Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a revenue of 33.36 billion yuan in H1 2025, a year-on-year decrease of 16.52%, with a net profit attributable to shareholders of 1.22 billion yuan, down 13.07% year-on-year [8] - In Q2 2025, the company achieved a revenue of 15.83 billion yuan, reflecting a year-on-year increase of 10.51%, and a net profit of 607 million yuan, up 0.88% year-on-year [8] - The company is actively exploring IP collaborations to enhance brand appeal among younger consumers, including the launch of AI smart glasses tailored for the elderly [8] Financial Data and Profit Forecast - The company’s total revenue is projected to be 49.20 billion yuan in 2025, with a year-on-year decline of 13.4% [7] - The net profit attributable to shareholders is expected to be 1.58 billion yuan in 2025, down 18.9% year-on-year [7] - The company’s gross margin for H1 2025 was 8.68%, a decrease of 0.53 percentage points year-on-year [8] - The company plans to distribute a dividend of 0.33 yuan per share for H1 2025, totaling 173 million yuan [8]

淡水泉投资表示，面对当前快速演变的市场环境，后续将持续关注经济基本面的边际变化与微观调研反 馈，以开放心态看待市场的多种可能性，保持交易灵活性，做好不同情形下的投资预案，力争实现组合 可持续的投资回报。 8月份，A股市场在科技股走高带动下，各板块普遍迎来上涨行情，同时上证指数创下近10年新高，科 创50指数创下成立以来的最大单月涨幅。淡水泉投资8月月报显示，就A股整体而言，市场仍呈现出显 著的结构性分化特征。在当前风险偏好提升、成长板块估值空间打开的环境下，接下来重点关注以下几 个方向：一是新兴成长领域具备业绩持续性的优质公司，包括AI科技、新消费、创新药等细分行业龙 头。二是周期领域中竞争力突出、受宏观环境影响较小的头部企业，以及低估值龙头公司在行情回暖过 程中的重估机会。此外，在美元走弱背景下，有望受益的周期类资产也是重点关注的方向。 本报讯 （记者王宁）9月2日，记者从淡水泉（北京）投资管理有限公司（以下简称"淡水泉投资"）处 获悉，基于对货币宽松与美元下行等因素预期，目前该公司增配了有色等板块估值合理且具备盈利潜力 的标的，同时还增配了估值仍然具备较好安全边际、未来业绩有望持续超预期的部分医药类资产。 ...

Group 1 - The Hong Kong stock market experienced a pullback on September 2, with the technology sector leading the declines. The Hong Kong Stock Connect Technology ETF (513860) fell by 0.50%, with a trading volume exceeding 100 million yuan, and active trading observed during the session. Notably, stocks like MicroPort Scientific Corporation-B rose over 9%, while Alibaba Health, 3SBio, and Xiaomi Group-W also saw gains [1] - The Hong Kong Stock Connect Technology ETF (513860) has seen continuous capital inflow recently, with a net inflow of over 250 million yuan in the last five trading days and over 560 million yuan in the last ten trading days [1] - The ETF closely tracks the CSI Hong Kong Stock Connect Technology Index, which selects 50 large-cap, high R&D investment, and fast-growing revenue technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [1] Group 2 - According to Jiyin International, the Hong Kong stock market is expected to maintain a positive momentum due to the ongoing liquidity easing both domestically and internationally. The active sentiment in the A-share market is likely to boost trading atmosphere in Hong Kong. There is strong demand for capital inflow into high-growth sectors like technology [2] - The global liquidity environment is becoming marginally looser, which is favorable for capital to flow into emerging markets. Hong Kong, as a significant offshore Chinese asset and AI technology investment target, is likely to benefit from increased foreign capital inflow [2] Group 3 - Dongwu Securities believes that the Hong Kong stock market is in a trend of oscillating upward, with both upward momentum and downward constraints. The market has raised expectations for a rate cut by the Federal Reserve in September, which could promote market rebound [3] - The report suggests that unless significant improvements in employment data and inflation are observed before the September meeting, a rate cut is highly likely. However, investors remain cautious, preferring bottom-up opportunities and waiting for clear signs of improvement in the technology and internet sectors [3] - According to a report from China Merchants Securities (Hong Kong), tactical opportunities should be seized following index pullbacks, as factors constraining the Hong Kong market are showing signs of marginal improvement, including anticipated rate cuts by the Federal Reserve and a recovery in the AH share premium [3]

（来源：吴说） 吴说获悉，港股中国金融租赁集团有限公司 2025 年上半年录得溢利 183.6 万港元（去年同期亏损 867.9 万港元），主要来自上市证券投资公平值收益净额 323.3 万港元。投资组合市值 7786.1 万港元，包括 iShares 比特币信托 ETF、华夏比特币 ETF、iShares 以太坊信托 ETF 等。公司主要股东变更后拟增加 Web3 及 AI 科技投资，将集团建设成创新数码资产投资控股集团，并建议更改名称为 Long Corp（Long 集团）。 来源：市场资讯 ...

Group 1 - The communication ETF (515880) experienced a significant increase of 9.3% yesterday, followed by a decline of over 3% at today's opening [1] - The ETF rebounded in the afternoon with increased trading volume, and there was a substantial net buying of nearly 800 million yuan yesterday [1] - As of August 28, the communication ETF saw a net inflow of over 3.4 billion yuan in the past 20 days, with a current scale exceeding 8.5 billion yuan [1] Group 2 - The communication ETF's composition includes over 70% in "optical modules, servers, optical fibers, and copper connections," indicating a focus on core computing capabilities [1] - Dongwu Securities suggests that the current market trend is centered around AI technology, recommending attention to structural opportunities within the technology growth sector [1]

A股8月收官，三大指数集体上涨，上证指数涨0.37%，8月累涨7.97%；深证成指涨0.99%，8月累涨 15.32%；创业板指涨2.23%，8月累涨24.13%。北证50涨1.28%，8月累涨10.64%。科创50指数8月累涨 28%。沪深京三市全天成交额28302亿元，较上日缩量1707亿元。全市场近2000只个股上涨。板块题材 上，锂电池、白酒、保险、创新药、军工装备板块涨幅居前；半导体、智谱AI、算力租赁、教育板块 跌幅居前。盘面上，锂电池板块集体爆发，宁德时代大涨超10%，国轩高科、先导智能等股涨停。白酒 股集体反弹，五粮液、老白干酒、泸州老窖纷纷上扬。AI科技板块午后局部拉升，工业富联涨停总市 值突破1万亿元大关。此外、创新药、保险、稀土、军工等板块均表现活跃。半导体板块今日有所调 整，寒武纪、北方华创、芯源微等均有不同程度下跌。 ...

Market Performance - The A-share market saw significant gains on August 28, with the Shanghai Composite Index rising over 1%, the Shenzhen Component Index increasing over 2%, and the ChiNext Index surging nearly 4% [1][2]. Sector Analysis - The CPO and other computing hardware stocks maintained strong performance, with companies like Tianfu Communication reaching new historical highs [4]. - The current market trend is centered around AI technology, with the ChiNext Index representing growth sectors such as electronics and communications, which have outperformed the broader market [7]. Notable Stocks - Cambrian Technology (寒武纪) experienced a late surge, rising over 15% to become the "king of A-shares," with its stock price reaching 1587.91 yuan, surpassing Kweichow Moutai [9][10]. - Cambrian's market capitalization is approximately 664.3 billion yuan, with a price-to-earnings ratio of 595 [11]. Semiconductor Industry Insights - The advanced packaging market in China is projected to grow rapidly, with an expected market size of 69.8 billion yuan by 2024 and a compound annual growth rate of 18.7% from 2020 to 2024 [13]. - The semiconductor industry is experiencing a shift towards domestic alternatives, supported by policies and capital, which is expected to enhance the competitive landscape for local firms [13]. - TSMC has raised its revenue growth forecast from around 25% to 30% due to strong AI demand, while domestic companies like SMIC and Huahong are optimistic about their order demand outlook [13].

Market Performance - The A-share market saw significant gains on August 28, with the Shanghai Composite Index rising over 1%, the Shenzhen Component Index increasing over 2%, and the ChiNext Index surging nearly 4% [1][2]. Sector Performance - Over 2,800 stocks in the market experienced an increase [3]. - The CPO and other computing hardware stocks maintained strong performance, with companies like Tianfu Communication reaching new historical highs [5]. Company Earnings - Recent earnings reports from ChiNext component stocks, including New Yisheng and Zhongji Xuchuang, showed substantial growth. Zhongji Xuchuang reported revenue of 14.789 billion yuan, a year-on-year increase of 36.95%, and a net profit of 3.995 billion yuan, up 69.40%. New Yisheng's revenue reached 10.437 billion yuan, a 282.64% increase from the previous year, with a net profit of 3.942 billion yuan, up 355.68% [8]. Investment Insights - Dongwu Securities highlighted that the current market trend is centered around AI technology, with the ChiNext Index representing growth sectors like electronics and communications, which have outperformed the broader market. The communication and electronics sectors ranked as the top two in terms of growth among Shenwan's primary industries [8]. - The semiconductor industry remains active, with the Sci-Tech 50 Index rising over 7% [10]. - The stock of Cambrian Technology surged over 15%, reaching a price of 1,587.91 yuan, surpassing Kweichow Moutai [11][14]. Market Trends - The semiconductor equipment ETF has Cambrian Technology as the third-largest weighted stock, with a weight of 13.09%. The combined weight of Cambrian, Haiguang Information, and SMIC is 30.5%, indicating a high concentration in the index [14]. - Huachuang Securities noted that the domestic advanced packaging market is expected to grow rapidly, with a projected market size of 69.8 billion yuan by 2024 and a compound annual growth rate of 18.7% from 2020 to 2024. The current penetration rate is 40%, below the global average of 55%, suggesting significant growth potential [14]. - Guosen Securities emphasized the importance of the "three cycles" in the semiconductor sector, suggesting that the current market conditions are favorable for valuation expansion [15].

Market Overview - The Hang Seng Technology Index (HSTECH) decreased by 1.66% as of August 28, 2025, with mixed performance among constituent stocks [3] - Ctrip Group-S (09961) and SMIC (00981) led gains, both up by 8.00%, while Meituan-W (03690) fell by 12.38% [3] - The Hang Seng Technology Index ETF (159742) dropped by 1.54%, with a latest price of 0.77 HKD [3] Trading Activity - The Hong Kong stock market recorded a total turnover of 371.38 billion HKD on August 27, 2025, with southbound funds net buying 15.371 billion HKD [3] - The ETF saw an intraday turnover of 14.53%, with a transaction volume of 458 million HKD, indicating active market participation [3] Institutional Insights - Future catalysts for the Hong Kong stock market include AI technology and new consumption trends, which are expected to drive market growth [4] - Continuous inflow of southbound funds is enhancing marginal pricing power, especially if domestic interest rates remain low [4] - The transition from loose monetary policy to loose credit in China, along with potential US interest rate cuts, could further support the Hong Kong market [4] ETF Performance - The latest size of the Hang Seng Technology Index ETF reached 3.157 billion HKD, with a total of 4.075 billion shares, marking a one-year high [5] - The ETF has seen a net inflow of 228 million HKD over the past three days, with a daily average net inflow of 75.882 million HKD [5] - The ETF's net asset value has increased by 36.12% over the past three years, with a maximum monthly return of 33.70% since inception [5] Tracking Accuracy - As of August 27, 2025, the Hang Seng Technology Index ETF has a tracking error of 0.047% over the past three years, the highest among comparable funds [6] Index Composition - The Hang Seng Technology Index comprises the top 30 Hong Kong-listed companies highly related to technology, with the top ten stocks accounting for 68.53% of the index [7]

市场策略丨点评报告 [Table_Title] 0827 港股日评：三大股指回调，港股通食品饮 料领涨 报告要点 [Table_Summary] 2025 年 8 月 27 日，港股市场大市成交额达到 3713.8 亿港元，南向资金净买入 153.71 亿港 元。美国关税政策预期反复及白宫人事动荡扰动全球风险偏好，叠加恒生指数逼近 26000 点关 键心理关口，部分资金选择获利了结，从而压制港股市场表现。港股医药板块近期表现承压， 主要由于前期涨幅较大，估值已升至相对高位，导致市场短期情绪有所回落，资金在板块间呈 现"高低切换"的趋势，流向估值较低的领域。 分析师及联系人 丨证券研究报告丨 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0827 港股日评：三大股指回调，港股通食品饮 2] 料领涨 [Table_Summary2] 事件描述 港股市场方面，恒生指数回调 1.27%报 25201.76，恒生科技回调 1.47%报 5697.53 ...