Group 1: Market Overview - The Hong Kong stock market lacks direction, with the Hang Seng Index expected to continue fluctuating around the 25,000 points level [2][3] - The Hang Seng Index opened at 25,216, reached a high of 25,216, and closed at 25,104, down 61 points or 0.24% [3] - The total market turnover decreased to HKD 23.94 billion [3] Group 2: Macro & Industry Dynamics - As of August 18, the overall return of the Mandatory Provident Fund (MPF) increased by 1.6%, with an average gain of HKD 4,956 per person [6] - Year-to-date, the MPF composite index rose by 11.9%, with stock fund indices increasing by 16.7% [6] - The strongest performing fund in August was the Japanese stock fund, which rose by 5.5%, while the weakest was the US stock fund, which only increased by 1.3% [6] Group 3: Company News - Smoore (06969) continues to invest in the development of Heat-Not-Burn (HNB) products, with a focus on enhancing user experience and optimizing tobacco flavor [11] - The company reduced its R&D spending on electronic vapor products, prioritizing HNB products and medical vaporization, with total R&D expenditure of approximately RMB 723 million, down about 4.9% year-on-year [11] - Tencent's new mobile game "Valorant" generated approximately HKD 7.8 million on its first day of release, with around 170,000 downloads [13]

强积金顾问GUM发布2025年7月强积金市场分析报告。截至7月31日，香港强积金市场总资产上升1.3% 至1.45万亿港元。市占率方面，宏利以27.3%的占有率居首，汇丰(18.1%)和永明(11.0%)继续位列第二和 第三位。 GUM策略及投资分析董事云天辉指出:7月份港股美股再创新高，美股基金录得13亿资金净涌入;而港股 基金(指数追踪型)则录得5亿资金净流入，相比起主动型港股基金，成员更青睐于指数追踪型港股基 金。另外，保守基金因HIBOR利率下滑及预期减息等因素，今年首次出现净转出，金额约6亿资金。 ...