Group 1 - MSCI China Index added 14 new stocks, including companies like 3SBio (01530), CITIC Financial Assets (02799), Horizon Robotics (09660), and others, reflecting strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1][2] - The changes will take effect after the market closes on August 26, with 17 stocks being removed from the index, including Hisense Home Appliances (00921) and Zhongsheng Holdings (00881) [2][5] - The new additions are expected to attract more incremental capital to the related listed companies [1] Group 2 - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions in developed markets being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [8] - In the emerging markets index, the top three new constituents include CITIC Bank, Dian Swastatika Sentosa, and Laopuhuangjin [8]

Group 1 - Zhongsheng Holdings (00881) experienced a decline of nearly 4%, with a current drop of 3.75%, trading at HKD 13.33 and a transaction volume of HKD 213 million [1] - On August 8, MSCI announced the results of its August index quarterly review, which included the removal of Zhongsheng Holdings from the MSCI China Index, effective after market close on August 26 [1] - JPMorgan's recent research report indicated that government measures against "involution" and structural reforms at the corporate level are expected to drive industry turnaround by 2026, with related stocks likely to reflect this expectation starting in the second half of 2025 [1] Group 2 - JPMorgan upgraded Zhongsheng Holdings' rating to "Overweight," raising the target price from HKD 12 to HKD 20 [1]

Core Viewpoint - Zhongsheng Holdings (00881) experienced a nearly 4% decline, trading at HKD 13.33 with a transaction volume of HKD 213 million, following its removal from the MSCI China Index effective August 26 [1] Group 1: MSCI Index Removal - Zhongsheng Holdings was excluded from the MSCI China Index as announced on August 8, with the change taking effect after market close on August 26 [1] Group 2: Analyst Upgrade - JPMorgan recently upgraded Zhongsheng Holdings' rating to "Overweight" and raised the target price from HKD 12 to HKD 20, citing government anti-involution measures and structural reforms at the corporate level as catalysts for industry turnaround expected by 2026 [1]

Core Viewpoint - MSCI announced the results of its August index quarterly review, which includes the addition and removal of several stocks in the MSCI China Index, reflecting recent strong performance in sectors such as technology, innovative pharmaceuticals, and new consumption [1]. Summary by Category Additions to MSCI China Index - 14 stocks were added to the MSCI China Index, including notable companies such as: - Lao Pu Gold (06181) - WuXi AppTec (02268) - Meitu (01357) - NetEase Cloud Music (09899) - 3SBio (01530) - Horizon Robotics (09660) - Global Data (09698) - Kintor Pharmaceutical (06990) - 5 additional A-shares including: - Zhinan (300803.SZ) - CITIC Bank (601998.SH) - Giant Network (002558.SZ) - Ailis (688578.SH) - Jingwang Electronics (603228.SH) [1][3][5]. Removals from MSCI China Index - 17 stocks were removed from the MSCI China Index, including: - Hisense Home Appliances (00921) - Zhongsheng Holdings (00881) - Yingjia Wine (603198.SH) - Oriental Yuhong (002271.SZ) - 13 additional stocks including: - Supor (002032.SZ) - Chihong Zn & Ge (600497.SH) - Morning Light Co. (603899.5H) - and others [1][3][5]. Global Index Changes - The MSCI Global Standard Index added 42 stocks and removed 56 stocks, with the largest new additions being Rocket Lab (USA), SoFi Technologies (USA), and Affirm Holdings (USA) [5]. - The top three new additions to the MSCI Emerging Markets Index include CITIC Bank, Dian Swastatika Sentosa, and Lao Pu Gold [5].

Core Insights - The automotive sales industry in China is experiencing a significant divide between individual salespeople benefiting from high commissions on popular new models and traditional dealerships facing severe financial losses and network reductions [3][10][23] - The introduction of new electric vehicle models is seen as a potential lifeline for struggling dealerships, but the ongoing price wars and channel transformation pressures may exacerbate the existing challenges [3][10][23] Group 1: Sales Performance and Challenges - Individual salespeople have reported high earnings during the launch of popular models, with some achieving monthly incomes of 30,000 to 40,000 yuan [4][6] - However, the high earnings come with extreme work intensity and high turnover rates among sales staff, indicating a challenging work environment [6][9][23] - The automotive sales sector is witnessing a significant number of dealership closures, with over 4,400 4S stores expected to exit the market in 2024, reflecting a 41.7% loss rate among dealers [10][11] Group 2: Financial Performance of Dealerships - Major dealership groups are reporting declining new car sales and revenues, with companies like Zhongsheng Holdings and Yongda Automotive experiencing significant drops in both sales volume and profit margins [11][12] - The overall profitability of traditional dealerships is under pressure, with many reporting negative gross margins on new car sales, leading to a shift in focus towards after-sales services as a key revenue source [15][16] - The after-sales business has shown growth, with Zhongsheng Holdings reporting a 9.6% increase in after-sales revenue, highlighting a potential area for profitability amidst declining new car sales [15][16] Group 3: Industry Transformation and Future Outlook - The automotive industry is undergoing a transformation, with traditional dealerships needing to adapt to new market realities, including the rise of electric vehicles and changing consumer preferences [23] - Collaboration between manufacturers and dealerships is emphasized as a necessary strategy for survival, with calls for more flexible arrangements and support from manufacturers to help dealers navigate the current challenges [23] - The success of individual salespeople and mid-sized dealerships in the electric vehicle market suggests that there are opportunities for growth and adaptation, provided that stakeholders can work together effectively [23]

Market Overview - Hong Kong stocks opened lower but closed higher, with all three major indices ending in the green. The Hang Seng Index rose by 0.92% to 24,733.45 points, with a total turnover of HKD 234.68 billion [1] - The overall upward trend in Hong Kong stocks is considered healthy, shifting from previous risk-averse sentiment to improvements in fundamentals and positive policy expectations [1] Blue Chip Performance - New Oriental-S (02057) led blue-chip stocks, rising by 6.49% to HKD 36.58, contributing 2.7 points to the Hang Seng Index. Its revenue for the fourth fiscal quarter grew by 9.4% year-on-year, exceeding market expectations [2] - Other notable blue-chip performances included Zhongsheng Holdings (00881) up 5.59%, Lenovo Group (00992) up 4.95%, while Xinyi Glass (00868) fell by 5.87% [2] Sector Highlights - Gold stocks performed strongly due to lower-than-expected U.S. non-farm payroll data, with Shandong Gold (01787) rising by 10.7% and Chifeng Jilong Gold Mining (06693) up 8.89% [3] - Semiconductor stocks also saw significant gains, with Hua Hong Semiconductor (01347) up 8.69% and Shanghai Fudan (01385) up 5.66% [4] Stablecoin Sector - The stablecoin sector continued to decline, with Yunfeng Financial (00376) down 6.91% and Guotai Junan International (01788) down 6.48%. The Hong Kong Monetary Authority's new regulations on stablecoins are expected to delay the issuance of licenses until early 2026 [5][6] Notable Stock Movements - InnoCare Pharma (02577) surged by 30.47% after announcing a partnership with NVIDIA to promote a new power architecture for AI data centers [7] - Huajian Medical (01931) rose by 20.7% following a strategic cooperation agreement with BGI [8] - China Resources Medical (01515) fell by 15.58% due to a profit warning, expecting a decline of 20% to 25% in profit for the upcoming six months [9]

Core Viewpoint - Zhongsheng Holdings (00881) has seen a stock price increase of over 3%, currently at 13.49 HKD, with a trading volume of 42.95 million HKD. The rise is attributed to recent government policies aimed at curbing irrational competition in the automotive industry, particularly in the context of electric vehicles [1]. Group 1: Government Policies - The Chinese government has introduced a series of "anti-involution" policies to address overcapacity and worsening price competition in the electric vehicle sector [1]. - These measures, along with structural reforms at the corporate level, are expected to lead to a turning point in the industry by 2026 [1]. Group 2: Analyst Insights - Morgan Stanley has raised the target price for Zhongsheng Holdings to 20 HKD, citing benefits from the optimization of its dealership network [1]. - UBS noted that the recent rise in automotive dealership stock prices is linked to the anti-involution policies, which are anticipated to improve new car sales profit margins [1]. - The market is speculating on industry consolidation due to news of dealership closures, and investors are taking the opportunity to buy undervalued stocks [1].

瑞银此前指出，汽车经销商近期股价走高，相信是来自于反内卷政策，市场憧憬新车销售利润率改善； 一些经销商结业的新闻令市场揣测行业未来迎来整合；以及投资者趁低吸纳较低估值股份。憧憬若政策 有效遏制行业价格战，瑞银相信经销商盈利能力或显著改善。 中升控股(00881)涨超3%，截至发稿，涨3.22%，报13.49港元，成交额4295.5万港元。 小摩发布研报称，中国政府近期针对新能源汽车等面临产能过剩与价格竞争恶化的产业，推出一系 列"反内卷"政策以遏制非理性竞争。该行认为，政府反内卷举措与企业层面的结构性改革将推动产业于 2026年迎来转机。由于受惠于经销网络优化，该行上调公司目标价至20港元。 ...

Group 1 - Zhongsheng Holdings (00881) saw a stock price increase of over 3%, currently trading at 13.49 HKD with a transaction volume of 42.95 million HKD [1] - Morgan Stanley released a report indicating that the Chinese government has introduced a series of "anti-involution" policies to curb irrational competition in industries facing overcapacity and price competition, particularly in the new energy vehicle sector [1] - The report suggests that these government measures, along with structural reforms at the corporate level, will lead to a turning point for the industry by 2026, prompting an increase in the target price for Zhongsheng Holdings to 20 HKD due to benefits from optimized dealership networks [1] Group 2 - UBS noted that the recent rise in automotive dealership stock prices is attributed to the "anti-involution" policies, which have led to market expectations of improved profit margins on new car sales [1] - The news of some dealerships closing has fueled speculation about future industry consolidation, and investors are taking the opportunity to buy undervalued stocks [1] - UBS believes that if the policies effectively curb price wars in the industry, the profitability of dealerships could significantly improve [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中升集團控股有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00881 | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,00 ...