Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to a stable economic outlook in mainland China and a postponement of tariffs by the US [2] - Active trading in the Hong Kong market indicates a positive risk appetite, with capital rotating among different sectors [2] Short-term Sector Outlook - Focus on upcoming economic indicators including the US Federal Reserve's interest rate decision, Q2 GDP, and earnings reports from major companies such as HSBC and Budweiser [3] Macro Focus - The IMF has slightly raised its global growth forecast for 2025 and 2026, predicting a 4.8% growth for China this year [4][9] - The US and China are expected to hold another round of trade talks within approximately 90 days, pending approval from President Trump [4][9] Corporate News - Baoshan International has issued a profit warning, expecting a 44% drop in interim profits [5][11] - Huaneng Power International reported a 23% increase in net profit for the first half of the year, exceeding expectations [5][11] - Ideal Automotive launched its second pure electric vehicle, priced starting at 320,000 RMB [5][11] International Market Outlook - The US Federal Reserve maintained interest rates, indicating a cautious approach towards future inflation uncertainties [6] - The ongoing trade negotiations are affecting oil demand growth, with OPEC+ increasing supply to limit international oil price increases [6] Index Performance - The Hang Seng Index closed at 25,524 points, with a year-to-date increase of 27.24% [6] - The Shanghai Composite Index rose by 0.33% to close at 3,610 points, reflecting a year-to-date increase of 7.70% [6] Commodity and Currency Market - The CRB Commodity Index increased by 0.81% year-to-date, while gold prices rose by 0.36% [6] - The US Dollar Index showed a slight increase of 0.26% year-to-date [6] Company Earnings Forecasts - China Ruyi Holdings expects to turn a profit for the first half of the year, projecting a net profit of approximately 1 to 1.2 billion RMB [11] - Huaneng Power International's revenue for the first half of the year was reported at 112.03 billion RMB, a decrease of 5.7% year-on-year [11]

Market Overview - The US stock market reached record highs last week, with the S&P 500 gaining 1.5% and up 28% year-to-date, while the Nasdaq rose 1.3% and is up 38% for the year [10] - The Hang Seng Index has risen for three consecutive weeks, gaining 1,472 points (+6.16%), but is expected to consolidate at high levels due to overbought technical indicators [8][10] - The onshore RMB reached a nearly 9-month high at around 6.92, indicating significant capital inflows [8] Economic Indicators - The US is expected to release July non-farm payroll data, with a forecast increase of 102,000 jobs, down from 147,000 in the previous month [10] - The preliminary estimate for Q2 GDP is expected to show a 3% year-on-year increase, significantly better than the 0.5% contraction in Q1 [10] - The core PCE price index is anticipated to rise by 0.3% month-on-month and 2.7% year-on-year [10] Company Focus - Major tech companies including Apple, Microsoft, Amazon, and Meta are set to announce their quarterly earnings this week, with market attention on whether AI capital expenditures will yield returns [8][10] - The report highlights the strong performance of the Hong Kong stock market, with significant inflows into traditional high-yield stocks and local real estate stocks [12] - The report notes that the stock of Miniso (9896) is recommended for purchase, leveraging its global expansion and operational efficiency [20] Sector Analysis - The healthcare sector is highlighted, with China National Pharmaceutical Group (1099) benefiting from favorable government policies and holding a 33.3% market share in China's pharmaceutical distribution market [20] - The report mentions the performance of Comfort Systems USA, Inc. (FIX), which reported a 20.05% year-on-year revenue increase to $2.173 billion, exceeding market expectations [22]

Core Insights - The report highlights a positive market sentiment following the trade agreement between the US and EU, contributing to new record highs in US stock indices [9][11] - The report notes that while US stock indices are reaching new highs, there are warnings from Goldman Sachs about accumulating short-term risks in the market [11] - The report discusses the ongoing trade negotiations between the US and China, emphasizing the importance of outcomes for market stability [11][14] Market Overview - The Hang Seng Index closed up by 173 points (0.7%), while the Hang Seng Tech Index recorded three consecutive declines [14] - The report indicates that Hong Kong's exports have increased for 16 consecutive months, with June's export value reaching HKD 417.8 billion, a year-on-year increase of 11.9% [14] - The report mentions that the MSCI China Index's 12-month target has been raised from 85 to 90 points, indicating an 11% upside potential [14] Company Recommendations - The report recommends buying Kowloon Warehouse Holdings (1997) due to its stable cash flow from core assets in Hong Kong [22] - It suggests that AIA Group (1299) is benefiting from increased demand from mainland visitors and local market recovery, with a notable growth in new business value [22] - Prologis, Inc. (PLD) is highlighted as a leading industrial logistics REIT with a market capitalization exceeding USD 100 billion [24] Economic Data - The report outlines key economic data releases, including US wholesale and retail inventory figures for June, and the FHFA House Price Index for May [21] - It notes that the US Treasury Department estimates a debt issuance of USD 1.007 trillion for the third quarter, an increase of USD 453 billion from previous estimates [11]

Group 1: Market Overview - The Hang Seng Index (HSI) is expected to continue rising to 25,800-26,000 next week, with a support level at 24,600 and a resistance level at 25,894 [1] - Technical signals indicate a "strong buy" for the semiconductor sector, with a potential price target of 56-60 HKD for SMIC [3] - China Southern Airlines has recently broken through its previous high, with a key resistance level at 6.19 HKD [6] Group 2: Individual Stock Analysis - Ganfeng Lithium is showing a gradual upward trend, with a support level at 27 HKD and a resistance level at 33.6 HKD, potentially reaching 35 HKD [9] - Alibaba's stock is currently viewed as a buying opportunity, with a target of 130 HKD and support levels at 112.3 HKD and 105.7 HKD [12] - AAC Technologies has a neutral technical signal, with resistance levels at 41.2 HKD and 42.5 HKD, indicating a lack of clear direction [15]

Core Viewpoint - HSBC Holdings (00005.HK) has shown a strong upward trend, reaching a high of 100 HKD, with a closing price of 99.7 HKD, indicating a "strong buy" signal. The first resistance level is at 101 HKD, and the second at 106 HKD [1][3]. Technical Analysis - The stock price is above the 10-day moving average of 97.62 HKD and the 30-day moving average of 95.05 HKD. The MACD indicator shows a golden cross, and the Bollinger Bands indicate an upward trend. However, the RSI has reached 75, entering the overbought zone, suggesting a potential need for consolidation before testing the 101.1 HKD resistance level [1][3]. - Key support is at 96.5 HKD, with a potential drop to 93.2 HKD if this level is breached. The important resistance level is at 101.1 HKD, with a possible test of 106.2 HKD upon a breakout [3]. Derivative Products - In the options market, several products are available, including the China Bank call option (16930) with a leverage of 15.5 times and an exercise price of 115.98 HKD, and the UBS call option (16458) with a leverage of 14.9 times, also at 115.98 HKD. There are also UBS call options (14280) with a higher leverage of 26 times and an exercise price of 107 HKD, expiring in September [6][10]. - UBS bull certificates (56446) and JPMorgan bull certificates (56622) offer 11 times actual leverage with a redemption price of 88 HKD. On the bearish side, UBS bear certificates (60586) provide 14.4 times leverage with a redemption price of 105 HKD, while Citibank bear certificates (58283) offer 16.1 times leverage, also with a redemption price of 105 HKD [10][11]. Market Sentiment - The market is currently stable, with a 3.3% five-day volatility, and the stock price is positioned in the upper half of the Bollinger Bands. The market sentiment reflects a mix of buy signals from the bull-bear power indicator, while the stochastic oscillator shows signs of overbought conditions, indicating potential short-term fluctuations [3][14].

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to the postponement of tariffs by the US and a stable economic outlook in mainland China, although corporate earnings improvements are limited [2] - Active trading in the Hong Kong market reflects a positive risk appetite, with capital rotating across different sectors [2] - New trade negotiations between China and the US are set to begin, contributing to a more favorable trade environment [2] Company Insights: Xtep International (1368) - Xtep's total retail sales volume (RSV) showed a slight year-on-year slowdown in Q2 2025, with online sales performing better than offline [9] - The company plans to gradually recover 100-200 stores for direct-to-consumer (DTC) transformation starting in Q4 2025, with a total of about 500 stores targeted for recovery by FY26E [9] - Xtep's management expects a net profit growth of over 10% year-on-year for FY25E, maintaining a stable retail discount level of 25-30% [9] Company Insights: Anta Sports (2020) - Anta reported stable performance in Q2 2025, with its main brand and FILA showing low single-digit and mid-single-digit growth, respectively [14] - The company has reaffirmed its FY25E guidance, expecting growth rates of high single digits for its main brand and over 30% for other brands [14] - Anta is focusing on optimizing its offline store structure and managing online discounts to maintain brand image and profitability [14] Financial Projections - Xtep's revenue is projected to grow from 8,423 million RMB in FY23A to 11,412 million RMB in FY25E, with a compound annual growth rate (CAGR) of approximately 7% [10] - Anta's revenue is expected to increase from 10,074 million RMB in FY24A to 12,935 million RMB in FY26E, reflecting a robust growth trajectory [10] Valuation Metrics - Xtep's FY25E price-to-earnings (P/E) ratio is projected at 9.6x, which is significantly below its 5-year average valuation [9] - Anta's FY25E P/E ratio is estimated at 17.0x, also below its 10-year average, indicating potential undervaluation [14]

Group 1 - The market has shown a strong upward trend, with the index rising from 19,600 to 25,130 points, indicating a "buy" signal with resistance levels at 25,194 and 25,961 points [1] - HSBC Holdings has reached a significant price point of 100 HKD, with a closing price of 99.7 HKD, and a strong buy signal is indicated with resistance levels at 101 HKD and 106 HKD [3] - BYD's stock price closed at 134.2 HKD, breaking through the upper Bollinger Band, with a buy signal and short-term resistance levels at 140 HKD and 144.8 HKD [5] - Zijin Mining has seen a three-day rise, closing above both daily and weekly chart tops, with a strong buy signal and short-term resistance levels at 23.4 HKD and 24.4 HKD [8] - SMIC has a buy signal with resistance levels at 50.4 HKD and 53.4 HKD, as investors anticipate a breakout above 49 HKD [11] - China Shenhua has also shown a strong upward trend, with a buy signal and resistance levels at 36.1 HKD and 37.9 HKD, suggesting investors should consider closer-to-the-money products [14]

匯豐(00005)今日(7月18日)午後延續升勢，截至13:25股價報98.1元，上漲0.46%。從技術面觀察，股價已成功突破所有重要均線，MA10(96.96元)與 MA30(94.68元)形成多頭排列，配合MA60(92.35元)的強力支撐，構築出穩健的上升通道。值得注意的是，RSI指標72已進入超買區域，但2.7%的5日振幅顯 示市場波動相對溫和，投資者情緒保持穩定。 關鍵位分析方面，下方95元構成即時支撐，若失守則可能下探91.7元；上方99元為短期重要心理關口，突破後將挑戰104.7元。技術指標呈現矛盾信號，雖然 MACD和保力加通道維持買入觀點，但動量指標出現頂背離，這種分歧往往預示著短期可能出現技術性調整。當前上升概率為53%，配合溫和放大的成交 量，顯示資金正有序流入這只金融龍頭股。 | 信號總結 | 賣出信號 中立信號 買入信號 | | --- | --- | | 賞) | | 衍生工具表現回顧 在7月16日的市場表現中，匯豐相關衍生工具展現出穩健的槓桿效應。摩通牛證56622和瑞銀牛證56446在正股上漲1.03%的背景下，兩日內均錄得9%的漲 幅，表現最為亮眼；瑞銀認購證13631和中銀 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hainan Drinda New Energy Technology Co., Ltd. 海南鈞達新能源科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：02865） 有關認購理財產品的須予披露交易 認購理財產品 董事會宣佈，於2025年1月24日、2025年2月28日、2025年3月11日、2025年 司滁州捷泰利用其閒置資金認購若干該等理財產品，包括認購第一項興業銀行 理財產品、第十四項興業銀行理財產品、第十五項興業銀行理財產品、第二項 興業銀行理財產品、第三項興業銀行理財產品、第四項興業銀行理財產品及第 十一項興業銀行理財產品，認購金額分別為人民幣30百萬元、人民幣100百萬 元、人民幣100百萬元、人民幣50百萬元、人民幣100百萬元、人民幣100百萬 元及人民幣100百萬元。 董事會宣佈，於2025年4月30日、2025年5月7日、2025年6月5日及2025年7月3 ...

Core Viewpoint - HSBC Holdings is currently in a stable upward trend, supported by multiple technical indicators, suggesting a potential breakthrough of the psychological barrier at HKD 100 [1][13]. Technical Analysis - As of July 7, 2025, HSBC's closing price was HKD 95.25, with a slight increase of 0.47%. The stock is above its 10-day (HKD 94.7), 30-day (HKD 93.29), and 60-day (HKD 89.4) moving averages, indicating a bullish structure [1]. - The current technical support range is between HKD 88.8 and HKD 92.1, while resistance is found at HKD 98.4 and HKD 101.7, which are key psychological levels [3]. - The probability of HSBC's price rising is estimated at 53%, with technical indicators showing a strong buy signal and no signs of weakness [3]. - The RSI is at 65, indicating strong momentum without being overbought, while the MACD shows a clear buy signal [3]. - Trading volume on July 7 reached HKD 1.046 billion, indicating increased market interest [3]. Investment Products - UBS call option 13761 offers the highest leverage at 23.1 times, with a strike price of HKD 102.88, suitable for investors optimistic about HSBC's short-term performance [6]. - UBS put option 16855 and JPMorgan put option 15239 provide leverage of 6.6 times and 5.7 times, respectively, appealing to investors expecting a price correction [7]. - UBS bull certificates 68629 and JPMorgan bull certificates 56622 offer leverage of 23.2 times and 16.1 times, respectively, with different risk-return profiles [10]. Overall Market Sentiment - HSBC is in a clear bullish phase, with steady momentum making it suitable for medium to long-term investments. A successful breakout above HKD 98.4 could further enhance market sentiment [13].