6. 雍禾医疗（02279.HK） 盘中涨13%：与美团医药健康达成战略合作，共建医疗级毛发健康服务体 系，强化O2O服务生态。 7. 美图公司（01357.HK） 涨近4%：旗下AI影像创作智能体"RoboNeo"登顶App Store分类榜，通过自 然语言交互降低视觉创作门槛。 8. 宜搜科技（02550.HK） 跌超7%：以先旧后新方式配售6578.7万股（占扩大后股本14.6%），配售价 5.26港元较前日折让14.7%，募资3.46亿港元引发股权摊薄担忧。 点击蓝字，关注我们 今日上午港股 1. 造纸板块延续上行趋势 ：玖龙纸业（02689.HK）领涨板块，单日涨幅逾9%。公司近日向多个生产 基地发布第四轮「提价函」，宣布自8月1日起上调瓦楞纸及再生牛卡纸报价30元/吨，此为继7月1 日、10日及12日后的连续提价动作，反映行业供需结构优化。 2. 券商板块集体走强 ：中资券商股再度拉升，东方证券（03958.HK）涨超6%，中原证券 （01375.HK）涨5%，国联证券（01456.HK）涨逾4%。头部券商华泰证券（06886.HK）、中国银河 （06881.HK）均涨3.5%，申万宏源（0021 ...

19日，艺文荟澳：澳门国际艺术双年展2025的特展《cAI™️实验室2.0 ——你在看我，还是我在看你》在 美高梅全新多功能黑盒空间"百宝箱"开展，国际知名当代艺术家蔡国强和其量身开发的人工智能模 型"cAI™"共创互动数字烟花，延展艺文荟澳人文动能。 开幕仪式 进入"百宝箱"，首先映入眼帘的是《cAI™观察廊》，cAI™以"人类之外"为出发点展开的十二个观念方 案；《cAI™专线》邀请观众透过话筒与cAI™进行对话，获取专属情诗；延续自《cAI™：灵魂扫描》 的《与cAI™共创白天烟花》装置也继续展出，让观众创意持续有机成长。同时，展览还呈现cAI™ 以"火药画家"、"烟花大师"、"占卜师"等身份创作的火药绘画及纪录影像，全景回顾这位AI艺术家 的"前世今生"。 展览现场 最受关注的当然是特展核心装置《你在看我，还是我在看你？》。该装置受量子物理的"观察者效应"启 发，以观众为演算素材与互动变量，构成一条贯穿整个展期的"思考链"，燃点数字烟花以激发感官和情 感上的共鸣。每一位走入展厅的观众都将参与"观看与被观看"的大型艺术共创，每次凝视和反应都会启 动cAI™的"现场推演"机制，演算轨迹于"量子态公示板"上 ...

Core Viewpoint - The article discusses the controversy surrounding actor Xiang Zuo, who was reported to owe 1.4 million HKD in gambling debts, which led to a lawsuit from MGM Macau. The actor's studio responded by denying the allegations and clarifying that the debts were related to a third-party guarantee, which has since been settled [1]. Group 1 - Xiang Zuo's studio labeled the gambling debt allegations as rumors and stated that MGM Macau has clarified the situation [1]. - MGM Macau confirmed that the issue arose from Xiang Zuo providing a credit guarantee for a third party, and all debts have been fully repaid, leading to the termination of legal proceedings [1]. - MGM Macau requested that all parties cease the spread of false reports regarding the incident, indicating that they would not provide further comments on the matter [1].

Core Viewpoint - The recent announcement by President Trump regarding potential high tariffs on copper and pharmaceuticals has led to a decline in Hong Kong's stock market, with the Hang Seng Index falling below 24,000 points, reflecting increased macroeconomic risks and impacting market sentiment [1][4]. Market Performance - The Hang Seng Index closed down 1.06% at 23,892.32 points, with a total trading volume of 233.88 billion HKD. The Hang Seng China Enterprises Index fell 1.28%, while the Hang Seng Tech Index dropped 1.76% [1]. - Major blue-chip stocks experienced significant movements, with Henderson Land Development leading the decline, down 8.64% at 25.9 HKD, while China Biologic Products rose 10.06% to 5.91 HKD [2]. Sector Analysis - The technology sector saw a collective decline, with Alibaba down nearly 4% and Tencent over 1%. The copper sector was negatively impacted by Trump's tariff threats, leading to a drop in copper-related stocks [3][6]. - The innovative drug sector performed well, with Hengrui Medicine surging 15.61% to 69.6 HKD, indicating resilience amid broader market declines [3][4]. Specific Stock Movements - Macau's gaming sector showed strong performance, with Wynn Macau up 6.33% and Melco Resorts up 2.12%, driven by robust gaming revenue growth [4][5]. - Copper stocks faced significant declines, with Luoyang Molybdenum down 4.74% and Jiangxi Copper down 3.46%, reflecting market reactions to tariff announcements [5][6]. Commodity Prices - International gold prices fell below 3,300 USD per ounce, influenced by reduced safe-haven demand amid tariff uncertainties. Analysts expect gold prices to remain volatile within a range of 3,000 to 3,500 USD per ounce [7].

Market Overview - US President Trump has issued new tariff policy letters to 14 countries, leading to a rebound in Hong Kong stocks, with the Hang Seng Index rising 1.09% to 24,148.07 points, ending a three-day decline [1] - The total trading volume for the day was HKD 213.29 billion, indicating active market participation [1] - The Hong Kong Monetary Authority has withdrawn HKD 59.072 billion in liquidity since June 28, tightening liquidity expectations in the short term [1] Blue Chip Performance - Xinyi Solar (00968) led blue-chip gains, rising 5.43% to HKD 2.91, contributing 1.04 points to the Hang Seng Index [2] - Kuaishou-W (01024) and Chow Tai Fook (01929) also saw significant increases of 5.16% and 4.42%, respectively [2] - However, Orient Overseas International (00316) and China Biologic Products (01177) experienced declines, dragging down the index [2] Sector Highlights - Large tech stocks rebounded, with Kuaishou rising over 5% and Meituan and JD.com both increasing over 2% [3] - Stablecoin concept stocks surged, with Jinyong Investment (01328) skyrocketing 533.17% after announcing a partnership with AnchorX [3] - The Macau gaming sector showed strong performance, with total gaming revenue for the first six days of July reaching MOP 4.3 billion, indicating a robust recovery [6] Solar Industry Insights - The solar sector saw strong gains, with New Special Energy (01799) up 12.65% and GCL-Poly Energy (03800) up 10.81% [5] - Recent government meetings emphasized the need to address low-price competition and improve product quality in the solar industry, suggesting potential for supply-side reforms [5] Gaming Sector Developments - Macau's gaming stocks continued to rise, with Wynn Macau (01128) up 6.4% and MGM China (02282) up 3.29% [6] - Morgan Stanley's report indicated that Macau's gaming revenue is expected to see double-digit year-on-year growth in July, marking a cyclical turning point for the industry [6] New Consumption Trends - New consumption stocks performed well, with brands like Blukoo (00325) and Cha Ba Dao (02555) seeing significant increases [6][7] - Gold stocks also rebounded, with Tongguan Gold (00340) rising 6.37% [7] Stablecoin Regulatory Developments - Jinyong Investment announced a strategic partnership with AnchorX to explore potential collaborations in digital asset management and stablecoin applications [4] - The Hong Kong Monetary Authority is consulting the market on regulatory guidelines for stablecoins, with expectations for a limited number of licenses to be issued [4] Logistics Sector Performance - Jitu Express-W (01519) reached a new high, with a reported 23.5% year-on-year increase in package volume for Q2 2025 [9] - The company achieved a total package volume of 139.9 billion for the first half of 2025, reflecting strong growth in the logistics sector [9] AI and Technology Sector Insights - Hongteng Precision (06088) saw an increase of 8.82%, driven by growing demand for AI-related solutions [10] - The company is expected to benefit from its parent group's resources and the increasing demand for AI computing power [10]

Market Overview - The US 90-day exemption period is ending this week, leading to ongoing market focus on US tariff negotiations [1] - The Hang Seng Index closed down 0.12% at 23,887.83 points, with a total turnover of HKD 193.79 billion [1] - The Hang Seng Tech Index rose by 0.25% to 5,229.56 points, indicating mixed performance across indices [1] Blue Chip Performance - Sands China (01928) led blue-chip stocks, rising 3.85% to HKD 18.32, contributing 2.58 points to the Hang Seng Index [2] - Macau's June gaming revenue increased by 19% year-on-year to MOP 21.1 billion, exceeding market expectations [2] - Other notable blue-chip movements included China Resources Land (01109) up 3.45% and Ideal Automotive (02015) up 2.8% [2] Sector Highlights Stablecoin Sector - The stablecoin concept is gaining traction, with companies like Guotai Junan International (01788) rising 10.77% [3] - The Hong Kong Stablecoin Regulation is set to take effect on August 1, with limited licenses expected to be issued [3] Beverage Sector - Tea beverage stocks surged, with Cha Bai Dao (02555) up 11.04% amid a competitive delivery market [4] - The delivery battle between Alibaba and Meituan has significantly boosted tea beverage consumption [4] Real Estate Sector - The housing market is under scrutiny, with a focus on stabilizing expectations and activating demand [5] - Analysts suggest that the third quarter will be crucial for policy direction affecting the real estate market [5] Gaming Sector - Gaming stocks continued to rise, with MGM China (02282) up 2.38% and overall positive sentiment in the Macau gaming market [6] - Morgan Stanley forecasts a 10% year-on-year increase in Macau's July gaming revenue [6] Power Sector - Power stocks saw a general increase, driven by record electricity demand due to high temperatures [7] - The maximum national electricity load reached 14.65 billion kilowatts, marking a significant year-on-year increase [7] Gold Sector - Gold stocks faced pressure, with Shandong Gold (01787) down 5.96% as gold prices fell below USD 3,310 per ounce [7] - The decline in gold prices is attributed to reduced expectations for US interest rate cuts [7] Notable Stock Movements - H&H International Holdings (01112) issued a profit warning, falling 7.14% [8] - Jihong Co. (02603) saw a significant rise of 11.62%, with projected net profit growth of 97.25% to 108.21% for the first half of 2025 [9] - Lao Pu Gold (06181) reached a new high, reflecting strong growth potential compared to industry peers [10] - FWD Group (01828) debuted on the market, closing up 1.05% with a net fundraising of approximately HKD 29.53 billion [11]

Market Overview - The Hang Seng Index fell by 0.45%, down 107 points, closing at 23,808 points, while the Hang Seng Tech Index decreased by 0.15% [1] - Early trading volume in Hong Kong stocks reached HKD 109.5 billion [1] Stablecoin Regulation - The Hong Kong Monetary Authority plans to release guidelines for stablecoin regulations this month, aiming to issue licenses within the year [1] - Stocks related to stablecoins saw significant gains, with Guotai Junan International rising by 8.2%, ZhongAn Online increasing by 5.64%, and Yike rising over 9% [1] New Tea Beverage Market - A subsidy war in the takeaway market has ignited the new tea beverage sector, with Guming and Cha Baidao both rising over 9% [1] Digital Health Services - Health Road saw its stock rise over 9% as its controlling shareholder voluntarily extended the lock-up period, focusing on a digital health service platform [1] Gaming Industry - Morgan Stanley reported that Macau's gaming revenue in June increased by 19% year-on-year to MOP 21.1 billion, exceeding analyst predictions by 9% [1] - Gaming stocks continued their upward trend, with Amax Holdings up 3.7%, Melco International Development up 1.6%, and MGM China up 2.1% [1] Medical Device Sector - In response to China's reciprocal restrictions on EU medical devices, the National Medical Products Administration issued support for high-end medical devices [1] - Medical device stocks experienced broad gains, with Spring Medical up 1.86%, Yongsheng Medical up 7.27%, and Xinwei Medical-B up 5.5% [1] Company Developments - China Rare Earth Holdings plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Jihong Co. saw its stock rise over 10%, with a projected over 55% year-on-year increase in net profit attributable to shareholders for the first half of the year [3] - H&H International Holdings is expected to see a decline in net profit by 45% to 65% for the first half of the year, resulting in a drop of over 6% in its stock price [4]

Group 1: Market Overview - The Hang Seng Index fell by 0.96%, down 232 points, closing at 23,989 points, while the Hang Seng Tech Index decreased by 1.20% [1] - The Hong Kong stock market saw a trading volume of HKD 130.6 billion in the morning session [1] Group 2: Pharmaceutical Sector - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, indicating that innovative drugs remain a key investment theme [1] - The Hang Seng Biotechnology Index surged by 2.79% [1] - Ascentage Pharma-B (06855) rose by 8%, Kelun-Biotech (06990) increased by 7%, and Zai Lab (09688) gained 5.21% [1] - Kangfang Biotech (09926) saw a rise of over 11% as its first dual-antibody ADC drug AK146D1 entered clinical enrollment [2] - Innovent Biologics (01801) increased by over 6% following the approval of its drug Ma Shidu Peptide for commercialization [3] - CStone Pharmaceuticals-B (02616) rose by over 11% after disclosing two dual-specific antibody drug targets, CS2013 and CS2015 [4] - Sihuan Pharmaceutical (02096) gained 4.43% after its new generation anti-VEGF monoclonal antibody "Suvetizumab" was approved for market [5] Group 3: Other Sectors - Gaming stocks continued to rise, with Macau's June gaming revenue exceeding expectations, and Citigroup predicts growth momentum will continue in the second half of the year [5] - MGM China (02282) increased by 2.6%, and Melco International Development (00200) rose by 1.75% [5] - Wheelock Properties (01997) gained 7.32% as Hong Kong's retail sales value rebounded in May, leading Morgan Stanley to upgrade the company's rating [5] - Global New Material International (06616) rose by over 5% as the acquisition of Merck's surface solutions business is nearing completion [6] - Giant Star Legend (06683) increased by over 3% after its subsidiary invested USD 8 million in the Starlight New Economy Industry Fund [7] - Kingsoft (03888) fell nearly 7% as its new game "Unrestricted Machine" entered public testing, with market attention on its performance [8]

Core Insights - The legacy of "Gambling King" Stanley Ho, who passed away in May 2020, includes a hotel empire valued at over 100 billion, which his children are expanding and strengthening [1] - The hotel assets are primarily held under the companies of SJM Holdings, MGM China, and Shun Tak Holdings, with a focus on high-end hotels and new ventures like esports hotels [1][8] Group 1: Hotel Empire Overview - The hotel assets are concentrated in SJM Holdings, MGM China, and Shun Tak Holdings, with two main categories: luxury hotels owned as an asset and proprietary hotel brands [1] - SJM Holdings, led by Ho's daughter Pansy Ho, operates several luxury hotels including the Grand Lisboa and Palazzo Versace Macau, maintaining high occupancy rates [1][2] - MGM China, a joint venture with Pansy Ho and MGM International, reported a gaming revenue of 27.283 billion HKD and other revenues of 4.104 billion HKD for 2024 [2] Group 2: Performance Metrics - Key hotels and their performance metrics include: - The Grand Lisboa with a 98.7% occupancy rate and an average daily rate of 1,226 HKD [2] - MGM Macau with a 94.5% occupancy rate and a revenue per available room of 2,632 HKD [3] - The Lion's Share MGM with a 93.8% occupancy rate and a revenue per available room of 2,258 HKD [3] Group 3: Expansion and Strategy - Shun Tak Holdings is rapidly expanding its hotel brand, Yat Sing, with 17 projects across major cities in China and Singapore, focusing on high-end lifestyle hotels [4][7] - The company has entered into a management agreement to launch its first high-end lifestyle hotel brand in Xi'an, marking its expansion into new markets [9] - Ho's son, Mario Ho, is focusing on the domestic esports hotel market, planning to open over 100 franchise locations in the next three years [12] Group 4: Industry Trends - The trend of hotel assets being a preferred choice for wealth transfer among affluent families is evident, as they provide stable cash flow and lower investment risks compared to other ventures [13][15] - High-end hotels are seen as a reliable investment, with the potential for stable cash flow and profits over a long period, making them attractive for asset diversification [15]

Group 1 - The National Internet Information Office and six other departments have jointly issued the "Regulations on the Management of Direct Satellite Services for Terminal Equipment," effective from June 1, 2025, which governs the provision and use of direct satellite services within China [1] - China's low-orbit satellite constellation, Qianfan, has successfully completed five batches of satellite launches, with over 600 satellites ordered, amounting to approximately 4.5 billion RMB, and plans to deliver over 200 satellites by 2025 [1] Group 2 - MGM China reported total revenue of 7.994 billion HKD for Q1 2025, a decrease of 3.2% year-on-year, with adjusted EBITDA of 2.368 billion HKD, down 5.46% [6] - China Hongqiao reported a net profit of 6.357 billion RMB for Q1 2025, representing a year-on-year increase of 46.46%, with total revenue of 40.173 billion RMB, up 15.56% [10] Group 3 - NIO delivered 23,900 vehicles in April, a year-on-year increase of 53%, while Li Auto delivered 33,939 vehicles, up 31.6% [7] - BYD's total sales of new energy vehicles reached approximately 1.3809 million units in the first four months of 2025, reflecting a year-on-year growth of 46.98% [7] Group 4 - Xinda Biopharmaceuticals reported total product revenue exceeding 2.4 billion RMB in Q1 2025, maintaining a strong year-on-year growth of over 40%, with four new drugs launched during the quarter [9] - Hansoh Pharmaceutical's HS-20089 has been approved as a breakthrough therapy for platinum-resistant recurrent epithelial ovarian cancer by the National Medical Products Administration [8]