Market Performance - The Hang Seng Index rose by 0.93% to close at 25,339.14 points, while the Hang Seng Tech Index increased by 2.71% to 5,647.68 points [1] - Semiconductor stocks showed strong gains, with Hua Hong Semiconductor up over 17% and SMIC up over 10% [1] - Automotive stocks also performed well, with NIO rising over 11% and Xpeng Motors up over 13% [1] - Major tech stocks had mixed results, with Alibaba up 1.99%, Tencent up 1.18%, and Kuaishou up 4.39%, while Bilibili fell by 6.15% [1] Company Earnings - China Petroleum & Chemical Corporation reported a revenue of 1,409.05 billion yuan, a decrease of 10.6% year-on-year, and a net profit of 21.483 billion yuan, down 39.8% [2] - Kuaishou's revenue reached 67.654 billion yuan, an increase of 12.04%, with a net profit of 8.9 billion yuan, up 9.9% [2] - China National Pharmaceutical Group reported a revenue of 36.363 billion yuan, a decrease of 1.48%, but a net profit of 0.295 billion yuan, up 1.02% [2] - Miniso reported a revenue of 9.393 billion yuan, a growth of 21.1%, but a net profit of 0.906 billion yuan, down 22.6% [2] - Bilibili's second-quarter revenue was 7.338 billion yuan, an increase of 19.76%, with a net profit of 0.219 billion yuan, compared to a net loss of 0.609 billion yuan in the same period last year [2] Institutional Insights - Huatai Securities noted that the market is currently in a critical phase with a lack of trading themes and important events pending verification, suggesting a window for position adjustment [3] - UBS highlighted that the attractiveness of H-shares' risk-return profile has weakened due to downward revisions in earnings forecasts and rising HIBOR, indicating potential short-term consolidation [3] - CITIC Securities stated that the half-year earnings report period will be a crucial point for the continuation of the Hong Kong market, with a shift from liquidity-driven to earnings-driven and policy validation phases expected [3] - Industrial Securities mentioned that the Hong Kong market is experiencing volatility and differentiation, with a focus on mid-year earnings and value [3] Capital Flows - Zhongtai International reported that the Hong Kong Stock Connect saw a record net inflow last Friday, with $6.03 billion flowing into the Chinese stock market in July [4] - The positive sentiment from domestic investors, along with some regional foreign capital returning, is expected to boost Hong Kong stock performance [4] - Looking ahead, the market anticipates a high probability of a Federal Reserve rate cut in September, which could further benefit Hong Kong stocks [4]
港股收评：恒生科技指数涨2.71％，半导体股涨势强劲，华虹半导体涨超17%