Group 1 - On July 7, 2025, Guotai Junan International (01788), Meituan-W (03690), and Alibaba-W (09988) ranked as the top three in southbound trading volume under the Shanghai-Hong Kong Stock Connect, with transaction amounts of 54.57 billion, 30.67 billion, and 24.19 billion respectively [1] - In the southbound trading volume under the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Guotai Junan International (01788) also ranked as the top three, with transaction amounts of 23.32 billion, 20.55 billion, and 18.34 billion respectively [1] Group 2 - The top active companies in southbound trading under the Shanghai-Hong Kong Stock Connect included Guotai Junan International (01788) with a net buy of 1.69 billion, Meituan-W (03690) with a net buy of 7.80 billion, and Alibaba-W (09988) with a net buy of 2.00 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 848.75 million, while Meituan-W (03690) experienced a net sell of 628.12 million [2]

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]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]

Group 1 - As of July 4, 96 stocks reached a 52-week high, with Tongyuan International (03830), ITE HOLDINGS (08092), and China National Cultural Industry (00745) leading the high rate at 36.07%, 25.49%, and 25.00% respectively [1] - The top three stocks by closing price that reached a 52-week high are Tongyuan International at 0.078, ITE HOLDINGS at 0.052, and China National Cultural Industry at 0.300 [1] - Other notable stocks that reached a 52-week high include Nippon Kyoei (00627) at 21.54% and Sanofi (02257) at 21.50% [1] Group 2 - The 52-week low rankings show that Health Road (02587) had the largest decline at -18.31%, followed by Rongda Technology (09881) at -12.43% [3] - Other stocks that reached a 52-week low include New Stone Culture (01740) at -8.62% and Emperor Entertainment Hotel (00296) at -5.00% [3] - The list of stocks with significant declines also includes Qiyi Technology (01739) at -3.38% and Huanying Media (01003) at -2.86% [3]

Summary of Key Points Core Viewpoint - As of July 3, a total of 120 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the list [1]. Group 1: Top Performers - The top three stocks with the highest increase rates are: - 富誉控股 (Fuyou Holdings) at 90.76%, closing at 0.435 with a peak of 0.475 [1] - 信义能源 (Xinyi Energy) at 65.00%, closing at 1.200 with a peak of 1.980 [1] - 中国三三传媒 (China San San Media) at 42.86%, closing at 1.710 with a peak of 1.900 [1] Group 2: Additional Notable Stocks - Other notable stocks include: - ITE HOLDINGS at 34.21% increase, closing at 0.047 with a peak of 0.051 [1] - 星凯控股 (Xingkai Holdings) at 30.00%, closing at 0.480 with a peak of 0.650 [1] - 北京北辰实业股份 (Beijing Beichen Industrial) at 26.47%, closing at 0.940 with a peak of 1.290 [1] Group 3: Overall Market Trends - The overall trend shows a significant number of stocks achieving new highs, reflecting positive investor sentiment and market conditions [1].

Core Viewpoint - The report by Liao Asset on Health Road (2587.HK) initiates coverage with a "Buy" rating and a target price of HKD 68.5, indicating a potential upside of 218% from the current price [1] Company Overview - Health Road is a leading full-cycle digital health service platform in China, expanding its enterprise services and digital marketing [1] - The company has established a comprehensive network connecting 2.06 million registered users, 889,000 registered doctors, and 11,762 hospitals, including 1,499 top-tier hospitals [2] - The company’s business model covers the entire healthcare cycle from prevention to management, creating a competitive moat [2] Market Potential - The digital health service market is projected to grow from CNY 113.8 billion in 2024 to CNY 432 billion by 2027, with a compound annual growth rate (CAGR) of 39.10% [1] - By 2030, the market is expected to reach CNY 1 trillion, with a CAGR of 30.30% from 2027 to 2030 [1] Financial Projections - Revenue projections for Health Road from 2025 to 2027 are CNY 2.163 billion, CNY 2.883 billion, and CNY 3.783 billion, with growth rates of 80.10%, 33.29%, and 31.22% respectively [3] - Net profit estimates for the same period are CNY -0.103 billion, CNY 0.135 billion, and CNY 0.332 billion, with growth rates of 61.57%, 231.07%, and 145.93% respectively [3] Competitive Advantages - The company benefits from a stable shareholding structure, with significant stakes held by state-owned and industrial capital, including Baidu at 12.1% and other state-owned entities [2] - The management team possesses strong industry experience and operational capabilities, contributing to improved profitability and decreasing expense ratios [2]

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

Company Overview - Health Road Holdings Limited operates a digital health service platform in China, ranking as the fourth largest by registered personal users and fifth largest by revenue as of 2023 according to Frost & Sullivan [3] - The company has been providing health services on digital platforms since 2001 and expanded to offer enterprise services and digital marketing since 2015, playing a significant role in the digital transformation of the health and wellness industry in China over the past 20 years [3] Financial Performance - As of December 31, 2024, Health Road reported total revenue of 1.201 billion yuan, a year-on-year decrease of 3.51%, while the net profit attributable to shareholders was -268 million yuan, an increase of 13.42% [2] - The gross profit margin stood at 30.47%, and the debt-to-asset ratio was 59.82% [2] Stock Performance - Over the past month, Health Road's stock has increased by 58.77%, and year-to-date, it has surged by 284.17%, outperforming the Hang Seng Index's increase of 19.82% [2] - As of June 13, the stock closed at 55.05 HKD per share, with a trading volume of 4.393 million shares and a turnover of 238 million HKD, showing a volatility of 18.61% [1] Industry Valuation - The average price-to-earnings (P/E) ratio for the healthcare equipment and services industry is -21.62 times, with a median of 0.39 times [2] - Health Road's P/E ratio is -152.14 times, ranking 54th in the industry, compared to other companies such as Jingjiu Health (0.38 times), Giant Star Medical Holdings (0.4 times), and others [2]

Group 1 - The core viewpoint of the news highlights the significant stock performance of Health Road (02587.HK), which saw a 47.08% increase in its share price, closing at 50.45 HKD per share, with a trading volume of 2.2667 million shares and a turnover of 116 million HKD, indicating a volatility of 72.89% [1] - Over the past month, Health Road has achieved a cumulative increase of 12.83%, and since the beginning of the year, it has surged by 162.23%, outperforming the Hang Seng Index's increase of 16.1% [2] - Financial data shows that as of December 31, 2024, Health Road reported total revenue of 1.201 billion HKD, a year-on-year decrease of 3.51%, while the net profit attributable to shareholders was -268 million HKD, reflecting a year-on-year increase of 13.42%. The gross profit margin stood at 30.47%, and the debt-to-asset ratio was 59.82% [2] Group 2 - Currently, there are no institutional investment ratings for Health Road, and its price-to-earnings ratio (P/E) is -103.85, ranking 55th in the industry, compared to the average P/E of -20.25 for the healthcare equipment and services sector [3] - Health Road operates a digital health service platform in China and is recognized as the fourth-largest digital health service platform based on registered personal users as of December 31, 2023, and the fifth-largest based on revenue for the year 2023 [3] - Since its establishment in 2001, Health Road has been providing health services on digital platforms for individual users and expanded its services to enterprises and institutions in 2015, playing a significant role in the digital transformation of China's health and wellness industry over the past 20 years [3]

Group 1 - The event "Health Town An Lecture Hall" and free clinic activities were organized to promote traditional Chinese medicine (TCM) culture and meet public health needs [1][3] - The activities included a free clinic area and a TCM technology experience area, attracting a large number of attendees seeking consultations and experiences [1][3] - Experts provided personalized treatment plans based on individual conditions and offered detailed guidance on diet, medication, and daily health care [1][3] Group 2 - The lecture series featured discussions on common diseases, TCM prevention and treatment, and methods for weight management, presented in an accessible manner [3] - The event aimed to enhance public understanding of TCM principles such as "holistic view" and "differentiated treatment" through interactive demonstrations and Q&A sessions [3] - Over 600 individuals benefited from the event, which not only provided quality TCM services but also showcased the professional commitment of alumni from Beijing University of Chinese Medicine [5] Group 3 - The local hospital plans to leverage this event as a starting point to collaborate with more alumni for future public welfare activities, promoting TCM culture and safeguarding public health [5]