Group 1: Market Overview - The report highlights that the escalation of the US tariff war is expected to have a limited impact on the Hong Kong stock market, which is projected to reach new highs [7] - The Hong Kong Hang Seng Index has shown a year-to-date increase of 20.34%, indicating strong market performance despite external pressures [2] - The report notes that the US stock market indices reached historical highs, reflecting a resilient risk appetite among investors [8] Group 2: Investment Opportunities - The biotechnology sector in Hong Kong is identified as a key driver of market recovery, with Chinese pharmaceutical companies transitioning from generic to innovative drug development [9] - The report suggests that the overall market capitalization of Chinese biotech companies is only 14%-15% of that in the US, while contributing nearly 33% to global innovation, indicating significant growth potential [9] - The report recommends focusing on the medical and stablecoin sectors within the Hong Kong market for potential investment opportunities [12] Group 3: Currency and Fund Performance - The US dollar index has shown a strong weekly performance, indicating a potential bottoming out, with expectations for the USD/CNY exchange rate to fluctuate between 7.1 and 7.4 [10] - The report lists several funds with notable performance, including the Huaxia Hang Seng Biotechnology Index ETF, which has a one-year return of 87.57% [14] - Investors are advised to consider dollar-denominated money market funds for stable returns amidst currency fluctuations [11]

Market Overview - The Hang Seng Index closed at 24,028, up 0.46% for the day and 20.34% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.22% to 8,668, with a year-to-date increase of 19.17%[3] - The Hang Seng Tech Index increased by 0.61% to 5,217, showing a year-to-date growth of 17.47%[3] U.S. Market Performance - Major U.S. indices experienced declines, with the S&P 500 down 0.33% to 6,280 and a year-to-date increase of 6.43%[3] - The Dow Jones Industrial Average fell 0.63% to 44,651, with a year-to-date rise of 4.30%[3] - The Nasdaq Composite decreased by 0.22% to 20,631, reflecting a year-to-date growth of 6.60%[3] Sector Highlights - Financial sector stocks surged, driven by a significant increase in A-share IPO approvals and favorable news regarding cryptocurrencies[7] - Biopharmaceutical stocks led gains, with WuXi AppTec's earnings forecast exceeding expectations, resulting in a rise of over 10%[7] - Steel stocks were buoyed by expectations of capacity cuts and improved industry profits due to policy upgrades[7] Cryptocurrency and Commodities - Bitcoin reached a historic high, surpassing $118,000, while gold prices rose above $3,350[7] - The energy sector showed strength amid speculation of U.S. sanctions on Russian oil and OPEC's consideration to halt production increases in October, leading to oil prices rising over 2%[7] Notable Stock Movements - Chinese brokerage stocks performed well, with Zhongzhou Securities up over 47% and Xingsheng International up over 24%[7] - Japanese stock market saw the Nikkei 225 index decline by 0.19%, while the TSE index rose by 0.39%[10]

Market Overview - The Hang Seng Index closed at 24,028, up 0.57% for the day and 19.78% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.83% to 8,668, with a year-to-date increase of 18.91%[3] - The Hang Seng Tech Index fell 0.29% to 5,217, with a year-to-date increase of 16.75%[3] Capital Flows - Southbound capital recorded a net inflow of HKD 2.902 billion[9] Sector Performance - Major tech stocks generally declined, with Xiaomi, Meituan, Tencent, JD.com, and Baidu all falling, while Alibaba saw a slight increase[9] - Real estate stocks performed strongly, with China Oceanwide Holdings surging over 27% and Longfor Group rising nearly 21% due to debt restructuring progress[9] - Financial stocks also rose, with Zhengzhou Bank and Sunshine Insurance both increasing over 6%[9] U.S. Market Performance - The Dow Jones Industrial Average rose 0.43% to 44,651, while the S&P 500 increased by 0.27% to 6,280, both breaking previous highs[9] - The Nasdaq Composite gained 0.09% to 20,631, marking two consecutive days of record highs[9] Cryptocurrency Trends - Bitcoin surpassed USD 117,000, setting a new record, with cryptocurrency-related stocks also performing well[9] Japanese Market Insights - The Nikkei 225 index fell 0.4% to 39,821, ending a two-day rally due to concerns over U.S.-Japan tariff negotiations and upcoming elections[13] - The 20-year Japanese government bond auction saw lower demand, indicating market concerns over rising debt levels[13]

Investment Rating - The report assigns a "Neutral" rating for CoreWeave (CRWV.O) based on its current market performance and outlook [4]. Core Insights - CoreWeave announced the acquisition of Core Scientific for approximately $9 billion in an all-stock transaction, aimed at accelerating its AI data center strategy [1]. - Following the announcement, CoreWeave's stock fell by 3% on July 7 and continued to decline by 5% on July 8, while Core Scientific's stock dropped nearly 18% on the same day [1]. - The acquisition is expected to be completed in Q4 2025, pending regulatory and shareholder approvals [8]. Financial Projections - Revenue is projected to grow significantly from $229 million in 2023 to $16.418 billion by 2027, with operating profit turning positive by 2024 [3]. - Adjusted net profit is expected to improve from a loss of $45 million in 2023 to a profit of $1.08 billion in 2027 [3]. - The price-to-sales ratio is forecasted to decrease from 317.5 in 2023 to 4.4 by 2027, indicating improved valuation metrics over time [3]. Transaction Details - The exchange ratio for the acquisition is set at 1:0.1235, with Core Scientific shareholders expected to hold less than 10% of the combined company post-transaction [8]. - The acquisition price of $20.40 per share represents a 66% premium over Core Scientific's stock price prior to acquisition discussions [8]. - CoreWeave aims to leverage Core Scientific's existing 1.3 GW power capacity data centers, with plans to repurpose mining facilities for high-performance computing [8]. Strategic Implications - The acquisition reflects a broader trend where cloud service giants are moving towards owning core energy assets rather than relying on power leasing [9]. - CoreWeave's integration of Core Scientific is anticipated to enhance operational efficiency and reduce future leasing costs, potentially saving over $5 billion in operational costs by 2027 [8]. - The ownership of critical power resources is expected to unlock approximately $5 billion in financing opportunities, which could lower the company's weighted average cost of capital (WACC) [8]. Market Performance - CoreWeave's stock has shown volatility, with a 1-month return of -7% and a 3-month return of 211% [5]. - The market is concerned about the high valuation premium associated with the acquisition, especially given Core Scientific's significant projected losses in 2024 [12]. - Investors are advised to monitor CoreWeave's contract renewals with key clients like Microsoft and OpenAI, as well as its ability to secure financing at lower rates [10].

Market Overview - The Hang Seng Index closed at 24,148, up 1.09% for the day and 20.38% year-to-date[3] - The Hang Seng China Enterprises Index rose 1.16% to 8,709, with a year-to-date increase of 19.46%[3] - The Hang Seng Tech Index led gains with a 1.84% rise, totaling a 19.20% increase for the year[3] US Market Performance - The Dow Jones Industrial Average fell 0.37% to 44,241, with a year-to-date gain of 3.99%[3] - The S&P 500 Index decreased by 0.07% to 6,226, up 5.85% year-to-date[3] - The Nasdaq Composite Index saw a slight increase of 0.03%, closing at 20,418, with a year-to-date rise of 5.74%[3] Sector Highlights - Major tech stocks in Hong Kong saw significant gains, with Kuaishou up over 5% and Baidu rising 3.55%[9] - Chinese brokerage stocks surged, particularly Victory Securities and Guotai Junan International, which rose over 33% and 28.5% respectively[9] - The solar energy sector remained active, with Shunfeng Clean Energy increasing over 30%[9] Investment Trends - Net inflows from southbound funds amounted to HKD 387 million[9] - The semiconductor sector in the US showed strength, with the Philadelphia Semiconductor Index rising 1.8%[9] Economic Indicators - The US announced tariffs ranging from 25% to 40% on imports from 14 countries, increasing market uncertainty[9] - Japan's Nikkei 225 Index rose 0.26% amid a weaker yen and tariff negotiations[13] Notable Stock Movements - Nvidia's stock increased by 1.11%, closing at $160, with a market cap exceeding $3.9 trillion[9] - Alibaba's stock rose 1.6% to $108, with a market cap of $257.7 billion[24] Summary of Key Data - The Hang Seng Index's year-to-date performance is 20.38%, while the Dow Jones has only gained 3.99%[3] - The semiconductor sector's performance in the US is highlighted by Intel's 7.23% increase, marking the largest gain among its peers[9]

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 富时海峡时报指数 数据日期：2025 年 7 月 7 日 资料来源：万得，国信证券（香港）财富研 究部整理 | 2025 年 7 日 | 月 | 8 | | | | | --- | --- | --- | --- | --- | --- | | 资讯日报 | | | | | | | 海外市场主要股市上日表现 | | | | | | | | | | | 升跌（%） | | | 指数名称 | | | 收市价 | 单日 | 年内 | | | | 单日 | 年内 | | --- | --- | --- | --- | | 恒生指数 | 23,888 | (0.12) | 19.08 | | 恒生国企 | 8,609 | (0.01) | 18.09 | | 恒生科技 | 5,230 | 0.25 | 17.04 | | 美国道琼斯 | 44,406 | (0.94) | 4.38 | | 美国标普 500 | 6,230 | (0.79) | 5.92 | | 美国纳斯达克 | 20,413 | (0.92) | 5.71 | | 德国 DAX | ...

Market Overview - The Hang Seng Index closed at 23,916, down 0.64% for the day and up 19.22% year-to-date[4] - The Hang Seng China Enterprises Index fell 0.45% to 8,609, with a year-to-date increase of 18.10%[4] - The Hang Seng Tech Index decreased by 0.33% to 5,216, with a year-to-date rise of 16.74%[4] US Market Performance - The Dow Jones Industrial Average rose by 0.77% to 44,829, with a year-to-date increase of 5.37%[4] - The S&P 500 gained 0.83% to close at 6,279, up 6.76% year-to-date[4] - The Nasdaq Composite increased by 1.02% to 20,601, with a year-to-date rise of 6.68%[4] Japanese Market Insights - The Nikkei 225 index slightly increased by 0.06% to 39,811, while the Topix index remained flat[12] - Investors remain optimistic about the market outlook, but caution is advised as the Nikkei approaches 40,000 points[12] Sector Highlights - Southbound capital saw a net inflow of 6.683 billion HKD on July 4[11] - Biopharmaceutical stocks showed strong performance, with Huahao Zhongtian Pharmaceuticals surging over 40%[11] - Semiconductor stocks rallied after the US lifted export restrictions on chip design software to China, with SMIC rising 1.5%[11] Notable Stock Movements - Major tech stocks like Meituan and Alibaba fell by 1.6% and 1% respectively, while Kuaishou and Baidu gained over 1%[11] - In the insurance sector, AIA Group dropped over 4%, while banking stocks like Guangzhou Rural Commercial Bank rose over 6%[11]

Market Overview - The Hang Seng Index closed at 24,221, up 0.62% for the day and 20.75% year-to-date[3] - The Hang Seng China Enterprises Index rose 0.54% to 8,725, with a year-to-date increase of 19.68%[3] - The Hang Seng Tech Index fell 0.64% to 5,269, with a year-to-date gain of 17.93%[3] Capital Flows - Southbound capital recorded a net inflow of HKD 5.036 billion on July 2[9] Sector Performance - Gold stocks performed well, with Shandong Gold rising over 5%[9] - Gaming stocks saw significant gains, with New Macau International Development increasing over 13%[9] - Semiconductor stocks declined, with Shanghai Fudan dropping over 4%[9] U.S. Market Performance - The Dow Jones Industrial Average fell 0.02% to 44,484, while the S&P 500 rose 0.47% to 6,227, and the Nasdaq increased by 0.94% to 20,393[3] - The S&P 500's performance was bolstered by gains in technology stocks, with Nvidia rising 2.58%[9] Economic Indicators - U.S. private sector employment unexpectedly declined in June, marking the first drop in over two years[13] - The U.S. Senate passed a tax reform bill that does not include provisions for wind and solar energy projects[9] Japanese Market Performance - The Nikkei 225 index fell 0.6%, with a cumulative decline of over 3% for the week[13] - The index has increased nearly 11% since April 2, despite recent declines[13] Notable Company Movements - Tesla's global quarterly sales fell 13% year-on-year but exceeded the most pessimistic analyst expectations[14] - Oracle and OpenAI reached an agreement for a significant power supply project, part of a $30 billion cloud deal[14] Investment Insights - The report indicates a mixed outlook for various sectors, with technology and gold stocks showing resilience while semiconductor stocks face challenges[9][14]

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 | 年 日 2025 7 | 月 | 2 | | | | | --- | --- | --- | --- | --- | --- | | 资讯日报 | | | | | | | 海外市场主要股市上日表现 | | | | | | | | | | | 升跌（%） | | | 指数名称 | | | 收市价 | 单日 | 年内 | | | | 单日 | 年内 | | --- | --- | --- | --- | | 恒生指数 | 24,072 | (0.87) | 20.00 | | 恒生国企 | 8,678 | (0.96) | 19.05 | | 恒生科技 | 5,303 | (0.72) | 18.68 | | 美国道琼斯 | 44,495 | 0.91 | 4.59 | | 美国标普 500 | 6,198 | (0.11) | 5.38 | | 美国纳斯达克 | 20,203 | (0.82) | 4.62 | | 德国 DAX | 23,673 | (0.99) | 18.91 | | 法国 CAC | 7,663 | (0.04) | ...

国信证券(香港)·资讯日报 股票市场概览 港股市场表现 美股市场表现 | 2025 年 6 月 30 | 日 | | | | --- | --- | --- | --- | | 资讯日报 | | | | | 海外市场主要股市上日表现 | | | | | | | 升跌（%） | | | 指数名称 | 收市价 | 单日 | 年内 | | 恒生指数 | 24,284 | (0.17) | 21.06 | | 恒生国企 | 8,762 | (0.47) | 20.20 | | 恒生科技 | 5,341 | (0.07) | 19.55 | | 美国道琼斯 | 43,819 | 1.00 | 3.00 | | --- | --- | --- | --- | | 美国标普 500 | 6,173 | 0.52 | 4.96 | | 美国纳斯达克 | 20,273 | 0.52 | 4.99 | | 德国 DAX | 24,033 | 1.62 | 20.71 | | 法国 CAC | 7,692 | 1.78 | 4.21 | | 英国富时 100 | 8,799 | 0.72 | 7.66 | | 日本日经 225 | ...