Investment Rating - The report assigns a "Buy" rating for stocks, indicating an expected relative return of over 20% within the next six months [29]. Core Insights - Southbound capital continues to flow into Hong Kong stocks, with a net purchase of 12.68 billion yuan over the past week, totaling 692.1 billion yuan year-to-date, which is 93.02% of the total net purchase for 2024 [1]. - The report highlights the low valuation of internet companies, with projected P/E ratios for 2025 for major players like Alibaba at 11, Tencent at 16, and Meituan at 14 [1][3]. - In the AI sector, Kuaishou has launched a multimodal language model, achieving a score of 140 in the national math exam, while Ant Group has introduced an AI health application connecting over 5,000 hospitals [1]. - In the smart driving sector, Tesla has initiated public trial operations, while domestic companies like Li Auto and Xpeng are reaching critical milestones in high-level autonomous driving [2]. - The report emphasizes the potential of the IP economy in Hong Kong, with new consumer companies preparing for IPOs, suggesting structural opportunities during the summer consumption peak and earnings report windows [2]. Summary by Sections Southbound Capital - Southbound capital has shown a consistent inflow, with significant net purchases in key stocks such as China Construction Bank and SMIC [1][24]. AI Developments - Kuaishou's new AI model and Ant Group's health application are expected to enhance commercial applications in AI [1]. Smart Driving - The report notes the advancements in smart driving technologies and the expected market impact from new vehicle releases [2]. IP Economy - The report suggests focusing on high-growth IP-related companies as they prepare for IPOs and capitalize on seasonal demand [2].
港股周报（2025.06.30-2025.07.04）：南向资金维持流入，持续看好港股中概整体估值重估-20250708
Tianfeng Securities·2025-07-08 06:57