见习记者 储是 7月24日，恒生指数上涨0.51%，报收于25667.18点；恒生科技指数下跌0.05%，报收于5743点；恒生国企指数上涨0.18%，报收于9257.62点。市场成交额 为2948.11亿港元，南向资金净买入37.19亿港元。 【导读】今日，港股三大指数涨跌不一，有色金属、非银金融和半导体板块表现较优 | HSI | 恒生指数 | 25667.18c | 129.11 | 0.51% | 2948亿 | | --- | --- | --- | --- | --- | --- | | HSTECH | 恒生科技 | 5743.00c | -2.74 | -0.05% | 765亿 | | HSCEI | 恒生中国企业指数 | 9257.62c | 16.42 | 0.18% | 951亿 | 盘面上，有色金属、非银金融继续上涨，半导体股拉升，大型科网股涨跌不一。 泡泡玛特创始人王宁今日接受央视新闻专访，预告了下一季新款Labubu，泡泡玛特午后拉升。 中金报告显示，年内南向净流入规模已达到7974.5亿港元，接近去年全年水平。中金公司最新分析了港股资金面和未来演变。 非银金融板块上涨 中资券商 ...

Market Overview - The Hang Seng Index rose by 0.51% to close at 25,667.18 points, while the Hang Seng Tech Index fell by 0.05% to 5,743 points, and the Hang Seng China Enterprises Index increased by 0.18% to 9,257.62 points [2][3] - The market turnover was HKD 2,948.11 million, with net inflows from southbound funds amounting to HKD 37.19 million [2][3] Sector Performance - The non-bank financial sector continued to rise, with notable gains in Chinese brokerage stocks such as Guolian Minsheng, Dongfang Securities, and Everbright Securities [7][8] - The insurance sector saw increases, with China Life and Ping An rising by 3.23% and 2.03% respectively [10] - The metals sector experienced significant gains, particularly in lithium stocks, with Tianqi Lithium and Ganfeng Lithium rising over 10% [12] - The semiconductor sector showed active trading, with leading companies Huahong Semiconductor and SMIC increasing by 6.99% and 3.08% respectively [14] Notable Company News - Pop Mart's founder Wang Ning announced new Labubu products in a CCTV interview, leading to a 4.37% increase in the company's stock price [20] - Wang highlighted the overwhelming demand for Labubu, stating that supply chain optimization is ongoing due to the complexity of the product [20] Fund Flow Analysis - According to a report by CICC, the net inflow of southbound funds has reached HKD 797.45 billion this year, nearing last year's total of HKD 807.87 billion [6][21] - Southbound trading now accounts for 35% of total transactions, indicating its growing importance in the market [21] - CICC suggests shifting focus from short-term overstretched banks to insurance stocks and from new consumption to AI applications and innovative pharmaceuticals for growth opportunities [21]

Core Viewpoint - The capital market has been recovering since September 2024, leading to increased trading activity and a significant rise in the brokerage sector, supported by improved liquidity from interest rate cuts and favorable financial policies [1][8]. Group 1: Industry Performance Recovery - The total assets of 42 listed brokerages reached 13.11 trillion yuan, with net assets of 2.72 trillion yuan. The combined operating income was 125.93 billion yuan, a year-on-year increase of 25%, and net profit attributable to shareholders was 52.18 billion yuan, up 83.5% year-on-year [2]. - Over 80% of brokerages reported year-on-year net profit growth, with an average ROE of 1.6%, an increase of 0.6 percentage points year-on-year [2]. - Proprietary trading and brokerage services have become the main growth drivers, with proprietary business revenue increasing from 32.74% to 40.53% of total revenue, and brokerage revenue rising from 21.61% to 26.00% [2][3]. Group 2: Growth Drivers - The recovery in proprietary and brokerage businesses is attributed to increased retail investor participation and a rise in the issuance of equity funds, leading to higher daily trading volumes [4]. - The average daily trading volume of equity funds increased by 71% year-on-year, significantly boosting brokerage income [3][4]. Group 3: Internationalization Trends - The internationalization of Chinese brokerages has accelerated, driven by policy incentives and market demand, with a focus on expanding licenses and capital investments [6]. - In 2024, the contribution of international revenue to CICC reached 47%, with significant involvement in cross-border mergers and global IPOs, ranking first in the market [6][7]. - CICC has established an international network covering major financial centers, enhancing its cross-border service capabilities [7]. Group 4: Future Outlook - The brokerage sector is expected to maintain a positive growth trajectory in 2025, with 29 listed brokerages forecasting profit increases, and CICC projecting a net profit growth of 55% to 78% year-on-year [8][9]. - The ongoing recovery in the capital market, combined with supportive policies, is anticipated to enhance the profitability and valuation of the brokerage sector, entering a new upward cycle [9].

Group 1 - The core point of the article is that Jinlong Co., Ltd. plans to acquire a 29.3151% stake in Shenzhen BMT Technology Co., Ltd., which will position Jinlong as the second-largest shareholder of Shenzhen BMT if the transaction is completed [1][2] - This acquisition is expected to facilitate Jinlong's business transformation towards the digital economy infrastructure sector, particularly focusing on intelligent computing centers and computing power services [2] - Following the announcement, Jinlong's stock surged and reached a market capitalization of 13.31 billion yuan [2] Group 2 - Shenzhen BMT has total assets of 1.978 billion yuan and net assets of 485 million yuan as of the end of 2024, with projected revenue of 869 million yuan and net profit of 53.62 million yuan for the same year, indicating a solid asset scale and profitability [3] - Jinlong has faced continuous losses from 2021 to 2024, with net profits of -131 million yuan, -392 million yuan, -384 million yuan, and -89 million yuan respectively, and an increasing debt ratio from 74.86% in 2021 to 81.09% in 2024 [3] - After selling 300 million shares of Dongguan Securities, Jinlong expects to achieve profitability in the first half of 2025, with projected net profit ranging from 105 million yuan to 153 million yuan, although the net profit after deducting non-recurring items is still expected to be a loss of 112 million yuan to 95 million yuan [3]

Market Overview - The market showed strong fluctuations throughout the day, with the Shanghai Composite Index surpassing 3600 points and the ChiNext Index rising by 1.5% [1] - The Hainan Free Trade Zone sector experienced a surge, with nearly 20 stocks, including Hainan Airport and Hainan Expressway, hitting the daily limit [1] - Financial stocks also performed well, with Jinlong Co. hitting the limit and Zhinanceng rising over 7% to reach a new high [1] - Lithium mining stocks saw another rally, with Shengxin Lithium and Tianqi Lithium hitting the limit [1] - The rare earth permanent magnet sector was strong, with Baogang Co. and Guangsheng Nonferrous Metals also hitting the limit [1] - The Yajiang Hydropower Station concept stocks remained active, with China Power Construction and Poly United achieving four consecutive limits [1] - Overall, nearly 4400 stocks in the Shanghai and Shenzhen markets were in the green, with a total transaction volume of 1.87 trillion [1] Hot Topics Hainan Free Trade Port - The Hainan Free Trade Port concept saw significant gains, with stocks like Caesar Travel, Haixia Co., and Kangzhi Pharmaceutical hitting the limit [4] - The catalyst for this surge was a press conference held on July 23, introducing the construction of the Hainan Free Trade Port, which is set to officially start customs closure on December 18, 2025 [4] Yajiang Hydropower Station Concept Stocks - Yajiang Hydropower Station concept stocks continued to rise, with China Railway Industry and Tibet Tianlu hitting the limit, and others like Xining Special Steel and Shanhe Intelligent achieving four consecutive limits [7] - The total investment for the "Yajiang" project is approximately 705.6 billion, with an estimated annual construction investment of about 47 billion, accounting for 43% of the national hydropower basic construction investment in 2024 [9] Rare Earth Magnetic Materials - The rare earth magnetic materials sector saw a significant increase, with stocks like Zhongke Sanhuan, Baogang Co., and Guangsheng Nonferrous Metals hitting the limit [11] - The domestic rare earth price index has shown a clear upward trend, breaking through 192 points, marking a new high since early 2024 [11] - The tightening of supply and the integration of the entire rare earth industry chain are expected to lead to price increases in the medium to long term [12] Other Notable Sectors - The mosquito repellent concept, lithium batteries, pharmaceuticals, and consumer sectors also showed positive performance [13] - The Yajiang Hydropower Station high-level elimination stocks experienced the largest declines [13]

和讯投顾高璐明表示，首先先说观点，我认为到目前为止整体上涨行情仍然没有结束，市场还能涨。因 为一方面我们可以看得到，主力资金做多的态度和决心仍然非常坚决。昨天市场明显冲高回落之后确实 表现比较差，但是今天的三大指数在早盘开盘之后就选择了集体的上攻，不仅把昨天阴线的实体全部吞 没了，甚至已经吞掉了昨天上影线的2/3，这说明什么？这说明市场不惧昨天盘中的抛压继续走出强势 状态，也就代表了主力资金还在发力当中。而且今天市场成交量仍然保持在高量，沪深两市量能仍然维 持在1.8万亿到1.9万亿这个区间，这说明场外资金进场的意愿仍然是非常坚决的。所以从这一点来看的 话，就代表了大资金还没有放弃做多，也就预示着指数还有上攻的机会。 昨天三大指数冲高回落，老高明确强调市场整体上涨行情没有结束，它只是一个短期的走弱信号，它只 算初级调整，而且都没有确认调整正式开始。那么结果大家看到了，今天三大指数呢开盘之后集体上 攻，而且将近4400只个股上涨，那接下来市场还能不能够继续往上涨，我们当下到底应该怎么办？ 另外第二点我们会发现，在今天的时候权重板块开始继续发力了，尽管我们看到近期的水电板块和前期 涨幅比较高的品种开始出现回落，但 ...

Group 1 - The A-share market indices have reached new closing highs for the year, with the Shanghai Composite Index up 0.65% to 3605.73 points, the Shenzhen Component up 1.21% to 11193.06 points, and the ChiNext Index up 1.5% to 2345.37 points [2] - Nearly 4400 stocks rose in the market, with around 80 stocks hitting the daily limit up, particularly in the Hainan Free Trade Zone concept stocks and financial sectors [2] - Dongguan Securities suggests that the continuous release of capital market reform dividends and policies aimed at attracting medium to long-term funds are expected to create a virtuous cycle of "increased returns - influx of funds - market stability" [2] Group 2 - The market is gradually forming an upward trend, with significant improvement in the profit-making effect, indicating a potential slow bull market [4] - Current market trading volume has started to increase, reaching around 1 trillion to 2 trillion yuan, with volumes below 2 trillion considered normal [4] - The overall market is still characterized by a technology bull market, benefiting from policy support, with technology-related sectors likely to continue leading the market in the second half of the year [4] Group 3 - The pressure line around 3600 to 3700 points is viewed as a psychological barrier rather than a significant trading pressure line, suggesting that breaking through these levels is feasible [5] - Economic data indicates a stable and improving economic performance, with multiple key indicators showing positive trends, which, along with policy support, is expected to boost market expectations [5] - The main upward trends may rotate among sectors such as artificial intelligence, military industry, resource products, and innovative pharmaceuticals [5]

Market Performance - A-shares experienced a strong upward trend on July 24, with the Shanghai Composite Index closing above 3600 points, marking a new annual high [1] - The total trading volume in the Shanghai and Shenzhen markets reached 184.47 billion, a slight decrease of 19.9 billion from the previous day [1] - The number of rising stocks approached 4400, with nearly 80 stocks hitting the daily limit [1] Sector Performance - Key sectors that saw significant gains included energy metals, film and television, securities, Hainan Free Trade Zone, rare earth permanent magnets, and genetically modified organisms [2] - Conversely, sectors that experienced declines included precious metals, banking, civil explosives, F5G, and CPO [2] Institutional Insights - Market trends remain upward, driven by "anti-involution," mid-year performance forecasts, and policies related to Hainan Free Trade Zone [3] - The securities sector is expected to benefit from ongoing policies aimed at stabilizing growth and boosting the capital market, with an optimistic outlook for medium to long-term capital inflow [3] - The coal sector is anticipated to recover due to seasonal demand increases, with a focus on companies with stable profitability and high dividend ratios [3]

Core Viewpoint - The article discusses the recent surge in the stock market, highlighting the significant rise in stock prices and the ongoing "anti-involution" movement within the banking industry, particularly in Guangdong, where banks are addressing asymmetric interest rate competition and narrowing net interest margins [1][4]. Group 1: Banking Industry - The Guangdong Banking Association has initiated measures to combat "involution" in the banking sector, which is characterized by asymmetric declines in deposit and loan interest rates, leading to intensified market competition and a slowdown in net income growth [1][4]. - The phenomenon of extreme price competition is exemplified by a recent case where a bank issued 35 billion yuan in subordinated debt, with the lowest bid coming in at an astonishingly low rate, highlighting the severe competitive pressures within the industry [2][3][5]. - Industry insiders predict that more regions will join the anti-involution efforts, indicating a potential shift in the competitive landscape of the banking sector [1]. Group 2: Securities Market - The total annual underwriting scale for securities firms is projected to grow significantly from 5.16 trillion yuan in 2021 to 14.45 trillion yuan by 2024, while underwriting fees have decreased from 6.489 billion yuan to 3.084 billion yuan during the same period, reflecting a substantial decline in profitability despite increased activity [4]. - The trading volume in the market remains robust, with a total turnover of 1.9 trillion yuan, and the performance of brokerage-related ETFs has outpaced that of financial technology ETFs, indicating a strong focus on brokerage performance amid rising trading volumes [6][8]. - Recent data shows that the financing balance has reached 1.9222 trillion yuan, nearing its historical high, suggesting a highly enthusiastic market environment, although caution is advised as this could lead to potential market corrections [8][10].

Market Overview - The A-share market experienced a rebound on July 24, with the Shanghai Composite Index closing above 3600 points, up 0.65% to 3605.73 points, and total trading volume reaching 852.2 billion yuan [2] - The Shenzhen Component Index rose 1.21% to 11193.06 points, while the ChiNext Index increased by 1.50% to 2345.37 points [2] Key Drivers - The rebound was attributed to three main factors: the implementation of zero tariffs for regional imports in Hainan, the positive impact of significant events like the Yajiang Hydropower Station, and enhanced economic stabilization expectations for the second half of the year [1] - The Hainan Free Trade Zone concept saw a surge, with nearly 20 stocks, including China Duty Free Group and Hainan Airport, hitting the daily limit [1] Sector Performance - Sectors that performed well included securities, multi-financial, energy metals, and semiconductor industries, with notable stocks like Haide Co. and Northern Rare Earth reaching their daily limits [1] - Conversely, sectors such as precious metals, banking, and communication equipment saw declines [1] Fund Flow - Main capital inflows were observed in sectors like securities, small metals, energy metals, and semiconductors, while outflows were noted in infrastructure, chemical products, communication equipment, and power sectors [3] Future Outlook - Dongguan Securities indicated that the medium to long-term upward trend remains intact, despite short-term adjustment pressures around the 3600-point mark [7] - Huatai Securities noted strong buying sentiment, suggesting that the upward trend is likely to continue, although caution is advised regarding potential sharp declines [8] - Xinda Securities highlighted the recent performance of undervalued cyclical stocks, suggesting this may signal the bull market entering a primary rising phase [10]