Core Insights - The report highlights the challenges faced by the Hong Kong stock market, with the Hang Seng Index experiencing fluctuations and closing down 72 points or 0.29% [2][3] - The report indicates a decrease in net inflow from the Northbound trading, with a net inflow of 1.603 billion HKD, down 58.1% from the previous day [2] - The report discusses the performance of various sectors, noting that 7 out of 12 Hang Seng Composite Industry Indices rose, while 8 fell, with the healthcare, telecommunications, essential consumer goods, and conglomerates showing slight increases [3] Company Analysis - The report focuses on Li Ning (2331.HK), noting that the running and fitness categories are leading growth, while retail channels remain under pressure due to weak consumer spending [5][6] - For Q2, the company reported low single-digit growth in overall platform revenue, with offline channels experiencing a decline, while e-commerce channels showed mid-single-digit growth [5] - The report mentions a decrease in the number of stores, with a total of 6,099 stores as of June 30, reflecting a net decrease of 18 stores since the beginning of the year [6] - The report highlights the signing of a new basketball ambassador, which is expected to boost the basketball category's growth [6] Investment Recommendations - The report suggests that Li Ning's strategy of "single brand, multiple categories, and multiple channels" will continue to evolve, with a target price of 19.2 HKD based on a 20x PE for 2025 [7]

Global Market Overview - The US stock market continued its rebound, with the S&P 500, Nasdaq, and Dow Jones Industrial Average increasing by 1.5%, 2.18%, and 1.17% respectively [2][11] - The Hong Kong stock market also saw gains, with the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Hong Kong Chinese Enterprises Index rising by 2.16%, 2.34%, and 1.93% respectively [2][23] - The TAMAMA Technology Index has a P/E ratio of 32.2, indicating it remains in a high valuation zone above 30 [1][16] - The Philadelphia Semiconductor Index's P/E ratio increased to 45.8, also indicating a high valuation above 45 [1][16] - The Nasdaq Index's P/E ratio is at 39.9, nearing the high zone of 40 [1][16] US Market Insights - The S&P 500 Shiller P/E ratio has risen to 36.91, significantly above historical averages [1][16] - The uncertainty in US economic policies and high valuations are putting pressure on sectors such as finance, consumer, communication services, and industrials [1][16] - Major individual stocks within growth and value sectors are experiencing notable daily corrections [1][16] European Market Insights - European markets have shown a rebound, but rapid valuation increases combined with weak economic fundamentals may lead to volatility in indices such as the FTSE 100, CAC40, DAX, and STOXX50 [1][2] Hong Kong Market Insights - The Hong Kong market is experiencing further differentiation, with previously overheated assets beginning to cool down [1][38] - There is an expectation of continued differentiation in the Hong Kong market, with potential for stage corrections in assets that have seen significant gains in the first half of the year [1][38] - Structural opportunities may exist in low-valuation assets with good fundamentals and minimal trade impact, as the market has not yet formed a comprehensive bull market [1][38] Emerging Markets Insights - Emerging markets such as Istanbul ISE100, India SENSEX30, and others are likely to experience volatility due to economic fundamentals and policy uncertainties [1][2]