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沪港通开通三周年和深港通即将开通一周年之际，香港交易所首席中国经济学家办公室2017年11月24日发表研究报告，分析了当前港股通投资者所需的指数服务。敬请阅读。

文/香港交易及结算所有限公司首席中国经济学家办公室

自沪港通及深港通（合称沪深港通）开通后，内地和国际投资者已经了解并逐渐熟悉互联互通机制，尤其是越来越多内地投资者利用沪深港通下的港股通直接进行海外资产配置。截至2017年10月底，港股通为港股市场带来了6,375亿港元的净资金流入，港股通日均成交额在香港证券市场的占比由2015年9月的1%增至今年10月的6%。今年首十个月，港股通日均成交额在港股交易中的占比达7.2%。

报告指出，随着投资者对内地和香港两地市场的兴趣日增，有必要开发相关指数服务支持市场的持续增长及发展。相关指数不但可追踪当地市场、区域市场以至全球市场、市场个别板块或跨市场表现，更能用作被动投资工具如交易所买卖基金(ETF)或指数期货及期权等衍生产品的相关资产，投资者可借此参与相关市场或对冲在该市场的投资。

香港交易所、上海证券交易所和深圳证券交易所于2012年共同成立的中华证券交易服务有限公司（中华交易服务），正是为内地与香港投资者提供相关市场服务，以沪深港三方市场交易产品为基础编制跨市场指数，透过提供全新指数化跨境交易产品和跨境金融服务，向境内外投资者双向配置跨境金融资源，助力中国资本市场与全球市场的互联互通。

中华交易服务指数系列中的港股通精选100指数（中华港股通精选100）是专门追踪沪深港通下港股通合资格股票（港股通股票）的指数，包括以自由流通市值计最大100只港股通的香港股票（不包括A+H股票）。

中华港股通精选100具有以下特色：

(1)以市值及成交额计，于港股通股票的覆盖率相对较高；

(2)不包括A+H股票，追踪纯香港概念的投资，反映内地以外地区的投资机会，与内地证券市场的相关性较小；

(3)对港股通股票中增长型板块股票，如内地民企及新经济行业股票的覆盖率较高；

(4)由于其成份股包含相对较多新经济板块中的港股通股票，指数自推出以来大部分时间的市盈率均较恒指及恒生国企指数为高，但股息率却较低，回报率的波幅亦较香港及内地主要指数低。

当前在沪深股市中供内地投资者买卖的跨境指数ETF寥寥可数，并未能充分发挥港股通投资的潜能。基于中华港股通精选100指数能代表港股通股票及新经济增长型企业股票，与该指数相关的潜在投资机会有待透过港股通获得进一步发掘。（完）

文章来源：香港交易所官方网站2017年11月24日（本文仅代表作者观点）

本篇编辑：彭淳懿

By Chief China Economist's Office Hong Kong Exchanges and Clearing Limited

A “Mutual Market” is now in place between the Mainland and Hong Kong stock markets thanks to the launch of Shanghai Connect in 2014 and Shenzhen Connect last year, opening up more opportunities for Mainland investors with fewer restrictions than other channels, like the Qualified Domestic Institutional Investors (QDII), for investing in overseas markets. Statistics show that there is a strong and growing interest from Mainland investors in trading stocks listed in Hong Kong through the scheme. Since launch up to October 2017, Southbound net capital inflow reached HK$637.5 billion, with the contribution of Southbound trading to the SEHK Main Board’s average daily securities turnover rising from 1 per cent in September 2015 to 6 per cent in October 2017. During January to October 2017, Mainland investors contributed 7.2 per cent of the Hong Kong market’s average daily equity turnover.

HKEX’s Chief China Economist Office has published a new research report today highlighting the imminent need for index services for Southbound investment under Stock Connect. As the Mutual Market attracts increasing interest, related index services to support the continuous growth and development of the market are now inevitable. Indices not only serve as benchmark measures to track the performance of domestic, regional and global markets, segments of a market or cross-markets, they are also increasingly used as the underlying benchmarks for passive investment instruments such as ETFs or derivatives such as index futures and options to gain exposure to, or to hedge against investment in, a market.

To serve the Mainland-Hong Kong Mutual Market with related market services, HKEX, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE) established China Exchanges Services Company Ltd (CESC) in 2012. CESC’s business started with developing cross-border indices covering the Hong Kong, Shanghai and Shenzhen markets. These indices provide the foundations for tradable index products for the benefits of Mainland and global investors to invest in the Mutual Market.

Among the CESC family of indices, the CES Stock Connect Hong Kong Select 100 Index (CES SCHK100) is a unique Stock Connect-related index that tracks Hong Kong stocks available for Southbound Trading, with the top 100 Southbound-eligible Hong Kong stocks (excluding A+H stocks) by market capitalisation as constituents.

CES SCHK100 has the following special characteristics:

(1)Having a considerably high coverage of Southbound stocks in terms of market capitalisation and turnover value;

(2)Tracking investment of a pure Hong Kong concept (excluding A+H stocks), with a high representativeness of stocks listed in Hong Kong and not in the Mainland market at the same time, therefore representing pure investment opportunities outside the Mainland, with only moderate correlation with movements in the Mainland domestic stock market;

(3)Having a relatively high coverage of stocks of the growth sectors among Southbound stocks, e.g. Mainland private enterprises and stocks in the New Economy industries;

(4)Owing to the higher weightings of new-economy stocks in its composition, having a historically higher PE ratio but lower dividend yield than the HSI and HSCEI, and also lower return volatility than the key Hong Kong and Mainland indices, for most of the time since its launch.

There are only a few cross-border ETFs currently listed on the SSE and SZSE available to Mainland investors such that the potential for Southbound investment cannot be fully realised through these products. Given the CES SCHK100 index’s high representativeness of Southbound eligible stocks and growth-sector stocks in the New Economy, the potential for investment opportunities related to the index has yet to be exploited further through Southbound Trading.

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