Investment Rating - The report suggests a positive investment outlook for the electricity operators, highlighting low valuations and high dividend yields, particularly for companies like China Power (2380.HK) and China Resources Power (836.HK) [1][5]. Core Insights - The total electricity consumption in June 2025 increased by 5.4% year-on-year, with a cumulative growth of 3.7% for the first half of the year, indicating a continuous recovery in electricity demand [2][5]. - The growth in electricity consumption was primarily driven by the tertiary industry and residential electricity usage, which saw significant increases of 9.0% and 10.8% respectively in June [2][5]. - The report notes that the overall valuation of the Hong Kong electricity operator sector is low, with many stocks offering dividend yields exceeding 6%, and the decline in coal prices supports profitability in thermal power generation [1][5]. Summary by Sections Electricity Consumption Data - In June 2025, the total electricity consumption reached 867 billion kWh, marking a 5.4% increase year-on-year and a 7.1% increase month-on-month [2]. - For the first half of 2025, total electricity consumption was 48,418 billion kWh, reflecting a 3.7% year-on-year growth [2]. Industrial Power Generation - The industrial power generation in June 2025 grew by 1.7% year-on-year, with a total of 7,963 billion kWh generated [4]. - The report highlights that nuclear and solar power generation saw significant growth rates of 10.3% and 18.3% respectively, while thermal power generation growth slowed to 1.1% [4]. Sector Performance - The report emphasizes that the electricity operator sector in Hong Kong is currently undervalued, with performance growth outpacing the industry average [5]. - Recommended stocks include China Resources Power (836.HK) and China Power (2380.HK), which are characterized by low valuations and high dividend yields [1][5].

Group 1: Market Overview - The Hong Kong stock market rebounded with the Hang Seng Index closing at 25,562 points, up 173 points or 0.68% from the previous day, amid improved investor sentiment as tariff concerns eased [2][3] - The total trading volume in the Hong Kong market was HKD 250.3 billion, a decrease of 11.2% compared to the previous day, with the Northbound trading recording a net inflow of HKD 9.253 billion, down 54.2% from the previous day [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 8 sectors rose while 4 fell, with the leading sectors being healthcare, finance, real estate and construction, and utilities, showing increases of 3.03%, 1.35%, 1.06%, and 0.64% respectively [3] - The sectors that declined included energy, materials, consumer staples, and industrials, with decreases ranging from 1.70% to 0.67% [3] Group 3: Electricity Consumption Data - In June, the total electricity consumption in China reached 867 billion kilowatt-hours, a year-on-year increase of 5.4%, with a month-on-month growth of 7.1% [6] - For the first half of the year, total electricity consumption was 48,418 billion kilowatt-hours, reflecting a year-on-year growth of 3.7% [6] - The electricity consumption growth was driven primarily by the tertiary sector and urban-rural residential electricity usage, which saw significant increases of 9.0% and 10.8% year-on-year respectively in June [6][9] Group 4: Industry Insights - High-tech industries showed a higher electricity consumption growth rate, with the automotive manufacturing sector growing by 8.8% and the new energy vehicle manufacturing sector by 28.7% year-on-year in the first half of the year [7] - The information transmission/software and IT services sector experienced a year-on-year growth of 14.8% in electricity consumption, driven by rapid developments in mobile internet, big data, and cloud computing [7] Group 5: Investment Recommendations - The report suggests that investors consider undervalued, high-dividend, and fast-growing electricity operators such as China Resources Power (836.HK) and China Power (2380.HK), as the overall valuation of the sector remains low and coal prices are decreasing, supporting profitability in thermal power generation [9]

Group 1: Market Overview - The report highlights that the tariff concerns are gradually dissipating, leading to significant net inflows in Hong Kong Stock Connect trading [2][3] - The Hang Seng Index experienced a decline, closing at 25,388 points, down 278 points or 1.1%, with a trading volume of 281.8 billion HKD [2][3] - Northbound trading recorded a net inflow of nearly 20.2 billion HKD, an increase of 442.8% compared to the previous day [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 2 sectors rose while 10 sectors fell, with the largest declines seen in consumer discretionary, financials, and materials, each down 1.87%, 1.09%, and 1.09% respectively [3] - The technology sector also saw a decline of 0.72% [3] Group 3: Company Analysis - Great Wall Motors - Great Wall Motors (2333.HK) is expected to achieve a revenue of 92.3 billion HKD in the first half of 2025, a year-on-year increase of 1.0%, with a net profit of 6.34 billion HKD, down 10.2% year-on-year [5] - In Q2 2025, the company reported a revenue of 52.35 billion HKD, a year-on-year increase of 7.8% and a quarter-on-quarter increase of 30.8%, with a net profit of 4.59 billion HKD, up 19.1% year-on-year and 161.9% quarter-on-quarter [5] - Q2 sales improved, reaching 313,000 units, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9% [5] Group 4: Future Outlook for Great Wall Motors - The company plans to launch multiple new models in the second half of 2025, focusing on hybrid and smart electric vehicles, which are expected to enhance sales [6] - The report maintains a target price of 18.0 HKD for Great Wall Motors, corresponding to a 10.3 times forecasted P/E ratio for 2025, with a buy rating [6]

Investment Rating - The report initiates coverage on LianLian Digital with a "Buy" rating and a target price of HKD 17.3, representing a potential upside of 40% from the latest closing price of HKD 12.42 [6]. Core Insights - LianLian Digital is positioned as a leading 2B digital payment service provider, focusing on cross-border payment solutions for e-commerce merchants. The company has a strong potential for market share growth due to its established brand and merchant base [2][11]. - The company has obtained a Virtual Asset Trading Platform (VATP) license, which may open up future business opportunities in virtual asset trading and stablecoin issuance [3][12]. - The financial outlook is positive, with projected total revenue of HKD 16.3 billion in 2025, reflecting a year-on-year growth of 24% [3][5]. Company Overview - LianLian Digital primarily offers digital payment solutions, including global and domestic payment services. The company has served over 5.9 million merchants and achieved a total payment volume (TPV) of approximately HKD 3.3 trillion in 2024, with a year-on-year growth of 65% [11][45]. - The company has a diversified revenue stream, with digital payment services contributing 88% of total revenue in 2024 [18]. Financial Performance - In 2024, LianLian Digital reported total revenue of HKD 13.1 billion, a 28% increase from the previous year. The global payment segment contributed 70% of the digital payment revenue [2][18]. - The company achieved an adjusted net profit of HKD 79 million in 2024, marking its first profitable year [24][30]. Market Position and Competitive Landscape - LianLian Digital holds a significant market share in the cross-border payment sector, with its global payment TPV accounting for approximately 13.1% of China's cross-border e-commerce export value in 2024 [2][45]. - The competitive landscape in the cross-border payment industry is fragmented, with key players including Payoneer, PingPong, and others [2][11]. Future Opportunities - The company is well-positioned to capitalize on the growing demand for digital payment solutions in the cross-border e-commerce market, which is projected to reach USD 1.2 trillion by 2024 [46]. - The potential issuance of stablecoins could provide additional revenue streams, particularly in cross-border trade scenarios where traditional payment methods face challenges [3][12].

Group 1: Market Overview - The report highlights that the Hong Kong stock market has continued its upward trend, reaching a three-year high, driven by newly established trade agreements between the US and several Asian countries, including Japan, the Philippines, and Indonesia [2][3] - The Hang Seng Index opened at 25,348 points, fluctuated throughout the day, and closed at 25,538 points, marking an increase of 408 points or 1.62% [2] - The trading volume in the Hong Kong market was robust, with a total turnover of HKD 333 billion, a 25.2% increase from the previous day, indicating strong market activity [2] Group 2: Trade Agreements Impact - The US has reached trade agreements with Japan, the Philippines, and Indonesia, which are expected to enhance market sentiment and investor risk appetite [3][4] - Japan has committed to investing USD 550 billion in the US and increasing imports of American rice, while the US will reduce tariffs on Japanese automobiles from 25% to 15% [4] - The agreement with the Philippines includes a reduction of the "equivalent tariff" from 20% to 19%, while Indonesia will lower its tariff from 32% to 19% and purchase 50 Boeing aircraft [4] Group 3: Sector Performance - Among the 12 Hang Seng Composite Industry indices, 10 sectors saw gains, with Information Technology and Consumer Discretionary leading the way, increasing by 3.18% and 1.80% respectively [3] - The Financials and Conglomerates sectors also experienced growth, but at a rate lower than the overall Hang Seng Index [3] - The only sectors that declined were Industrials and Utilities, with decreases of 0.40% and 0.16% respectively [3] Group 4: Company Analysis - Anta Sports - Anta Sports reported a low single-digit year-on-year revenue growth for its main brand in Q2 2025, slightly below expectations, with children's products performing better than general merchandise [8][9] - The company has seen a high double-digit growth in its other brands, with Descente and Kolon achieving over 40% and 70% growth respectively [8][9] - Anta's acquisition of Jack Wolfskin for USD 290 million is expected to enhance its presence in the outdoor apparel market in China, leveraging its supply chain and distribution capabilities [9] Group 5: Investment Recommendations - The report suggests that Anta Sports, as a leading player in the Chinese sportswear industry, is well-positioned to benefit from industry growth, with projected EPS of 4.72, 5.26, and 5.88 for 2025-2027 [9] - A target price of HKD 113.6 is set for Anta Sports based on a 22x PE ratio for 2025, maintaining a "Buy" rating [9]

Group 1: Market Overview - The Hong Kong stock market continues to reach new highs, with the Hang Seng Index closing at 25,130 points, up 135 points or 0.54% [2] - The total trading volume on the main board was HKD 266.1 billion, an increase of 1.2% compared to the previous day, with the Stock Connect trading accounting for 30.6% of the total [2] - Northbound capital saw a net inflow of HKD 2.717 billion, a decrease of 61.5% from the previous day, with the most net purchases in China Life, CCB, and SMIC [2] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 11 rose while 1 slightly declined, with materials, industrials, and utilities leading the gains [3] - The lithium battery sector performed well, with Ganfeng Lithium and Tianqi Lithium both rising over 6% [3] - The healthcare sector recorded a minor decline of 0.004% [3] Group 3: Company Insights - JD.com announced a HKD 4 billion acquisition of a 70% stake in Jia Bao Supermarket, which will be managed by the founder for three years before transitioning to JD.com [4] - The acquisition is expected to enhance JD.com's retail network and property holdings, with Jia Bao operating around 90 stores in Hong Kong [4] Group 4: Netflix Performance - Netflix reported Q2 revenue of USD 11.1 billion, a year-on-year increase of 16%, benefiting from subscriber growth and price increases [6] - The company raised its 2025 revenue guidance to USD 44.8 billion - USD 45.2 billion, reflecting a year-on-year growth of 15% - 16% [8] - Netflix's operating profit for Q2 increased by 45% to USD 3.8 billion, with a profit margin of 34.1%, up 7 percentage points year-on-year [6][8] Group 5: Future Outlook for Netflix - Netflix is expected to enter a strong content cycle in the second half of the year, with significant new releases planned [7] - The company anticipates an increase in content amortization costs but expects overall operating profit margins to remain robust [7] - The stock price target for Netflix has been raised to USD 1,379, reflecting a 48.3x/40.3x P/E ratio for 2025E/2026E [8]

Group 1: Market Overview - The Hong Kong stock market continued its upward trend, with the Hang Seng Index closing at 24,994 points, up 168 points or 0.7% [2] - The market's trading volume increased to HKD 263 billion, a rise of 10.2% from the previous day, with the Stock Connect contributing nearly HKD 160.4 billion, accounting for 30.5% of total trading [2] - Northbound capital saw a net inflow of HKD 7.051 billion, an increase of 18.9% from the previous day, with the most net purchases in stocks like Dongfang Electric and China Energy Construction [2][3] Group 2: Sector Performance - Among the 12 Hang Seng Composite Industry Indices, 10 sectors rose while 2 declined, with materials, energy, and real estate sectors outperforming the Hang Seng Index, which rose by 0.66% [3] - The infrastructure and construction materials sectors experienced significant growth following the announcement of a major hydropower project in Tibet, with total planned investment of approximately RMB 1.2 trillion [3] Group 3: Company Analysis - Great Wall Motors - Great Wall Motors is expected to achieve revenue of HKD 92.3 billion in the first half of 2025, a year-on-year increase of 1.0%, with a net profit of HKD 6.34 billion, down 10.2% year-on-year [8][9] - In Q2 2025, the company reported revenue of HKD 52.35 billion, a year-on-year increase of 7.8% and a quarter-on-quarter increase of 30.8%, with a net profit of HKD 4.59 billion, up 19.1% year-on-year and 161.9% quarter-on-quarter [9][10] - The company sold 313,000 vehicles in Q2, a year-on-year increase of 10.1% and a quarter-on-quarter increase of 21.9%, with significant growth in new energy vehicle sales [9][10] Group 4: Future Outlook for Great Wall Motors - Great Wall Motors plans to enhance its product matrix with multiple new vehicle launches in the second half of 2025, focusing on hybrid models and accelerating the introduction of smart new energy products [10] - The target price for Great Wall Motors is set at HKD 18.0, corresponding to a 10.3 times forecasted P/E ratio for 2025, with a buy rating maintained [8][10]

Group 1: Market Overview - The Hong Kong stock market showed resilience with the Hang Seng Index closing at 24,825 points, up 326 points or 1.33%, and the Hang Seng Tech Index rising 1.65%, outperforming the broader market for six consecutive trading days [2][3] - The market saw a net inflow of capital from the north, with a net inflow of 5.931 billion HKD on Friday, an increase of 219.7% from the previous day [2] - The overall trading volume on the main board was 238.7 billion HKD, a slight increase of 0.96% compared to the previous trading day [2] Group 2: Sector Performance - All 12 Hang Seng Composite Industry Indices rose, with leading sectors including materials, consumer discretionary, financials, and consumer staples, showing gains between 1.29% and 2.47%, surpassing the Hang Seng Composite Index's increase of 1.23% [3] - Underperforming sectors included utilities, telecommunications, real estate, and conglomerates, with gains ranging from 0.20% to 0.65% [3] Group 3: Company Analysis - Anta Sports (2020.HK) - Anta's main brand reported low single-digit growth in revenue for Q2 2025, slightly below expectations, with children's products performing better than adult products [6] - The company is implementing a "lighthouse store plan" to enhance its offline presence while synchronizing online and offline strategies [6] - The acquisition of Jack Wolfskin is expected to enhance Anta's market position in the outdoor apparel segment, leveraging its supply chain and distribution capabilities [7] Group 4: Financial Projections - The report forecasts Anta's EPS for 2025-2027 to be 4.72, 5.26, and 5.88 HKD respectively, with a target price of 113.6 HKD based on a 22x PE ratio for 2025 [7]

Investment Rating - The report maintains a "Buy" rating for Anta Sports with a target price of HKD 113.6, reflecting a potential upside from the current price of HKD 92.45 [6]. Core Insights - Anta's main brand recorded low single-digit growth in Q2 2025, slightly below expectations, while FILA achieved mid-single-digit growth. Other brands saw significant growth of 50-55% [2][3]. - The company has completed the acquisition of Jack Wolfskin, a German outdoor brand, for USD 290 million, which is expected to enhance its presence in the outdoor market in China [3]. - The financial projections for EPS from 2025 to 2027 are estimated at RMB 4.72, RMB 5.26, and RMB 5.88 respectively, indicating a positive growth trajectory despite some fluctuations in profit margins [4][3]. Summary by Sections Brand Performance - Anta's main brand experienced low single-digit growth in Q2 2025, with children's products performing better than bulk items. The overall H1 performance showed mid-single-digit growth [2]. - FILA's Q2 2025 revenue growth was in the mid-single digits, aligning with expectations, while other brands, including Descente and KOLON, reported over 40% and 70% growth respectively [2][3]. Financial Projections - Revenue is projected to grow from RMB 62.36 billion in 2023 to RMB 92.97 billion by 2027, with a compound annual growth rate (CAGR) of approximately 10.8% [4]. - The net profit for 2025 is expected to be RMB 13.25 billion, reflecting a decrease of 15% compared to 2024, followed by a recovery in subsequent years [4]. Valuation Metrics - The report assigns a 2025 PE ratio of 22 times, based on industry averages and brand premium considerations, supporting the target price of HKD 113.6 [3][4]. - The projected gross margin remains stable around 62%, with net profit margins expected to fluctuate between 16.9% and 17.8% over the forecast period [4][11].

SDICSI 2025 年 7 月 18 日 港股通名单观察 港股通名单 25H1 检讨预测 恒生指数有限公司（恒指公司）将于 8 月 22 日发布恒生指数系列（包括恒生综 指）的 25H1 检讨结果，相关变动将于 9 月 8 日生效。由于恒生综指的变动将影 响港股通名单，其变动受到投资者的高度重视。是次检讨，我们预期：【 1 】纳入 恒生综指的日均市值门槛从 24H2 检讨时的 60.3 亿港元大升至 73.3 亿港元，剔 出门槛则从 39.3 亿港元大升至 46.3 亿港元；【 2 】 20 只非 A+H 股份将因获纳入 恒生综指而成为港股通新贵； 5 只已在 A 股上市近期在港交所主板上市的 H 股 （ A+H 身份），将于稳定股价期结束后，陆续在 7.16-8.13 之间成为港股通。 【 3 】 18 只现有港股通股份将丧失港股通资格。相关股份名单见内文。 我们也对 25H2 的检讨做了一个初步预测。假设上市公司名单及公司市值从目前 （ 7.17 ）至年底保持不变，纳入及剔出恒生综指的日均市值将分别为 88.67 亿及 55.75 亿港元。两只 7 月份上市的半新股可望通过 Q3 检讨入通，另有 6 ...