Core Viewpoint - The 2025 Shanghai Cooperation Organization International Investment and Trade Expo (SCO Expo) has commenced in Qingdao, focusing on enhancing international economic and trade cooperation among SCO member states and other participating countries [1][3]. Group 1: Event Overview - The SCO Expo is hosted by the Qingdao Municipal Government and themed "Sharing New Opportunities, Seeking New Development," attracting 360 exhibitors and 2,905 buyers from SCO member states and other countries [3]. - The event aims to promote regional industrial chain collaboration, green transformation, and digital innovation, enhancing international economic exchanges and investment [3][5]. Group 2: Exhibition Details - The expo features an innovative "1+5+2+N" model with a total exhibition area of 44,000 square meters, including one comprehensive exhibition, five specialized exhibitions, two special events, and numerous supporting activities [5]. - The comprehensive exhibition focuses on showcasing the image of SCO member states, while specialized exhibitions cover various sectors such as international consumer goods, high-end equipment, and automotive components [5][7]. Group 3: Participation and Collaboration - Major industry leaders like CRRC Qingdao Sifang, Huaxi Biological, and Hexagon are participating, showcasing cutting-edge technologies and innovations in fields such as new energy and smart agriculture [7]. - The expo serves as a platform for sharing local economic cooperation experiences and exploring bilateral trade and investment opportunities among participating countries [7].

国泰海通研究指出，近期中东地缘政治冲突局势逐步降温、中美关系边际改善，以及美国经济韧性尚存 的宏观背景下，全球市场风险偏好持续修复。对业绩景气预期持续上修、市场流动性与风险偏好逐渐改 善的港股相对乐观。 中国银河证券表示，展望未来，预计港股市场总体震荡向上，且以结构性行情为主。在全球权益市场 中，港股绝对估值处于相对低位水平、估值分位数处于历史中上水平，中长期配置价值仍然较高。 华泰证券发布港股策略研报称，市场波动率可能走高，板块轮动重要性上升，近关税扰动脱敏，政策预 期升温，南向资金净流入显著增加，外资同步回流。展望看，港股流动性宽裕的中期逻辑未发生显著变 化，但短期伴随热点板块出现调整，资金再配置已悄然进行，指数层面波动率或将进一步放大。 国海富兰克林基金称，下半年对港股市场持谨慎乐观态度，综合考量当前港股市场所具备的低估值优 势，以及国内政策的持续稳步推进，认为港股有望在 2025 年下半年延续震荡上涨的良好态势。 恒生指数高开1.06%，恒生科技指数涨1.31%。科网股领涨，阿里巴巴、网易涨超2%，京东集团、美 团、快手涨近2%。 关于港股后市 华泰柏瑞基金指出，港股的特色主要集中在互联网、创新药等领 ...

Group 1: Zhijiang Biology - The company plans to invest approximately 60 million yuan in R&D for 2024, with expected growth in 2025 [1] - The focus is on innovation in molecular diagnostic technology, particularly in early cancer screening, companion diagnostics, and precision treatment [1] - Collaboration with Sanyou Biology includes four ongoing projects, with one entering the patent application stage [1] - The company aims to provide customized models and one-stop solutions through organoid services targeting research and medical institutions [1] - Future investments in Sanyou Biology will consider strategic layout, shareholder interests, and market conditions [1] - The company has completed three rounds of share purchases and is conducting a second purchase for 2025, with future plans dependent on circumstances [1] - The development strategy emphasizes technological innovation, product line expansion, and international market exploration [1] - Overseas plans include enhancing global presence, establishing smart manufacturing facilities, and improving localized team management [1] Group 2: Pengding Holdings - The company is focusing on the development of AI server capabilities, with production capacity established in Huai'an, mainland China, and Thailand [2] - Investment and expansion plans will be adjusted based on market demand and strategic considerations [2] - The first phase of the Thailand project is completed, currently undergoing customer certification and sampling, with small-scale production expected in the second half of the year [2] - Cost assessments for the Thailand facility will be conducted post-mass production, with plans to optimize production processes and supply chain management for cost efficiency [2] - Capital expenditure will primarily target the Thailand facility, soft board expansion, and advanced HDI and SLP projects in Huai'an [2] - The company is cautious about commenting on new product requirements due to the upcoming product launch, which may affect production processes and performance [2] - The timeline from equipment setup to production is approximately six months, contingent on facility and mechanical conditions [2]

Group 1 - The Hangzhou Municipal Financial Supervision Administration has released the latest list of 315 key enterprises planned for listing, covering sectors such as biomedicine, digital economy, high-end manufacturing, and modern services [1][2] - Notable companies on the list include Zhejiang Salt Co., Zhejiang Shipping, Hu Qing Yu Tang, Hangzhou Rural Commercial Bank, Hikrobot, and others, indicating an expansion of the capital market's reserve strength in Hangzhou [1] - The list is updated regularly, removing companies that have gone public or committed major violations, while including those in the IPO process or receiving significant investment from well-known institutions [1] Group 2 - The new listing "reserve army" includes high-tech companies in artificial intelligence and biotechnology, such as Ruier IoT Technology, Norkang Neuroelectronics, and Lianchuan Biotechnology [2] - Several digital health companies, including San Tan Medical and Ding Xiang Yuan, are also featured on the list, reflecting a strong presence in the digital health sector [2] - In addition, companies in the new energy and environmental sectors, such as Longyan Energy Technology and Zhaosheng Technology, have been included, showcasing a diverse range of industries represented [2]

Core Viewpoint - The article discusses the performance of various stock indices, particularly focusing on dividend indices and their composition changes over the years, highlighting the impact of financial sector stocks on these indices [4][5][12]. Group 1: Market Performance - The overall market has seen an increase, with the closing rating at 4.8 stars [1]. - Both large and small-cap stocks have risen, with small-cap stocks showing slightly higher gains. Growth styles have performed better, while value styles have slightly declined [2]. - The Hong Kong stock market, particularly the pharmaceutical and technology indices, has led the gains, with the technology index showing significant growth this year [2]. Group 2: Dividend Indices Composition - Dividend indices have undergone significant rule changes over the past decade, particularly in 2013, which altered the selection criteria for high dividend yield stocks [4][5]. - The changes have reduced the proportion of financial sector stocks in dividend indices, with the current financial sector representation around 28% in the CSI Dividend Index, comparable to the 26% in the CSI 300 [7]. - The new selection method based on dividend yield rather than market capitalization allows for a more balanced representation of stocks, favoring those with lower valuations [8][10]. Group 3: Investment Strategies - Dividend indices do not mandate the inclusion of bank stocks; their presence is a result of historical high dividends from banks [13]. - There are options for investors seeking dividend indices with lower financial sector exposure, such as the quality dividend index and the Hong Kong dividend index, which have minimal bank stock representation [15][17]. - New free cash flow indices have emerged, focusing on stocks with high free cash flow rates, which also tend to exclude financial sector stocks, making them suitable for investors looking for lower bank exposure [16][18]. Group 4: Valuation Insights - The article provides a detailed valuation table for various dividend indices, including metrics such as earnings yield, price-to-earnings ratio, and dividend yield, offering insights for potential investment decisions [20][21]. - The valuation data indicates that certain indices are currently undervalued, making them suitable for investment [32].

Group 1 - Major industry ETFs in the US saw most of them rise, with the global airline industry ETF increasing by over 2% and the regional bank ETF rising by over 1% [1] Group 2 - The global airline ETF (us JETS) was reported at 25.50, up by 0.59 (+2.37%) with a trading volume of 356,100 shares [2] - The regional bank ETF (us KRE) was reported at 62.65, up by 0.74 (+1.20%) with a trading volume of 916,900 shares [2] - Other notable ETFs included the daily consumer goods ETF (us XLP) at 80.80, up by 0.45 (+0.56%) with a trading volume of 1,968,600 shares [2] - The biotechnology index ETF (us IBB) was at 131.85, up by 0.68 (+0.51%) with a trading volume of 59,306 shares [2] - The utility ETF (us XLU) was at 82.43, up by 0.40 (+0.49%) with a trading volume of 928,900 shares [2] - The financial sector ETF (us XLF) was at 52.20, up by 0.19 (+0.37%) with a trading volume of 6,503,700 shares [2] - The technology sector ETF (us XLK) was at 259.45, up by 0.74 (+0.29%) with a trading volume of 485,300 shares [2]

Core Insights - The Shandong Academy of Industrial Technology (Shandong产研院) hosted a symposium with top scientists to discuss the transformation of cutting-edge technology and regional innovation development [1][3][4] - The event aimed to invite international experts to collaborate on upgrading Shandong's industries and to promote the integration of technology and industry for high-quality development in Jinan and Shandong Province [3][6] Group 1: Event Overview - The symposium featured prominent scientists, including foreign academicians and professors from various prestigious institutions, focusing on advanced technology and its application in industry [1][3] - Discussions included the latest breakthroughs in materials science and their potential for industrial application in Shandong [3][4] Group 2: Research and Collaboration - Experts shared their core research findings, emphasizing the feasibility of translating these results into practical applications within Shandong's industrial landscape [3][4] - Notable topics included advancements in biomedical materials, nanomedicine, and smart biomaterials, aligning with Shandong's industrial development needs [3][4] Group 3: Future Directions - The symposium served as a platform for discussing the creation of a more attractive innovation ecosystem and efficient mechanisms for technology transfer [4][6] - Shandong产研院 plans to leverage this event to deepen strategic collaborations with international scientists and accelerate the integration of global innovation resources with local industrial demands [6]

Group 1 - The company,维立志博-B, plans to globally offer 32.0544 million shares, with 3.2055 million shares available in Hong Kong and 28.8489 million shares for international offering, along with an over-allotment option of 4.8081 million shares [1] - The subscription period is set from July 17 to July 22, with a maximum offer price of HKD 35.00 per share, and an entry fee of approximately HKD 3,535.30 for 100 shares [1] - The total expected fundraising amount is HKD 1.067 billion, with a net amount of HKD 968 million, which will be used for clinical development, enhancing preclinical assets, expanding existing pipelines, optimizing technology platforms, increasing production capacity, commercialization post-approval, and general corporate purposes [1] Group 2 - The company is a clinical-stage biotechnology firm focused on discovering, developing, and commercializing innovative therapies to address unmet medical needs in oncology, autoimmune diseases, and other significant conditions [1] - Specifically, the company is a leader in next-generation tumor immunotherapy, aiming to advance breakthrough cancer therapies to improve patient outcomes [1] Group 3 - For the fiscal years 2023, 2024, and the first quarter of 2025 ending March 31, the company's net profits were -362 million, -301 million, and -75.367 million respectively, with year-on-year changes of -29.01%, 16.85%, and 12.94% [2]

Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a forecasted P/E ratio of 11 times for the next 12 months [2] - The recent US-China trade talks have led to a reduction in tariffs, with US tariffs on Chinese imports dropping from 145% to 30%, and Chinese tariffs on US imports decreasing from 125% to 10% for a 90-day period [2] - The inflow of capital from mainland China has slowed, and there is limited improvement in corporate earnings [2] Sector Focus - The tourism sector is expected to see increased activity as cross-border travel volumes rise, indicating a potential peak in summer tourism [8] - Brokerage stocks are also highlighted, with the Shanghai Composite Index surpassing 3,500 points, continuing the trend of A+H share listings [8] Corporate News - WeLab (9887) is starting its IPO today, aiming to raise up to 1.1 billion HKD [5] - The Hong Kong Stock Exchange (0388) is discussing shortening the settlement cycle for the cash market [5] - Dechang Electric (0179) reported a 2% decline in revenue last quarter and plans to expand into humanoid robotics [5] - Xtep International (1368) experienced low single-digit growth in mainland sales for the second quarter [5] - The Fourth Paradigm (6682) is raising over 1.3 billion HKD through an 8.9% discounted placement [5] Macroeconomic Focus - The People's Bank of China conducted a 520.1 billion RMB reverse repo operation, maintaining a rate of 1.4% [10] - The State Council is implementing policies to strengthen domestic circulation and regulate competition in the new energy vehicle industry [10] - The National Energy Administration reported that the national power load reached a historical high of 1.506 billion kilowatts, an increase of 55 million kilowatts from last year [10] - The Chinese Ministry of Finance issued 6 billion RMB in bonds in Macau, with a total subscription amount of 36.52 billion RMB, indicating strong investor interest [10] International Market Outlook - The US Federal Reserve maintained interest rates, with expectations of two rate cuts totaling 0.5% this year [6] - The Beige Book indicated a neutral to slightly pessimistic outlook for the US economy, with most regions experiencing stable or slightly declining economic activity [11] - The US consumer price index rose faster than expected, reflecting inflationary pressures from tariffs [11]

Group 1 - The company, Valiant Bio-B (09887.HK), plans to globally offer 32.0544 million H-shares, with 3.2055 million shares available in Hong Kong and 28.8489 million shares for international offering, with the offering period from July 17 to July 22, 2025, and expected pricing on July 23, 2025 [1] - The expected price range for the shares is HKD 31.60 to HKD 35.00 per share, with a trading unit of 100 shares, and Morgan Stanley and CITIC Securities are the joint sponsors [1] - The company was established in 2012 and focuses on discovering, developing, and commercializing new therapies for cancer, autoimmune diseases, and other major diseases, with one core product LBL-024 currently in the registration clinical stage [1] Group 2 - The company has entered into cornerstone investment agreements, with cornerstone investors agreeing to subscribe for shares totaling USD 69 million (approximately HKD 541.6 million) under certain conditions [2] - Assuming a mid-range offering price of HKD 33.30 per share, cornerstone investors are expected to subscribe for approximately 16.2645 million shares [2] - Key cornerstone investors include Tencent Holdings (00700.HK), Highfields Capital, and others [2] Group 3 - If the offering adjustment rights and over-allotment options are not exercised, and assuming a share price of HKD 33.30, the company estimates net proceeds from the global offering to be approximately HKD 967.7 million [3] - The estimated proceeds will be allocated as follows: approximately 65% for clinical development and regulatory affairs of clinical-stage candidates, 15% for enhancing preclinical assets and expanding the pipeline, 10% for increasing production capacity, and 10% for working capital and general corporate purposes [3] Group 4 - Valiant Bio-B is expected to be listed on July 25, 2025, with cornerstone investors such as Tencent and Highfields supporting the offering [4]