Group 1: Market Overview - The Hang Seng Index is expected to face resistance around 24500-24600, with bearish investors holding overnight positions, while some bullish investors maintain positions with a target of 26000 [1] - The index closed at 25077, remaining below the middle line of the Bollinger Bands, with short-term technical signals indicating a "sell" [1] Group 2: Bilibili (09626.HK) - Bilibili's stock price rebounded from the lower Bollinger Band, closing at 180.9, with an intraday high of 183, approaching the middle line of the Bollinger Bands at 185 [3] - Technical signals are neutral, with short-term resistance levels at 190.2 and 202.8, and support levels at 173.6 and 164 [3] Group 3: BYD Company (01211.HK) - BYD's stock price showed strong performance, closing at 114.4, above the middle line of the Bollinger Bands, with a cautious "buy" signal [8] - Resistance levels are identified at 120.4 and 125.4, while support levels are at 111.4 and 107.5, indicating a safe area for investors holding bullish positions [8] Group 4: PetroChina (00857.HK) - PetroChina's stock price closed at 7.51, near the middle line of the Bollinger Bands, with a short-term technical signal indicating a "sell" [11] - Investors holding call options with a strike price of 8.88 face a significant out-of-the-money margin, which could increase if the stock price declines further [11] Group 5: Li Auto (02015.HK) - Li Auto's stock closed at 91.7, with a "buy" signal and resistance levels at 99.3 and 110.6, while support levels are at 88.3 and 83.1 [13] Group 6: Zhaojin Mining (01818.HK) - Zhaojin Mining's stock price has risen from 19.4 to 24.1, breaking through the upper Bollinger Band, with a technical signal indicating a "sell" [20] - Support levels are identified at 22.3 and 21.1, suggesting potential areas for price stabilization [20]

Core Viewpoint - Xiaomi has seen significant inflows in the warrant market, ranking third in capital inflow with approximately 12 million HKD, indicating investor interest despite a recent lack of news [1] Group 1: Stock Performance - As of 13:32, Xiaomi's stock price was reported at 53.95 HKD, with a daily increase of 1.31% and a trading volume of 2.783 billion HKD [1] - The stock is currently in a consolidation phase, with key technical indicators showing a neutral to slightly bullish signal [1] - The Relative Strength Index (RSI) is at 53, indicating a balanced market between buyers and sellers [1] Group 2: Support and Resistance Levels - Initial support is identified at 52.3 HKD, with stronger support at 51 HKD [2] - The key resistance level is at 56.2 HKD, and if this is surpassed, the next target would be 57.4 HKD [2] - The stock is trading above the 10-day moving average (52.92 HKD) but near the 30-day and 60-day moving averages, indicating an unclear medium-term trend [2] Group 3: Derivative Instruments - Two notable call warrants are highlighted: UBS call warrant (14816) with a strike price of 61.05 HKD and a leverage of 7.2 times, and Morgan Stanley call warrant (18099) with a strike price of 60.65 HKD and a leverage of 6.9 times [7] - For bearish investors, HSBC put warrant (14333) offers a leverage of 3.9 times with a strike price of 46.45 HKD, while Bank of China put warrant (14387) provides a leverage of 3.3 times with the same strike price [9] Group 4: Technical Analysis - Xiaomi is at a critical decision point, with both bulls and bears contesting the current price level [12] - Investors should monitor whether the stock can maintain support at 52.3 HKD or break through resistance at 56.2 HKD, as this will dictate short-term price direction [12] - The momentum oscillators indicate potential buying signals, suggesting accumulating upward momentum [1]

Core Viewpoint - The article discusses the current state of gold and dollar prices, highlighting the struggle of gold prices to break the $3400 resistance level despite a weak dollar, and the potential market movements anticipated in early September due to upcoming economic data [1][10]. Gold Market Analysis - On Wednesday, the international spot gold price opened at $3392.39, reaching a high of $3398.61 and a low of $3373.51, closing at $3396.59, with a slight increase of $3.34 or 0.1% [1]. - Gold continues to show relative strength among precious metals, being the only one with a positive change, despite the overall lack of significant price movements [4][6]. - The market appears to be waiting for key economic data in early September, which may influence future price trends [4][6]. Dollar Index Analysis - The dollar index opened at 98.21, peaked at 98.73, and closed at 98.17, reflecting a decrease of 40 points or 0.04% [3]. - The dollar's technical indicators suggest a potential for a rebound, but caution is advised as the market may be in a phase of technical weakness [8][10]. - The current dollar index is below the 120-week and 250-week moving averages, indicating a weakened market condition compared to earlier in the year [10][11]. Technical Indicators - The article notes a "bottom divergence" in the dollar index, suggesting a potential bullish signal, but the rebound has been weak, failing to break the 20-week moving average resistance [9][10]. - The Bollinger Bands for the dollar index are tightening, indicating an imminent technical shift, but the direction remains uncertain [8][10]. - The dollar's current position suggests that even if a new bottom forms, it may not lead to a strong mid-term bullish trend as seen in previous years [10][11]. Implications for Precious Metals - A continued weak dollar could benefit gold and silver prices, potentially leading to increased inflationary pressures in the U.S. economy [13]. - The article suggests that a weak dollar may support the commodity market, but the balance between benefits and drawbacks remains a topic of debate [13].

Group 1: Market Overview - The Hang Seng Index (HSI) has experienced a decline, with a significant number of bull certificates being liquidated, leading to a cautious market sentiment [1] - The index closed at 25,201 points, remaining above the 25,200 mark, with short-term support levels identified at 24,855 and 24,507 points [1] - Investors are advised to consider bull certificates with a redemption price below 24,500 for relative safety [1] Group 2: NIO Inc. (09866.HK) - NIO's closing price was HKD 51.65, showing a favorable increase, but the trading signal is currently a "sell," indicating a need for caution [3] - The first resistance level is identified at HKD 57.2, while support levels are at HKD 44.5 and HKD 39.3 [3] Group 3: Kingdee International Software Group (00268.HK) - Kingdee's stock has shown some upward movement, closing at HKD 16.57, but remains below the middle line of the Bollinger Bands [5] - The trading signal is a "sell," with resistance at HKD 18.3, and investors are advised to be cautious due to high volatility in the past three days [5] Group 4: Tencent Holdings (00700.HK) - Tencent's trading signal is currently "neutral," with investors considering entry points at lower levels [8] - Support levels are identified at HKD 574 and HKD 557 [8] Group 5: China Mobile (00941.HK) - China Mobile closed at HKD 89.15, reflecting a significant decline, but the trading signal is a "buy" [11] - Resistance is at HKD 92.3, with support levels at HKD 86 and HKD 82.7 [11] Group 6: Semiconductor Manufacturing International Corporation (00981.HK) - SMIC's trading signal is a "sell," with a technical outlook leaning bearish [14] - The first resistance level is at HKD 62.6, while the exercise price for call options is set at HKD 64.05, indicating a gap to be covered [14]

Group 1: Gold Market - Gold prices experienced a slight increase overnight, but the overall trend appears weak, indicating that the market may have already priced in the interest rate cut expectations [1] - The Federal Reserve's recent meeting minutes show a consensus among officials that maintaining the benchmark interest rate between 4.25% and 4.50% is appropriate, reflecting a strong agreement on the current rate level [1] - Technical analysis indicates that gold is approaching previous highs with signs of overbought conditions, suggesting a potential short-term pullback [1] Group 2: Oil Market - Oil prices remain weak, with indications that the mid-term rebound may be nearing its end, despite seasonal demand providing some support [3] - Recent data shows a decrease in U.S. crude oil inventories by 974,000 barrels, which is less than the expected decline of 1.725 million barrels, indicating a narrowing overall decline [3] - Global oil demand growth is expected to slow to an average of 650,000 barrels per day for the remainder of the year, down from an average of 990,000 barrels per day in the first quarter [3] Group 3: Copper Market - Copper prices have shown a series of small declines, suggesting a potential adjustment to previous significant declines, with a high likelihood of forming a downward ABC pattern [5] - The short-term outlook for copper indicates a possible rebound as prices return to a previous high transaction area, with a support level to watch at $4.44 [5] Group 4: Nikkei 225 Index - The Nikkei 225 index has formed a bearish candlestick pattern, indicating that a mid-term adjustment has begun [5] - The short-term downtrend structure is nearing completion, with a critical resistance level at 42,610; failure to break this level may lead to a decline towards 41,460 [5]

Core Viewpoint - Semiconductor Manufacturing International Corporation (SMIC) has applied for a patent that may enhance semiconductor device performance and reliability, potentially supporting its stock price increase [1] Technical Analysis - Current technical indicators suggest a "buy" signal with a strength of 12, indicating a positive medium to long-term trend, although several oscillators are in a "neutral" state with an RSI of 62, reflecting market divergence on short-term trends [1] - The first support level for SMIC is at 52, with further support at 50.5; the first resistance level is at 62, with a higher resistance at 63.3. The stock price is currently between these levels, close to the upper resistance, indicating a potential short-term decision point [3] - The system assesses a 54% probability of upward movement, with a recent 5-day volatility of 14.2%, suggesting significant speculative opportunities [3] Product Performance - On August 20, 2025, SMIC's stock performed well, with various structured products showing substantial gains: Societe Generale's bull certificate (59918) increased by 84%, UBS's bull certificate (65489) by 82%, and other UBS call options by 45% and 34%, demonstrating the leverage effect of these products [3] Investment Products - For investors bullish on SMIC, UBS call option (15627) is noteworthy with a leverage of 4.9 times and an exercise price of 58.93, while another UBS call option (13340) has a leverage of 3.9 times and an exercise price of 58.05 [5] - For bearish investors, HSBC put option (19411) has a leverage of 2.1 times with an exercise price of 49.81, and Bank of China put option (19573) has a leverage of 1.9 times with an exercise price of 49.79 [6] Leveraged Products Overview - UBS bull certificate (65489) has the lowest premium with an actual leverage of 5.2 times and a redemption price of 47, while Societe Generale's bull certificate (59918) has the highest actual leverage of 5.1 times with a redemption price of 46.8 [7] - For bearish positions, Societe Generale's bear certificate (57405) has the lowest premium with an actual leverage of 9.3 times and a redemption price of 62.5, while Citigroup's bear certificate (56634) has the highest leverage of 9.2 times with a redemption price of 62 [8]

Group 1 - The core viewpoint is that Hong Kong Exchanges and Clearing Limited (HKEX) is showing a bullish trend, with a recent price increase and potential for further gains, particularly targeting a resistance level of 456 HKD [1][3]. - The stock price of HKEX reached 459.6 HKD, marking a 2.54% increase, surpassing the previously mentioned resistance level [1][3]. - Technical indicators suggest a strong upward trend, with the stock price above key moving averages, indicating a positive market sentiment [3][5]. Group 2 - Recent trading volumes in the Hong Kong market have been robust, with daily turnover exceeding 200 billion HKD, contributing positively to HKEX's performance [2]. - The influx of significant IPOs in the Hong Kong market is expected to benefit HKEX directly, enhancing its revenue potential [2]. - The Relative Strength Index (RSI) is at 63, indicating strong buying momentum without entering overbought territory, further supporting a bullish outlook [5]. Group 3 - Investors are advised to consider various structured products, including call warrants with leverage ratios of 12.3 and 11.6 times, which present lower holding costs compared to similar products [8]. - For bearish investors, options such as put warrants with leverage ratios of 8.7 and 8.6 times are available, providing hedging opportunities [8][11]. - Recent performance of leveraged products has shown significant returns, with some products achieving gains of 25% and 17%, outperforming the underlying stock's increase of 1.54% [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the steel sector, the recovery of future demand may fall short of expectations due to the real - estate market still being in the process of bottom - building, and futures prices are under downward pressure. The short - term prices of rebar and hot - rolled coils may stabilize, and the medium - term trend is expected to be a wide - range oscillation. For iron ore, although there is room for an increase in steel mill's molten iron production after the military parade, the room for further increase is limited, and the medium - term trend is likely to be oscillatory [2][4] Group 3: Summary by Directory Rebar and Hot - Rolled Coils - **Supply and demand**: Rebar production has decreased for the second consecutive week, apparent demand has increased from a decline, factory inventory has increased for the third consecutive week, and social inventory has increased for the sixth consecutive week. The total production and inventory of the five major steel varieties have increased, and apparent demand has also risen. With the end of the summer heat, apparent demand should gradually recover, and total inventory is expected to gradually decline [2] - **Technical analysis**: After a sharp decline, rebar and hot - rolled coils have stabilized and rebounded, with a decrease in open interest. Short - term prices may stabilize, and the medium - term will maintain a wide - range oscillation [2] - **Operation suggestion**: Maintain a wait - and - see attitude and patiently wait for a rebound to short [2] - **Data summary**: Various data such as futures and spot prices, basis, spreads, production, inventory, and apparent demand are presented in detail, including changes compared to the previous day and the previous week [2] Iron Ore - **Supply and demand**: The profitability of steel mills is acceptable, but the proportion of profitable steel mills has decreased. The molten iron production of 247 steel mills has increased slightly. After the military parade, there is room for an increase in molten iron production, but the room for further increase is limited. The global iron ore shipment is at a high level, and future arrivals are expected to increase. Port inventory shows signs of stabilizing [4] - **Technical analysis**: The 01 contract has stabilized near the middle track of the daily K - line Bollinger Band. Short - term prices may rebound to the upper track, but the overall Bollinger Band opening is narrowing, and the medium - term trend is likely to be oscillatory [4] - **Operation suggestion**: Close short positions in the short - term and then maintain a wait - and - see attitude [4] - **Data summary**: Comprehensive data on iron ore, including spot and futures prices, basis, spreads, shipment, freight, arrivals, inventory, etc., are provided, along with changes compared to the previous day and the previous week [4] Industry News - As of August 2025, 20 distressed real - estate enterprises have had their debt restructuring and reorganization approved, with a total debt resolution scale exceeding 120 billion yuan. Since 2022, 27 listed real - estate enterprises have been delisted passively, and several others have delisted through privatization [6] - Chengdu has introduced a new housing provident fund policy, with preferential measures for purchasing affordable housing [6] - Some steel mills in Tangshan and Xingtai plan to raise the price of coke [6] - The online auction of coking coal by Mongolia's ETT company on August 21 ended in failure [6] - As of the week of August 21, rebar production has decreased for the second consecutive week, and apparent demand has increased from a decline [6] - As of August 21, the operating rate and capacity utilization rate of the float - glass industry have remained stable, and the daily output has remained at the highest level of the year [7]

Niki:港交所近兩日公佈業績，其實業績股的話都建議投資者可以留意一下。上周我們提過在業績附近，股價的幅度或波動會比較大，窩輪的機會是存在， 有很大的空間可以操作。港交所有兩大因素可以分析，第一港股整體的成交金額有沒有上升？今日來看有2000多億的成交額，甚至早前超過3000多億的成交 金額，屬於近期比較高的水平。對比A股兩市的總成交金額突破2萬億，至於A股指數方面升到今年的高位。所以整體股市氣氛都持續高漲的。對於港交所是 帶來正面的利好的。第二個基本因素是新股上市。今年都有不少大的IPO來港股上市。所以港交所是直接受惠的。回到港交所的股價來看，近期都在今年的 股價高位徘徊。雖然今日有些調整，都不是特別明顯。整體看港交所的基本因素是不錯的，值得大家關注。港交所方面都有相關的產品可以給大家參考。雖 然近期窩輪的資金流不明顯，但從大環境方面做出判斷是有機會部署。值得去關注一下中銀認購證17568，行使價530.5元，到期日在明年1月份，槓桿7倍。 認沽證的話，參考中銀認沽證18983，行使價368.48元，在明年1月份到期，槓桿7倍。 市場消息指，港交所近期新上市嘅幾隻新股反應唔錯，帶動成交活躍，呢個動態都引來唔 ...

Financial Performance - Xiaomi Group reported a total revenue of 116 billion RMB for Q2 2025, marking a historical high with a year-on-year growth of 30.5% [1] - The profit attributable to shareholders was approximately 11.904 billion RMB, reflecting a year-on-year increase of 133.51% [1] - Basic earnings per share were 0.46 RMB, and no dividend was declared [1] Stock Price Performance and Technical Analysis - As of the early trading session, Xiaomi's stock price was 52.35 HKD, up 0.1%, fluctuating within the 53-51 range [2] - The stock price fell below the 10-day moving average of 52.44 HKD, with an RSI of 44 indicating it is close to the oversold zone [2] - Multiple oscillators have issued sell signals, but the bull-bear power indicator suggests "severe overselling, possibly forming a bottom," indicating increasing market divergence [2] Market Sentiment and Options Activity - Market sentiment towards Xiaomi remains generally positive, with investors showing interest in call options despite recent price adjustments [3] - Notable call options include a product with a strike price of 61 HKD expiring in April next year, which has attracted significant capital [3] - Conversely, put options are also available for those anticipating a decline, with a strike price of 43 HKD expiring in October this year [3][4] Key Support and Resistance Levels - Current support levels are identified at 50.8 HKD (Support 1) and 49.2 HKD (Support 2), while resistance levels are at 54.8 HKD (Resistance 1) and 57.5 HKD (Resistance 2) [5] - The 5-day volatility is at 4.2%, indicating a narrowing range, but the VR transaction ratio shows weak capital inflow momentum [5] Product Performance and Strategy - Bearish products have performed well, with specific bear certificates rising significantly during Xiaomi's price decline [6] - Recommended bullish products include HSBC and UBS call options with a strike price of 61.05 HKD, suitable for investors expecting a rebound to 54.8 HKD [10] - For bearish strategies, HSBC put options with a strike price of 46.45 HKD are suggested as a hedge against downside risk [10]