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港股市场月度跟踪（25年1月） ：港股迎来开门红，改革持续进行中
申万宏源·2025-02-28 02:45

Investment Rating - The industry investment rating is "Positive" for the Hong Kong stock market, indicating an expectation of outperformance compared to the overall market [30]. Core Insights - The report highlights the anticipated impact of the Federal Reserve's interest rate cuts and Alibaba's inclusion in the Hong Kong Stock Connect, which is expected to boost the performance of the Hong Kong Stock Exchange [4][5]. - The report emphasizes the improvement in trading activities and IPOs in the Hong Kong market, with a notable increase in average daily trading (ADT) and a positive outlook for the Hong Kong Stock Exchange's earnings in 2024 [4][5]. Summary by Sections Market Overview - In January 2025, the average daily trading (ADT) in the Hong Kong market was HKD 1,438 billion, reflecting a month-on-month increase of 1% [19]. - The daily turnover rate was 0.41%, showing a slight increase of 0.5 basis points month-on-month [19]. - The total market capitalization of the Hong Kong Stock Exchange reached HKD 35.4 trillion, up 0.1% month-on-month [6]. Trading and IPO Activity - The report notes that in January 2025, there were 8 new IPOs in the Hong Kong market, raising a total of HKD 60.5 billion, which is a decrease of 30% month-on-month [20]. - Southbound capital has consistently shown net inflows, with January 2025 seeing a record net purchase of HKD 1,256 billion [18]. Regulatory Changes - The Hong Kong Stock Exchange announced a reform in trading fees, which is expected to enhance trading sentiment among individual investors and improve market liquidity [4]. - The new fee structure, effective from June 2025, aims to lower trading costs for individual investors while maintaining a fair rate based on historical averages [4]. Investment Recommendations - The report suggests a positive outlook for the Hong Kong Stock Exchange, driven by improved trading structures and sustained inflows from domestic long-term capital [4]. - It recommends focusing on Hong Kong-listed Chinese brokers, which are expected to have better elasticity and cost-effectiveness in the current market environment [4].