第一上海(00227)发布截至2025年6月30日止六个月的未经审计中期业绩，营业额1.92亿港元，同比减少 8.21%;股东应占溢利334.4万港元，同比减少94.95%;每股基本盈利0.15港仙。 ...

| 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | 1 20 | 24507.81 | -265.52 | -1.07% | | 800000 | | | | | | 国企指数 800100 | annon | 8804.42 | -78.53 | -0.88% | | 恒生科技指数 800700 | mini | 5397.40 | -55.74 | -1.02% | 盘面上，大型科技股涨跌各异，大金融股(银行、保险、券商)、中字头等权重多数表现低迷；生物医药股全线下跌，创新药概念股跌幅明显，石油股走低。 纸业股逆势走强；反内卷驱动提价预期升温，物流股全天表现活跃，汽车股、黄金股、半导体股部分上涨。 8月1日，港股迎开门黑行情，三大指数近日来连续回调，市场情绪表现低迷。 截止收盘，恒生指数跌1.07%，国企指数跌0.88%，二者均录得4连跌，恒生科技指数跌1.02%更是录得7连跌行情。 加密货币、稳定币概念重挫，耀才证券金融跌超19%，云锋金融跌16%，连连数字跌超13%，国泰君安国际跌超10%。消息面上，香港《稳定币条例草 ...

Core Viewpoint - The Hong Kong non-bank financial sector, represented by the Hong Kong Stock Connect Non-Bank Financial Theme Index, has shown significant upward momentum, outperforming other popular sectors like technology and consumption [1][2]. Group 1: Index Performance - As of July 9, the Hong Kong Stock Connect Non-Bank Financial Index has increased by 37.03% over the past three months and 70.54% over the past year, surpassing the performance of the Hang Seng Technology and Consumption indices [1]. - Over a three-year period, the index has risen by 22.32%, again outperforming other indices in technology, consumption, and innovative pharmaceuticals [1]. Group 2: Index Composition - The index comprises up to 50 listed companies within the Hong Kong Stock Connect that meet the non-bank financial theme criteria, with insurance companies making up 63.10% of the index and securities and brokerage firms accounting for 10.92% [3]. - The top ten constituents of the index are predominantly insurance companies, indicating a dual-track layout of "insurance + brokerage" that benefits from both insurance asset recovery and increased capital market activity [6][7]. Group 3: Industry Fundamentals - The insurance and brokerage sectors have shown continuous improvement in fundamentals this year, contributing to the index's strong performance [8]. - The insurance sector has seen a reduction in new liability costs due to various policy measures, while the brokerage sector has benefited from increased market activity, with an average daily trading volume of nearly 250 billion HKD from January to May, a 120% year-on-year increase [8]. Group 4: Valuation Advantages - As of July 9, the index's price-to-earnings (P/E) ratio is 8.60, which is significantly lower than the historical average of 18.10%, indicating a favorable valuation compared to other popular indices that often have P/E ratios in the 20s or 30s [9].

Group 1: Hong Kong Stock Market Performance - The three major indices in the Hong Kong stock market rose on July 11, with the Hang Seng Index increasing by 0.46%, the Hang Seng Tech Index by 0.61%, and the National Enterprises Index by 0.22% [1] - For the week, the overall trend in the Hong Kong stock market was upward, with the Hang Seng Index gaining 0.93% to close at 24,139.57 points, the Hang Seng Tech Index up 0.62% to 5,248.48 points, and the National Enterprises Index rising 0.91% to 8,687.56 points [1] - The total market turnover on July 11 reached 323.95 billion HKD, the highest since April 10 of this year [1] Group 2: Sector Performance - Biotechnology stocks saw significant gains, with notable increases including 15.32% for Nuo Cheng Jian Hua, 10.46% for WuXi AppTec, and 8.30% for Boan Biotech [1] - Semiconductor stocks also performed well, with Huahong Semiconductor rising by 4.12%, and SMIC increasing by 2.22% [1] - Securities and brokerage stocks experienced widespread increases, with Zhongzhou Securities surging by 47.47% and Guotai Junan International rising by 1.26% [1] Group 3: Regulatory Developments - The Hong Kong Special Administrative Region's Stablecoin Regulation will officially take effect on August 1 [2] - Several brokerages, including Guotai Junan International and Tianfeng International Securities, have been granted licenses to expand their business scope to provide virtual asset trading services to professional investors [2] - Longcheng Securities noted that the recent approval of stablecoin-related licenses has attracted significant market attention, potentially enhancing the pricing attractiveness of the securities sector [2]

Market Overview - The Hong Kong stock market experienced a pullback after an initial rise, with the Hang Seng Index closing up by 0.46%, the Hang Seng China Enterprises Index up by 0.22%, and the Hang Seng Tech Index up by 0.61% [1][2]. Sector Performance - The financial sector showed strong performance, particularly Chinese brokerage stocks, with notable gains in insurance stocks. However, most domestic bank stocks fell in the afternoon [2][6]. - Steel stocks saw significant increases, with companies like Aowei Holdings rising over 16% and Zhaogang Group-W up over 15%. Goldman Sachs noted that the central government's focus on reducing excessive competition could lead to improved profitability in the steel industry [8][10]. - The biopharmaceutical sector also performed well, with companies like Kelaiying rising over 13% and WuXi AppTec up over 10%. Analysts expect a positive investment environment for innovative drug-related assets [8]. Individual Stock Movements - Major technology stocks had mixed results, with Alibaba and Meituan both rising over 1%, while Kuaishou fell over 2% [5][6]. - Among financial stocks, Zhongzhou Securities surged by 47.47%, followed by Xingzheng International up 24.21%, and Guolian Minsheng up 15.40% [7]. - In the education sector, stocks like Tianli International Holdings and Minsheng Education fell over 3% [11]. Capital Flows - Southbound funds recorded a net inflow of HKD 1.744 billion, with the Shanghai-Hong Kong Stock Connect showing a net outflow of HKD 2.197 billion and the Shenzhen-Hong Kong Stock Connect a net inflow of HKD 3.941 billion [14]. Future Outlook - Goldman Sachs is optimistic about Asian stock markets, citing increased certainty in tariff policies and a loose monetary environment as positive factors for the region's stock markets [15].