Group 1 - Major Chinese companies are entering a busy earnings disclosure period, with Xiaomi Group reporting total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, and adjusted net profit of 10.8 billion yuan, up 75.4% [1] - Tencent Holdings reported total revenue of 184.5 billion yuan for the first half of the year, a year-on-year increase of 15%, with operating profit of 60.1 billion yuan, up 18% [1] - Foreign capital is accelerating its purchase of core Chinese assets, with notable investors like Michael Burry turning bullish on Chinese stocks in Q2 [1][2] Group 2 - According to Goldman Sachs, global hedge funds are buying Chinese stocks at the fastest pace since the end of June, primarily driven by long positions, with a ratio of long to short buying at approximately 9:1 [6] - Factors contributing to this buying spree include easing tariff uncertainties, better-than-expected economic data for Q2, continued "anti-involution" policies, a recovering Hong Kong IPO market, and strong capital inflows [6] - Despite increased interest from overseas investors, their allocation levels remain conservative, suggesting potential for further market growth [6] Group 3 - The Hong Kong Technology Index has seen a cumulative increase of 33.25% year-to-date as of August 19, while the Hang Seng Technology Index has risen by 24.04% [7] - The Hong Kong Technology Index covers a broader range of AI applications compared to the Hang Seng Technology Index, including sectors like smart vehicles and innovative pharmaceuticals [9] - The Hong Kong Technology 50 ETF has attracted over 687 million yuan in net inflows this year, continuously setting new highs since its listing [10]

Core Viewpoint - The article discusses the rapid development and investment in the field of embodied intelligence, highlighting key players in both global and domestic markets, including Nvidia, Tesla, Huawei, and XPeng Motors, and their strategies for entering this sector [2][3]. Investment Landscape - Since 2025, major automotive manufacturers and tech giants have entered the embodied intelligence arena through a dual approach of self-research and investment. Notable investments include Tencent leading a Series B round for Zhiyuan Robotics, Huawei investing in Qianxun Intelligent, and JD Group leading multiple funding rounds for various robotics companies [3][4]. - JD Group has been particularly active, utilizing a combination of investment, self-research, and ecosystem development to penetrate the embodied intelligence market. They have led significant funding rounds for companies like Zhiyuan Robotics and Qianxun Intelligent, covering the entire human-robot industry chain [4][11]. Technological Development - JD Group has established an internal team focused on embodied intelligence and launched the "JoyInside" platform, which integrates their large model capabilities into various hardware devices, creating a comprehensive ecosystem [4][9]. - The company has announced an upgrade to its language model, now called JoyAI, which will expand its capabilities beyond language to include multimodal functionalities [7][9]. Market Strategy - JD Group has committed over 10 billion resources to accelerate the smart robot industry, aiming to help 100 brands achieve over 1 billion in sales within three years [11][13]. - The company has initiated the "E-Town Robot Consumption Festival" to promote various types of robots, showcasing a wide range of products to online consumers [13]. Competitive Landscape - Other tech giants are also entering the embodied intelligence sector through various strategies, including investment, ecosystem development, and self-research, indicating a competitive and rapidly evolving market [16][22].

每经记者｜陈婷 每经编辑｜文多 | 2025年8月20日 星期三 | NO.1 字节跳动否认将推手机产品 近期有媒体称字节跳动将在年底推出自己的手机产品。8月19日，豆包（字节跳动旗下）相关负责人称 此信息不实，豆包目前没有推出自己手机产品的计划。豆包相关负责人表示，豆包在持续探索如何把自 己的AI（人工智能）能力开放给各种硬件厂商（包括手机厂商），在这个过程中，豆包会和一些合作 伙伴做完整解决方案尝试，但所有合作都不涉及自有手机产品的研发与推出。 点评：当前，AI 技术与终端设备的融合已成趋势，大模型需通过硬件载体实现场景化渗透，但自研手 机需在供应链管理、市场渠道建设等方面进行重资产投入，且面临智能手机市场红海竞争的压力。 NO.2 15万京东外卖全职骑手全部有五险一金 点评：AI岗位数量的爆发式增长，直观体现了行业在生成式技术落地浪潮下对AI人才的需求激增。从 行业背景看，2024年以来，大模型技术从实验室走向产业应用，企业对算法研发、场景落地、商业化运 营等全链条人才的需求全面提升。 NO.4 闪送公司2025年第二季度营收10.2亿元 8月19日，闪送公司公布2025年第二季度业务数据。数据显示，闪 ...

大型蓝筹股多数下跌，汇丰控股收报99.581港元，较香港收市涨0.54%；腾讯控股收报588.764港元，较香港收市跌0.63%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICIS | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | @ 00700 | 592.500 | +5.500 | 0.94% | TCEHY | 588.764 | -3.736 | | 2 | 阿里巴巴-W | 09988 | 118.300 | -0.300 | -0.25% | BABA | 116.979 | -1.321 | | 3 | 建设银行 | 00939 | 7.710 | 0.000 | 0.00% | CICHY | 7.674 | -0.036 | | 4 | 汇丰控股 | 00005 | 99.050 | +0.600 | 0.61% | HSBC | 99.581 | +0.531 | | 5 | 小米集团-W | 01810 | ...

每经编辑｜胡玲 王晓波 V 中国8月一年、五年期贷款市场报 将公布 2 国务院新闻办公室将于8月20日上 兵准备工作有关情况举行新闻发布会 3 2025第十四届中国煤焦钢产业大 日至22日在青岛召开 4 谷歌将于8月20日举办发布会, 品牌硬件 1 隔夜市场 美股三大指数收盘涨跌不一，纳指跌1.46%，标普500指数跌0.59%，道指涨0.02%，其中，道指盘中一度创历史新高；大型科技股多数下跌，AMD跌超 5%，英伟达跌超3%，创4月21日以来最大单日跌幅；奈飞、Meta跌逾2%，特斯拉、微软、亚马逊跌超1%，苹果、谷歌小幅下跌；英特尔涨近7%，此前软 银集团宣布对英特尔进行20亿美元股权投资。中概股普跌，纳斯达克中国金龙指数跌0.9%，迅雷跌超10%，微博跌逾6%，金山云跌近5%，爱奇艺、搜狐跌 逾2%，京东、阿里巴巴、网易、百度跌超1%。 国际贵金属期货普遍收跌，COMEX黄金期货跌0.57%，报3358.90美元/盎司；COMEX白银期货跌1.84%，报37.33美元/盎司。 国际油价集体收跌，美油主力合约跌1.12%，报62.00美元/桶；布伦特原油主力合约跌0.95%，报65.97美元/桶。 欧洲 ...

Group 1 - The Nasdaq Golden Dragon China Index declined by 0.9% on Tuesday [1] - TSMC fell over 3%, while Alibaba, NetEase, JD.com, Baidu, and Bilibili each dropped over 1% [1] - Futu Holdings decreased by more than 2%, and Li Auto fell nearly 1% [1] Group 2 - Xpeng and NIO saw gains of over 4% [1]

此次合作，标志着京东超市完成厄瓜多尔玫瑰产地直采的布局，并包销厄瓜多尔玫瑰，在百亿补贴和产 地直采双重优势加持下，厄瓜多尔玫瑰终端零售价整体降低30%。 这意味着，厄瓜多尔玫瑰不再是明星的专属品，消费者可以用更实惠的价格享受"玫瑰中的爱马仕"。据 悉，这批采摘的厄瓜多尔玫瑰即将抵达中国，首批新鲜的厄瓜多尔玫瑰将在京东超市销售。8月19日晚8 点，上京东APP搜"京东鲜花七夕"可直达会场享受七夕好礼，5折起。以主推款进口厄瓜多尔玫瑰9枝纯 红花束为例，价格便宜56%。 作为高端玫瑰的代名词，厄瓜多尔玫瑰备受贵族、明星们喜爱，被誉为玫瑰中的爱马仕。为重塑高端玫 瑰市场格局。近日，京东超市与厄瓜多尔顶级玫瑰种植庄园CeresFarms达成战略合作，并举行了2025年 厄瓜多尔玫瑰采摘仪式。 厄瓜多尔是全球重要的玫瑰生产国，玫瑰的种植面积为2500-3000公顷，培育了超过450个不同玫瑰品 种，约12万人从事鲜花种植，年出口额超7亿美元，主要销往北美、欧盟、俄罗斯。 此次合作，意味着中国高端玫瑰市场迎来变局。 联合CeresFarms联合举行采摘仪式产地直采杜绝乱象 赤道线上的玫瑰奇迹贵族、明星专属品 清晨6点，厄 ...

Economic News - The State Council emphasizes enhancing macro policy effectiveness and stabilizing market expectations, focusing on domestic circulation and effective investment expansion [1] - The People's Bank of China conducted a reverse repurchase operation of 266.5 billion yuan at a rate of 1.40% [2] - From January to July 2025, national public budget revenue was 1.35839 trillion yuan, with tax revenue declining by 0.3% [3] - Trade with Shanghai Cooperation Organization countries reached 247.7 billion USD in the first half of the year, a 0.8% increase [4] - The Ministry of Finance reported a 0.7% decline in government fund budget revenue from January to July 2025 [5] - Securities transaction stamp duty increased by 62.5% year-on-year in July 2025 [6] - The central bank introduced a series of monetary policy measures, including interest rate cuts and increased loan quotas [7] Important Company Information - JD.com has over 150,000 full-time delivery riders, advocating for social security benefits for gig workers [6] - Dongfeng Group is selling a 50% stake in Dongfeng Honda Engine Company [6] - Leap Motor reported a 174% increase in revenue to 24.25 billion yuan in the first half of 2025, achieving a net profit of 30 million yuan [6] - SoftBank announced a 2 billion USD investment in Intel, reflecting confidence in advanced semiconductor manufacturing [6] - Kandi Technologies has entered into a partnership with CATL to supply battery swap stations for commercial vehicles [6][7] Industry Analysis Coal Industry - Coking coal prices have risen significantly, with the price index reaching 1340.16 yuan/ton, a 17.44% increase [8] - Coking coal inventory at three ports decreased by 14.06% month-on-month [11] - Independent coking plants saw an increase in inventory but a decrease in average available days [9] - The overall capacity utilization rate of independent coking enterprises rose to 74.03% [10] - The demand side shows a potential increase in demand driven by hydroelectric projects [11] Agriculture and Livestock Industry - In July 2025, pig prices fluctuated, with live pig prices averaging 14.91 yuan/kg, a 1.72% increase [13] - The number of breeding sows showed a slight increase, indicating a potential stabilization in supply [14] - Policy measures are focused on reducing production capacity and controlling weight, which may stabilize prices in the long term [15] - Major pig farming companies reported varying sales prices and volumes, with some experiencing a decline in output [16] Machinery Industry - Parker New Materials specializes in high-end metal forging products, serving various industries including aerospace and energy [18] - The company reported a revenue of 7.72 billion yuan in Q1 2025, a 2.95% increase year-on-year [19] - The demand for high-precision forging products is expected to grow, improving the company's product structure and profitability [19] - China's energy cost advantages in electricity and natural gas may help the company capture overseas market share [20]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 146 / USD 38, indicating a potential upside of 21% from the current price [3][5][24]. Core Insights - The company's revenue for Q2 2025 reached RMB 356.7 billion, a year-on-year increase of 22.4%, surpassing market expectations by 6.5%. This growth was primarily driven by strong performance in the electronics category, benefiting from national trade-in policies [1][2]. - Service revenue grew by 29.1%, with advertising and logistics revenues increasing by 21.7% and 34.3%, respectively, largely due to the rapid growth of the food delivery business [1][2]. - Despite the strong revenue growth, adjusted net profit fell by 50% year-on-year to RMB 7.39 billion, attributed to a significant increase in marketing expenses, which rose by 128% to RMB 27 billion [2][3]. Summary by Sections Revenue Performance - Q2 2025 revenue was RMB 356.7 billion, up 22.4% year-on-year, with product revenue increasing by 20.7% and service revenue by 29.1% [1][2]. - The core category of electronics saw a 23.4% increase, driven by trade-in policies, while daily necessities grew by 16.4% [1]. Profitability Analysis - Gross margin for Q2 was 15.9%, a slight increase of 0.1 percentage points year-on-year. However, adjusted net profit dropped by 50% to RMB 7.39 billion, with an adjusted net profit margin of 2.1% compared to 5.0% in the previous year [2][3]. - The increase in sales expenses, particularly due to food delivery subsidies, led to a sales expense ratio increase from 4.1% to 7.6% [2]. Financial Forecasts - The report slightly raises the FY25E revenue forecast by 3.3%, projecting revenues of RMB 1,324.5 billion for FY25E [3][4]. - Adjusted net profit for FY25E is forecasted at RMB 25.63 billion, with a target P/E ratio of 15.5x [4][3].

Group 1: Company Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, representing a year-on-year growth of 204.4% [1] - Adjusted net profit for Pop Mart reached 4.71 billion yuan, with a year-on-year increase of 362.8% [1] - Revenue breakdown by region for Pop Mart shows: - China: 8.28 billion yuan, up 135.2% - Asia-Pacific: 2.85 billion yuan, up 257.8% - Americas: 2.26 billion yuan, up 1142.3% - Europe and others: 480 million yuan, up 729.2% [1] Group 2: Corporate Developments - Baidu's search platform has integrated with the Dutch National Museum, Trip.com, and Tongcheng, expanding its MCP offerings [2] - Apple is increasing iPhone production in India to supply new models to the U.S. market [3] - Dazhihui announced it has not engaged in stablecoin, virtual asset trading, or cross-border payment businesses [4] - SoftBank's Masayoshi Son reportedly discussed acquiring Intel's struggling foundry business prior to announcing a $2 billion investment [5] - New companies have been established, including a 1 billion yuan registered capital company by Ninebot in Changzhou [5] and a 1.6 billion yuan enterprise management company in Tianjin involving New City Holdings [6] Group 3: Market Trends - Arm Holdings has hired Amazon's AI chip director to develop its own chips, indicating a competitive move against Nvidia [7][8] - A new hedge fund founded by a former Goldman Sachs trader has secured $1 billion from Millennium Management [8] - European exports are being impacted by U.S. tariff policies, as noted by ING's macro research head [8] Group 4: Government Policies - Thailand is simplifying the process for tourists to exchange cryptocurrency for Thai baht to stimulate tourism [9] - Guangdong Province is encouraging companies to focus on key technologies in commercial aerospace, including reusable liquid rocket engines [9] - Hainan has optimized its personal income tax preferential policies for high-demand talent, adjusting the calculation method for residency days [10]