Market Overview - The Hong Kong stock market saw a significant rise, with the Hang Seng Index increasing by 0.93% to close at 25,339.14 points, and the Hang Seng Technology Index soaring nearly 3% [1] - The overall trading volume for the day was HKD 285.58 billion, with the Hang Seng Index gaining 0.27% over the week [1] Blue Chip Performance - Semiconductor company SMIC (00981) led the blue-chip stocks, rising by 10.06% to HKD 56.9, contributing 36.87 points to the Hang Seng Index [2] - Other notable performers included Li Ning (02331) up 8.78%, BYD Electronics (00285) up 6.13%, while Sinopec (00386) and China Resources Power (00836) saw declines [2] Sector Highlights - The technology sector experienced a collective surge, with major stocks like Kuaishou and Alibaba rising significantly [3] - Chip stocks exploded, with Huahong Semiconductor rising by 17.85% and ZTE Corporation by 15.13% [3] - The automotive sector also performed well, with XPeng Motors increasing by 13% following significant share purchases by its CEO [3][8] Earnings Reports - Miniso (09896) reported a revenue of HKD 4.97 billion for Q2, a year-on-year increase of 23.1%, with a notable 87% surge in TOP TOY revenue [7] - SUTENG (02498) achieved a revenue of approximately HKD 460 million, up 24.4% year-on-year, driven by a 631.9% increase in robot sales [7] - Kuaishou's Q2 revenue grew by 13.1% to HKD 35 billion, with adjusted net profit rising by 20.1% [7] Chip Industry Developments - DeepSeek launched its new model, DeepSeek-V3.1, which is expected to enhance the domestic chip design process [4] - The domestic computing power sector is anticipated to see accelerated growth due to increased demand for AI chips and local chip production [4] Airline Sector Performance - Airline stocks faced declines, with China Southern Airlines (01055) down 1.77% and China Eastern Airlines (00670) down 2.83% [5] - July operational data indicated a 2.3% year-on-year increase in domestic route capacity, but the overall demand remains subdued [6] Notable Stock Movements - XPeng Motors saw a strong performance with a 13.6% increase after its CEO's share purchase [8] - NIO's new ES8 model launch led to an 11.12% rise in its stock price [9] - COSCO Shipping Energy (01138) rose by 7.63% due to changes in global oil supply dynamics [9]

Market Overview - The Hong Kong stock market saw a significant rise, with the Hang Seng Index increasing by 0.93% to close at 25,339.14 points, and the Hang Seng Technology Index rising by nearly 3% [1] - The overall trading volume for the day was HKD 285.58 billion, with the Hang Seng Index gaining 0.27% over the week [1] Blue Chip Performance - Semiconductor company SMIC (00981) led the blue-chip stocks, surging by 10.06% to HKD 56.9, contributing 36.87 points to the Hang Seng Index [2] - Other notable performers included Li Ning (02331) up 8.78% and BYD Electronics (00285) up 6.13% [2] Sector Highlights - The technology sector saw a collective rise, with major stocks like Kuaishou and Alibaba increasing by over 4% and nearly 2%, respectively [3] - Chip stocks experienced a significant boost, with Huahong Semiconductor rising by 17.85% and ZTE Corporation increasing by 15.13% [3] Earnings Reports - Miniso (09896) reported a 23.1% year-on-year revenue increase to HKD 4.97 billion, with a net profit growth of 10.6% to HKD 690 million [6] - Kuaishou's revenue grew by 13.1% year-on-year to HKD 35 billion, with adjusted net profit increasing by 20.1% [6] Notable Stock Movements - XPeng Motors (09868) saw a strong performance, rising 13.6% after its CEO purchased shares worth approximately HKD 250 million [7] - NIO (09866) also climbed 11.12% following the announcement of its new ES8 model, which is set to launch in September 2025 [8] Industry Trends - The aviation sector faced declines, with China Southern Airlines (01055) dropping 1.77% amid concerns over demand despite a seasonal increase in capacity [5] - The domestic airline industry reported a 2.3% year-on-year increase in capacity for July, but the growth rate was considered low [5]

Group 1 - Semiconductor stocks have seen significant gains, with Huahong Semiconductor rising by 17.53% to HKD 55.85, ZTE Corporation increasing by 14.69% to HKD 35.92, SMIC up by 10.06% to HKD 56.9, and Innosilicon rising by 8.81% to HKD 82.1 [1] - DeepSeek has released DeepSeek-V3.1, marking a step towards the Agent era, utilizing UE8M0 FP8 Scale parameter precision designed for the upcoming generation of domestic chips [1] - Caixin Securities believes that DeepSeek's design of UE8M0 FP8 Scale parameters for the next generation of domestic chips is expected to promote the autonomy of domestic computing power [1] Group 2 - Dongwu Securities has indicated that the limitations on H20 create market opportunities for domestic computing power, as U.S. export licenses and revenue sharing mechanisms restrict its competitiveness in China [2] - The firm maintains that the restrictions on H20 open up market space for domestic computing power, which serves as the foundation for the current domestic GPU market trend [2] - It is recommended to closely monitor the expansion pace of domestic advanced process capacity and the demand guidance from internet companies, which may enhance expectations for domestic computing power chips [2]

Group 1 - Semiconductor stocks have seen significant gains, with Huahong Semiconductor rising by 17.53% to HKD 55.85, ZTE Corporation increasing by 14.69% to HKD 35.92, SMIC up by 10.06% to HKD 56.9, and Innodisk rising by 8.81% to HKD 82.1 [1] - DeepSeek has released DeepSeek-V3.1, marking a step towards the Agent era, utilizing UE8M0 FP8 Scale parameter precision designed for the upcoming domestic chips [1] - Caixin Securities believes that DeepSeek's design of UE8M0 FP8 Scale parameters for the next generation of domestic chips is expected to promote the autonomy of domestic computing power [1] Group 2 - Dongwu Securities noted that the limitations on H20 create market opportunities for domestic computing power, as U.S. export licenses and revenue sharing restrict its competitiveness in China [2] - The firm emphasizes that the limitations on H20 open up market space for domestic computing power, which serves as the foundation for the current domestic GPU market [2] - It is recommended to closely monitor the expansion pace of domestic advanced process capacity and the demand guidance from internet companies to enhance expectations for domestic computing power chips [2]