Investment Rating - Industry rating: Recommended [4] Core Insights - The introduction of the national childcare subsidy policy is expected to benefit the maternal and infant industry chain, with a subsidy of 3,600 yuan per child per year for families with children under three years old, potentially impacting over 20 million families annually [1][2] - New Oriental's FY2025Q4 performance shows a revenue of 150 million USD, a year-on-year decline of approximately 30%, but with a sequential improvement in operating profit margin from 3% in FY25Q3 to 7% in FY25Q4 [3] - The company is transitioning from a host-driven model to a product-driven model, with significant sales in sanitary products and self-branded items [3] Summary by Sections 1. Industry Overview - The report highlights the positive impact of the national childcare subsidy on birth rates, particularly in lower-tier markets, citing examples from cities like Panzhihua and Tianmen where similar policies led to increased birth rates [2] 2. Company Performance - New Oriental's recent performance indicates a recovery in profit margins despite a decline in revenue, with key products like sanitary napkins and self-branded food items performing well in sales [3] 3. Investment Recommendations - The report suggests five investment themes, including the continuous upgrade of AI technology, the emotional value consumers place on purchases, the recovery of cyclical sectors, the potential of domestic brands going global, and the revival of traditional retail formats [6]

Market Overview - US stock indices closed lower, while the China concept index rose by 0.66% [1] - Hong Kong stock indices opened slightly lower, with the Hang Seng Index down 0.12%, the National Index down 0.14%, and the Hang Seng Tech Index down 0.09% [1] Company Performance - Major tech stocks showed mixed performance; Alibaba rose nearly 2%, Kuaishou increased by 1.3%, and Baidu gained 1%, while Tencent saw a slight increase [1] - Xiaomi and Meituan experienced declines [1] Sector Performance - International oil prices fell, leading to a decline in oil stocks, with China Petroleum & Chemical down over 2% [1] - Gaming stocks, which had performed well previously, saw a broad decline, with New Macau International Development dropping nearly 6% [1] - Innovative drug concept stocks experienced declines, including Baijiahe, Nuocheng Jianhua, Sanofi, and WuXi AppTec [1] - Brain-computer interface stocks, such as Nanjing Panda Electronics, fell nearly 5% [1] - Conversely, software stocks, live streaming concept stocks, domestic property stocks, and property management stocks mostly rose, with Dongfang Zhenxuan increasing nearly 3% [1]

格隆汇7月31日｜7月行情收官，从港股市场个股表现来看，云知声、国泰君安国际和东方甄选分别涨 95.85%，86.59%和85.08%，位居涨幅榜前三；老铺黄金、周大福和奇富科技-S分别跌29.71%、23.22% 和21.72%，位居港股跌幅前三。 来源：格隆汇APP ...

Group 1 - The core viewpoint of the news is that the China Securities Index Hong Kong 300 Mainland High Beta Index has shown significant growth, with a 15.91% increase over the past month, 26.48% over the past three months, and 34.82% year-to-date [1] - The index reflects the overall performance of securities listed on the Hong Kong Stock Exchange from various strategic investment perspectives, with a base date of December 30, 2005, set at 1000.0 points [1] - The top ten holdings of the index include companies such as Sunac China (3.98%), China Merchants Securities (3.11%), and China Cinda (2.77%), indicating a diverse portfolio [1] Group 2 - The index is fully composed of stocks listed on the Hong Kong Stock Exchange, with a sector breakdown showing financials at 28.18%, healthcare at 18.44%, real estate at 17.18%, and information technology at 16.55% [1] - The index sample is adjusted every six months, specifically on the next trading day after the second Friday of June and December, with weight factors fixed until the next adjustment unless special circumstances arise [2]

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Dongfang Zhenxuan, which increased by 5.3% to reach 22.85 yuan per share, with a trading volume of 21.69 million yuan as of July 31 [1] - Dongfang Zhenxuan Holdings Limited is recognized as a leader in the online extracurricular education service sector in China, known for providing 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 the Chinese university exam preparation market since 2017 [1] Group 2 - As of the mid-2024 financial report, Dongfang Zhenxuan reported total operating revenue of 2.187 billion yuan and a net profit of -96.79 million yuan [2]

Core Viewpoint - Oriental Selection (01797) has seen its stock price rise over 80% this month, with a current increase of 7.37% to HKD 21.85, and a trading volume of HKD 1.147 billion [1] Financial Performance - Daiwa reported that Oriental Selection's Gross Merchandise Volume (GMV) for the first half of fiscal year 2025 is expected to reach RMB 4.8 billion, with the "With Hui Together" channel led by Dong Yuhui contributing a quarter of this total [1] - Following Dong Yuhui's departure, the GMV has rebounded due to the expansion of sales channels, and the gross margin for self-branded products has improved to a healthy level of 21%, up from 10% in the second half of 2024 [1] Operational Strategy - The company has been reducing its workforce since December last year and expanding its product offerings to include high-margin categories such as health supplements and pet products, which is expected to further improve profit margins in the second half of fiscal year 2025 [1] - Zheshang Securities noted that after two years of challenges, the company's operations are stabilizing, and GMV is expected to turn positive by June 2025 as the high base effect diminishes [1] Market Position - Oriental Selection continues to focus on developing its key products, with GMV stabilizing and profit margins recovering, indicating significant growth potential for self-operated products [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 80% this month, with a current price of 21.85 HKD and a trading volume of 1.147 billion HKD [1] Group 1: Financial Performance - According to Daiwa, the Gross Merchandise Volume (GMV) for Oriental Selection in the first half of the 2025 fiscal year is projected to be 4.8 billion RMB, with the "With Hui Together" channel led by Dong Yuhui contributing a quarter of this total [1] - Following Dong Yuhui's departure, the GMV has rebounded due to the expansion of sales channels, indicating a recovery in performance [1] - The gross margin for self-branded products in the first half of 2025 has improved to a healthy level of 21%, up from 10% in the second half of 2024, attributed to reduced discounts [1] Group 2: Operational Strategy - The company has been reducing its workforce since December of last year and expanding its product range to include high-margin categories such as health supplements and pet products, which is expected to further improve profit margins in the second half of 2025 [1] - Zheshang Securities believes that after two years of challenges, the company's operations are stabilizing, and the GMV is expected to turn positive by June 2025 as the high base effect diminishes [1] - Oriental Selection continues to focus on major products, with GMV stabilizing and profit margins recovering, indicating significant growth potential for self-operated products [1]

Core Viewpoint - Oriental Selection (01797) has seen a significant stock price increase of over 80% this month, with a current price of HKD 21.85 and a trading volume of HKD 1.147 billion [1] Group 1: Financial Performance - Daiwa reported that Oriental Selection's Gross Merchandise Volume (GMV) for the first half of the 2025 fiscal year is expected to be RMB 4.8 billion, with the "With Hui Together" channel led by Dong Yuhui contributing a quarter of this total [1] - Following Dong Yuhui's departure, the GMV has rebounded due to the expansion of sales channels, indicating a recovery in performance [1] - The gross margin for self-branded products has improved to a healthy level of 21% in the first half of 2025, up from 10% in the second half of 2024, attributed to reduced discounts [1] Group 2: Strategic Developments - The company has been reducing its workforce since December last year and expanding its product range to include high-margin categories such as health supplements and pet products, which is expected to further improve profit margins in the second half of 2025 [1] - Zheshang Securities noted that after two years of challenges, the company's operations are stabilizing, and GMV is expected to turn positive by June 2025 as the high base effect diminishes [1] - Oriental Selection continues to focus on developing major products, with GMV stabilizing and profit margins recovering, indicating significant growth potential for self-operated products [1]

Group 1 - The core viewpoint of the article highlights the performance and market position of Dongfang Zhenxuan, which saw a stock price increase of 4.91% to 21.35 CNY per share, with a trading volume of 302 million CNY [1] - Dongfang Zhenxuan 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, becoming the largest online education brand in the Chinese university exam preparation market by 2017 [1] Group 2 - As of the mid-2024 financial report, Dongfang Zhenxuan reported total operating revenue of 2.187 billion CNY and a net profit of -96.799 million CNY [2]

【导读】北方多地连续极端强降雨造成重大灾害，蔚来等多家企业宣布驰援 据央视新闻消息，本轮强降雨以来，截至7月28日24时，北京全市平均降水量达165.9毫米，最大降水量在密云郎房峪和朱家峪，最大降水强度出现在怀柔 东峪。连续极端强降雨造成重大灾害，北京全市因灾死亡30人，其中密云28人、延庆2人。 同时，华东、华北、东北地区近日遭遇持续强降雨天气，引发严重洪涝及地质灾害，导致京津冀地区以及吉林、山东等省份出现重大人员伤亡和财产损 失。 7月29日，蔚来、理想、字节跳动、小米、东方甄选等企业相继宣布驰援灾区。 蔚来宣布联合蔚来用户公益基金会捐款200万元，携手中华慈善总会驰援灾区，支持保障受灾群众紧急生活物资采购、应急救援设备支持，以及灾后基础 设施修复等关键环节，助力受灾民众渡过难关、重建家园。 北京字节跳动公益基金会宣布捐赠1000万元，将联合深圳壹基金公益基金会、北京平澜公益基金会、中国红十字基金会等公益机构，根据灾区需求支援京 津冀等受灾严重地区，提供卫生用品、生活安置、儿童物资等应急物资，解决部分灾区物资缺乏的问题。 北京字节跳动公益基金会称，其后续将聚焦灾区青少年、老年人等群体需求，支持开展灾后益童 ...