Core Viewpoint - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry shows mixed performance, with a recent decline of 2.73% over the past month but a 12.74% increase over the last three months and year-to-date [1] Group 1: Index Performance - The China Securities Index for the Hong Kong-Shanghai-Shenzhen Connect Information Industry closed at 3996.50 points [1] - The index has experienced a 2.73% decline in the last month, while it has increased by 12.74% over the last three months and year-to-date [1] Group 2: Index Composition - The top ten holdings in the index include Alibaba-W (13.36%), Tencent Holdings (10.76%), Xiaomi Group-W (5.41%), China Mobile (3.25%), and Luxshare Precision (1.4%) [1] - The market share of the index's holdings is distributed as follows: Hong Kong Stock Exchange (42.19%), Shenzhen Stock Exchange (33.30%), and Shanghai Stock Exchange (24.51%) [1] Group 3: Industry Breakdown - The industry composition of the index includes Electronics (24.59%), Media (18.08%), Semiconductors (17.33%), Retail (13.53%), Computers (11.29%), Communication Equipment and Technical Services (7.70%), and Telecom Services (7.48%) [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]

Group 1 - The core point of the article is that China Mobile Communication Group Shaanxi Co., Ltd. has applied for a patent related to a method for classifying the difficulty of maintaining network resources, which aims to improve the accuracy of maintenance cost calculations [1][3] Group 2 - China Mobile Communication Group Shaanxi Co., Ltd. was established in 2002 and is located in Xi'an, primarily engaged in telecommunications, broadcasting, television, and satellite transmission services [2] - The company has a registered capital of 317,126.74 thousand RMB, which is also its paid-in capital [2] - The company has made investments in 2 enterprises, participated in 5,000 bidding projects, and holds 23 trademark records and 285 patent records [2]

Core Insights - China Unicom has applied for a patent related to a traffic settlement scheme aimed at reducing economic losses for users [1] Group 1: Patent Application - The patent titled "Method, Device, Equipment, and Storage Medium for Determining Traffic Settlement Scheme" was filed with the National Intellectual Property Administration [1] - The application date for the patent is December 2024, and the publication number is CN 119676008 A [1] - The patent addresses the challenge of determining an appropriate fee settlement scheme for users exceeding their data limits, thereby minimizing their financial losses [1] Group 2: Company Overview - China Unicom, established in 1994, is based in Beijing and primarily engages in telecommunications, broadcasting, and satellite transmission services [2] - The company has a registered capital of approximately 10.48 billion RMB and has made investments in 33 enterprises [2] - China Unicom has participated in 3,091 bidding projects and holds 5,000 patent records along with 3,663 trademark records [2]

过去一段时间，港股市场这种剧烈的上下起伏已经不是第一次出现。2月底以来，虽然市场多次由短期情绪和资金涌入催化快 速上冲，但始终无法"有效突破"我们早前给出的点位。我们在2月16日与2月24日连续发布《 中国资产的重估？ 》与《 再论中 国资产的重估前景 》两篇专题报告， 测算恒指中枢23,000-24,000点，乐观情形25,000点，建议在这一区间附近观望不必追 高，如果不选择获利可以适度调仓至红利。 回过头来看，这一观点是有效的。实际上，尽管活跃的市场给人一种持续火热的感觉， 但如果投资者是选择从2月底以来加仓 龙头个股或者恒指与恒生科技的话，过去一个月大概率持平甚至是亏损的。 那么，走到这一步，中国资产的重估到哪里了？ 接下来走向如何，该如何配置？有哪些节点需要重点关注？ 一、重估到哪一步了？叙事驱动的极致"结构市"，当前估值相对合理 图表：上周MSCI中国指数下跌1.7%，电信服务与房地产领跌，而公用事业与能源逆势上涨 点击小程序查看报告原文 资料来源：FactSet，中金公司研究部 过去一周港股市场大幅波动，周初恒指一度逼近我们给出的乐观情形25,000点，随即再度大幅回撤，恒生科技周四周五连续两 ...