Group 1 - The Hong Kong stock market saw an initial rise, with the Hang Seng Technology Index increasing by over 1% [1] - The Hang Seng Index experienced a gain of 0.45% [1]

Core Viewpoint - The Hong Kong stock market experienced a decline, with the Hang Seng Index's drop expanding to 1% on August 26 [1] Group 1 - The Hong Kong stock market showed volatility, leading to a downward trend in major indices [1]

Core Viewpoint - The article presents a neutral stance on the opinions expressed by the author, indicating that the content does not reflect the views of Hexun and emphasizes the need for readers to independently verify the information provided [1]. Group 1 - The article highlights the importance of accuracy, reliability, and completeness in the information presented, suggesting that readers should approach the content with caution [1].

Group 1 - The article presents a neutral stance on the opinions expressed by the author, indicating that the content does not reflect the views of Hexun and that the website does not guarantee the accuracy or completeness of the information [1]

Core Viewpoint - The article highlights the paradox of increasing money supply (M2) without corresponding inflation or asset price increases, raising questions about the flow of this new money and its implications for the economy [1][3]. Group 1: Money Supply and Inflation - M2 balance reached 330.29 trillion yuan in the first half of the year, growing by 8.3% year-on-year, indicating an increase in the money supply [1]. - CPI rose slightly to 0.1%, while PPI fell to -3.6%, suggesting persistent deflationary pressures despite the increase in money supply [1][3]. Group 2: Allocation of New Money - Approximately 30% of the new money has flowed to the government through bond financing, used for debt servicing and infrastructure investments [4]. - About 60% of the new money has gone to enterprises, primarily for production expansion, leading to potential overproduction and price deflation [5]. Group 3: Export and Currency Dynamics - Trade surplus reached 586.7 billion USD in the first half of 2025, while foreign currency deposits hit a record high of 824.87 billion USD, indicating a significant increase in foreign currency holdings by export enterprises [7][8]. - Many export companies are retaining their foreign currency earnings overseas instead of converting them to RMB, which limits domestic liquidity and complicates the inflation situation [10][12]. Group 4: Capital Market Strategies - The article suggests that enhancing the capital market, particularly in Hong Kong, is crucial for attracting foreign and repatriated funds, with measures like allowing mainland investors to buy Hong Kong stocks directly [11]. - The anticipated easing of monetary policy by the Federal Reserve and expectations of RMB appreciation may further incentivize capital to flow into Hong Kong's markets [13].

Core Viewpoint - The article presents a neutral perspective on the author's opinions, emphasizing that the content does not reflect the views of Hexun and that readers should take responsibility for their interpretations [1]. Group 1 - The article highlights the importance of accuracy, reliability, and completeness in financial reporting and analysis [1]. - It suggests that readers should approach the information with caution and conduct their own due diligence [1].

Core Viewpoint - The A-share market has shown a strong performance in 2023, driven by themes such as AI technology, new consumption, and innovative pharmaceuticals, with notable achievements from Changcheng Fund's active equity funds [1] Group 1: Fund Performance - As of July 31, Changcheng Fund has 17 active equity funds ranked in the top 30% of their peers over the past year, showcasing diverse investment directions including innovative pharmaceuticals, new consumption, AI technology, robotics, military electronics, and Hong Kong stocks [1] - In the innovative pharmaceutical sector, funds managed by Tan Xiaobing have excelled, with three funds focusing on the healthcare industry ranking 10/1830, 5/83, and 19/83 in their respective categories over the past year [2] - The Changcheng Innovation-Driven fund, co-managed by Tan Xiaobing and Yang Weiwei, has focused on semiconductors, AI applications, and military sectors, achieving top rankings in their category [3] Group 2: Investment Strategies - Changcheng Fund emphasizes a top-down investment approach, with managers like You Guoliang optimizing their portfolios in AI computing and military sectors, resulting in strong performance rankings [4] - The fund's strategy includes a focus on overseas computing and semiconductor manufacturing, with managers like Shu Wenyu achieving commendable rankings in their respective categories [4] - The fund's diverse investment across various sectors, including military, AI, semiconductors, and new consumption, has led to several funds ranking in the top 30% of their peers [4] Group 3: Future Outlook - Changcheng Fund is committed to fundamental research and the development of a robust investment research system, aiming to enhance active management capabilities and create more value for investors in the future [4]

Market Performance - The CSI Hong Kong Stock Connect Healthcare Index increased by 0.6%, while the CSI Hong Kong Stock Connect Internet Index decreased by 0.02%, the CSI Hong Kong Stock Connect Consumer Theme Index fell by 0.2%, the Hang Seng New Economy Index dropped by 0.4%, and the Hang Seng Technology Index declined by 1.0% [1] - The E Fund Hang Seng Technology ETF (513010) saw a net inflow of over 1.5 billion yuan in the past month, with its latest scale surpassing 14 billion yuan [1] Earnings Reports - Hong Kong stocks are entering a peak period for interim earnings disclosures, with Tencent Holdings reporting a 15% year-on-year revenue growth to 184.5 billion yuan, exceeding market expectations of 178.94 billion yuan [1] - NetEase and JD.com are scheduled to announce their earnings after the market closes today, followed by Xiaomi, Baidu, and Kuaishou next week [1] ETF Performance - The Hang Seng New Economy ETF decreased by 0.4%, with a rolling P/E ratio of 24.1 times and a valuation percentile of 51.0% since its inception in 2018 [2] - The E Fund Hang Seng Technology ETF fell by 1.0%, with a rolling P/E ratio of 22.1 times and a valuation percentile of 23.6% since its launch in 2020 [2] - The Hong Kong Stock Connect Healthcare ETF increased by 0.6%, with a rolling P/E ratio of 31.6 times and a valuation percentile of 48.9% since its inception in 2017 [2] - The Hong Kong Stock Connect Internet ETF decreased by 0.2%, with a rolling P/E ratio of 21.4 times and a valuation percentile of 60% since its launch in 2020 [4]

Group 1 - The Hang Seng Index closed at 25,439.91 points, up 1.88% [1] - The Hang Seng Tech Index reached 5,566.72 points, increasing by 2.35% [1] - The media and entertainment, pharmaceuticals and biotechnology, and professional retail sectors led the gains [1] Group 2 - The agriculture products, tourism and leisure facilities, and coal sectors experienced declines [1]

Market Overview - The Hang Seng Index closed up by 0.19%, while the Hang Seng Tech Index decreased by 0.01% [1] - The Hong Kong Tech ETF (159751) rose by 0.27%, and the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 0.15% [1] Sector Performance - The Computer and Peripheral Equipment sector and the Marine Transportation sector showed the highest gains [1] - The Diversified REITs and Dealers sectors experienced the largest declines [1] Individual Stock Movements - Songjing Technology surged over 121%, while Baida International Holdings increased by over 55% [1] - XPeng Motors-W rose by 5.36%, and Techtronic Industries gained 4.35% [1] - Kingworld Medicines fell by 10.06%, and Guofu Hydrogen Energy dropped by 11.34% [1] - Ganfeng Lithium increased by 20.91%, and Longpan Technology rose by 18.8% [1]