前两天，上半年的经济数据陆续公布。 多数人的关注点，都是GDP的增长数据，但我的关注点却是另外两组数据。 首先是 广义货币M2 的数据。 上半年M2余额330.29万亿元，同比增长了8.3%，比上月高0.4个百分点，比上年同期高2.1个百分点。 简而言之，上半年社会上的钱，是越来越多。 另一组数据是 物价指数 。 CPI通Z回升至0.1%，环比稍微回暖了一点，比之前的负数好一点，但依然不高； PPI通Z为-3.6%，连续第3个月回落。 简而言之，市场上的钱是多了，但是物价依然没上涨，没有通Z。 这就引出了当下一个很重要的问题： 为什么市场上的钱越来越多，但物价没有上涨？资产价格也没有上涨呢？ 那么多的钱，没流向商品，又没流向资产。 那这些钱到底去了哪里？ 难道真的像很多人分析的那样，钱全部都被老百姓存起来了？ 恐怕没有那么简单。 为什么说放出来的钱全被老百姓存起来这个说法不够准确？ 因为 市场上新增的货币，主要是通过银行贷款放出来的。 而老百姓存的钱，不是工资收入就是财产收入，这些钱多数都是 存量货币 ，属于存量不是增量。 居民想要拿到这些新放出来的钱， 只能通过贷款。 但是上半年居民贷款余额只增加了1.17 ...

Core Viewpoint - The article presents a neutral perspective on the author's opinions, emphasizing that the content does not reflect the views of Hexun and that readers should take responsibility for their interpretations [1]. Group 1 - The article highlights the importance of accuracy, reliability, and completeness in financial reporting and analysis [1]. - It suggests that readers should approach the information with caution and conduct their own due diligence [1].

截至收盘，中证港股通医药卫生综合指数上涨0.6%，中证港股通互联网指数下跌0.02%，中证港股通消 费主题指数下跌0.2%，恒生港股通新经济指数下跌0.4%，恒生科技指数下跌1.0%，Wind数据显示，截 至昨日，恒生科技ETF易方达（513010）近一个月净流入超15亿元，最新规模已突破140亿元。 本周起，港股进入业绩中报高峰披露期，腾讯控股昨日公布的业绩数据显示，第二季度收入同比增长 15%至1845亿元，超出市场预估的1789.4亿元；网易和京东将于今日盘后公布财报，下周起，小米、百 度、快手等也将陆续披露业绩。 -U. U% Z4. Z信 LL. 3% 港股消费ETF易方达 ( 513070 跟踪中证港股通消费主题指数 该指数自2020年 今日 该指数 该指数由港股通范围内流动性 该指数涨跌 发布以来估值分位 滚动市盈率 较好、市值较大的50只消费主 题股票组成,可选消费占比近 21. 4倍 -0. 2% 19.7% 60% | 恒生新经济ETF | | | 513320 | | --- | --- | --- | --- | | 跟踪恒生港股通新经济指数 | | | | | 该指数由港股通范围内、 ...

Group 1 - The core viewpoint of the article indicates that Jinglin Hong Kong has made significant adjustments to its U.S. stock holdings, with a total market value of $2.873 billion as of the end of Q2, equivalent to approximately 20.6 billion RMB [1] - Jinglin Hong Kong has initiated new positions in Nvidia, Atour, and Huazhu Group, while increasing stakes in Facebook, Manbang Group, Qifu Technology, Alphabet, Sea, TAL Education, and BeiGene [1][3] - The firm has reduced holdings in several companies, including NetEase, Pinduoduo, Futu Holdings, Beike, New Oriental, Nebius Group, Alibaba, Intel, TSMC, Ctrip, Astra Solar, Liberty Media, and Hesai Technology, and has completely exited positions in Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [1][3] Group 2 - Meta remains the largest holding for Jinglin Hong Kong, with a market value of approximately $731.7 million, accounting for 25.45% of its total U.S. stock holdings [3] - The top ten holdings collectively amount to $2.534 billion, representing over 88% of the total U.S. stock portfolio [1] - The firm emphasizes the importance of identifying new companies with strong business models and robust free cash flow, suggesting that companies with monopolistic advantages in rights, technology, scarce resources, and brand recognition are particularly valuable [1][4] Group 3 - The Hong Kong market has seen a resurgence in IPO financing, becoming the top market globally in the first half of the year, signaling a shift in international capital's perception of Chinese assets [5][6] - Southbound capital has net purchased over HKD 900.8 billion this year, surpassing the total for the previous year, indicating increased investor interest in Hong Kong stocks [7] - The average daily trading volume for ETFs has surged to HKD 33.8 billion, a 184% increase year-on-year, reflecting strong demand for Hong Kong-listed ETFs [9] Group 4 - The Hang Seng Index has risen by 23.92% year-to-date, outperforming major global indices such as the S&P 500, which has increased by 8.63% [18] - Several foreign investment banks, including Goldman Sachs, have raised their target prices for the Hong Kong Stock Exchange, indicating positive sentiment towards the market [18] - Insurance capital has been actively acquiring shares in Hong Kong stocks, with 22 instances of stake increases reported this year, focusing on undervalued, low-volatility, high-dividend, and high-certainty performance assets [19]

Core Viewpoint - The article emphasizes the importance of staying updated with the latest trends and developments in the investment sector, particularly in the context of venture capital and startup ecosystems [1] Summary by Relevant Sections - The article highlights the dynamic nature of the investment landscape, noting that new opportunities frequently arise in various sectors, necessitating continuous research and analysis [1] - It discusses the significance of understanding market shifts and consumer behavior, which can lead to identifying potential investment opportunities [1] - The piece also points out the role of technology in transforming traditional investment practices, suggesting that companies must adapt to these changes to remain competitive [1]

Core Viewpoint - The Hong Kong stock market experienced a significant upward movement, with the Hang Seng Technology Index rising by 0.19%, the Hang Seng Index increasing by 0.24%, and the State-Owned Enterprises Index up by 0.1% [1]. Group 1 - The paper industry, military industry, coal, and Apple-related concepts showed strong performance [1].

Group 1 - The article discusses the recent trends in the investment banking sector, highlighting the impact of economic conditions on deal-making activities [2] - It notes a significant decline in mergers and acquisitions (M&A) activity, with a year-over-year decrease of 30% in the first half of the year [3] - The report emphasizes the challenges faced by investment banks, including rising interest rates and geopolitical tensions, which have contributed to a cautious approach among investors [4] Group 2 - The article mentions that despite the downturn, there are still pockets of opportunity in sectors such as technology and healthcare, where strategic acquisitions are expected to continue [2] - It highlights the importance of adapting to changing market conditions, with firms focusing on advisory services and restructuring as alternative revenue streams [3] - The report concludes with a forecast indicating that the investment banking landscape may stabilize in the latter half of the year, contingent on macroeconomic improvements [4]

Group 1 - The Hong Kong stock market saw a significant rise, with the Hang Seng Technology Index increasing by 1.5% and the Hang Seng Index rising nearly 1% [1]

Core Viewpoint - The Hong Kong stock market opened lower but experienced a recovery, with the Hang Seng Technology Index rising by 1% to 5451.87 points [1] Group 1 - The Hong Kong stock market showed resilience by reversing initial losses and closing higher [1] - The Hang Seng Technology Index's increase indicates positive sentiment in the technology sector [1]

Core Viewpoint - The Hong Kong stock market opened lower and continued to decline, with the Hang Seng Technology Index dropping by 1% to 5434.67 points [1] Group 1 - The Hong Kong stock market experienced a downward trend on July 31 [1] - The Hang Seng Technology Index specifically fell by 1% [1] - The index closed at 5434.67 points [1]