Core Viewpoint - The U.S. stock market saw significant gains, with the S&P 500 and Nasdaq reaching record closing highs, while major Chinese tech stocks experienced substantial increases [2][3][4]. Group 1: U.S. Stock Market Performance - The three major U.S. stock indices all closed higher, with the Dow Jones up 1.14% to 45010.29 points, the S&P 500 rising 0.78% to 6358.91 points, and the Nasdaq increasing 0.61% to 21020.02 points, marking new closing highs for both the S&P 500 and Nasdaq [4][6]. - Notable gainers included Merck, which rose nearly 3%, and UnitedHealth Group, which increased over 2%, leading the Dow [4]. Group 2: Chinese Tech Stocks - Chinese tech stocks saw a majority increase, with the Nasdaq Golden Dragon China Index rising 0.75% and the Wind Chinese Tech Leaders Index up 1.86% [17]. - Key performers included Tencent, which rose 3.93%, Pinduoduo up 2.97%, and Meituan increasing by 1.90%, leading the Wind Chinese Tech Leaders Index [20]. Group 3: Corporate Earnings Reports - Alphabet (Google) reported strong Q2 earnings, with revenue of $96.428 billion, exceeding expectations of $93.94 billion, and an EPS of $2.31, surpassing the forecast of $2.17. The stock rose 3% in after-hours trading following the announcement [23][24]. - Tesla reported a Q2 adjusted EPS of $0.40, a 23% year-over-year decline, with revenue of $22.5 billion, down 12% from the previous year. The stock fell over 2% in after-hours trading [25][26].

Group 1 - Nasdaq Golden Dragon China Index initially rose by 0.7% [1] - Among popular Chinese concept stocks, Xiaoma Zhixing increased by 7.7%, WeRide rose by 5.2%, Tencent gained 4%, and Pinduoduo climbed by 3% [1] - TSMC (Taiwan Semiconductor Manufacturing Company) increased by 2.3%, Alibaba rose by 1.5%, while NetEase, Baidu, and JD.com had gains of less than 1% [1] Group 2 - Xiaomi decreased by 0.7%, Li Auto fell by 1.4%, and NIO dropped by 2.1% [1]

据了解，中证香港300主题指数系列从中证香港300指数样本中根据中证行业分类选取符合相应主题的证 券作为指数样本，反映了在香港交易所上市各主题证券的整体表现。该指数以2004年12月31日为基日， 以1000.0点为基点。 从指数持仓来看，中证香港300现代服务指数十大权重分别为：腾讯控股（17.58%）、阿里巴巴-W （11.7%）、汇丰控股（9.08%）、建设银行（5.16%）、美团-W（4.09%）、友邦保险（3.83%）、香 港交易所（2.85%）、中国移动（2.79%）、工商银行（2.74%）、网易-S（2.21%）。 金融界7月23日消息，A股三大指数收盘涨跌不一，中证香港300现代服务指数 (H300现代服务， H30107)报1730.04点。 从中证香港300现代服务指数持仓的市场板块来看，香港证券交易所占比100.00%。 数据统计显示，中证香港300现代服务指数近一个月上涨6.24%，近三个月上涨16.01%，年至今上涨 23.03%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。特殊情况下将对指数进行临时调整。当样本退市时，将其 ...

Core Viewpoint - The establishment of a regular communication mechanism between relevant authorities and the China Securities Regulatory Commission (CSRC) aims to support the capital market in Shenzhen's comprehensive reform, with expectations for a series of reforms, including the return of companies listed on the Hong Kong Stock Exchange to the Shenzhen Stock Exchange [1][2] Group 1: Market Dynamics - The Shenzhen authorities have enhanced communication with various ministries since the issuance of the "Opinions on Deepening the Reform and Innovation of Shenzhen's Comprehensive Reform Pilot" [2] - The market anticipates that the return of companies from the Guangdong-Hong Kong-Macao Greater Bay Area to the Shenzhen Stock Exchange will provide more investment opportunities for investors and contribute to the growth of the A-share market [2][3] Group 2: Eligible Companies - There are over 250 companies listed on the Hong Kong Stock Exchange that are registered in the Guangdong-Hong Kong-Macao Greater Bay Area, with 30 already listed on the A-share market and 220 yet to return [3] - Among the 220 companies, the top three by market capitalization are AIA Group (737.19 billion HKD), Hong Kong Exchanges and Clearing (548.47 billion HKD), and Bank of China (Hong Kong) (379.03 billion HKD) [3] Group 3: Regulatory Framework - The National Development and Reform Commission has indicated support for eligible Hong Kong-listed companies to issue depositary receipts on the Shenzhen Stock Exchange, clarifying the path for different types of Hong Kong companies to return to A-shares [3][4] - The current rules require that red-chip companies seeking secondary listings on the Shenzhen Stock Exchange must have a market capitalization of at least 200 billion CNY and possess strong technological innovation capabilities [5][6] Group 4: Economic Implications - The return of Hong Kong-listed companies to the Shenzhen Stock Exchange is expected to enrich the industry matrix and enhance the valuation system of the A-share market, potentially attracting international capital [6][7] - The dual listing on both the Shenzhen and Hong Kong exchanges may facilitate the return of offshore RMB, thereby promoting the internationalization of the RMB and enhancing cross-border capital flow [7]

Core Insights - The gaming industry is experiencing increasing concentration, with top companies dominating the most lucrative segments, attracting most user engagement with evergreen products [1] - Many companies are exploring opportunities on the Steam platform, particularly focusing on buyout games due to their stable return expectations and lower risk of loss compared to more competitive segments [2][3] Group 1: Changes in Steam's Bestsellers - The recommendation algorithm for Steam's new product festival has changed, allowing for targeted recommendations, which has led to the emergence of several retro-style small-scale hit products [5] - Domestic major companies' investments in overseas studios are starting to show results, with these studios releasing products that incorporate popular gameplay trends [6] - There is a noticeable trend of fewer original IPs among this year's bestsellers, with many being sequels to classic series or remakes, developed by teams experienced in specific gameplay styles [7] Group 2: Performance of Small-Scale Games - In the first half of 2025, 40% of the top 30 selling games on Steam were independent or AA games, indicating a decline in the dominance of traditional AAA companies [9] - Successful small-scale hit products often focus on single classic gameplay mechanics, relying on low-cost control, shareable design, and deep optimization of the experience [12] - Notable small-scale hits include "Heroes of Hammerwatch II," "The Headliners," and "Age of Darkness: Final Stand," showcasing simple yet engaging gameplay [14][15][16] Group 3: Trends in Medium and Large Games - Approximately 70% of successful medium to large games in the first half of 2025 are sequels or remakes of classic IPs, while only about 10% are new IPs created through innovative gameplay [21] - Domestic companies are increasingly focusing on buyout games, which provide stable returns and allow for the testing of new gameplay ideas [23][24] - Major companies like Tencent and NetEase are investing in promising single-player game teams to mitigate risks while developing new IPs [25] Group 4: Upcoming Trends and Predictions - The second half of 2025 is expected to see a continuation of the trend towards classic IP sequels, with players showing a strong interest in nostalgic gameplay experiences [37] - Anticipated titles include new entries in established franchises and remakes, which are likely to perform well in the market [39][40] - The market is looking for products that not only leverage established IPs but also meet modern player demands for engaging and shareable gameplay experiences [42]

截至2025年6月底，基金的第一大重仓股为台积电，对台积电的持仓市值为67.21亿美元。第二大重仓股为空客，基金对空客的持仓市值为30.21亿美元。第 三大重仓股为诺和诺德，基金对其持仓市值为29.38亿美元。第四大重仓股为SAP，基金对其持仓市值为28.01亿美元。第五大重仓股为UniCredit，基金对 其持仓市值为20.76亿美元。 【导读】资本集团旗下多只旗舰基金加仓腾讯控股 中国基金报记者吴娟娟 日前，美国万亿美元资产管理巨头资本集团旗下多只旗舰基金披露截至二季度末的持仓信息。数据显示，二季度公司多只巨无霸基金加仓中国股票。其 中，规模近万亿元的EUPAC基金加仓腾讯控股的幅度超过60%。 资本集团为总部位于洛杉矶的资管机构，拥有93年历史，最新管理规模为2.8万亿美元，在全世界15个国家拥有业务，以长线投资、深入的基本面研究和 多基金经理共管模式见长。 万亿级基金加仓腾讯控股62.62% EUPAC基金（之前基金名称为Europacific Growth Fund）为资本集团的旗舰基金，最新规模为1344.77亿美元，约合9650亿元人民币。该基金重点投资美国 以外的公司，由11位基金经理共同管理 ...

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong Technology Index, which has shown significant growth, with a year-to-date increase of 35.11% [1] - The index consists of 50 large-cap technology companies listed in Hong Kong, selected based on their market capitalization, R&D investment, and revenue growth [1] - The top ten weighted companies in the index include Xiaomi Group-W (10.24%), Tencent Holdings (9.72%), Alibaba-W (9.62%), Meituan-W (8.32%), BYD Company (7.9%), NetEase-S (6.81%), JD Group-SW (6.59%), Baidu Group-SW (3.98%), SMIC (3.72%), and Kuaishou-W (3.49%) [1] Group 2 - The sector distribution of the index's holdings shows that consumer discretionary accounts for 41.28%, communication services for 26.09%, information technology for 21.39%, healthcare for 10.79%, and industrials for 0.45% [2] - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Public funds tracking the Hong Kong technology sector include the Southern China Securities Hong Kong Technology ETF and the China Merchants Securities Hong Kong Technology ETF [3]

Core Insights - The National Press and Publication Administration announced the approval of 134 game licenses in July, consisting of 127 domestic and 7 imported games, maintaining a high issuance level [1] Group 1: Game License Approvals - A total of 134 game licenses were issued in July, including 127 domestic and 7 imported games [1] - The cumulative number of game licenses issued this year has reached 946, with 884 being domestic, showing significant year-on-year growth [6] - The issuance of game licenses has returned to a normalized state, supporting the development of the gaming industry [6] Group 2: Notable Games and Companies - Major companies such as Tencent, NetEase, 37 Interactive Entertainment, Giant Network, and others have successfully obtained licenses for various games [2][3] - Notable games include NetEase's "Diablo IV" and "Marvel's Midnight Suns," which are highly anticipated by players [3] - Tencent's "Ultimate Showdown" has also received a license, with player reservations now open [5] Group 3: Market Trends - In the first half of the year, a total of 757 domestic game licenses were issued, representing over a 20% increase compared to the same period in 2024 [5] - The focus on game quality and social responsibility in content is expected to accelerate the introduction of high-quality games [6]

Core Insights - In July, the National Press and Publication Administration approved 127 domestic and 7 imported online game licenses, highlighting a significant regulatory activity in the gaming industry [2][3] - Notable domestic games include "Kingshot" under the brand "奔奔王国," which has shown strong performance in overseas markets [3] - The total number of approved domestic games for the year reached 884, while 62 imported games were licensed as of July [3] Domestic Game Approvals - A total of 127 domestic games were approved, comprising 81 mobile games, 35 mobile-casual puzzle games, and 9 mobile-client games, along with one client game and one mobile-web game [2] - Key domestic titles include "名将传" by Giant Network, "阿尔法契约" by 4399, and "消消瓜果园" by 点点互动, among others [2] Imported Game Approvals - Seven imported games received licenses, including Tencent's "终极角逐" and NetEase's "暗黑破坏神4" (Diablo IV), which is a highly anticipated action RPG from Blizzard Entertainment [3] - "暗黑破坏神4" has gained significant attention globally since its release on June 6, 2023, and has been a notable absence in the Chinese market due to previous contractual issues [3]

Core Insights - Guizhou is transitioning from a storage-centric model to an integrated storage and computing model, focusing on intelligent computing as a priority to establish a national computing power support base [1] Group 1: Data Center Development - Guizhou has 48 key data centers under construction or in operation, with 28 being large-scale data centers and a storage capacity of 25EB [3] - The province's intelligent computing scale has reached 85EFLOPS, with intelligent computing accounting for over 98% of the total [3] - Guizhou's outbound bandwidth exceeds 60,000 Gbps, and it has established the world's first 400G computing power channel, connecting to 42 major cities nationwide with a network latency of approximately 16-17 milliseconds to Beijing [3] Group 2: Computing Power Services - Guizhou provides cloud rendering computing power services to over 50 countries and regions, serving more than 200,000 users, with significant contributions to the rendering of domestic films like "Ne Zha 2" [3] - The province aims to expand its computing power services by optimizing the "Guizhou Computing Power Voucher" policy to meet the demands of industries such as large model training, animation rendering, and esports [4] Group 3: Future Plans - By 2025, Guizhou plans to enhance its intelligent computing scale and accelerate the construction of data centers and intelligent computing centers in collaboration with companies like Huawei Cloud, Midea, and NetEase [3] - The focus will be on improving the speed and stability of optical networks and reducing data center electricity costs while increasing the proportion of green energy [3]