JD(HK:09618) Guodu Securities Hongkong·2025-07-22 03:21Group 1: Market Overview - The report indicates that the Hong Kong stock market has seen a positive trend, with the Hang Seng Index rising over 100 points recently, marking its highest closing since November 2021 [2][3] - The report highlights that the market is optimistic about a potential resolution to the trade war, which is expected to help the Hang Seng Index break through the 25,000 mark [2] Group 2: Macro & Industry Dynamics - The AI industry in mainland China has surpassed 700 billion RMB, maintaining a growth rate of over 20% for several consecutive years [6][7] - As of June, the number of internet users in mainland China reached 1.123 billion, with an internet penetration rate of 79.7%, indicating significant growth in the silver economy and rural internet usage [6] - The report notes that generative AI products have seen substantial advancements, with 346 services registered by March, and a notable application, DeepSeek, achieving over 30 million daily active users globally within 20 days of launch [6][7] Group 3: Company News - JD.com is reported to have acquired 40 billion RMB worth of shares in Jia Bao Supermarket, indicating a strategic move to expand its retail network [11] - Pop Mart's founder, Wang Ning, anticipates that overseas sales will likely surpass domestic sales by 2025, driven by strong global demand for their products [12][13]