Market Overview - The Hang Seng Index is experiencing a downward trend, with investors anticipating further declines, particularly around the 24600 level, while some see support at 24700 and are considering bullish options with a recovery price of 24200 [1] - Technical signals for the index are neutral, indicating a 50% probability of either rising or falling as it approaches the middle line of the Bollinger Bands [1] Kuaishou Technology (01024.HK) - The stock price is nearing the upper limit of the Bollinger Bands, with a strong buy signal indicated by 16 buy signals and 1 sell signal [3] - Resistance levels are identified at 81 and 87.1, while support is close to 69.7, aligning with investor expectations around 70 [3] Kingsoft Corporation (03888.HK) - The stock is showing resilience in a declining market, stabilizing above the recent low of 34.7, with a target range of 38-40 [6] - Technical signals suggest a buy, with resistance at 37.9 and support at 33.7 and 32.6 [7] Pop Mart International (09992.HK) - The stock closed at 246, with a sell signal indicated, and primary support identified at 236 [10] - Investors are holding put options with a strike price of 178.78, which may be too far from the current price, leading to lower price sensitivity [10] Semiconductor Manufacturing International Corporation (00981.HK) - The stock opened high but closed at 51.1 after reaching a peak of 52.95, with a recent volatility of 9.2% [13] - Technical signals indicate a buy with 13 buy signals and 4 sell signals, resistance levels at 54.2 and 56.8, and support at 47.2 and 45.2 [13][14] Sands China Ltd. (01928.HK) - The stock closed at 19.04, maintaining position above the middle line of the Bollinger Bands [17] - A buy signal is indicated, with resistance at 19.6 and 20, and support at 18.3 and 17.3 [17][20]

Market Overview - The A-share market experienced a decline on July 31, with the Shanghai Composite Index falling by 1.18% to close at 3573.21 points, the Shenzhen Component Index dropping by 1.73% to 11009.77 points, and the ChiNext Index decreasing by 1.66% to 2328.31 points [1][2]. Index Performance - The major broad-based indices showed varying price-earnings (P/E) ratios, with the Sci-Tech 50 index having a high P/E percentile of 99.34%, while the ChiNext Index had a low P/E percentile of 17.86% [1][2]. - The software index recorded a high P/E percentile of 99.69%, while the 800 Consumer index had a low P/E percentile of 6.42% [4][5]. - The value strategy index (国信价值) had a high P/E percentile of 97.79%, contrasting with the large-cap growth index (大盘成长) which had a low P/E percentile of 46.81% [7][8]. Detailed Index Data - The following are key indices and their respective performance: - Sci-Tech 50: Closed at 1047.87, down 1.01%, P/E 144.55, P/E percentile 99.34% [2]. - Shenzhen Component: Closed at 11009.77, down 1.73%, P/E 26.83, P/E percentile 53.91% [2]. - Software Index: Closed at 15040.97, up 0.46%, P/E 307.69, P/E percentile 99.69% [5]. - 800 Consumer: Closed at 15694.81, down 2.21%, P/E 18.82, P/E percentile 6.42% [5]. - Value Strategy Index: Closed at 3023.64, down 1.90%, P/E 9.54, P/E percentile 97.79% [8].

Core Viewpoint - The article discusses the transformative impact of AI on the labor market, particularly in recruitment and layoffs, highlighting significant job losses in the tech industry while also noting a surge in demand for AI skills across various sectors [1][2][3]. Group 1: Job Market Impact - The tech industry has seen massive layoffs, with statistics indicating that up to 80,000 employees have been affected, including 15,000 positions cut by Microsoft, which is simultaneously investing $80 billion in new AI projects [1]. - Despite the layoffs, there is a notable increase in salaries for non-technical positions requiring AI skills, with an average salary increase of 28%, equating to nearly $18,000 more annually [2][5]. Group 2: Growth of AI Skills Demand - AI skills are becoming essential across a broader range of industries, with over half of the positions requiring AI skills in 2024 coming from non-tech sectors, a significant shift from previous years [3][4]. - The demand for AI skills has exploded, with the number of job postings requiring GenAI skills increasing nearly fourfold to over 66,000 in 2024 [6]. Group 3: Skills and Competencies - The most sought-after AI skills include large language modeling and prompt engineering, with 19,500 job postings mentioning large language modeling [7]. - Companies are increasingly valuing hybrid talent that combines technical AI skills with soft skills such as communication, leadership, and problem-solving abilities [9][10]. Group 4: Economic Implications - The article suggests that while AI may disrupt traditional job roles, it also offers opportunities for higher salaries and new career paths for those who adapt [11]. - The ongoing demand for AI skills indicates a potential restructuring of salary levels, with high-paying tech roles being phased out while lower-paying roles see slight salary increases [11].

投资层面上，软件作为AI产业链的一环，具备较强的AI主题投资属性，同时，软件走势也受数据要素 政策、信创政策发布等的影响，整体呈现高弹性、高波动的特征。后市来看，AI创新催化不断，软件 投资机会仍然值得关注。 软件ETF（515230）跟踪中证全指软件指数，或持续受益于人工智能+行动。感兴趣的投资者可以关注 相关布局机会。 风险提示：指数/个股涨跌不代表未来。观点随市场环境变化，不构成投资建议。提及基金风险收益水 平各不相同，请选择与自身风险偏好匹配的产品，谨慎投资。基金收益分配原则详见基金法律文件。 会议指出，要深入实施"人工智能+"行动，大力推进人工智能规模化商业化应用，推动人工智能在经济 社会发展各领域加快普及、深度融合，形成以创新带应用、以应用促创新的良性循环。 在AI产业链中，软件行业主要处于中游技术层和下游应用层，扮演着核心技术支撑和应用落地的关键 角色。具体来看，软件行业在中游技术层主要提供AI框架、开发平台和算法模型，这些技术是AI应用 开发的基础。在下游应用层，软件行业通过将AI技术与各行业结合，推动AI应用的落地。 每经编辑｜肖芮冬 据央视新闻报道，国务院常务会议审议通过《关于深入实施"人 ...

Market Performance - The main board led the gains with notable increases in stocks such as Chunzhong Technology (+10.00%), Zhongjia Bochuang (+10.00%), and Cambridge Technology (+9.99%) [1] - The ChiNext board saw significant growth with companies like Siquan New Materials (+20.00%), Digital Certification (+20.00%), and Yidian Tianxia (+20.00%) [1] - The Sci-Tech Innovation board was also strong, highlighted by Dongxin Co., Ltd. (+19.99%), Suochen Technology (+10.63%), and Dingtong Technology (+10.24%) [1] - Active sub-industries included SW Horizontal General Software (+3.04%) and SW Marketing Agency (+2.50%) [1] Domestic News - Lianhui Technology launched Homer AI assistive glasses, designed for visually impaired individuals, featuring real-time environmental perception and multi-modal interaction [1] - MediaTek reported a consolidated revenue of NT$150.37 billion for Q2 2025, a 1.9% decrease quarter-on-quarter but an 18.1% increase year-on-year, with a net profit of NT$28.06 billion [1] - Shengbang Microelectronics introduced the SGM4020, a low-drift, low-power, high-precision voltage reference device applicable in industrial, communication, and medical equipment [1] - MediaTek indicated strong growth momentum in several business areas, including flagship smartphones and communication products, and plans to enter the 2nm advanced process technology [1] Company Announcements - Shengshi Technology announced the acquisition of multiple invention patents, including technologies for automatic luggage packing locks and AI visual sealing devices [3] - Zhongke Jincai reported a total operating income of 345 million yuan for H1 2025, a year-on-year increase of 14.36%, but a net profit loss of 85 million yuan, down 71.51% year-on-year [3] - Ankai Micro disclosed the launch of the AK1037 series low-power lock control SoC chip, designed for smart locks, featuring a RISC-V core and high integration [3] - Zhiwei Intelligent announced a provision for inventory impairment losses amounting to 42.18 million yuan, representing 33.76% of the audited net profit for 2024 [3] Overseas News - Coherent opened a new factory in Vietnam with an investment of $127 million, focusing on the production of silicon carbide semiconductors and optical glass [3] - A trade agreement between the US and EU imposes a 15% tariff on European manufactured goods entering the US, with exemptions for certain categories like semiconductor manufacturing equipment [3] - WITS announced its subsidiary Beyondi's acquisition of Beacon INC's display business to enhance competitiveness in the display sector [3] - Samsung Electronics expects HBM3E chip sales to account for 90% of its total sales in the second half of the year and has begun distributing samples of the next-generation HBM4 chips [3]

Core Viewpoint - Zhongwang Software is facing a lawsuit from Autodesk for copyright infringement, trade secret violations, and breach of existing agreements, with Autodesk seeking injunctions and damages [2]. Group 1: Lawsuit Details - Autodesk has filed a lawsuit in the U.S. District Court for the Northern District of California against Zhongwang Software and related parties [2]. - The lawsuit includes claims of copyright infringement, trade secret violations, and breach of existing agreements [2]. - Autodesk's requests in the lawsuit include an injunction against Zhongwang Software and related parties, as well as compensation for damages [2]. Group 2: Company Response - Zhongwang Software does not acknowledge Autodesk's claims and intends to take strong measures to defend itself [2]. - The company emphasizes its commitment to protecting the interests of itself and its shareholders [2]. - Zhongwang Software has a strong focus on research and innovation, with all its developed software possessing independent intellectual property rights [8]. Group 3: Company Background - Zhongwang Software has been dedicated to industrial design software for over 20 years, establishing a core technology and product matrix centered on independent 2D CAD, 3D CAD/CAM, and multi-disciplinary simulations [8]. - The company is currently unable to estimate the financial impact of the lawsuit, as the specific amount involved has not been clarified and the case has not yet gone to trial [8].

Core Viewpoint - The Hong Kong stock market is experiencing overall liquidity easing, with increased passive foreign capital inflow, supporting the technology sector's fundamentals and long-term narratives related to AI [1] Group 1: Market Overview - The Hong Kong stock market is characterized by overall loose liquidity, which is expected to support the technology sector [1] - There is a notable increase in passive foreign capital inflow into the market [1] Group 2: Sector Insights - The internet sector, particularly those with strong fundamentals and long-term AI narratives, is viewed positively for investment [1] - The gaming industry presents opportunities for investment after recent pullbacks, with limited actual impact from tax deductions on advertising expenses for listed companies [1] - The media sector is highlighted for its AI applications and cultural confidence stemming from content output, with optimism surrounding the explosion of China's open-source large models and the reshaping of public cloud value [1] - The film industry is expected to see an upward trend driven by key single releases, with rapid advancements in AI short dramas [1] Group 3: ETF and Index Information - The Hong Kong Technology ETF (513020) tracks the Hong Kong Stock Connect Technology Index (931573), which selects listed companies involved in software, hardware, and IT services to reflect the performance of high-growth and innovative tech firms in the Hong Kong market [1] - The index has strict selection criteria focusing on quality technology sector targets, aiming to capture long-term development trends in this field [1]

Core Insights - Wankang Technology's multimedia model 2.0, based on Huawei's Pangu-T2V, ranks fourth in China's large model evaluation for video generation according to SuperCLUE's July report [1][2] - The Pangu-T2V model excels in general capabilities and application scenarios, demonstrating industry-leading performance in video quality rendering and dynamic shaping [1][2] - The model's performance has improved by an average of 90% compared to its predecessor, showcasing advancements in multi-layered audio effects and intelligent frame transitions [2] Company Developments - Wankang Technology launched the AIGC video creation platform, providing a comprehensive solution for global creators, alongside the introduction of the Wankang Creation Engine for developers and enterprises [2] - The company has established an "AI Video Large Model Laboratory" in collaboration with Huawei Cloud to explore innovations in large models and AI applications in digital creative scenarios [3] - Wankang Technology operates in over 200 countries and regions, with a user base exceeding 1.5 billion, positioning itself as a significant player in the digital creative software sector [3]

Core Viewpoint - The software industry in China has made significant progress over the past thirty years, but there remains a substantial gap compared to international giants like Microsoft, which has a market value of $300 billion for its Office suite, while Kingsoft Office is valued at only $20 billion [1]. Group 1: Software Industry Development - Kingsoft's CEO highlighted the need for strong software support for future development, indicating that there is still a long way to go for the industry [1]. - The usage rate of legitimate software in China has room for improvement compared to developed countries, with historical data showing a rise from 0.15% in 1989 to 1.2% in 1997 for Kingsoft products [1]. Group 2: Progress in Legitimate Software Usage - Kingsoft's legitimate software usage rate has increased significantly to nearly 20% as of last year, marking a substantial breakthrough from previous levels [2]. - Despite the progress from 0.15% to 20%, the absolute value remains low, indicating further potential for growth in the legitimate software market [2]. Group 3: Challenges in the AI Era - The advent of AI technology presents new challenges regarding software usage rights and ownership of creative works, necessitating legislative support and strict regulatory enforcement [2]. - Issues such as data sharing and the relationship between secondary creation and original creators are becoming increasingly complex in the context of AI development [2].

周三，设计软件公司Figma(FIG.US)宣布其美国首次公开募股(IPO)成功募集12.2亿美元资金。这标志着 经历多年寒冬后，投资者对纯科技类公司IPO的热情正在复苏。 这家总部位于旧金山的企业及其部分现有股东以每股33美元的价格发行了3690万股，发行价高于此前设 定的30至32美元目标区间。本周早些时候公司已上调发行价区间，显示出市场强劲需求。 在经历美国资本市场长期冻结后，投资者对高增长科技企业的兴趣正在复苏，这将激励更多企业寻求上 市。Figma此次IPO还恰逢其与Adobe(ADBE.US)的200亿美元并购交易因反垄断监管问题于2023年12月 终止后。 当前，多家风投支持的初创企业——尤其是软件和人工智能(AI)领域公司——正在试探公开市场反应。 这些企业押注估值改善和利率下行将为下半年IPO市场注入更强动力。 此次发行被视为检验投资者信心的试金石，可能为其他等待上市的风投科技初创企业铺平道路。 Mergermarket股权资本市场主管Sam Kerr表示：CoreWeave(CRWV.US)和Circle(CRCL.US)等IPO的成功 表明科技企业正面临有利的上市环境，或许意味着这个自2 ...