Core Viewpoint - The company has implemented a new policy allowing all research and development employees to work from home without needing approval from their direct supervisors, effective September 1. This initiative aims to enhance work-life balance and foster a culture of trust and self-motivation [2] Group 1 - The new policy is a pilot program for the research and development team, following a previous hybrid work policy that saw participation from 70% of employees [2] - The company aims to simplify processes to increase employee flexibility and autonomy [2]

Core Viewpoint - The company has implemented a new policy allowing all research and development employees to work from home on Wednesdays and Fridays without needing approval from their direct supervisors, aiming to enhance work-life balance and foster a culture of trust and self-motivation [1] Group 1 - The new policy is a pilot initiative for the research and development team, following a previous hybrid work policy that had 70% employee participation [1] - The company aims to simplify processes to increase employee flexibility and autonomy [1]

Core Points - The policy change allows all product and research employees to work from home without needing approval from direct supervisors, effective from September 1 [1] - This initiative aims to enhance work-life balance for employees and foster a culture of trust and self-motivation [1] - Previously, 70% of employees participated in the hybrid work policy, indicating a strong trend towards flexible working arrangements [1]

Investment Rating - Investment rating: None [4] Core Insights - The report highlights that CCJ has updated its 2025 production plan, lowering its annual uranium production guidance to 14-15 million pounds U3O8, significantly below the previous expectation of 18 million pounds. This indicates a trend of "production reduction to control prices" among industry leaders, aiming to stabilize market expectations and support uranium prices [4][16] - The report notes that the uranium market is currently in a traditional off-season, with limited short-term trading activity. However, the upcoming World Nuclear Symposium is expected to refocus market attention on the industry's fundamentals, potentially acting as a catalyst for the second half of the year [4][16] - The report emphasizes that leading companies are actively adjusting supply rhythms and strengthening market pricing power, suggesting that the medium to long-term investment logic remains unchanged and may see renewed market interest due to event catalysts and policy expectations [4][16] Market Performance Review - The report indicates that during the week of August 25 to August 29, 2025, the Hang Seng Technology Index closed at 5674.3, up 0.5%, outperforming the Hang Seng Index by 1.5 percentage points. In contrast, the Philadelphia Semiconductor Index fell by 1.5%, underperforming the Nasdaq 100 and S&P 500 indices [7][9] - The top five gainers in the week included SenseTime (+16%), Trip.com (+14%), SMIC (+10%), Energy Fuels (+9%), and Centrus Energy (+8%). Conversely, the top five losers were Marvell Technology (-14%), Meituan (-13%), Xpeng (-11%), Kuaishou (-11%), and Duolingo (-10%) [9][14] Web3 and Cryptocurrency Market - The report states that the total market capitalization of cryptocurrencies decreased to $3.75 trillion as of August 29, 2025, down from $3.97 trillion the previous week. The total trading volume for cryptocurrencies was $191.39 billion, accounting for 5.1% of the total market capitalization [18][22] - The report notes that the sentiment in the cryptocurrency market is currently neutral, with the Fear and Greed Index at 47, indicating a balanced market emotion [22] - The report highlights that mining-related stocks performed well, with the top five gainers being Iris Energy, Cipher Mining, HIVE Blockchain Technologies, Hut 8 Mining, and Ebang International Holdings [25][26] Recent Important Events - The report mentions that Bitcoin Asia 2025 was held in Hong Kong, featuring over 200 speakers from the global industry. Notable comments included Binance's founder suggesting that asset tokenization is making significant progress and that AI is likely to become a major driving force in the cryptocurrency sector [32]

Market Overview - The Hang Seng Index (HSI) closed at 25,485.70, down by 10.85 points or 0.04% as of September 2, 16:00 Eastern Time [1] - The index reached a high of 25,496.61 and a low of 25,284.62 during the trading session, with a trading volume of 95.8438 million [1] - The 52-week high for the index is 25,778.47, while the 52-week low is 17,034.99, indicating a trading range of 0.83% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 100.038, up by 0.29% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 603.227, reflecting an increase of 0.45% from the Hong Kong close [2] Individual Stock Movements - Tencent Holdings (00700) latest price is HKD 600.500, down by HKD 4.500 or 0.74% [3] - Alibaba Group (09988) latest price is HKD 134.700, down by HKD 2.400 or 1.75% [3] - China Construction Bank (00939) latest price is HKD 7.700, up by HKD 0.150 or 1.99% [3] - Xiaomi Group (01810) latest price is HKD 55.850, up by HKD 1.850 or 3.43% [3] - AIA Group (01299) latest price is HKD 72.700, down by HKD 1.400 or 1.89% [3] - Hong Kong Exchanges and Clearing (00388) latest price is HKD 443.600, down by HKD 4.400 or 0.98% [3] - JD.com (09618) latest price is HKD 119.600, down by HKD 1.800 or 1.48% [3]

Group 1 - The majority of popular Chinese concept stocks rose on Tuesday, with the Nasdaq Golden Dragon China Index increasing by 0.52% [1] - Alibaba saw an increase of over 2%, while Pinduoduo and JD.com both rose by more than 1% [1] - Li Auto and Beike experienced gains of over 4%, and NIO rose by over 3% [1] Group 2 - Xpeng Motors declined by over 1%, and Trip.com fell by over 2% [1]

Core Points - China has announced a visa-free policy for Russian passport holders from September 15, 2025, to September 14, 2026, allowing them to enter China for business, tourism, and family visits for up to 30 days without a visa [1] - Following the announcement, there was a significant increase in flight searches from Moscow to China, with a nearly 100% year-on-year increase in searches within half an hour and peak searches reaching nearly 4 times the usual volume [1] - The number of Chinese tourists visiting Russia has surged, with 1.0394 million trips recorded in 2024, marking a 209.3% year-on-year increase, while Russia received 1.5035 million visitors from China, a 115.1% increase [1] Industry Impact - The number of Russian tourists visiting China has significantly increased, with a 150% year-on-year growth in inbound travel orders on Ctrip since July [2] - Popular destinations for Russian tourists in China include Beijing, Shanghai, and Sanya, indicating a strong preference for major urban and scenic areas [2] - The introduction of the visa-free policy is expected to enhance cultural exchanges and tourism between China and Russia, potentially revitalizing the inbound tourism market in China [2]

Investment Rating - The report maintains a "Buy" rating for Ctrip Group-S (09961.HK) with a target price of 606.90 HKD, reflecting a potential upside from the current closing price of 576.00 HKD [5][3][20]. Core Insights - Ctrip's Q2 2025 performance is strong, with net operating revenue reaching 14.8 billion RMB, a year-on-year increase of 16%, and net profit of 4.9 billion RMB, up 26% year-on-year. The growth is driven by robust travel demand, particularly during holiday periods [1][9]. - The international business segment shows significant growth, with total bookings on the international OTA platform increasing by over 60% year-on-year, driven by the Asia-Pacific region and mobile bookings, which now account for 70% of total bookings [1][17]. - The report highlights the increasing participation and purchasing power of the silver-haired demographic through the "Old Friends Club," which saw user numbers and GMV grow over 100% since the end of 2024 [2][19]. Summary by Sections International Business Growth - Ctrip's international OTA platform has shown strong growth, with inbound travel bookings more than doubling year-on-year, primarily driven by demand from South Korea and Southeast Asia [1][17]. - Domestic travelers' enthusiasm for outbound travel continues to recover, with bookings for hotels and flights exceeding 120% of the same period in 2019 [1][17]. Financial Forecast and Investment Recommendations - The report projects revenues of 61.82 billion RMB for 2025, with a year-on-year growth rate of 16.0%, and net profit of 17.71 billion RMB, reflecting a growth rate of 3.7% [3][20]. - Ctrip's domestic business remains strong, while international operations are expected to contribute additional growth, making it a valuable long-term investment [3][20]. - The expected PE ratios for 2025-2027 are 21.4X, 18.6X, and 15.9X, respectively, indicating a favorable valuation outlook [3][20].

Core Insights - Ctrip has announced a new hybrid work policy that will eliminate the need for direct supervisor approval for remote work applications starting September 1, 2025 [1] - The pilot program will apply to all full-time technical (T-series) and product technical (PT-series) employees in China [1] - This change is seen as a significant move towards building a culture of trust and employee autonomy within the company [1] Summary by Sections - **Policy Change**: Ctrip will allow eligible employees to submit remote work applications without supervisor approval, with notifications sent to supervisors instead [1] - **Participation and Impact**: Since the introduction of the hybrid work policy in 2022, 70% of employees have participated, resulting in approximately 640,000 remote work instances [1] - **Cultural Shift**: The primary goal of this policy adjustment is to enhance work-life balance (WLB) and foster a culture based on trust and self-motivation among employees [1]

Core Points - The company has implemented a new policy allowing employees in the product and research departments to work from home without needing approval from direct supervisors, effective from September 1, 2025 [1] - This adjustment aims to enhance work-life balance (WLB) and foster a culture of trust and self-motivation among employees [1] - Since the introduction of the hybrid work policy in 2022, approximately 70% of employees have participated, with around 640,000 instances of remote work recorded [1] Summary by Categories Policy Changes - The new policy eliminates the requirement for direct supervisor approval for remote work applications, allowing for automatic approval upon submission [1] - The pilot program will specifically target domestic employees who have completed their probationary period in the T and PT series [1] Employee Engagement - The company has seen a significant uptake in hybrid working arrangements, with 70% employee participation since the policy's launch [1] - The initiative is part of a broader strategy to improve employee satisfaction and productivity by promoting a better balance between work and personal life [1]