港股點評 2025年9月17日9:30 a.m 恒指跌 8 點，滬指升 1 點，標普 500 跌 8 點 中美經貿中方牽頭人、國務院副總理何立峰表示，中方維護自身正當權益的決 心堅定不移，將會堅決維護國家利益和海外中資企業的合法權益。對於 TikTok 問題，中方將依法依規展開技術出口審批。同時，中央政府充分尊重中資海外 企業意願，支持企業在符合市場原則基礎上，與合作方展開平等商業談判。 中國汽車生產商奇瑞汽車(09973.HK)公布在港招股詳情，將於 17 日起至 22 日 招股，計劃全球發行 2.97 億 H 股，招股價介乎每股 27.75 至 30.75 元，預料集 資最多 91.45 億元。 根據政府統計處 16 日發表的最新勞動人口統計數字，今年 6 月至 8 月經季節性 調整的失業率為 3.7%，與今年 5 月至 7 月的數字相同，低於市場預期的 3.8%。 就業不足率則由 5 月至 7 月的 1.4%上升至 6 月至 8 月的 1.6%。 京東集團-SW(09618.HK) (JD.US) 創始人、董事局主席劉強東在京東品酒會上 透露，後續將公布全新的酒店發展計劃。劉強東強調，不希望把酒店再拉進 ...

Market Performance - The Hang Seng Index opened 96 points higher and closed 78 points or 0.3% up at 25,077 points, with a daily trading volume of HK$335.601 billion. The H-share Index rose 30 points or 0.35% to 8,947 points, and the Hang Seng Tech Index climbed 30 points or 0.5% to 5,674 points [1]. - A-share major indices advanced, with the ChiNext performing strongly, rising over 2%. The Shanghai Composite Index closed at 3,857 points, up 14 points or 0.4%, with a trading volume of RMB 1.22 trillion. The Shenzhen Component Index ended at 12,696 points, up 124 points or 1%, with a turnover of RMB 1.58 trillion. The ChiNext Index finished at 2,890 points, up 62 points or 2.2%, with a trading volume of RMB 763.8 billion [1]. - US stocks fell on Friday as investors took profits ahead of the US Labor Day long - weekend. The S&P 500 Index dropped 41 points or 0.6% to 6,460 points, the Nasdaq Composite Index declined 249 points or 1.2% to 21,455 points, and the Dow Jones Industrial Average closed 92 points or 0.2% lower at 45,544 points [2]. Macroeconomic Data - The PBOC conducted 782.9 billion yuan of seven - day reverse repurchase operations on the 29th, with an unchanged operating rate of 1.4%. With 361.2 billion yuan of reverse repurchases maturing, the net injection for the day was 421.7 billion yuan. The central parity rate of the RMB against the US dollar was raised by 33 points to 7.1030, and the PBOC raised the RMB central parity rate by 0.65% in August, the largest increase since September last year [1]. - Japan's S&P Manufacturing PMI final value for August was revised down to 49.7, slightly lower than the initial value of 49.9 but better than July's 48.9 [2]. - The US Washington, D.C. Circuit Court of Appeals ruled 7 - 4 that the reciprocal tariffs and multiple tariffs against China, Canada, and Mexico introduced by US President Trump in April were illegal [2]. - China's manufacturing PMI in August rose to 49.4, up 0.1 percentage point month - on - month, slightly lower than the market expectation of 49.5, and remained in the contraction zone for five consecutive months [3]. - In August, the average price of new homes in 100 cities was RMB 16,910 per square meter, up 0.20% month - on - month and 2.73% year - on - year. The average price of second - hand homes in 100 cities was RMB 13,481 per square meter, down 0.76% month - on - month and 7.34% year - on - year [3]. Company News Acquisition and Business Expansion - Huahong Semiconductor (01347.HK) plans to acquire the remaining 97.4988% equity of Shanghai Huali Microelectronics' 12 - inch integrated circuit wafer foundry service business from Huahong Group, Shanghai Integrated Circuit Fund, National Integrated Circuit Industry Fund II, and Guotou Leading Fund to achieve full ownership. The consideration includes cash and the issuance of consideration shares at an issue price of RMB 43.34, a 44.79% discount to the pre - suspension closing price of A - shares [3]. - SMIC (00981.HK) is planning to acquire a 49% stake in its subsidiary SMIC North through the issuance of A - shares. The company's A - shares will be suspended from trading starting September 1, 2025, with an expected suspension period of no more than 10 trading days [6]. Financial Results - Giant Group Legend (06683.HK) reported a six - month interim revenue of RMB 355 million for the period ended June, a 33% year - on - year increase. New consumer business revenue was RMB 211 million, up 91.5%. Gross profit was RMB 156 million, up 16.3%. Net profit was RMB 10.27 million, down 58.9% mainly due to a fair - value loss of RMB 19.5 million on Hong Kong - listed equity securities investments [4]. - Agricultural Bank of China (01288.HK) reported a net profit of RMB 139.51 billion for the six - month period ended June, a 2.7% year - on - year increase. Earnings per share were 0.37 yuan, and an interim dividend of 0.1195 yuan per share was declared [4]. - CR Beverage (02460.HK) reported a six - month revenue of RMB 6.206 billion for the period ended June, a 18.5% year - on - year decrease. Gross profit was RMB 2.896 billion, down 22.8%. Net profit was RMB 805 million, down 28.6%. Earnings per share were 0.34 yuan, and an interim dividend of 0.118 yuan per share was declared [4]. - China Shenhua (01088.HK) reported a six - month revenue of RMB 138.109 billion for the period ended June, an 18.3% year - on - year decrease mainly due to a decline in coal sales volume and average selling price, achieving 43.2% of the annual target. Net profit was RMB 26.706 billion, down 14.8%. Earnings per share were 1.344 yuan, and an interim dividend of 0.98 yuan per share was declared [5]. - Midea Group (00300.HK) reported a six - month revenue of RMB 252.331 billion for the period ended June, a 15.7% year - on - year increase. Net profit was RMB 26.014 billion, up 25%. Earnings per share were 3.41 yuan, and an interim dividend of RMB 5 per 10 shares was declared [6]. - BYD Co., Ltd. (01211.HK) reported a six - month turnover of RMB 371.281 billion for the period ended June, a 23.3% year - on - year increase, mainly benefiting from the growth of the new - energy vehicle business. Net profit was RMB 15.511 billion, up 13.8%. Earnings per share were 1.71 yuan, and no dividend was declared [6]. - China Railway Construction Corporation Limited (01186.HK) reported a turnover of RMB 489.199 billion for the six - month period ended June, a 5.2% year - on - year decrease. Net profit was RMB 10.701 billion, down 10.1%. Earnings per share were 0.7 yuan, and no dividend was declared [6]. - Alibaba - W (09988.HK) (BABA.US) reported a first - quarter revenue of RMB 247.652 billion for the period ended June 30, 2025, a 1.8% year - on - year increase. Excluding the disposed businesses of Sun Art Retail Group (06808.HK) and Intime, the revenue on a comparable basis increased 10% year - on - year [7]. - Industrial and Commercial Bank of China (01398.HK) reported a net profit of RMB 168.103 billion for the six - month period ended June, a 1.4% year - on - year decrease. Earnings per share were 0.46 yuan, and a dividend of RMB 1.414 per 10 shares was declared, a 1.4% decrease compared to last year's interim dividend of RMB 1.434 per 10 shares [7]. Policy Impact - The US Trump administration announced the revocation of the technology - use exemptions for Samsung Electronics, SK Hynix, and Intel's subsidiaries in China, which will significantly weaken their manufacturing capabilities in China and may disrupt the global supply chain [2][3].

Core Viewpoint - Hua Hong Semiconductor Limited reported a revenue increase of 18.0% year-on-year for the first half of 2025, driven by higher wafer shipments, despite facing a loss for the period of US$84.96 million, which is a 26.7% increase in loss compared to the same period in 2024 [4][6][25]. Financial Performance - Revenue reached US$1,107.0 million, up from US$938.5 million in the first half of 2024, marking an 18.0% increase [4][6]. - Cost of sales increased to US$995.4 million, a rise of 15.9% compared to US$858.8 million in the previous year [4][6]. - Gross profit was reported at US$111.6 million, reflecting a 40.0% increase from US$79.7 million in the first half of 2024 [4][6]. - Other income and gains decreased by 15.7% to US$59.9 million, primarily due to reduced interest income [4][6]. - Administrative expenses rose to US$190.2 million, an increase of 15.9% compared to US$164.1 million in the previous year [4][6]. - The loss before tax was US$81.1 million, a slight increase of 3.3% from US$78.5 million in the first half of 2024 [4][6]. Cash Flow Analysis - Net cash flows from operating activities increased by 59.8% to US$219.8 million, driven by higher receipts from customers [12][13]. - Net cash flows used in investing activities were US$879.8 million, primarily for capital investments [12][13]. - Cash and cash equivalents decreased from US$4,459.1 million to US$3,846.9 million, a decline of 13.7% [8][14]. Business Review - The global semiconductor market saw a year-on-year sales increase of approximately 16% in the first half of 2025, reaching US$366.7 billion [25][26]. - The company operated its 8-inch and 12-inch production lines at full capacity, with the Hua Hong Manufacturing Project achieving rapid capacity ramp-up [26][28]. - The Analog & Power Management platform showed significant revenue growth, benefiting from domestic supply chain localization and demand for AI servers [26][27]. Future Plans - The company is preparing for a potential acquisition of equity interests in Shanghai Huali Microelectronics Corporation, subject to board and regulatory approvals [30][32]. - The second-phase capacity deployment of the Hua Hong Manufacturing project is expected to begin ahead of schedule by the end of 2025 [28][29].

Market Performance - The Hang Seng Index rose 234 points or 0.9% to close at 25,339, the Hang Seng China Enterprises Index rose 105 points or 1.2% to 9,079, and the Hang Seng Tech Index rose 149 points or 2.7% to 5,647. The total turnover of the market was HK$285.584 billion [1] - The Shanghai Composite Index rose 57 points or 1.5% to 3,883, the Shenzhen Component Index rose 275 points or 2.3% to 12,441, and the ChiNext Index rose 80 points or 3% to 2,762 [2] - The Dow Jones Industrial Average fell 349 points or 0.8% to 45,282, the S&P 500 Index fell 27 points or 0.4% to 6,439, and the Nasdaq Composite Index fell 47 points or 0.2% to 21,449 [3] Central Bank Operations - The People's Bank of China conducted 288.4 billion yuan of seven - day reverse repurchase operations on the 25th, with a net injection of 21.9 billion yuan. It also carried out 600 billion yuan of MLF operations with a one - year term [2] - The central parity rate of the RMB against the US dollar was raised by 160 points to 7.1161, the largest increase in seven months [2] International Relations - US President Trump refused to change the terms of the tariff agreement with South Korea, maintaining a 15% tariff on South Korean goods [4] - Trump said he expects to visit China this year or soon and emphasized building good relations with China, but threatened to raise tariffs if China fails to provide rare - earth magnets [4] Industry Data - In July, the sales of new - energy vehicles in the Chinese mainland reached 1.262 million units, a year - on - year increase of 27.3% and a month - on - month decrease of 5%, with a penetration rate of 48.7% [4] Company Earnings - Blue Focus Technology (06613.HK) reported a total revenue of 32.96 billion yuan in the six - month period ending June, a year - on - year increase of 14.2%, with a net profit of 1.143 billion yuan, a 32.7% increase [4] - Smile Angel (06699.HK) reported a revenue of US$161 million in the six - month period ending June, a year - on - year increase of 33.1%, with a net profit of US$14.64 million, a 362.7% increase [4] - Pinduoduo (PDD.US) had a second - quarter revenue of about 104 billion yuan, a 7% year - on - year increase, and a net profit decline of 4% to 30.75 billion yuan [5] - Haidilao (06862.HK) reported a revenue of 20.703 billion yuan in the six - month period ending June, a year - on - year decrease of 3.7%, with a net profit of 1.759 billion yuan, a 13.7% decline [5] - Maoyan Entertainment (01896.HK) reported a turnover of 2.472 billion yuan in the six - month period ending June, a year - on - year increase of 13.9%, with a net profit of 178 million yuan, a 37.3% decline [5]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第二季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年八月十四日向美 國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第二季度之未經審核財務 業績（「二零二五年第二季度業績」）。詳情請參閱隨附之二零二五年第二季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董事 ...

Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months, following a reduction in tariffs between the US and China [2] - The market sentiment remains cautious due to limited progress in US-China trade talks and a lack of significant economic stimulus from mainland China [2] Macro Focus - The Caixin China Services PMI fell to 50.6 in June, below expectations, indicating a slowdown in service sector expansion [3][8] - Retail sales of new energy vehicles in China increased by 25% year-on-year in June, with a penetration rate of 52.7% [8] - The Ministry of Commerce plans to strengthen guidance on second-hand vehicle exports, aiming to support the development of the second-hand car market [8] - The Macau gaming sector saw a 19% year-on-year increase in June gaming revenue, exceeding expectations [6] Company News - Alibaba issued over 12 billion HKD in zero-coupon convertible bonds for Alibaba Health [3] - Geely Auto is entering the Italian market, while XPeng's G7 model starts at 195,800 RMB [3] - HSBC Holdings sold its UK insurance business for approximately 260 million GBP [3] Industry Insights - The biotechnology sector is expected to benefit from new measures supporting the high-quality development of innovative drugs [6] - The textile industry anticipates improved orders as Nike's performance is expected to stabilize [6] - The solar industry is facing challenges due to low-price competition, prompting the Ministry of Industry and Information Technology to call for comprehensive governance [9] IPO Market - KPMG estimates that the total amount raised from new IPOs in Hong Kong could reach up to 250 billion HKD this year, with over 200 applications currently being processed [9]

Group 1: Company Insights - The report recommends buying Leap Motor (9863) with a target price of 63.00 HKD, indicating a potential upside of 14.5% from the current price of 57.70 HKD [7][9] - Leap Motor's Q1 2025 performance met market expectations, with revenue increasing 1.87 times year-on-year to 10.02 billion RMB, and a significant reduction in losses to 130 million RMB, benefiting from economies of scale and strategic partnerships [9] - The company has set a sales target of 550,000 units for FY25E, representing an annual growth of 87%, with 173,000 units delivered in the first five months of 2025, which is 30% of the annual target [9] Group 2: Industry Trends - The Chinese automotive industry is expected to see a reduction in price wars as the China Automobile Association and the Ministry of Industry and Information Technology support fair competition and healthy development [9] - The report highlights the strategic partnerships formed by Leap Motor with Stellantis and China FAW Group, which are seen as catalysts for future growth and stock price appreciation [9] - The report notes that the market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25E, slightly below its historical average [9]