Group 1 - The "Internet Celebrities Visit Shenzhen" theme event was launched to celebrate the 45th anniversary of the Shenzhen Special Economic Zone, aiming to showcase the city's high-quality development and innovative spirit through various media platforms [1][3][4] - The event is supported by multiple organizations, including the Shenzhen Municipal Internet Information Office and the Shenzhen Self-Media Association, along with corporate sponsors like BYD, Ping An Bank, and Meituan [3][4] - The event's launch ceremony took place at the Shenzhen International Trade Center, symbolizing the historical and modern significance of Shenzhen's rapid development [4][6] Group 2 - The Deputy Director of the Shenzhen Municipal Internet Information Office expressed hopes that influencers would capture the essence of Shenzhen's transformation and innovation through their unique perspectives [6][8] - The event includes a four-day exploration of various key areas in Shenzhen, such as BYD's global innovation center and the jewelry industry in Luohu, highlighting the city's economic diversity and technological advancements [14][15] - A special light show featuring drone technology is scheduled for the evening of August 26, showcasing Shenzhen's capabilities in smart manufacturing and artistic integration [15][18] Group 3 - The event encourages public participation through a social media campaign titled "45 Reasons to Love Shenzhen," inviting users to share their personal stories related to the city [15][18] - The initiative aims to create a collective narrative around Shenzhen's development, reinforcing its role as a symbol of China's reform and opening-up [18]

Group 1: Market Activity - Southbound funds recorded a net sell of HKD 1.376 billion on August 25, with notable net buys in Alibaba-W (HKD 586 million), Kuaishou-W (HKD 471 million), and ZTE Corporation (HKD 407 million) [1] - The largest net sell was in the Yingfu Fund (HKD 2.352 billion) and Xiaomi Group-W (HKD 1.525 billion) [1] - Southbound funds have continuously net bought Tencent for 7 days, totaling HKD 6.21391 billion, and Meituan for 4 days, totaling HKD 2.64745 billion [3] Group 2: Company Performance - Alibaba-W's stock increased by 5.5%, with a net buy of HKD 623 million, while its trading volume was HKD 6.576 billion [3] - Tencent Holdings reported a 15% year-on-year revenue increase in Q2 2025, with a gross profit margin up by 22% [5][6] - Xiaomi Group's automotive revenue grew by 40% year-on-year, with a gross margin reaching 26.4%, marking a historical high [6] Group 3: Industry Insights - The National Development and Reform Commission and other agencies are drafting rules for internet platform pricing, which may lead to e-commerce platforms maintaining subsidies to secure market share [5] - Dongfang Zhenxuan is projected to see a 32.7% decline in sustainable revenue for FY2025, primarily due to the divestment of a subsidiary [5] - The domestic AI chip market is expected to grow as local design and manufacturing technologies improve, supported by the development of domestic large models [6]

Group 1 - The A-share market has reached a historic moment with the Shanghai Composite Index closing up 1.51%, and total trading volume hitting 3.177 trillion yuan, marking the second highest trading day in history [2][6]. - The market is witnessing a surge in confidence, as evidenced by the rapid increase in the index levels since May, with significant gains in a short period [4][5]. - The current bull market in A-shares is evident, with technology stocks leading the charge and attracting substantial capital inflows [6][9]. Group 2 - Various sectors are performing well, including hard technology, rare earths, biomedicine, and consumer goods, indicating a broad-based market rally [10][12]. - Notable technology stocks such as Cambrian (寒武纪) have seen significant price increases, with a recent rise of 11.4% and a five-day cumulative increase of 45.78% [14][17]. - The overall market sentiment is bolstered by favorable macroeconomic signals, including expectations of interest rate cuts from the Federal Reserve, which have positively impacted both A-shares and Hong Kong stocks [18][19]. Group 3 - The Hong Kong market is also experiencing a strong rally, with the Hang Seng Index rising 1.94%, driven by major tech companies like NIO and Alibaba [21][22]. - Alibaba's recent business restructuring and positive earnings expectations have contributed to its stock price increase, reflecting market optimism [24][25]. - The influx of capital into Hong Kong stocks is evident, with significant net inflows from both domestic and international investors, particularly in technology sectors [29][32]. Group 4 - The Hong Kong Technology 50 ETF has seen substantial inflows, indicating strong investor interest in technology stocks, which are expected to continue performing well [36][40]. - The valuation of the Hong Kong technology index remains attractive compared to historical levels, suggesting potential for further growth [38][41]. - The shift towards technology as the main driver of market growth signifies a new era for Chinese stocks, with expectations of a tech-driven bull market ahead [41].

Core Viewpoint - Recently, it has been reported that NetEase has increased its stake in Pinduoduo, confirmed by the company's 13F filing on August 14, which shows holdings in both Youdao and Pinduoduo [2]. Group 1: Holdings Information - NetEase holds approximately 2.898 million shares of Youdao and about 3.555 million shares of Pinduoduo [2]. - The acquisition of Pinduoduo shares is inferred to have occurred in the second quarter, as the previous report on May 8 only listed holdings in Youdao [2]. - As of the end of the second quarter, the value of NetEase's Pinduoduo shares is approximately $370 million, equivalent to about 2.6 billion RMB, with a per-share value of around $104 [6]. Group 2: Market Context - On August 22, the closing price of Pinduoduo was $127.11, indicating a potential appreciation in value since the reported acquisition [6].

8月25日，港股三大指数强势收涨。 恒生科技指数一马当先，最终上涨3.01%再度突破5800点整数关口，且刷新阶段新高；恒生指数涨 1.94%上扬近500点逼近26000点大关；国企指数涨1.85%，市场做多情况高涨。 | 名称 | | 最新价 | 涨跌额 涨跌幅 | | --- | --- | --- | --- | | 恒生指数 | Mark | 25829.91 | +490.77 +1.94% | | 800000 | | | | | 国企指数 | Nowney | 9248.00 | +168.07 +1.85% | | 800100 | | | | | 恒生科技指数 | WWW JAN | 5825.09 | +177.41 +3.14% | | 800700 | | | | 盘面上，权重科技股拉升领涨大市，稀土概念股涨幅明显，铜、黄金等有色金属股齐涨；高盛指稳定币 淘金热刚开始，稳定币概念股集体上涨；上海优化房地产政策，内房股全天表现强势，万科企业涨近 10%领衔；濠赌股、脑机接口概念、钢铁、家电、餐饮、半导体芯片等纷纷上涨。 另一方面，消费电子概念股普遍下跌，电子烟巨头思摩尔国际逆势下跌4.6 ...

证券研究报告·策略报告·策略点评 策略点评 20250825 Jacksonhole 会议：更鸽的鲍威尔，更热的市 场？——港股&海外周观察 JacksonHole 会议基调偏"鸽"，暗示 9 月降息。我们认为鲍威尔在 Jackson Hole 会议上发表演讲主要有以下三点重点关注： 一是，暗示降息已不远。鲍威尔表示"风险平衡的变化可能要求调整政 策立场"，就业下行风险上升，关税对通胀的影响或是"一次性"的， 这意味着对美联储来说，现在就业是比通胀更大的风险，几乎证实了 9 月降息即将到来。 二是，修订货币政策框架，降息约束放松。鲍威尔调整新框架：（1）放 弃"平均通胀目标"，回归灵活的通胀目标制框架，删除有效利率下限 （ELB）相关措辞；（2）删除"充分就业目标是为了应对"缺口"的表 述。 三是，指出经济增长放缓。鲍威尔指出美国 2025 年经济相较于 2024 年 显著放缓。 短期来看，我们认为美股以震荡上行为主。一是，9 月降息大门已经打 开。从数据来看，除非 9 月议息会议前就业人数大幅增加超过 15 万人， 且通胀环比增速>0.4%，否则 9 月降息基本"板上钉钉"；从表态来看， 大多数美联储票委的 ...

Core Viewpoint - The AI market is transitioning from a focus on overseas computing power to a broader expansion into domestic computing power and downstream software applications, marking the beginning of a new phase in the AI ecosystem [1][2][6] Domestic Computing Power Expansion - Since late July, there has been a notable shift in the AI market towards domestic computing power and downstream applications, with significant gains observed in domestic computing power on August 22 [2][6] - The current expansion phase is still in its early stages, with numerous sub-sectors within domestic computing power and applications that warrant attention [1][2] Performance Comparison - Since June, the North American computing power chain has outperformed other sectors, with light modules and PCBs seeing increases of 102.3% and 91.3% respectively, while most other sectors have seen gains below 40% [2][5] - The price comparison between North American and domestic computing power chains remains high, indicating that domestic computing power has room for growth [5] Catalysts for Expansion - Recent developments, such as the release of the DeepSeek V3.1 model tailored for next-generation domestic chips, are reinforcing confidence in the domestic AI ecosystem and its potential for growth [6] - Anticipated catalysts include increased domestic chip production, renewed capital expenditures from major companies, and the upcoming release of DeepSeek R2 [6] Focus Areas for Investment - The focus for future investments should include the expansion of the domestic computing power chain (semiconductor equipment and materials) and the domestic downstream application sector (Hong Kong internet and software applications) [6][10] - The Hong Kong internet sector has underperformed compared to the A-share TMT industry since June, but it presents multiple rebound opportunities due to external liquidity sensitivity and accelerated domestic computing power replacement [6] Software Applications - The rapid advancement of domestic open-source models, exemplified by DeepSeek V3.1, enhances confidence in the domestic AI application landscape [13] - There is a growing focus on midstream software services (SAAS, AI agents, industry-specific software) and downstream applications (gaming, humanoid robots, e-government), as the upstream computing power market continues to expand [13]

智通财经APP获悉，2025年8月25日当天，中芯国际(00981)、阿里巴巴-W(09988)、腾讯控股(00700)位 居沪港通（南向）成交额前3位，成交额分别为70.23 亿元、65.76 亿元、41.79 亿元；中芯国际 (00981)、阿里巴巴-W(09988)、腾讯控股(00700) 位居深港通（南向）成交额前3位，成交额分别为46.06 亿元、45.68 亿元、32.66 亿元。 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 70.23 亿元 | -8.78 亿元 | | 阿里巴巴-W(09988) | 65.76 亿元 | -3630.63 万元 | | 腾讯控股(00700) | 41.79 亿元 | +3.33 亿元 | | 小米集团-W(01810) | 40.25 亿元 | -8.87 亿元 | | 美团-W(03690) | 36.09 亿元 | +2.75 亿元 | | 华虹半导体(01347) | 33.98 亿元 | -2663.84 万元 | | 东方甄选(01797) | ...

Core Insights - The article argues that third and fourth-tier cities present significant wealth opportunities that are often overlooked due to perceptions of lower consumer power compared to first and second-tier cities [1][47][50] Group 1: Investment Opportunities - Many successful business models from first and second-tier cities can be replicated in third and fourth-tier cities, where competition is lower and investment costs are reduced [5][50] - The consumer behavior in third and fourth-tier cities shows a strong tendency for "follow-the-trend" consumption, making it easier to introduce new concepts [5][50] Group 2: Replication Strategies - **Food and Beverage**: Replicating popular dining concepts from first and second-tier cities can attract young consumers in third and fourth-tier cities [8][9] - **Health and Fitness**: Establishing well-equipped gyms can fill a gap in the market, as health consciousness is rising among younger demographics [12][13] - **Retail Innovations**: Introducing modern retail formats like convenience stores and fresh supermarkets can significantly improve the shopping experience [15][16] - **Education and Training**: There is a demand for educational services, including tutoring and skill training, which remains underdeveloped in smaller cities [20][21][24] - **Entertainment and Leisure**: Creating social venues and entertainment options can cater to the lack of recreational activities in these areas [25][27] - **Marriage and Social Services**: There is a notable absence of marriage and social platforms, presenting an opportunity to introduce these services [27][28] - **Home Services**: The demand for reliable home services is high, and replicating successful models from larger cities can quickly build a customer base [32][33] - **Local Internet Business**: Leveraging e-commerce and social media marketing can help local businesses thrive in third and fourth-tier cities [35][37] - **Elderly Care**: The aging population in these cities creates a market for elder care services, which are currently lacking [39][40] - **Platform Thinking**: Transitioning from small businesses to platform-based models can yield greater financial returns [44][45] Group 3: Conclusion - The article concludes that third and fourth-tier cities are often underestimated as wealth generation areas, and the key to success lies in replicating proven business models rather than creating unique concepts [47][48][50]

Group 1 - Federal Reserve Chairman Powell emphasized that despite ongoing inflation risks, the weakness in the job market is becoming a key variable in policy considerations, opening the possibility for interest rate cuts in September [1] - The market reacted positively to the Fed's rate cut expectations, with a rapid increase in anticipation for a September rate cut [1] - The expected rate cuts by the Federal Reserve are seen as a direct benefit to the Hong Kong internet sector, as the Hong Kong market is highly sensitive to global capital flow changes [1] Group 2 - Under a loose monetary policy environment, the marginal improvement in market liquidity is expected to inject incremental funds into the Hong Kong market [1] - The internet technology sector performed strongly, with the Hang Seng Internet ETF (513330) and Hang Seng Technology Index ETF (513180) opening robustly, rising over 3% during the day [1] - Companies such as NIO, GDS Holdings, Baidu, Alibaba, and Kingsoft Cloud showed active performance in response to the Fed's rate cut signals [1] Group 3 - CITIC Securities predicts that the Federal Reserve will implement three consecutive rate cuts within the year [1] - In this context, sectors sensitive to liquidity in the Hong Kong market, such as technology and pharmaceuticals, are expected to benefit from the market dividends brought by the Fed's rate cut expectations [1] - The continuously popular Hang Seng Pharmaceutical ETF (159892) is also anticipated to benefit from these developments [1]