Core Insights - Public funds continued to increase their holdings in Hong Kong stocks in Q2 2025, with the market value of Hong Kong stocks in the sample of actively managed equity funds rising to 20.0%, up from 19.2% in Q1 2025 [6][10] - The increase in holdings was primarily in small and medium-sized Hong Kong stocks, with the Hang Seng Small Cap Index's component stocks' market value share in the total Hong Kong stock holdings of funds increasing by 5.6 percentage points [6][10] - Sector-wise, public funds mainly increased their positions in the pharmaceutical, light manufacturing, non-bank financials, and banking sectors, corresponding to themes of innovative drugs, new consumption, and dividends [6][10] Fund Holdings Analysis - The report indicates a significant shift in fund holdings, with a reduction in the technology sector, particularly in internet and automotive stocks, which had previously seen substantial gains [6][10] - The technology sector's market value share in fund holdings decreased by 3.7 percentage points, while the media and retail sectors also saw declines [10][12] - Conversely, the consumer sector saw an increase of 3.8 percentage points in market value share, indicating a strategic pivot towards consumer-related investments [10][12] Specific Stock Movements - Notable changes in specific stock holdings include Tencent Holdings decreasing from 21.5% to 17.8%, while Alibaba's share dropped from 10.6% to 6.3% [12] - In contrast, stocks like Kuaishou and Pop Mart saw increases in their holdings, reflecting a shift towards emerging consumer brands [12] - The report highlights a significant increase in holdings for companies like Xinda Biopharmaceuticals, which rose from 1.2% to 3.5%, indicating a growing interest in innovative healthcare solutions [12]

·········································································································[Table_Title] 研究报告 Research Report 22 Jul 2025 ```··························································································································································································································································· 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚指数双周报第 3 期：宽松政策预期强化，驱动行情延续上行 Southeast Asia Index Tra ...

研究报告 Research Report 22 Jul 2025 吉利汽车 Geely Automobile Holdings (175 HK) 交接覆盖：合并极氪夯实电动化核心资产，集团平台战略进一步强化 Zeekr Merger Solidifies Core EV Assets, Enhancing Group Platform Strategy: Transferring Coverage [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$18.44 目标价 HK$28.85 HTI ESG 1.7-2.7-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$185.96bn / US$23.70bn 日交易额 (3 个月均值) US$171.06mn 发行股票数目 10,085mn 自由流通股 (%) 58% 1 年股价最高最低值 HK$20.35-HK$7.4 ...

生产改善，消费分化 国内高频指标跟踪（2025 年第 28 期） 本报告导读： 宏 观 周 报 证 券 研 究 报 告 消费市场呈现商品与服务分化态势，暑期服务消费热度较高；生产领域多有积极表 现，经济运行整体稳中有升。 投资要点： [Table_Summary] 上周高频数据显示，消费方面，商品消费仍有待改善，服务消费中 出行增多，旅游价格上涨，暑期消费热度较高。投资方面，专项债 发行提速支撑基建，地产新房销售回落、二手房占比升至高位，开 工建设因天气好转边际修复。进出口方面，港口运行更频繁，BDI 运 价指数因巴西铁矿砂出货及船舶紧张大涨。生产方面，整体改善， 高温推高用电需求，钢铁、石化、汽车等行业开工率多回升，光伏 等新兴行业表现亮眼。库存方面，工业品以补库为主。物价方面， PPI 和 CPI 整体边际回升。流动性方面，美元指数回升，央行净投放 维持充裕。 风险提示：贸易局势不确定性，地缘政治风险加剧 宏观研究 /[Table_Date] 2025.07.21 2025-07-21 请务必阅读正文之后的免责条款部分 宏 观 研 究 | 1. | 周度高频数据速览 3 | | --- | --- | | ...

barney.sq.yao@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) wo[Table_Title] Research Report 21 Jul 2025 中国电子 China (Overseas) Technology RISC-V 2025 中国峰会关键议题解读（3）：多极驱动，中国 RISC‑V 生态 "百花齐放" Key Topics from the 2025 RISC-V China Summit (3): Multi-Polar Drivers Propel a "Blossoming" RISC-V Ecosystem in China 姚书桥 Barney Yao 高性能 CPU：达摩院与"香山"奋起直追。阿里达摩院"玄铁 C930"应用于服务器场景，SPEC int 2006 达 15/GHz， 512‑bit RVV1.0 + 8 TOPS Matrix 双引擎，并开放 DSA 扩展接口。这表明中国厂商已将通用计算与 AI 加速 ...

wo[Table_Title] Research Report 21 Jul 2025 中国电子 China (Overseas) Technology 2025 RISC-V 中国峰会关键议题解读（2）： NVIDIA CUDA 拥抱 RISC-V：AI 计算架构的 三足鼎立与开放变革 Key Topics from the 2025 RISC-V China Summit (2): NVIDIA CUDA Embraces RISC-V: The Tripartite Balance and Open Transformation in AI Computing Architecture 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] Flash Analysis [Table_summary] 事件： 在 2025 RISC-V 中国峰会上，NVIDIA 高管 Frans Sijstermans 宣布，其行业领先的并行计算平台 CUDA 将支持 RISC-V 架 构。通过代码移植，RISC-V 处理器将能够作为主 CPU，在基于 CUDA 的 ...

本报告导读： 6 月美国 CPI 增速如期回升，但核心 CPI 环比不及市场预期。关税对核心商品的影响 开始显现但总体仍较温和。未来几个月关税对通胀的传导仍将进一步释放，CPI 增速 或进一步走高。美联储或仍将维持观望，短期内难以降息。 投资要点： 风险提示：特朗普关税政策再超预期 宏观研究 /[Table_Date] 2025.07.21 2025-07-21 通胀温和回升，美联储仍可观望 2025 年 6 月美国物价数据点评 [Table_Authors] 王宇晴(分析师) 宏 观 研 究 宏 观 快 报 点 评 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 021-23185641 wangyuqing@gtht.com 登记编号 S0880525040119 梁中华(分析师) 021-23219820 [Table_Summary] 美国 6 月通胀：如期回升。6 月美国 CPI 同比 2.7%（前值 2.4%，市 场预期 2.6%）。核心 CPI 同比回升 0.1 个百分点至 2.9%，符合市场预 期。CPI 环比增速回升 0.2 个百分点至 0.3%（市场预期 0.3%），核心 CPI ...

wo[Table_Title] Research Report 21 Jul 2025 Key Topics from the 2025 RISC-V China Summit (1): From Embedded Systems to High- Performance Computing—The Strategic Leap of an Independent Architecture 姚书桥 Barney Yao barney.sq.yao@htisec.com 电子 Technology RISC-V 2025 中国峰会关键议题解读（1）：从嵌入式走向高性能计算，自 主架构的战略跃升之路 [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件： 2025 年 RISC-V 中国峰会显示，RISC-V 指令集架构向高性能计算（HPC）领域的演进，正成为半导体产业发展的重要 转折点。这标志着 RISC-V 从嵌入式和端侧应用逐渐转变为高性能、通用算力领域的战略级技术路线，重新定 ...

宏 观 研 究 美国：居民消费仍具韧性 [Table_Authors] ——海外经济政策跟踪 本报告导读： 本周高频数据显示美欧经济仍具有一定韧性，美国市场调查层面和交易层面通胀预 期出现分化，关税对美国通胀的影响或逐渐体现，美联储对后续降息仍有耐心。 投资要点： 风险提示：海外货币政策调整超预期，关税政策的不确定性。 宏 观 周 报 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏观研究 /[Table_Date] 2025.07.20 [Table_Report] 2025-07-21 [Table_Summary] 全球大类资产表现。本周（2025.7.11-2025.7.18），大宗商品价格涨 跌互现。其中，COMEX 铜下跌 1.2%，伦敦金现下跌 0.15%，标普-高 盛商品指数上涨 0.35%。 主要经济体股市普遍上涨，其中恒生指数 上涨 2.8%，日经 225 上涨 0.6%，标普 500 上涨 0.6%。债市方面， 10 年期美债收益率较前一周回升 1BP 至 4.44%，国内 10Y 国债期货 价格下跌 0.04%。外汇市场方面，美元指数较前一周回升，报收 98.5， 日元和人 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies. Core Insights - Arm's entry into the cloud ASIC market raises concerns as it competes with established IC design firms like Broadcom and Marvell, which have also expanded into ASIC services. Arm has yet to secure significant orders from major cloud service providers (CSPs) [8] - Yangtze Memory Technologies Corp (YMTC) aims for a fully domestic production line and targets a 15% global market share by 2026, leveraging local suppliers and overcoming previous production bottlenecks [9] - The demand for NVIDIA's GB200 servers and ASIC servers is strong, indicating robust growth in the cloud service provider sector, despite concerns over AWS layoffs affecting future growth [10] Summary by Sections Arm's ASIC Market Entry - Industry insiders suggest that Arm's move into the ASIC business is not entirely competitive against its customers, as established firms are also entering this space. Arm has not yet secured significant cloud ASIC orders, and market leaders still dominate [8] YMTC's Domestic Production Strategy - YMTC is collaborating with Chinese suppliers to implement a fully domestic production line, aiming to match international standards in 3D NAND technology. The company has received substantial funding to support its semiconductor manufacturing advancements [9] CSP Demand and Server Shipments - The strong demand for GB200 servers and ASIC servers is expected to yield positive results for U.S. CSPs. Despite tariff-related challenges, customer orders remain robust, suggesting continued growth in the AI-driven cloud market [10]