BYD(SZ:002594) Mei Ri Jing Ji Xin Wen·2025-07-24 00:55Market Overview - On July 23, Hong Kong's three major indices opened higher and closed with gains: the Hang Seng Index rose by 1.62% to 25,538.07 points, the Hang Seng Tech Index increased by 2.48% to 5,745.74 points, and the Hang Seng China Enterprises Index gained 1.82% to 9,241.2 points [1] - Technology stocks led the gains, with Meituan up nearly 3.5%, JD Group rising close to 3%, and Alibaba increasing by nearly 2.5% [1] - The Hang Seng Tech Index ETF (513180) followed the index's upward trend, closing up 2.65%, with notable increases in NIO (up nearly 9%), Kuaishou (up over 7%), Baidu (up over 6%), and Tencent (up nearly 5%) [1] Southbound Capital - On July 23, southbound capital recorded a net sell of HKD 1.32 billion in Hong Kong stocks; however, the net buying amount for the month reached approximately HKD 64.9 billion, with a cumulative net buying of about HKD 796.1 billion for the year, nearing last year's total of HKD 808 billion [2] U.S. Market Performance - U.S. stock indices closed higher overnight, with the Dow Jones up 1.14%, the S&P 500 rising 0.78%, and the Nasdaq increasing by 0.61% [3] - Notable gainers included Merck (up nearly 3%) and UnitedHealth Group (up over 2%), leading the Dow [3] - The S&P 500 and Nasdaq reached new closing highs, while the Hang Seng Index ADR fell, closing at 25,438.94 points [3] Key Messages - The National Development and Reform Commission of China is taking practical measures to enhance cooperation between state-owned and private enterprises, aiming to improve governance and promote technological innovation [4] - Citigroup's recent strategy report indicates that despite macroeconomic fluctuations, Asian markets are outperforming global counterparts, with an upgrade in ratings for Chinese and South Korean markets to "overweight" [4] Short Selling Data - On July 23, a total of 615 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 29.818 billion; notable short-selling amounts included Tencent (HKD 2.659 billion), BYD (HKD 1.441 billion), and Kuaishou (HKD 1.323 billion) [5] Institutional Insights - Huatai Securities suggests that the Hong Kong stock market is entering a new phase of revaluation, with external and internal negative factors improving faster than expected, indicating potential for further market gains [6] - The report highlights that pressures are expected to ease in the third quarter, with the possibility of an earlier start to the third round of market rallies than previously anticipated [6] - Relevant ETFs include the Hang Seng Pharmaceutical ETF (159892), Hang Seng Internet ETF (513330), Hong Kong Consumer ETF (513230), and Hong Kong Automotive ETF (159323) [6]