Group 1 - The core viewpoint indicates that there has been a notable improvement in foreign capital inflow into the Hong Kong stock market from May to the end of July, with long-term stable foreign capital inflowing approximately 67.7 billion HKD and short-term flexible foreign capital inflowing about 16.2 billion HKD [1] - The expectation of interest rate cuts by the Federal Reserve, driven by disappointing U.S. inflation and employment data, is likely to enhance liquidity conditions, which may further stabilize and improve foreign capital inflow into the Hong Kong market [1] - The valuation of Hong Kong technology stocks is considered attractive, with the Hang Seng Index and Hang Seng Tech PE (TTM) at 11.5 times and 21.4 times respectively, indicating significant room for improvement compared to their 2021 valuation peaks [1] Group 2 - The Hang Seng Index and Hang Seng Tech PE are at historical percentiles of 58% and 20% respectively since 2005, which are lower than major global indices such as the S&P 500 (93%), Germany's DAX (79%), and the UK's FTSE 100 (78%), suggesting that Hong Kong stocks are not overvalued compared to global peers [1] - The Hong Kong stock market is expected to benefit from a stable improvement in foreign capital, which could drive the market upward [1] - The article mentions specific ETFs related to technology, including the Hang Seng Internet ETF and the Hang Seng Technology Index ETF, indicating a focus on technology sector investments [2][3]

Group 1 - The A-share market has shown strong performance recently, while the Hong Kong stock market appears weaker, yet southbound capital continues to flow into Hong Kong stocks, with a record net purchase of approximately 35.88 billion HKD on August 15, 2023, and a cumulative net inflow of 938.92 billion HKD this year, surpassing last year's total of 807.87 billion HKD [1] - Global investors, particularly Chinese investors, are increasingly optimistic about the Chinese stock market, with expectations for a "long bull" market in Hong Kong stocks [1] - The Changcheng Hong Kong Stock Connect Value Selection Multi-Strategy Fund has a high allocation to Hong Kong stocks, with 89.17% of its net asset value invested in Hong Kong stocks as of the end of Q2 2023, providing a convenient investment tool for those bullish on the Hong Kong market [1] Group 2 - The fund's A-class shares achieved a net value growth rate of 65.31% over the past year, significantly outperforming the benchmark's growth of 25.14%, indicating strong excess returns [1] - The fund manager, Qu Shaojie, has focused on technology internet and emerging consumption sectors, identifying opportunities in AI-integrated internet, new energy vehicles, gaming, and smart wearables [1][2] - Qu Shaojie employs a bottom-up stock selection strategy, focusing on high-barrier leading companies with stable fundamentals, and emphasizes long-term holding while avoiding frequent trading [1][2] Group 3 - Looking ahead, Qu Shaojie believes that Chinese technology has reached a global leading position, particularly in AI, robotics, and smart driving, with significant growth potential in the Hong Kong technology internet sector [2] - The fund's performance over the past five years shows varying annual returns, with the A-class shares achieving a return of 17.41% in 2024, closely matching the benchmark's return of 17.21% [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market saw significant net inflows from Northbound trading, with a total net buy of HKD 185.73 billion on August 19, 2023, indicating strong investor interest in Hong Kong stocks [1]. Northbound Trading Activity - Northbound trading through Stock Connect recorded a net buy of HKD 89.11 billion from Shanghai and HKD 96.62 billion from Shenzhen [1]. - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Southern Hang Seng Technology (03033) [1]. - The most sold stocks were Oriental Selection (01797), SMIC (00981), and Hua Hong Semiconductor (01347) [1]. Individual Stock Performance - **Tracker Fund of Hong Kong (02800)**: Net buy of HKD 70.7 billion [6]. - **Hang Seng China Enterprises (02828)**: Net buy of HKD 22.14 billion [6]. - **Southern Hang Seng Technology (03033)**: Net buy of HKD 14.11 billion [6]. - **Tencent Holdings (00700)**: Net buy of HKD 10.25 billion; reported a 15% year-on-year revenue growth to HKD 184.5 billion and a 17% increase in net profit [6]. - **Xiaomi Group (01810)**: Net buy of HKD 7.39 billion; reported a 30% year-on-year revenue increase to HKD 115.96 billion [7]. - **Sangfor Technologies (01530)**: Net buy of HKD 2.82 billion; recently completed a share placement to Pfizer [7]. - **Jingtao Holdings (02228)**: Net buy of HKD 1.79 billion; expects a significant increase in revenue and profit for the first half of 2025 [8]. Market Sentiment and Future Outlook - Analysts from Industrial Securities maintain a bullish outlook on Hong Kong stocks, predicting a long-term bull market driven by increasing confidence among global and Chinese investors [6]. - The potential for a Federal Reserve interest rate cut is seen as a catalyst for further liquidity in the Hong Kong market [6].

Core Viewpoint - The article highlights the significant trading activity in Hong Kong stocks, particularly focusing on Tencent Holdings, which achieved a trading volume exceeding 10 billion HKD, amidst a mixed performance in the broader market indices [2][6]. Group 1: Market Performance - On August 18, the Hang Seng Index closed at 25,176.85 points, down 0.37%, while the Hang Seng Technology Index rose by 0.65% to 5,579.18 points [2][3]. - The total market turnover for the day was 312.8 billion HKD, with net inflows from southbound funds amounting to 1.386 billion HKD [2][3]. Group 2: Company Highlights - Tencent Holdings, referred to as the "king of stocks," recorded a trading volume of 10.403 billion HKD, closing down 0.84%. The company reported a Q2 revenue of 184.504 billion RMB, reflecting a year-on-year growth of 15% and a quarter-on-quarter increase of 2% [6]. - Alibaba and Xiaomi also saw significant trading volumes of 9.087 billion HKD and 6.183 billion HKD, respectively, with slight price increases of 0.42% and 0.38% [6]. Group 3: Sector Performance - Among the Wind Hong Kong primary industry indices, six indices rose while five fell. The best-performing sectors included healthcare, consumer discretionary, and consumer staples, with increases of 1.30%, 1.06%, and 0.65%, respectively. Conversely, the worst-performing sectors were energy, real estate, and materials, with declines of 1.90%, 1.30%, and 1.28% [4]. Group 4: Notable Company Developments - Four Seasons Pharmaceutical reached a new high, with its stock price touching 1.58 HKD, a peak not seen since February 2022. This was attributed to the acceptance of a listing application for a diabetes treatment by its subsidiary [8]. - Semiconductor leader Hua Hong Semiconductor experienced a significant drop of 6.20% following an announcement regarding a potential acquisition, leading to a temporary suspension of its shares on the Shanghai Stock Exchange [11]. Group 5: Regulatory Actions - The Hong Kong Securities and Futures Commission imposed a 12-month ban on a key executive of Kaiyin International for misconduct related to fund management, along with a fine of 400,000 HKD [13].

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.62% to 25,426.53 points, the Hang Seng Tech Index increasing by 1.96% to 5,651.97 points, and the National Enterprises Index up by 1.01% to 9,130.71 points [1] - Major technology stocks contributed positively, with JD.com and NetEase both rising over 4%, Baidu increasing nearly 3%, and Alibaba, Xiaomi, and Meituan all gaining over 1% [1] - Automotive stocks surged, particularly Great Wall Motors, which rose over 12% following the opening of a factory in Brazil, while NIO, Geely, and BYD also performed well [1] - The film industry saw a boost with a strong summer box office, leading to significant gains in film stocks, such as Ningmeng Film, which surged over 37% [1] Company Financials - China Hongqiao reported revenue of approximately 81.039 billion yuan, a year-on-year increase of 10.1%, and a net profit of about 12.361 billion yuan, up approximately 35% [2] - Hong Kong and China Gas reported revenue of about 10.437 billion HKD, a decrease of 0.6%, with a net profit of approximately 758 million HKD, an increase of 2% [2] - China Resources Cement reported revenue of approximately 10.21 billion yuan, a year-on-year decrease of 1%, but a net profit of about 307 million yuan, an increase of 85% [3] - Sands China Limited reported revenue of 3.49 billion USD, a decrease of 1.7%, and a net profit of 413 million USD, down 23.7% [3] Institutional Insights - Industrial analysts from Industrial Securities noted that the Hong Kong stock market is experiencing volatility and may be poised for a rally, focusing on mid-year performance and value [4] - Guohai Securities indicated that the Hong Kong market may exhibit better elasticity compared to the US market, with a focus on sectors benefiting from fiscal and tariff negotiations [4] - Noted economist Hong Hao suggested that the Hong Kong market will see continued inflows from mainland and overseas investors, supported by ample liquidity and potential interest rate cuts from the Federal Reserve [5]

来源：华泰睿思 市场处于海内 外预期的关键验证阶段 中报业绩主要起到对上半年盈利的确认作用，更重要的是后续盈利改善是否有持续性。在目前的市场一致预期下，2025年全年海外中资股盈利增速或好于 2024年，2026年盈利进一步修复。因此，本轮港股行情中流动性改善固然重要，但基本面预期的回升也起到了重要支撑。盈利的修复一方面来自港股独有 的新经济板块超越周期增长，另一方面也因国内政策较去年力度更高（1-6月广义财政支出同比增长8.9%，比去年同期的-2.8%明显提升），推动了上半年 经济修复。往后看，若宏观政策进一步兑现，以及成长性赛道在摆脱负面压力下出现新进展，可能推动盈利的持续性修复。 短期市场存在阶段性流动性压力，但不改中期流动性宽裕方向 上周前半周，美国温和通胀提振美联储降息预期，市场由此前就业大幅下修后的衰退担忧快速回摆，伴随多家头部企业财报超预期、国内消费贷贴息等政 策的发力，港股市场快速上行，成长风格领涨。后半周，国内经济数据边际降温，市场再度回摆至事件驱动及主题交易。8月以来，指数层面震荡中枢仍 在上移，但波动率明显放大（）。当下，市场处于交易主线相对缺乏、海外及国内重要事件等待验证的关键阶段，也 ...

Core Viewpoint - The long-term market trend has begun, and Hong Kong stocks are expected to lead the market [1] Group 1 - The report indicates that the long-term bullish trend in the market has been established, suggesting a positive outlook for investors [1] - Hong Kong stocks are anticipated to outperform other markets, positioning them as a key driver for future market movements [1] - The analysis highlights the potential for significant returns in the Hong Kong stock market, driven by favorable economic conditions and investor sentiment [1]

今日港股小幅下挫，港股通科技ETF南方(159269)盘中获资金逆势净申购1200万份，近10个交易日有7日 迎资金净流入。资金持续流入的背后得益于多个因素：①截至8月7日，今年以来南向资金累计净流入 8945.28亿港元，大幅超过去年全年净买入额。②上周美国非农数据显示经济放缓迹象，强化市场对美 联储将通过降息"稳增长"的押注，推动全球风险偏好修复。③经济学家洪灏近期表示如果上半年看到历 史性的北水南下，预示着下半年港股应该还有新高，叠加下半年可能随着美联储同步降息，流动性将更 加充沛。④港股通科技ETF南方(159269)第一大权重股腾讯将于下周三（8月13日）披露2025年中期业 绩，机构普遍看好其二季度业绩。⑤港股通科技ETF南方(159269)跟踪的指数港股通科技最新PE （TTM）为23.84倍，位于近十年40.31%历史分位。方正证券指出，驱动本轮港股走强的因素并未出现 反转，我国经济基本面韧性强，当前处于盈利下行周期尾声阶段，叠加一系列政策利好出台，南下资金 仍在持续加速流入港股市场，流动性环境整体较为友好，后续有望进一步流入推动港股行情向好前进。 ...

Group 1 - The Hong Kong stock market experienced a slight decline, but the Southbound Technology ETF (159269) saw a net subscription of 12 million units, with 7 out of the last 10 trading days showing net inflows [1] - As of August 7, Southbound funds have recorded a cumulative net inflow of 894.528 billion HKD this year, significantly surpassing the total net buying amount for the entire previous year [2] - Recent U.S. non-farm payroll data indicated signs of economic slowdown, reinforcing market expectations that the Federal Reserve may lower interest rates to "stabilize growth," which has improved global risk appetite [2] Group 2 - Economist Hong Hao noted that the historic influx of Northbound capital in the first half of the year suggests that the Hong Kong stock market may reach new highs in the second half, especially with potential synchronized interest rate cuts by the Federal Reserve, leading to increased liquidity [2] - The largest holding in the Southbound Technology ETF, Tencent, is set to announce its mid-2025 earnings on August 13, with institutions generally optimistic about its second-quarter performance [2] - The latest price-to-earnings ratio (TTM) for the index tracked by the Southbound Technology ETF is 23.84, which is at the 40.31% historical percentile over the past decade [2] Group 3 - According to Founder Securities, the factors driving the recent strength in the Hong Kong stock market have not reversed, with strong economic fundamentals in China and the current phase being the end of a profit downturn, alongside a series of favorable policies leading to continued acceleration of Southbound capital inflows [2] - The overall liquidity environment remains friendly, with expectations for further inflows to support the positive momentum in the Hong Kong stock market [2]

| 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | (0) | 24994.14 | +168.48 | 0.68% | | 800100 | 国企指数 | | 9040.20 | +53.73 | 0.60% | | 800700 | 恒生科技指数 | | 5585.50 | +46.67 | 0.84% | 盘面上，大型科技股普遍飘红，美团涨近3%，京东涨超2%，阿里巴巴、小米涨超1%。 雅鲁藏布江水电工程开工，涉1.2万亿投资，建材水泥股、钢铁股、风电股、大基建股等相关板块全天表现强势，其中，尤其是东方电气盘中一 度飙升超700%最终收涨65.2%，华新水泥飙涨85.6%，重庆钢铁大涨25.5%，山水水泥涨超23%，中铝国际、中国中铁、中国建筑国际等皆走强。 中资券商股、石油股、黄金股、煤炭股、内房股、海运股、家电股、军工股纷纷上涨。 今日，港股三大指数呈现V型走势，国企指数、恒生科技指数午后一度转跌，最终分别收涨0.6%及0.84%，恒生指数涨0.68%盘中一度站上25000 点 ...