7月10日，南下资金净买入港股29.02亿港元。 阿里巴巴：阿里巴巴在港交所公告，宣布已完成私募发行本金总额为120.23亿港元、2032年到期的零息可交换债券。债券构成阿里巴巴集团之无担保及非次 级债务。债券不产生定期利息。债券将于2032年7月9日到期，除非根据债券条款于该日期前被提前赎回、回购或交换。 德林控股：德林控股公布，根据初步计划，拟代币化整体价值最高为5亿港元资产，包括位于香港中环威灵顿街92号"德林大厦"的若干权益；及三项由集团 管理基金的资产权益。上述资产将透过Asseto提供的区块链基础设施进行链上映射与合规代币化，并拟将部分以合规分派方式赠与予以下用户群体，分别是 公司合资格股东；德林证券(香港)合规用户；及突触科技平台认证用户。本次分派总金额拟定为不高于6000万，且参与者需完成身份验证及签署风险披露协 议。 其中：净买入建设银行5.87亿港元、阿里巴巴-W 5.72亿港元、美团-W 4.85亿港元、德林控股3.55亿港元；净卖出腾讯控股7.29亿港元、小米集团-W 3.78亿 港元、融创中国1.41亿港元。 建设银行：中泰证券表示，我国银行业经营模式从过往的"去财政化、市场化、打破 ...

Core Viewpoint - The article discusses the implications of Alibaba's recent issuance of zero-coupon convertible bonds, highlighting both the short-term costs and long-term benefits for the company and its subsidiaries, particularly Alibaba Health. Group 1: Financing and Capital Structure - Alibaba has completed a private placement of zero-coupon convertible bonds totaling HKD 120.23 billion, maturing in 2032, which will not bear interest and are unsecured [2] - The net proceeds from the bond issuance are estimated to be approximately HKD 119 billion, intended for general corporate purposes, including investments in cloud infrastructure and international business expansion [6] - The issuance is seen as a way to alleviate cash pressure while allowing Alibaba to maintain flexibility in its capital structure [6] Group 2: Market Reactions and Analyst Opinions - Analysts view the premium pricing of the bonds positively, noting that the lack of periodic interest payments saves Alibaba on interest expenses and reduces potential disputes with minority shareholders [3] - The bond's conversion price represents a 48% premium over the placement price of Alibaba Health shares, providing an investment opportunity for those optimistic about Alibaba Health's future [3] - However, the issuance of convertible bonds is rare and typically only feasible for large corporations, indicating Alibaba's strong market position [4] Group 3: Impact on Alibaba Health - The use of Alibaba Health shares as the conversion target reflects a consolidation of resources within the Alibaba Group, with expectations of further integration across its business segments [11] - Alibaba Health reported a revenue of approximately RMB 30.598 billion for the fiscal year ending March 31, 2025, marking a 13.2% year-on-year increase, with adjusted net profit rising by 35.6% [11] - Despite the growth, analysts caution that the increased competition and marketing expenses may pressure Alibaba Health's profitability in the near term, making the bond issuance a double-edged sword [11][13]

Group 1 - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 57.2 billion yuan [3] - The U.S. stock market saw all three major indices close higher, with the Dow Jones up 0.49%, Nasdaq up 0.94%, and S&P 500 up 0.61% [4] - Bitcoin reached a historic high of $112,000, with a current price of $111,181, marking a year-to-date increase of approximately 19% [4] Group 2 - International oil prices experienced a slight decline, with WTI crude oil down 0.06% at $68.29 per barrel and Brent crude down 0.03% at $70.13 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.42%, France's CAC40 up 1.44%, and the UK's FTSE 100 up 0.15% [6] Group 3 - The State Council issued a notice to enhance employment support policies, focusing on stabilizing employment, enterprises, markets, and expectations to promote high-quality economic development [7] - The State Administration for Market Regulation held a meeting on fair competition, emphasizing the need for fair competition governance and anti-monopoly enforcement [8] Group 4 - The Ministry of Industry and Information Technology opened an online feedback window for key automotive companies to address issues related to payment cycles for small and medium-sized enterprises [9] - The National Health Commission issued a ban on two surgical procedures for treating Alzheimer's disease and type 2 diabetes [10] Group 5 - The Ministry of Culture and Tourism announced a zero-tolerance policy towards forced shopping in the tourism market, launching a year-long special rectification campaign [10] - The State Council appointed new officials, including Yang Weilin as Deputy Minister of Public Security and Wu Zeng as Deputy Minister of Justice [11] Group 6 - Alibaba completed the issuance of zero-coupon convertible bonds totaling 12.023 billion HKD, maturing in 2032 [16] - BYD announced the achievement of L4-level smart parking technology, promising full liability coverage for users in China [18] - Li Auto announced the official release of its family-oriented electric SUV, the Li Xiang i8, on July 29 [20] - NIO announced the completion of its 1,000th highway battery swap station, enhancing its charging network across major cities [22] - China National Petroleum Corporation reported that the Kashagan oil field's cumulative oil production has surpassed 1 billion barrels [24] - A significant board reshuffle occurred at Sinovac Biotech, with SAIF Partners gaining majority control [25] - Zhiyuan Robotics responded to speculation about a reverse merger, stating no significant changes are planned in the next 12 months [27] - Amap launched an AR check-in feature to enhance user interaction and engagement [28] - Chayan Yuesheng announced its entry into the North American market through e-commerce [30] - Linda Yaccarino, CEO of X platform, announced her resignation, raising questions about the company's future direction [32]

2025 年 7 月 7 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及公司点评 全球市场观察 宏观经济 美国经济 - 就业超预期，美联储将继续观望 6 月美国新增非农就业大超市场预期，失业率也超预期下降，显示就业市场 仍然稳健，数据公布后市场对 7 月降息预期大幅降至 5%。但数据背后仍有隐 忧，首先新增就业主要由季节性的地方政府教育岗位招聘支撑，而私营部门 特别是制造业、金融、医疗保健和酒店休闲等支柱服务业就业大幅放缓。其 次，失业率下降主要因劳动参与率的下降，显示特朗普移民政策影响，劳动 力供给减少。 非农就业超预期将延长美联储观望期，降低近期降息概率。美联储仍需观察 两个月的数据才能评估关税对通胀的影响。预计通胀在 6-8 月可能小幅反弹， 9 月再次下行。随着经济放缓和通胀见顶回落，我们认为美联储可能在 9 月 降息一次，11 月或 12 月再降息一次。（链接） 招银国际研究部 邮件：research@cmbi.com.hk 2025 年 7 月 7 日 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌 ...

| | | | | | | NED 第1章 | | --- | --- | --- | --- | --- | --- | --- | | 证券代码 | 证券简称 | 净流入额(亿元) | 基金份额变化(亿份) | 总规模(亿元) | 涨跌幅 (%) | 基金管理人简称 | | 511360.OF | 海富通中证短融ETF | 8.25 | 0.07 | 506.49 | 0.02 | 海富通基金 | | 513180.OF | 华夏恒生科技ETF | 6.82 | 9.7 | 289 | -0.56 | 华夏其余 | | 511260.OF | 国泰上证10年期国债ETF | 6.34 | 0.05 | 147.57 | 0.01 | 国泰基金 | | 513130.OF | 华泰柏瑞南方东英恒生科技ETF | 6.34 | 9.16 | 267.41 | -0.57 | 华泰相瑞喜舍 | | 513980.OF | 景顺长城中证港股通科技ETF | 5.01 | 7.09 | 149.97 | -0.56 | 景顺长城基金 | | 159792.OF | 富国中证港股通互联网ETF | 4.63 | 5. ...

Group 1: Market Operations - The central bank conducted a reverse repurchase operation of 34 billion yuan for 7 days at a fixed rate of 1.40%, with a total bid amount of 34 billion yuan and a net withdrawal of 491.9 billion yuan on that day [2][4]. Group 2: Funding Conditions - The funding environment remains ample and loose, with the overnight pledged repo rate slightly declining to 1.31% and the 7-day pledged repo rate decreasing by over 4 basis points to 1.42% [4]. Group 3: Interbank Certificates of Deposit - The latest transaction for one-year interbank certificates of deposit is around 1.61%, showing little change from the previous day [8]. Group 4: Bond Market Trends - The yields on major interbank bonds mostly decreased, with the 30-year main contract rising by 0.11%, the 10-year contract by 0.03%, and the 5-year contract by 0.02% [11][12]. Group 5: Corporate Bond Issuance - Alibaba plans to issue approximately 12 billion Hong Kong dollars in exchangeable bonds for cloud computing and international e-commerce investments [17]. - Guizhou successfully issued its first technology innovation corporate bond [17]. - Sunac China intends to issue 754 million new shares to repay 5.6 billion yuan of domestic bonds [17]. - Fitch Ratings indicates that more city investment enterprises holding existing residential properties will benefit from the expanded use of special bonds [17].

7月3日，阿里发布公告， 计划发行本金总额约120亿港元、2032年到期的零票息可交换债券，交换标 的为旗下阿里健康的股份。即便全部交换，阿里仍会保持对阿里健康的控股地位。 作者刘宝丹 编辑周智宇 计划豪掷3800亿元建设AI基础设施的阿里巴巴，正通过创新融资工具为战略投入提供资金支持。 相较于常规债务扩张，此次发行是以阿里健康股权价值为锚的低成本融资，反映了机构投资者对阿里健 康未来股价的看好。 去年9月24日以来，港股在全球股市中表现亮眼，恒生科技指数涨幅超过40%。截至公告日前一天收 盘，阿里健康股价今年涨了40%。不过，换股也意味着减持，7月4日收盘，阿里健康股价报4.220港 元，连续两日出现轻微下跌。 随着这次融资完成，阿里聚焦电商和AI的核心战略也将获得更大的发展动力。 锚定股权发债 在完成香港双重主要上市近一周年之际， 阿里启动了此次大规模离岸私募融资，主要面向亚洲主权基 金、对冲基金等专业机构投资者。 该债券将于2032年7月9日到期，不会产生定期利息。如果赎回，价格相当于被赎回债券本金金额的 100%，当然，投资人主要是为了换股，选择包括阿里健康股份、现金或二者的组合。 国际投行杰富瑞（J ...

【解剖大盘】 恒指今天在跌破24000点的时候，大金融银行证券盘中拉升刺激了一波指数，但未能持续，这个关口失 守，恒指收盘跌0.64%, 美国6月非农就业人口增加14.7万人，高于预期10.6万人，且前两个月数据被小幅上修。非农数据公布 后，市场直接放弃对美联储7月降息的押注。这个也符合逻辑。当下并非降息的最佳时点，因此需要好 一点的数据来粉饰。白宫表示，美国总统特朗普将于当地时间4日17时签署"大而美"法案。该法案进一 步加剧了市场对政府将增加借贷以抵消税收减少的担忧。不过，对企业减税这块是利好，企业税率从 21%直接砍到15%左右，苹果、谷歌这些巨头利润又出来了。 眼下市场关注的焦点是即将到来的关税截止日期。特朗普告诉记者，"周五可能会向贸易伙伴发出10或 12封关税信函，更多信件将"在接下来的几天内"寄出。到7月9日，将全面覆盖，关税税率可能从 60%-70%到10%-20%。我们已经完成了最终版本，它基本上会说明各国将要缴纳的关税水平。"目前情 况是和英国、越南达成协议，和中国达成了协议框架，剩下的就是日、韩、印度和欧盟。下一周，预计 市场都笼罩在关税谈判的阴影之下。 中东战事暂时消停，但俄乌冲突再现 ...

龙虎榜机构热股 今天机构龙虎榜上榜25只个股，净买入11只，净卖出14只。当日机构买入最多的个股前三位是：西测测试（6863万）、南凌科技（2848万）、隆扬电子 （2119万）。 | 上榜热股 | 实时涨跌幅 | 买/卖家数 | 机构 | | --- | --- | --- | --- | | 西测测试 301306.SZ | +0.44% | 3/0 | +68 | | 南凌科技 300921.SZ | +19.98% | 1 / 1 | +28 | * [16] A. A. K. K. 南凌科技 7月3日晚，阿里巴巴集团发布公告，计划发行本金总额约120亿港元、2032年到期的零息可交换债券。债券发行募集资金净额将用于投入云计算基础设施建 设和支持国际电商业务发展。 个股龙虎榜 据公司3月26日官微，由中国信通院和蚂蚁数科牵头发起，霍普股份、协鑫能科等近 20 家公司参与编写的《可信区块链实体资产可信上链技术规范》正式立 项并启动撰写。作为首个RWA上链技术规范，这一举措标志着实体资产 RWA 迈入标准化新阶段，霍普股份在其中积极发挥作用，助力构建可信数字基座。 杭州园林 个股龙虎榜 公司参股公司万林数 ...

Core Viewpoint - Alibaba plans to issue HKD 12 billion zero-interest exchangeable bonds, which may be interpreted as a disguised reduction of its stake in Alibaba Health, leading to a significant drop in Alibaba Health's stock price [1][4]. Summary by Sections Bond Issuance Details - The bonds will have a principal amount of approximately HKD 12 billion and are set to mature in 2032, with an initial exchange price of HKD 6.23 per share of Alibaba Health, which is about 50% higher than its current trading price [2][3]. Purpose of Fundraising - The net proceeds from the bond issuance are intended for general corporate purposes, including investments to support the development of Alibaba's cloud infrastructure and international business [4]. Impact on Alibaba Health - Alibaba holds approximately 64% of Alibaba Health, which has a market value of HKD 682 billion as of July 4, 2023. The issuance of these bonds is not expected to dilute shareholder equity in Alibaba Health [4][8]. Market Reactions and Investor Sentiment - Following the announcement, Alibaba Health's stock fell by 6.42%, while Alibaba's stock experienced a slight decline before recovering. Analysts suggest that the bond issuance is a flexible capital management strategy rather than an immediate asset sale [1][7][9]. Financial Performance - For the fiscal year 2025, Alibaba Health reported total revenue of HKD 30.6 billion, a year-on-year increase of 13.2%, and adjusted net profit of HKD 1.95 billion, up 35.6%. Alibaba's revenue for the same period was HKD 996.35 billion, reflecting a 6% year-on-year growth [5][10]. Strategic Considerations - Analysts emphasize that the bond issuance should be viewed from a strategic and value investment perspective, as it does not indicate a negative outlook on Alibaba Health's business model. The focus should remain on the long-term growth potential of the digital healthcare sector [10].