Market Overview - The Hang Seng Index faces short-term resistance at 25,735 points, with limited corporate profit improvement and a lack of strong economic stimulus from mainland China [2] - Active trading in the Hong Kong market indicates a relatively positive risk appetite, with capital rotating among different sectors [2] - The U.S. and China have initiated a new round of trade negotiations, agreeing to extend the 90-day tariff truce reached in mid-May [2] Macro Focus - China's official manufacturing PMI for July decreased to 49.3, falling short of expectations and indicating contraction for four consecutive months [11] - Hong Kong's GDP for Q2 is estimated to grow by 3.1%, surpassing expectations, while retail sales growth in June was below expectations at 0.7% [12] - The U.S. Federal Reserve maintained interest rates in July, with expectations of two rate cuts this year, totaling 0.5 percentage points [6] Company News - Tencent Holdings (0700) is leveraging gaming as a key driver for breakthroughs in AI technology [5] - Prosus has initiated a reduction of its stake in Meituan (3690), cashing out nearly 2 billion yuan in the past two weeks [5] - XPeng Motors (9868) reported a 2.3-fold increase in July deliveries, setting a new monthly record [5] - China Petroleum & Chemical Corporation (0386) issued a profit warning, expecting a drop of at least 40% in first-half earnings [5] Stock Market Performance - The Hang Seng Index closed at 24,773, down 1.6%, with a year-to-date increase of 23.5% [7] - The average daily trading volume in Hong Kong's stock market increased by 82% year-on-year, reaching 2,402 billion [12] - The number of new IPOs in Hong Kong surged, with 42 new listings raising a total of 107.1 billion, a sevenfold increase compared to the previous year [12]

Group 1: Market Sentiment and Technical Analysis - The Hang Seng Index (HSI) shows a mixed sentiment with bullish investors expecting a rebound and bearish investors anticipating a drop to the 24,900 heavy load area [1] - Technical analysis indicates a primary buy signal for HSI, with a resistance level at 25,748 and a suggested recovery price for bearish options at 25,688, which is close to the resistance level [1] - For China Petroleum (00857.HK), a strong buy signal is noted, with the first resistance level at 8.18, indicating potential for further upward movement [3] Group 2: Individual Stock Analysis - China Resources Beer (00291.HK) is showing a buy signal with a closing price of 27.25, and resistance at 28.1, suggesting potential for a rebound [6] - Tencent Holdings (00700.HK) has a buy signal with 14 buy and 5 sell signals, and a resistance level at 560, with support levels at 529 and 510 for potential low-price entry [9] - Meituan-W (03690.HK) has a short-term buy signal with a closing price of 127.4, and support levels at 122.1 and 116.1 [11] - China Life Insurance (02628.HK) is on a strong upward trend with a buy signal, resistance levels at 24.6 and 27, both below the 30 mark [13]

Core Insights - The report highlights a positive market sentiment following the trade agreement between the US and EU, contributing to new record highs in US stock indices [9][11] - The report notes that while US stock indices are reaching new highs, there are warnings from Goldman Sachs about accumulating short-term risks in the market [11] - The report discusses the ongoing trade negotiations between the US and China, emphasizing the importance of outcomes for market stability [11][14] Market Overview - The Hang Seng Index closed up by 173 points (0.7%), while the Hang Seng Tech Index recorded three consecutive declines [14] - The report indicates that Hong Kong's exports have increased for 16 consecutive months, with June's export value reaching HKD 417.8 billion, a year-on-year increase of 11.9% [14] - The report mentions that the MSCI China Index's 12-month target has been raised from 85 to 90 points, indicating an 11% upside potential [14] Company Recommendations - The report recommends buying Kowloon Warehouse Holdings (1997) due to its stable cash flow from core assets in Hong Kong [22] - It suggests that AIA Group (1299) is benefiting from increased demand from mainland visitors and local market recovery, with a notable growth in new business value [22] - Prologis, Inc. (PLD) is highlighted as a leading industrial logistics REIT with a market capitalization exceeding USD 100 billion [24] Economic Data - The report outlines key economic data releases, including US wholesale and retail inventory figures for June, and the FHFA House Price Index for May [21] - It notes that the US Treasury Department estimates a debt issuance of USD 1.007 trillion for the third quarter, an increase of USD 453 billion from previous estimates [11]

（股份代號：6676） 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告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考，並不構成收購、購買或認購本公司證券之邀請或要約。 ZG Group 找鋼產業互聯集團 （於開曼群島註冊成立以不同投票權控制的有限公司，以ZGW之名稱於香港進行業務） 本公司計劃與圓幣集團合作推動區塊鏈及穩定幣技術在國際貿易中的應用。 合作重點將側重於探索基於智能合約的結算、數字貿易融資及供應鏈追蹤， 以提高透明度、降低信用成本及提高跨境貿易效率。此外，其將採用合規的 穩定幣作為結算工具，以降低交易成本及提高流動性，並由圓幣集團提供技 術支持、兌換服務及合規保障。 1 （權證代號：2572） 澄清公告 茲提述找鋼產業互聯集團（「本公司」）於2025年7月28日發表的公告（「該公告」）。 該公告中使用的定義詞語在本公告中具有相同含義。 本公司謹此澄清如下： (i) 「關於圓幣集團」部分應修訂如下： 圓幣創新科技有限公司，RD Holdings的全資子公司，為首批納入香 ...

Group 1 - The Hang Seng Index (HSI) is perceived by bullish investors as entering a slow bull market, with all stocks reaching new highs, targeting levels between 25,700 and 26,000 [1] - Bearish investors anticipate a short-term correction to fill the gap below, with a recovery price of 25,900 for overnight bear certificates [1] - Technical analysis indicates a high of 25,735 points, with 15 buy signals and 4 sell signals, suggesting a bullish trend [1] Group 2 - Meituan (03690.HK) is currently trading near the upper Bollinger Band at 134.6 HKD, with a buy signal and resistance levels at 137.7 HKD and 147.6 HKD [3] - The closing price is 134 HKD, with a call option exercise price of 178.98 HKD, indicating a potentially high entry point for investors [3] - Investors are advised to consider options with exercise prices closer to the current market price to mitigate risks associated with high exercise prices [3] Group 3 - Pop Mart (09992.HK) shows a weak recent trend, with a closing price near the middle Bollinger Band at 255.8 HKD and a buy signal, though not a strong buy [5] - Resistance levels are identified at 263 HKD and 273 HKD, with a call option exercise price of 225 HKD providing a defensive position for investors [5] - Investors are encouraged to compare the terms of options when selecting products to manage risk effectively [5] Group 4 - WuXi Biologics (02269.HK) is viewed positively with a strong buy signal, facing a resistance level at 31.1 HKD and 33.3 HKD [8] - Investors are optimistic about the stock's potential to break through the 30 HKD level, with a target price of 46 HKD [8] Group 5 - Hua Hong Semiconductor (01347.HK) is under observation for its structural stability, with a target price of 40.6 HKD [11] - The stock is currently showing a strong buy signal, indicating positive sentiment among investors [11] Group 6 - NIO Inc. (09866.HK) is experiencing a slight downward trend, with the stock price near the upper Bollinger Band at 38.99 HKD [14] - The stock maintains an overall upward trend with 14 buy signals and 6 sell signals, suggesting cautious optimism [14] - Resistance levels are set at 41.7 HKD and 47.3 HKD, while support levels are at 33.7 HKD and 29.9 HKD for put options [14]

Core Viewpoint - Tencent's stock performance shows positive momentum with a closing price of 526 HKD, reflecting a daily increase of 0.86% and a trading volume of 9.212 billion HKD, indicating active market participation [1] Technical Analysis - Multiple technical indicators suggest a "buy" signal with a strength of 14, indicating a favorable medium to long-term trend [1] - Various oscillators are in a "neutral" state, with the RSI at 63, suggesting a balanced short-term market sentiment [1] Support and Resistance Levels - The first support level for Tencent is at 510 HKD, with a second support at 494 HKD; the first resistance level is at 530 HKD, and the second at 558 HKD [3] - The stock is currently near its first resistance level, making the ability to break through this level crucial [3] - The system assesses a 54% probability of an upward movement, with a recent 5-day volatility of 2.9%, indicating potential trading opportunities [3] Product Performance - On July 17, 2025, Tencent's stock rose by 0.87% two days later, with related products like JPMorgan's bull certificate (58311) increasing by 11% and UBS's bull certificate (58237) by 7%, showcasing the leverage effect of these products [3] Notable Derivative Products - For bullish sentiment, Bank of China call options (16356) have a leverage of 14.3 times with a strike price of 600.5 HKD, while UBS call options (15943) have a leverage of 14.4 times, both offering good value [5] - For bearish sentiment, Bank of China put options (18276) have a leverage of 9.2 times with a strike price of 434.8 HKD, and UBS put options (17893) have a leverage of 9.7 times, suitable for risk-averse investors [6] Bull and Bear Certificates - For bullish outlooks, UBS bull certificates (58594) and JPMorgan bull certificates (58695) both have a leverage of 21 times with a redemption price of 507 HKD, presenting strong potential [7] - For bearish outlooks, UBS bear certificates (54414) have a leverage of 21.9 times with a redemption price of 550 HKD, and Societe Generale bear certificates (58795) have a leverage of 26.3 times with a redemption price of 546 HKD, indicating higher leverage but also increased risk [8]

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to the postponement of tariffs by the US and a stable economic outlook in mainland China, although corporate earnings improvements are limited [2] - Active trading in the Hong Kong market reflects a positive risk appetite, with capital rotating across different sectors [2] - New trade negotiations between China and the US are set to begin, contributing to a more favorable trade environment [2] Company Insights: Xtep International (1368) - Xtep's total retail sales volume (RSV) showed a slight year-on-year slowdown in Q2 2025, with online sales performing better than offline [9] - The company plans to gradually recover 100-200 stores for direct-to-consumer (DTC) transformation starting in Q4 2025, with a total of about 500 stores targeted for recovery by FY26E [9] - Xtep's management expects a net profit growth of over 10% year-on-year for FY25E, maintaining a stable retail discount level of 25-30% [9] Company Insights: Anta Sports (2020) - Anta reported stable performance in Q2 2025, with its main brand and FILA showing low single-digit and mid-single-digit growth, respectively [14] - The company has reaffirmed its FY25E guidance, expecting growth rates of high single digits for its main brand and over 30% for other brands [14] - Anta is focusing on optimizing its offline store structure and managing online discounts to maintain brand image and profitability [14] Financial Projections - Xtep's revenue is projected to grow from 8,423 million RMB in FY23A to 11,412 million RMB in FY25E, with a compound annual growth rate (CAGR) of approximately 7% [10] - Anta's revenue is expected to increase from 10,074 million RMB in FY24A to 12,935 million RMB in FY26E, reflecting a robust growth trajectory [10] Valuation Metrics - Xtep's FY25E price-to-earnings (P/E) ratio is projected at 9.6x, which is significantly below its 5-year average valuation [9] - Anta's FY25E P/E ratio is estimated at 17.0x, also below its 10-year average, indicating potential undervaluation [14]

Core Viewpoint - Tencent Holdings is currently experiencing a tug-of-war around the 500 HKD mark, with the stock price at 507 HKD, indicating a technical stalemate [1] Technical Analysis - The stock is barely above the MA10 at 499.91 HKD but is constrained by the MA30 at 506.84 HKD, showing mixed indicator performance [1] - The overall technical indicators suggest a "sell" signal with a strength of only 9 points, while the bullish-bearish strength indicator shows a "buy" signal [1] - The RSI is at 51, indicating a neutral zone, and a 2.8% five-day volatility reflects a strong market wait-and-see atmosphere [1] Key Support and Resistance Levels - Key support is at 487 HKD, with a strong support zone at 470 HKD; resistance is at 518 HKD, and a breakthrough could challenge 535 HKD [3] - The current probability of an upward movement is 54%, indicating a balance between bullish and bearish forces [3] Product Performance - UBS bull certificate (69944) has performed well, surging 49% in two days with the underlying stock up 1.19%, showcasing high leverage characteristics [3] - HSBC bull certificate (69321) also performed strongly, increasing by 44% [3] - For call options, Bank of China call certificates (13873 and 29579) recorded increases of 16% and 12%, respectively [3] Investment Options - Investors with a bullish outlook can consider Bank of China call certificate 29579, which offers a leverage of 14.8 times with the lowest premium among similar products [6] - For those expecting significant upward movement, Bank of China call certificate 13873 provides a leverage of 17.8 times, although its premium is slightly higher but still reasonable [6] - For investors preferring bull certificates, UBS bull certificate 69944 offers an actual leverage of 18.4 times with a low premium [6] Hedging Options - For cautious investors, Citibank put certificate 15235 offers a leverage of 22.3 times with a relatively low premium, making it a primary choice for bearish outlooks [10] - For expectations of significant downturns, Societe Generale bear certificate 60438 provides a high leverage of 30.6 times with a recovery price set at 522 HKD [10] - UBS bear certificate 61324 also features a leverage of 30.6 times, with a recovery price of 520 HKD, providing a good risk-return ratio [10]

Core Viewpoint - Tencent Holdings (00700) is currently experiencing a volatile trading pattern, with the latest price at 504 HKD, reflecting a 1.69% increase. The stock is above the 10-day moving average but faces resistance from the 30-day moving average, while the 60-day moving average provides significant support. The mixed technical indicators suggest uncertainty in the short-term price movement [1]. Technical Analysis - Key support levels to watch include 488 HKD (Support 1) and 471 HKD (Support 2) if a breakdown occurs. Resistance levels are at 519 HKD (Resistance 1) and 536 HKD (Resistance 2). The probability of an upward movement is estimated at 56%, but the 5-day volatility is only 2.2%, indicating a strong market wait-and-see sentiment [2]. Product Performance Review - On July 9, when Tencent's stock rose by 1.19%, related derivatives showed strong performance. The Bank of China call warrant (29579) had a notable two-day increase of 22%, while another call warrant (13873) rose by 18%. This demonstrates the leverage effect of call warrants in a moderate upward market [5]. Recommended Products - For call warrants, the Bank of China call warrant (29579) is highlighted, with an exercise price of 560.5 HKD and a leverage of 14.5 times, offering excellent cost-effectiveness. Investors seeking higher leverage may consider the Bank of China call warrant (13873) with a leverage of 17.2 times. For put warrants, the Bank of China put warrant (17569) and UBS put warrant (16669) offer leverage of 14.3 times and 16 times, respectively, with exercise prices at 447.8 HKD and 443.13 HKD, where the Bank of China put warrant has the lowest implied volatility, providing better risk control [8]. Selected Bull and Bear Products - Among bull products, HSBC bull warrant (69321) and UBS bull warrant (69944) are attractive, offering leverage of 20.2 times and 19 times, with redemption prices set at 485.8 HKD and 484 HKD. The UBS bull warrant's low premium makes it a preferred choice for bullish investors. For bear products, the Societe Generale bear warrant (60438) and UBS bear warrant (61324) provide impressive leverage of 29.6 times, with redemption prices at 522 HKD and 520 HKD, suitable for aggressive investors expecting a pullback in Tencent's stock [11].

Group 1: Market Sentiment and Technical Analysis - Investors are divided on the Hang Seng Index (HSI), with bullish investors entering at 24,000 points and bearish investors expecting a drop to the same level, deploying bear certificates with a redemption price of 24,888 [1] - Technical analysis indicates a "buy" signal for the HSI, with the first resistance level at approximately 24,600 points, and a potential upward test towards 25,000 points if this level is breached [1] - Investors are advised to choose bear certificates with redemption prices above the second resistance level of 25,000 to avoid immediate redemption risks, even if it means sacrificing some leverage [1] Group 2: Company-Specific Insights - WuXi Biologics (02269.HK) shows a temporary "buy" signal with 15 buy signals and no sell signals, but there are 9 neutral signals indicating caution; resistance levels are at 28.5 and 29.5 [3] - WuXi AppTec (02359.HK) has a "buy" signal with 14 buy signals and 4 sell signals, indicating potential upward movement with short-term resistance at 98 and 99.6 [6] - Trip.com Group (09961.HK) has a "strong buy" signal after a rebound from 434.2 to 499.8, with resistance levels at 505 and 531 [9] - AIA Group (01299.HK) shows a mixed outlook with 15 buy signals and 3 sell signals; resistance levels are at 71.6 and 73.8, suggesting caution before challenging 75 [11] - JD.com (09618.HK) is experiencing bearish sentiment with a "sell" signal, and investors are advised to wait for a drop to 115 before considering entry [14]