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天风证券-港股周报：香港稳定币政策持续推进，YU7发布18小时锁单超24万-250630-去水印-20250630
Tianfeng Securities·2025-06-30 11:23

Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within six months [31] - The industry investment rating is "Outperforming the Market," suggesting an expected industry index increase of over 5% within six months [31] Core Insights - The Hong Kong stock market has seen a net inflow of 26 billion yuan over five trading days, with a total net inflow of 679.4 billion yuan year-to-date, representing 91% of the total net inflow for 2024 [1] - Key stocks attracting southbound capital include China Construction Bank, SMIC, and Meituan, with internet companies currently at relatively low valuations [1] - The report highlights the performance of various companies in the AI sector, including Kuaishou's new multimodal language model and Ant Group's AI health application, indicating strong commercial potential in AI applications [1][10][9] Summary by Sections Southbound Capital - Southbound capital continues to flow structurally, with May economic data showing steady growth in the Chinese economy [3] - The top stocks for net inflow include China Construction Bank (5.41 billion yuan), SMIC (4.91 billion yuan), and Meituan (2.11 billion yuan) [25] AI Developments - Kuaishou's Kwai Keye-VL model demonstrates advanced video understanding and logical reasoning capabilities, scoring 140 on the national math exam [9] - Ant Group's AQ app connects over 5,000 hospitals and offers various AI health services, enhancing public access to healthcare [10] Automotive Sector - The report notes the launch of Xiaomi's YU7, which achieved over 240,000 pre-orders within 18 hours, showcasing strong market interest [8] - The report emphasizes the importance of new vehicle releases from companies like Xpeng and Li Auto, which are expected to drive market expectations [2] IP Economy - The report suggests that the IP economy in Hong Kong is experiencing high growth and strong catalysts, recommending investments in companies like Pop Mart and Miniso [3]