恒生指数高开0.09%，恒生科技指数涨0.4%。中国神华涨近3%，京东、百度涨超1%。 本文转载自"腾讯自选股"，智通财经编辑：陈筱亦。 关于港股后市 华泰证券指出，当下，市场处于交易主线相对缺乏、海外及国内重要事件等待验证的关键阶段，也正是 仓位调整的窗口期，我们对后续行情并不悲观。 中报视角下，建议关注：1)高景气估值性价比的游 戏、互联网电商龙头；2)估值修复较多但业绩预喜率高、增长预期有望上修的创新药和大金融，包括香 港本地金融股。 中国银河指出，展望后市，建议关注港股以下板块：(1)中报业绩表现超预期的板块，港股中报业绩表 现好于预期的板块有望补涨。(2)政策利好增多或政策利好持续发酵的板块，例如创新药、AI产业 链、"反内卷"行业等。(3)美国加征关税政策扰动不断，投资者风险偏好随之波动。在海内外不确定性 因素的扰动下，高股息标的可以为投资者提供较为稳定的回报。 中信证券研报认为，展望8月份，半年报业绩期将是港股行情是否延续的重要节点，结合政策方面"反内 卷"的广泛影响与快速落地，预计短期市场可能由前期的流动性驱动转往业绩驱动与政策验证的共振阶 段。随着市场焦点从"预期"转往"兑现"，业绩超预期、 ...

Group 1 - The report highlights the resilience at the bottom of the cycle, with the successful advancement of the Alashan Phase II project for Boyuan Chemical [4][7] - In H1 2025, the company achieved revenue of 5.92 billion yuan, a year-on-year decrease of 16%, and a net profit of 740 million yuan, down 39% year-on-year [4][5] - The core product prices and gross margins for soda ash declined, but the increase in production and sales volume helped mitigate the impact of price drops [5][6] Group 2 - The company has successfully acquired multiple electronic gas projects, enhancing its position in the electronic gas market [9][10] - In H1 2025, the company reported revenue of 1.114 billion yuan, a year-on-year increase of 14.56%, while net profit decreased by 13.44% [9][10] - The gross margin for H1 2025 was 26.37%, down 3.69 percentage points year-on-year, but operating cash flow increased significantly by 84.34% [10] Group 3 - 361 Degrees reported H1 2025 revenue of 5.7 billion yuan, an increase of 11% year-on-year, with a net profit of 860 million yuan, also up 8.6% [12][13] - The e-commerce segment saw significant growth, with revenue reaching 1.82 billion yuan, a 45% increase year-on-year [13][14] - The company opened 49 new stores, enhancing its retail presence and brand image [15] Group 4 - Tencent Holdings reported Q2 2025 revenue of 184.5 billion yuan, a year-on-year increase of 15%, with a net profit of 55.6 billion yuan, up 17% [17][18] - The gaming segment experienced a robust 22% year-on-year growth, with significant contributions from both domestic and international markets [18][19] - The marketing services business grew by 20% year-on-year, driven by strong demand for advertising within the WeChat ecosystem [19] Group 5 - The report indicates that the chromium salt industry is experiencing significant growth, with Zhihua Co. achieving H1 2025 revenue of 2.19 billion yuan, a 10.2% increase year-on-year [29][30] - The company’s gross margin improved to 28.81%, up 3.16 percentage points year-on-year, reflecting effective cost management [29][30] - The effective release of production capacity contributed to a notable increase in sales volume, particularly in chromium oxide and alloy additives [32][33] Group 6 - Yonghe Co. reported H1 2025 revenue of 2.445 billion yuan, a 12.39% increase year-on-year, with a net profit of 271 million yuan, up 140.82% [35][36] - The refrigerant segment benefited from favorable supply-demand dynamics, leading to a 26.02% increase in revenue [37] - The company is actively pursuing the development of fourth-generation refrigerants and high-end fluorinated fine chemicals [39] Group 7 - The coal industry showed signs of improvement, with July 2025 coal production at 380 million tons, a year-on-year decrease of 3.8% [40][41] - The report notes that the overall coal production growth rate has slowed due to adverse weather conditions and regulatory checks [42] - The performance of major coal companies varied, with some showing production increases while others faced declines [42]

Investment Rating - The report maintains a "Buy" rating for JD [1][13][25] Core Insights - JD's retail growth remains strong, with effective synergies between e-commerce and food delivery, leading to a significant increase in active users and shopping frequency [7][9][11] - The company's revenue for Q2 FY25 reached RMB 356.7 billion, a year-on-year increase of 22.4%, exceeding expectations [8][10] - Non-GAAP net profit for Q2 FY25 was RMB 7.4 billion, down 48.9% year-on-year, but still surpassing forecasts [8][10] Financial Data and Profit Forecast - Revenue projections for JD are as follows: - 2023: RMB 1,084.66 billion - 2024: RMB 1,158.82 billion - 2025E: RMB 1,328.95 billion - 2026E: RMB 1,425.11 billion - 2027E: RMB 1,522.26 billion - Non-GAAP net profit estimates for the upcoming years are: - 2025E: RMB 26.96 billion - 2026E: RMB 47.73 billion - 2027E: RMB 60.53 billion [16][10][13] Operational Performance - JD's food delivery business has shown healthy growth, with daily orders exceeding 25 million across 1.5 million partner restaurants in 350 cities [11][12] - The company's operational efficiency improved, achieving a gross margin of 15.9% and a fulfillment gross margin of 9.7% in Q2 FY25 [10][12] - The retail operating margin for Q2 FY25 was 4.5%, while logistics operating margin decreased to 3.8% [10][12] Strategic Initiatives - JD has launched a RMB 10 billion subsidy program for food delivery, which has led to increased competition and short-term profitability pressure [10][12] - The company is focusing on quality food delivery and has introduced innovative models like the "Seven Fresh Kitchen" partnership, which quickly gained traction [12][13] Market Position - JD's core supply chain capabilities remain robust, supporting long-term growth in both retail and new business segments [13][10] - The report highlights the positive impact of national subsidy policies and an expanding active user base on the performance of power-consuming categories [13][9]

Investment Rating - The report maintains a "Buy" rating for JD Group-SW (9618.HK) [1][20] Core Views - JD Group's Q2 2025 revenue reached 356.7 billion yuan, a year-on-year increase of 22% and a quarter-on-quarter increase of 18%, exceeding Bloomberg consensus expectations [5][10] - The company's adjusted net profit significantly surpassed Bloomberg consensus expectations, primarily due to better-than-expected gross margin and operating profit margin in JD Retail, despite losses from new businesses like food delivery [6][10] - The retail segment showed strong growth, with revenue from the 1P electronics category increasing by 23% year-on-year to 179 billion yuan, and the 1P daily necessities category growing by 16% to 103.4 billion yuan [6][9] Summary by Sections Financial Performance - Q2 2025 revenue was 356.7 billion yuan (YoY +22%, QoQ +18%), with a gross profit of 56.6 billion yuan (YoY +23%, QoQ +18%) [5][10] - Operating profit was -0.9 billion yuan (YoY -108%, QoQ -108%), and net profit was 6.7 billion yuan (YoY -51%, QoQ -41%) [5][10] - Non-GAAP net profit was 7.4 billion yuan (YoY -49%, QoQ -42%) [5][10] Retail Segment - JD Retail revenue grew by 21% year-on-year to 310.1 billion yuan in Q2 2025, with an operating profit margin of 4.5% [6][9] - The growth was driven by a robust recovery in consumer spending and government subsidy policies [6][9] Logistics Segment - JD Logistics revenue reached 51.6 billion yuan (YoY +17%, QoQ +10%), with a slight decrease in operating profit margin to 3.8% [9] - The integrated supply chain customer revenue grew by 19.9% year-on-year, with over 70,000 external customers [9] New Business Initiatives - New business revenue, including food delivery, reached 13.9 billion yuan, with an operating loss of 14.8 billion yuan [9] - The food delivery segment has shown significant user growth, with daily orders reaching 25 million [9] Earnings Forecast and Valuation - Revenue forecasts for 2025-2027 have been revised upwards to 1,323.58 billion yuan, 1,420.01 billion yuan, and 1,512.77 billion yuan respectively [17][18] - The target market capitalization for JD Group in 2026 is set at 544.5 billion yuan, with a target price of 171 yuan per share [17][18]

Investment Rating - The investment rating for JD Group is "Buy" (maintained) [1] Core Insights - JD Group's Q2 2025 performance exceeded expectations, with revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, surpassing Bloomberg consensus estimates of 335.5 billion yuan [5] - Non-GAAP net profit for Q2 2025 was 7.4 billion yuan, a decline of 49% year-on-year, but also better than the expected 5.35 billion yuan [5] - The company has adjusted its non-GAAP net profit forecasts for 2025-2027 to 27.7 billion, 46 billion, and 52.6 billion yuan respectively, reflecting a year-on-year growth rate of -42%, +66%, and +15% [4] Revenue and Profit Analysis - Revenue from product sales grew by 20.7% year-on-year, with core electronics and home appliances increasing by 23.4% [5] - Service revenue rose by 29.1%, driven by a 21.7% increase in platform and advertising services due to user traffic growth [5] - The retail operating profit margin improved by 0.6 percentage points to 4.5%, while logistics operating profit margin decreased by 1.1 percentage points to 3.8% [5] Business Strategy and Market Position - The company is benefiting from the "trade-in" policy for electronics and home appliances, which has significantly improved core business performance [4] - Continued investment in the food delivery business is expected to enhance user engagement and cross-purchase rates, contributing to long-term growth [6] - JD Group's share buyback program has repurchased approximately 2.8% of its outstanding shares, with a remaining buyback amount of 3.5 billion USD [6] Financial Summary and Valuation Metrics - For 2025, the projected revenue is 1,313.5 billion yuan, with a year-on-year growth of 13.3% [7] - The projected diluted EPS for 2025 is 8.7 yuan, with a corresponding P/E ratio of 12.7 times [7] - The gross margin is expected to remain stable around 15.5% for the coming years [7]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 003010 | 若羽臣 | 51.52 | -1.38% | 9.30万 | 4.74亿 | | 600539 | 狮头股份 | 10.74 | -0.83% | 11.67万 | 1.25亿 | | 605136 | 丽人丽妆 | 9.71 | -0.10% | 11.72万 | 1.14亿 | | 002024 | ST易购 | 1.89 | 0.00% | 13.62万 | 2577.19万 | | 301001 | 凯淳股份 | 31.63 | 0.03% | 1.97万 | 6241.99万 | | 300592 | 华凯易值 | 11.35 | 0.09% | 7.14万 | 8113.85万 | | 002315 | 焦点科技 | 50.00 | 0.10% | 7.55万 | 3.77亿 | | 002640 | 跨境通 | 5.21 | 0.39% | 98.85万 | 5.11亿 | | 301110 | 青木科技 | 4 5 ...

Group 1 - The Hong Kong stock market showed strong performance with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35% as of midday [1] - Major technology stocks, large financial stocks, and consumer sectors saw significant gains, with the Hong Kong Consumer ETF (513230) rising nearly 2.5% [1] - The positive market movement is attributed to both internal and external favorable factors, including a lower-than-expected U.S. CPI growth of 2.7% for July and increased expectations for a Federal Reserve rate cut in September [1] Group 2 - Tencent, referred to as the "king of stocks," is set to release its latest financial report, with analysts predicting an 11% year-on-year revenue growth for the quarter ending in June, marking the third consecutive quarter of double-digit growth [1] - The average forecast for Tencent's 12-month forward earnings per share has reached a historical high, which is expected to significantly boost market sentiment [1] - Guohai Securities indicates that leading internet companies are benefiting from the development of AI technology, which is anticipated to be a key driver of their performance growth [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing major players in both internet e-commerce and new consumption sectors [2] - The ETF includes a diverse range of stocks from various consumer fields, such as Pop Mart, Lao Pu Gold, and Mixue Group, alongside internet giants like Tencent, Xiaomi, Alibaba, and Meituan, highlighting its strong tech and consumer attributes [2]

广发证券表示，消费贷短期对于消费总量的影响仍不算太高，但其信号意义较为明显，贴息领域均是目 前政策积极支持和鼓励的领域。服务消费和两重是下半年增量政策较为集中的两个领域。个人贷款贴息 政策、服务业经营主体贷款贴息政策分别从需求、供给两端作用于消费，有助于稳定和进一步扩大消费 弹性。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团等新消费龙头，又包含小米、阿里巴 巴、腾讯、美团等互联网电商龙头，科技+消费属性突出。 8月13日，美国7月核心CPI高于预期，隔夜美股高开高走，纳指、标普500指数均创历史新高。港股三 大指数高开，恒指涨0.83%，国指涨0.81%，恒生科技指数涨0.94%。盘面上，大型科技股集体上涨，创 新药概念股再度活跃，港股消费板块早盘震荡攀升，相关热门ETF方面，港股消费ETF（513230）现涨 近1.5%，持仓股中，万洲国际、哔哩哔哩、阿里巴巴等涨幅居前。 消息面上，8月12日，财政部网站发布消息，财政部、中国人民银行、国家金融监督管理总局印发《个 人消费贷款财政贴息政策实施方 ...

Group 1 - The market showed a strong upward trend with an overall increase of 1.94% during the week of August 4-8, with micro-cap stocks, CSI 1000, and CSI Dividend leading the gains, while the STAR 50 and ChiNext Index had narrower increases [2][10] - The defense and military, non-ferrous metals, and machinery equipment sectors led the gains among 31 Shenwan industries, while retail, computing, and pharmaceutical sectors lagged [2][10] - The stock-bond yield spread decreased to 1.1%, indicating a divergence in valuations, with the valuation dispersion index rising by 2.7% [3][25] Group 2 - The film box office in 2025 is projected to exceed 35 billion, with new films scheduled for release, contributing to market enthusiasm [4][47] - The 2025 World Humanoid Robot Games will take place in Beijing from August 15-17, which is expected to catalyze interest in the robotics sector [4][48] - The successful launch of the low-orbit satellite internet group by China is accelerating the pace of satellite deployment, which is crucial for the development of 6G networks [4][49] Group 3 - The report highlights the expansion of growth sectors, including defense and military (aerospace equipment, military electronics), pharmaceuticals (medical devices), AI (semiconductors, IT services), and automotive (auto parts, passenger vehicles) [4][51] - There is a focus on dividend stocks and precious metals, with attention to potential opportunities following corrections in dividend sectors and the impact of U.S. economic data and Federal Reserve rate cut expectations on precious metals [4][51]

华泰证券发布港股策略研报称，近期港股回调主因内外预期修正，但中期流动性宽松逻辑不改。配置上 建议寻找景气改善+低估值板块，尤其强调对科技板块的配置；短期交易围绕中报业绩展开，建议关 注：1)估值有性价比且景气改善的游戏和互联网电商龙头；2)前向12个月估值分位数略高但盈利兑现度 高，如港股创新药及非银金融。 浙商证券认为，建议坚持当前中线仓位。行业配置方面，继续采取"1+1+X"均衡配置，但需要注意积极 挖掘年线上方低位个股，做好板块内"高低切"操作。 国泰海通证券发布研报称，展望下半年，港股有望继续延续牛市走势，增量资金继续流入和资产结构性 优势是两大驱动因素。流动性影响因素上，资金流出项与流入项都需要关注。从港股资金流出项看，综 合IPO和再融资视角，年内后续融资规模或近3000亿港元；减持方面，港股二季度解禁高峰已过，整体 减持压力趋缓，但高估值且解禁集中的新消费或存解禁压力。资金流入方面，该行指出，港股全年南向 增量供给望超1.2万亿，外资有望边际改善，为港股资金蓄水池提供源源活水。 恒生指数低开0.33%，恒生科技指数跌0.59%。盘面上，医药股活跃，复星医药涨超7%；锂矿股延续强 势，天齐锂业涨超 ...