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]

Group 1 - Midea Real Estate (03990) expects a profit increase to 350 million yuan for the first half of the year, driven by new business segments from asset distribution and development services [1] - Tongcheng Travel (00780) reported a 6.3% rise post-earnings, with adjusted net profit of 770 million yuan, exceeding expectations by 33% [1] - Country Garden (02007) shares rose over 4% following strong support for its offshore debt restructuring, with the coordination committee holding 49% of the total loan principal [1] - Kelun-Botai Biopharmaceutical (06990) saw a 4% increase in shares after reporting mid-year revenue of 950 million yuan, with efficient cash collection from receivables [1] Group 2 - Dongfang Zhenxuan (01797) shares surged nearly 12%, with a 300% increase since early July, despite a 30% year-on-year revenue decline in Q4 FY25 [2] - Zhihu-W (02390) shares rose over 16% ahead of its earnings announcement, with long-term funds increasing their holdings [2] - Jinyang New Energy (01121) shares increased nearly 1% as profitability for BC products is expected to improve with the ongoing recovery in the photovoltaic industry [2] - China Rare Earth Holdings (03788) shares jumped over 11% after announcing plans to spin off its gold business for a Hong Kong listing [2] Group 3 - Weimob Group (02013) shares rose over 7.5% ahead of its mid-term earnings report, with expectations of business recovery by 2025 due to improved consumer sentiment [3] Group 4 - iQIYI (IQ.US) shares surged 17.09% following the release of a new drama series, achieving significant viewership [4] - NIO (NIO.US) shares increased by 1.25% ahead of the launch of the new ES8 model and expansion into new markets [5] - Weibo (WB.US) shares rose 3.3% after exceeding earnings expectations, with revenue growth of 1.6% year-on-year [5] - Kingsoft Cloud (KC.US) shares increased by 5.38% as it prepares to release its earnings report, with expectations of revenue growth [5]

Core Insights - Futu Holdings Limited (FUTU) is currently viewed as a better value opportunity compared to Amadeus IT Group SA (AMADY) based on various financial metrics and rankings [1][7] Valuation Metrics - FUTU has a Zacks Rank of 2 (Buy), indicating a strong earnings outlook, while AMADY has a Zacks Rank of 3 (Hold) [3] - The forward P/E ratio for FUTU is 22.14, compared to AMADY's 23.58, suggesting that FUTU is relatively cheaper [5] - FUTU's PEG ratio is 1.08, which is significantly lower than AMADY's PEG ratio of 3.03, indicating better expected earnings growth relative to its price [5] - FUTU has a P/B ratio of 6.23, while AMADY's P/B ratio is 6.56, further supporting the argument that FUTU is undervalued [6] - Based on these metrics, FUTU has earned a Value grade of B, whereas AMADY has a Value grade of C [6]

Group 1 - The core viewpoint of the article indicates that Futu Holdings has seen a pre-market increase of 1.6% in U.S. stocks, with CICC predicting that its second-quarter performance will exceed expectations [1] Group 2 - CICC's forecast suggests a positive outlook for Futu's financial results, indicating strong performance in the upcoming earnings report [1]

8月18日，富途控股(FUTU)开盘上涨2.09%，截至21:30，报177.9美元/股，成交2679.12万美元，总市值 247.69亿美元。 本文源自：金融界 作者：行情君 大事提醒： 8月20日，富途控股将于(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美 国当地时间，实际披露日期以公司公告为准）。 资料显示，富途控股有限公司是香港一家领先的一站式金融科技平台,凭藉公司的全数字化证券经纪和 理财产品分销服务革新投资体验。公司开展业务的初衷是任何人都不应该因为交易成本过高或市场经验 不足而被投资市场拒之门外。科技渗透在公司业务的方方面面,使公司能够依托安全、稳定、灵活及可 扩展的在线平台提供全新的用户体验。 财务数据显示，截至2025年03月31日，富途控股收入总额46.95亿港元，同比增长81.09%；归母净利润 21.45亿港元，同比增长106.65%。 ...

| FUTU 富途控股 | | | | --- | --- | --- | | 174.250 ↓ -0.500 -0.29% | | 收盘价 08/15 16:00 美东 | | 176.580 + 2.330 +1.34% | | 盘前价 08/18 04:16 美东 | | 二十 24 华 S Q 同 ♥自选 | | ● 快捷交易 | | 最高价 177.640 | 开盘价 177.080 | 成交量 149.12万 | | 最低价 172.990 | 昨收价 174.750 | 成交额 2.61亿 | | 平均价 174.878 | 市盈率 TM 28.99 | 总市值 242.6亿(m) | | 振 幅 2.66% | 市盈率(静) 34.78 | 总股本 1.39亿 | | 换手率 2.52% 市净率 6.229 | | 流通值 103.27亿 | | 52周最高 179.170 委 比 -95.12% | | 流通股 5926.58万 | | 52周最低 54.925 量 比 0.67 | | 電 手 1股 | | 历史最高 199.545 股息TTM -- | | | | 历史最低 7.972 ...

Group 1 - Pinduoduo, Futu, and Huazhu Group remain heavily favored by Chinese private equity firms, while tech giants like Nvidia, Meta, and Microsoft are increasingly appearing in their portfolios [1][3] - In Q2, Hillhouse and Jinglin significantly reduced or completely sold off some Chinese concept stocks, while Li Lu re-entered Pinduoduo after a three-year hiatus, indicating differing views on the prospects of Chinese stocks among funds [1][3][6] - Hillhouse's total market value in US stocks reached $3.105 billion, with Pinduoduo as the largest holding at $730 million, accounting for 23.52% of its portfolio [3][5] Group 2 - Hillhouse's major reductions included 1 million shares of NetEase (down 37.66%), 4.5 million shares of Beike (down 37.64%), and 2.76 million shares of Alibaba (down 70.58%) [6][10] - Gao Yi's holdings decreased from $770 million to $397 million, with a significant sell-off of 13 stocks, leaving only 9 stocks in its portfolio [7][8] - Gao Yi's largest holding became Huazhu Group, which accounted for 42.19% of its portfolio after reductions in Pinduoduo and Yum China [10] Group 3 - Jinglin's total market value in US stocks was $2.874 billion, with Meta as the largest holding at 25.46%, marking the third consecutive quarter of increased investment in Meta [11][13] - Jinglin also made significant investments in Nvidia, becoming its seventh-largest holding, and reduced positions in companies like NetEase and TSMC [11][13] - Himalaya Capital, led by Li Lu, made a notable return to Pinduoduo, purchasing 4.608 million shares, making it the second-largest holding at 17.93% [14][15] Group 4 - Dongfang Hongwan's total market value reached $1.126 billion, with Nvidia as the top holding, and it also entered the cryptocurrency space by purchasing Coinbase [17][20] - The fund increased its holdings in Google, making it the second-largest position, while also investing in Tesla and Netflix [19][20] - Duan Yongping's H&H International Investment reported a total market value of $11.5 billion, with significant increases in holdings of Apple and Nvidia [21][22]

Group 1: Investment Trends in Chinese Stocks - Prominent private equity firms such as Hillhouse, Gao Yi, and Jinglin have heavily invested in Chinese concept stocks, indicating confidence in the long-term development of the Chinese economy and the investment value of these stocks [1][2][6] - Hillhouse's HHLR Advisors reported a market value of $3.105 billion in U.S. stocks as of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a strong preference for quality Chinese assets [2] - In HHLR's top ten holdings, eight are Chinese concept stocks, with Pinduoduo being the largest, having increased by 18% this year, and Futu Holdings doubling with a 118% increase [2] Group 2: Jinglin Asset Management's Adjustments - Jinglin Asset Management disclosed a U.S. stock holding of $2.873 billion as of Q2 2025, with significant adjustments in its top ten holdings, including both Chinese and foreign internet giants [3][6] - Jinglin has notably increased its position in NVIDIA, purchasing 630,000 shares during Q2, as NVIDIA's stock rebounded significantly after a decline earlier in the year [4][5] Group 3: Gao Yi Asset Management's Strategy - Gao Yi Asset Management reported a significant reduction in its U.S. stock holdings, with a market value of $397 million as of Q2, indicating a strategic shift away from several stocks [7][9] - The largest holding for Gao Yi is Huazhu, valued at $168 million, which constitutes 42.19% of its portfolio, while Pinduoduo is the second largest at $137 million, making up 34.57% [8][9]

Core Viewpoint - The recent disclosures of U.S. stock holdings by prominent private equity firms such as Hillhouse, Highfields, and Jinglin indicate a strong confidence in the long-term development prospects of the Chinese economy and recognition of the investment value of Chinese concept stocks [1]. Group 1: Hillhouse Capital - Hillhouse's U.S. stock holdings reached a market value of $3.105 billion as of the end of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a long-term bullish outlook on quality Chinese assets [3]. - Among Hillhouse's top ten holdings, eight are Chinese concept stocks, with Pinduoduo as the largest position, up 18% year-to-date. Futu Holdings has doubled, with a 118% increase [3]. - In Q2, Hillhouse increased its positions in Futu Holdings and Pinduoduo while reducing holdings in Alibaba, Beike, and NetEase, which have seen significant price increases of 47% and 48% respectively [3]. Group 2: Jinglin Asset - Jinglin Asset's U.S. stock holdings amounted to $2.873 billion as of the end of Q2 2025, with a significant adjustment in its top ten holdings, including both Chinese and foreign internet giants [5]. - The top ten holdings include Meta, NetEase, Pinduoduo, and Nvidia, with a notable purchase of 630,440 shares of Nvidia during Q2, reflecting confidence in AI computing leaders [6][7]. - Jinglin expressed optimism about China's development prospects, suggesting a shift in global perception of Chinese companies from being undervalued to attracting renewed global investment [7]. Group 3: Highfields Asset - Highfields Asset reported a significant reduction in its U.S. stock holdings, with a market value of $397 million at the end of Q2, down from the previous quarter [8]. - The largest holding is Huazhu, valued at $168 million, representing 42.19% of the portfolio, followed by Pinduoduo at $137 million, accounting for 34.57% [10].

Core Viewpoint - HHLR Advisors, a fund management platform under Hillhouse Capital, revealed its U.S. stock holdings as of the end of Q2 2025, showing a total market value of $3.10 billion, a decrease from $3.54 billion in the previous quarter, with a continued focus on Chinese stocks, particularly Pinduoduo, which remains the largest holding [2][3][5]. Holdings Summary - HHLR's U.S. stock holdings are primarily concentrated in Chinese stocks, accounting for over 90% of the portfolio, reflecting a long-term optimism towards quality Chinese assets [5][7]. - In Q2 2025, HHLR made two new purchases, added to two existing positions, sold out of 15 stocks, and reduced holdings in nine stocks [5][6]. - The top ten holdings represent 90.28% of the total portfolio, indicating a high concentration in key sectors such as internet technology, consumer goods, and biopharmaceuticals [5][6]. Major Holdings - Pinduoduo remains the largest holding with an increase of 414,200 shares, bringing the total to 6.9768 million shares, valued at $730 million, which constitutes 11.52% of the portfolio [6][7]. - Futu Holdings also saw an increase in holdings to 4.3122 million shares, valued at $533 million, with a year-to-date increase of over 118% [7]. - Webull Corporation (微牛证券) entered the top ten holdings for the first time, with 33.0808 million shares valued at $39.564 million, following its NASDAQ listing in April 2025 [7]. Reductions in Holdings - HHLR reduced its positions in Alibaba, Beike, and NetEase, selling 2.7581 million shares of Alibaba, bringing the total to 1.1497 million shares, valued at $130 million [9]. - The firm also decreased its holdings in Beike by 4.5079 million shares and in NetEase to 1.6637 million shares, reflecting a strategy to lock in profits amid rising stock prices [9]. - Other notable reductions included JD.com, Yatsen Holding, and Vipshop, with complete sell-offs of companies like Baidu and Trip.com [9].