港股通的交易门槛需满足法规明确的条件。投资者需确保证券账户及资金账户内的资产在前20个交易日 日均不低于50万元人民币（该资产不包含融资融券融入的资金和证券）；同时，投资者需具备与港股通 交易风险等级匹配的风险承受能力，且不存在法律、行政法规、部门规章等禁止或限制参与港股通交易 的情形。 免责声明： 港股通是内地投资者通过沪深证券交易所参与香港联合交易所上市股票交易的合规渠道，其业务开展严 格遵循2025年全国最新修订的《沪深港通业务实施办法》等相关法规，旨在为投资者提供规范、透明的 跨境投资路径。 开通港股通权限需按标准流程办理。首先，投资者向开户证券公司提出开通申请；其次，完成证券公司 组织的风险测评，确认自身风险承受能力符合要求；再次，通过港股通业务知识测试，证明对交易规 则、风险特性等内容有充分了解；最后，签署港股通交易风险揭示书及相关协议，经证券公司审核通过 后即可开通权限。 开通权限后，投资者可通过证券公司交易系统进行港股通股票买卖。交易时间需遵循沪深港两地市场共 同的交易日安排，交易时段与香港联合交易所一致；申报环节以港币报价、人民币结算，申报数量需符 合对应股票的每手股数要求；清算交收实行T+ ...

上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限量发放！先到先得！ 12月22日，上海证券交易所、深圳证券交易所、北京证券交易所发布消息，2026年部分节假日休市安排 通知如下： （一）元旦：1月1日（星期四）至1月3日（星期六）休市，1月5日（星期一）起照常开市。另外，1月4 日（星期日）为周末休市。 （二）春节：2月15日（星期日）至2月23日（星期一）休市，2月24日（星期二）起照常开市。另外，2 月14日（星期六）、2月28日（星期六）为周末休市。 （三）清明节：4月4日（星期六）至4月6日（星期一）休市，4月7日（星期二）起照常开市。 （四）劳动节：5月1日（星期五）至5月5日（星期二）休市，5月6日（星期三）起照常开市。另外，5 月9日（星期六）为周末休市。 （五）端午节：6月19日（星期五）至6月21日（星期日）休市，6月22日（星期一）起照常开市。 （六）中秋节：9月25日（星期五）至9月27日（星期日）休市，9月28日（星期一）起照常开市。 （七）国庆节：10月1日（星期四）至10月7日（星期三）休市，10月8日（星期四）起照常开市。另 外，9月20日（星期日）、10 ...

证券研究报告 | 策略研究 2025 年 12 月 16 日 ——港股市场策略周报（1216） 近期港股市场在海外降息后仍未企稳，主要来自于两个内部流动性问题：公募 基金基准新规落地，可能导致卖出部分超配的港股；港股阶段性资金需求较大。 上述叙事虽然存在，且在下跌过程中持续强化，但总体来看影响较为有限。关 注即将公布的美国非农就业数据，如果数据明显低于预期可能使得市场的降息 预期重燃，从而有利于情绪改善和市场企稳回升。 张夏 S1090513080006 zhangxia1@cmschina.com.cn 涂婧清 S1090520030001 tujingqing@cmschina.com.cn 王德健 研究助理 wangdejian@cmschina.com.cn 定期报告 相关报告 1. 《港股 IPO 的抽水效应如何—— 港股系列研究报告（1）》 2. 《港股市场流动性跟踪框架—— 港股系列研究报告（2）》 敬请阅读末页的重要说明 ❑ 港股观点更新：近期港股市场在海外降息后仍未企稳，主要来自于两个内部 流动性问题：公募基金基准新规落地，可能导致卖出部分港股；港股阶段性 资金需求较大。上述叙事虽然存在，且 ...

编者按 日前，党的二十届四中全会审议通过"十五五"规划建议，明确提出"优化金融机构体系，推动各类金融 机构专注主业、完善治理、错位发展"，这为包括证券公司在内的金融机构实现高质量发展指明了方 向。近年来证券公司在持续强化经营数据等"硬指标"的同时，纷纷发力文化建设并积极承担社会责任， 不断夯实"软实力"，实现经营效益和社会效益双丰收。 为学习宣传贯彻党的二十届四中全会精神，中国证券报联合中国证券业协会推出"夯实文化软实力 积极 履责显担当"系列专题报道，旨在通过分享证券公司在加强文化建设以及服务经济、社会、环境和谐发 展方面的典型案例与先进经验，体现证券公司近年来在培育中国特色金融文化、践行行业文化理念、履 行社会责任的积极成效，共同推动证券行业高质量发展。本篇为系列报道第十六篇。 治国有常，利民为本。党的二十届四中全会体现了以人民为中心的立场。全会强调，"十五五"时期经济 社会发展必须坚持人民至上，以满足人民日益增长的美好生活需要为根本目的，加大保障和改善民生力 度，扎实推进全体人民共同富裕。 招商证券（600999）党委书记、董事长霍达日前在接受中国证券报记者专访时表示，实现人民对美好生 活的向往是中国式 ...

自港股通开通以来，南向资金累计净流入规模突破5万亿港元，刷新香港-内地互联互通机制开通以来的 最高纪录。 ...

- The report constructs quantitative factors based on Hong Kong Stock Connect holding data, categorized into "stock factors" and "flow factors" to reflect the characteristics of Southbound capital movements and holdings [3][6][7] - Stock factors include Holding, HoldingValue, H2Volume, H2Share, and HoldingStability(N), which measure holding quantity, holding value, holding proportion relative to trading volume, free float shares, and holding stability over N days respectively [41][42] - Flow factors include ΔHolding, Inflow, Inflow2HV, Inflow2Amt, Inflow2Cap, and ΔHolding%, which measure changes in holding quantity, net buying, net buying proportion relative to holding value, trading amount, free float market value, and holding growth rate respectively [43][44] - The report highlights the complementary nature of stock and flow factors, where stock factors capture long-term preferences and institutional holding behavior, while flow factors reflect short-term momentum effects [7][39][45] - Stock factors perform better in low-valuation stock pools, with HoldingStability(3) and HoldingStability(10) showing monthly IC values of 4.13% and 6.42%, ICIR values of 1.52 and 2.02, and IC win rates of 65.05% and 69.90% respectively [8][77][86] - Flow factors perform better in large-cap and high-net-profit stock pools, with Inflow2HV, Inflow2Amt, and Inflow2Cap achieving monthly IC values of approximately 3% in large-cap stocks and over 4% in high-net-profit stocks, with ICIR values exceeding 1.5 and IC win rates above 65% [8][95][114] - A composite factor named "Holding and Flow Factor" was constructed by combining seven individual factors, including HoldingStability(3), HoldingStability(10), Inflow2HV(3), Inflow2Amt(3), Inflow2Cap(3), ΔHolding, and Inflow, after neutralization and standardization [134][135] - The Hong Kong Stock Connect Flow Select Portfolio, based on these factors, achieved an annualized return of 27.01%, with an annualized excess return of 20.19% compared to the benchmark index, and a Sharpe ratio of 0.88 [9][137][151] - After optimizing the stock selection space to include only large-cap, high-net-profit, and actively traded stocks, the adjusted portfolio achieved an annualized return of 21.70%, with an annualized excess return of 14.88% and a Sharpe ratio of 0.83 [140][144][145]

Core Viewpoint - The event held on October 30 aimed to enhance the understanding of the Hong Kong financial market's interconnectivity mechanisms among Shenzhen's fund industry, with 75 participants from 28 institutions attending the training session supported by the Hong Kong Stock Exchange [1][3]. Group 1: Training Session Details - The training invited representatives from the Hong Kong Stock Exchange to discuss key topics such as the Hong Kong securities market and trading mechanisms, recent optimization measures, and future planning [3]. - Important subjects covered included the optimization of the fee structure for Hong Kong securities market transactions, the inclusion of ETFs in the interconnectivity qualified securities, and trading arrangements during adverse weather conditions [3]. - A Q&A session addressed inquiries from institutional representatives regarding the scope of stocks eligible for the Hong Kong Stock Connect, the range of ETFs supported, order types allowed, and adjustments to the minimum price fluctuation [3]. Group 2: Industry Implications - The interconnectivity mechanism is a significant milestone in China's financial market opening, serving as a top-level design for national financial openness [5]. - The Shenzhen fund industry plans to leverage the Hong Kong Stock Connect and other interconnectivity channels to expand cross-border investment and actively explore overseas markets [5]. - The initiative aims to accelerate the pace of opening up and continuously enhance the internationalization level of the industry [5].

Core Insights - The Hong Kong Stock Exchange (HKEX) reported record-high average daily trading volumes for both the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect in the first three quarters of 2025, with amounts reaching 206.4 billion RMB and 125.9 billion RMB respectively, marking increases of 67% and 229% compared to the first three quarters of 2024 [1] Group 1 - The average daily trading volume for the Shanghai-Hong Kong Stock Connect reached 206.4 billion RMB, a new nine-month high [1] - The average daily trading volume for the Shenzhen-Hong Kong Stock Connect reached 125.9 billion RMB, also a new nine-month high [1] - Both trading volumes saw significant year-on-year increases of 67% and 229% respectively [1]

Group 1: Southbound Capital Flow - Southbound capital inflow has exceeded 1.1 trillion yuan this year, indicating strong allocation enthusiasm for the Hong Kong stock market [1] - Despite adjustments in the Hong Kong stock market due to external factors, southbound capital has continued to flow in through Hong Kong Stock Connect and related ETFs, with a net inflow of 38 billion yuan in October alone [1] - Seven out of the first nine months of the year saw net inflows exceeding 100 billion yuan [1] Group 2: Banking Sector - The banking sector is entering a new phase of risk management, which is expected to strengthen balance sheets and accelerate the realization of net asset revaluation benefits [3] - The third-quarter reports indicate a stable performance with positive trends in interest margins and stable non-performing loan generation, while investment income may see a slight decline [3] - The banking sector is anticipated to offer significant value for absolute return funds starting in the fourth quarter, as risk appetite among investors has decreased [3] Group 3: Solar Industry - The solar industry is currently facing a supply-demand imbalance, with the core issue being the need to "reverse the internal competition" to drive capacity clearance [3] - Significant progress has been made in addressing below-cost sales, leading to gradual price increases for silicon materials, wafers, and batteries, although module prices are expected to see limited short-term increases [3] - The tightening of energy consumption standards for polysilicon is expected to be a crucial measure for capacity clearance in the future [3] Group 4: Gold Market - The gold market continues to rise, driven primarily by profit-taking effects and market sentiment, with the current strategy being to "follow the market, not to predict peaks" [5] - Recent reports indicate significant profit growth for brokerage firms, with Dongwu Securities forecasting a net profit increase of 50% to 65% year-on-year for the first three quarters [5] - The active trading environment in the A-share market has led to a substantial increase in new account openings and trading volume, benefiting brokerage performance [5] Group 5: Market Trends - The short-term market trend is strong, with noticeable inflows of incremental capital and a strong profit-making effect [7] - The Shanghai Composite Index reaching 4,000 points is not surprising, but the prolonged low-volume rise is unusual, indicating a cautious market [9] - Recommendations for sector allocation suggest reducing exposure to technology and increasing investments in financial sectors, real estate, and infrastructure [9]

Group 1 - The average daily trading volume of the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect reached new highs in the first half of 2025, with the Shanghai and Shenzhen Stock Connect averaging a daily trading volume of RMB 206.4 billion, a 68% increase compared to the same period in 2024 [1] - The Hong Kong Stock Connect's average daily trading volume reached HKD 126 billion, more than double the level of the same period in 2024 [1] - The strong performance of the Hong Kong market is attributed to favorable economic policies and technological innovations in China, leading to increased global investor interest [1] Group 2 - The Hong Kong Stock Exchange (HKEX) is collaborating closely with the Shanghai and Shenzhen exchanges to include REITs in the Stock Connect, introduce a block trading mechanism, and incorporate RMB counters into the Hong Kong Stock Connect [1] - HKEX aims to deepen collaboration with various parties to optimize listing arrangements, expand the connectivity mechanism, and enhance market efficiency [2] - The exchange is focused on building a competitive ecosystem for fixed income and currency products, providing diverse asset allocation and risk hedging tools for domestic and international investors [2]