2025年8月8日星期五 ➢ 英央行艰难降息；Waller被看好接 替鲍威尔。A股强势上扬。上证指 数涨0.16%报3639.67点，深证成指 跌0.18%，创业板指跌0.68%。医药 领跌。港股高开，早盘弱下跌后快 速反弹翻红。香港恒生指数涨0.69% 报25081.63点，恒生科技指数涨 0.26%，恒生中国企业指数涨0.55%。 地产涨幅居前，医药行业大幅回调。 大盘成交额2457.48亿港元。外盘方 面，欧洲三大股指收盘涨跌不一。 美国三大股指收盘涨跌不一，道指 跌0.51%，标普500指数跌0.08%，纳 指涨0.35%。英国央行首次通过两轮 投票才达成降息决议。据悉特朗普 顾问圈最看好美联储理事Waller接 替鲍威尔。 资料来源：彭博 | 25081.63 | 0.69 | 25.03 | | --- | --- | --- | | 8981.73 | 0.55 | 23.21 | | 5546.73 | 0.26 | 24.14 | | 125.79 | -0.55 | -12.03 | | 3639.67 | 0.16 | 8.59 | | 11157.94 | -0.18 | 7.14 | ...

2025年8月1日星期五 ➢ 特朗普新关税令；中国房企销售低 迷 。A 股 低开低 走 。上 证指数 跌 1.18% 报 3573.21 点 ， 深 证 成 指 跌 1.73%，创业板指跌1.66%。反内卷题 材持续回落，创新药强势。港股跳 水大跌 。 香港 恒 生 指数 跌 1.6% 报 24773.33点，恒生科技指数跌0.69%， 恒生中国企业指数跌1.72%。贵金属 大挫，创新药逆势上涨。大盘成交 额3206.325亿港元。外盘方面，欧 洲主要股指收盘全线下跌。美国三 大股指全线收跌。道琼斯工业指数 跌0.74%；标普500指数跌0.37%；纳 斯达克指数跌0.03%。特朗普签署8月 1日生效的新关税行政令，最低税率 维持10%不变，对台湾税率为20%。 中国百强房企7月销售下滑加剧。 资料来源：彭博 | 24773.33 | -1.60 | 23.50 | | --- | --- | --- | | 8882.95 | -1.72 | 21.85 | | 5453.14 | -0.69 | 22.05 | | 125.75 | 1.26 | -12.06 | | 3573.21 | -1.18 | ...

Group 1 - The Federal Reserve maintained interest rates, with Powell downplaying the likelihood of a rate cut in September, indicating that current rates can address ongoing uncertainties related to tariffs and inflation [8][12][11] - The U.S. and South Korea reached a trade agreement, with the U.S. imposing a 15% tariff on South Korean imports, while South Korea commits to investing $350 billion in the U.S. [8][12][11] - China's top leadership has prioritized "anti-involution" measures, committing to address overcapacity and disorderly competition, and to regulate local investment attraction behaviors [12][11] Group 2 - Zhonghui Biotechnology plans to raise funds through an IPO, with a focus on developing core products and conducting clinical trials for vaccines, having reported a significant increase in revenue [10][12] - Binhua Co., a leading chemical enterprise in China, is planning to issue H-shares for listing in Hong Kong, with a notable increase in revenue driven by production ramp-up [10][12] - The pharmaceutical company Stone Pharmaceutical has entered into an exclusive licensing agreement for a drug, with potential milestone payments totaling up to $2.075 billion [14]

Market Performance - A-shares experienced fluctuations, with the Shanghai Composite Index rising by 0.12% to 3597.94 points, the Shenzhen Component increasing by 0.44%, and the ChiNext Index up by 0.96%[1] - The Hong Kong Hang Seng Index rose by 0.68% to 25562.13 points, while the Hang Seng Tech Index fell by 0.24%[1] Economic Developments - The U.S.-China trade talks focused on extending the tariff truce and issues like fentanyl, with reports indicating the U.S. has frozen technology export restrictions to China[1] - China announced a nationwide childcare subsidy program, providing 3600 yuan (approximately $502) per child per year for families with children under three years old, expected to benefit over 20 million families annually[1][12] Industry Insights - The pharmaceutical sector saw significant gains, particularly in innovative drugs, contributing to market momentum[1] - China’s budget deficit reached a record high in the first half of the year, with increased fiscal spending aimed at mitigating the impact of tariffs[12]

2025年7月28日星期一 | 25388.35 | -1.09 | 26.56 | | --- | --- | --- | | 9150.49 | -1.16 | 25.52 | | 5677.90 | -1.13 | 27.08 | | 123.52 | -0.15 | -13.62 | | 3593.66 | -0.34 | 7.22 | | 11168.14 | -0.22 | 7.24 | | 4127.16 | -0.53 | 4.89 | | 44901.92 | 0.47 | 5.54 | | 21108.32 | 0.24 | 9.31 | | 6388.64 | 0.40 | 8.62 | | 24217.50 | -0.32 | 21.64 | | 7834.58 | 0.21 | 6.15 | | 9120.31 | -0.20 | 11.59 | | 65.16 | -1.32 | -5.28 | | --- | --- | --- | | 3392.50 | -1.13 | 22.69 | | 9769.50 | -1.09 | 11.42 | | 2635.50 | -0.43 ...

Market Performance - A-shares experienced a slight increase, with the Shanghai Composite Index up 0.01% to 3582.3 points, while the Shenzhen Component fell by 0.37%[1] - The Hong Kong Hang Seng Index closed up 1.62% at 25538.07 points, with the Hang Seng Tech Index rising 2.48% and the Hang Seng China Enterprises Index increasing by 1.82%[1] - The total trading volume in Hong Kong surged to 3330.666 million HKD[1] Trade and Tariff Developments - Trump indicated that the reciprocal tariff rates would range from 15% to 50%, with most EU products expected to have a tariff rate set at 15%[1][15] - The EU and the US are reportedly moving towards a trade agreement, with a proposed 15% tariff on most products[15] Corporate Earnings and Forecasts - Tesla reported a 12% decline in revenue to 22.5 billion USD, marking the largest quarterly drop in at least a decade, with adjusted earnings per share at 0.40 USD, slightly below analyst expectations[15] - Tesla's gross margin remains above average expectations, indicating resilience in profitability despite revenue challenges[15] International Relations - Xi Jinping is scheduled to meet with EU leaders in Beijing, with discussions expected to focus on climate cooperation, although no joint statement is planned[15] - The meeting highlights ongoing tensions and divisions between China and the EU, despite previous signs of thawing relations[15]

Market Performance - The Shanghai Composite Index rose by 0.37% to 3516.83 points, while the Shenzhen Component increased by 1.43% and the ChiNext Index gained 1.76%[1] - The Hong Kong Hang Seng Index fell by 0.08% to 24498.95 points, with the Hang Seng Tech Index up by 0.56% and the Hang Seng China Enterprises Index down by 0.09%[1] Legislative Developments - The U.S. Congress passed a stablecoin bill, paving the way for broader use of this technology in finance[9] - The U.S. Department of Commerce proposed a 93.5% anti-dumping tariff on Chinese graphite, a key material for batteries, which is expected to impact the electric vehicle supply chain[9][13] Economic Indicators - U.S. retail sales rebounded in June, increasing by 0.6%, surpassing economists' expectations, with auto sales being a significant contributor to this growth[13] - In June, China's exports grew by 5.8% year-on-year, while imports increased by 1.1%, resulting in a trade surplus of $114.77 billion[18]

Market Overview - The US Producer Price Index (PPI) remained flat in June, with a year-on-year increase of 2.3%, the smallest since September[12] - The Shanghai Composite Index fell by 0.03% to 3503.78 points, while the Shenzhen Component and ChiNext both dropped by 0.22%[1] - The Hong Kong Hang Seng Index decreased by 0.29% to 24517.76 points, with the Hang Seng Tech Index down 0.24%[1] Sector Performance - In the A-share market, the pharmaceutical and automotive sectors showed notable gains, while the overall market remained weak[1] - The European stock indices closed slightly lower, while the three major US indices saw modest gains: Dow Jones up 0.53%, S&P 500 up 0.32%, and Nasdaq up 0.25%[1] Economic Policies - The Chinese government is taking measures to curb irrational competition in the new energy vehicle sector, emphasizing cost investigations and price monitoring[12] - The US economy is showing slight growth, as indicated by the Beige Book, despite the cautious approach of manufacturers in passing on tariff costs[12] Trading Activity - The total trading volume in the Hong Kong market reached 2589.506 million HKD[1] - The IPO of Valiant Bio-B (9887) attracted over 5 billion HKD in subscriptions, with cornerstone investors planning to invest approximately 690 million USD (about 5.42 billion HKD)[10]

- The content provided does not include any quantitative models or factors related to financial engineering or quantitative analysis[1][3][5]

Core Insights - The report highlights the ongoing discussions between U.S. Secretary of State Marco Rubio and Chinese Foreign Minister Wang Yi, indicating potential diplomatic engagement ahead of a summit between the two nations [8][13] - OPEC+ is reportedly considering pausing further production increases starting in October to prevent a decline in oil prices, following a recent increase in production that has led to oversupply concerns [8][13] - The Hong Kong Monetary Authority has intervened in the currency market for the fourth time in two weeks, purchasing approximately HKD 13.3 billion to maintain the currency peg [8][13] - China's excavator sales surged over 20% year-on-year in the first half of the year, suggesting a stabilization in the construction industry [8][13] Market Performance - The Shanghai Composite Index rose by 0.48% to close at 3509.68 points, reaching a nine-month high during the trading session [1] - The Hang Seng Index increased by 0.57% to close at 24028.37 points, while the Hang Seng Tech Index fell by 0.29% [1][5] - The trading volume in the Hong Kong market was approximately HKD 246.73 billion [1] Company-Specific Developments - Rui Ming Technology is planning to issue H-shares overseas and list on the Hong Kong Stock Exchange, with a projected net profit increase of 53.64% to 77.9% for the first half of the year [12] - WuXi AppTec anticipates a net profit of approximately RMB 8.561 billion for the first half of the year, representing a growth of about 102% [14] - NIO's new vehicle model, the L90, is set to be delivered next month, with a starting price of approximately RMB 279,900 [14]