Group 1 - Goldman Sachs maintains a sell rating on Dongfang Zhenxuan (01797.HK) and raises the target price to HKD 9, while adjusting the GMV forecast down by 1% to 3% for FY2026-2027 due to weak fundamentals and high valuation [1] - CITIC Securities maintains an outperform rating on Pop Mart (09992.HK) and raises the target price to HKD 368, expecting strong global demand with sales growth of 14%, 12%, and 12% for 2025-2027 [1] - CMB International maintains a buy rating on Kuaishou-W (01024.HK) and raises the target price to HKD 90, citing optimism about its multi-scenario e-commerce strategy and AI commercialization [1] Group 2 - Huazhang Securities maintains a buy rating on Xiaomi Group-W (01810.HK), forecasting revenue growth of RMB 478.1 billion, 618.2 billion, and 732 billion for 2025-2027, with adjusted net profit of RMB 41.1 billion, 59.3 billion, and 72.4 billion [2] - Morgan Stanley maintains an overweight rating on NIO-SW (09866.HK) with a target price of HKD 50.7, noting strong ES8 orders and expected monthly sales of 40,000 to 50,000 vehicles starting in October [3] - CICC maintains an outperform rating on Bruker (00325.HK) with a target price of HKD 135, reporting a 27.9% revenue growth to HKD 1.34 billion for the first half of 2025 [4] Group 3 - Haitong International maintains an outperform rating on Genscript Biotech (01548.HK) with a target price of HKD 24.62, reporting an 81.9% revenue growth to USD 519 million for the first half of 2025 [5] - Cathay Pacific maintains a buy rating on Sunny Optical Technology (02382.HK) with a target price of HKD 108.05, noting a 15% net profit beat and an 18.2% revenue growth in automotive electronics [6] - Cathay Pacific maintains an overweight rating on Baidu Group-SW (09888.HK) with a target price of HKD 104, reporting a 34% increase in non-advertising revenue driven by AI cloud services [8]

Market Overview - The Chinese stock market has recently shown exceptional performance, with the Shanghai Composite Index reaching a ten-year high since 2015, and the CSI 300 Index surpassing a four-year peak [3] - The surge in the market reflects multiple macroeconomic factors, primarily driven by extremely ample domestic liquidity [3] Liquidity and Investment Trends - A significant influx of household savings into the stock market is observed as bank deposit rates and bond yields continue to decline, leading to daily trading volumes on the Shanghai and Shenzhen exchanges exceeding 2 trillion yuan for nine consecutive days, marking a historical record [3] Policy and External Factors - There is an increasing expectation of policy stimulus, coupled with a thaw in China-US trade relations, which has injected optimism into the market [3] - The extension of the tariff truce agreement by Trump has alleviated external uncertainties, further supporting market sentiment [3] - Strengthened expectations of interest rate cuts by the Federal Reserve have also enhanced the flow of capital from the US to China, creating a favorable external financial environment [3] Stock Flow Insights - On the Hong Kong Stock Connect, there was a net outflow of 1.37 billion HKD on Monday, with Alibaba (09988.HK) recording the highest net inflow of 590 million HKD, followed by Kuaishou (01024.HK) [3] - Conversely, the Tracker Fund of Hong Kong (02800.HK) experienced the largest net outflow, amounting to 2.3 billion HKD, followed by Xiaomi Group (01810.HK) [3]

摩根大通发布研报称，快手-W(01024)核心业务发展稳固，加上可灵AI的增长，预期可推动公司下半年 股价提升，重申为行业首选，将目标价由88港元微升至89港元。小摩继续视快手为全球最被低估的AI 股份之一，目前预测可灵AI收入第三季及第四季将录得按季增长，同时公司对可灵AI的资本开支增 加，亦可视作需求增长的正面信号。小摩又指，快手电商变现能力增强，将支持核心业务收入于下半年 录得双位数同比升幅，对广告变现感乐观，予"增持"评级。 ...

智通财经APP获悉，摩根大通发布研报称，快手-W(01024)核心业务发展稳固，加上可灵AI的增长，预 期可推动公司下半年股价提升，重申为行业首选，将目标价由88港元微升至89港元。小摩继续视快手为 全球最被低估的AI股份之一，目前预测可灵AI收入第三季及第四季将录得按季增长，同时公司对可灵 AI的资本开支增加，亦可视作需求增长的正面信号。小摩又指，快手电商变现能力增强，将支持核心 业务收入于下半年录得双位数同比升幅，对广告变现感乐观，予"增持"评级。 ...

Core Viewpoint - Kuaishou's Q2 total revenue increased by 13% year-on-year, aligning with expectations, while adjusted net profit reached 5.6 billion yuan, a 20% year-on-year growth, exceeding expectations due to improved gross margin and marketing expense ratio [1] Group 1: Financial Performance - Kuaishou's adjusted net profit for Q2 was 5.6 billion yuan, reflecting a 20% year-on-year increase, surpassing expectations [1] - The company has raised its full-year revenue guidance to 1.25 billion USD, indicating potential for further upside [1] Group 2: E-commerce and Growth Drivers - The company anticipates a 15% year-on-year growth in e-commerce gross merchandise value (GMV) for Q3, driven primarily by increased frequency across multiple scenarios [1] - Influencer distribution and marketing management are expected to drive commission revenue growth at a rate faster than GMV growth [1] Group 3: Future Outlook - The company has slightly raised its adjusted net profit expectations for the next two years and increased the target price to 90 HKD, maintaining a "Buy" rating [1] - Kuaishou's operational improvements in multi-scenario e-commerce are expected to enhance repeat purchases across different contexts [1] - The company continues to lead in the commercialization of video generation technology, with a focus on long-term multi-scenario penetration and AI's role in enhancing platform ecology and commercialization [1]

Core Viewpoint - The news highlights the turmoil surrounding XinXuan Group and its founder XinBa, including significant layoffs and potential withdrawal from the live-streaming platform, raising concerns about the company's future and its impact on the industry [1][4]. Group 1: Company Developments - XinXuan Group is reportedly planning to conduct large-scale layoffs, with rumors suggesting a 50% reduction in workforce, although the company has not confirmed this [1]. - XinBa announced his intention to "retire from the internet" due to health issues, marking the fifth time since 2020 he has made such claims, which raises questions about the sincerity of his statements [1]. - On August 22, XinBa changed his account name and cleared all content from his Kuaishou account, signaling a potential departure from the platform [4]. Group 2: Industry Context - The Chinese government, through the State Administration for Market Regulation, is intensifying efforts to regulate the live-streaming e-commerce sector, which may affect companies like XinXuan Group [4]. - Kuaishou is facing challenges such as slowing user growth and declining GMV, making XinBa's presence crucial for the platform's stability [4]. - XinBa's previous sales achievements, such as generating 4 billion in sales during the 2025 Kuaishou 618 event, underscore his significant influence in the live-streaming industry [4].

该行继续视快手为全球最被低估的AI股份之一，目前预测可灵AI收入第三季及第四季将录得按季增 长，同时公司对可灵AI的资本开支增加，亦可视作需求增长的正面信号。该行又指，快手电商变现能 力增强，将支持核心业务收入于下半年录得双位数按年升幅，对广告变现感到乐观。 摩根大通发表研报指，快手核心业务发展稳固，加上可灵AI的增长，预期可推动公司下半年股价提 升，重申为行业首选，将目标价由88港元微升至89港元，予"增持"评级。 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price yet to be specified [8]. Core Insights - The company's revenue for Q2 2025 reached 35 billion RMB, representing a year-on-year growth of 13.1%, while adjusted net profit increased by 20.1% to 5.62 billion RMB [1]. - The core business shows steady growth, with significant contributions from AI commercialization and operational efficiency improvements [1][3]. - The company has declared its first special dividend since its listing, amounting to 0.46 HKD per share, reflecting confidence in long-term growth prospects [7]. Revenue Breakdown - **Core Business Performance**: The company achieved a gross profit of 19.5 billion RMB, with sales and marketing expenses growing by 4.6% to 10.5 billion RMB, accounting for 30% of total revenue [1]. - **User Engagement**: The average Daily Active Users (DAU) reached 409 million, with a slight year-on-year increase of 3.4%, and the average daily usage time per DAU was 126.8 minutes, up 7.5% [2]. - **AI Revenue**: The AI segment, particularly the 可灵 AI model, generated over 250 million RMB in revenue during Q2 2025, showing rapid growth [3]. - **Online Marketing Services**: Revenue from online marketing services reached 19.8 billion RMB, marking a 12.8% year-on-year increase, driven by strong performance in external advertising sectors [4]. - **E-commerce Growth**: Other service revenues, including e-commerce, grew by 25.9% to 5.2 billion RMB, with e-commerce GMV reaching 358.9 billion RMB, a 17.6% increase [5]. - **Live Streaming Revenue**: Live streaming revenue was 10 billion RMB, reflecting an 8.0% year-on-year growth, supported by an increase in signed agencies and streamers [6]. - **International Business**: Overseas revenue grew by 20.5% to 1.3 billion RMB, with stable performance in the Brazilian market [7].

8月25日恒生指数上涨1.94%，南向资金全天合计成交金额为2024.76亿港元，其中，买入成交1005.50亿 港元，卖出成交1019.26亿港元，合计净卖出金额13.76亿港元。具体来看，港股通（深）累计成交金额 794.06亿港元，买入成交402.33亿港元，卖出成交391.73亿港元，合计净买入金额10.60亿港元；港股通 （沪）累计成交金额1230.70亿港元，买入成交603.17亿港元，卖出成交627.53亿港元，合计净卖出金额 24.36亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是中芯国际，合计成交额116.29亿港元， 阿里巴巴-W、腾讯控股成交额紧随其后，分别成交111.44亿港元、74.45亿港元。以净买卖金额统计， 净买入的个股共有7只，阿里巴巴-W净买入额为5.87亿港元，净买入金额居首，该股收盘股价上涨 5.51%，快手-W净买入额为4.72亿港元，中兴通讯净买入额为4.08亿港元。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，该股收盘股价上涨2.01%，小米集团-W、中芯国际遭净卖出15.25亿港元、 8.11亿港元。 今日上榜个股中，阿里巴巴-W、中 ...

8月25日恒生指数上涨1.94%，报收25829.91点，全天南向资金通过港股通渠道合计净卖出13.76亿港 元。 证券时报·数据宝统计，8月25日港股通全天合计成交金额为2024.76亿港元，成交净卖出13.76亿港元。 具体来看，沪市港股通成交金额1230.70亿港元，成交净卖出24.36亿港元；深市港股通成交金额794.06 亿港元，成交净买入10.60亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为70.23亿港元，成交金额居首； 其次是阿里巴巴-W、腾讯控股，成交金额分别为65.76亿港元、41.79亿港元。以净买卖金额统计，腾讯 控股净买入额为3.33亿港元，净买入金额居首，该股收盘股价上涨2.42%。净卖出金额最多的是盈富基 金，净卖出23.52亿港元，收盘股价上涨2.01%。 8月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00981 | 中芯国际 | 港股通(沪) | 702310.19 | -87754. ...