Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - For the steel sector, the recovery of future demand may fall short of expectations due to the real - estate market still being in the process of bottom - building, and futures prices are under downward pressure. The short - term prices of rebar and hot - rolled coils may stabilize, and the medium - term trend is expected to be a wide - range oscillation. For iron ore, although there is room for an increase in steel mill's molten iron production after the military parade, the room for further increase is limited, and the medium - term trend is likely to be oscillatory [2][4] Group 3: Summary by Directory Rebar and Hot - Rolled Coils - **Supply and demand**: Rebar production has decreased for the second consecutive week, apparent demand has increased from a decline, factory inventory has increased for the third consecutive week, and social inventory has increased for the sixth consecutive week. The total production and inventory of the five major steel varieties have increased, and apparent demand has also risen. With the end of the summer heat, apparent demand should gradually recover, and total inventory is expected to gradually decline [2] - **Technical analysis**: After a sharp decline, rebar and hot - rolled coils have stabilized and rebounded, with a decrease in open interest. Short - term prices may stabilize, and the medium - term will maintain a wide - range oscillation [2] - **Operation suggestion**: Maintain a wait - and - see attitude and patiently wait for a rebound to short [2] - **Data summary**: Various data such as futures and spot prices, basis, spreads, production, inventory, and apparent demand are presented in detail, including changes compared to the previous day and the previous week [2] Iron Ore - **Supply and demand**: The profitability of steel mills is acceptable, but the proportion of profitable steel mills has decreased. The molten iron production of 247 steel mills has increased slightly. After the military parade, there is room for an increase in molten iron production, but the room for further increase is limited. The global iron ore shipment is at a high level, and future arrivals are expected to increase. Port inventory shows signs of stabilizing [4] - **Technical analysis**: The 01 contract has stabilized near the middle track of the daily K - line Bollinger Band. Short - term prices may rebound to the upper track, but the overall Bollinger Band opening is narrowing, and the medium - term trend is likely to be oscillatory [4] - **Operation suggestion**: Close short positions in the short - term and then maintain a wait - and - see attitude [4] - **Data summary**: Comprehensive data on iron ore, including spot and futures prices, basis, spreads, shipment, freight, arrivals, inventory, etc., are provided, along with changes compared to the previous day and the previous week [4] Industry News - As of August 2025, 20 distressed real - estate enterprises have had their debt restructuring and reorganization approved, with a total debt resolution scale exceeding 120 billion yuan. Since 2022, 27 listed real - estate enterprises have been delisted passively, and several others have delisted through privatization [6] - Chengdu has introduced a new housing provident fund policy, with preferential measures for purchasing affordable housing [6] - Some steel mills in Tangshan and Xingtai plan to raise the price of coke [6] - The online auction of coking coal by Mongolia's ETT company on August 21 ended in failure [6] - As of the week of August 21, rebar production has decreased for the second consecutive week, and apparent demand has increased from a decline [6] - As of August 21, the operating rate and capacity utilization rate of the float - glass industry have remained stable, and the daily output has remained at the highest level of the year [7]

Niki:港交所近兩日公佈業績，其實業績股的話都建議投資者可以留意一下。上周我們提過在業績附近，股價的幅度或波動會比較大，窩輪的機會是存在， 有很大的空間可以操作。港交所有兩大因素可以分析，第一港股整體的成交金額有沒有上升？今日來看有2000多億的成交額，甚至早前超過3000多億的成交 金額，屬於近期比較高的水平。對比A股兩市的總成交金額突破2萬億，至於A股指數方面升到今年的高位。所以整體股市氣氛都持續高漲的。對於港交所是 帶來正面的利好的。第二個基本因素是新股上市。今年都有不少大的IPO來港股上市。所以港交所是直接受惠的。回到港交所的股價來看，近期都在今年的 股價高位徘徊。雖然今日有些調整，都不是特別明顯。整體看港交所的基本因素是不錯的，值得大家關注。港交所方面都有相關的產品可以給大家參考。雖 然近期窩輪的資金流不明顯，但從大環境方面做出判斷是有機會部署。值得去關注一下中銀認購證17568，行使價530.5元，到期日在明年1月份，槓桿7倍。 認沽證的話，參考中銀認沽證18983，行使價368.48元，在明年1月份到期，槓桿7倍。 市場消息指，港交所近期新上市嘅幾隻新股反應唔錯，帶動成交活躍，呢個動態都引來唔 ...

Financial Performance - Xiaomi Group reported a total revenue of 116 billion RMB for Q2 2025, marking a historical high with a year-on-year growth of 30.5% [1] - The profit attributable to shareholders was approximately 11.904 billion RMB, reflecting a year-on-year increase of 133.51% [1] - Basic earnings per share were 0.46 RMB, and no dividend was declared [1] Stock Price Performance and Technical Analysis - As of the early trading session, Xiaomi's stock price was 52.35 HKD, up 0.1%, fluctuating within the 53-51 range [2] - The stock price fell below the 10-day moving average of 52.44 HKD, with an RSI of 44 indicating it is close to the oversold zone [2] - Multiple oscillators have issued sell signals, but the bull-bear power indicator suggests "severe overselling, possibly forming a bottom," indicating increasing market divergence [2] Market Sentiment and Options Activity - Market sentiment towards Xiaomi remains generally positive, with investors showing interest in call options despite recent price adjustments [3] - Notable call options include a product with a strike price of 61 HKD expiring in April next year, which has attracted significant capital [3] - Conversely, put options are also available for those anticipating a decline, with a strike price of 43 HKD expiring in October this year [3][4] Key Support and Resistance Levels - Current support levels are identified at 50.8 HKD (Support 1) and 49.2 HKD (Support 2), while resistance levels are at 54.8 HKD (Resistance 1) and 57.5 HKD (Resistance 2) [5] - The 5-day volatility is at 4.2%, indicating a narrowing range, but the VR transaction ratio shows weak capital inflow momentum [5] Product Performance and Strategy - Bearish products have performed well, with specific bear certificates rising significantly during Xiaomi's price decline [6] - Recommended bullish products include HSBC and UBS call options with a strike price of 61.05 HKD, suitable for investors expecting a rebound to 54.8 HKD [10] - For bearish strategies, HSBC put options with a strike price of 46.45 HKD are suggested as a hedge against downside risk [10]

Group 1: Forex Market Overview - The forex market is a global decentralized market operating 24 hours a day, five days a week, with a vast trading volume involving various participants such as central banks, commercial banks, financial institutions, corporations, and individual investors [1] - Different currency pairs available for trading exhibit varying liquidity, volatility, and transaction costs, which traders should understand to select suitable pairs [1] Group 2: Trading Knowledge and Analysis - Understanding exchange rate determination theories, such as purchasing power parity and interest rate parity, aids in analyzing the reasons behind exchange rate fluctuations [1] - Combining technical analysis, which studies price charts and trading indicators, with fundamental analysis, which focuses on economic data and political factors, enhances trading decision accuracy [1] Group 3: Risk Management - Risk control is crucial in forex trading due to market uncertainties; setting reasonable stop-loss and take-profit levels helps manage potential losses and secure profits [2] - Monitoring economic data releases, such as GDP growth, inflation rates, unemployment rates, and interest rate changes, is essential as they directly impact exchange rates [2] - Political stability and central bank monetary policy adjustments significantly influence currency supply and demand, thereby affecting exchange rates [2] Group 4: Trading Platforms - Choosing a suitable trading platform is essential for compliant trading; legitimate platforms must be regulated and possess the necessary licenses to ensure fund safety and transparent trading rules [3] - Reliable trading platforms should offer stable systems with low latency and high stability to ensure timely execution of trading orders, along with comprehensive market data and professional customer service [3]

Core Viewpoint - Xiaomi is set to announce its earnings soon, with current stock price at 52.55 HKD, showing a slight decline of 0.85%. The stock is facing resistance at the 30-day moving average of 55.33 HKD, indicating a "sell" signal from technical analysis [1] Technical Analysis - The stock price is currently above the 10-day moving average of 52.63 HKD but is under pressure from the 30-day moving average [1] - Key support levels are identified at 51.1 HKD and 49.6 HKD, while resistance levels are at 55.5 HKD and 57.3 HKD [2] - The RSI is at 44, indicating a neutral zone, while other indicators suggest a potential short-term rebound [1] Market Performance - On August 12, recommended derivative products performed well, with UBS bull certificates rising by 36% and JPMorgan call options increasing by 21% [4] - The current market shows a slight upward trend compared to last week, with a minor increase in stock price [1] Derivative Products - For bullish strategies, UBS call option 14816 offers a leverage of 6.8 times with a strike price of 61.05 HKD, suitable for investors expecting a breakout above 55.5 HKD [7] - For bearish strategies, HSBC put option 14333 provides a leverage of 3.7 times with a strike price of 46.45 HKD, serving as a hedge against downside risk [7] Leverage Options - JPMorgan bull certificate 53165 leads with an actual leverage of 8.6 times and a recovery price of 48 HKD, ideal for short-term rebounds [9] - HSBC bear certificate 54560, with a recovery price of 60.8 HKD and an actual leverage of 8 times, is recommended for those expecting a decline in Xiaomi's stock [9]

Group 1: Hang Seng Index (HSI) - The Hang Seng Index closed at 25,176 points, stabilizing above the middle line of the Bollinger Bands, with a midline at 25,160 points. The technical buy signal is indicated [1] - Resistance levels are at 25,600 points and 26,100 points, while support levels are at 24,800 points and 24,400 points. Investors entering bear certificates with a redemption price of 25,800 are considered relatively safe [1] Group 2: Xiaomi Group (01810.HK) - Xiaomi's stock saw a slight increase, closing at 53.05 HKD, with a high of 53.8 HKD during the day. The technical signal is a "buy" with a slight preference [7] - Resistance is identified at 55.7 HKD, and if surpassed, the stock could test 57.2 HKD. Options with exercise prices between 55 HKD and 58 HKD are recommended for better suitability [7] Group 3: Bilibili (09626.HK) - Bilibili's stock price reached a high of 199.6 HKD, breaking through the middle line of the Bollinger Bands, and closed at 195.9 HKD. The technical signal is a "buy" [13] - Resistance is at 204.3 HKD, but there are limited options available in the warrants market, and high exercise prices may affect pricing [13] Group 4: Contemporary Amperex Technology Co. (03750.HK) - The stock closed at 414 HKD, with a neutral trading signal indicating no clear direction. Support is at 395 HKD, and investors are advised to wait for clearer trends before entering [18] Group 5: Sands China Ltd. (01928.HK) - Investors are optimistic about challenging 25 HKD, while bearish investors expect a drop to 14-16 HKD. The technical signal is a "buy," with resistance at 20.8 HKD and 21.3 HKD [21] - Support levels are at 19.1 HKD and 18.7 HKD [21] Group 6: JD Health (06618.HK) - JD Health's stock has shown strong performance, rising from a low of 40.7 HKD in July to a high of 68.1 HKD, closing at 66.4 HKD. The trading signal is a "buy" [24] - For those considering entry at lower levels, support is at 57 HKD and 53.1 HKD [24]

Core Insights - Foreign exchange trading plays a crucial role in global financial markets, and effective risk management is essential for all participants [1] Group 1: Types of Risks in Forex Trading - The primary risk in forex trading is exchange rate risk, influenced by various factors such as economic data releases, monetary policy adjustments, and geopolitical situations, leading to asset value fluctuations [1] - Interest rate risk arises from differences in interest rates between countries, affecting capital flows and the cost of holding foreign exchange assets [1] - Credit risk is present when a trading counterparty may default, resulting in potential losses for the other party involved [1] Group 2: Risk Management Strategies - Utilizing trading strategies and tools is vital for managing forex trading risks, with stop-loss orders being a common method to limit losses by automatically executing trades at predetermined price levels [2] - Take-profit orders serve the opposite purpose, locking in profits when a set target price is reached [2] - Leverage can amplify returns but excessive use increases risk; thus, reducing leverage can mitigate the potential for significant losses during market volatility [2] - Diversifying investment portfolios is crucial to spread risk, avoiding concentration in a single currency or trade type [2] Group 3: Market Analysis Importance - Fundamental analysis is key to understanding the economic and political conditions of different countries, focusing on macroeconomic indicators like GDP growth, inflation rates, and unemployment rates to gauge exchange rate trends [2] - Technical analysis employs charts and indicators to analyze historical price and volume data, identifying market trends and key support and resistance levels to inform future market movements [2] Group 4: Capital Management Practices - Strict capital management is central to controlling forex trading risks, requiring clarity on risk tolerance and appropriate fund allocation across various trading strategies [3] - Avoiding overtrading and making decisions based on rational analysis rather than impulsive actions is essential to prevent unreasonable trading outcomes [3]

Core Insights - Bruce Kovner achieved an impressive annualized compound growth rate (CAGR) of 87% over a decade, making him a standout figure in the investment world [2] Group 1: Background and Journey - Kovner was born in 1945 in Brooklyn, New York, and initially pursued a career in politics and arts before discovering his potential in financial trading [3] - His first significant success came from trading soybean futures, where he turned a $3,000 credit card loan into a profit of $20,000 [3] Group 2: Investment Philosophy and Strategies - Kovner emphasizes fundamental research, analyzing macroeconomic data, policy trends, and geopolitical factors to identify trading opportunities [4] - He combines technical analysis with fundamental insights to determine precise entry and exit points for trades, using indicators like moving averages [5] Group 3: Risk Management - Kovner implements strict risk management practices, limiting losses to 1%-2% of total capital per trade, which protects his investments during market volatility [6] - He advises against impulsive trading, advocating for adherence to a predetermined trading plan to avoid emotional decision-making [7] Group 4: Lessons for Investors - Aspiring investors should focus on building a solid foundation of investment knowledge and market understanding before entering the market [8] - Maintaining rationality and patience is crucial, as market fluctuations are normal, and investors should avoid panic selling or impulsive buying [9] - Effective risk management is essential, including setting reasonable stop-loss and take-profit points and diversifying investments to mitigate risks [10]

Core Viewpoint - The article emphasizes that the growth of the ETF market in China is not just about its low cost and low risk, but rather highlights the limitations of ordinary retail investors who often have a narrow understanding and lack strong investment capabilities [2][10]. Group 1: Understanding ETFs - The article suggests that ETFs serve as a diversified investment tool for ordinary investors, allowing them to acknowledge their limitations and avoid the pitfalls of trying to pick individual stocks [10][12]. - It argues that many retail investors tend to apply inappropriate frameworks to evaluate different sectors, leading to poor investment decisions [9][10]. Group 2: Investment Behavior - The article illustrates how retail investors often rely on singular investment philosophies, such as brand strength or technical analysis, which may not be applicable across different industries [8][9]. - It points out that ordinary investors are often busy and lack the time for systematic learning, which contributes to their limited investment knowledge [9][13]. Group 3: Embracing a New Approach - The article encourages investors to be honest about their weaknesses and to abandon the mindset of needing to excel in stock picking, suggesting that embracing ETFs is a more pragmatic approach [10][14]. - It highlights that by investing in sector-specific ETFs, investors can benefit from industry growth without needing to identify the best individual stocks [12][14].

Group 1 - Richard Dennis achieved a remarkable 120% annualized compound growth rate (CAGR) over 19 years, turning an initial capital of $400 into over $200 million, showcasing the potential for wealth creation in trading [2][3] - Dennis's trading philosophy, particularly the "Turtle Trading Rules," emphasizes trend-following, risk management, and disciplined trading, which have become foundational principles in quantitative trading [2][8] Group 2 - Dennis began his trading career with a mere $400 and quickly capitalized on market opportunities, such as the corn pest outbreak and the soybean price surge in 1973, demonstrating his ability to identify and act on trends [3][4] - The "Turtle Experiment" conducted by Dennis and his partner William Eckhardt trained 23 individuals in trading, resulting in an average annual return of around 100%, proving that trading skills can be taught and learned [8][10] Group 3 - Dennis's approach to trading includes strict risk management, where he limits losses to no more than 2% of his account balance per trade, ensuring capital preservation even during market downturns [7][10] - Continuous learning and adaptation to market changes are crucial, as Dennis regularly reflects on his trading experiences to refine his strategies, which is a valuable lesson for investors [11][12]