions, aiming to enhance ETF operation management and boost investor confidence to attract more medium- and long-term funds into the market [3]. Group 3: Future Directions - An SSE official stated that the safe operation of the ETF market is fundamental to enhancing investor confidence and promoting high-quality development of the ETF market, which requires collaboration among all market participants [4]. - The SSE plans to continue focusing on risk prevention, strong regulation, and promoting high-quality development, while working on expanding products, optimizing mechanisms, and shaping the ETF market ecosystem [4].