人民财讯8月22日电，招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股 中报盈利向好，业绩预喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几 次牛市中港股指数高度略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建 议先创新药(流动性宽松+BD数据持续向好)，再互联网(外卖大战拐点出现)，最后新消费(宏观经济与盈 利拐点出现)。 ...

Market Overview - The A-share market experienced fluctuations with mixed performance across the three major indices, and the total trading volume exceeded 2.4 trillion, marking a slight increase compared to the previous day, with trading volume surpassing 2 trillion for seven consecutive trading days [1] Index Performance - Major indices such as the CSI A50 and CSI A100 showed relative activity, while smaller indices like the Sci-Tech Innovation 200 and Shanghai Stock Exchange 580 faced declines [1] - The CSI A50 index rose by 0.77%, and the CSI A100 increased by 0.61%, while the Sci-Tech Innovation 200 fell by 1.33% [2] Sector Analysis - The Hong Kong pharmaceutical sector showed a strong recovery, with related indices such as the CSI Hong Kong Stock Connect Innovative Drug Index and the Hang Seng Innovative Drug Index rising over 2% [1] - The Hang Seng Innovative Drug ETF saw a net subscription of 16 million units, indicating high investor interest [1] Investment Outlook - According to China Merchants Securities, there is an optimistic outlook for the Hong Kong market, with improving mid-year earnings and a higher proportion of "new economy" companies compared to A-shares [1] - The recommendation is to focus on sectors that differ from A-shares, suggesting a sequence of investment starting with innovative drugs, followed by the internet sector, and finally new consumption [1]

Core Viewpoint - The company emphasizes the significant differences in market environment, development stages, and business models between domestic and international retail enterprises, highlighting the impact of industry cycles, market sentiment, and profit expectations on stock prices [1] Group 1: Business Strategy - The company is focused on "guarding integrity and innovating" to activate growth potential, with notable results from core initiatives [1] - The company is enhancing its retail business by upgrading its business model to address the homogenization issues of traditional department stores, introducing flagship stores and exclusive products to create a competitive edge [1] - The company is implementing a "Four Optimizations" plan to reconstruct consumer service standards and is leveraging cultural events to enhance the value of offline experiences [1] Group 2: Growth Initiatives - The company has established the Wushang Fund to explore emerging sectors and reserve quality projects [1] - The company is advancing its digital transformation and information technology initiatives [1] - The company has successfully launched key projects such as duty-free shops and WS Jiangtun member stores, while also seizing economic opportunities through reform and innovation [1] Group 3: Financial Performance - As of June 30, 2025, the company's market value has increased by 35.31% year-on-year [1]

【市场复盘】 【沽空数据】 8月20日，港股三大指数低开高走。截至收盘，恒生指数涨0.17%，报25165.94点；恒生科技指数跌 0.01%，报5541.27点；国企指数涨0.08%，报9013.27点。盘面上，科网股涨跌不一，光伏太阳能股走 强，新消费概念午后拉升。热点个股方面，快手跌近3%，阿里巴巴跌超0.5%，中芯国际涨近3.5%，泡 泡玛特大涨12.54%，股价报316港元，总市值达到4244亿港元，再创历史新高。热点ETF方面，恒生科 技指数ETF（513180）收跌0.13%。 【南向资金】 8月20日，南向资金净流出146.82亿港元；截至8月20日，今年以来南向资金累计净流入9441.99亿港元， 大幅超过去年全年净流入额。 【隔夜美股】 隔夜美股三大股指收盘涨跌不一，道指涨0.04%，标普500指数跌0.24%，纳指跌0.67%。旅行者集团涨 超2%，沃尔玛涨逾1%，领涨道指。万得美国科技七巨头指数跌1.07%，苹果跌近2%，亚马逊跌逾1%。 中概股涨跌不一，新蛋涨超23%，迅雷跌逾7%。恒生指数ADR下跌，按比例计算，收报25135.31点， 较香港收市跌30.63点或0.12%。 【热 ...

Market Overview - On August 20, Hong Kong's three major indices opened lower but closed higher, with the Hang Seng Index rising by 0.17% to 25,165.94 points, the Hang Seng Tech Index falling by 0.01% to 5,541.27 points, and the National Enterprises Index increasing by 0.08% to 9,013.27 points [1] - Notable stocks included Kuaishou down nearly 3%, Alibaba down over 0.5%, SMIC up nearly 3.5%, and Pop Mart soaring by 12.54% to a price of 316 HKD, achieving a total market value of 424.4 billion HKD, a new historical high [1] Southbound Capital - On August 20, southbound capital recorded a net outflow of 14.68 billion HKD; however, the cumulative net inflow for the year reached 944.20 billion HKD, significantly exceeding last year's total net inflow [2] U.S. Market Performance - The U.S. stock market showed mixed results, with the Dow Jones up by 0.04%, the S&P 500 down by 0.24%, and the Nasdaq down by 0.67%. Notable gainers included Travelers Group up over 2% and Walmart up over 1% [3] - Chinese concept stocks experienced mixed performance, with Newegg up over 23% and Xunlei down over 7% [3] Key News - The Federal Reserve's July meeting minutes revealed that nearly all decision-makers supported not lowering interest rates, with dissent from two voting members, marking the first such occurrence since 1993. Most officials emphasized inflation risks over labor market concerns [4] - Baidu reported its Q2 2025 earnings, showing total revenue of 32.7 billion RMB, a year-on-year decline of 4%. Net profit attributable to Baidu was 7.3 billion RMB, a year-on-year increase of 33%, while adjusted net profit was 4.8 billion RMB, down 35% year-on-year. AI new business revenue reached 10 billion RMB, up 34% year-on-year [4] - The CEO of Hong Kong Exchanges and Clearing, Nicolas Aguzin, indicated that the exchange will study a 24-hour trading mechanism, taking into account international practices and local market conditions [4] Short Selling Data - On August 20, a total of 637 Hong Kong stocks were short-sold, with total short-selling amounting to 30.36 billion HKD. The top three stocks by short-selling amount were Xiaomi Group at 2.08 billion HKD, Tencent Holdings at 1.61 billion HKD, and Pop Mart at 1.11 billion HKD [5] Institutional Insights - According to the latest strategy from China Merchants Securities, there is an optimistic outlook for the Hong Kong stock market, with mid-year earnings showing improvement and a high earnings forecast rate. The report suggests focusing on sectors that differ from A-shares, starting with innovative drugs, followed by the internet, and finally new consumption [6]

Market Overview - The Hong Kong stock market experienced fluctuations, with southbound funds net buying over 18.5 billion HKD throughout the day [1] - The CSI Hong Kong Stock Connect Consumer Theme Index rose by 0.1%, while the CSI Hong Kong Stock Connect Internet Index fell by 0.6%, the Hang Seng Technology Index decreased by 0.7%, and the Hang Seng Hong Kong Stock Connect New Economy Index dropped by 0.8% [1] Fund Inflows - Recent data indicates that the Hong Kong Stock Connect Internet ETF (513040) and the Hang Seng Technology ETF (513010) attracted 1.8 billion HKD and 0.9 billion HKD respectively over the past month, both reaching historical highs in scale [1] Index Performance - The Hang Seng New Economy Index, which consists of the largest 50 stocks in the "new economy" sector within the Hong Kong Stock Connect, saw a decline of 0.8% [3] - The Hang Seng Technology Index, composed of the top 30 technology-related stocks, decreased by 0.7% [3] - The CSI Hong Kong Stock Connect Medical and Health Comprehensive Index fell by 1.7% [3] - The CSI Hong Kong Stock Connect Internet Index dropped by 0.6% [3] - The CSI Hong Kong Stock Connect Consumer Theme Index increased by 0.1% [3]

Core Viewpoint - The Hong Kong stock market has shown strong performance this year, driven by multiple core competitive advantages of Chinese assets, which are expected to enhance their attractiveness to international capital [1][2]. Group 1: Factors Driving Hong Kong Stock Market Strength - Three main factors are identified as driving the strength of the Hong Kong stock market: the "hard technology" wave, the rise of the "new economy," and the weakening of the US dollar [2]. - The "hard technology" revolution is expected to bring profound changes to production and lifestyle, with leading Chinese internet companies poised to capitalize on AI applications [2]. - The "new economy" has become a pillar of the Hong Kong stock market, with its market capitalization share increasing from 27% at the end of 2015 to an expected 51% by the end of 2024 [2]. - The weakening US dollar has led to a reallocation of funds, with a slowdown in foreign capital outflow from the Hong Kong market, making it an attractive option for global capital seeking undervalued assets [2]. Group 2: Core Competitive Advantages of Chinese Assets - Chinese assets possess three core competitive advantages: a complete modern industrial system, increased R&D investment leading to brand premium, and significant long-term investments in core technology fields [3]. - The manufacturing sector in China has achieved low-cost, high-efficiency capabilities through vertical integration and scale advantages [3]. - Chinese companies are increasingly recognized for their global competitiveness in areas such as AI, semiconductors, new energy, and aerospace [3]. Group 3: Investment Opportunities in A-Share Market - The A-share market presents four key investment opportunities: stable cash returns in sectors like telecommunications, finance, and utilities; potential in the internet sector and consumer sub-industries due to policy support and AI commercialization; growth in the biopharmaceutical industry driven by improved policies and global competitiveness; and a stabilization in the real estate sector along with improved prospects for chemicals and raw materials [3].

Group 1 - The article highlights the transformation of Heilongjiang Province from a war-torn region during the Anti-Japanese War to a prosperous area with modern development and economic growth [1][2] - The region is leveraging its natural advantages and historical legacy to foster innovation and drive the development of new economies, including digital economy, bio-economy, ice and snow economy, and creative design [2] - The historical significance of the Northeast Martyrs Memorial Hall serves as a reminder of the sacrifices made by heroes, which continues to inspire the local population and contribute to the region's development narrative [1] Group 2 - The article emphasizes the rapid growth of emerging industries in Heilongjiang, showcasing the region's ability to adapt and thrive in a modern economic landscape [2] - The transformation of the area is marked by the juxtaposition of historical sites and modern infrastructure, indicating a blend of cultural heritage and contemporary advancements [1] - The narrative of revitalization and progress is framed within the context of the "red gene," which symbolizes the enduring spirit and resilience of the local people [2]

Group 1 - The social financing scale increased by 1.16 trillion yuan in July, which is 389.3 billion yuan more than the same period last year, indicating a recovery in excess liquidity [1] - The new government bonds saw a slight year-on-year increase, while new RMB loans turned negative year-on-year, reflecting a weakening credit structure [1] - The PPI remained stable in July, and the overall A-share market reached new highs with increasing trading volumes [1] Group 2 - The early redemption of urban investment bonds since 2025 has slowed down, with a total scale of 55.8 billion yuan, compared to peaks in late 2023 and late 2024 [4] - Private placement bonds have a higher proportion of face value redemption compared to public bonds, with 61.23% of private bonds and 45.24% of public bonds expected to redeem at face value [4] - The trend of redeeming at face value has shifted, with issuers now more likely to offer fairer prices, indicating a change in market dynamics [4] Group 3 - The low interest rate environment necessitates active trading strategies to enhance bond investment returns, focusing on relative value assessments [5] - A new research framework for bond investment is proposed, utilizing a "pyramid" pricing system to analyze decision factors and improve strategy outcomes [5] - The fixed income research approach needs to adapt to the narrowing interest margins by providing insights into market characteristics [5] Group 4 - The leading brands in the ancient liquor industry are expected to drive a revival through high-end, national, and youth-oriented transformations [7] - Policy support and market expansion efforts have led to a significant increase in sales outside the Jiangsu-Zhejiang-Shanghai region, from 27% in 2018 to 43% in 2024 [7] - The industry is advised to focus on two leading brands that have successfully implemented high-end and national strategies [7] Group 5 - The capital market is viewed positively, with expectations of improved corporate performance driven by the rapid development of new economies like AI and innovative pharmaceuticals [9] - The traditional economy is stabilizing, and the private sector is experiencing further growth, contributing to a bullish outlook for the A-share market [9] Group 6 - The company reported a sales revenue of 360.76 billion yuan for the first half of 2025, a year-on-year increase of 35.58%, while net profit attributable to shareholders was 12.11 billion yuan, up 38.61% year-on-year [12] - The AI infrastructure sector is experiencing sustained growth, with significant capital expenditure expected from major cloud service providers [12] - The company anticipates a net profit of 33 billion yuan for 2025, with upward revisions for 2026 and 2027 based on continued trends in cloud service capital expenditure [12] Group 7 - The company reported a revenue of 2.078 billion yuan for the first half of 2025, a year-on-year decline of 11.33%, with net profits also decreasing [14] - The gross margin for PVC products has improved, while PPR products still have room for enhancement [14] - The company has shown strong cash flow performance, with operating cash inflow of 581 million yuan, indicating a healthy financial position despite declining profits [14] Group 8 - From 2018 to 2024, the revenue of China National Freight increased by 37%, with stable gross profits around 5.5 billion yuan [17] - The company's investment income is significantly influenced by international air freight rates, which may not sustain past growth due to slowing trade and e-commerce [17] - The issuance of REITs is expected to enhance net profits by approximately 390 million yuan in 2025, leading to an upward revision of profit forecasts [17]

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]