Invesco Insights｜创新与AI应用望成A股及港股的长期驱动力

Group 1 - Hong Kong's stock market was the best-performing globally in the first half of 2025, leading in IPO fundraising with 42 IPOs raising HKD 107 billion (approximately USD 13.6 billion) [4] - The strong liquidity and growth momentum in Hong Kong's stock market are expected to continue providing opportunities in the second half of 2025, driven by China's innovation [5][6] - New generation Chinese companies are achieving high profit returns through proprietary intellectual property, technological innovation, and product differentiation, despite some industries facing low profit margins due to intense competition [6][7] Group 2 - An increase of 1% in R&D investment is projected to enhance profit margins by 1% to 2%, aiding Chinese companies in moving up the value chain [7] - China's overall gross profit margin is expected to rise to 30% due to increased R&D investment, significantly improving market cash flow and profitability [8][9] - The trend of rising R&D investment across various industries positions China with strong competitive advantages in R&D and industrial upgrades [10][11] Group 3 - Innovation and AI applications are anticipated to be long-term drivers for the stock markets in mainland China and Hong Kong, with a focus on enhancing profit margins over the next decade [15] - Technological advancements and increased R&D investments are expected to facilitate deeper integration and transformative penetration of AI applications in the real economy [15]