Core Insights - Bridgewater Associates has divested from U.S.-listed Chinese stocks in Q2 2023, indicating a significant pullback from the market due to geopolitical tensions and declining investor confidence in China's economic outlook [1][2] - The hedge fund has closed out positions in major Chinese companies such as Baidu, Alibaba, JD.com, PDD Holdings, Nio, Trip.com Group, and Yum China, while also reducing its stake in Apple but increasing holdings in Microsoft and Nvidia [2] - Ray Dalio, the founder of Bridgewater, had previously defended investments in China but has expressed concerns about U.S.-China relations and economic challenges facing China [3] Company Actions - Bridgewater Associates has sold its stakes in several prominent Chinese companies, reflecting a strategic shift in investment focus [2] - The fund's adjustments include a reduction in Apple holdings and an increase in investments in Microsoft and Nvidia, suggesting a reallocation towards more stable or promising sectors [2] Geopolitical Context - The extension of the tariff truce between the U.S. and China for an additional 90 days has implications for trade relations, with current tariffs on Chinese imports at 30% and U.S. exports to China at 10% [4] - The potential increase in tariffs, which could have reached 145% on Chinese goods, highlights the ongoing trade tensions and their impact on investment strategies [4]

【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周 年 。 在 这 一 重 要 历 史 节 点 ， 联 合 国 全 球 契 约 组 织 与 中 国 外 文 局 亚 太 传 播 中 心 、 第 一 财 经 联 合 推 出"ESG+20可持续发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企 业的实践成果，探讨中国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 本期"ESG+20可持续发展领导力系列访谈"，对话携程集团联合创始人兼董事局主席梁建章。携程集团于2021 年加入联合国全球契约组织。 携程在可持续发展的家庭友好、社区友好、环境友好与业态友好方面，持续开拓创新、积极探索。梁建章表 示，可持续发展的关键，在于创新，企业需要创新，国家层面的创新力需要更多的年轻人来实现。 在中国旅游市场刚起步之际，梁建章尝试通过互联网的方式来为旅行者提供便利的体验，于是便创立了携程集 团。从互联网到移动互联网，再到如今的人工智能（AI），旅游行业的发展紧跟科技革新步伐，在不断地演 化和进步，"未来，不光是AI技术，整个数字技术包括 ...

【编者按】随着ESG多项国际准则生效实施，ESG的发展进入新纪元。2024年，ESG理念迎来20周年。 在这一重要历史节点，联合国全球契约组织与中国外文局亚太传播中心、第一财经联合推出"ESG+20可 持续发展领导力系列访谈"节目，通过对话20位中国企业家的形式，结合实地走访受访企业的实践成 果，探讨中国企业领导者在可持续发展、ESG及企业社会责任方面的洞见、成果和领导力。 本期"ESG+20可持续发展领导力系列访谈"，对话携程集团联合创始人兼董事局主席梁建章。携程集团 于2021年加入联合国全球契约组织。 旅游兼顾低碳出行是未来的一个趋势。梁建章介绍了携程正在尝试的低碳酒店模式，首先是将酒店进行 低碳化改造，包括在屋顶设立太阳能发电，大部分电可以自己用，大部分电还可以输回给电网，这样就 实现碳排放的大幅降低，减少约30%~50%的碳排放。再为这类酒店附上低碳的标签，面向全球游客进 行推广，提倡低碳的游客非常认可此类旅游产品，"未来希望能够逐步将这种低碳酒店模式进行推广。" "美好社会是一个可持续发展的社会，希望人类文明能够长期繁荣下去。"梁建章表示，而提供好的旅游 服务，能够让人类长期保持对旅游的兴趣。对于 ...

Group 1: Market Overview - Global markets showed positive performance, with the Hang Seng Index rising by 2.58% and the Nasdaq increasing by 0.14% year-to-date [1][3] - The Hong Kong stock market experienced significant gains, particularly in healthcare, information technology, and consumer discretionary sectors, while utilities, telecommunications, and energy sectors lagged [3] - A net outflow of HKD 8.277 billion was observed from southbound funds, indicating a cautious sentiment among investors [3] Group 2: Economic Insights - The U.S. economy is experiencing a rebound in core inflation, with expectations for a potential interest rate cut being pushed to later dates [4] - China's economic indicators show a continued recovery, with M1 and M2 growth rates reaching recent highs, although household housing demand remains weak [4] - The Chinese central bank is expected to maintain a loose monetary policy, potentially lowering the reserve requirement ratio (RRR) and the loan prime rate (LPR) in the future [4][5] Group 3: Company Analysis - Tencent - Tencent reported a strong Q2 2025 performance, with total revenue and non-IFRS operating profit increasing by 15% and 18% year-on-year, respectively [5] - The gaming and marketing segments showed robust growth, with year-on-year increases of 22% and 20%, contributing to a 3.6 percentage point rise in gross margin [5] - The target price for Tencent has been raised to HKD 705.0, reflecting confidence in its growth strategy and AI development opportunities [5] Group 4: Company Analysis - Hongteng Precision - Hongteng Precision's Q2 2025 results met expectations, with revenue and net profit growing by 9% and 13% year-on-year, respectively [6] - The company is accelerating its business transformation, with AI cloud and automotive segments accounting for 36% of revenue in Q2, up from 24% in 2024 [6][7] - The target price for Hongteng Precision is set at HKD 4.96, based on a rolling 16 times 2026 expected P/E ratio, indicating an attractive valuation [7] Group 5: Company Analysis - 361 Degrees - 361 Degrees maintains its sales growth guidance of 10%-15% for FY25, supported by strong demand for basketball products and e-commerce growth [8][9] - However, there are concerns regarding store opening risks and declining same-store sales, which could impact future orders [8] - The target price for 361 Degrees has been adjusted to HKD 7.09, reflecting a valuation based on 11 times FY25 expected P/E [8]

Group 1 - Webtoon shares increased by 30.3% following better-than-expected Q2 performance and a partnership with Disney [1] - Cava, a Mediterranean restaurant chain, saw a decline of 22.1% as Q2 revenue fell short of expectations [1] - CoreWeave, an AI infrastructure provider, experienced a drop of 10.8% with mixed quarterly results [1] - Trip.com (携程网) shares rose by 4.0% due to explosive growth in the summer travel market [1]

Core Insights - Ctrip (TCOM) opened with a 4.08% increase, reaching $61.76 per share, with a total market capitalization of $40.367 billion as of August 13 [1] - As of March 31, 2025, Ctrip reported total revenue of 13.83 billion RMB, a year-on-year increase of 16.17%, while net profit attributable to shareholders decreased by 0.81% to 4.277 billion RMB [1] - Ctrip is set to release its fiscal year 2025 mid-term report on August 25, with the actual disclosure date subject to company announcements [1] Company Overview - Ctrip Group is a leading one-stop travel platform globally, offering a comprehensive range of travel products, services, and differentiated travel content [1] - The company assists users in exploring travel options, providing inspiration and information for cost-effective travel bookings, and offering in-trip services [1] - Established in 1999, Ctrip went public on NASDAQ in 2003 and was listed on the Hong Kong Stock Exchange in 2021, operating brands including Ctrip, Qunar, Trip.com, and Skyscanner [1] Business Operations - Ctrip's accommodation services offer over 1.7 million options, including hotels, motels, resorts, residences, apartments, homestays, inns, and other properties [2] - The flight booking service provides tickets from over 600 airlines, covering more than 3,400 airports in over 220 countries and regions [2] - The company primarily serves non-mainland Chinese users through Trip.com and Skyscanner, with Trip.com offering services in 24 languages and 35 local currencies [2] - Skyscanner provides services in over 50 countries and regions, supporting more than 35 languages [2] - Ctrip employs 36,249 staff members as of December 31, 2023 [2]

Core Viewpoint - Ctrip (TCOM.US) is experiencing a significant increase in travel orders, with a year-on-year growth exceeding 60%, particularly driven by third and fourth-tier cities, indicating a booming summer travel market in 2025 [1] Company Summary - Ctrip's stock rose by 3.7% in pre-market trading, reflecting positive market sentiment [1] - The company is positioned in a rapidly growing tourism industry, benefiting from a substantial increase in order volume, which is expected to enhance revenue and profit forecasts [1] Market Data - Ctrip's closing price on August 12 was $59.34, with a pre-market price of $61.52 on August 13, showing an increase of $2.18 or 3.67% [1] - The stock's highest price reached $60.375, while the lowest was $59.30, with a trading volume of 4.3124 million shares [1] - The company's total market capitalization stands at $38.785 billion, with a price-to-earnings ratio of 17.40 [1]

Core Viewpoint - The U.S. stock market saw a collective rise in popular Chinese concept stocks before the market opened, indicating positive investor sentiment towards these companies [1] Group 1: Stock Performance - Bilibili experienced a rise of over 5% [1] - NetEase and Kingsoft Cloud both increased by more than 4% [1] - Ctrip, Tiger Brokers, Li Auto, NIO, Futu, and Quantum Song all saw gains exceeding 3% [1] - Alibaba, Tencent Music, and Pinduoduo rose by more than 2% [1]

Group 1 - Kangji Medical (09997) resumed trading with a nearly 1% increase, announcing a privatization agreement with Knight Bidco Limited, which will make Kangji a wholly-owned subsidiary and delist from the Hong Kong Stock Exchange after completion [1] - Tencent Music (01698) opened high with over a 15% increase, reporting a 30% year-on-year increase in adjusted net profit for Q2 ending June 30, 2025, driven by high-quality growth in its online music business [1] - Mingyuan Cloud (00909) opened over 2% higher, announcing a cash acquisition of 100% equity in ASIOT Co., Ltd. for 700 million yen by its subsidiary MytePro Japan [1] Group 2 - Yuedu Group (00772) surged over 15%, reporting a 68.5% year-on-year increase in net profit for the first half of the year, with strong performance in IP for premium films and animations, and significant growth in the emerging short drama sector [2] - Minmetals Resources (01208) rose over 9%, with net profit increasing 15 times year-on-year, attributed to higher copper production and rising prices of copper, gold, silver, and zinc [2] - Beihai Kangcheng-B (01228) increased over 31%, announcing a strategic cooperation agreement with Baiyang Pharmaceutical for exclusive commercial services in promoting several products in mainland China, Hong Kong, and Macau [2] Group 3 - Zhonghui Biotech-B (02627) surged over 25%, as its vaccine product was included in the preliminary review list of the national commercial health insurance innovative drug catalog [2] - Gilead Sciences-B (01672) rose over 5%, announcing promising efficacy results for its candidate drug ASC47 in combination with teriparatide for obesity treatment in diet-induced obesity mouse studies [3] - Dongying Travel (06882) fell over 9%, issuing a profit warning with expected net profit of approximately 6 million HKD for the first half of 2025, down about 82% from 34 million HKD in the same period last year [3] Group 4 - Kodak (KODK.US) dropped 19.91% after reporting a shift from profit to loss in Q2, raising concerns about its ability to execute critical financing measures [4] - Niu Technologies (NIU.US) rose 11.69%, reporting a turnaround to profitability in Q2 and projecting Q3 revenue between 1.433 billion to 1.638 billion CNY, a year-on-year increase of 40% to 60% [4] - Huya (HUYA.US) increased by 4.53%, preparing to release its financial report, with a strong growth trajectory in gaming-related services [4] Group 5 - ON Running (ONON.US) rose 8.95%, reporting a 32% year-on-year increase in Q2 sales and projecting annual net sales of at least 2.91 billion Swiss francs, exceeding previous expectations [6] - Micron Technology (MU.US) increased by 3.26%, significantly raising its Q4 fiscal year 2025 revenue guidance to between 11.1 billion to 11.3 billion USD, with gross margin guidance improved to 44% to 45% [6]

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 24,970, up 0.25% for the day and 24.48% year-to-date [1] - The US markets saw gains, with the Dow Jones up 1.10% and the S&P 500 up 1.13%, reflecting positive sentiment driven by moderate inflation data [3] Hong Kong Stock Performance - The Hang Seng Financial Index rose 0.52% and is up 28.47% year-to-date, while the Hang Seng Utilities Index fell 0.30% but is still up 5.00% for the year [2] - Southbound capital saw a net inflow of HKD 9.45 billion, indicating strong interest in Hong Kong stocks [3] Economic Policies and Impacts - The Chinese government announced targeted interest subsidies for personal consumption loans, potentially leading to an increase in loan growth by CNY 1 trillion [3] - The Hong Kong Monetary Authority intervened by buying HKD 7.065 billion to defend the currency peg, with total purchases since June reaching HKD 116.6 billion [3] Company Analysis: Kingdee International - Kingdee reported a 1H25 revenue of CNY 3.19 billion, a year-on-year increase of 11.2%, aligning with expectations [4] - The company aims for AI-related revenue to constitute over 30% of total revenue by 2030, with AI contracts exceeding CNY 150 million in 1H25 [4] Company Analysis: Tencent Music - Tencent Music's 2Q25 revenue grew 18% to CNY 8.44 billion, with Non-IFRS net profit increasing 37% to CNY 2.57 billion, surpassing market expectations [5] - The company is expected to continue its growth trajectory, with projected revenue and profit increases of 17% and 28% respectively for 3Q25 [5] Focus Stocks - Geely Automobile (175 HK) has a target price of HKD 24.00, representing a 24% upside potential [6] - Luckin Coffee (LKNCY US) has a target price of USD 44.95, indicating a 19% upside potential [6] - Tencent (700 HK) is rated "Buy" with a target price of HKD 660.00, reflecting an 18% upside potential [6]