Core Viewpoint - The latest data from the central bank indicates a shift in residents' deposits, with a decrease of 1.11 trillion yuan in July 2025, while deposits in non-bank financial institutions increased significantly by 2.14 trillion yuan, suggesting a trend of increasing investment activity among residents [1] Group 1: A-share Market Activity - The A-share market has seen a notable increase in trading activity, with a significant rise in new account openings reported by various brokerage branches [1][2] - New account openings in August have increased by 200% to 300% compared to previous months, reflecting enhanced investor confidence and the influx of new capital into the market [2] - The demographic of new investors primarily consists of individuals from the 80s, 90s, and 00s generations, indicating a shift towards younger investors in the market [3] Group 2: Investor Behavior and Trends - Existing clients are showing a strong willingness to increase their investments, with many reallocating idle funds or funds from financial products into stock investments [5] - The influx of new investors and the increased activity of existing clients have contributed to a noticeable growth in the overall funds managed by brokerage firms [5][6] - Young investors, particularly those from the 90s and 00s, are increasingly sensitive to market changes and are actively engaging with the stock market, often through social media platforms [3] Group 3: Brokerage Operations and Client Engagement - Brokerage firms are experiencing a surge in business volume, leading to staff working overtime and on weekends to manage the increased demand for services [7] - Companies are enhancing their client engagement strategies, including providing 24/7 account opening services and hosting educational events to improve investor knowledge and service quality [7] - The operational efficiency of brokerage firms has improved due to the integration of online services, allowing for quicker processing of client transactions [7]

与内地政府争取设立"投资移民通"投资通道以进一步拓展跨境投资 德勤中国香港税务与商务咨询主管合伙人刘明扬指出，香港办公室及私人信托客户的资产管理规模超逾 2万亿港元，反映家办已成为本地经济的策略性增长引擎。政府可进一步释放此行业潜力，包括完善慈 善生态圈，以及放宽新资本投资者入境计划(CIES)的投资范围，容许投资数字资产并放宽物业交易价格 限制。此外，亦可参考"跨境理财通"的闭环资金管理模式，与内地政府争取设立"投资移民通"投资通 道，以进一步拓展跨境投资。 刘明扬建议，将CIES下单一住宅物业的成交价门槛，由5000万港元降至3000万港元，并将房地产投资 可获计算入投资额的总投资上限，由1000万港元提升至1500万港元。另外，他希望可容许投资数字资 产，前提是须在香港证监会发牌的数字资产交易平台上交易。 建议扩大监管低空经济沙盒范围 香港行政长官李家超将于下月(9月)发表任内第四份《施政报告》，德勤建议采取针对性措施进一步强 化香港金融服务业，包括建议分阶段延长港股交易时段，首先将港股每日收市时间延长至下午6时；研 究扩大港股通的投资者基础；以及短期减免"港币-人民币双柜台模式"下人民币柜台的交易印花 ...

Group 1: Service Trade Growth - In the first half of 2025, China's service trade showed steady growth, with total service trade imports and exports amounting to 38,872.6 billion yuan, a year-on-year increase of 8.0% [4] - Service exports reached 16,883 billion yuan, up 15.0% year-on-year, while imports were 21,989.6 billion yuan, increasing by 3.2% [4] - The service trade deficit was 5,106.6 billion yuan, a decrease of 1,522.1 billion yuan compared to the same period last year [4] - Knowledge-intensive service trade maintained rapid growth, with imports and exports totaling 15,025.4 billion yuan, a year-on-year increase of 6.0% [4] Group 2: A-Share Market Activity - In July, the number of new A-share accounts reached 1.96 million, a significant year-on-year increase of 71% and a month-on-month increase of 19% [4] - As of July 2025, the total number of new A-share accounts reached 14.56 million, reflecting a year-on-year growth of over 30% [4] Group 3: Strategic Collaborations in the Rental Industry - CATL, together with Shenzhou Car Rental and other partners, signed a strategic cooperation agreement to introduce battery swapping models into the car rental industry [4] - This collaboration aims to create a sustainable energy supply solution and establish a comprehensive ecosystem for mobile travel [4] Group 4: High-Tech Industry Growth - The sales revenue of high-tech industries increased by 14.3% year-on-year in the first half of 2025, indicating the continuous growth of innovative industries [4] - The core industries of the digital economy saw a sales revenue increase of 10.1% year-on-year, reflecting the accelerated integration of digital and real economies [4] Group 5: Local Government Initiatives - The Shanghai government issued measures to support enterprises in enhancing basic research and fostering high-quality development [4] - The Hainan provincial government announced a three-year action plan to build a modern industrial system, aiming for a 70% contribution of four leading industries to GDP by 2027 [4]

Core Insights - The report highlights the potential for the port sector to become a high-dividend segment due to its stable cash flow and mature infrastructure, especially as the market shifts towards lower interest rates [8][9][10] - It emphasizes that the current high capital expenditure in the port industry is a significant constraint on dividend increases, but a peak in capital spending is anticipated, which could enhance dividend capabilities in the future [10][11][12] Economic News Summary - The National Bureau of Statistics reported a 2.1% decrease in pig prices in late July, with the current price at 14.1 yuan per kilogram [2] - The People's Bank of China plans to maintain a moderately loose monetary policy to support the real economy [2] - The Ministry of Finance exposed six cases of illegal new hidden debt to curb such practices [2] - The State Taxation Administration noted that manufacturing sales revenue growth outpaced the overall national growth by 1.5 percentage points in the first half of the year [2] - The Supreme Court issued guidelines to standardize the execution of property-related criminal judgments [2] Company Insights - InnoScience has partnered with NVIDIA to promote the large-scale implementation of an 800V DC power architecture for AI data centers, which significantly enhances efficiency compared to traditional systems [7] - China Shenhua received a notification from its controlling shareholder regarding a potential acquisition of coal-related assets, leading to a stock suspension [7] - Hikvision reported a total revenue of 41.818 billion yuan for the first half of 2025, a 1.48% increase year-on-year, with a net profit of 5.657 billion yuan, up 11.71% [7] Port Sector Analysis - The port sector is characterized by weak cycles and strong cash flows, making it a candidate for high dividend yields [9] - The overall dividend payout ratio for the A-share port sector has remained stable above 30%, with a noticeable upward trend since 2022 [9] - The report suggests that if capital expenditures decrease, many port companies could significantly increase their dividend payouts, similar to trends observed in the highway sector post-2018 [11][12]

Group 1 - The sales revenue of high-tech industries in Henan Province increased by 18% year-on-year in the first half of the year, indicating strong growth in innovative industries [1] - The core industries of the digital economy saw a year-on-year growth of 18.7%, reflecting the continuous enhancement of innovation leadership [1] - The manufacturing sales revenue in Henan Province grew by 4.3% year-on-year, with equipment manufacturing, digital product manufacturing, and high-tech manufacturing sales increasing by 10.8%, 24.8%, and 25.7% respectively [1] Group 2 - Zhengzhou Peak Tai Nano Materials Co., Ltd. reported nearly 10 million yuan in R&D expense deductions over the past three years, benefiting from tailored tax policies that encourage investment [1] - Gengyi Fanrui Yihui Composite Materials Co., Ltd. achieved sales of 144 million yuan in aerogel, a year-on-year increase of 48.81%, becoming a major supplier for new energy battery companies like CATL and BYD [1] - The chairman of Gengyi Fanrui emphasized that continuous innovation and R&D are essential for meeting market demands and achieving significant growth [1]

Core Viewpoint - The Xisanqi area aims to transform into an "innovation city" over the next 3-5 years, focusing on integrating innovative industries, talent, and lifestyle to create a demonstration zone for urban-industrial integration [1][2]. Industry Development - The project will upgrade and transform 55 hectares and 290,000 square meters of old factories, inefficient parks, and idle land, introducing smart manufacturing and other innovative industries to enhance economic density and output efficiency [1]. - Key projects include the Zhongguancun Xisanqi (Jinyu) Science Park and Jinyu Intelligent Manufacturing Factory, which support the development of high-end enterprises and innovation platforms [3]. Urban Renewal and Public Space Improvement - The renovation will address issues such as damaged facades, inadequate green spaces, and chaotic vehicle parking, with a total area of 31,695 square meters being improved [1][2]. - The project includes the creation of pocket parks with amenities like pergolas, tree pits, lighting, and benches to meet recreational needs and enhance the urban environment [2]. Infrastructure and Connectivity - The area will develop a spatial structure of "one area, two parks, multiple points" and a transportation network of "five horizontal and four vertical" routes, along with "two corridors and two belts" of green spaces [2]. - The Xisanqi region is transitioning from a building materials hub to a science city, aiming to become a new growth pole for innovation development in Haidian [2].