商报讯（记者 吕文鹃）8月4日，快手商城在杭州举办主题为《增长新引擎 商家新机遇》的商家大会， 分享快手商城的最新打法和经营策略，解读下半年快手商城场域的增长新机会。来自杭州以及全国各地 的500余位商家、达人、品牌齐聚一堂，共同探索在快手商城全域经营的增长方向。 扶持机制优化+投入资源加码 更低经营门槛助力商家流量跃迁 作为快手电商全域经营的重要阵地，快手商城为商家提供了在直播间和短视频场域之外的新增长阵地。 2025年618大促期间，快手电商泛货架场域商品卡搜推曝光次数同比增长44%，泛货架商品卡销售交易 额同比增长53%，商品卡千次曝光产生的交易额同比增长32%。快手商城负责人丁雨晴在会上表示，快 手商城始终致力于为商家达人打造更低的经营门槛，并将持续加码平台资源，不断优化扶持机制，携手 商家和平台聚焦有价值的事，一起做对的事。 多重工具、玩法辅助店铺成长 平台打造长期经营能力基石 展望未来，丁雨晴表示快手商城希望通过这些能力建设，让商家"看得懂、做得起、跑得快"，真正降低 进入商城经营的心智门槛和操作难度，平台倡导商家在下半年重视基础运营，抓住商城红利，维护好店 铺和商品基础信息，用好爆品链接运营工具 ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 盈富基金(02800) | 50.64 亿元 | -50.58 亿元 | | 腾讯控股(00700) | 22.09 亿元 | -5.65 亿元 | | 恒生中国企业(02828) | 17.90 亿元 | -17.74 亿元 | | 阿里巴巴-W(09988) | 12.93 亿元 | +228.97 万元 | | 英诺赛科(02577) | 12.76 亿元 | +8236.66 万元 | | 小米集团-W(01810) | 10.76 亿元 | +1.11 亿元 | | 快手-W(01024) | 9.23 亿元 | +2.20 亿元 | | 中芯国际(00981) | 9.02 亿元 | +2.02 亿元 | | 理想汽车-W(02015) | 8.99 亿元 | +4081.28 万元 | | 康方生物(09926) | 8.91 亿元 | -3.23 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 盈富基金(02800) | ...

8月4日恒生指数上涨0.92%，报收24733.45点，全天南向资金通过港股通渠道合计净卖出180.92亿港 元。 证券时报•数据宝统计，8月4日港股通全天合计成交金额为1300.70亿港元，成交净卖出180.92亿港元。 具体来看，沪市港股通成交金额831.26亿港元，成交净卖出111.24亿港元；深市港股通成交金额469.44 亿港元，成交净卖出69.68亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，盈富基金成交额为94.85亿港元，成交金额居首； 其次是恒生中国企业、英诺赛科，成交金额分别为46.53亿港元、41.25亿港元。以净买卖金额统计，阿 里巴巴-W净买入额为7.26亿港元，净买入金额居首，该股收盘股价下跌0.60%。净卖出金额最多的是盈 富基金，净卖出94.77亿港元，收盘股价上涨0.88%。 深市港股通前十大成交活跃股中，成交额居首的是盈富基金，成交金额50.64亿港元；其次是腾讯控 股、恒生中国企业，成交金额分别为22.09亿港元、17.90亿港元。以净买卖金额统计，有6只股为净买 入，净买入金额最多的是快手-W，净买入2.20亿港元，该股收盘上涨3.22%。净卖出金额最多的是盈 ...

Core Viewpoint - Kuaishou Technology will report its unaudited consolidated results for Q2 and the first half of 2025 on August 21, 2025, after the Hong Kong market closes [1] Group 1: Financial Reporting - The unaudited consolidated results will cover the period ended June 30, 2025 [1] - A conference call will be held on August 21, 2025, at 7:00 PM Beijing Time to discuss the results [2] - Participants must pre-register for the conference call, with options for Chinese and English simultaneous interpretation [2] Group 2: Conference Call Details - Live and archived webcasts of the conference call will be available on the company's investor relations website [3] - Replays of the conference call will be accessible until August 28, 2025, with specific dial-in numbers provided for different regions [3] Group 3: Company Overview - Kuaishou is a leading content community and social platform in China and globally, focusing on customer obsession [4] - The company leverages AI technology to drive innovation and enhance its service offerings [4] - Kuaishou's platform allows users to share experiences, discover goods, and showcase talents through short videos and live streams [4]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 於本公告日期，董事會包括執行董事程一笑先生及宿華先生；非執行董事李朝暉先生、張斐先生 及王慧文先生；獨立非執行董事黃宣德先生、馬寅先生及盧蓉女士。 快手科技（「本公司」，連同其附屬公司及合併聯屬實體，統稱「本集團」）董事會（「董 事會」）謹此宣佈將於2025年8月21日（星期四）舉行董事會會議，藉以考慮及批准（其 中包括）本集團截至2025年6月30日止六個月之未經審核綜合中期業績。 承董事會命 快手科技 董事長 程一笑先生 香港，2025年8月4日 Kuaishou Technology 快手科技 （於開曼群島註冊成立以不同投票權控制的有限公司） （港幣櫃台股份代號：01024╱人民幣櫃台股份代號：81024） 董事會會議召開日期 ...

Group 1 - Goldman Sachs maintains a "Buy" rating for Li Auto-W with a target price of HKD 138, expecting monthly sales of 6,000 units for its new electric SUV i8 [1] - China Biologic Products is rated "Outperform" by CMBI, highlighting its strong innovation pipeline and growth in biosimilars and generics [1] - JPMorgan upgrades Hang Lung Properties to "Overweight" with a target price of HKD 10, citing attractive dividend yield and improved sales outlook [2] Group 2 - Citi maintains a "Outperform" rating for China Overseas Property but lowers the target price to HKD 6.1, focusing on service quality improvement [3] - UBS maintains a "Buy" rating for Ping An Insurance, raising the target price to HKD 66, driven by improved macro conditions and growth in asset management [4] - UBS maintains a "Buy" rating for GCL-Poly Energy with a target price of HKD 1.9, benefiting from supply cuts and strong product quality [5] Group 3 - Macquarie maintains a "Outperform" rating for Prada but lowers the target price to HKD 60, citing lower-than-expected sales growth [6] - Goldman Sachs maintains a "Neutral" rating for CATL, adjusting the target price to HKD 436 due to expected declines in battery gross margins [7] - Goldman Sachs maintains a "Buy" rating for Kuaishou-W with a target price of HKD 68, anticipating significant revenue growth in the AI sector [8] Group 4 - Morgan Stanley maintains an "Overweight" rating for HSBC, raising the target price to HKD 107.1 due to improved earnings forecasts [9]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1][2][3]. Group 1: Top Short-Selling Ratios - The top three companies with the highest short-selling ratios are New World Development Co. Ltd. (80016), Anta Sports Products Limited (82020), and Li Ning Company Limited (82331), all at 100.00% [1][2]. - Other notable companies with high short-selling ratios include JD Health International Inc. (86618) at 99.99% and SenseTime Group Inc. (80020) at 98.17% [2][3]. Group 2: Top Short-Selling Amounts - Tencent Holdings Limited (00700) leads in short-selling amount with 1.948 billion, followed by Meituan (03690) at 1.889 billion and Xiaomi Corporation (01810) at 1.000 billion [3]. - Other significant short-selling amounts include China Ping An Insurance (02318) at 0.929 billion and China Construction Bank (00939) at 0.755 billion [3]. Group 3: Short-Selling Deviation Values - New World Development Co. Ltd. (80016) has the highest deviation value at 49.16%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][3]. - SenseTime Group Inc. (80020) and JD Health International Inc. (86618) follow with deviation values of 44.28% and 39.76%, respectively [2][3].

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report emphasizes the importance of AI applications and the Meta logic, highlighting the potential for revenue growth and valuation restructuring in the AI sector [8] - Domestic companies are expected to excel in multimodal development, particularly in B-end scenarios like AI image editing and video generation, with significant commercial performance [2] - The report anticipates a resonance in AI product commercialization between China and the US, especially in strong application areas in China [3] Summary by Sections Investment Logic - Focus on multimodal companies, especially those with overseas expansion [2] - Domestic products are competitive with international counterparts, achieving earlier commercialization [2] - Notable growth in AI video generation revenue, with a specific example of a company achieving over 100 million yuan monthly revenue [2] Investment Recommendations and Targets - Emphasis on AI application investment opportunities in the second half of the year and the trend of AI expansion overseas [3] - Recommended stocks include Kuaishou-W (01024, Buy), Meitu Inc. (01357, Not Rated), BOSS Zhipin-W (02076, Buy), and Alibaba-W (09988, Buy) [3] - Attention to Meta logic developments and their impact on revenue and valuation, with recommendations for Alibaba-W and Tencent Holdings (00700, Buy) [3] Industry Trends - Continuous acceleration in cloud revenue and capital expenditure (CAPEX) among major overseas cloud service providers [8] - Significant growth in annual recurring revenue (ARR) for AI applications, with OpenAI's ARR reaching 12 billion USD, marking a 20% increase [8] - The implementation of "Artificial Intelligence+" policies in China is expected to enhance AI application commercialization [8]

Group 1 - The Hang Seng Index (HSI) closed at 24,337.44, down by 170.37 points or 0.70% [1] - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 96.348, up by 1.15% compared to the Hong Kong close, while Tencent Holdings closed at HKD 533.076, down by 0.36% [2] Group 2 - The ADR performance of major companies showed mixed results, with Tencent Holdings down by 0.36% to HKD 533.076, and HSBC Holdings up by 1.15% to HKD 96.348 [3] - Other notable declines included BYD Company down by 3.74% to HKD 111.859, and Kuaishou Technology down by 5.30% to HKD 70.648 [3]

Group 1 - On August 1, the Hong Kong stock market saw a net inflow of 12.207 billion HKD from northbound trading, with 5.575 billion HKD from the Shanghai Stock Connect and 6.632 billion HKD from the Shenzhen Stock Connect [2] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Xiaomi Group-W (01810), while the most sold stocks were Innovent Biologics (01801), Alibaba-W (09988), and SMIC (00981) [2][8] - Xiaomi Group-W reported over 30,000 vehicle deliveries in July, attributed to increased production capacity, with expectations of 400,000 to 500,000 vehicle sales by 2025 [6] Group 2 - In the technology sector, Tencent (00700), Meituan-W (03690), and Kuaishou-W (01024) saw net inflows of 8.36 billion, 7.66 billion, and 2.02 billion HKD respectively, while Alibaba-W faced a net outflow of 2.02 billion HKD [7] - InnoCare Pharma (02577) received a net inflow of 3.63 billion HKD after being listed as a partner by NVIDIA for its 800V DC power architecture, which is designed for AI data centers [7] - The overall sentiment in the Hong Kong market remains positive, with expectations of a structural uptrend driven by improving fundamentals and policy outlook [6][7]