Core Insights - On July 14, 2025, Guotai Junan International (01788), Legend Holdings (06683), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 39.23 billion, 19.38 billion, and 18.37 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Guotai Junan International (01788), and Tencent Holdings (00700) led the trading volume, with amounts of 18.33 billion, 15.70 billion, and 15.26 billion respectively [1] Southbound Stock Connect Top Active Companies - Guotai Junan International (01788) had a trading amount of 39.23 billion with a net buying amount of +18.74 million [2] - Legend Holdings (06683) recorded a trading amount of 19.38 billion with a net buying amount of +53.64 million [2] - Alibaba-W (09988) achieved a trading amount of 18.37 billion with a net buying amount of +223 million [2] - Health Road (02587) had a trading amount of 17.86 billion with a net selling amount of -66.69 million [2] - Other notable companies included Guolian Minsheng (01456) with 16.87 billion and a net buying amount of +23.39 million, and Meituan-W (03690) with 16.20 billion and a net buying amount of +783 million [2] Shenzhen-Hong Kong Stock Connect Top Active Companies - Alibaba-W (09988) led with a trading amount of 18.33 billion and a net buying amount of +636 million [2] - Guotai Junan International (01788) followed with a trading amount of 15.70 billion and a net buying amount of +72.43 million [2] - Tencent Holdings (00700) had a trading amount of 15.26 billion but recorded a net selling amount of -842.80 million [2] - Other significant companies included Xiaomi Group-W (01810) with 12.92 billion and a net selling amount of -1.01 billion, and Meituan-W (03690) with 12.69 billion and a net buying amount of +440 million [2]

Group 1 - The Hang Seng Index rose by 0.57% on July 10, with southbound trading totaling HKD 150.16 billion, including HKD 76.53 billion in buying and HKD 73.63 billion in selling, resulting in a net inflow of HKD 2.90 billion [1] - The southbound trading through the Shenzhen Stock Connect had a total turnover of HKD 49.05 billion, with net buying of HKD 1.32 billion, while the Shanghai Stock Connect had a total turnover of HKD 101.11 billion, with net buying of HKD 1.58 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total trading amount of HKD 14.24 billion, followed by Yisou Technology and Juxing Legend with HKD 7.59 billion and HKD 6.44 billion respectively [1] Group 2 - Among the stocks with net buying, China Construction Bank had the highest net inflow of HKD 588 million, closing up by 3.16%, while Alibaba-W and Meituan-W had net inflows of HKD 573 million and HKD 485 million respectively [1] - Tencent Holdings experienced the largest net outflow of HKD 729 million, closing down by 0.20%, while Xiaomi Group-W and Sunac China had net outflows of HKD 379 million and HKD 142 million respectively [1] - A total of 9 stocks, including Alibaba-W and Meituan-W, were active in both the Shenzhen and Shanghai Stock Connects, with Alibaba-W having a total trading amount of HKD 4.71 billion and a net inflow of HKD 573 million [2]

Market Overview - On July 10, the Hang Seng Index rose by 0.57%, closing at 24,028.37 points, with a total net inflow of HKD 2.902 billion through the southbound trading channel [1] - The total trading volume for the southbound trading was HKD 150.163 billion, with a net buy of HKD 2.902 billion [1] Southbound Trading Details - The Shanghai-Hong Kong Stock Connect recorded a trading volume of HKD 101.111 billion, with a net buy of HKD 1.579 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 49.053 billion and a net buy of HKD 1.323 billion [1] - The top active stocks in the Shanghai-Hong Kong Stock Connect included Guotai Junan International with a trading volume of HKD 10.399 billion, followed by Yisou Technology and Giant Star Legend with trading volumes of HKD 5.684 billion and HKD 5.005 billion, respectively [1] Stock Performance - Alibaba-W had the highest net buy amount of HKD 770 million, closing with a price increase of 0.29% [1] - Tencent Holdings recorded the highest net sell amount of HKD 387 million, closing with a price decrease of 0.20% [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International also led in trading volume with HKD 3.837 billion, followed by Yisou Technology and Alibaba-W with trading volumes of HKD 1.906 billion and HKD 1.886 billion, respectively [2] Notable Stock Movements - Meituan-W had a net buy of HKD 291 million despite closing down by 0.50% [2] - Tencent Holdings experienced a net sell of HKD 342 million, closing down by 0.20% [2] - The trading data for the top active stocks included significant fluctuations, with Guotai Junan International showing a daily increase of 10.24% [2]

Core Insights - On July 10, 2025, Guotai Junan International (01788), Yisou Technology (02550), and Giant Star Legend (06683) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 10.399 billion, 5.684 billion, and 5.005 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Yisou Technology (02550), and Alibaba-W (09988) led the trading volume, with amounts of 3.837 billion, 1.906 billion, and 1.886 billion respectively [1] Southbound Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 10.399 billion with a net buying amount of +19.8542 million [2] - Yisou Technology (02550) recorded a trading amount of 5.684 billion with a net buying amount of -4.7657 million [2] - Giant Star Legend (06683) achieved a trading amount of 5.005 billion with a net buying amount of +58.8994 million [2] - Other notable companies included Derun Holdings (01709) with 3.580 billion and a net buying amount of +321 million, and Alibaba-W (09988) with 2.826 billion and a net buying amount of +77 million [2] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Guotai Junan International (01788) had a trading amount of 3.837 billion with a net buying amount of -1.10 billion [2] - Yisou Technology (02550) recorded a trading amount of 1.906 billion with a net buying amount of +7.3879 million [2] - Alibaba-W (09988) achieved a trading amount of 1.886 billion with a net buying amount of -1.98 billion [2] - Other significant companies included Xiaomi Group-W (01810) with 1.511 billion and a net buying amount of -1.95 billion, and Giant Star Legend (06683) with 1.433 billion and a net buying amount of -34.05 million [2]

Core Viewpoint - The article highlights significant stock movements in the Hong Kong and US markets, indicating various companies experiencing notable gains due to specific events or developments. Hong Kong Market Highlights - Li Auto (02015) saw a rise of over 3% as the launch of the Li i8 is set for July 29 [1] - Chinese banks experienced gains, with Zhengzhou Bank (06196) up 6.06%, Minsheng Bank (01988) up 4.97%, CITIC Bank (00998) up 3.24%, and Industrial and Commercial Bank of China (01398) up 1.8% [1] - Jiuyuan Gene (02566) increased by over 6% following the approval of its drug by the National Medical Products Administration [1] - Conant Optical (02276) rose over 6% as its net profit is expected to increase by over 30% year-on-year [1] - Puxing Energy (00090) surged over 220% after acquiring equity in HashKey Holdings Limited, entering the digital asset finance sector [1] - Blucube (00325) saw a rise of over 8% as it faced its first share unlock, with an accelerated pace of new product launches [1] - InnoCare Pharma (02577) rose over 5% as TSMC exited the GaN business, prompting cornerstone investors to extend their lock-up period [2] - Jitu Express (01519) increased over 4% due to strong package volume performance in Southeast Asia [2] - Apple-related stocks saw gains, with Cowell (01478) up 5.14%, Sunny Optical (02382) up 4.99%, BYD Electronics (00285) up 4.67%, and AAC Technologies (02018) up 1.89% [2] - From Yuzhi Agriculture (00875) surged over 13% as the company aims to build a comprehensive modern agriculture flagship group [2] - Fenbi (02469) rose over 5% following an upgrade to its AI question-answering system, which is expected to drive performance growth [2] - E-Surfing (02550) increased over 16% after Barclays acquired a 280 million stake and partnered with Huawei Cloud [2] - Cryptocurrency ETF and related stocks rose, with New Fire Technology Holdings (01611) up 10.82%, Xiong'an Technology (01647) up 10.23%, and others [2] - Superstar Legend (06683) surged over 20% as Jay Chou joined Douyin, gaining over 10 million followers [3] - Cornerstone Pharmaceuticals (02616) rose over 4% after its drug production application was approved by NMPA [3] - Longguang Group (03380) opened over 4% higher as its debt restructuring plan was approved by creditors [3] - Saijing Technology (00580) opened over 8% after announcing a projected net profit of approximately 90 million, a 167% year-on-year increase [3] - Derin Holdings (01709) opened nearly 15% higher as it plans to tokenize up to 500 million HKD in assets for distribution to shareholders [3] US Market Highlights - Deutsche Bank (DB.US) rose over 3% as it restructures its wealth management business in Germany to improve profitability [4] - UnitedHealth (UNH.US) fell over 1% amid reports of a US Department of Justice investigation into its medical insurance billing [4] - Futu Holdings (FUTU.US) increased over 9% after Morgan Stanley raised its target price to 160 USD [4] - Boeing (BA.US) rose over 3% as June aircraft deliveries reached an 18-month high [4] - Meta (META.US) increased nearly 2% as it reportedly invested 3.5 billion USD to enhance its AI smart glasses business [4] - Nvidia (NVDA.US) rose nearly 2%, reaching a historic high with a market capitalization of 4 trillion USD [4] - Microsoft (MSFT.US) hit a historic high with a market capitalization of 3.74 trillion USD, following an upgrade from Oppenheimer [4]

Core Insights - Barclays has significantly increased its stake in Yisou Technology (02550.HK) from 2.41% to 13.04%, investing approximately HKD 280 million, indicating strong confidence in the vertical AI sector and Yisou's business model [1][2] - The investment reflects a shift in international capital's AI investment strategy, moving from general large models to favoring companies with clear profitability paths in vertical fields [1][3] Group 1: Investment Rationale - Yisou Technology has a validated profit model, with its core business in AI recommendation engines for digital marketing and reading showing resilience, with projected revenue growth in 2024 [1] - The company has established industry data barriers, focusing on deep data accumulation in specific fields, which enhances its competitive edge over general models reliant on computational power [1] - Yisou's recent strategic announcements, including a partnership for exploring real-world asset tokenization and a significant investment in data centers, are seen as drivers for future market value growth [2] Group 2: Market Implications - Barclays' investment has prompted market discussions on the development paths of the AI industry, highlighting the potential of a focused approach on vertical applications rather than competing with tech giants [3] - Yisou Technology is accelerating its international expansion, planning localized content in Southeast Asia and establishing game studios in Europe and the US, aiming to evolve into a digital ecosystem platform centered on "data + algorithms" [3]

Core Viewpoint - Yisou Technology (02550.HK) has entered a 10-year framework cooperation agreement with a Hong Kong technology company to collaborate on Real World Asset (RWA) tokenization products and other digital asset projects, leading to a significant increase in its stock price [1] Group 1: Cooperation Agreement - The cooperation agreement aims to leverage Yisou's strengths in digital content, particularly in online literature and gaming, to support the development of related projects and provide technical support for infrastructure [2] - The partner, a supplier of Huawei Cloud solutions, will collaborate with other qualified financial institutions to develop RWA products and provide professional services for fundraising through digital and fiat currencies [2] - Both parties will jointly invest and operate a data center in Hong Kong as part of the project's infrastructure, with the framework agreement serving as a memorandum of understanding for strategic cooperation [2] Group 2: Intent Letter and Data Center Acquisition - An intent letter has been signed for a 10-year period, where the partner will seek suitable acquisition targets for building data centers in Hong Kong, Japan, or other Southeast Asian countries, with a total cost not exceeding 3 billion HKD [2] - The data centers will be equipped with facilities that can be upgraded to supercomputing centers, and further discussions will be held regarding investment allocation, operational models, and profit distribution [2] Group 3: Company Background and Recent Developments - Yisou Technology, established in 2005, has developed an AI recommendation engine applied in various data and human connection scenarios, including digital reading recommendations and digital marketing [3] - On June 20, Yisou announced a placement of 57.33 million shares at HKD 3.2 per share, raising approximately 180.7 million HKD, which will be used for R&D of the AI recommendation engine, expanding overseas gaming and short drama businesses, and upgrading the smart advertising platform [3]

Summary of Key Points Core Viewpoint - The southbound capital flow on June 30 showed significant net inflows into certain stocks while others experienced substantial net outflows, indicating shifting investor sentiment in the Hong Kong market [1]. Group 1: Capital Flow Details - Southbound capital totaled HKD 1340.78 billion with a net inflow of approximately HKD 52.20 billion [1]. - The net inflow from the Shanghai-Hong Kong Stock Connect was about HKD 23.93 billion, while the Shenzhen-Hong Kong Stock Connect saw a net inflow of approximately HKD 28.26 billion [1]. Group 2: Major Net Buyers - Significant net purchases included: - China Construction Bank (00939.HK) with HKD 9.57 billion [1] - SMIC (00981.HK) with HKD 7.15 billion [1] - Meituan-W (03690.HK) with HKD 3.77 billion [1] - Kuaishou-W (01024.HK) with HKD 3.15 billion [2] - Innovent Biologics (01801.HK) with HKD 3.14 billion [3] - Yisou Technology (02550.HK) with HKD 347.16 million [1][4]. Group 3: Major Net Sellers - Significant net sales included: - Alibaba-W (09988.HK) with HKD 55.10 million [5] - Bank of China (03988.HK) with HKD 38.04 million [5] - Tencent Holdings (00700.HK) with HKD 32.57 million [5] - Pop Mart (09992.HK) with HKD 15.80 million [5]. Group 4: Stock Performance - China Construction Bank saw a decline of 1.37% with net buying of HKD 9.57 billion [1]. - SMIC experienced a slight drop of 0.33% with net buying of HKD 7.28 billion from Shenzhen-Hong Kong Stock Connect [1]. - Meituan-W fell by 3.17% despite net buying of HKD 5.11 billion from Shanghai-Hong Kong Stock Connect [1]. - Kuaishou-W increased by 0.80% with net buying of HKD 3.15 billion [2]. - Innovent Biologics rose by 1.36% with net buying of HKD 3.14 billion [3]. - Yisou Technology surged by 38.22% with net buying of HKD 54.90 million from Shanghai-Hong Kong Stock Connect [4]. - Alibaba-W dropped by 2.05% with significant net selling [5]. - Bank of China fell by 2.36% with net selling [5]. - Tencent Holdings decreased by 1.95% with net selling [5]. - Pop Mart increased by 3.41% despite net selling [5].

Group 1: Market Overview - On June 30, the Hong Kong stock market saw a net inflow of 5.22 billion HKD from Northbound trading, with 2.393 billion HKD from the Shanghai Stock Connect and 2.826 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included China Construction Bank (00939), SMIC (00981), and Meituan-W (03690), while the most sold stocks were Alibaba-W (09988), Bank of China (03988), and Tencent (00700) [1] Group 2: Stock Performance - China Construction Bank received a net inflow of 9.57 billion HKD, while Bank of China faced a net outflow of 3.8 billion HKD [6] - SMIC saw a net inflow of 7.14 billion HKD, benefiting from the potential cancellation of semiconductor exemptions by the U.S., which could weaken the competitive edge of foreign manufacturers [6] - Meituan-W had a net inflow of 3.77 billion HKD, as the company focuses on core business areas and expands its delivery services [7] - Kuaishou-W (01024) received a net inflow of 3.14 billion HKD, with significant investments in AI technology [7] - Xinda Biopharmaceuticals (01801) had a net inflow of 3.13 billion HKD, planning to raise funds for R&D and operational expenses [8] Group 3: Notable Sell-offs - Xiaomi Group-W (01810) experienced a net outflow of 1.14 billion HKD, despite positive market expectations for its new vehicle model [9] - Guotai Junan International (01788) faced a net outflow of 516.8 million HKD, as it upgraded its trading license for virtual asset services [9] - Alibaba-W (09988) and Tencent (00700) saw net outflows of 5.51 billion HKD and 3.25 billion HKD, respectively [9]

Company Overview - Yisou Technology (02550.HK) reported a closing price of 4.81 HKD per share, with a significant increase of 38.22% and a trading volume of 907 million shares, amounting to a turnover of 5.335 billion HKD, with a volatility of 87.07% [1] - The company has experienced a cumulative decline of 1.69% over the past month and a total decline of 32.3% year-to-date, underperforming the Hang Seng Index which has increased by 21.06% [2] Financial Performance - As of December 31, 2024, Yisou Technology achieved total revenue of 604 million RMB, reflecting a year-on-year growth of 8.07% - The company reported a net profit attributable to shareholders of -2.085 million RMB, a decrease of 108.35% year-on-year - The gross profit margin stood at 42.34%, while the debt-to-asset ratio was 34.53% [2] Industry Valuation - Currently, there are no institutional investment ratings for Yisou Technology - The average price-to-earnings (P/E) ratio for the media and entertainment industry (TTM) is -6.71 times, with a median of -1.46 times - Yisou Technology's P/E ratio is -508.41 times, ranking 40th in the industry, compared to other companies such as Huashi Group Holdings (01111.HK) at 2.13 times and Weibo-SW (09898.HK) at 6.7 times [3] Company Background - Yisou Technology Holdings Limited was established in 2005 and focuses on the development of the Yisou recommendation engine, applying it across various scenarios - The company is one of the earliest in China to engage in the research and application of artificial intelligence recommendation technology - Its business encompasses digital reading platform services, digital marketing services, online game distribution services, and other digital content services, with plans to further expand the application of the Yisou recommendation engine and explore cutting-edge technologies [3] Major Shareholder Activity - On June 24, 2025, shareholder Wang Xi reduced his holdings by 57.33 million shares at an average price of 3.2 HKD per share, leaving him with 49.85 million shares, representing a 15.16% ownership stake [4]