BYD(SZ:002594) Mei Ri Jing Ji Xin Wen·2025-07-22 01:18Market Overview - The Hong Kong stock market saw all three major indices rise on July 21, with the Hang Seng Index increasing by 0.68% to close at 24,994.14 points, marking a new high since February 2022, and briefly surpassing the 25,000-point threshold during trading [1] - The Hang Seng Tech Index rose by 0.84%, and the Hang Seng China Enterprises Index increased by 0.6%. Large tech stocks generally performed well, while sectors like building materials, cement, steel, wind power, and infrastructure showed strong performance [1] - Notable individual stocks included Meituan and JD Group, both rising over 2%, while Alibaba, NetEase, Xiaomi Group, and Kuaishou saw increases of over 1% [1] Southbound Capital - On July 21, southbound capital recorded a net purchase of Hong Kong stocks amounting to HKD 70.51 billion. Year-to-date, the cumulative net purchase reached HKD 794.728 billion, achieving 98.4% of last year's total net purchase of HKD 807.869 billion [2] U.S. Market Performance - The U.S. stock market showed mixed results, with the Dow Jones Industrial Average falling by 0.04%, while the S&P 500 and Nasdaq rose by 0.14% and 0.38%, respectively, with both indices reaching historical highs [3] - Chinese concept stocks had varied performances, with the Nasdaq Golden Dragon China Index declining by 0.28%. Notable movements included a 16% increase in Huya and nearly 3% rise in NIO [3] Key Developments - Alibaba launched an upgraded version of its Qwen3 model, which outperforms leading closed-source models like Kimi-K2 in various capabilities, including instruction adherence and logical reasoning [4] - The Hong Kong Stock Exchange announced a reduction in the minimum price fluctuation for stocks, set to take effect on August 4, 2025, following successful market rehearsals and regulatory approvals [4] Short Selling Data - On July 21, a total of 614 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 25.905 billion. The top three stocks by short-selling amount were Alibaba (HKD 18.02 billion), Meituan (HKD 17.86 billion), and BYD (HKD 8.92 billion) [5] Institutional Insights - Huatai Securities noted improvements in negative factors affecting the profit outlook for tech companies, including a potential easing of profit pressures from the "takeout war" due to recent regulatory discussions with major food delivery platforms [6] - The approval for Nvidia to sell H20 to China is expected to boost domestic capital expenditure, alongside significant events like the KimiK2 open-source release, catalyzing the AI market [6]