Group 1 - The core viewpoint of the articles highlights the strategic value and uniqueness of the company's platform-based business model in the internet healthcare sector, which has evolved over 20 years to enhance accessibility and drive digital transformation in the industry [1] - The company has developed a comprehensive ecosystem that integrates online and offline services, catering to diverse patient needs while accumulating data and resources for sustainable growth [1] - The company has completed its research and development in AI healthcare and is now in the commercialization phase, utilizing AI technology to reconstruct the entire healthcare service chain [1] Group 2 - The company recently announced the successful inclusion of its "Liver Disease Smart Service Platform" in the first batch of projects under the digital healthcare concept verification plan in Beijing, which aims to support the WHO's goal of eliminating viral hepatitis by 2030 [2] - The company continues to increase its R&D investment to enhance its digital capabilities and competitiveness, focusing on improving user health tracking, optimizing digital tools for doctors, and integrating AI solutions into its platform [2] - The company was recognized in the inaugural "Top 50 Health Technology Companies in China" list by KPMG China, reflecting its innovative practices in the healthcare technology field [4]

Group 1 - The Hang Seng Index fell by 0.12% on July 7, with southbound trading totaling HKD 101.765 billion, comprising HKD 56.916 billion in buying and HKD 44.849 billion in selling, resulting in a net inflow of HKD 12.067 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total turnover of HKD 40.903 billion, with net buying of HKD 6.276 billion, while Stock Connect (Shanghai) had a turnover of HKD 60.862 billion, with net buying of HKD 5.791 billion [1] - The most actively traded stock by southbound funds was Guotai Junan International, with a total turnover of HKD 72.91 billion, followed by Meituan-W and Alibaba-W with turnovers of HKD 51.22 billion and HKD 47.51 billion respectively [1] Group 2 - Among the stocks with significant net buying, the top was the Yingfu Fund with a net inflow of HKD 24.99 billion, despite a closing price drop of 0.16%, followed by Meituan-W with HKD 7.17 billion and China Construction Bank with HKD 6.21 billion [1] - The stocks that saw continuous net buying for more than three days included SMIC, Innovent Biologics, and China Construction Bank, with net buying days of 12, 7, and 3 respectively [2] - The total net buying amount for SMIC was HKD 77.01 billion, followed by Innovent Biologics with HKD 22.89 billion and China Construction Bank with HKD 8.49 billion [2]

Core Insights - On July 7, Health Road made its debut on the Hong Kong Stock Connect active trading list for the first time in a month, indicating increased investor interest [2] - The total trading volume of active stocks on the Hong Kong Stock Connect reached HKD 344.29 billion, accounting for 33.83% of the day's total trading amount, with a net buying amount of HKD 63.29 billion [2] - The top three stocks by trading volume were Guotai Junan International (HKD 72.91 billion), Meituan-W (HKD 51.22 billion), and Alibaba-W (HKD 47.51 billion) [2] Trading Activity Summary - Health Road's trading volume on July 7 was HKD 14.54 billion, with a net buying amount of HKD 0.28 billion, and the stock closed up by 15.27% [2] - The stocks with the highest number of appearances on the active trading list over the past month were Alibaba-W and Tencent Holdings, each appearing 20 times, indicating strong interest from Hong Kong Stock Connect funds [2] - Other notable stocks included Xiaomi Group-W (HKD 31.57 billion), China Construction Bank (HKD 12.28 billion), and Kuaishou-W (HKD 8.83 billion) [2]

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]