Group 1 - The company reported a revenue of approximately HKD 116 million for the fiscal year ending March 31, 2025, with a loss attributable to shareholders of about HKD 138 million [1] - As of March 31, 2025, the company's net equity and current assets were approximately HKD 617 million and HKD 60.7 million, respectively, with bank balances and cash of around HKD 46.1 million [1] - The company completed the restructuring of two joint ventures in 2025, focusing on humanoid robot intelligent technology and AI educational robots [1] Group 2 - The company plans to gradually deploy humanoid robot applications in Hong Kong in the second half of 2025, collaborating with signed partners to commercialize humanoid robot products [1] - In mainland China, the company aims to launch educational robot products in selected provinces in the second half of 2025, forming a full industry chain model in line with national AI education policies [1] - The company expects to formally establish the "Hong Kong Robot Health Demonstration Park Project" and successfully sign operational service agreements, including the sale of health robots [1] Group 3 - Due to the ongoing decline in the domestic real estate market, the company will adopt a more prudent strategy in selecting related projects and seek future development opportunities [2] - One potential direction for development is to explore "themed real estate" projects that provide services for robot health real estate, in addition to the existing demonstration park project [2] - The company intends to negotiate similar projects with governments in the Greater Bay Area, Tianjin, and Zhejiang [2]

Core Viewpoint - Honor Technology Co., Ltd. has officially initiated the process for its A-share IPO by completing the counseling registration with the Shenzhen Securities Regulatory Bureau, marking a significant step towards entering the capital market [1][2]. Listing Progress and Organizational Adjustments - Honor has a registered capital of 32.239 billion yuan, with its major shareholder being Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [2]. - The shareholder ecosystem of Honor includes 23 entities, such as Shenzhen Zhixin, Guoxin Capital, China Mobile, and China Telecom, creating a diversified collaborative network [2]. - The IPO counseling will occur in three phases from June 2025 to March 2026, focusing on internal control, financial training, and compliance with securities regulations [3]. - Honor's CEO, Li Jian, has made strategic adjustments to the management team and organizational structure to pave the way for the IPO [3][4]. Strategic Focus on AI Ecosystem - In March 2025, Li Jian announced a strategic shift towards becoming a leading AI terminal ecosystem company, with a three-phase AI strategy [5]. - Honor plans to invest 10 billion USD (approximately 72.8 billion yuan) over the next five years in its "Alpha Strategy," with annual AI investments reaching 15 billion yuan [5][6]. - The company has established new departments for AI and software, with a workforce of 2,600 in the AI sector [6]. Product Development and Market Expansion - Honor has launched several new products, including the Honor Power smartphone and the Honor 400 series, which have shown promising sales performance [7]. - The company has seen significant growth in overseas markets, with sales in regions like Latin America, the Middle East, and Southeast Asia increasing by over 50%, and in Southeast Asia, growth exceeding 100% [7][8].

Report Summary 1. Report Industry Investment Rating - Goldman Sachs China equity strategist Fu Si maintains an overweight recommendation for A-shares and Hong Kong stocks [2] - Bank of America Chief Investment Strategist Hartnett believes global capital allocation is gradually shifting from the US to Eurasian markets [2] 2. Core View of the Report - The market underwent a minor adjustment on Thursday for technical repair, with the Bank ETF hitting a new high. Multiple foreign giants suddenly collectively sang well of Chinese assets, and global financial asset reallocation "de-Americanization" is expected to accelerate the inflow of international funds into A-shares. The market is in a technical adjustment phase, and it's necessary to observe whether the market can evolve from a volatile rebound to a trending upward movement [2] 3. Summary by Relevant Catalogs **Market Review** - On Thursday, the market had a minor volatile adjustment to repair technical indicators, and the Bank ETF hit a new high. The total trading volume of the two markets was 1.58 trillion yuan, showing little change. The CSI 1000 Index closed at 6,247 points, down 28 points or -0.45%; the CSI 500 Index closed at 5,838 points, down 24 points or -0.41%; the SSE 300 Index closed at 3,946 points, down 14 points or -0.35%; the SSE 50 Index closed at 2,738 points, down 9 points or -0.34%. Among industry and thematic ETFs, those with the highest gains were the Communication Equipment ETF, Cloud 50 ETF, Bank ETF Leader, Gold Stocks ETF, and GEM Artificial Intelligence ETF Southern, while those with the highest losses were the Securities ETF Leader, Innovative Drug ETF Hong Kong & Shanghai, and STAR 100 ETF. Among the sector indices of the two markets, those with the highest gains were the Ground Military Equipment, Tourism, Marine Economy, Military Trade Concept, and Military Informatization Indices, while those with the highest losses were the Medical Services, Passenger Vehicles, Securities, Lithography Machines, and Innovative Drug Indices. The CSI 1000, CSI 500, SSE 300, SSE 50, and index stock index futures saw net outflows of 5 billion, 3.3 billion, 3.1 billion, and 1.5 billion yuan respectively in the settled funds [1] **Important News** - Chinese Premier attended the opening ceremony of the 2025 Summer Davos Forum and delivered a speech, stating that the Chinese market continues to expand in scale and improve in quality, which will create incremental space for reversing the decline in international trade. China's continuous breakthroughs in innovation will inject new vitality into global development to overcome the lack of momentum [1] - The deputy director of the Policy Research Office of the National Development and Reform Commission said that the third batch of funds for consumer goods trade-in this year will be allocated in July, and relevant parties will be coordinated to balance the use of funds to ensure the orderly implementation of consumer goods trade-in throughout the year [1] - According to data from the National Energy Administration, the newly installed photovoltaic capacity in the first five months of 2025 was about 198GW, while that in the first four months was 105GW. That is to say, the installed capacity in May alone reached 93GW, a year-on-year increase of 388% [1] - The Shenwan Macro team believes that there is a 3.3 trillion yuan gap in service industry investment, which stems from the gap between residents' service consumption and historical trends and the imbalance between supply and demand. With the growth of per capita GDP and population aging, consumption shows a "servitization" characteristic [1] - NVIDIA CEO Jensen Huang said that in the future, there will be billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robot factories, all of which can be powered by NVIDIA's technology [1] - UBS warned that the current rally in US stocks is nearing its end: the indicator measuring real risk appetite has been weakening. Similar to the situation after a strong short squeeze, the S&P 500 and Nasdaq indices fell by an average of 11% and 13% respectively within three months. The capital situation has further deteriorated, and retail investors, foreign investors, and pension funds are expected to continue selling, and corporate buybacks will also enter a quiet period [1] - Goldman Sachs and Barclays released reports stating that considering the easing of recession concerns, funds are selling European assets at the fastest pace in nearly a year and refocusing on the US. Nomura Securities found that a volatility-based trading strategy may attract hundreds of billions of quantitative funds to flow back to the US in the short term [2] - Trump said that the conflict between Israel and Iran may break out again, perhaps soon. He warned that if Iran restarts its nuclear program, the US will strike again [2] - From June 24th to 25th, the NATO Summit was held in The Hague, the Netherlands. In the joint statement after the meeting, the most important "achievement" was the agreement to increase military spending to 5% of GDP [2] - According to the latest media reports, if OPEC+ deems it necessary, Russia is willing to support another production increase at the next OPEC+ meeting. If approved by the government, the Russian oil industry is ready to increase production again in August [2] - Trump is considering announcing the candidate for the next Fed Chairman as early as this summer, much earlier than the traditional 3 - 4 month transition period [2] - Fed Chairman said in a Senate hearing that tariffs may cause a one-time increase in prices, but the more persistent inflation risk cannot be ignored. The Fed must take a cautious attitude to ensure price stability and healthy economic development [2] **Market Logic** - The market had a minor adjustment on Thursday for technical repair, and the Bank ETF hit a new high. Beijing Business Daily published an article stating that the new high of bank stocks is different from the speculation of theme stocks. Although both have reached new highs in stock prices, bank stocks are supported by performance and dividends. The movement of bank stocks is more of a revaluation of value, which will not only prevent long-term funds from exiting but also attract off-market funds to buy. Multiple foreign giants suddenly collectively sang well of Chinese assets. Goldman Sachs China equity strategist Fu Si said that the overweight recommendation for A-shares and Hong Kong stocks is maintained [2] **Outlook for the Future Market** - The market had a minor adjustment on Thursday for technical repair, and the Bank ETF hit a new high. NVIDIA CEO Jensen Huang said that in the future, there will be billions of robots, hundreds of millions of autonomous vehicles, and hundreds of thousands of robot factories, all of which can be powered by NVIDIA's technology. A strategist at J.P. Morgan Asset Management pointed out that one of the current global long-term structural trends is technology, and China is in a leading position in many technology fields. Global investors are increasingly paying attention to China's innovation and leading position. Multiple foreign giants suddenly collectively sang well of Chinese assets. Goldman Sachs China equity strategist Fu Si said that the overweight recommendation for A-shares and Hong Kong stocks is maintained. Bank of America Chief Investment Strategist Hartnett believes that global capital allocation is gradually shifting from the US to Eurasian markets. The "de-Americanization" of global financial asset reallocation is expected to accelerate the inflow of international funds into A-shares. The Bank ETF hit a new high again, and funds continue to flow into high-dividend sectors. The market is in a technical adjustment phase, and it's necessary to observe whether the market can evolve from a volatile rebound to a trending upward movement [2] **Trading Strategies** - Directional trading of stock index futures: The market is in a technical adjustment phase. Observe whether the market can evolve from a volatile rebound to a trending upward movement, and pay attention to the resistance levels of the Shanghai Composite Index at 3,450 - 3,500 points [2] - Stock index option trading: The market is in a technical adjustment phase. Observe whether a trending upward movement will appear [2]

Core Viewpoint - Nvidia's stock price has reached new highs, driven by optimistic forecasts regarding AI and robotics as key growth engines for the company [1][4]. Group 1: Stock Performance - Nvidia's stock surged 4.33% to $154.31 per share on June 26, 2023, surpassing its previous high of $153.11 set on January 7, 2023, and achieving a market capitalization of $3.77 trillion [1]. - On June 27, Nvidia's stock continued to rise, reaching a closing price of $155.02 per share, with a total market capitalization of $3.78 trillion, leading Microsoft by approximately $80 billion [1]. - Nvidia's market capitalization first exceeded that of Microsoft and Apple in June 2024, and it reclaimed the top position in early January 2023 with a market cap of $3.45 trillion [1]. Group 2: Valuation Metrics - As of June 27, Nvidia's TTM price-to-earnings (P/E) ratio stood at 49.27, significantly higher than Tencent (22.22), Alibaba (15.44), China Mobile (17.56), and Kweichow Moutai (20.04) [2]. - Compared to other major U.S. tech companies, Nvidia's valuation is also higher than Apple (30.86), Microsoft (38.26), Amazon (34.95), Google (18.97), and Meta (27.4) [2]. Group 3: Earnings Forecast - According to Wind's consensus earnings forecast, Nvidia's valuation is projected to be 34.78 times earnings for the fiscal year 2026 and 26.82 times for fiscal year 2027 [3]. - Nvidia's net profit for fiscal year 2026 is expected to grow by 48.56% to $108.3 billion, with further growth of 29.66% to $140.4 billion in fiscal year 2027 [3]. Group 4: Business Performance - Nvidia reported a revenue of $44.1 billion for Q1 of fiscal year 2026, a 69% year-over-year increase, driven by strong demand for AI [4]. - The data center revenue reached $39.11 billion, up 72% year-over-year, and accounted for 88.77% of total revenue [4]. - Despite a significant inventory write-down of $4.5 billion due to export controls on H20 chips, Nvidia's net profit for the quarter was $18.78 billion, reflecting a 26.17% increase [4]. Group 5: Future Growth Prospects - CEO Jensen Huang highlighted robotics as the next trillion-dollar market after AI, with applications in autonomous vehicles and humanoid robots [5][6]. - The robotics segment currently represents a small portion of Nvidia's revenue, with Q1 sales of $567 million, accounting for only 1% of total sales, but showing a 72% year-over-year growth [6]. - Huang acknowledged challenges in cost control and human-robot interaction but expressed optimism about reducing deployment barriers through optimized algorithms and hardware collaboration [6]. Group 6: Market Developments - Recent advancements in fully autonomous driving technology include Tesla's launch of Robotaxi in Austin, Texas, with plans to expand significantly [7]. - Domestic companies like Baidu and Pony.ai are also making strides in autonomous driving, with significant service volume growth and plans for large-scale commercialization [7]. - Investment firm ARK predicts that by 2030, there will be 50 million Robotaxis globally [7]. Group 7: Analyst Ratings - Several Wall Street firms have raised Nvidia's target price, with Barclays setting it at $200 per share, suggesting a potential market cap of $4.9 trillion, indicating a 38% upside [8]. - Loop Capital increased its target price from $175 to $250 per share, forecasting that Nvidia's market cap could eventually reach $6 trillion, representing a 65% increase from current levels [8]. - Despite the stock's rise, CEO Jensen Huang has been selling shares, recently offloading 54,300 shares valued at approximately $8.45 million [8].

Group 1 - The market sentiment has significantly improved due to the strong catalyst from the fintech sector, leading to accelerated capital inflow towards technology manufacturing [2] - The impact of recent external risk events is gradually diminishing, and the growth-themed sectors have reached key support levels after previous corrections, laying a solid foundation for future rebounds [2] - The AI industry chain contains rich catalytic momentum across all segments: in the upstream semiconductor sector, breakthroughs in chip materials and equipment, as well as advancements in lithography technology, are continuously progressing, with the domestic substitution process speeding up [2] - In the midstream AI application sector, there are strong expectations for the iteration and upgrade of leading models such as ChatGPT and DeepSeek [2] - In the downstream sectors like robotics and smart vehicles, which are pioneers in the application of AI technology, both industrial policies and technological innovations are expected to provide dual benefits for future growth [2] - Recent market trading volume has increased, and technical indicators such as moving averages are signaling positive trends, indicating the emergence of trend-based opportunities [2] - If the market's risk appetite continues to rise, the technology manufacturing sector may have a short-term window for allocation, warranting close attention from investors [2] Group 2 - The Tianhong CSI Robotics ETF closely tracks the CSI Robotics Index, which selects 70 companies involved in system solutions, digital workshops, production line integration, automation equipment manufacturing, and other robotics-related sectors to reflect the overall performance of listed companies in this field [3] - Interested parties can search for Tianhong CSI Artificial Intelligence (Class A: 011839, Class C: 011840) and Tianhong CSI Robotics ETF (Class A: 014880, Class C: 014881) on the Alipay app for more details [3]

Market Overview - The Hang Seng Index fell by 1.5% last week, closing at 23,530 points, while the Hang Seng Tech Index dropped by 2.0% to 5,133 points[1] - Average daily trading volume decreased by 17.6% to HKD 211.2 billion, indicating weakening market sentiment[1] - Despite a net inflow of HKD 16.2 billion from the Hong Kong Stock Connect, the overall trading activity has not increased since May[1] Sector Performance - The Information Technology Index was the only sector to rise, while Healthcare, Energy, and Materials indices fell by 7.8%, 4.4%, and 3.2% respectively[1] - The AH premium index has dropped to a near five-year low, raising concerns about the performance of new A+H IPOs[2] Economic Indicators - The Federal Reserve maintained interest rates, reflecting a bias towards anti-inflation measures, which may suppress Hong Kong stock valuations in the short term[2] - Geopolitical tensions in the Middle East have historically led to short-term declines in both US and Hong Kong markets, but recovery is often seen within a month[3] Investment Recommendations - The Hang Seng Index is currently in a trading range of 23,000 to 23,500 points, which may provide some support as the market approaches the half-year end and June futures settlement[3] - Investors are advised to consider sectors like AI and robotics that have underperformed in June for potential opportunities[3] Industry Insights - The consumer sector is facing regulatory scrutiny, with stocks like Pop Mart (9992 HK) down 15% from historical highs[4] - The healthcare sector saw a 7.7% decline in the Hang Seng Healthcare Index, but a recent government initiative to innovate commercial health insurance may benefit high-priced innovative drugs[4]

随着冲突的停战，全球资本市场出现了一定的反弹。本周A股和港股连续三个交易日放量大涨，上证指 数创出年内新高，A股总市值一度突破100万亿大关，创下历史新高。上半年行情即将结束，展望下半 年，目前是一个良好的开端，A股市场一直有"五穷六绝七翻身"的规律，今年可能也是如此。因为现在 影响市场的不确定因素正在减弱，而支持市场回升的信心越来越强。特别是机器人、AI板块近期强势 上攻，华为在光伏机方面实现突破，良品率达到70%，意味着我们在芯片半导体方面实现突破的可能性 越来越大，机器人从技术突破到实际应用越来越近。近三年主要是在工业机器人方面发展，很多机器人 将首先走进工厂，大概三年左右，随着操作系统的不断进化，智能化程度越来越高，机器人也将逐步从 工厂走向家庭，实现放量增长。机器人行业是继国际家电、手机、新能源汽车之后的第四大产业赛道， 长期投资机会明显。 从宏观经济来看，当前我国CPI连续三个月出现负0.1%的增长，说明消费需求较弱，物价下降。GDP平 均指数去年是负的，今年可能还是负的，这意味着后续要实现年初定的CPI2%的目标，下半年政策方面 会继续加码，包括适度宽松的货币政策以及更加积极的财政政策。从货币政 ...

Group 1 - A significant executive, Omead Afshar, has left Tesla, reportedly at the direction of Elon Musk, highlighting ongoing turmoil within the company [2][3] - Afshar's departure follows other recent exits, including Milan Kovac, who led the "Optimus" humanoid robot project, and Jenna Ferrua, the North America HR director [2] - Tesla's stock has declined approximately 19% this year, reflecting the challenges the company faces amid leadership changes and market pressures [2] Group 2 - Afshar joined Tesla in 2017 and played a crucial role in increasing Model 3 production, later overseeing sales and manufacturing operations in North America and Europe [4] - The company has faced declining demand for electric vehicles and increased competition, which has significantly impacted sales [4][5] - Afshar was involved in the construction of Tesla's Austin factory and has been active on social media, recently praising the robotaxi project [4][6]

Core Viewpoint - The "trade-in" policy has significantly boosted China's retail sector in the first half of the year, with May retail data showing unexpected growth, particularly in home appliances [1][2]. Group 1: Retail Sector Performance - In May, China's total retail sales reached 4.13 trillion yuan, a year-on-year increase of 6.4%, marking the fastest monthly growth rate in 2024 [2]. - Retail sales of home appliances grew by over 50% year-on-year in May, indicating strong consumer demand driven by the trade-in policy [1][2]. - The trade-in policy has been identified as a key driver of consumption growth, with specific categories like home appliances, communication equipment, and furniture showing significant increases of 53.0%, 33.0%, and 25.6% respectively [2]. Group 2: Economic Outlook and Policy Recommendations - The economic outlook for the next few months remains positive, supported by the release of prior export orders and the ongoing impact of the trade-in policy on consumption [6]. - Recommendations for stimulating consumption growth include enhancing wealth and income through policies aimed at stabilizing the real estate and stock markets, as well as reforming social security and welfare systems [2][6]. - The need to create new consumption scenarios is emphasized, with examples like the Jiangsu province's city football league driving local economic activity in tourism, dining, and accommodation [3]. Group 3: Manufacturing and Innovation - China's manufacturing sector has shown significant advantages, with over 30% global market share and rapid advancements in key areas such as shipbuilding and artificial intelligence [4]. - The domestic innovative pharmaceutical industry is experiencing growth due to supportive policies and increased R&D investment, indicating a robust environment for technological advancement [4]. Group 4: International Market Competitiveness - Chinese companies that have survived intense domestic competition are demonstrating strong capabilities in international markets, reflecting their competitive strength [5].

Group 1 - The National Financial Supervision Administration and the People's Bank of China jointly released a plan to establish a high-quality inclusive financial system within five years, aiming to promote common prosperity [1] - Xiaomi launched several new products, including the AI glasses priced from 1999 yuan and the SUV model YU7 starting at 253,500 yuan, showcasing its expansion into various sectors [2] - The new domestically developed CPU, Longxin 3C6000, was released, which does not rely on any foreign supply chains and meets the performance standards of mainstream products in 2023 or 2024 [3] Group 2 - The Ministry of Commerce approved a certain number of applications for rare earth exports to the EU, emphasizing the importance of maintaining global supply chain stability [4] - The National Medical Insurance Administration announced the inclusion of commercial health insurance innovative drug directories in the 2025 adjustment plan, highlighting the growing role of commercial health insurance in the multi-tiered medical security system [5] - The NATO Secretary-General's comments on increasing military spending in response to perceived threats from China and Russia were met with criticism from the Chinese Foreign Ministry, which urged NATO to reconsider its stance [6][7] Group 3 - The stablecoin concept gained traction following favorable policies, with significant price increases in related stocks, driven by developments in Hong Kong and the U.S. regarding digital assets [8] - The U.S. stock market saw gains, with major indices rising and notable performances from semiconductor stocks like Nvidia, which increased by nearly 1% [10] - The Chinese yuan appreciated against the U.S. dollar, reaching a new high in over seven months, with a cumulative increase of approximately 1.8% this year [14]