Core Viewpoint - The Hong Kong stock market has experienced fluctuations since the end of June due to tariffs and exchange rate impacts, but is expected to outperform the A-share market in the second half of the year as positive factors accumulate [1][3][13]. Market Performance - Since the end of June, the Hong Kong stock market has shown weaker performance compared to the A-share market, primarily influenced by U.S. tariff policies and the Hong Kong dollar's exchange rate [4][7]. - The Hang Seng Index rose by 20% in the first half of the year, outperforming major global indices, including the S&P 500 (5.5%) and the Shanghai Composite Index (2.8%) [3][4]. Sector Analysis - The technology and dividend sectors in Hong Kong are currently less active compared to A-shares, with the overall market heat slightly below historical averages [7][8]. - The healthcare and consumer sectors in Hong Kong show higher activity levels compared to A-shares, with the healthcare sector's heat at 91%, significantly above A-shares' 77% [9][8]. Investment Opportunities - The easing of U.S. chip export restrictions and the acceleration of AI applications are expected to benefit the Hong Kong technology sector, which is well-positioned to capitalize on the AI industry transformation [17]. - The dividend sector in Hong Kong, despite lower heat compared to A-shares, still holds value due to high dividend yields relative to risk-free rates, making it an attractive option for long-term investors [18]. Future Outlook - The Hong Kong stock market is entering a favorable allocation period, with expectations of continued upward movement in the second half of the year driven by supportive policies and improved capital inflows [13][14]. - The anticipated increase in capital expenditure by Hong Kong internet giants in AI infrastructure is expected to enhance the performance of the technology sector [17].

Group 1 - The net asset of the Guotai Junan Asset Management's Guotai Junan CSI Hong Kong Stock Connect High Dividend Investment Index Fund (QDII) A reached 0.08 billion yuan as of June 30, 2025, representing a 35.55% increase compared to the previous period [1] - The fund manager, Zhang Jing, has a background in finance with a bachelor's degree from the University of International Business and Economics and an MBA from Shanghai University of Finance and Economics. She has extensive international experience in asset management since 2006 [1] - The fund's recent performance shows a 16.68% return over the last three months and a 17.16% return over the past year, with a cumulative return of 17.16% since inception [2] Group 2 - The fund's top ten stock holdings include China COSCO Shipping, Yancoal Australia, and China Petroleum, with a total holding percentage of 46.43% [2] - The Shanghai Guotai Junan Securities Asset Management Company was established in August 2010, focusing on capital market services, with a registered capital of 2 billion yuan [2]

Global Macro Environment - The US economy shows positive data, but inflation risks remain, with the Federal Reserve expected to cut interest rates twice in 2025 at a slower pace [2] - China's economic recovery is weak, with limited effects from policy stimulus, facing challenges from a real estate market crisis and external tariff pressures [3] - Other countries, including the EU and emerging economies, are following the Fed's rate cuts but must balance the pressure from a strengthening dollar, while geopolitical risks in the Middle East and Ukraine persist [3] Vietnam Economic and Stock Market Outlook - Vietnam's economic growth is projected at 7% for 2024 and between 6.0%-6.5% for 2025, driven by trade, FDI, manufacturing, and consumption, with significant long-term potential from government reforms and infrastructure projects like the North-South high-speed railway [4] - The VN-Index has opportunities for breakthroughs amid volatility, with a positive scenario potentially pushing it above 1450 points, supported by GDP growth, an expected 20% increase in EPS, market upgrade expectations (such as FTSE potentially upgrading Vietnam to emerging market status), and easing geopolitical risks [4]

根据合并数据显示，多头前三席位为中信期货，总持仓48064、华泰期货，总持仓46033、国泰君安，总持仓40345；空头前三席位 为国泰君安，总持仓77206、中信期货，总持仓69392、银河期货，总持仓46137； 新浪期货 根据交易所数据，截至7月18日收盘主力合约焦煤2509,涨跌+2.55%,成交量131.65万手，持仓数据显示前20席位呈现净 空，差额头寸为46898手。 焦煤期货全合约总计成交163.52万手，比上一日新增35.48万手。全合约前20席位多头持仓43.29万手，比上一日减少1.94万手。全 合约前20席位空头持仓51.67万手，比上一日增加2442手。 主力合约前20席位中，多头增仓前三名分别是：招商期货、持仓9368、增仓1966，中辉期货、持仓11123、增仓1657，方正中期、 持仓17863、增仓634；多头减仓前三名分别是：国泰君安、持仓24747、减仓-7532，中信期货、持仓36687、减仓-4649，东吴期 货、持仓8149、减仓-3794； 新浪合作大平台期货开户 安全快捷有保障 主力合约前20席位中，空头增仓前三名分别是：东证期货、持仓18528、增仓2253， ...

氧化铝期货全合约总计成交43.51万手，比上一日减少2.26万手。全合约前20席位多头持仓21.21万手，比上一日减少3230手。全合 约前20席位空头持仓23.74万手，比上一日减少3919手。 新浪期货 根据交易所数据，截至7月18日收盘主力合约氧化铝2509,涨跌+1.65%,成交量33.60万手，持仓数据显示前20席位呈现净 空，差额头寸为15809手。 根据合并数据显示，多头前三席位为国泰君安，总持仓19213、中信期货，总持仓16143、东证期货，总持仓15089；空头前三席位 为国泰君安，总持仓36755、银河期货，总持仓20715、东证期货，总持仓18624； | | | | | 2025年7月18日氧化铝全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | | 会员 持买单 增减 | | 会员 | 持卖单 | 增减 | | J | 国泰君安 | 61,575 | -8,539 | 国泰君安 | 19,213 | -1.74 ...

Core Viewpoint - The data center industry is entering a new golden development period driven by intelligent computing, with an optimized supply-demand structure and stabilized prices in the domestic market [1] Industry Summary - The domestic data center market has undergone adjustments, leading to an improved supply-demand structure and price stabilization [1] - The overseas data center market is experiencing a trend of price increases [1] - The demand for intelligent computing data centers is rising due to AI, which is expected to further balance the global data center market supply and demand, leading to a potential recovery in rental prices [1]

主力合约前20席位中，空头增仓前三名分别是：建信期货、持仓3602、增仓3049，国泰君安、持仓11507、增仓605，东证期货、 持仓7036、增仓603；空头减仓前三名分别是：中信期货、持仓14658、减仓-1652，中金财富、持仓1695、减仓-335，国投期货、 持仓1658、减仓-193。 文章来源:新浪期货 | | | | | 2025年7月17日不锈钢主力合约2509持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 增减 | 会员 | 持买单 | 增减 | 会员 | 持卖里 | 增减 | | ਹ | 国泰君安 | 61,156 | 1,077 | 中信期货 | 8,990 | 20 | 中信期货 | 14,658 | -1,652 | | 2 | 东证期货 | 47.063 | 2.185 | 东证期货 | 7,893 | 986 | 国泰君安 | 11.507 | 605 | | 3 | 中泰期货 | 36,997 | -14,685 ...

Group 1 - The core viewpoint is that leading domestic internet companies in China are expected to maintain high capital expenditure levels over the next three years, driven by AI investments, resulting in at least 7GW of new IT power demand, while existing third-party IDC reserves are less than 5GW, providing significant growth opportunities for related companies [1] - AI has become the main driver for the growth of computing power scale, with China's intelligent computing scale growing over 70% year-on-year, and global data center core IT power demand projected to increase from 49GW in 2023 to 96GW by 2026, with new intelligent computing centers accounting for 85% of the incremental demand [1][2] - ByteDance is leading the demand growth for large data centers, with over 500 projects at various construction stages across China, and third-party IDC orders amounting to approximately 2.5GW, of which ByteDance's demand is about 2GW [2] Group 2 - The domestic data center market is experiencing a recovery in supply and demand, with prices stabilizing, and there is an expectation of price increases as demand continues to grow [3] - The global data center market is expected to achieve a better balance in supply and demand due to the increasing demand for intelligent computing data centers driven by AI, leading to a potential rebound in rental prices [3]

Group 1 - The non-public issuance of shares by Jiaze New Energy has been approved, with a total fundraising amount of 1.2 billion yuan, which will be used for replenishing working capital and repaying bank loans [1][2] - The shares will be subscribed by Shanghai Borong Yihong Technology Co., Ltd., a wholly-owned subsidiary of the controlling shareholder, Beijing Jiashilongbo Investment Management Co., Ltd. [1][3] - The issuance price is set at 2.61 yuan per share, which is not less than 80% of the average trading price over the previous 20 trading days [1] Group 2 - The company plans to distribute a cash dividend of 0.10 yuan per share, totaling approximately 243.44 million yuan, with the ex-dividend date set for May 29, 2025 [2] - Following the issuance, the number of shares is expected to be no more than 478,087,649, which does not exceed 30% of the total shares before the issuance [2] - The controlling shareholder will change from Jiashilongbo to Borong Yihong after the issuance, but the actual controller, Chen Bo, will still maintain control over the company [3]

根据合并数据显示，多头前三席位为中信期货，总持仓17043、国泰君安，总持仓13160、东证期货，总持仓7954；空头前三席位 为中信期货，总持仓20990、国泰君安，总持仓18921、东证期货，总持仓8196； 来源：新浪期货 文章来源:新浪期货 新浪期货 根据交易所数据，截至7月16日收盘主力合约不锈钢2509,涨跌-0.12%,成交量15.17万手，持仓数据显示前20席位呈现净 空，差额头寸为10352手。 | | | | | 2025年7月16日不锈钢全合约持仓数据一览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 名次 会员名称 成交量(双边) | | 増減 | 会员 | 持买車 | 增减 | 会员 | 持卖单 | 增减 | | 1 | 国泰君安 | 76,855 | 6,876 | 中信期货 | 17,043 | -346 | 中信期货 | 20,990 | -1,706 | | 2 | 东证期货 | 60,730 | 13.595 | 国泰君安 | 13,160 | -115 | 国泰君 ...