本报记者 毛艺融 今年以来，港股劣质股正加速出清。Wind资讯数据显示，按摘牌日期计，截至8月14日，年内有35家港股公司退市，其 中，有16家被港交所强制除牌。同时，港交所官网显示，还有部分公司被上市委员会批准除牌，即将从港股退市。 在这份长期停牌公司名单中，既包括当代置业等地产公司。也包括诺辉健康等生物医药公司，其中，诺辉健康、联众国际 的补救期最后期限在9月27日，当代置业、中原建业、上坤地产、浦江国际等18家公司的最后补救期是10月1日。补救期最后期 限是解决问题并复牌的期限，而非递交复牌建议的期限。 相当一部分企业因未按时披露2024年年报而被停牌。中国恒大新能源汽车集团有限公司、天誉置业（控股）有限公司、恒 盛地产控股有限公司均在2025年4月1日被停牌。 根据港交所规则，SPAC公司若未能在规定时间内公告并购交易，则须暂停交易并启动退市程序。 8月份以来，恒大集团的除牌公告备受市场关注。港交所上市委员会决定从8月25日开市起取消恒大集团的上市地位。据 悉，恒大集团虽将被港交所除牌，但其清盘程序仍在进行中，清盘人将继续推进资产变现和债务处理。截至今年7月31日，恒 大集团已收到187份债务证明，涉 ...

证券日报网讯 8月14日晚间，泛微网络发布2025年半年度报告摘要称，公司2025年半年度实现营业收入 807，865，483.97元，同比下降8.79%；实现归属于上市公司股东的净利润为65，694，644.36元，同比 增长38.46%。 （文章来源：证券日报） ...

泛微网络（SH 603039，收盘价：63.15元）8月14日晚间发布半年度业绩报告称，2025年上半年营业收 入约8.08亿元，同比减少8.79%；归属于上市公司股东的净利润约6569万元，同比增加38.46%；基本每 股收益0.25元，同比增加31.58%。 （文章来源：每日经济新闻） ...

Group 1 - The company's operating revenue for the first half of 2025 is 808 million yuan, representing a year-on-year decrease of 8.79% [1] - The net profit for the same period is 65.6946 million yuan, showing a year-on-year increase of 38.46% [1] - The company plans to distribute cash dividends to all shareholders, with a proposed payout of 0.75 yuan (including tax) for every 10 shares, totaling 19.3544 million yuan (including tax) [1]

Core Viewpoint - Sifang Jingchuang's stock price increased by 15.29% on the trading day, with significant trading volume and net inflows from institutional investors [2][3]. Group 1: Stock Performance - The stock experienced a trading volume of 76.57 billion yuan and a turnover rate of 32.37% [2]. - The stock's price fluctuation for the day was 15.05% [2]. - Over the past six months, the stock has appeared on the "Dragon and Tiger List" nine times, with an average price increase of 2.45% the day after being listed and an average increase of 10.14% over the following five days [2]. Group 2: Capital Flow - The stock saw a net inflow of 8.85 billion yuan from major funds, with a significant net inflow of 12.24 billion yuan from large orders, while smaller orders saw a net outflow of 3.40 billion yuan [2]. - The latest margin trading data shows a total margin balance of 16.67 billion yuan, with a financing balance of 16.66 billion yuan and a securities lending balance of 110.99 million yuan [3]. - In the past five days, the financing balance increased by 1.63 billion yuan, representing a growth of 10.88% [3]. Group 3: Trading Details - The top five buying and selling brokerage firms accounted for a total transaction volume of 15.01 billion yuan, with a net buying amount of 9.47 billion yuan [2]. - The largest buying brokerage was the Shenzhen Stock Connect, with a buying amount of 46.4 million yuan and a selling amount of 5.83 million yuan, resulting in a net buying of 4.06 billion yuan [3].

8月14日，截至港股收盘，恒生指数下跌0.37%，报25519.32点。游莱互动（02022.HK）收报0.068港元/ 股，上涨33.33%，成交量3943.6万股，成交额269.24万港元，振幅52.94%。 最近一个月来，游莱互动累计涨幅4.08%，今年来累计跌幅1.92%，跑输恒生指数27.69%的涨幅。 财务数据显示，截至2024年12月31日，游莱互动实现营业总收入6511.66万元，同比减少8.58%；归母净 利润-2306.12万元，同比增长44.41%；毛利率45.74%，资产负债率23.67%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，软件服务行业市盈率（TTM）平均值为-22.44倍，行业中值-2.55倍。游莱互动市盈 率-4.1倍，行业排名第128位；其他京投交通科技（01522.HK）为4.19倍、禅游科技（02660.HK）为5.25 倍、驴迹科技（01745.HK）为5.61倍、自动系统（00771.HK）为5.69倍、思博系统（08319.HK）为6.39 倍。 资料显示，游莱互动集团有限公司(游莱互动)是一家为中国游戏开发商提供服务的全球领先网络游戏 ...

Core Insights - Invesco reported a total market value of $590 billion for its Q2 2025 holdings, reflecting an 11% increase from the previous quarter's $530 billion [1][2] - The firm added 183 new stocks and increased holdings in 1,683 stocks, while reducing positions in 1,841 stocks and completely selling out of 193 stocks [1][2] - The top ten holdings accounted for 19.96% of the total portfolio [1][2] Holdings Overview - The largest holding is NVIDIA (NVDA) with approximately 139 million shares valued at $21.84 billion, representing 3.71% of the portfolio, an increase of 4.19% from the previous quarter [3][4] - Microsoft (MSFT) is the second largest holding with about 43.47 million shares valued at $21.62 billion, making up 3.68% of the portfolio, up by 8.32% [3][4] - Apple (AAPL) ranks third with around 70.90 million shares valued at $14.55 billion, accounting for 2.47% of the portfolio, an increase of 6.03% [3][4] - Amazon (AMZN) is fourth with approximately 60.93 million shares valued at $13.37 billion, representing 2.27% of the portfolio, with a 1.64% increase [3][4] - Meta (META) is fifth with about 17.01 million shares valued at $12.56 billion, making up 2.14% of the portfolio, but saw a decrease of 3.73% [3][4] Top Transactions - The top five new purchases included NVIDIA, Microsoft, Broadcom (AVGO), Palantir (PLTR), and Oracle (ORCL) [4][5] - The top five sold positions were UnitedHealth (UNH), Johnson & Johnson (JNJ), Chevron (CVX), Fiserv (FI), and AbbVie (ABBV) [5][6]

Core Insights - The public fund issuance market is experiencing a significant surge, with equity products accounting for over 80% of the total [1]. Group 1: Cost Control - Cost control is essential for new funds entering the market, as they aim to take over positions from older funds to ensure good performance and attract more investments [2]. - Historical bull markets have often relied on this strategy of transferring positions among funds, creating a cycle of rising prices as long as there are buyers [2]. Group 2: Institutional Strategies - Institutions actively manage their investments by continuously reshuffling and seeking opportunities, which can lead to significant price movements before retail investors catch on [4]. - The "institutional inventory" data indicates that higher activity levels among institutions suggest a strong commitment to certain stocks, reflecting their confidence in those investments [6]. Group 3: Retail Investor Challenges - Retail investors face cognitive traps, as seen in the case of Huadong Holdings, where low institutional activity suggests a lack of interest, leading to higher risks despite potential themes [8]. - The market is increasingly dominated by algorithms, and retail investors must recognize their disadvantage and equip themselves with better tools to navigate the market [10].

Core Points - The Sci-Tech Innovation 50 Index experienced a high of 3% intraday before closing at 1085.74 points, with a gain of 0.75% and a total trading volume of approximately 656.5 billion yuan [1] - The majority of stocks on the Sci-Tech board declined, with over 510 stocks falling, while high-priced stocks showed mixed performance and low-priced stocks mostly decreased [1] - In the detailed sector performance, certain semiconductor and biopharmaceutical stocks were active, while specialized machinery and software service stocks faced the largest declines [1] - On August 14, the average decline for 589 stocks on the Sci-Tech board was 2.26%, with an average turnover rate of 4.19% and a total trading volume of 218 billion yuan, alongside an average volatility of 5.03% [1] - Notable individual stock performances included Fang Technology and Botao Biology, which rose by 20%, while Dingyang Technology saw a decline of 12.10%, marking the largest drop [1] Trading Volume - Cambrian's trading volume reached 14.04 billion yuan, ranking first, while Delinhai's trading volume was 2.218 million yuan, ranking last [2] Turnover Rate - Longtu Light Mask had the highest turnover rate at 36.92%, while Longteng Optoelectronics had the lowest turnover rate at 0.25% [3]

Core Viewpoint - Shiji Information announced a strategic partnership with MGM Grand, focusing on the implementation of its next-generation cloud PMS system, DAYLIGHT PMS, to enhance hotel information management [2]. Group 1: Company Announcement - On August 13, Shiji Information disclosed that its wholly-owned subsidiaries, Shiji Macau and Shiji Singapore, signed a Master Services Agreement with MGM Grand [2]. - The DAYLIGHT PMS system has been certified by MGM Grand as its standard for the next-generation cloud PMS [2]. - The company will provide DAYLIGHT PMS and related services in a Software as a Service (SaaS) model, replacing the existing PMS for clients and their affiliates [2].