Market Overview - A-shares exhibited strong performance with major indices collectively rising, including the Shanghai Composite Index up by 0.86% to 3858.59 points, and the Shenzhen Component and ChiNext indices rising by 1.61% and 2.22% respectively [2] - The total market turnover exceeded 2.1 trillion yuan, indicating high participation from investors, with equity ETFs reaching a record high of 4 trillion yuan [2] - The Hong Kong market also saw significant gains, with the Hang Seng Index rising by 2.08% to 25866.49 points, driven by technology and property stocks [2] Industry Highlights and Driving Logic - The A-share market displayed notable sector rotation, with the communication sector leading with a 4.12% increase, supported by digital economy policies [3] - The non-ferrous metals sector rose by 3.72% due to global resource price recovery and economic recovery expectations [3] - The real estate sector rebounded collectively with a 3.47% increase, reflecting positive market response to growth-stabilizing policies [3] - In the Hong Kong market, the raw materials sector surged by 4.29%, and the property sector increased by 4.21%, driven by expectations of global liquidity easing [3] Underperforming Sectors and Driving Logic - The consumer sector in A-shares showed increased internal divergence, with traditional essential consumer areas performing relatively flat [4] - The banking sector lagged behind, aligning with the trend of capital migrating towards high-elasticity stocks [4] - In the Hong Kong market, the healthcare sector faced pressure, with some stocks experiencing volatility due to short-term earnings expectation adjustments [4] Investment Strategy Recommendations - The current market is supported by a positive cycle of policy support and capital inflow, with economic recovery and industrial upgrade logic driving steady market growth [5] - Short-term market characteristics include significant sector rotation, with high-low switching trends within the technology growth sector [5] - It is recommended to strategically invest in quality stocks with policy benefits and technical barriers while being cautious of volatility risks in high-positioned stocks [5]

Group 1: Stock Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 25%[5] - Li Auto is rated as a "Buy" with a target price of HKD 72.00, indicating a potential upside of 7%[5] - Sany International is rated as a "Buy" with a target price of HKD 8.70, suggesting a potential upside of 22%[5] - Luckin Coffee is rated as a "Buy" with a target price of USD 44.95, indicating a potential upside of 17%[5] - Tencent is rated as a "Buy" with a target price of HKD 705.00, representing a potential upside of 19%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of 4.7%, compared to the MSCI China Index return of 5.2%[10] - Out of the 26 stocks, 11 stocks outperformed the benchmark[10] - The report includes a total of 26 stocks with varying sectors such as automotive, technology, and healthcare[5]

8月18日，截至港股收盘，恒生指数下跌0.37%，报25176.85点。中木国际（01822.HK）收报0.16港元/ 股，上涨11.11%，成交量60.59万股，成交额9.08万港元，振幅12.5%。 最近一个月来，中木国际累计涨幅6.67%，今年来累计跌幅14.27%，跑输恒生指数25.97%的涨幅。 财务数据显示，截至2024年12月31日，中木国际实现营业总收入3.3亿元，同比增长14.19%；归母净利 润5906.38万元，同比减少94.69%；毛利率8.2%，资产负债率41.18%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，原材料行业市盈率（TTM）平均值为21.58倍，行业中值6.3倍。中木国际市盈率1.86 倍，行业排名第3位；其他骏东控股（08277.HK）为0.94倍、大成生化科技（00809.HK）为1.15倍、中 国三江化工（02198.HK）为4.08倍、武汉有机（02881.HK）为4.72倍、帝王实业控股（01950.HK）为 5.24倍。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 资料显示，中木国 ...

来源：平安证券 1、市场点评 沪指向上突破，"慢牛"行情进行中（风险偏好抬升） 上周全球股市普涨，A港股延续相对强势，沪指一度突破3700点。8月以来，市场在外围环境改善、国内政策与流动性共振下逐渐走出"慢牛"趋 势，随着市场风险偏好走强带动赚钱效应扩散，资金流入成为行情向上的重要推动力量。往后看，短期市场在量能带动下不断强化，9月3日阅 兵、四中全会"十五五规划"等有望提振市场预期；中期"政策-经济-市场"的良性循环未变，A港股估值中枢或逐步抬升，结构性机会凸显，"中国 资产重估"的"慢牛"行情进行中，建议积极布局。 1）流动性充裕，增量资金加速入市：A股7月新开户数196万，同比增71%，环比增20%，成交量持续在2万亿，两融余额创十年新高，居民财富向 金融资产加速再配置的趋势明确，机构等中长线资金入市趋势延续。 2）美联储降息临近：近期美国就业与通胀数据走弱，9月降息预期接近100%，市场加速降息交易，市场对于关税影响持续钝化； 3）国内政策稳步发力：央行落实落细适度宽松的货币政策，下半年多项结构性政策（金融支持工业化、免费学前教育、新藏铁路立项等）有望逐 步落实，市场对经济转型和资本市场向好预期强化。 ...

Core Viewpoint - The Hong Kong stock market has shown strong performance this year, driven by multiple core competitive advantages of Chinese assets, which are expected to enhance their attractiveness to international capital [1][2]. Group 1: Factors Driving Hong Kong Stock Market Strength - Three main factors are identified as driving the strength of the Hong Kong stock market: the "hard technology" wave, the rise of the "new economy," and the weakening of the US dollar [2]. - The "hard technology" revolution is expected to bring profound changes to production and lifestyle, with leading Chinese internet companies poised to capitalize on AI applications [2]. - The "new economy" has become a pillar of the Hong Kong stock market, with its market capitalization share increasing from 27% at the end of 2015 to an expected 51% by the end of 2024 [2]. - The weakening US dollar has led to a reallocation of funds, with a slowdown in foreign capital outflow from the Hong Kong market, making it an attractive option for global capital seeking undervalued assets [2]. Group 2: Core Competitive Advantages of Chinese Assets - Chinese assets possess three core competitive advantages: a complete modern industrial system, increased R&D investment leading to brand premium, and significant long-term investments in core technology fields [3]. - The manufacturing sector in China has achieved low-cost, high-efficiency capabilities through vertical integration and scale advantages [3]. - Chinese companies are increasingly recognized for their global competitiveness in areas such as AI, semiconductors, new energy, and aerospace [3]. Group 3: Investment Opportunities in A-Share Market - The A-share market presents four key investment opportunities: stable cash returns in sectors like telecommunications, finance, and utilities; potential in the internet sector and consumer sub-industries due to policy support and AI commercialization; growth in the biopharmaceutical industry driven by improved policies and global competitiveness; and a stabilization in the real estate sector along with improved prospects for chemicals and raw materials [3].

Group 1 - The report emphasizes that the current market is experiencing a liquidity-driven bull market, with the potential for a transition to a fundamental bull market by the end of the year, contingent on external factors such as global tariff resolutions and fiscal expansions in major economies [3][4][87] - The report identifies a significant performance gap between growth stocks, particularly in the ChiNext index, and value stocks, suggesting that the ChiNext index is currently undervalued and poised for further gains [2][31][50] - The report highlights the increasing inflow of southbound funds into Hong Kong stocks, particularly in the technology sector, indicating a shift in investor sentiment towards growth-oriented assets [12][32][44] Group 2 - The report outlines a "three-headed bull" market scenario, which includes a short-term liquidity bull market, a mid-term fundamental bull market, and a long-term transition from old to new economic drivers, suggesting a comprehensive market recovery [3][4][5] - The report notes that the current market environment is conducive to a structural shift towards "middle assets," which are expected to outperform as the economy stabilizes and earnings begin to recover [46][47][56] - The report indicates that the current valuation of the ChiNext index is at a historical low, with a price-to-earnings ratio of 33.89, suggesting a relative valuation advantage compared to other major indices [50][51][52]

"反内卷"政策的本质是"纠偏"而不是"刺激"，其长远意义在于重塑产业竞争逻辑。因此，"反内卷"政策 对物价的影响是结构性与温和的。未来物价走势的关键变量，仍然在于需求复苏的力度与政策协同的节 奏。 从反映工业生产领域价格变动情况的工业生产者出厂价格指数（PPI）看，7月份PPI同比维持在-3.6%的 低位，但环比降幅已从6月份的-0.4%收窄至-0.2%，为今年3月份以来环比降幅的首次收窄，表明工业品 价格虽还在底部震荡，但部分行业价格开始企稳，反映出政策通过抑制低价无序竞争和淘汰低效产能， 部分修复了企业合理利润空间。反映居民消费领域价格变化的居民消费价格指数（CPI）整体偏弱，但 核心CPI连续3个月回升，主要受益于汽车、家电等行业在政策引导下减少价格战，叠加旅游、住宿等 服务消费季节性回升，反映出服务类消费和耐用消费品价格在政策推动下有所改善。未来，随着政策的 进一步深化，行业供需格局有望持续优化，PPI和CPI的修复路径将更加清晰。 下一阶段，物价能否合理回升，关键还要看需求。从物价数据看，有关政策对PPI的改善作用已初步显 现，但对CPI的直接影响仍较为有限。一方面，PPI整体仍然承压，同比涨幅已连 ...

Group 1 - The core viewpoint of the news is the performance of the China Securities Cultural and Sports Index, which has shown significant growth over the past month, three months, and year-to-date [1] - The China Securities Cultural and Sports Index has increased by 3.64% in the last month, 8.59% in the last three months, and 14.72% year-to-date [1] - The index reflects the overall performance of listed companies related to cultural and sports sectors, including media, entertainment, and sports services [1] Group 2 - The top ten weighted companies in the index include: Focus Media (7.79%), Giant Network (3.67%), Ninebot (3.37%), Yanshan Technology (3.2%), Kaiying Network (3.19%), Kunlun Wanwei (3.04%), Light Media (2.74%), Shenzhou Taiyue (2.67%), Leo Group (2.62%), and 37 Interactive Entertainment (2.5%) [1] - The market share of the index's holdings is 73.49% from Shenzhen Stock Exchange and 26.51% from Shanghai Stock Exchange [1] - The industry composition of the index shows that communication services account for 81.10%, consumer discretionary for 11.78%, consumer staples for 2.03%, industrials for 2.00%, information technology for 1.61%, and materials for 1.48% [2] Group 3 - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample changes, and generally remain fixed until the next scheduled adjustment [2] - Special circumstances may lead to temporary adjustments of the index, such as delisting of samples or corporate actions like mergers and acquisitions [2]

中金研究 年初至今，欧洲权益市场表现强劲，主要是因为欧洲内部政策端的重大变化。与此同时，"美国例外论"的可持续性受到市场关注，投资者开始寻求美 国以外的市场机会。 我们认为在新的宏观环境下，欧洲权益市场确实将迎来更多机遇，但要塑造自己的"例外论"仍然缺乏几个关键要素 （更多关于跨 区域权益市场格局的讨论，详见《全球权益市场合集》）。 点击小程序查看报告原文 Abstract 什么带来欧洲的新机遇？ 一是宏观环境的变化给欧洲带来估值和盈利的改善。过去欧洲跑输美国很大程度上是因为缺少盈利增长。然而，后疫情时代， 在更高的通胀以及利率环境下，欧洲盈利增长有显著回升，过去对盈利拖累较大的银行、公用事业、电信、能源、原材料等行业的盈利都有显著改善。二 是政策的转变。以德国为首的欧洲财政转向有利于帮助解决欧洲过去面临的一些结构性问题，提振欧洲经济增长。同时，财政支持的行业正好是过去欧洲 显著跑输的内需导向行业，直接提振盈利。除了财政，近期我们也观察到欧洲在监管、一体化方面的一些边际变化。三是新环境下全球区域配置的价值上 升，经济体量、权益市场规模及可得性、收入来源的多样化和制度的稳定性等都是欧洲权益市场在全球配置框架下的 ...

境内首批投资沙特阿拉伯市场的ETF，南方基金南方东英沙特阿拉伯ETF（以下简称：沙特ETF， 基金代码：159329）于6月24日起发售，为内地投资者提供投资沙特阿拉伯市场的指数化便捷工具。 从市场结构上看，沙特产业结构逐渐多元化，在快速发展经济的同时，正逐步摆脱对石油产业的依 赖。根据CEIC、Wind、IMF、国泰君安证券研究及沙特政府的数据显示，2016 年之前，沙特原油、天 然气开采业占GDP比重约40%。2022年，尽管国际油价大幅提升，沙特原油、天然气开采业占GDP比重 也只有36%。这表明非石油产业对沙特经济的贡献日益凸显。随着沙特资本市场的不断开放和经济转型 的有序推进，"2030愿景"取得的一系列成果使沙特逐渐成为全球瞩目的投资热土，不断吸引着海内外的 资金。 南方东英量化投资部主管王毅表示，沙特作为中东地区最重要经济体之一，近几年在"2030愿景计 划"下取得了高速发展。沙特资本市场上市公司目前以金融和资源类企业为主，这些公司过去几年保持 了较高的股息分红水平，为全球投资人提供了多样的选择。（品宣） 【纠错】 【责任编辑:郭宇佳】 据悉，沙特ETF采用内地交易所与港交所互挂的模式，跟踪指数 ...