Group 1 - The core point of the article highlights the performance and management details of the Green Fund's Green Hong Kong Stock Connect Selected Mixed C Fund, which experienced a significant decrease in net assets by 55.76% to 0.07 billion yuan as of June 30, 2025 [1] - The fund manager, Liu Zan, has a strong background in finance, holding a master's degree in science from the State University of New York and has held various positions in asset management since 2009 [1] - The fund has shown impressive returns, with a 3-month yield of 21.12%, a 1-year yield of 62.68%, and an overall yield of 55.51% since inception [2] Group 2 - Recent changes in fund size indicate no subscriptions but some redemptions, leading to a total fund size of 0.02 billion units and a net asset value of 0.02 billion yuan as of June 30, 2025, reflecting a net asset change rate of -24.80% [2] - The top ten stock holdings of the fund account for a significant portion of the portfolio, with a combined weight of 87.11%, including companies like Shenzhou International and China Gas [2] - Green Fund Management Co., Ltd. was established in November 2016 in Beijing, focusing on capital market services with a registered capital of 200 million yuan [2]

金融界7月21日消息，上证指数高开高走，中证港股通TMT主题指数 (港股通 TMT，931026)报4552.41 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨8.48%，近三个月上涨20.88%，年至今上涨 33.64%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.47%、信息技术占比44.53%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。如果香港市场新上市TMT企业市值在香港上市公司中排名前十并纳入港股通范围，将在其 纳入港股通范围后第十一个交易日快速纳入该指数中。样本公司发生收购、合并、分拆等情形的处理， 参照计算与维护细则处理。当港股通范围发生变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本， ...

Group 1 - The Hang Seng Index opened up 0.12%, while the Hang Seng Tech Index fell by 0.02%. Sunny Optical Technology rose over 2%, and Li Auto increased by over 1% [1] - Current market sentiment in Hong Kong is relatively positive, with continuous inflow of southbound funds this year and no significant outflow observed so far. This has led to a large accumulation of capital in the Hong Kong stock market [1] - Despite the low likelihood of unexpected easing policies in the short term, there may still be relevant policies introduced in the second half of the year to address tariff impacts as economic momentum weakens [1] Group 2 - China Galaxy Securities anticipates an overall upward trend in the Hong Kong stock market, characterized by structural market conditions. The absolute valuation of Hong Kong stocks is at a relatively low level, with medium to long-term allocation value remaining high [2] - Guohai Franklin Fund holds a cautiously optimistic view for the Hong Kong stock market in the second half of the year, considering the current undervaluation and the steady progress of domestic policies. It is believed that the market may continue to experience a positive trend through the second half of 2025 [2]

Market Overview - The Hong Kong stock market opened with the Hang Seng Index rising by 0.12% while the Tech Index fell by 0.02% [1] Company Performance - Sunny Optical Technology (02382.HK) saw an increase of over 2% [1] - Bilibili (09626.HK), Li Auto (02015.HK), and Meituan (03690.HK) each rose by more than 1% [1] - Baidu (09888.HK) experienced a decline of nearly 4.5% [1]

Group 1 - The Hang Seng Index opened up 0.12% at 24,547.08 points, while the Hang Seng Tech Index fell by 0.02% [1] - Baidu experienced a decline of 4.5%, and NIO dropped by 3.5% [1] - Sunny Optical Technology rose by over 2%, while Li Auto, Bilibili, and Meituan each increased by over 1% [1]

Core Viewpoint - The article highlights the rapid growth of the AR/VR market in China, projecting a CAGR of 41.1% from 2024 to 2029, making it the largest market globally, surpassing the US and Western Europe [2]. Industry Overview - The AR/VR technology is increasingly penetrating various sectors such as education, healthcare, entertainment, and industrial design, driven by the rising demand for intelligent living and immersive experiences [2]. - By 2029, China's total investment in AR/VR is expected to exceed $10.5 billion, accounting for 26.5% of the global market, second only to the US [2]. Technological Advancements - The development of AR/VR devices is moving towards greater intelligence, with advancements in scene recognition and content generation, leading to more personalized user experiences [2]. - Key hardware development directions include lightweight design, high resolution, high refresh rates, and low power consumption [2]. Company Developments - Sunyu Aolai Micro-Nano Optics has officially moved its first core lithography machine to its Lingang project, which will produce millions of semiconductor optical products annually for AR/VR, smart vehicles, and consumer electronics [2][3]. - The company has signed strategic cooperation agreements with leading firms in the new materials sector, enhancing collaboration in micro-nano optics and integrated circuit equipment [3]. Product Innovations - Sunyu Aolai is focused on developing surface relief grating waveguide (SRG) processing technology for AR glasses, with capabilities to independently process various grating shapes [4]. - The company has established a comprehensive NIL (Nanoimprint Lithography) process and material system, providing mature solutions in NIL and dry etching [5]. Market Impact - The migration of the core lithography machine marks a significant transition from planning to mass production, filling a gap in the domestic high-end semiconductor optical industry and boosting its development [5].

Group 1: Hong Kong Stock Market Highlights - Yunfeng Financial (00376) surged over 21% as the company plans to strategically invest in digital currency and AI sectors [1] - China Merchants Securities (06099) opened nearly 15% higher and is currently up over 4% after receiving approval for a virtual asset license [1] - GDS Holdings (09698) rose over 7% as its Southern GDS data center REIT concluded public investor fundraising ahead of schedule [1] - Hillstone Technology (01478) increased nearly 6% with positive earnings expectations, and Citigroup anticipates a favorable market reaction [1] - Sunny Optical Technology (02382) briefly rose over 3% and is currently up over 1% as its lithography equipment successfully entered Shanghai, indicating a shift to mass production [1] - Kintor Pharmaceutical (02171) saw an early gain of over 3% after achieving positive results in the European patent opposition process [1] - Bilibili (09626) rose over 5% as HSBC expressed optimism about its gaming and advertising business, with new games planned for 2025 [1] - Solar stocks experienced a decline, with institutions citing electricity prices affecting the stable profitability of new energy projects [1] Group 2: U.S. Stock Market Highlights - The U.S. nuclear sector saw gains, with NuScale Power (SMR.US) up 12.38% and Oklo Inc (OKLO.US) up 11.29%, following comments from the U.S. Energy Secretary about a nuclear revival [3] - Autodesk (ADSK.US) rebounded 5.05% after a period of decline, expressing confidence in its cloud and AI business strategies [3] - Sonnet BioTherapeutics (SONN.US) surged 86.46% due to a merger announcement, forming a cryptocurrency financial company valued at $888 million [3] - Quantum stocks rose, with D-Wave Quantum (QBTS.US) up 6.89% and Quantum Computing (QUBT.US) up 8.66% [3] - Hims & Hers Health (HIMS.US) increased 8.64% as it plans to enter the Canadian market with a generic drug following the expiration of a patent [4] - Rocket Lab (RKLB.US) rose 10.71% after Citigroup raised its target price, noting a significant increase in global space technology investments [4] - Nvidia-related stocks mostly strengthened as Jensen Huang made his third visit to China this year [5] - Cryptocurrency stocks collectively rose, with Bitcoin surpassing $120,000, driven by upcoming legislative reviews in the U.S. [5] - Tesla (TSLA.US) gained 1.08% amid investor speculation regarding a stake in xAI [5] - Netflix (NFLX.US) rose 1.35% ahead of its upcoming earnings report, with analysts projecting significant revenue growth [6]

Group 1: Mobile Camera Module and Lens Shipment Trends - In June, mobile camera module shipments increased by 11.1% month-on-month and 0.7% year-on-year, marking the first positive year-on-year growth in 2025H1, primarily due to customer project cycle factors [1] - Mobile lens shipments in June decreased by 3.1% month-on-month and 12.7% year-on-year, with a year-on-year decline attributed to a focus on high-end projects [1] - Other lens shipments in June saw a month-on-month decrease of 1.1% but a year-on-year increase of 37.4%, driven by significant growth in IoT lens shipments and an increase in company market share [1] Group 2: Optical Specifications and Profitability - The continuous improvement in optical specifications is expected to drive better-than-expected profitability for mobile camera modules and lenses in 2025, with a projected global procurement value increase of 7.1% year-on-year [2] - The share of miniaturized and high-end products in the procurement value is expected to increase by 2.4 percentage points and 8.2 percentage points, respectively, reaching 5.2% and 42.6% [2] - The company aims to improve the profitability of mobile camera modules, focusing on high-end projects, with expected gross margins of nearly 10% for camera modules and nearly 30% for lenses in 2025 [2] Group 3: Automotive Lens Market Growth - In June, automotive lens shipments increased by 3.2% month-on-month and 44.6% year-on-year, indicating accelerated growth [2] - In 2025H1, automotive lens shipments rose by 21.7% year-on-year, exceeding the annual growth guidance of 15%-20% [3] - The company is expected to benefit significantly from the growth in the automotive lens market, with a projected shipment increase of nearly 25% in 2025 [3] Group 4: Profit Forecast and Valuation - The company has raised its net profit forecasts for 2025 and 2026 by 9% and 6%, respectively, to RMB 3.828 billion and RMB 4.839 billion, with a new forecast for 2027 at RMB 6.002 billion [3] - The growth logic for the company remains smooth in the short, medium, and long term, with valuation still having room for appreciation [3]

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Stock Connect TMT Index, which has shown significant growth over various time frames, including a 3.32% increase in the past month, 17.53% in the past three months, and 27.89% year-to-date [1] - The index comprises 50 listed companies in the TMT sector selected from the Hong Kong Stock Connect, reflecting the overall performance of related industry companies [1] - The top ten weighted companies in the index include Xiaomi Group-W (15.3%), China Mobile (14.32%), Tencent Holdings (13.96%), and others, indicating a concentration in major players within the TMT sector [1] Group 2 - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new TMT companies that rank in the top ten by market capitalization in the Hong Kong market [2] - The index's holdings are entirely composed of companies listed on the Hong Kong Stock Exchange, with a sector breakdown showing 55.48% in communication services and 44.52% in information technology [1]

Core Viewpoint - The stock price of Sunny Optical Technology (2382) is currently at HKD 75.4, with a recent volatility of 13% over the past five days, indicating increasing market participation [1][3]. Technical Analysis - Support levels are identified at HKD 69.7 and HKD 66.6, while resistance levels are at HKD 79.6 and HKD 83.5. The current price trend is neutral to bullish, with the market awaiting a breakout signal [1][3]. - The technical rating has received two consecutive "Neutral" signals, and the system assesses a 53% probability of an upward movement, suggesting a maintained short-term bullish trend [1][3]. Market Performance - A successful breakout above HKD 79.6 could attract more capital, potentially challenging the resistance point at HKD 88.3. Conversely, a drop below HKD 69.7 may lead to a corrective structure, testing the HKD 66.6 range for new buying opportunities [3][6]. - On July 8, 2025, related derivatives of Sunny Optical saw significant gains, with products like Societe Generale's bull certificate (55606) rising by 53%, demonstrating the leverage effect of bull certificates in a rising market [3][6]. Derivative Products - Recent price fluctuations have provided ample trading opportunities in derivatives. The Barclays call option (15995) offers a 5x leverage with an exercise price of HKD 76.05, presenting a cost-effective investment tool for bullish investors [6]. - UBS's call option (15948) has a slightly lower leverage of 4.5x but shows excellent balance in implied volatility and leverage, making it noteworthy [6]. - For bearish strategies, Citibank's bear certificate (55092) offers a 5.7x leverage with a redemption price set at HKD 88, suitable for investors expecting a price pullback at that resistance level [8]. Trading Volume and Sentiment - The trading volume for the call options and certificates indicates strong market interest, with significant price movements reflecting investor sentiment and market dynamics [7][8].