Summary of the Conference Call on H-shares Investing Industry Overview - The focus is on the H-shares market in Hong Kong, particularly the investment framework and performance outlook for H-shares and the broader China equity market [2][29]. Key Points and Arguments Investment Framework Update - Southbound investors have increased their allocation to HK equities to 21% of HK free float, prompting a reassessment of the investment framework for H-shares [2]. - Key factors influencing H-shares include: 1. Policy and regulations 2. Earnings, especially revision trends 3. Innovations 4. Fund flows, particularly from southbound investors 5. Valuations 6. Macro conditions 7. Geopolitics [2][30]. Market Sentiment and Performance - The HK market may face pressure in the near term due to potential earnings downgrades, particularly in the food delivery sector [2][4]. - Despite this, there is optimism for "dip buying" due to attractive valuations, especially in AI-related tech stocks [4]. - The market has become less sensitive to geopolitical issues, with increased local liquidity impacting index performance more significantly [3][4]. Earnings and Economic Outlook - UBS analysts forecast a 4% downside to HSCEI consensus earnings, primarily due to competition in food delivery [4][63]. - The macroeconomic environment remains lukewarm with limited stimulus expectations in the near term [4]. - Earnings revision is identified as the most critical driver of stock price performance in the HK market [11][77]. Sector and Stock Selection - A barbell strategy is recommended, favoring select internet and tech stocks alongside high dividend names [5][24]. - Small-cap stocks are viewed as having potential for convergence with A-shares, supported by increased interest from southbound investors [5][28]. Fund Flows and Liquidity - Southbound inflows are expected to decelerate in the second half of the year, although they may be offset by foreign inflows [4][63]. - HIBOR has declined significantly, with expectations of a slight rebound, which may affect liquidity [4][64]. Policy and Regulatory Environment - Anticipated policy changes, particularly related to the "anti-involution" campaign, could provide support for the market [4][64]. - The influence of tariffs and geopolitical factors has diminished, although uncertainty remains [4][64]. Valuation and Market Drivers - Valuations are not cheap compared to historical levels but remain attractive relative to other major markets [65]. - The report suggests that the HK equity market is likely to consolidate as it awaits catalysts such as competition normalization in food delivery and government responses to economic slowdowns [70]. Additional Important Insights - The correlation between economic factors and stock performance has decreased, with earnings revisions becoming more significant [3][34]. - The report highlights the importance of innovation, particularly in AI and healthcare, as a supportive factor for market performance in the second half of the year [4][64]. - A detailed list of companies with significant earnings forecast downgrades was provided, including Meituan (-45%) and Zhongsheng Group (-36%) [56]. This summary encapsulates the critical insights and projections regarding the H-shares market and broader equity landscape in Hong Kong, emphasizing the evolving dynamics of investment strategies and market influences.

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Core Viewpoint - The company "拼好饭" (Pinduoduo) has launched initiatives to enhance transparency in the food delivery industry by encouraging restaurants to showcase their kitchen environments through live updates and images, aiming to build consumer trust and increase order volumes [2][3][4]. Group 1: Initiatives and Plans - "拼好饭" has introduced the "百万亮厨" (Million Bright Kitchen) plan, targeting 200,000 merchants to create a transparent benchmark by providing real-time updates of kitchen environments through images and live videos [2][3]. - The platform aims to support 1 million merchants in upgrading to transparent kitchens, offering subsidies and support for those who participate in live kitchen showcases [2][4]. - The "万家品牌" (Ten Thousand Brands) initiative will provide resources to 10,000 well-known restaurant brands, including traffic support and brand assistance [2]. Group 2: Consumer Engagement and Trust - The "食安日记" (Food Safety Diary) feature allows small merchants to easily document their kitchen environments using mobile devices, thereby lowering the barriers for food safety displays [3]. - Nearly 300,000 merchants have already begun showcasing their kitchen environments, with a goal to reach 1 million, enhancing consumer trust and potentially increasing order volumes [3][4]. - The company has established a dedicated area for merchants to display images of their storefronts, dining areas, and kitchens, emphasizing the importance of transparency in consumer decision-making [3]. Group 3: Support for Merchants - "拼好饭" has created a special certification for "亮厨商家" (Bright Kitchen Merchants), providing them with traffic advantages and homepage recommendations to boost visibility [5]. - The company has implemented a monitoring system involving on-site inspections and rider feedback to ensure compliance with hygiene and service standards among merchants [5]. - The commitment to transparency is seen as a key factor in promoting consumer confidence and enhancing the overall quality of the food delivery industry [5].

Economic Growth - The GDP of Changchun New Area grew by 6.4% year-on-year in the first half of the year, outperforming the national, provincial, and municipal growth rates by 1.2, 0.7, and 0.7 percentage points respectively, and accelerating by 1.2 percentage points compared to the first quarter [1] - The industrial economy in Changchun New Area showed strong support, with the industrial added value of designated enterprises increasing by 9.7% year-on-year, exceeding the provincial and municipal growth rates by 1.9 and 2.1 percentage points respectively [3] Investment and Infrastructure - Fixed asset investment in Changchun New Area increased by 10% year-on-year, surpassing the city and province by 4.9 and 9 percentage points respectively, with a project resumption rate of 96.5% for projects over 50 million yuan [5] Consumer Market - The retail sales of consumer goods in Changchun New Area reached 5.56 billion yuan, growing by 8.3% year-on-year, which is higher than the provincial and municipal growth rates by 2.8 and 6 percentage points respectively [7] - The accommodation and catering sector saw a year-on-year increase of 16.7% in revenue [7] Service Sector - The income of the regulated service industry in Changchun New Area grew by 22.8% year-on-year, outpacing the city by 3.8 percentage points, with significant growth in emerging sectors such as internet services, leasing and business services, and scientific research and technical services [9]

Group 1 - The majority of AI concept stocks in the Hong Kong market experienced declines, with Meitu (01357.HK) falling over 10% [1] - Bilibili (09626.HK) saw a drop of more than 5% [1] - Kuaishou (01024.HK) decreased by over 4% [1] - Alibaba (09988.HK) and Meituan (03690.HK) both fell by more than 2% [1]

Core Insights - The Hong Kong stock market has remained active in 2023, driven by accelerated inflows from southbound funds and the emergence of new industries, with an average daily trading volume of 173.8 billion HKD from January 1 to July 24, marking a historical high for the same period [1] Group 1: Market Performance - The Hong Kong Stock Connect 50 Index has become a focal point for investors, leading to increased trading activity in the Hong Kong Stock Connect 50 ETF (513550), which recorded an average daily trading volume of 132 million HKD from July 21 to July 24 [1] - The Hong Kong Stock Connect 50 ETF has seen a net inflow of 241 million HKD over four consecutive trading days, ranking among the top ETFs tracking the Hong Kong Stock Connect 50 Index [1] Group 2: Fund Growth - The fund size of the Hong Kong Stock Connect 50 ETF reached 2.805 billion HKD as of July 24, with a monthly increase of over 20%, making it the only ETF tracking the Hong Kong Stock Connect 50 Index with a size exceeding 1 billion HKD [1] Group 3: Index Composition - The top five weighted stocks in the Hong Kong Stock Connect 50 Index include HSBC Holdings, Tencent Holdings, Alibaba-W, Xiaomi Group-W, and China Construction Bank, representing both traditional financial giants and new economy leaders [1] - The index has increased by 48.38% over the past year, indicating its potential as a channel for capturing growth opportunities in new economy leaders within the Hong Kong stock market [1] Group 4: Market Outlook - According to recent research from CICC, RMB assets are expected to benefit from the accelerated fragmentation and diversification of the global monetary system, potentially leading to a return of some funds to the Chinese capital market, with Hong Kong stocks likely to benefit as offshore RMB assets [1] Group 5: Company Background - Huatai-PB Fund, one of the first ETF managers in the market, has over 18 years of experience in ETF operations, managing a total ETF size exceeding 520 billion HKD as of July 24, placing it among the top tier in the industry [1]

Group 1 - The Hang Seng Tech Index (HSTECH) decreased by 1.29% as of July 25, 2025, with mixed performance among constituent stocks [3] - Semiconductor stocks like SMIC (00981) and Hua Hong Semiconductor (01347) showed gains of 1.69% and 1.15% respectively, while Bilibili-W (09626) led the decline with a drop of 4.61% [3] - The Hang Seng Tech Index ETF (159742) fell by 1.28%, with a latest price of 0.77 yuan, but has seen a cumulative increase of 4.97% over the past week and 9.69% over the last ten trading days [3] Group 2 - Huachuang Securities noted that the tech sector is becoming more sensitive to industrial catalysts as tariff negotiations ease and earnings season concludes, with ongoing developments in AI applications [4] - The gaming sector is showing positive data for core products, suggesting potential investment opportunities [4] - The Hang Seng Tech Index ETF has a latest scale of 2.354 billion yuan, with recent inflows remaining balanced [4] Group 3 - The Hang Seng Tech Index ETF has seen a net value increase of 29.83% over the past three years, with a maximum monthly return of 33.70% since inception [5] - The ETF's Sharpe ratio for the past year is reported at 1.40, indicating a favorable risk-adjusted return [5] Group 4 - The ETF's management fee is 0.50% and the custody fee is 0.15%, with a tracking error of 0.047% over the past three years, the highest among comparable funds [7] - The latest price-to-earnings ratio (PE-TTM) for the Hang Seng Tech Index is 21.42, indicating it is at a historical low compared to the past five years [7] - The top ten weighted stocks in the Hang Seng Tech Index account for 70.32% of the index, including major companies like Tencent (00700) and Alibaba-W (09988) [7]

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Market Overview - The Hang Seng Index rose by 129 points or 0.5%, closing at 25,667, marking its fifth consecutive day of gains, totaling 1,168 points or 4.8% over this period [2][3] - The trading volume for the day was 294.81 billion HKD, with net inflow from northbound trading amounting to 3.72 billion HKD [2] Company Highlights - HSBC Holdings (00005) increased by 2.2%, closing at 102.2 HKD; Hong Kong Exchanges and Clearing (00388) rose by 1.9% to 448.2 HKD; Tencent (00700) gained 0.9% to 557 HKD; Meituan (03690) also increased by 0.9% to 134.4 HKD [3] - WuXi Biologics (02269) saw a significant rise of 3.8%, closing at 29.85 HKD; however, Alibaba (09988) and JD.com (09618) experienced slight declines of 0.5% and 0.6%, closing at 120.3 HKD and 133.3 HKD respectively [3] Industry Developments - The Hong Kong Trade Development Council Chairman met with the Chairman of Bank of China to enhance cooperation, aiming to strengthen Hong Kong's role as an international financial, shipping, and trade center [6] - The State Development and Reform Commission announced that 735 billion RMB of central budget investment has been allocated, focusing on modern industrial systems, infrastructure, and green development [8] - The State-owned Assets Supervision and Administration Commission emphasized the need to optimize the allocation of state-owned assets and promote technological innovation and industry upgrades [9] Corporate Actions - Pop Mart (09992) is in discussions with Hollywood companies to potentially produce a movie based on its Labubu character, indicating a strategic direction towards media collaboration [11] - XPeng Motors (09868) announced the delivery of its first locally produced XPeng X9 in Indonesia, marking a significant milestone in its global localization strategy [12] - SenseTime's smart automotive business is nearing completion of a significant financing round, with six ecosystem companies reportedly raising a total of 1.8 billion RMB [13] - Genting New Year (01952) announced a share placement to raise approximately 1.573 billion HKD, with proceeds allocated for global R&D and commercialization efforts [14]

Core Viewpoint - The launch of the large-scale popular science program "Understanding Car Intelligence" by Beijing Dongchedi Technology Co., Ltd. aims to educate consumers on the proper use of advanced driver-assistance systems (ADAS) and highlight the safety risks associated with over-reliance on these technologies [1][2] Group 1: Program Overview - The program features over 40 models from more than 20 popular brands equipped with comprehensive ADAS, simulating 15 high-risk accident scenarios in urban and highway settings [1] - The overall pass rate for the simulated scenarios is below 50%, with only three urban scenarios exceeding this threshold, indicating significant safety concerns when relying on ADAS [1][2] Group 2: Safety Insights - The program emphasizes that current ADAS capabilities have considerable room for improvement, and users should not fully trust or depend on these systems [2] - A reminder is issued that while the program's results do not represent the performance of the vehicles in all scenarios, the existing ADAS cannot handle certain complex and dangerous traffic situations effectively [2] Group 3: Industry Implications - The lack of certified Level 3 autonomous driving products in the domestic market means that users are primarily operating Level 2 systems, which require constant driver attention [2] - The initiative by Dongchedi is seen as significant for raising consumer awareness about the correct understanding of ADAS and the importance of driver safety [2]