Group 1 - Southbound capital continues to flow into the Hong Kong stock market, with net inflows exceeding HKD 900 billion this year, surpassing the total for 2024 and setting a historical record [1] - The capital is primarily directed towards core assets in artificial intelligence and new consumption, reflecting the development trend of emerging industries [1] - The trading activity in the Hong Kong stock market remains high, forming a positive cycle with Chinese assets [1] Group 2 - The Hong Kong technology sector, which has lagged recently, may soon see a rebound as major tech companies are set to disclose earnings in mid-August, with financial and core innovation indicators becoming crucial for validating AI prosperity [3] - Increased competition among internet platform companies has been fully priced into the market, laying the groundwork for a potential rebound [3] - The Hang Seng Technology Index includes 30 leading Hong Kong tech companies, focusing on various aspects of the AI industry chain, providing investors with opportunities to invest in core AI assets in China [4] Group 3 - Despite a potential short-term market fluctuation, structural opportunities still exist, driven by liquidity in the current weak economic recovery environment [4] - Changes in market risk appetite are influencing market dynamics, with a recent cooling of domestic policy expectations [4] - The scarcity characteristics of AI and new consumption sectors are likely to attract further capital, supporting a positive trend in the Hong Kong stock market [4]

8月12日早盘，恒生科技指数震荡走低后跌幅开始收窄。A股同赛道规模最大的恒生科技指数ETF （513180）小幅下跌，持仓股中，金蝶国际、快手、哔哩哔哩、地平线机器人等领跌，比亚迪电子、中 芯国际、蔚来等涨幅居前。 南向资金年内净流入超9000亿港元，主要流向人工智能和新消费等核心资产。AI、新消费这两大赛道 体现出新兴产业的发展趋势和一定的稀缺性，有望进一步吸引资金加码，助推港股行情持续向好。公开 信息显示，恒生科技指数ETF（513180）标的指数囊括30家港股科技龙头，软硬科技兼备，成分股深度 聚焦AI产业链的上中下游，其中阿里、腾讯、小米、美团、中芯国际、比亚迪等有望成为中国科技 股"七巨头"。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国AI核心资 产。（场外联接A/C：013402/013403）。 招商证券在最新研报中指出，短期港股可能进入震荡阶段，8月重点关注港股科技股可能补涨的机会。 具体来看，在当前经济弱复苏/稳定复苏的环境下，流动性驱动仍然是股票市场的一个主要特点，市场 风险偏好的变化主导市场节奏，短期市场对国内政策预期有所降温。美元流动性方面，未来阶段市场 ...

Group 1 - Hong Kong stock indices opened lower on August 12, with the Hang Seng Tech Index experiencing significant fluctuations, dropping over 0.5% at one point [1] - Kuaishou has launched an independent "takeaway" entry on its group purchase page, allowing users to place orders through a third-party mini-program for delivery, indicating a strategic shift towards collaboration with partners like Meituan [1] - Kuaishou is focusing on a "traffic open + third-party co-construction" model to penetrate the takeaway market, aiming to promote quality dining products and expand into more categories in the future [1] Group 2 - Kuaishou is set to announce its earnings on August 21, with expectations of stable performance driven by improvements in advertising and AI capabilities [2] - According to Everbright Securities, Kuaishou's advertising business is anticipated to benefit from optimized investment strategies and enhanced AI material support, while e-commerce is expected to maintain rapid growth [2] - The adjusted net profit forecasts for Kuaishou for 2025-2027 are projected at 20.15 billion, 24.19 billion, and 27.76 billion yuan, reflecting slight increases from previous estimates [2] Group 3 - Year-to-date net inflows from southbound funds have exceeded 90 billion HKD, primarily directed towards core assets in AI and new consumption sectors, indicating a trend towards emerging industries [3] - The Hang Seng Tech Index ETF (513180) includes 30 leading Hong Kong tech companies, focusing on the AI industry chain, with potential key players identified as Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD [3] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Tech Index ETF (513180) [3]

8月12日早盘，港股三大指数集体低开，恒生指数跌0.33％，国企指数跌0.34％，恒生科技指数跌 0.59%。开盘后，A股同赛道规模最大的恒生科技指数ETF（513180）跟随指数下行，持仓股中，比亚 迪电子、华虹半导体、腾讯音乐等涨幅居前，地平线机器人、金蝶国际、阿里巴巴、百度集团、快手等 跌幅居前。 港股中报季正式开幕，腾讯控股将于8月13日（周三）港股盘后发布2025年Q2业绩报告。对于本季财 报，市场主要关注游戏业务的新增长，广告业务在视频号起量下的货币化表现和展望等。光大证券在此 前发布的业绩前瞻中指出，预测腾讯控股2025Q2实现营业收入1799.3亿元（YoY+11.7%）。主要受增值 服务中游戏业务、网络广告业务保持较快增长驱动。预测公司2025Q2毛利率55.1%（YoY+1.8pcts）， 毛利润990.8亿元（YoY+15.4%），本土游戏、视频号广告等高毛利业务贡献增加；预测公司经营利润 587.2亿元，同比增长15.7%，保持降本增效趋势的同时，AI大模型投入的开支或有提升。该机构称，腾 讯控股基本面仍为宏观弱恢复背景下相对强劲的互联网平台，后续游戏产品线丰富，南向资金有望在后 续回 ...

Core Viewpoint - The equity market is recovering as the Shanghai Composite Index surpasses 3600 points, leading to a surge in funds implementing purchase limits to manage inflows and protect existing investors' interests [1][9]. Fund Purchase Limits - Since August 1, a total of 261 funds have announced restrictions on large purchases, with 158 funds actively suspending large subscriptions. This includes 44 bond funds, 43 QDII funds, 34 equity funds, 29 mixed funds, 6 money market funds, and 2 FoFs [1]. - Specific funds, such as the China Europe Medical Innovation Fund, have set a daily purchase limit of 100,000 yuan to ensure stable operations and protect investors [2]. QDII Fund Adjustments - The National Foreign Exchange Administration issued a new batch of QDII investment quotas amounting to 3.08 billion USD, bringing the total QDII quota to 170.87 billion USD [4]. - Due to quota constraints, several QDII funds have adjusted their daily subscription limits, with some funds increasing their minimum purchase amounts significantly [7]. Performance and Strategy - High-performing funds are implementing purchase limits to control their scale and maintain investment strategy effectiveness. For instance, the China Europe Medical Innovation Fund has achieved a one-year return of 80.12% [8]. - The shift from focusing on fund size to prioritizing returns reflects a broader industry trend towards sustainable growth and investor protection [9]. Market Outlook - Despite the purchase limits, many fund companies remain optimistic about the market's long-term prospects, particularly in sectors like technology, manufacturing, and new consumption [10]. - Investment strategies are suggested to balance potential volatility, with a focus on sectors such as AI applications and advanced semiconductor processes, which are expected to benefit from supportive policies [11].

Investment Rating - The report maintains an "Overweight" rating for the industry, with a focus on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [6][32]. Core Insights - The beauty care sector is expected to see significant growth, with companies like Shangmei Co. projecting a revenue of approximately 4.09-4.11 billion yuan for the first half of 2025, representing a year-on-year increase of about 16.8%-17.3% [3][30]. - The report highlights key events such as the announcement of free preschool education by the State Council, which may impact consumer spending patterns [3][25]. - The report notes a rise in core CPI by 0.8% year-on-year in July 2025, indicating inflationary pressures that could affect consumer behavior [3][25]. Summary by Sections Market Performance - During the week of August 4-8, 2025, the retail trade, social services, and beauty care sectors experienced declines of -0.38%, -0.11%, and an increase of +1.70%, respectively [15][18]. - Among sub-sectors, jewelry, personal care products, and trade saw notable gains of +5.53%, +4.23%, and +2.09% [18][21]. Key Industry Data and News - The report discusses the impact of the government's free preschool education policy, which will take effect in the fall semester of 2025 [3][25]. - Notable company announcements include Shangmei Co.'s positive earnings forecast and the planned H-share listing by Ruoyuchen [30][32]. - The report also covers the performance of major companies like Shiseido and Marubi, with Shiseido reporting a 7.6% decline in net sales for the first half of 2025 [3][25]. Investment Recommendations - The report recommends focusing on companies such as Shangmei Co., Juzi Biotechnology, Marubi, and others within the beauty care and new consumption sectors [6][32].

Market Overview - The A-share market saw all three major indices rise collectively, with the Shanghai Composite Index reaching a new high for the year, closing up 0.34% at 3647.55 points. The Shenzhen Component Index rose 1.46%, and the ChiNext Index increased by 1.96%. The total trading volume in the Shanghai and Shenzhen markets was 1.85 trillion yuan, an increase of 113.6 billion yuan compared to the previous trading day. Over 4,100 stocks in the market experienced gains [1]. Fund Performance - The Shenwan Hongyuan Industry Select Fund, managed by renowned fund manager Jia Chengdong, was established on June 3, 2023. As of August 8, 2023, the fund's Class A shares reported a loss of 8.23%, ranking 4672 out of 4673 in its category. In contrast, the Shanghai Composite Index and the CSI 300 Index saw cumulative increases of 8.59% and 6.89%, respectively [1][5]. - The fund raised a total of 1.219 billion yuan, with 10,477 effective subscriptions, making it the fourth actively managed equity fund launched this year with a fundraising scale exceeding 1 billion yuan [5][6]. Manager Background - Jia Chengdong, a veteran in the fund management industry, joined Shenwan Hongyuan Fund after leaving his previous position at China Merchants Fund. He has a history of managing significant fund sizes, reaching nearly 18 billion yuan at his peak in 2020. His recent fund, Shenwan Hongyuan New Power, also reported a loss of 7.43% year-to-date, ranking 4491 out of 4521 in its category [7][9]. Investment Strategy - The Shenwan Hongyuan New Power Fund primarily focuses on dividend sectors while diversifying into new consumption and gold. Significant adjustments were made in the second quarter, with new investments in companies like China Mobile and Yangtze Power, which have shown a downward trend since July [8].

Group 1 - The total amount of public fund self-purchases in 2025 has reached 747 million yuan, with 21 public funds announcing self-purchases this year [2][3] - Southern Fund leads with a self-purchase amount of 230 million yuan, setting a record for the largest self-purchase this year [2][3] - Other notable self-purchases include 180 million yuan from Jianxin Fund and 1.73 billion yuan in total from Jianxin Fund from Q4 2024 to Q1 2025, both with a holding period of at least one year [2][3] Group 2 - The net subscription amount for public funds this year has reached 13.713 billion yuan, with equity funds accounting for 1.752 billion yuan, representing 12.78% of the total [3][4] - In terms of net subscriptions, Invesco Great Wall Fund and China Europe Fund rank first with net subscription amounts of 3.039 billion yuan and 2.165 billion yuan, respectively [4][5] - Other funds with significant net subscriptions include ICBC Credit Suisse Fund with over 1 billion yuan and Southern Fund with 823 million yuan [4][5] Group 3 - Morgan Stanley Fund highlights that A-shares remain undervalued compared to overseas markets, with significant expansion potential, particularly in technology growth sectors such as AI applications and semiconductors [5][6] - The domestic macro risks are considered manageable, with a clear trend of declining risk-free rates and increased capital inflow into the market, maintaining a positive outlook for A-shares [6] - Hai Fu Tong Fund notes the effects of "anti-involution" policies, with expectations for PPI to stabilize and recover, suggesting a favorable market performance for growth and TMT styles in the short term [6]

Group 1: Market Performance - A-shares showed a positive trend with the leading consumption ETF (159928) rising nearly 1% and achieving a trading volume exceeding 320 million yuan, accumulating over 1.2 billion yuan in the last 10 days [1] - The consumption ETF (159928) has a latest scale exceeding 13.2 billion yuan, leading its peers significantly [1] - Strong rebound in liquor stocks, with major components of the consumption ETF showing positive performance, including Gujing Gongjiu up over 6%, Shanxi Fenjiu up over 4%, and Luzhou Laojiao up over 3% [1] Group 2: Consumer Sector Insights - The new consumption sector in Hong Kong experienced a volatile correction, with the Hong Kong Stock Connect Consumption 50 ETF (159268) declining by 0.69% [3] - Major consumer stocks in Hong Kong faced declines, including Laoputang down over 5%, Mixue Group down nearly 3%, and Pop Mart down over 2% [3] Group 3: Liquor Industry Analysis - CITIC Securities highlighted the importance of boosting consumption to drive economic growth, with a focus on five key sectors, including liquor [5] - The liquor sector is viewed as having bottoming opportunities, with a recommendation to focus on nationally recognized brands and regional leaders with pricing advantages [6] - Open Source Securities noted that while the liquor sector is under short-term pressure, it retains long-term value, with expectations of a recovery post Mid-Autumn Festival [9] Group 4: New Consumption Trends - The summer season has been favorable for beverage sales, particularly functional drinks, with energy drinks and electrolyte water seeing significant growth [10] - The snack industry is also showing positive development, with new consumption characteristics emerging in snack products and online platforms providing extensive promotional opportunities [10] - The consumption ETF (159928) is characterized by its resilience across economic cycles, with the top ten component stocks accounting for over 68% of its weight [11]

Group 1 - The Hong Kong stock market showed a mixed performance with major indices opening high but closing lower, while cryptocurrency stocks and lithium battery concept stocks experienced significant gains [1] - Southbound capital inflow reached a record high of 900.8 billion HKD as of August 8, indicating strong market interest and investment in the technology sector [1] - The Hang Seng Technology Index ETF (513180) has seen continuous net inflows for 10 trading days, totaling approximately 3.58 billion HKD during this period [1] Group 2 - Recent expectations of a Federal Reserve interest rate cut have improved overseas liquidity, which is likely to benefit the Hong Kong stock market, particularly the technology sector [2] - The Hang Seng Technology Index is currently considered undervalued and is highly sensitive to changes in the US-China interest rate differential, making it poised to benefit from a more accommodative liquidity environment [2] - The index is characterized by high elasticity and growth potential, suggesting that it could experience strong upward momentum if market conditions improve [2]