Group 1 - The core viewpoint is that southbound funds have become a crucial driving force in the Hong Kong stock market, with their influence expected to deepen due to unique investment opportunities and long-term policy support [1][2] - Southbound funds account for over one-third of the daily turnover on the Hong Kong Stock Exchange and hold nearly 15% of the free float market capitalization, with both metrics showing over 30% growth compared to before 2024 [2] - Cumulative net inflows from southbound funds have reached $14 billion since 2025, surpassing the total for 2024, with daily inflows increasing by 84.6% year-on-year [2] Group 2 - Historically, stocks included in the southbound trading scheme show strong performance prior to inclusion, with an average increase of 3.7% in the 30 days before inclusion, outperforming the Hang Seng Index by 5.2% [3] - In February, 26 out of 27 stocks that were included in the southbound scheme saw price increases in the 30 days prior, with an average absolute return of 41% [3] - Post-inclusion, stocks may experience short-term pressure, with an average relative return of -2.0% against the Hang Seng Index in the following 30 days, but a long-term excess return of 4.6% over 90 days [3] Group 3 - Morgan Stanley has developed a southbound stock selection model (MSSBT) that accurately predicts stocks to be included, achieving an average hit rate of 85% across the last four semi-annual inclusion cycles [4] - The model's hit rate reached 97% in the August 2024 cycle, with a simulated portfolio showing an average absolute return of 10.1% in the 30 days prior to inclusion [4] - The model employs strict selection criteria, including market capitalization above HKD 50 billion and compliance with turnover standards, while excluding stocks with high ownership concentration [4] Group 4 - In September, 19 stocks are predicted to be included in the southbound trading scheme, with a focus on the healthcare (6 stocks) and industrial (5 stocks) sectors, indicating increased interest in innovative drug development and high-end manufacturing [5][6] - The top five candidates by market capitalization include Cao Cao Inc (02643), Yimeng Biotech (09606), Nanshan Aluminum International (02610), Zhengli New Energy (03677), and Yunzhisheng (09678) [6] Group 5 - The recommended strategy for maximizing returns includes entering positions one month prior to inclusion, diversifying with equal-weighted stock selections, and selling on the official inclusion date to lock in short-term gains [8]

Group 1 - The core viewpoint is that southbound funds have become a crucial driving force in the Hong Kong stock market, with their influence expected to deepen due to unique investment opportunities and long-term policy support [1][2] - Southbound funds account for over one-third of the daily net inflow in the Hong Kong Stock Exchange's main board trading volume and hold nearly 15% of the free float market capitalization of Hong Kong stocks, both metrics having increased by over 30% since before 2024 [2] - Cumulative net inflow from southbound funds has reached $14 billion since 2025, surpassing the total for 2024, with daily inflows increasing by 84.6% year-on-year [2] Group 2 - Stocks included in the southbound trading scheme typically show strong performance prior to inclusion, with an average increase of 3.7% in the 30 days before inclusion, outperforming the Hang Seng Index by 5.2% [3] - In February, 26 out of 27 stocks included in the southbound scheme rose in the 30 days prior, with an average absolute return of 41% and a relative return of 19% compared to the Hang Seng Index [3] - Post-inclusion, stocks may experience short-term pressure, with an average relative return of -2.0% over 30 days, but still show a long-term excess return of 4.6% over 90 days [3] Group 3 - Morgan Stanley has developed a southbound stock selection model (MSSBT) that accurately predicts stocks to be included in the scheme, achieving an average hit rate of 85% across the last four semi-annual inclusion cycles, with a peak of 97% in August 2024 [4] - The simulated portfolio under equal-weight allocation shows an average absolute return of 10.1% in the 30 days prior to inclusion, outperforming the Hang Seng Index by 7.4% [4] - The model employs strict selection criteria, including market capitalization above 50 billion HKD and compliance with turnover rate standards, while excluding stocks with high ownership concentration [4] Group 4 - The latest forecast indicates that 19 stocks will be included in the southbound scheme in September, covering seven major sectors, with healthcare (6 stocks) and industrials (5 stocks) making up over 50% of the list [5][6] - The top five candidates by market capitalization include Cao Cao Inc (Industrials), Ying En Biological (Healthcare), Nanshan Aluminum International (Materials), Zhengli New Energy (Industrials), and Yunzhisheng (Information Technology) [6] Group 5 - The recommended strategy for maximizing returns involves entering positions one month prior to inclusion, diversifying risk through equal-weight allocation of selected stocks, and locking in short-term gains by selling on the official inclusion date [8]

运营商财经网 实习生郑永杰/文 距离云知声智能科技股份有限公司于香 港联合交易所主板挂牌上市已经过去一个多月。不知上市后， 何时能够扭亏。 招股书显示，在过去的2022年、2023年和2024年三年里，云知声的营业收入分别为6.01亿元、7.27亿元 和9.39亿元，相应的净亏损分别为3.75亿元、3.76亿元和4.54亿元，经调整后的年内净亏损分别为1.83亿 元、1.37亿元和1.68亿元。 在上市前，云知声的资金状态并不算健康。 2024年度，云知声的负债率高达355.24%，总负债达38.33亿元。其中流动负债有4.93亿元，非流动负债 有33.40亿元。而云知声2024年总资产为11.19亿元，其负债已远超总资产规模。其三年累计亏损达12.05 亿元，2024年现金及现金等价物仅剩约1.5亿元。 此次上市，云知声以每股205港元的发行价，全球发售156.098万股股份，募资总额达到3.2亿港元，扣除 发行费用后，募资净额为2.06亿港元。从募集资金用途来看，募集资金中的45.6%将用于算力基建建 设，47%将投入医疗及日常生活等场景和渗透新兴的垂直行业。 2021年云知声创始人兼CEO黄伟在采访曾经 ...

Core Insights - The Chinese AGI industry has entered a rapid development phase, characterized by a synergy between technological breakthroughs and commercial applications, forming a positive development pattern of "policy guidance, technology-driven, and scenario implementation" [1][13] - The market size of China's AGI industry is projected to reach 20.493 billion yuan in 2024, representing a year-on-year growth of 44.97% [1][13] - Multi-modal large models have become the core focus in the technology sector, with Tencent's Hunyuan-Turbo-Preview model scoring 78.64 in the SUPERCLUE evaluation, closely approaching OpenAI's ChatGPT-4o level [1][13] Industry Overview - AGI refers to artificial intelligence with efficient learning and generalization capabilities, capable of autonomously generating and completing tasks in complex dynamic environments [1] - The AGI market is structured into four layers: infrastructure (computing power, data), model layer (language and multi-modal models), intermediate layer (fine-tuning, Prompt, RAG, Agent), and application layer (applications, plugins, hardware) [1][4] Industry Development History - The AGI industry has transitioned from initial exploration and technological accumulation to a critical period of technological breakthroughs and commercialization [5] Industry Value Chain - The upstream of the AGI industry chain includes chips and computing power, data resources and services, algorithms, and frameworks [7] - The midstream focuses on AGI development and integration, while the downstream applies AGI in sectors such as finance, healthcare, manufacturing, and smart cities [7] Market Size - The AGI industry in China is expected to reach a market size of 20.493 billion yuan in 2024, with significant growth in various application areas, particularly in finance and retail [1][13] Key Companies and Performance - Major tech giants like Alibaba, Tencent, and Baidu lead the AGI infrastructure and technology development, while startups focus on vertical applications [15][16] - Tencent's Hunyuan model has been integrated into various applications, achieving significant performance metrics [16][18] - Cloud Voice has achieved a 98% adoption rate for its medical record generation system, showcasing the effectiveness of AGI in healthcare [16] Industry Development Trends - The AGI industry is experiencing a fundamental shift in technology paradigms, with multi-modal models and quantum computing becoming key areas of focus [20] - The commercialization of AGI is shifting from a "model parameter competition" to "scenario value exploration," with significant advancements in healthcare, finance, and manufacturing applications [22] - Policies are evolving to create a sustainable ecosystem for AGI, emphasizing ethical governance and safety frameworks [23]

格隆汇8月18日丨云知声(09678.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括）审 议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任 何責任。 UNISOUND AI TECHNOLOGY CO., LTD. 雲知聲智能科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9678） 董事會會議召開日期 雲知聲智能科技股份有限公司（「本公司」），連同其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，將於2025年8月28日（星期四）舉行董事會會議，藉以考慮及通過本集 團截至2025年6月30日止六個月之未經審核中期業績，及派發中期股息之建議（如有）， 以及處理其他事項。 執行董事兼首席執行官 黃偉博士 香港，2025年8月18日 於本公告日期，本公司董事會包括：(i)執行董事梁家恩博士、黃偉博士、康恒博士、李霄寒先生、劉升平先生及 李鵬先生；(ii)非執行董事鄺子平先生、李志超先生、汪存富先生及李昂先生；及(iii)獨立非執行董事胡建軍先生、 樊健先生、金慧華女士、張坤博士及陳華先生。 承董事會命 雲知聲智能科技股份 ...

Core Viewpoint - Yunzhisheng (09678) has seen a significant increase in stock price, rising over 10% and reaching a new high of 798.5 HKD, indicating strong market interest and potential growth opportunities [1] Group 1: Company Developments - In July, Yunzhisheng signed a memorandum of understanding with South Pacific Digital Technology Holdings to collaborate on the application of artificial intelligence technology, focusing on stablecoin issuance management and smart financial technology innovation [1] - The company is expected to be included in the Hong Kong Stock Connect program in September, as predicted by Huatai Securities, which could enhance its market visibility and liquidity [1] Group 2: Technological Strength - Yunzhisheng possesses strong technical capabilities, highlighted by its self-developed "Shanhai Model" with 60 billion parameters, ranking first in the MedBench evaluation in the medical field [1] - The company's applications span across various scenarios, including smart living and medical AI, with its voice interaction system utilized in smart homes, commercial spaces, and subways [1] Group 3: Market Applications - In the medical AI sector, Yunzhisheng provides voice input for medical records and quality control systems, serving 166 hospitals, which significantly enhances data entry efficiency and quality control standards [1]

Summary of Key Points Core Viewpoint - A total of 142 stocks reached their 52-week highs as of August 12, with notable performers including Yingmei Holdings (02028), Elite Group (01775), and Fuying Global Group (01620) achieving high rates of 164.89%, 84.78%, and 40.63% respectively [1]. Stock Performance - **Top Performers**: - Yingmei Holdings (02028) closed at 0.223 with a peak of 0.249, marking a 164.89% increase [1]. - Elite Group (01775) closed at 0.350 with a peak of 0.425, reflecting an 84.78% increase [1]. - Fuying Global Group (01620) closed at 0.180, reaching its peak at 0.180, showing a 40.63% increase [1]. - **Other Notable Stocks**: - Aoya Group (02425) increased by 34.36% [1]. - Fuyiy International Holdings (01470) saw a rise of 28.30% [1]. - Huajian Medical (01931) experienced a 27.58% increase [1]. 52-Week High Rankings - The ranking of stocks that reached their 52-week highs includes: - Yingmei Holdings (02028) at 164.89% [1]. - Elite Group (01775) at 84.78% [1]. - Fuying Global Group (01620) at 40.63% [1]. 52-Week Low Rankings - The report also highlights stocks that reached their 52-week lows, with notable declines including: - Jiadeng International Group (08153) at -15.25% [4]. - Kun Group (00924) at -12.86% [4]. - Zhongjia Guoxin (00899) at -10.00% [4].

本文源自智通财经网 值得一提的是，恒指公司将于8月22日发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8 日起生效，届时沪深交易所会相应调整港股通可投资标的范围。据华泰证券预测，云知声有望于9月被 纳入港股通范围。 云知声(09678)涨超15%，高见749.5港元刷新上市新高。截至发稿，涨15.27%，报747.5港元，成交额 6415.53万港元。 消息面上，今年7月，云知声与南太平洋数字科技控股正式签署了关于人工智能技术应用合作的谅解备 忘录，并将建立长期合作，将通用人工智能技术应用于面向稳定币的发行管理等智慧金融领域的技术支 持，共同推动数字资产等相关数字金融技术的创新与应用。在此前，云知声与瓦努阿图共和国政府签署 了《关于人工智能海外实施合作和访问邀请的谅解备忘录》，意在共同推进通用人工智能技术在南太平 洋地区关键科技和民生服务领域的创新应用，而本次合作正是响应该谅解备忘录的首个正式项目。 ...

值得一提的是，恒指公司将于8月22日发布上半年检讨结果，相关变动将于9月5日收市后实施并于9月8 日起生效，届时沪深交易所会相应调整港股通可投资标的范围。据华泰证券预测，云知声有望于9月被 纳入港股通范围。 云知声(09678)涨超15%，高见749.5港元刷新上市新高。截至发稿，涨15.27%，报747.5港元，成交额 6415.53万港元。 消息面上，今年7月，云知声与南太平洋数字科技控股正式签署了关于人工智能技术应用合作的谅解备 忘录，并将建立长期合作，将通用人工智能技术应用于面向稳定币的发行管理等智慧金融领域的技术支 持，共同推动数字资产等相关数字金融技术的创新与应用。在此前，云知声与瓦努阿图共和国政府签署 了《关于人工智能海外实施合作和访问邀请的谅解备忘录》，意在共同推进通用人工智能技术在南太平 洋地区关键科技和民生服务领域的创新应用，而本次合作正是响应该谅解备忘录的首个正式项目。 ...