20CM高弹性品种，盘中暴拉。从盘面上来看，进攻型资金占主导，大科技方向强势依旧，通信设备、 软件、互联网、电脑硬件、电子元器件、半导体等赛道大幅上涨。上交所重点指数中，科创成长、科创 2000等指数纷纷涨超3%，科创综指涨2.70%，带动科创板相关ETF表现优异。 截至发稿，科创50ETF富国（588940）、科创综指ETF富国（589600）、双创50ETF（588380）分别上 涨2.85%、2.50%、2.51%。其中，科创50ETF富国实现六连阳，区间累计涨幅达8.25%；双创50ETF汇聚 科创板、创业板科技股，近6日涨近12%。 政策面上，2025陆家嘴论坛上，高层提出在科创板设置科创成长层，重点服务人工智能等前沿科技企 业。中信证券指出，随着科创板"1+6"政策、金融支持科创相关政策的持续推进，自今年4月以来明显滞 涨的科创板有望迎来补涨行情。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint is that the Federal Reserve is expected to lower interest rates, which will benefit Hong Kong technology stocks, particularly as they rely on borrowing for research and development [2][3] - Goldman Sachs predicts three rate cuts of 25 basis points each by the Federal Reserve this year, indicating a strong likelihood of rate reductions in the last four months of the year [2] - The Hang Seng Technology Index has historically seen an average increase of nearly 60% during periods of declining U.S. Treasury yields, suggesting a potential market shift back to Hong Kong tech stocks [3] Group 2 - Recent regulatory actions against food delivery platforms like Meituan and Ele.me are expected to reduce competition and improve market conditions for Hong Kong tech stocks [3] - Tencent's recent earnings report showed revenue of 184.5 billion yuan, a 15% year-on-year increase, and a significant investment in AI, with R&D spending rising 17% to 20.25 billion yuan [3][4] Group 3 - The Hong Kong Internet ETF (513770) is positioned as a strong investment vehicle, tracking the China Securities Hong Kong Internet Index, which focuses on pure internet companies [7][8] - Major internet players like Alibaba and Tencent are leading the AI sector, with their AI models significantly reducing operational costs and enhancing efficiency [8] - The current policy environment is favorable for platform economies, with a shift towards encouraging innovation and job creation, which could lead to a "double boost" for valuations [9] Group 4 - The Hong Kong Internet Index has outperformed the Hang Seng Technology Index, with a year-to-date increase of 40.08% compared to 24.06% for the latter [10][11] - The rapid recovery of the Hong Kong Internet Index after market downturns indicates stronger investor interest and confidence in these companies [11] Group 5 - The investment strategy focuses on the rotation towards Hong Kong tech stocks, particularly through the Hong Kong Internet ETF, which offers a simple and potentially lucrative way to gain exposure [12] - The underlying logic for the expected rise includes attractive valuations compared to U.S. stocks, cost savings from AI, and capital flowing into undervalued Hong Kong stocks due to U.S. rate cuts [13]

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.62% to 25,426.53 points, the Hang Seng Tech Index increasing by 1.96% to 5,651.97 points, and the National Enterprises Index up by 1.01% to 9,130.71 points [1] - Major technology stocks contributed positively, with JD.com and NetEase both rising over 4%, Baidu increasing nearly 3%, and Alibaba, Xiaomi, and Meituan all gaining over 1% [1] - Automotive stocks surged, particularly Great Wall Motors, which rose over 12% following the opening of a factory in Brazil, while NIO, Geely, and BYD also performed well [1] - The film industry saw a boost with a strong summer box office, leading to significant gains in film stocks, such as Ningmeng Film, which surged over 37% [1] Company Financials - China Hongqiao reported revenue of approximately 81.039 billion yuan, a year-on-year increase of 10.1%, and a net profit of about 12.361 billion yuan, up approximately 35% [2] - Hong Kong and China Gas reported revenue of about 10.437 billion HKD, a decrease of 0.6%, with a net profit of approximately 758 million HKD, an increase of 2% [2] - China Resources Cement reported revenue of approximately 10.21 billion yuan, a year-on-year decrease of 1%, but a net profit of about 307 million yuan, an increase of 85% [3] - Sands China Limited reported revenue of 3.49 billion USD, a decrease of 1.7%, and a net profit of 413 million USD, down 23.7% [3] Institutional Insights - Industrial analysts from Industrial Securities noted that the Hong Kong stock market is experiencing volatility and may be poised for a rally, focusing on mid-year performance and value [4] - Guohai Securities indicated that the Hong Kong market may exhibit better elasticity compared to the US market, with a focus on sectors benefiting from fiscal and tariff negotiations [4] - Noted economist Hong Hao suggested that the Hong Kong market will see continued inflows from mainland and overseas investors, supported by ample liquidity and potential interest rate cuts from the Federal Reserve [5]

Market Performance - The Hong Kong stock market saw all three major indices rise collectively, with the Hang Seng Tech Index leading the way, closing up 1.96% [1] - The Hang Seng Index and the China Enterprises Index increased by 0.62% and 1.01% respectively [1] Sector Highlights - Major technology stocks experienced significant gains, with JD.com and NetEase rising over 4%, Baidu up nearly 3%, Alibaba and Xiaomi increasing by 1.6%, Meituan up 1.4%, and Tencent also showing positive movement [1] - Automotive stocks surged, particularly following the opening of a factory in Brazil, with Great Wall Motors soaring by 12.6%, while NIO, Geely, and BYD also performed strongly [1] - The film industry saw a boost as summer box office revenues continued to climb, with leading films enhancing audience demand, resulting in a 37.6% increase for Lingmeng Media [1] - The brain-computer interface sector became active as OpenAI announced plans to enter this field, leading to increased activity in related stocks [1] Declines in Specific Sectors - The U.S. announced an expansion of tariffs on steel and aluminum imports by 50%, causing declines in steel and copper stocks [1] - Gold, coal, oil, domestic property, semiconductor stocks mostly performed poorly in response to the tariff news [1]

Core Viewpoint - Tencent has sufficient AI GPU chips to meet future model training needs and does not require additional purchases of NVIDIA H20 chips, indicating a strategic shift towards non-Western AI chips for inference tasks [1][3][4]. Group 1: AI Chip Inventory and Strategy - Tencent has a strong inventory of GPUs, sufficient for ongoing model upgrades, marking the third consecutive quarter the company has stated it does not need more GPUs [3]. - The company is exploring alternatives to Western GPU manufacturers for inference chips, evaluating various AI accelerators that can be legally imported or sourced within China [4]. - Tencent is enhancing the utilization of existing computing power through software optimizations, aiming to double AI inference efficiency, effectively doubling GPU capacity [4]. Group 2: Regulatory and Market Conditions - NVIDIA's AI chips have not yet received security approval from the Chinese government, leading to caution among domestic tech giants regarding the procurement of NVIDIA H20 and AMD MI308 chips [4]. - The company is adapting to the uncertainty of GPU supply by focusing on revenue growth and expanding in CPU, database, storage, and CDN infrastructure [6]. Group 3: Financial Performance and Investment - Tencent's capital expenditure in Q2 reached 191.1 billion RMB, a 119% year-on-year increase, covering infrastructure, data center expansion, and AI software platform development [6]. - Despite a 30% decrease in capital expenditure from Q1, the company maintains a strong financial position, with Q2 revenue of 1,845 billion RMB, a 15% increase, and net profit of 648 billion RMB, an 11% growth [6].

格隆汇8月18日｜阅文集团(0772.HK)飙升超21%，报45.48港元，股价创2023年3月以来新高。 消息面上，阅文集团与腾讯旗下旗舰游戏《王者荣耀》达成"国创内容战略合作计划"。双方将探索在国 创内容领域的合作可能，由阅文集团旗下阅文好物出品联动专属周边产品目前已在官方旗舰店及《王者 荣耀》官方商城陆续开放预售。 此外，阅文平台畅销玄幻小说《诡秘之主》也将与《王者荣耀》联动，推出小说相关专属游戏皮肤。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Group 1 - The core stock price of Yuwen Group (0772.HK) surged over 21%, reaching HKD 45.48, marking a new high since March 2023 [1] - Yu Wen Group has entered into a "National Creation Content Strategic Cooperation Plan" with Tencent's flagship game "Honor of Kings" to explore collaboration opportunities in the national creation content sector [1] - Yu Wen Group's subsidiary, Yu Wen Goods, has launched exclusive peripheral products that are currently available for pre-sale in the official flagship store and the "Honor of Kings" official mall [1] Group 2 - The bestselling fantasy novel "Lord of the Mysteries" on the Yu Wen platform will collaborate with "Honor of Kings" to release exclusive game skins related to the novel [1]

对冲基金（Hedge Fund）指采用对冲交易手段的基金，也称避险基金或套期保值基金。它们不满足于跟随市场指数，而是利用股票多空、全球宏观、事件驱 动等多元策略，在股票、债券、大宗商品、衍生品甚至加密资产之间灵活切换，并通过杠杆、卖空、衍生品对冲等手段放大收益或降低风险。 根据知名对冲基金投资机构LCH Investments的统计，2024年，整个对冲基金行业为投资者带来2890亿美元的净收益，其中世界前20大对冲基金管理人贡献 了937亿美元的净收益，占比44.3%。从管理规模来看，截至2024年底，前20大对冲基金管理人的资产管理规模（AUM)占行业总规模的20.2%。 | 排名 | 对冲基金简称 | 创始人/基金经理 | 2024年底的资产管成立以 | | | --- | --- | --- | --- | --- | | | | | 理净值(亿美元) | 收益 | | 1 | Citadel | Ken Griffin | 649 | | | 2 | DE Shaw | Various | 411 | | | 3 | Millennium | lsrael Englander | 740 | | | ...

Core Viewpoint - Kuaishou is entering the food delivery market by launching an independent "takeout" section on its app, aiming to differentiate itself through a "Meituan supply chain + self-owned merchants" light asset model amid intense competition in the food delivery sector [2][3]. Company Strategy - Kuaishou's new takeout service relies on Meituan's merchant vouchers, requiring users to complete orders through Meituan's mini-program, with delivery handled by Meituan or third-party services [5][10]. - The company has previously explored local lifestyle services, partnering with various platforms and establishing a dedicated local lifestyle division in 2022 [6][8]. - Kuaishou's strategy includes a dual approach of leveraging Meituan's supply chain while also incorporating its own local merchants, with approximately 90% of products sourced from Meituan [10]. Market Context - The food delivery market is highly competitive, with major players like Meituan, Alibaba, and JD.com already established [2][9]. - Kuaishou's entry into this market comes as its core business faces growth challenges, particularly in live streaming and e-commerce, where GMV growth has significantly slowed [12][16]. Financial Performance - In 2024, Kuaishou reported revenue of 1268.98 billion yuan, an 11.83% year-on-year increase, with a net profit of 153.35 billion yuan, up 139.76% [13]. - The company's e-commerce GMV reached 1.39 trillion yuan in 2024, with growth rates dropping from 78% in 2021 to 17% in 2024, highlighting a stark contrast with Douyin's performance [16][17]. User Engagement - Kuaishou's daily active users reached 408 million by Q1 2025, with over 62% from new tier cities, providing a potential consumer base for its food delivery services [10]. - The number of users paying for local delivery services increased by over three times in Q2 2024, indicating a shift in user behavior towards food delivery [11]. Competitive Landscape - Kuaishou's cautious approach in the food delivery sector is influenced by the challenges faced by Douyin, which has struggled to establish a successful delivery model despite its initial efforts [9][20]. - The company aims to explore new growth avenues through its food delivery initiative, potentially alleviating pressures from declining growth in its core businesses [18].

华泰证券在《预期验证期不改港股中枢上移趋势》中指出，港股流动性或依然偏宽松。南向资金近期呈 现明显的逆势而动特点，尤其是在上周五大幅逆势流入超300亿港币，南向在港股通个股成交占比已经 突破40%。当下，市场处于交易主线相对缺乏、海外及国内重要事件等待验证的关键阶段，也正是仓位 调整的窗口期。中报视角下，该机构建议关注：1）高景气估值性价比的游戏、互联网电商龙头；2）估 值修复较多但业绩预喜率高、增长预期有望上修的创新药和大金融，包括本地金融股。 8月18日早盘，恒生科技指数高开高走，一度涨近1.5%。A股同赛道规模领先的恒生科技指数ETF （513180）跟随指数震荡上行，持仓股中，蔚来、商汤、京东集团、网易、京东健康、百度集团等领 涨，其中，蔚来一度涨近8%。 资金面上，南向资金正加速流入港股。上周五（8月15日），南向资金净流入358.76亿港元，刷新历史 最高单日净流入纪录。截至8月15日，今年以来南向资金累计净流入9389.21亿港元，已远超2024年全年 总额。近期港股热度持续攀升，资金积极"抢筹"科技板块。数据显示，截至8月15日，恒生科技指数 ETF（513180）在近20个交易日中有13个交 ...