| 名称 | | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 恒生科技指数 | | 5509.61 | +0.34% | | 800700 | | | | | 国企指数 | N | 8944.74 | -1.03% | | 800100 | | | | | 恒生指数 | A /V | 24906.39 | -1.07% | | 800000 | | | | AI概念股走强，美图公司涨超15%。东方证券指出，看好下半年垂类AI产品用户增长和商业化闭环提 速，考虑到目前海外AI付费习惯和意愿更好，该行认为应重视国内有海外AI应用布局的公司，商业化 起量或超预期。 7月31日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数跌1.07%，报24906.39点，恒生科技指 数涨0.34%，国企指数跌1.03%。盘面上，科网股涨跌不一，快手涨近9%，哔哩哔哩涨超2%，美团跌超 3%，小米、京东跌超2%；AI概念股走强，美图公司涨超15%；生物医药B类股活跃，乐普生物涨超 4%；黄金股持续走低，潼关黄金跌超8%；内房股跌幅居前，碧桂园跌超6%。 | 代码 | 名称 | 最新价 | ...

人民财讯7月31日电，截至午间收盘，香港恒生指数跌1.07%，恒生科技指数涨0.34%。金蝶国际涨超 11%，快手涨近9%。 转自：证券时报 ...

7月31日，港股午间收盘，恒生指数跌1.07%，恒生科技指数涨0.34%。金蝶国际涨超11%，快手涨近 9%。 ...

Core Points - An incident occurred where Apple's official Weibo account mistakenly promoted Samsung's Galaxy Z Flip7, leading to unintended advertising for a competitor [1][3] - The post intended to highlight Apple's parental control features but included a video of the Samsung device, which has since been removed from the account [3] - Speculation arose that the error was due to both companies using the same advertising agency in China, but a blogger clarified it was a bug in the Weibo client that caused the mix-up [5] - This incident is notable as Apple is reportedly developing its first foldable iPhone, expected to launch in September next year, which will compete directly with Samsung's foldable products [6] - The Samsung Galaxy Z Flip7 was launched on July 9 in New York, with a starting price of 7,999 yuan in China, featuring a thickness of 6.5 mm when unfolded, a weight of 188 grams, and a dual-camera setup [6]

Core Insights - The Hong Kong digital asset ecosystem is experiencing expansion opportunities as regulatory frameworks are being optimized, allowing licensed institutions to broaden their business scope [1][3][4] Regulatory Developments - Hong Kong regulators are loosening restrictions on licensed institutions, with the Securities and Futures Commission (SFC) recently approving licensed crypto exchanges to offer staking services upon separate approval [3][4] - The regulatory environment is evolving from strict to more permissive, enabling a wider range of products and services within the digital asset space [3][16] - The principle of "same activity, same risks, same regulation" is being adopted to foster a vibrant and innovative digital asset ecosystem [3][16] Competitive Landscape - The Hong Kong cryptocurrency market consists of three main participants: global exchanges without local licenses (e.g., Binance), licensed exchanges and brokers (e.g., OSL and Futu), and offline stores facilitating small-scale crypto transactions [4][17] - Licensed exchanges and brokers have advantages such as connections with local banks, enhanced customer protection, and the ability to conduct marketing activities in Hong Kong [4][17] - OSL's fee structure for OTC trading is 25 basis points, with comprehensive solutions charging 10-15 basis points, and payment services around 2.5%, which is higher than international peers like Coinbase [4][20] Stablecoins and Their Role - Stablecoins play a crucial role in the Hong Kong digital asset ecosystem, with exchanges facilitating a significant volume of stablecoin-related transactions [5][21] - OSL is applying for stablecoin licenses in the EU and considering applications in Hong Kong and Singapore, emphasizing the importance of sustainable use cases for stablecoin issuance [5][21] - The transition from mainstream stablecoins to Hong Kong dollar-backed stablecoins may face challenges, leading most licensed institutions to operate primarily as stablecoin distributors rather than issuers [5][21][22] RWA Tokenization - The tokenization of Real World Assets (RWA) in Hong Kong is still in its early stages, with OSL providing end-to-end solutions and custodial services [6][23] - Current RWA transactions are conducted in fiat, limiting the potential for 24/7 trading; however, using stablecoins could enable real-time transactions [6][23][24] - The slow development of RWA tokenization presents opportunities for the application of Hong Kong dollar stablecoins [6][24][25] Cross-Border Payment Solutions - OSL is building a global payment network that supports both crypto and fiat transactions, with stablecoins playing a key role [26][30] - The application of stablecoins in payments can significantly reduce transaction times compared to traditional banking methods, which typically take 2 to 5 business days [28][30]

Group 1 - Barclays raised the target price for Microsoft (MSFT.US) from $550 to $625 [1]

美银证券又表示，恒生宣布高达30亿港元的回购计划，将于六个月内完成。该行将恒生2025至2027年盈 利预测下调10%至18%，主要因信贷成本上升(2025至2027年预计分别为110基点、85基点、75基点)，但 因HIBOR下跌导致无风险利率下降，将股本成本下调50基点至8.5%。该行将恒生银行目标价由102港元 下调8%至93.6港元，由于盈利逆风及不良贷款覆盖率低，重申"跑输大市"评级。 美银证券发表研报指出，恒生银行上半年收入按年增长2.7%，达210亿港元，拨备前利润按年增长 3.9%，达134亿港元，超市场预期分别2%及6%。然而，净利润按年下降34.6%至63亿港元，逊市场预期 22%，因拨备增加两倍。上半年净资产收益率(ROE)按年下降4.5个百分点至7.9%。普通股权一级资本 (CET1)比率按半年上升3.6个百分点至21.3%，部分得益于《巴塞尔协定三》规则的实施。上半年股息按 年增长8.3%至每股2.6港元，派息比率按年上升30个百分点至78%。 ...

Core Viewpoint - MicroPort Medical's major shareholder, Otsuka Medical Devices, is selling 15.71% of its 20.70% stake, leading to a significant change in the company's ownership structure and governance [1][2]. Group 1: Shareholder Changes - Otsuka Medical Devices will reduce its stake to below 5%, exiting as the largest shareholder, while We'Tron Capital Limited will become the new largest shareholder with over 26% ownership [1]. - The transaction introduces state-owned investors, which may enhance the company's core business expansion and governance [2]. Group 2: Business Developments - MicroPort Medical is proposing a merger of its CRM business with the publicly listed company, HeartLink Medical, to create a comprehensive cardiac product platform and improve international marketing channels [2]. - The IPO for the CRM business is expected to raise at least $150 million, with a market valuation of no less than $1.5 billion [2]. Group 3: Financial Performance - For the first half of 2025, MicroPort Medical reported a revenue decline of no more than 4% (excluding currency effects) and a loss of $107 million, which is within the promised limit of $110 million [3]. - The company aims to achieve a profit of $52 million in the second half of 2025 to meet its convertible bond financing agreement requirements [3]. - Revenue projections for 2025-2027 are estimated at $1.193 billion, $1.393 billion, and $1.595 billion, with net profits of -$48 million, $83 million, and $159 million respectively [3].

Core Insights - Bosideng reported a revenue increase of 11.6% year-on-year to 25.9 billion yuan and a net profit increase of 14.3% to 3.51 billion yuan for the fiscal year 2024/25, indicating stable growth in core business segments [1] - The company declared a final dividend of 0.22 HKD per share, maintaining a high payout ratio of over 80% [1] - The brand's down jackets and OEM segments saw revenue growth of 11.0% and 26.4%, respectively, while women's wear and diversified apparel experienced declines of 20.6% and growth of 2.8% [1] Revenue and Growth - The main brand Bosideng and Xuezhongfei achieved revenue growth of 10.1% and 9.2% to 18.41 billion yuan and 2.21 billion yuan, respectively, driven by enhanced brand building and optimized channel structures [2] - The number of franchise and self-operated stores increased by 253 to a total of 3,470, contributing to revenue growth [2] - Online sales for brand down jackets grew by 9.4% to 7.47 billion yuan, reflecting a strong digital presence [2] Profitability and Cost Management - The company's gross margin decreased by 2.3 percentage points to 57.3%, primarily due to structural adjustments in business segments [2] - Operating profit margin increased by 0.3 percentage points to 19.2%, supported by improved operational efficiency and reduced distribution and administrative expenses [2] - The company is expected to see profit recovery after completing channel and product structure adjustments [2] ESG Initiatives - Bosideng's ESG rating was upgraded from A to AA by MSCI, positioning it as a leader in the Chinese textile and apparel industry [3] - The company joined the United Nations Global Compact and participated in initiatives aimed at carbon neutrality in the textile industry [3] - The ESG strategy focuses on sustainability across the value chain, with themes centered on environmental improvement, product innovation, and human-centric approaches [3] Forecast and Valuation - Due to uncertainties in retail recovery, the company has adjusted its revenue growth forecast for the main brand Bosideng, with net profit estimates for FY26-28 revised down by 5.6% to 39.1 billion yuan [3] - The target price is set at 5.5 HKD, with a price-to-earnings ratio of 13.9x for FY26, reflecting confidence in operational efficiency and ESG leadership [3]

Company Updates - A major shareholder, Otsuka Pharmaceutical, has proposed a share sale plan, with buyers including Shanghai Shendi Group, We'Tron Capital Limited, and the company's management investment platform [1] - Otsuka previously held approximately 20.7% of the company's shares, selling 7.3% to Shanghai Shendi, 7.3% to We'Tron Capital Limited, and 1.1% to the management platform, retaining about 5% [1] - The entry of state-owned capital from Shanghai Shendi reflects recognition of the company's assets, potentially aiding core business expansion and strategic acquisitions while improving corporate governance [1] Business Performance - The company's core businesses are gradually recovering from the impact of centralized procurement, with expectations of price stabilization and new product contributions leading to revenue growth [2] - By July 2025, it is anticipated that most major products will have cleared the price reduction effects from centralized procurement, with a positive outlook on the penetration rate of minimally invasive procedures and domestic product localization [2] International Expansion - The company has a rich pipeline of cardiovascular and surgical robot products, demonstrating strong global competitiveness [2] - By the end of 2024, the company's products are expected to be in 40 major countries, supported by 20 mature overseas subsidiaries and 670 sales personnel, with projected overseas revenue of $9.6 million in 2024 and over 80% year-on-year growth in 2025 [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, maintaining an outperform rating for the industry [2] - The target price has been raised by 54.5% to HKD 17 based on a DCF model, indicating a 31% upside potential from the current price [2]