Group 1 - The National Healthcare Security Administration announced that drug procurement will no longer simply reference the lowest bid, indicating a shift in policy that could benefit companies with strong quality systems and cost advantages [1] - The recent announcement led to a significant increase in Hong Kong's biopharmaceutical stocks, particularly in the vaccine sector, with notable gains for companies such as Ai Mei Vaccine (+13.5%) and CanSino Biologics (+9.03%) [1] - The 11th batch of centralized procurement has been initiated, with new rules optimizing the calculation of price differences and requiring transparency from the lowest bidders regarding the rationality of their pricing [1] Group 2 - The vaccine sector has shown remarkable performance due to multiple favorable factors, including a warning from the World Health Organization regarding mosquito-borne diseases, which has boosted market sentiment [2] - Ai Mei Vaccine has successfully commercialized eight vaccines, including leading products like rabies and hepatitis B vaccines, and has a robust pipeline of 21 vaccines in development, with three key products nearing market launch [2] - The vaccine sector is seen as having significant potential for valuation recovery, as many companies' pipeline values have not yet been fully reflected in their market valuations [2]

Core Viewpoint - The U.S. Special Envoy for Syria, Barak, is set to meet with the Israeli Minister of Strategic Affairs and the Syrian Foreign Minister in Paris to establish a security consensus in southern Syria [1] Group 1 - The meeting aims to address security issues in southern Syria, indicating ongoing diplomatic efforts in the region [1] - The involvement of both Israeli and Syrian officials highlights the complexity of the geopolitical landscape in the area [1]

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the **China Internet** sector, specifically the **auto classified platforms** Tuhu Car and Autohome, highlighting their performance and market dynamics in the automotive aftermarket. Company Insights Tuhu Car (9690.HK) - **Market Position**: Tuhu Car is recognized as the largest independent automotive aftermarket provider in China, with a significant lead in the market as of 1H25 [4][50]. - **User Growth**: Tuhu Car's monthly active users (MAUs) grew by **19% year-over-year (yoy)** in 2Q25, reaching **15.4 million**, outperforming competitors like JD and Tmall [4][14]. - **Revenue Growth**: Expected revenue growth of **11% yoy** in 1H25, driven by increased order volume and positive same-store sales growth (SSSG) [4][24]. - **Profitability**: Projected **21% yoy net profit growth** in 2025, attributed to eased pricing pressure and operational efficiency gains from AI [4][24]. - **Offline Expansion**: Tuhu plans to expand its workshop count by **15% yoy**, reaching approximately **7,278 workshops** by June 2025 [4][16]. - **Target Price**: The target price for Tuhu Car is revised to **HK$21.9**, reflecting a **10% implied upside** [25][51]. Autohome (ATHM/2518.HK) - **Revenue Outlook**: Autohome is expected to see a **7% yoy decline** in revenue for 2Q25, with media and lead generation revenues shrinking by **26% and 10% yoy**, respectively [30][31]. - **Emerging Revenue Driver**: Autohome Space is identified as a new revenue driver, with projected revenue growth of **2.2x yoy** in 2025, contributing **11%** to total revenue [30][32]. - **Dividend Concerns**: The company has not announced an interim cash dividend for 2025, which may indicate a delay in dividend payouts due to pending regulatory approvals for a change in controlling shareholder [30][35]. - **Target Price**: The target price remains at **US$26/HK$51**, with a neutral rating reflecting a balanced risk-reward outlook [34][49]. Key Market Dynamics - **Industry Challenges**: Autohome faces headwinds from reduced OEM marketing budgets and competition from pan-internet platforms, impacting its media services revenue [30][31]. - **Market Consolidation**: The number of registered auto repair stores has significantly decreased, indicating ongoing consolidation in the industry [21]. - **Consumer Trends**: The automotive aftermarket is experiencing shifts in consumer demand, with a focus on digital solutions and operational efficiency [50]. Financial Metrics - **Tuhu Car Financials**: For 1H25, Tuhu Car is projected to achieve revenues of **Rmb7.9 billion** and an adjusted net profit of **Rmb341 million**, with a net profit margin of **4.3%** [24][27]. - **Autohome Financials**: Autohome's expected revenue for 2Q25 is **Rmb1.75 billion**, with a non-GAAP net profit of **Rmb465 million** and a net profit margin of **26.6%** [30][45]. Conclusion - Tuhu Car is positioned for strong growth and market consolidation, while Autohome faces challenges but has potential growth avenues through its new service offerings. Both companies reflect the evolving landscape of the automotive aftermarket in China, with varying prospects for investors.

7月22日，省委书记赵一德到省发展改革委调研"十五五"规划编制、学习教育等工作并主持召开座 谈会。他强调，要深入学习贯彻习近平经济思想和习近平总书记历次来陕考察重要讲话重要指示精神， 锚定高质量发展首要任务，加强战略谋划，抓好经济调度，全力以赴稳增长、兴产业、扩投资、惠民 生、优环境、防风险，为谱写陕西新篇、争做西部示范贡献更多发改力量。 随后，赵一德主持召开座谈会，听取省发展改革委"十五五"规划编制、学习教育、问题整改、干部 教育培训等情况汇报。赵一德强调，要坚持目标导向和问题导向相统一，深入调研、开门问策，精心谋 划"十五五"时期全省发展新质生产力、构建现代化产业体系、促进城乡区域协调发展、扩大高水平对外 开放、加强生态环境保护、推进文化强省建设、促进共同富裕等重点任务，以高水平规划引领高质量发 展。要围绕稳就业稳企业稳市场稳预期、深化开展"三个年"活动、大力发展县域经济民营经济开放型经 济数字经济等工作，深入分析研判，强化工作举措，更好发挥参谋助手作用。要增强谋划和争取项目的 主动性，做好项目全生命周期管理服务，以项目建设扩大有效投资。要持之以恒打造一流营商环境，多 措并举促进民营经济持续健康发展。要把 ...

Trading Information Summary - On July 22, 2025, Nanfang Glass A (000012) closed at 5.09 yuan, up 2.83%, with a turnover rate of 2.38% and a trading volume of 466,700 shares, amounting to 234 million yuan [1] - The capital flow on July 22 showed a net outflow of 14.09 million yuan from main funds, accounting for 6.03% of the total turnover, while retail investors had a net inflow of 17.45 million yuan, representing 7.46% of the total turnover [1][3] Company Announcement Summary - Nanfang Glass Group Co., Ltd. announced an adjustment to the maximum repurchase price after the 2024 annual profit distribution, with the new maximum for A-shares set at 7.53 yuan per share and for B-shares at 3.05 Hong Kong dollars per share, effective from July 23, 2025 [1][3] - The profit distribution plan for 2024 is set at 0.7 yuan per 10 shares (including tax), with no stock dividends or capital reserve transfers [1] - The repurchase amount for A-shares will be no less than 243 million yuan and no more than 485 million yuan, with an expected repurchase quantity between 44.44 million and 76.58 million shares; for B-shares, the repurchase amount will be between 50 million and 100 million Hong Kong dollars, with an expected quantity between 22.14 million and 38.53 million shares [1]

Core Viewpoint - The recent negotiations involving Li Ka-shing's port assets are pivotal, with BlackRock inviting China COSCO to collaborate on acquiring 43 port assets, marking a potential exit for Li from a complex geopolitical situation [1][3]. Group 1: Transaction Details - BlackRock and Li Ka-shing's CK Hutchison Holdings reached an agreement to sell 43 port assets, including the Panama Canal, for $22.8 billion (approximately 165.7 billion RMB) [3]. - The Panama Canal is crucial for global trade, connecting 170 countries and handling about 6% of global maritime trade, with 21% of China's shipping relying on this route [3]. - The deadline for negotiations is July 27, indicating urgency in the transaction [1]. Group 2: Strategic Implications - If BlackRock successfully acquires the assets, it could strengthen the U.S.'s dominance in global shipping, potentially leading to increased fees and restrictions on Chinese shipping [3]. - Li Ka-shing faces significant public backlash for perceived compromises on national interests, with criticisms labeling him as naive and out of touch [3][8]. Group 3: Li Ka-shing's Business Background - Li Ka-shing has a history of capitalizing on market opportunities, from starting with plastic flowers in the 1950s to dominating various sectors in Hong Kong, including ports and telecommunications [5]. - His recent ventures into the health sector have also proven lucrative, with significant market potential estimated at 27 billion RMB for related products [5][6]. Group 4: Current Challenges and Future Prospects - Li Ka-shing's family has faced setbacks, including his son not being reappointed to a government advisory role and halted business plans in mainland China due to the port transaction [8]. - The latest agreement could allow CK Hutchison to secure $19 billion in cash, equating to its pre-announcement market value, providing a potential exit strategy for Li [8]. Group 5: Role of China COSCO - BlackRock's invitation to China COSCO highlights the necessity of Chinese state-owned enterprises in the deal, as their involvement could be crucial for the transaction's success [10]. - The dynamics of the negotiation suggest that China COSCO holds significant leverage, with the potential to dictate terms if they choose to engage with BlackRock [10].

韩国财政部长：外交部长和产业部长将尽快与美国同行举行会谈。 ...

Core Points - The China Securities TMT Index has shown significant growth, with a 33.64% increase year-to-date, 20.88% over the last three months, and 8.48% in the past month [1] - The index comprises 50 listed companies in the TMT sector from the Hong Kong Stock Connect, reflecting the overall performance of these companies [1] - The top ten holdings of the index include major companies such as Xiaomi Group (14.86%), Tencent Holdings (14.03%), and China Mobile (13.81%) [1] Index Composition - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - The industry breakdown shows that communication services account for 55.47% and information technology for 44.53% of the index [1] Index Adjustment Mechanism - The index samples are adjusted biannually, specifically on the second Friday of June and December, with weight factors fixed until the next adjustment [2] - In special circumstances, the index may undergo temporary adjustments, such as removing delisted companies or adding new TMT firms that rank in the top ten by market capitalization [2]

Core Viewpoint - The current A-share market is likely to maintain a strong oscillating trend, similar to the second half of 2014, driven by liquidity and policy easing factors [1][2][3] Group 1: Market Trends - The A-share market in the second half of 2014 and from April to July 2020 was primarily driven by liquidity and policy easing, with a weak economic backdrop but rising stock indices [2] - The current market is expected to continue a structural slow bull trend, with short-term oscillations leaning towards strength [3] - Economic recovery remains weak, with pressures on exports and a potential decline in real estate investment, while corporate earnings are showing signs of recovery [3] Group 2: Sector Performance - In the current environment, sectors such as media, building materials, agriculture, computer, and home appliances are showing superior mid-year profit growth [1] - Growth sectors like media, automotive, pharmaceuticals, power equipment, and new energy, along with blue-chip sectors such as agriculture, non-bank financials, food and beverage, and home appliances, are considered to have high cost-performance ratios [1][3] Group 3: Investment Strategy - Short-term investment strategy suggests a balanced allocation between technology growth and undervalued blue-chip stocks, focusing on sectors with upward policy and industry trends [1][3] - In July and August, the market style is expected to be balanced, with growth potentially outperforming value in August due to economic recovery trends and continued liquidity [4]

Core Viewpoint - The situation regarding Li Ka-shing's sale of ports has seen a significant development, with BlackRock inviting China COSCO Shipping Group to participate in the acquisition of 43 ports, indicating a shift in dynamics [2][19]. Group 1: Transaction Background - Li Ka-shing's plan to sell 43 ports to BlackRock has faced considerable backlash, with accusations of selling strategic assets to foreign entities [7][8]. - The Hong Kong government, including current and former leaders, has expressed strong concerns about the transaction, emphasizing that any deal must comply with legal regulations [9][10]. - Li Ka-shing's son, Li Zeju, stated that proceeds from the sale would be reinvested in Hong Kong and mainland China, which was met with skepticism by the media [11][12]. Group 2: Government and Market Response - The Chinese government has indicated its intention to protect fair competition, confirming the involvement of state-owned enterprises in the transaction [4][5]. - The National Market Supervision Administration has announced that it will conduct a legal review of the sale, further complicating the deal for Li Ka-shing [10]. Group 3: Strategic Implications - The ports in question control 21% of China's shipping volume and are critical to national shipping security, making the sale a matter of national interest amid ongoing U.S.-China trade tensions [25]. - The potential sale has been characterized as a strategic move that aligns with U.S. efforts to decouple supply chains from China, raising concerns about the implications for national interests [25]. Group 4: Future Outlook - The involvement of COSCO in the acquisition process suggests a potential shift in the balance of power regarding the transaction, as the Chinese company holds significant leverage [20][21]. - The future of Li Ka-shing's assets remains uncertain, with indications that the era of his dominance in Hong Kong may be coming to an end [26].