Core Viewpoint - The recent adjustments in the commercial health insurance drug directory signify an important step for the commercial health insurance market's entry, enhancing its role in the multi-tiered medical security system in China [4][5]. Group 1: Market Performance - The Hang Seng Healthcare Index (HSHCI) rose by 2.32% as of July 2, 2025, with notable increases in constituent stocks such as SiPai Health (00314) up 43.53% and Huahao Zhongtian Pharmaceutical-B (02563) up 41.04% [3]. - The Hang Seng Healthcare ETF (513060) increased by 0.87%, marking its third consecutive rise, with a latest price of 0.58 yuan [3]. - Over the past week, the Hang Seng Healthcare ETF has accumulated a rise of 0.53% [3]. Group 2: Liquidity and Trading Volume - The Hang Seng Healthcare ETF had a turnover rate of 2.96% during the trading session, with a transaction volume of 247 million yuan [3]. - The average daily trading volume for the ETF over the past month was 2.139 billion yuan, ranking it first among comparable funds [3]. Group 3: Fund Performance and Metrics - The latest scale of the Hang Seng Healthcare ETF reached 7.997 billion yuan, placing it in the top third among comparable funds [4]. - The ETF's financing buy amount was 94.5905 million yuan, with a financing balance of 292 million yuan [4]. - The net value of the ETF has increased by 15.65% over the past two years, with a maximum single-month return of 28.34% since inception [4]. Group 4: Risk and Return Analysis - As of July 1, 2025, the ETF's relative drawdown against the benchmark was 0.45%, the smallest among comparable funds, with a recovery period of 43 days [5]. - The management fee for the ETF is 0.50%, and the custody fee is 0.15% [5]. - The tracking error for the ETF over the past year was 0.070%, the highest tracking precision among comparable funds [5]. Group 5: Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Healthcare Index is 27.1, indicating a valuation below 91.12% of the time over the past three years, suggesting a historical low [5]. - The top ten weighted stocks in the HSHCI account for 57.72% of the index, including companies like Innovent Biologics (01801) and BeiGene (06160) [5].

高盛交易部门的Pete Callahan指出，这一轮动"主要由年初至今赢家的急剧逆转驱动"，SE、SPOT、RBLX、NVDA、AVGO、AMD、NFLX和 META等股票表现明显。他认为这些变动与季度更替有关，"我们上周在各行业看到了大量机构投资者的动向，怀疑可能存在对第二季度结束前出 售/削减一些年内表现/主题赢家的犹豫"。 下半年的首个交易日，美股风格大变脸，投资者从上半年表现强劲的科技股向医疗保健等防御性板块轮换。 周二，道琼斯工业平均指数上涨400点，而纳斯达克综合指数重挫0.82%，年内涨幅领先的科技巨头跌幅领先。美国科技股七巨头指数跌1.15%， Sea Limited、Spotify、Roblox、英伟达、博通、AMD、Netflix和Meta等上半年"大赢家们"均出现显著下跌。 市场正在期待美国与其贸易伙伴之间达成协议，因为特朗普对最高关税的90天暂缓期将于下周到期。华尔街见闻此前提及，特朗普周二晚些时候 表示"不考虑延长7月9日后的关税暂停期"，这一消息拖累所有主要指数走低。 此外据高盛交易部门的观察，市场轮动主要受第三季度开始后资金重新布局、鲍威尔最新讲话以及投资者在就业数据发布前获利了 ...

Group 1 - The JOLTS report indicates that the U.S. labor market remains stable despite economic uncertainties, with job openings unexpectedly rising to 7.769 million in May, surpassing expectations of 7.3 million and the previous month's figure of 7.391 million [1][3] - Job openings have shown volatility, with significant fluctuations of up to 500,000 per month, but have generally stabilized between 7 million and 8 million over the past year [3] - The increase in job openings in May was primarily driven by the leisure and hospitality sector, which accounted for three-quarters of the total openings, while other sectors showed mixed results [3] Group 2 - The number of layoffs decreased to 188,000 in May, with a layoff rate of 1%, indicating a relatively stable labor market [5] - Hiring numbers slightly declined from a peak of 5.615 million to 5.503 million, with the largest decreases observed in healthcare and manufacturing sectors [5] - The number of voluntary resignations increased from 3.215 million to 3.293 million, suggesting a tighter labor market as workers feel confident to seek better opportunities [5] Group 3 - The ratio of job openings to unemployed individuals rose to 1.1, aligning with pre-pandemic levels, marking the first increase in this metric in several months [3] - Economists are closely monitoring the upcoming June non-farm payroll report for signs of labor market slowdown, with expectations of slower job growth and a rising unemployment rate [7] - The JOLTS report is considered a key labor market indicator by policymakers, although some economists question its reliability due to a low response rate in the survey [7]

Core Viewpoint - The influx of southbound capital into Hong Kong stocks has accelerated significantly in 2024, reaching a record high for the first half of the year, which has driven the Hong Kong market to outperform global indices [1][2]. Group 1: Capital Inflow and Market Performance - Southbound capital has net inflows exceeding 730 billion HKD in the first half of 2024, marking the highest level for this period in history and nearing the total for the entire previous year [1]. - The Hang Seng Index rose by 20% in the first half of 2024, significantly outperforming the Shanghai Composite Index [1]. - The sectors attracting the most southbound capital include banking, telecommunications, energy, technology, new consumption, and pharmaceuticals [1][2]. Group 2: Sector Analysis - The top three sectors receiving southbound capital inflows in the first half of 2024 were non-essential consumer goods (approximately 213.4 billion HKD), financials (about 177 billion HKD), and healthcare (around 82.9 billion HKD) [2]. - Notable stock performances include Pop Mart, which surged by 199%, and the construction bank, which increased by 31% [2]. Group 3: Market Dynamics and Valuation - The southbound capital's influence has led to a significant improvement in liquidity in the Hong Kong market, narrowing the liquidity gap with the A-share market [3]. - The AH premium index has reached a low of 126.91 points, indicating a shift in market valuation dynamics [3]. - Southbound capital is increasingly concentrated in small-cap and high-dividend stocks, with over 30% ownership in certain stocks [3]. Group 4: Institutional Investment Trends - A survey indicated that 63% of institutions plan to increase their investment in Hong Kong stocks in 2025, primarily through the Stock Connect program [4]. - Hong Kong is the preferred market for overseas investments, accounting for 51% of the total overseas investment balance [4]. Group 5: Future Outlook - The Hong Kong market is seen as a hub for innovative consumer upgrade targets and leading hard-tech companies, with valuations still at mid-to-low levels compared to global markets [5]. - There is an expectation for continued valuation improvement in the second half of 2024, driven by high-quality companies listing in Hong Kong [5].

Group 1 - The importance of data annotation for AI and ML is highlighted, as it enables machines to recognize patterns and make predictions by providing meaningful labels to raw data [2][5] - According to MIT, 80% of data scientists spend over 60% of their time preparing and annotating data rather than building models, emphasizing the foundational role of data annotation in AI [2][5] - Data annotation is defined as the process of labeling data (text, images, audio, video, or 3D point cloud data) to enable machine learning algorithms to process and understand it [3][5] Group 2 - The data annotation field is rapidly evolving, significantly impacting AI development, with trends including the use of annotated images and LiDAR data for autonomous vehicles, and labeled medical images for healthcare AI [5][6] - The global data annotation tools market is projected to reach $3.4 billion by 2028, with a compound annual growth rate of 38.5% from 2021 to 2028 [5][6] - AI-assisted annotation tools can reduce annotation time by up to 70% compared to fully manual methods, enhancing efficiency [5][6] Group 3 - The quality of AI models is heavily dependent on the quality of their training data, with well-annotated data ensuring models can recognize patterns and make accurate predictions [5][6] - A 5% improvement in annotation quality can lead to a 15-20% increase in model accuracy for complex computer vision tasks, according to IBM research [5][6] - Organizations typically spend between $12,000 to $15,000 per month on data annotation services for medium-sized projects [5][6] Group 4 - Currently, 78% of enterprise AI projects utilize a combination of internal and outsourced annotation services, up from 54% in 2022 [5][6] - Emerging technologies such as active learning and semi-supervised annotation methods can reduce annotation costs by 35-40% for early adopters [5][6] - The annotation workforce has shifted significantly, with 65% of annotation work now conducted in specialized centers in India, the Philippines, and Eastern Europe [5][6] Group 5 - Various data annotation types include image annotation, audio annotation, video annotation, and text annotation, each requiring specific techniques to ensure effective machine learning model training [9][11][14][21] - The process of data annotation involves several steps, from data collection to quality assurance, ensuring high-quality and accurate labeled data for machine learning applications [32][37] - Best practices for data annotation include providing clear instructions, optimizing annotation workload, and ensuring compliance with privacy and ethical standards [86][89]

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown a slight increase recently, but has experienced declines over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI Healthcare Equipment and Services Index rose by 1.02% to 13,488.91 points with a trading volume of 17.167 billion yuan [1]. - Over the past month, the index has decreased by 0.36%, by 4.69% over the last three months, and by 2.45% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base value of 1,000 points [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: Mindray Medical (9.73%), United Imaging (8.3%), Aier Eye Hospital (7.64%), Aimeike (3.47%), Huatai Medical (3.3%), New Industry (2.93%), Yuyue Medical (2.81%), Lepu Medical (2.38%), Meinian Onehealth (2.11%), and Shandong Pharmaceutical Glass (1.93%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.23%) and the Shanghai Stock Exchange (39.77%) [1]. - All holdings in the index are categorized under the pharmaceutical and healthcare sector, accounting for 100% [1]. Group 5: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple financial institutions [2].

Group 1 - The global fundamental long/short hedge funds experienced a loss of 50 basis points last week, but gained 103 basis points in June and are up 425 basis points year-to-date [1] - The total leverage ratio for fundamental long/short strategies decreased by 0.3 percentage points to 206.2%, which is in the 94th percentile for the past year, while the net leverage ratio fell by 1.7 percentage points to 50.2%, placing it in the 14th percentile for the same period [1] - Asian emerging markets faced significant net selling, primarily driven by the Chinese market, with hedge funds net selling Chinese stocks for the fourth consecutive week at the fastest pace in two and a half months, entirely driven by short selling [1] Group 2 - Macro products and individual stocks were both net sold, with a roughly equal share in the nominal net selling total; the sectors with the highest net selling were non-essential consumer, essential consumer, healthcare, and financials [2] - H-shares experienced net selling throughout the week, while A-shares and American Depositary Receipts (ADRs) saw relatively smaller net selling [2] - The total holdings/net holdings of Chinese stocks, as a percentage of the total risk exposure of major brokerage accounts, are currently at 4.8% and 6.8%, respectively, which are in the 52nd and 26th percentiles compared to the past year, and in the 11th and 7th percentiles compared to the past five years [2]

港股市场策略周报 2025.6.16-2025.6.22 | 分析师： | 沈凡超 | | --- | --- | | 中央编号： | BTT231 | | 联系电话： | 852-4623 5564 | | 邮箱： | hector@cnzsqh.hk | 1 港股市场策略周报 - 投资要点 l 港股市场表现回顾： 2 n 本周地缘冲突升级，叠加港元汇率接近弱方保证，短期资金面预期承压，本周港股市场明显回调。恒生综指/恒生指 数/恒生科技分别-1.70%/-1.52%/-2.03%。本周市场一级行业板块多数收跌，仅资讯科技业微涨。本周医疗保 健业引来大幅回调，周跌幅接近8%，跌幅排在第一。 n 截至本周末，恒生综指的5年PE（TTM）估值分位点升至72%，估值水平超5年均值。 l 港股市场宏观环境： n 基本面：5月经济活动数据继续走弱，其中消费表现虽超预期，但主要得益于购物节错位叠加补贴，持续性存疑。 n 资金面：美联储6月议息会议维持基准利率不变符合预期，但传达的信息整体偏鹰，强调关税对美国通胀的影响。 l 港股市场展望： n 基本面：5月国内经济数据显示经济仍在缓慢走弱；政策面：政策组合加力应对内需走 ...

Market Overview - A-shares experienced a slight decline this week, with the Shanghai Composite Index down 0.51% closing at 3360 points, and the Wind All A Index down 1.07% [1] - Hong Kong stocks mirrored A-shares, with the Hang Seng Index dropping 1.52% and the Hang Seng Tech Index down 2.03% [2] - U.S. stock indices showed mixed performance, with the Dow Jones and Nasdaq rising while the S&P 500 fell [3] Positive Developments - Novo Nordisk announced significant weight loss results from its STEP UP 3b clinical trial, showing a 21% average weight reduction for participants on a higher dose of Wegovy, with one-third achieving over 25% weight loss [3] - Lao Pu Gold opened its first overseas store in Singapore, marking a key step in its global expansion strategy [3] - Zhifei Biological received clinical trial approval for its adsorbed tetanus vaccine, allowing it to proceed with trials [4] - Tencent Cloud launched "AI Builder," enabling users to generate complete applications from simple descriptions, enhancing the app development experience [5] - Xin Xuan Group reported significant sales during the 618 shopping festival, with 12 brands exceeding 100 million in sales and total viewership reaching 550 million [6][7] - Heng Rui Pharmaceutical received approval for six drug clinical trials, including new oral and injectable therapies [8] - Li Auto's first pure electric SUV, the Li i8, is set to launch in late July [9] - Yingmu Technology plans to release a new strategic product in Q3 [10] - Desay SV announced a partnership with Chery Automobile to develop an integrated central computing platform for smart driving [11] Negative Developments - Anker Innovations announced a recall of certain batches of power banks due to quality issues with battery cells [12] - The Shanghai Stock Exchange is monitoring stocks with abnormal trading behaviors, including *ST Yanzhen [13] - Ningbo Huaxiang expects a loss of 273 million to 369 million yuan in the first half of 2025 due to the impact of its European business divestiture [14][15] - *ST Jinguang received a decision to terminate its stock listing, entering a delisting period starting June 30, 2025 [16] - SpaceX's Starship S36 experienced an explosion during a static fire test [17] - Microsoft plans to lay off thousands of employees, primarily in sales [17] - *ST Xinyuan's controlling shareholder is restricted from high consumption due to a contract dispute [17] - *ST Hengli received a decision to terminate its stock listing, with trading resuming on June 25, 2025 [18] - Honda is recalling nearly 259,000 vehicles in the U.S. due to brake pedal issues [19] - Ford is recalling 27,768 vehicles in the U.S. due to a child lock malfunction [19] - Wanda Group's 40 million shares have been frozen [19] - Black Sesame received a warning letter from the Guangxi Securities Regulatory Bureau for governance issues [20][21] - *ST Jiu You announced its stock will be delisted, entering a 15-day trading period before delisting [22] - San Yao Biotech terminated its exclusive agreement with Guoguang Biotech, affecting its flu vaccine distribution in mainland China [23] IPO and Market Activity - Haitian Flavoring's H-shares were priced at HKD 36.3, with additional shares issued [35] - The China Securities Regulatory Commission approved Guangdong Jian Ke's IPO registration for the Growth Enterprise Market [28] - Several companies, including PPIO and PPLabs Technology, submitted IPO applications to the Hong Kong Stock Exchange [26][29] - The Hong Kong Stock Exchange reported that approximately 190 companies are in line to go public [45]

Market Overview - The stock indices collectively adjusted this week, with the Shanghai and Shenzhen stock markets seeing a net inflow of approximately 20 billion yuan into stock ETFs and cross-border ETFs [1][6]. - The total trading volume in the Shanghai and Shenzhen markets reached 59.3 trillion yuan, with the Shanghai market accounting for 22.6 trillion yuan and the Shenzhen market for 36.7 trillion yuan [2]. ETF Performance - Major ETFs such as the CSI 500, CSI 1000, STAR 50, and ChiNext related ETFs fell over 1% this week, while the STAR 50 ETF saw a net inflow of 2.019 billion yuan [5][6]. - Among the large-scale ETFs, the CSI 500 ETF had a weekly net inflow of 10.83 billion yuan, despite a price drop of 1.68% [3][8]. Sector Analysis - The brokerage, medical, and military industry ETFs were favored by investors, with net inflows of 9.96 billion yuan, 7 billion yuan, and 6.96 billion yuan respectively [7][8]. - Conversely, the information technology innovation (信创) related ETFs experienced significant outflows, with the 信创 ETF seeing a net outflow of 1.76 billion yuan [8][9]. Future Outlook - Analysts remain optimistic about the mid-term upward potential of the equity market, particularly in sectors supported by policy, including domestic technology innovation and industrial development [6][16]. - The military sector is expected to see a turning point in orders by 2025, driven by new technologies and military trade opportunities [13]. New ETF Listings - One new ETF tracking the CSI A100 index is set to be listed next week, with four additional ETFs focused on artificial intelligence, STAR board value, securities, and aviation industries expected to be issued soon [17][19].