Group 1 - The core viewpoint of the article highlights the significant stock price increase of Oriental Selection, which rose by 10.04% to 34.84 HKD per share, with a trading volume of 5.26 billion HKD [1] - Oriental Selection Holdings Limited is a leading player in the online extracurricular education service sector in China, known for its high-quality online courses and exam preparation services [1] - The company expanded its business in 2021 to include live commerce, educational smart hardware products, STEAM education, and vocational education, and has been the largest online education brand in China's university exam preparation market since 2017 [1] Group 2 - As of the mid-year report for 2024, Oriental Selection reported total revenue of 2.187 billion HKD and a net profit of -96.799 million HKD [1] - The company is set to disclose its fiscal year 2024 annual report on August 22 [2]

Key Points - Xiaomi Group-W (01810), Crystal International Holdings (02228), and BYD Electronic (00285) ranked top in net inflow of southbound funds, with net inflows of 562 million, 227 million, and 213 million respectively [1][2] - Xpeng Motors-W (09868), Innovent Biologics (01801), and Ganfeng Lithium (01772) had the highest net outflows, with net outflows of -663 million, -535 million, and -410 million respectively [1][2] - In terms of net inflow ratio, Haitian Flavoring and Food (03288), Jiangsu Nanjing Highway (00177), and Swire Properties B (00087) led the market with ratios of 55.51%, 49.37%, and 46.46% respectively [1][2] - The highest net outflow ratios were recorded by Reshape Energy (02570), Southbound Hang Seng Index ETF (03037), and First Pacific Company (00142) with ratios of -90.77%, -68.70%, and -60.36% respectively [1][3] Net Inflow Rankings - Xiaomi Group-W (01810) had a net inflow of 562 million, representing 8.75% of its closing price of 50.800, which decreased by 0.88% [2] - Crystal International Holdings (02228) saw a net inflow of 227 million, with a net inflow ratio of 11.34% and a closing price of 7.450, which increased by 4.78% [2] - BYD Electronic (00285) recorded a net inflow of 213 million, with a net inflow ratio of 13.41% and a closing price of 38.680, which increased by 6.15% [2] Net Outflow Rankings - Xpeng Motors-W (09868) experienced the largest net outflow of -663 million, with a net outflow ratio of -20.13% and a closing price of 83.600, which increased by 5.36% [2] - Innovent Biologics (01801) had a net outflow of -535 million, with a net outflow ratio of -19.67% and a closing price of 89.950, which decreased by 1.42% [2] - Ganfeng Lithium (01772) recorded a net outflow of -410 million, with a net outflow ratio of -19.45% and a closing price of 34.000, which increased by 20.91% [2] Net Inflow Ratio Rankings - Haitian Flavoring and Food (03288) had a net inflow ratio of 55.51%, with a net inflow of 21.1399 million and a closing price of 33.560, which decreased by 0.47% [3] - Jiangsu Nanjing Highway (00177) recorded a net inflow ratio of 49.37%, with a net inflow of 14.6726 million and a closing price of 9.980, which decreased by 0.40% [3] - Swire Properties B (00087) had a net inflow ratio of 46.46%, with a net inflow of 4.0945 million and a closing price of 12.160, which decreased by 0.57% [3]

Core Viewpoint - After the departure of key figure Dong Yuhui, Dongfang Zhenxuan's stock price has rebounded significantly, indicating a recovery from previous lows and a shift in business strategy towards self-operated products [2][5]. Group 1: Stock Performance - On August 12, Dongfang Zhenxuan's stock rose by 1.11% to HKD 30.86, with a total market capitalization of HKD 32.3 billion, reflecting a 245% increase from the low of HKD 8.92 at the time of Dong Yuhui's departure [2]. - The stock has also increased over 204% from its year-to-date low of HKD 10.12 [2]. Group 2: Leadership Changes - Dong Yuhui's departure on July 25, 2024, caused a significant impact, with the stock dropping 23.39% in a single day, resulting in a market value loss of over HKD 2.5 billion [3]. - Another prominent host, Duntun, left the company on June 18, 2024, citing contract expiration, although he expressed a desire to continue collaborating with Dongfang Zhenxuan [4]. Group 3: Financial Performance - For the first half of the 2025 fiscal year, Dongfang Zhenxuan reported a net loss of HKD 96.5 million, a stark contrast to a profit of HKD 160 million in the same period the previous year [3]. - Excluding the financial impact of the sale of a subsidiary, the core business achieved a profit of HKD 32.7 million during the reporting period [3]. Group 4: Business Strategy - Dongfang Zhenxuan has shifted its focus towards self-operated products, launching new sanitary products that have seen strong sales, with the first product selling out 180,000 units shortly after launch [5][6]. - The company is adopting a membership model, with 228,300 paid members as of November 2024, indicating potential for growth compared to competitors like Sam's Club, which has 9 million members [6]. Group 5: Market Positioning - The company is positioning itself similarly to high-quality retail brands like Pang Donglai and Sam's Club, focusing on consumer-centric product development and high-quality offerings [6].

Group 1 - The stock price of Dongfang Zhenxuan has returned to levels before the "small essay" incident, with a significant increase from 12 HKD to 31 HKD per share, representing a 248% rise compared to the lowest point after Dong Yuhui's departure [1][5][6] - The increase in stock price is attributed to product performance rather than the presence of star hosts, as the company has shifted focus to product-driven strategies [2][4] - Dongfang Zhenxuan's self-operated sanitary napkins and shrimp products have shown strong sales, indicating a successful product strategy that resonates with consumer trust [2][3][5] Group 2 - The company's financial projections indicate a revenue of approximately 299 million USD (about 2.16 billion RMB) and an operating profit of around 6.2 million USD (about 44.71 million RMB) for the second half of the 2025 fiscal year [5][6] - The transition from a multi-channel network (MCN) model to a product-centric approach has been a key focus for the company, with a significant emphasis on building a strong supply chain and product quality [10][11] - Dongfang Zhenxuan's gross margin reached 38% in 2023, with self-operated products accounting for 39% of GMV, showcasing the effectiveness of the product strategy [16][22] Group 3 - The company has faced challenges in balancing the product route with the MCN model, leading to internal conflicts and a need for a clear strategic direction [11][12] - The decision to fully embrace a product-oriented strategy has been reinforced by the market's response, as evidenced by the recovery in stock price and sales performance [12][17] - The success of the product strategy is further illustrated by the increase in app downloads and consumer engagement, particularly following the launch of new products [12][16]

Core Viewpoint - The stock price of Dongfang Zhenxuan has increased significantly, with a rise of over 200% since its lowest point in the year, reflecting a recovery after a substantial drop following the separation from Dong Yuhui [4][10]. Financial Performance - As of November 30, 2024, Dongfang Zhenxuan reported a revenue of 2.186 billion RMB, a year-on-year decrease of 21.8%, and transitioned from a profit of 160 million RMB to a net loss of 96.5 million RMB [9][10]. - The company’s earnings before tax showed a profit of 188.554 million RMB, while the net profit was reported at 141.414 million RMB after a 50% distribution to Dong Yuhui [6][10]. Stock Performance - On August 12, 2025, the stock price was reported at 31.100 HKD, with a market capitalization of 32.544 billion HKD. The stock has seen an increase of approximately 207.31% from its lowest price of 10.12 HKD this year and about 248.65% from the low of 8.92 HKD following the separation from Dong Yuhui [1][10]. Business Strategy - Dongfang Zhenxuan has launched over 400 self-operated products since April 2022, achieving cumulative sales of over 210 million units and a customer base of 30.86 million [11][13]. - In 2024, self-operated products became the core revenue source for the company, accounting for 46% of total sales, indicating a shift towards a more stable profit model [13]. - The company aims to transform into a product technology company centered around self-operated products and a one-stop shopping platform primarily based on a membership system [13]. Product Development - In June 2024, Dongfang Zhenxuan entered the sanitary napkin market, selling 180,000 units within two days of launch, followed by the introduction of a second product [15]. - The company is diversifying its product offerings from agricultural products to household goods and snacks, reducing reliance on top influencers for growth [15].

Market Performance - A-shares experienced a strong upward trend on the last trading day of the Year of the Tiger, with the Shanghai Composite Index reaching a new high in the current rebound, closing up 0.76% at 3264.81 points [1] - The total trading volume in the two markets was 749.1 billion yuan, an increase of approximately 62 billion yuan compared to the previous day [1] - Northbound funds continued to buy heavily, with a net purchase of over 9 billion yuan today, marking the 13th consecutive day of accumulation, totaling 48.5 billion yuan for the week, which is the second-highest weekly net purchase on record [1] Sector Performance - Cyclical sectors such as non-ferrous metals, coal, steel, oil, and electricity saw collective gains, with notable performances in rare earth and gold concepts, including stocks like China Rare Earth and Yintai Gold hitting the daily limit [2] - New energy sectors, including lithium mining, lithium batteries, energy storage, wind power, and photovoltaics, also performed strongly, with Rongjie shares rising over 8% and Sunshine Power increasing over 7%, bringing its latest market value to 190.9 billion yuan [2] - The telecommunications sector saw all three major operators rise significantly, with China Telecom hitting the daily limit and China Unicom increasing by about 7% [2] Hong Kong Market - The Hong Kong stock market saw a strong rally, with the Hang Seng Index rising nearly 2% to surpass 22,000 points, closing up 1.82% at 22044.65 points, marking a six-month high [2] - The Hang Seng Technology Index increased by 2.67% to 4568.79 points, with individual stocks like New Oriental Online rising over 10% to set a new historical high [2]

Market Overview - The US stock market saw slight declines with the Dow Jones down 0.45%, Nasdaq down 0.3%, and S&P 500 down 0.25% [4] - Major tech stocks mostly fell, with Intel dropping over 3% while Tesla rose over 2% [4] - The Nasdaq Golden Dragon China Index fell by 0.29%, with notable declines in companies like TAL Education and Li Auto [4] Commodity Prices - International precious metals futures generally fell, with COMEX gold futures down 2.80% at $3393.7 per ounce and silver down 2.33% at $37.645 per ounce [5] - International oil prices saw slight increases, with WTI crude oil up 0.19% at $64.00 per barrel and Brent crude oil up 0.15% at $66.69 per barrel [6] Regulatory Developments - The Ministry of Finance and the State Taxation Administration of China are soliciting opinions on the implementation regulations of the Value-Added Tax Law, aiming to clarify definitions and taxpayer categories [8] - The Central Securities Depository Company announced it will no longer require foreign central bank institutions to provide a signed commitment letter, simplifying the investment process for these entities [11] Automotive Industry Insights - In the first seven months of 2025, China's automotive production and sales exceeded 18.23 million units, with a significant increase in new energy vehicles, which accounted for 45% of total new car sales [12] - Changan Automobile announced plans for its executives to collectively increase their holdings in the company, reflecting confidence in future growth [18] Technology and Innovation - Huawei's new technology, the six-domain integration technology for the ZunJie S800, aims to enhance vehicle comfort and safety [22] - Zhihui announced the release of the new open-source visual reasoning model GLM-4.5V, which is expected to advance the field of intelligent vision [25] Corporate Actions - Nvidia and AMD have reportedly agreed to pay 15% of their revenue from chips sold to China to the US government in exchange for export licenses [29] - Ningde Times confirmed that the suspension of operations at its mining site was due to the expiration of its mining license, and it is currently applying for an extension [19]

证券时报·数据宝统计，8月11日港股通全天合计成交金额为1158.14亿港元，成交净买入0.38亿港元。 具 体来看，沪市港股通成交金额697.39亿港元，成交净卖出1.80亿港元；深市港股通成交金额460.75亿港 元，成交净买入2.19亿港元。 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32.68亿港元，成交金额居首； 其次是小米集团-W、腾讯控股，成交金额分别为19.50亿港元、19.35亿港元。以净买卖金额统计，小米 集团-W净买入额为3.70亿港元，净买入金额居首，该股收盘股价下跌0.88%。净卖出金额最多的是小鹏 汽车-W，净卖出3.96亿港元，收盘股价上涨5.36%。 8月11日恒生指数上涨0.19%，报收24906.81点，全天南向资金通过港股通渠道合计净买入0.38亿港元。 （文章来源：证券时报网） 8月11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) | 326760.6 ...

Core Insights - The stock price of Dongfang Zhenxuan has increased by over 130% since July, doubling within a month [1] - The company appears to have moved past the challenges posed by the departure of key influencer Dong Yuhui over a year ago [2] - Despite the recent surge, there are concerns about the sustainability of this growth, as similar patterns have occurred in the past [5] Financial Performance - Dongfang Zhenxuan reported an estimated revenue of approximately $150 million for the period from March to May 2025, reflecting a year-on-year decline of about 30%, although the rate of decline has narrowed compared to previous periods [9] - The operating profit for the same period was around 79 million yuan, with an operating profit margin of approximately 7%, which is a 3 percentage point increase from the previous quarter [10] - In June 2025, the Gross Merchandise Value (GMV) grew by about 28% year-on-year, reaching 880 million yuan, indicating a gradual recovery in revenue [11][12] Business Strategy and Product Development - Dongfang Zhenxuan has successfully launched new products, including a cotton sanitary napkin that sold 180,000 units in two days, generating over 19 million yuan in total sales [13] - The company has expanded its product categories beyond food to include high-margin daily necessities, with its self-owned brand gross margin increasing from 10% to 21% [14] - The membership model has attracted 228,300 paid members, with a high repurchase rate of 86% and a satisfaction rate of 99.3%, indicating strong customer loyalty [15] Competitive Landscape - Dongfang Zhenxuan is being compared to Sam's Club, especially in light of recent trust issues faced by Sam's China, positioning Dongfang Zhenxuan as a potential alternative [6][15] - The company operates on a flexible model compared to the high maintenance costs associated with Sam's physical stores, which may provide a competitive advantage [18] Operational Challenges - Despite recent successes, Dongfang Zhenxuan still relies heavily on a traditional selection and outsourcing model for logistics, which complicates cost control and inventory management [19][21] - The company faces ongoing challenges related to inventory costs and transportation expenses, which have been cited as reasons for not achieving profit growth despite increased revenue [21] - As the company expands its product offerings, it must enhance its brand management to avoid potential damage to its reputation, similar to issues faced by Sam's Club [22][24] Future Outlook - The recent stock price surge reflects a revaluation of Dongfang Zhenxuan's strategy to move away from influencer dependency and focus on supply chain management [26] - Continued success in launching popular products and maintaining GMV growth could support the elevated valuation [26] - The company must navigate a competitive market characterized by price competition and challenges in customer acquisition to sustain its growth trajectory [26]

据统计，南下资金已连续3日净买入小米，共计27.5701亿港元；连续5日净买入康方生物、共计11.8185 亿港元。(格隆汇) 格隆汇8月11日｜南下资金今日净买入港股3834.39万港元。其中： 净买入小米集团-W 5.62亿、康方生物3.05亿、东方甄选1.87亿、晶泰控股1.16亿； 净卖出小鹏汽车-W 6.64亿、信达生物5.27亿、腾讯控股3.39亿、美团-W 2.64亿、阿里巴巴-W 2.33亿、 中芯国际2.37亿。 | | D. Hos mill | | | | 下载 文川 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 流跌幅 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 中心国际 | 0.1% | 0.47 | 32.68 Z | 中古国际 | 0.1% | -2.84 | 22.25 L | | 小米集团-W | -0.9% | 3.70 | 19.50亿 | 解讲控股 | 0.0% | -4.32 | 15.50 Z | | 腾讯控股 | 0.0% | 0.93 ...