Market Overview - Hong Kong stocks experienced volatility, with the Hang Seng Index closing down 0.21% at 25,122.9 points and a total turnover of 278.2 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.3% to 9,006.23 points, while the Hang Seng Tech Index decreased by 0.67% to 5,542.03 points [1] Blue Chip Performance - China Resources Beer saw a significant increase of 6.24%, closing at 28.28 HKD, contributing 4.24 points to the Hang Seng Index [2] - The company reported a revenue of 23.942 billion RMB, a year-on-year increase of 0.83%, and a net profit attributable to shareholders of 5.789 billion RMB, up 23.04% [2] - Other notable blue chips included Zhongsheng Holdings, which rose 8.29%, and Hansoh Pharmaceutical, which increased by 4.75% [2] Sector Performance - Large tech stocks showed mixed results, with Tencent up 0.94% and Alibaba down 0.25% [3] - AI application stocks performed well, with Zhihu-W rising 23% and Fenbi increasing by nearly 14% [3] - The property management sector was active, with Wanwu Cloud rising 7.19% and Sunac Services increasing by 5.18% [4][5] Earnings Reports - Wanwu Cloud reported a revenue of 18.14 billion RMB, a 3.1% year-on-year increase, and a core net profit of 1.32 billion RMB, up 10.8% [5] - Kancheng Pharmaceutical reported a revenue of 1.569 billion RMB, a 23.7% increase, and a net profit of 498 million RMB, up 24.6% [8] - Li Auto announced a revenue of 24.25 billion RMB, a 174% increase, with a gross margin of 14.1% [9] Notable Stock Movements - Dongfang Zhenxuan experienced a significant drop of 20.89%, closing at 34.32 HKD, following rumors regarding its CEO [12] - Gilead Sciences saw a decline of 15.01% after announcing a share placement and a new share subscription at a discount [13]

Group 1: Market Overview - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,224 points, while the Hang Seng Tech Index increased by 0.10% [1] - Early trading volume in Hong Kong stocks reached 135.9 billion HKD [1] Group 2: Company Performances - Tianfeng Securities predicts rapid development of AI applications in the first half of 2025, with strong performance in the AI application sector [1] - Xueqiu (粉笔) saw an 18% increase, while Huoliang Technology (汇量科技) rose over 12%, and Weimeng Group (微盟集团) increased by 8% [1] - Huoliang Technology (01860) is set to announce its earnings at the end of this month, with Mintegral identified as the company's core growth engine [2] - Saijing Technology (赛晶科技) increased by 9% ahead of its earnings release this Friday, with expected mid-term net profit growth of over 167% year-on-year [3] - DeXiang Shipping (德翔海运) rose over 6%, anticipating a mid-term net profit increase of at least 220% [4] - China Rare Earth Holdings (中国罕王) increased by over 11%, reporting over 10% revenue growth in the first half and announcing plans to spin off its gold business for a Hong Kong listing [5] - Zhihu-W (知乎-W) surged over 17%, with plans to announce earnings next Wednesday and receiving continuous investments from long-term fund Fidelity International [6] - Dongfang Zhenxuan (东方甄选) rose over 10%, with a cumulative increase of over 300% since early July, attracting market attention for its "Sam's Club model" [7] - Baixin An-B (百心安-B) saw a peak increase of over 15%, closing with a gain of over 50% after RDN was included in the U.S. hypertension guidelines [8] - Wanwuyun (万物云) increased by over 13%, reporting a 3.88% year-on-year growth in net profit for the first half and a mid-term dividend of 0.951 HKD [9] - BYD Electronics (比亚迪电子) fell over 4%, with institutions citing potential sales drag in consumer electronics due to industry competition [9] - China National Pharmaceutical Group (中生制药) saw a post-earnings decline of over 6%, despite exceeding expectations in innovative product revenue growth and reporting over 10% year-on-year revenue growth [9]

Group 1: Market Overview - The Hang Seng Index rose by 0.19%, gaining 48 points to close at 25,224 points, while the Hang Seng Tech Index increased by 0.10%. The early trading volume in the Hong Kong stock market reached HKD 135.9 billion [1] Group 2: AI Application Sector - The AI application sector is experiencing rapid growth, with companies like Fenbi (02469) rising by 18%, Huilyang Technology (01860) increasing over 12%, and Weimob Group (02013) up by 8% [1] Group 3: Earnings Reports and Expectations - Huilyang Technology (01860) is set to announce its earnings at the end of the month, with Mintegral identified as the core growth engine for the company [1] - Sijingt Technology (00580) is expected to report a more than 167% year-on-year increase in mid-term net profit this Friday [1] - DeXiang Shipping (02510) anticipates at least a 220% growth in mid-term net profit, with earnings report scheduled for next Monday [2] - China Rare Earth Holdings (03788) reported over 10% revenue growth in the first half and announced plans to spin off its gold business for a Hong Kong listing [3] - Zhihu-W (02390) is expected to release its earnings next Wednesday, with significant investment from long-term fund Fidelity International [4] - Dongfang Zhenxuan (01797) has seen its stock price increase over 300% since early July, drawing market attention for its "Sam's Club model" [5] - Baixin An-B (02185) saw a significant rise, with a 50% increase yesterday, as RDN was included in the U.S. hypertension guidelines [6] - Wanwuyun (02602) reported a 3.88% year-on-year increase in net profit for the first half, with an interim dividend of HKD 0.951 [7] Group 4: Company Performance - BYD Electronics (00285) experienced a decline of over 4%, attributed to competitive pressures affecting sales of consumer electronics [8] - China National Pharmaceutical Group (01177) saw a drop of over 6% post-earnings, despite exceeding expectations for revenue growth of over 10% in the first half [9]

消息面上，汇量科技(01860)拟于8月29日举行董事会会议考虑及批准中期业绩。根据移动应用广告平台 Applovin最新业绩显示，该公司二季度营收12.59亿美元，同比增长77%，胜市场预期；纯利8.2亿美 元，同比飙升164%；调整后EBITDA为10.18亿美元，同比增长99%；调整后每股盈利2.39美元，优于市 场预期的2.32美元。中金指出，AI成为行业创新核心引擎，"算力-模型-应用-数据"飞轮的正循环已明确 形成，展望2025年下半年，生成式AI技术有望深化渗透，行业供给竞争格局改善及国产替代加速推 进，有望共同构筑半导体及元器件行业成长动能。 汇量科技(01860)盘中拉升逾12%，七月以来股价累计涨幅超1.2倍。截至发稿，涨12.02%，报15.75港 元，成交额4.99亿港元。 值得一提的是，此前，汇量科技宣布入选2025年《财富》东南亚500强(Fortune Southeast Asia 500)榜 单，位列第208位。AI与机器学习持续投入是推动汇量科技增长的核心动力。旗下程序化互动式广告平 台Mintegral作为公司核心增长引擎，在2024年表现尤为突出，收入达14.4亿美元，同 ...

Group 1 - Company stock price increased by over 12% during trading, with a cumulative increase of more than 120% since July, reaching 15.75 HKD with a trading volume of 499 million HKD [1] - The company plans to hold a board meeting on August 29 to consider and approve its interim results [1] - Applovin reported Q2 revenue of 1.259 billion USD, a 77% year-on-year increase, with net profit soaring 164% to 820 million USD, and adjusted EBITDA of 1.018 billion USD, up 99% [1] Group 2 - The company was listed as number 208 in the 2025 Fortune Southeast Asia 500 list, highlighting its growth potential [2] - Continuous investment in AI and machine learning is identified as the core driver of the company's growth [2] - The programmatic interactive advertising platform Mintegral is a key growth engine, projected to generate 1.44 billion USD in revenue for 2024, a 47.2% increase [2] - Mintegral's gaming revenue is expected to reach 1.04 billion USD, a 37% increase, while non-gaming revenue is projected at 403.3 million USD, with an 82% growth [2]

董事會會議日期通告 匯量科技有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈，本公司 謹訂於2025年8月29日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准 本公司及其附屬公司截至2025年6月30日止六個月之中期業績及其發佈，以及 考慮派發中期股息（如有）。 承董事會命 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。 Mobvista Inc. 匯量科技有限公司 （於開曼群島註冊成立的有限公司） （股份代號：1860） 於本公告日期，董事會包括執行董事段威先生（主席）、曹曉歡先生（首席執行官）、方子愷先 生及宋笑飛先生；非執行董事黃德煒先生；以及獨立非執行董事孫洪斌先生、張可玲女士及 黃家輝先生。 匯量科技有限公司 新加坡，2025年8月18日 主席 段威 ...

Group 1: Macro Strategy and Market Overview - The three major equity indices continued to rise in early August, with the Shanghai Composite Index and Shenzhen Component Index both increasing by over 2%, and the ChiNext Index rising by 4.88% [20][21] - The central bank's net cash injection was 163.5 billion yuan, maintaining stable liquidity in early August, with the 7-day reverse repo rate (DR007) hovering around 1.45% [21][22] - Commodity prices showed mixed trends, with non-ferrous metals rebounding, crude oil slightly declining, and precious metals rebounding again [21] Group 2: Fixed Income and Bond Market - The upcoming issuance of 20-year special government bonds is expected to peak, presenting trading opportunities during the issuance process [2] - The new and old bond yield spread for 20-year bonds typically narrows by 0.4-1.5 basis points, with notable exceptions during significant market events [2] Group 3: Export Growth and Trade Analysis - China's exports showed steady growth in the first seven months of 2025, with a cumulative year-on-year increase of 6.1%, surpassing the 5.8% growth rate for the entire year of 2024 [23][24] - The global trade volume is expected to cool down in the second half of the year, influenced by preemptive demand in the U.S. and a decline in imports [23][24] - China's share of global exports has been increasing, with a notable rise in exports to non-U.S. regions compensating for declines in U.S. exports [24][25] Group 4: Company-Specific Insights - Yuan Da Pharmaceutical achieved a revenue of 10.784 billion yuan in 2024, a year-on-year increase of 10.59%, and a net profit of 2.286 billion yuan, up 31.28% [28][31] - The company is pioneering a new treatment for sepsis, STC3141, which has shown promising results in clinical trials [29][30] - Yuan Da's nuclear medicine segment is expanding, with significant sales growth expected from its core product, yttrium-90 microspheres, which has treated nearly 2,000 patients [30][31] Group 5: Industry Trends and Recommendations - The semiconductor industry is projected to continue its optimistic growth trajectory in 2025, driven by AI and high-performance computing [7] - The demand for storage solutions, particularly HBM and DDR5, is expected to remain strong, with price increases anticipated in the third quarter [7] - The construction materials sector, particularly cement and explosives, is expected to benefit from major infrastructure projects like the New Tibet Railway [34]

Investment Rating - The industry investment rating is "Outperform the Market," indicating an expected industry index increase of over 5% in the next six months [58]. Core Insights - The report highlights the significant advancements in AI applications, particularly with the release of OpenAI's GPT-5, which is expected to accelerate commercialization in various high-frequency, high-value verticals [7][5]. - Companies like Duolingo, Palantir, and AppLovin have reported earnings that exceeded market expectations, showcasing the growing revenue contributions from AI capabilities [7][5]. - The report suggests a focus on companies with high retention rates and growth potential in sectors such as education, e-commerce, advertising, and enterprise data analysis [7][5]. Summary by Sections Key Company Financials - **Palantir**: Q2 revenue reached $1.004 billion, a 48% year-over-year increase, with a GAAP operating income of $269 million and an adjusted gross margin of 82% [14]. - **AMD**: Q2 revenue was $7.685 billion, a 32% year-over-year increase, with a gross margin of 54% and operating income of $897 million [19]. - **AppLovin**: Q2 advertising revenue grew 77% year-over-year to approximately $1.26 billion, with an adjusted EBITDA of $1.02 billion [24]. - **Duolingo**: Q2 revenue reached $252.3 million, a 41% year-over-year increase, with a gross margin of 72.4% [29]. - **Datadog**: Q2 revenue was $827 million, a 28% year-over-year increase, with a gross margin of 80.9% [33]. Global AI Developments - OpenAI launched two new large language models, gpt-oss-120b and gpt-oss-20b, which are open-weight models aimed at enhancing AI application performance [36]. - Google DeepMind introduced Genie 3, a model capable of generating interactive virtual worlds in real-time, marking a significant milestone in world modeling [40]. - Anthropic released Claude Opus 4.1, which shows improvements in coding and reasoning capabilities compared to its predecessor [45]. - OpenAI's GPT-5 was officially released, featuring a significant reduction in hallucination rates and enhanced reasoning capabilities [49].

汇量科技(01860)涨超11%，截至发稿，涨11.46%，报11.67港元，成交额3.09亿港元。 消息面上，移动应用广告平台Applovin最新业绩显示，该公司二季度营收12.59亿美元，同比增长77%， 胜市场预期；纯利8.2亿美元，同比飙升164%；调整后EBITDA为10.18亿美元，同比增长99%；调整后 每股盈利2.39美元，优于市场预期的2.32美元。中信证券近期研报指出，生成式AI正将广告网络从"流量 竞争"推向"算法飞轮"时代。AppLovin AXON2.0、汇量科技Mintegral等独立平台凭算法壁垒穿越周期， 收入与分成率同步向上，并向电商、CTV等新场景外溢。预计未来五年程序化广告仍保持较高增长，头 部平台保持领先。 今年一季度，汇量科技程序化广告平台Mintegral表现亮眼，录得收入4.208亿美元，同比大幅增长 48.4%。汇量科技称，自2023年集团发展基于AI和机器学习的智能出价体系以来，包括Target ROAS在 内的智能竞价产品持续得到广告主认可，报告期内，智能出价产品贡献的收入占Mintegral总收入的比例 已超过80%，成为推动Mintegral收入和利润增 ...

智通财经APP获悉，汇量科技(01860)涨超11%，截至发稿，涨11.46%，报11.67港元，成交额3.09亿港 元。 消息面上，移动应用广告平台Applovin最新业绩显示，该公司二季度营收12.59亿美元，同比增长77%， 胜市场预期；纯利8.2亿美元，同比飙升164%；调整后EBITDA为10.18亿美元，同比增长99%；调整后 每股盈利2.39美元，优于市场预期的2.32美元。中信证券近期研报指出，生成式AI正将广告网络从"流 量竞争"推向"算法飞轮"时代。AppLovin AXON2.0、 汇量科技Mintegral等独立平台凭算法壁垒穿越周 期，收入与分成率同步向上，并向电商、CTV等新场景外溢。预计未来五年程序化广告仍保持较高增 长，头部平台保持领先。 今年一季度，汇量科技程序化广告平台Mintegral表现亮眼，录得收入4.208亿美元，同比大幅增长 48.4%。汇量科技称，自2023年集团发展基于AI和机器学习的智能出价体系以来，包括Target ROAS在 内的智能竞价产品持续得到广告主认可，报告期内，智能出价产品贡献的收入占Mintegral总收入的比例 已超过80%，成为推动Min ...