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]

Group 1 - The core viewpoint of the article indicates that Jinglin Hong Kong has made significant adjustments to its U.S. stock holdings, with a total market value of $2.873 billion as of the end of Q2, equivalent to approximately 20.6 billion RMB [1] - Jinglin Hong Kong has initiated new positions in Nvidia, Atour, and Huazhu Group, while increasing stakes in Facebook, Manbang Group, Qifu Technology, Alphabet, Sea, TAL Education, and BeiGene [1][3] - The firm has reduced holdings in several companies, including NetEase, Pinduoduo, Futu Holdings, Beike, New Oriental, Nebius Group, Alibaba, Intel, TSMC, Ctrip, Astra Solar, Liberty Media, and Hesai Technology, and has completely exited positions in Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [1][3] Group 2 - Meta remains the largest holding for Jinglin Hong Kong, with a market value of approximately $731.7 million, accounting for 25.45% of its total U.S. stock holdings [3] - The top ten holdings collectively amount to $2.534 billion, representing over 88% of the total U.S. stock portfolio [1] - The firm emphasizes the importance of identifying new companies with strong business models and robust free cash flow, suggesting that companies with monopolistic advantages in rights, technology, scarce resources, and brand recognition are particularly valuable [1][4] Group 3 - The Hong Kong market has seen a resurgence in IPO financing, becoming the top market globally in the first half of the year, signaling a shift in international capital's perception of Chinese assets [5][6] - Southbound capital has net purchased over HKD 900.8 billion this year, surpassing the total for the previous year, indicating increased investor interest in Hong Kong stocks [7] - The average daily trading volume for ETFs has surged to HKD 33.8 billion, a 184% increase year-on-year, reflecting strong demand for Hong Kong-listed ETFs [9] Group 4 - The Hang Seng Index has risen by 23.92% year-to-date, outperforming major global indices such as the S&P 500, which has increased by 8.63% [18] - Several foreign investment banks, including Goldman Sachs, have raised their target prices for the Hong Kong Stock Exchange, indicating positive sentiment towards the market [18] - Insurance capital has been actively acquiring shares in Hong Kong stocks, with 22 instances of stake increases reported this year, focusing on undervalued, low-volatility, high-dividend, and high-certainty performance assets [19]

新华社香港7月2日电 香港恒生指数2日涨149.13点，涨幅0.62%，收报24221.41点。全日主板成交 2402.25亿港元。 石油石化股方面，中国石油化工股份涨1.7%，收报4.18港元；中国石油股份涨0.74%，收报6.8港 元；中国海洋石油涨0.9%，收报17.88港元。 责任编辑：袁浩 蓝筹股方面，腾讯控股跌0.3%，收报501.5港元；香港交易所涨1.05%，收报423.2港元；中国移动 跌0.23%，收报86.9港元；汇丰控股涨0.32%，收报95.25港元。 香港本地股方面，长实集团涨1.88%，收报35.25港元；新鸿基地产涨3.28%，收报93港元；恒基地 产涨5.46%，收报28.95港元。 中资金融股方面，中国银行涨1.54%，收报4.63港元；建设银行涨2.9%，收报8.15港元；工商银行 涨1.93%，收报6.34港元；中国平安涨0.8%，收报50.25港元；中国人寿涨0.62%，收报18.46港元。 国企指数涨46.6点，收报8724.9点，涨幅0.54%。恒生科技指数跌33.71点，收报5269.11点，跌幅 0.64%。 ...

Core Viewpoint - The article emphasizes the importance of staying updated with the latest trends and developments in the investment sector, particularly in the context of venture capital and startup ecosystems [1] Summary by Relevant Sections - The article highlights the dynamic nature of the investment landscape, noting that new opportunities frequently arise in various sectors, necessitating continuous research and analysis [1] - It discusses the significance of understanding market shifts and consumer behavior, which can lead to identifying potential investment opportunities [1] - The piece also points out the role of technology in transforming traditional investment practices, suggesting that companies must adapt to these changes to remain competitive [1]

Core Viewpoint - The Hong Kong stock market experienced a significant upward movement, with the Hang Seng Technology Index rising by 0.19%, the Hang Seng Index increasing by 0.24%, and the State-Owned Enterprises Index up by 0.1% [1]. Group 1 - The paper industry, military industry, coal, and Apple-related concepts showed strong performance [1].

Group 1 - The article discusses the recent trends in the investment banking sector, highlighting the impact of economic conditions on deal-making activities [2] - It notes a significant decline in mergers and acquisitions (M&A) activity, with a year-over-year decrease of 30% in the first half of the year [3] - The report emphasizes the challenges faced by investment banks, including rising interest rates and geopolitical tensions, which have contributed to a cautious approach among investors [4] Group 2 - The article mentions that despite the downturn, there are still pockets of opportunity in sectors such as technology and healthcare, where strategic acquisitions are expected to continue [2] - It highlights the importance of adapting to changing market conditions, with firms focusing on advisory services and restructuring as alternative revenue streams [3] - The report concludes with a forecast indicating that the investment banking landscape may stabilize in the latter half of the year, contingent on macroeconomic improvements [4]