Report Summary 1. Market Performance - Hong Kong stocks rose with the Hang Seng Index up 169 points or 0.7% to 24,902, the Hang Seng China Enterprises Index up 57 points or 0.65% to 8,951, and the Hang Seng Tech Index up 39 points or 0.7% to 5,521. The total turnover was HK$229.399 billion [1]. - A - shares advanced with the Shanghai Composite Index up 34 points or 1% to 3,617, the Shenzhen Component Index up 65 points or 0.6% to 11,106, and the ChiNext Index up 9 points or 0.4% to 2,343. The turnovers were RMB656.4 billion, RMB939.7 billion, and RMB475.6 billion respectively [2]. - US stocks fell with the Dow Jones Industrial Average down 61 points or 0.1% to 44,111, the S&P 500 Index down 30 points or 0.5% to 6,299, and the Nasdaq Composite down 137 points or 0.7% to 20,916 [2]. 2. Policy and Economic Data - The People's Bank of China conducted RMB160.7 billion of seven - day reverse repurchase operations on the 5th, with an operating rate unchanged at 1.4%. There were RMB449.2 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB288.5 billion. The central parity rate of the RMB against the US dollar was raised by 29 points to 7.1366 [2]. - China's July S&P Global Services PMI rose to 52.6, while the Composite PMI fell to 50.8 [2]. - The US July ISM Services Index was worse than expected, increasing concerns about stagflation [2]. 3. Trade - related Statements - US President Trump said that the EU's commitment to invest $600 billion in the US in the US - EU trade agreement was one reason for him to lower the tariff on EU goods to 15%. If the condition was not met, the tariff on EU goods would be 35% [3]. - Trump also said that the US would announce tariffs on semiconductor and pharmaceutical imports in about a week. The initial tariff rate for pharmaceuticals would be low, rising to 150% within a year and a half and eventually to 250%. Semiconductor and chip tariff measures would be in another category [4]. 4. Company - specific News - Li Xiang, CEO of Li Auto - W (02015.HK) (LI.US), revealed that the small - order users of Li i8 exceeded 30,000 [4]. - Yum China (09987.HK) reported its six - month interim results as of June. The total revenue was $5.768 billion, up 2.3% year - on - year. The net profit was $507 million, up 1.6%, with an earnings per share of $1.36 and a dividend per share of 24 cents [4]. - Hon Hai Precision Industry, a major server assembly partner of Nvidia (NVDA.US), saw its July sales growth slow down. Its July sales increased 7.25% year - on - year to NT$613.8 billion (about $20.5 billion), the lowest increase since January [4]. - The interim results of The Link REIT (00778.HK) as of the end of June showed that the distributable income was HK$377 million, up 2.1% year - on - year. The interim distribution per fund unit was 18.41 cents, up 1% from the previous year. The annualized distribution yield per fund unit was 7.7% based on the closing price on June 30 [5].

Core Insights - The Federal Reserve maintained interest rates at 4.25%-4.5%, aligning with expectations [9] - The US GDP for Q2 grew by 3%, surpassing expectations, primarily due to a significant increase in net exports [11] - The A-share market shows strong revaluation momentum, with the CSI 300 index's historical PE and PB ratios at 12.3x and 1.24x, respectively, indicating a cheap valuation [9][11] Market Focus and Strategy - The A-share market is expected to have long-term value due to favorable policies, despite potential short-term adjustments [9] - Recommendations include gradually accumulating A-share ETFs due to valuation re-evaluation [9] - The Hang Seng Index experienced a significant drop, closing at 25,176 points, with analysts suggesting it may breach the 25,000 mark [13] Company Highlights - Meta Platforms Inc. reported a 36% year-on-year increase in net profit and a 22% rise in revenue for Q2, exceeding expectations [11] - HSBC has a pessimistic outlook on Hong Kong's commercial real estate, increasing provisions significantly [13] - The company Giant Bio (2367) is positioned as a leader in the collagen market, with a projected market size of 108.3 billion yuan by 2027 [21] Economic Data Overview - The US GDP growth rate for Q2 was reported at 3%, with PCE inflation at 2.1% [11] - China's manufacturing PMI for July is at 49.7, indicating contraction, while the non-manufacturing PMI is at 50.2, suggesting slight expansion [19] - Hong Kong's GDP growth for Q2 is reported at 2.8% year-on-year [19] Stock Recommendations - Buy recommendation for Giant Bio at $57.10, with a target price of $66.20 and a stop-loss at $54.72 [21] - Starbucks Corporation reported Q3 revenue of $9.456 billion, a 3.8% year-on-year increase, exceeding market expectations [23] - FTAI Aviation Ltd. saw a 52.4% year-on-year revenue increase to $676 million, indicating strong growth potential [24]

Market Overview - The Hang Seng Index is expected to rise towards 26,000 points due to stable economic performance in mainland China during the first half of the year, with limited willingness to implement further economic stimulus measures and modest corporate profit improvements [2] - Active trading in the Hong Kong market reflects a positive risk appetite, with capital rotating across different sectors [2] - The initiation of a new round of trade negotiations between China and the US, along with the extension of the 90-day tariff ceasefire agreement, has contributed to a more favorable outlook for the Hang Seng Index [2] Company News - JD Group (9618) has made a takeover offer to European electronics retailer Ceconomy [4] - Contemporary Amperex Technology Co., Limited (3750) reported a 33% increase in interim profit, exceeding expectations [4] - HSBC Holdings (0005) reported a 27% decline in pre-tax profit, falling short of expectations, and announced a $3 billion share buyback [4] - Prada (1913) saw a slight increase of less than 1% in half-year profit, which was below expectations [4] - WuXi AppTec (2359) is raising approximately 7.7 billion yuan through a discounted share placement [4] Economic Indicators - The US Federal Reserve maintained interest rates, with indications that they are not prepared to cut rates yet, despite a slowdown in economic activity [4] - The Fed's dot plot suggests two rate cuts totaling 50 basis points this year, with a cautious outlook on future inflation [4] - The US is engaged in trade negotiations with multiple countries, with some progress reported, although uncertainties remain [4] Macro Focus - The Central Political Bureau of the Communist Party of China has decided to hold the Fourth Plenary Session in October, focusing on economic development and strategic planning for the next five years [8] - The meeting emphasized the importance of maintaining strategic determination and confidence in China's economic resilience and potential [8] - The Chinese government is expected to implement more proactive fiscal policies to stimulate domestic demand and consumption [9] Investment Insights - The report highlights the potential for investment in sectors such as construction, brokerage, and export-oriented companies due to ongoing trade negotiations and infrastructure projects [7] - The focus on enhancing domestic consumption and addressing economic challenges presents opportunities for companies involved in consumer goods and services [9]

（於開曼群島註冊成立的有限公司） （股份代號：1703） 有關 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，概不對因本公告全部 或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 WELIFE TECHNOLOGY LIMITED 維力生活科技有限公司 2. 兩間荼餐廳運營有效改善現金流及收益； 3. 持續以平衡且高效的方式優化營運開支。 業務更新 (1)正面盈利預告；及 (2)業務更新的自願公告 本公告乃由維力生活科技有限公司（「本公司」，連同其附屬公司，統稱「本集 團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第 13.09 條及 證券及期貨條例（香港法例第 571 章） 第 XIVA 部項下內幕消息條文（定義見 上市規則）作出。 正面盈利預告 本公司董事會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據 本集團截至 2025 年 6 月 30 日止三個月的未經審核綜合管理賬目的初步審閱及 現時可獲得的資料，本集團錄得未經審核收益約 66.1 百萬港元，純利約 4.5 百萬 港元, 按 ...

Market Overview - The Hong Kong stock market is expected to fluctuate within the range of 23,000 to 24,000 points due to a series of financial policies introduced in mainland China to stabilize the market and expectations, including reserve requirement ratio cuts and interest rate reductions [1] - The U.S. and China have agreed to lower tariffs, with the U.S. reducing tariffs on Chinese imports from 145% to 30%, and China reducing tariffs on U.S. imports from 125% to 10% for a 90-day period [1] Sector Outlook - Gold mining stocks are favored in the short term due to geopolitical tensions and central banks continuing to increase their gold holdings [2] Corporate News - Alibaba (9988) has integrated its food delivery platform Ele.me and travel platform Fliggy into its e-commerce business group, aiming for a strategic upgrade towards a comprehensive consumer platform [3][12] - Meituan (3690) is expanding its instant retail business, enhancing its supply chain digitalization capabilities and aiming to cover all first and second-tier cities [3][12] - BYD (1211) is reported to be providing rebates to dealers, with the scale expected to exceed 1 billion RMB [3] - China Hongqiao (1378) anticipates a 35% increase in net profit for the first half of the year due to product price increases [3] Economic Indicators - The U.S. Federal Reserve maintained interest rates, with expectations of two rate cuts totaling 0.5% in 2025, while the inflation outlook remains uncertain [4] - China's land sales revenue fell to 194.1 billion RMB in May, the lowest in a decade, indicating ongoing weakness in the real estate market [10] - The Ministry of Industry and Information Technology of China aims to increase gold resource volume by 5%-10% and silver production by over 5% by 2027 [10] IPO and Investment Climate - Hong Kong's IPO fundraising is expected to reach nearly 80 billion HKD this year, placing it among the top globally [11] - The Hong Kong Monetary Authority is preparing for potential interest rate increases as the Hong Kong dollar approaches its weak end of the trading band [10]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is implementing a series of financial policies to stabilize the market, including interest rate cuts and structural monetary policy tools, which are expected to boost investor confidence in the mainland economy [2] Company Performance - Kuaishou (1024) reported a 11% year-on-year revenue increase in Q1, with adjusted profit rising 4%, driven by the commercialization of its AI technology, contributing 150 million RMB in revenue for the quarter [4][10] - Xiaomi (1810) saw a 47.4% year-on-year revenue growth in Q1, with adjusted net profit reaching 10.676 billion RMB, exceeding market expectations [4][10] - Alibaba (9988) is reportedly in talks with investment banks regarding the sale of its stake in ZTO Express (2057) [4][10] - Tencent Music (1698) is acquiring approximately 9% of SM Entertainment for 1.4 billion RMB [4] Economic Indicators - The US Federal Reserve maintained interest rates, citing increased uncertainty in the economic outlook, with expectations of two rate cuts totaling 0.5% this year [4] - China's industrial profits grew by 3% year-on-year in April, marking the fastest growth rate of the year, with total profits reaching 2.117 trillion RMB [8] - The automotive industry in China reported a revenue increase of 7% in the first four months of 2025, but profits declined by 5.1%, indicating rising cost pressures [8][10] Industry Trends - The pharmaceutical sector is benefiting from renewed COVID-19 outbreaks and ongoing cooperation between Chinese and American pharmaceutical companies [7] - New consumption sectors are showing resilience, particularly in low-priced and emotional consumption-related demands [7] - The automotive industry is facing challenges with profitability, as major manufacturers are under pressure to control costs while maintaining quality [10]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）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而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 New Amante Group Limited 新愛德集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8412） 自願性公告 – 業務最新狀況 本公告乃由新愛德集團有限公司（「本公司」，連同其附屬公司統稱「本集團」）按自願性 質發布。本公告旨在使本公司股東（「股東」）及潛在投資者了解本集團的最新業務發展。 本公司董事（「董事」）會（「董事會」）欣然宣布本集團策略舉措及營運調整的最新資訊。 這些努力旨在在食品及飲料業務方面探索跨地區的新業務及商業模式，同時確保該等新業務 與本集團現有業務保持一致。本公司的重點仍在優化資源配置、提高盈利能力，並應對本公 司持續經營的挑戰。 現有業務營運調整 本公司正積極監控其在香港現有門店的表現，包括： 擴展業務至中國內地可能性 除了香港的營運調整外，本公司還探索了多個進軍中國內地的潛在投資機會。這些舉措與本 集團的核心業務板塊一致，包括俱樂部、娛 ...