Group 1 - The core viewpoint indicates that Great Wall Motors (02333.HK) has shown a strong rebound, breaking the resistance level of 17.86 and aiming for 20, with a current price of 18.4, reflecting a 2.28% increase [1][2] - Technical analysis shows that Great Wall Motors has broken through all major moving averages, with the 10-day moving average at 15.76 acting as immediate support, while the 30-day and 60-day moving averages provide strong support at 14.15 and 13.25 respectively [1][2] - The first resistance level is identified at 19.2, with a potential challenge to the second resistance at 21.5 if the first is surpassed [2] Group 2 - The RSI indicator has surged to 84, indicating an overbought condition and significant short-term adjustment pressure, while multiple oscillators show neutral signals [4] - Recent performance of call options has been impressive, with UBS call option 13608 recording a 26% increase and HSBC call option 13606 showing a 25% rise, significantly outperforming the underlying stock's 5.2% increase [4] - Investors are advised to consider HSBC call option 13606 and UBS call option 13608, both with a strike price of 18.82 and offering a leverage of 4.8 times, as suitable options for bullish investors [7]

Core Viewpoint - The article discusses the mixed performance of technology stocks in the Hong Kong market, particularly focusing on Xiaomi Group (01810), which is facing significant technical challenges and support levels [1]. Company Performance - Xiaomi's stock price was reported at 52.52 HKD, up 1.56%, but is currently below key moving averages, indicating a bearish short-term trend [1]. - Major investment banks have provided mixed outlooks: - CMB International noted strong performance in Xiaomi's automotive segment and adjusted the target price from 67 HKD to 60 HKD while maintaining a "Buy" rating [1]. - Cathay Securities highlighted substantial overperformance in automotive profitability and adjusted the target price to 77.5 HKD, maintaining an "Overweight" rating [1]. Technical Analysis - Support levels are identified at 49.8 HKD and 48.1 HKD, which are critical for bulls to defend [3]. - Resistance levels are seen at 53.9 HKD and 57.1 HKD, with the current price nearing key support, suggesting potential for a short-term rebound [3]. - The RSI indicator is at 39, indicating heavy selling pressure but nearing oversold territory, while volatility indicators suggest a severe oversold condition that may lead to a bottoming out [3]. Derivative Instruments - Investors anticipating a technical rebound may consider call options with a strike price of 60 HKD, offering a leverage of 3.8 times [6]. - For bearish investors, put options with a strike price of 46.45 HKD are available, providing a leverage of 3.1 times [6]. - Bullish investors can look at UBS bull certificates with a redemption price of 49 HKD, offering a leverage of 16 times [8]. Market Sentiment - The article invites investors to consider the current technical position of Xiaomi and whether the support zone of 48.1-49.8 HKD can hold, or if further declines are expected [11].

Core Viewpoint - The automotive sector in Hong Kong is experiencing increased volatility, with Great Wall Motors (02333) showing notable price movements and technical indicators suggesting potential short-term adjustments [1][3]. Technical Analysis - Great Wall Motors' stock price reached HKD 17.76, up 5.21%, indicating strong recent performance but also showing clear overbought signals [1]. - The stock is at a critical technical turning point, remaining above all major moving averages, with the 10-day moving average at HKD 15.34 providing recent support [1]. - Key support levels are identified at HKD 15.2 and HKD 13.6, while resistance is seen at HKD 18.3, with a potential challenge of HKD 20.2 if the upper resistance is breached [1]. - The current price is only 8.3% away from recent highs, while there is a 10% adjustment space to the first support level, necessitating careful risk-reward assessment [1]. Overbought Signals - Technical indicators show significant overbought conditions, with the RSI reaching 84, indicating substantial short-term adjustment pressure [3]. - Multiple oscillators are signaling sell conditions, with the Williams and stochastic indicators also reflecting overbought status [3]. - Momentum indicators are suggesting a "sell" signal, reinforcing the caution for investors regarding potential short-term pullbacks [3]. Derivative Products - Investors looking for opportunities in derivatives can consider UBS call warrant 13608, with a strike price of HKD 18.82 and a leverage of 5.1 times [5]. - Another option is HSBC call warrant 13606, also with a strike price of HKD 18.82, offering a leverage of 5.2 times, which is among the higher leverage options [5]. - JPMorgan call warrant 14482 provides a leverage of 4.9 times, with a premium of 15.63% and an implied volatility of 60.65%, suitable for investors optimistic about future market performance but wanting to manage premium costs [5].

Product Strategy & Market Adaptation - Tesla reversed course on its controversial turn signal button design, indicating a willingness to listen to market feedback [1] - The return of the traditional turn signal stalk, initially on the new Model 3, suggests a shift towards greater flexibility in design choices [1] - Tesla China's team demonstrated its influence by bringing back the turn signal stalk, highlighting the importance of regional market demands [1] - Existing Tesla owners can retrofit their vehicles with the traditional turn signal stalk for 2499 RMB [1] Implications for Tesla - This decision challenges the perception of Elon Musk as inflexible and demonstrates a capacity to adapt to consumer preferences [1] - The return of the stalk signals a potential move towards a more adaptable and market-driven approach for Tesla to win market share [1]

Market Overview - The US stock market is consolidating at high levels, with the Dow Jones facing resistance at 45,000 points and the S&P 500 slightly down by 0.03% [9] - The Japanese stock market reached a new high, with the Nikkei index rising by 0.77% to close at 43,714 points, showing mixed performance among tech stocks [9] - Strong corporate earnings were reported, with 92% of S&P 500 constituents exceeding expectations, and earnings per share increasing by 11% year-on-year, attributed to companies finding ways to mitigate tariff impacts and benefiting from a weaker dollar [9] - The US dollar index rose to 98.089, with dollar short positions declining for five consecutive weeks to $4.6 billion [9] - US 10-year Treasury yields increased to 4.3277%, as the market bets on a rate cut in September [9] Investment Strategies - Focus on earnings performance, recommending a high allocation to AI/technology assets while also considering high dividend stocks [9] - For Japanese stocks, the Nikkei's new high suggests short-term trading opportunities in Japanese stock ETFs [9] - Utilize structured products designed to capture market fluctuations linked to US stocks [9] - Implement volatility strategies using VIX-related products to seize short-term market movement opportunities [9] Key Company Highlights - 瑞声科技 (AAC Technologies) plans to hold a board meeting on August 21 to approve mid-term results, with expectations of significant revenue and net profit growth due to upgrades in Apple's acoustic and haptic product specifications, a recovery in consumer electronics, and explosive growth in AI and automotive sectors [21] - 吉利汽车 (Geely) reported a record total revenue of 150.3 billion RMB for the first half of 2025, a year-on-year increase of 27%, with core profit growing by 102% and gross margin rising to 16.4% [21] - 金山云 (Kingsoft Cloud) saw AI-related revenue grow by 228% year-on-year in Q1 2025, now accounting for 39% of public cloud service revenue, becoming a core growth engine for the company [21] Economic Data Releases - Upcoming economic data includes the Westpac Consumer Confidence Index for Australia, the unemployment rate for Hong Kong, and the Consumer Price Index for Canada and the US [19]

Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark, supported by a stable economic outlook in mainland China and a temporary easing of trade tensions between the US and China [2][4] - The market is currently active with a focus on earnings reports from major technology companies, which could provide momentum for future performance [2] Short-term Sector Outlook - Key market focus includes the unemployment rate in Hong Kong for July and earnings reports from companies such as Xiaomi, WuXi Biologics, Sunny Optical, and Pop Mart [3] Macro Focus - Chinese Premier Li Qiang emphasized the need for strong measures to stabilize the real estate market and boost effective investment, indicating a cautious but proactive approach to economic management [4][9] - The IDC reported a 4.1% decline in smartphone shipments in China for Q2, with Huawei regaining the top market position [9][10] Company News - WuXi Biologics reported a 53% increase in interim net profit to 750 million RMB, exceeding expectations [10] - Hansoh Pharmaceutical's interim net profit rose 15% to 3.134 billion RMB, also surpassing forecasts [10] - China Biologic Products saw a 12% increase in half-year profit, beating expectations [10] - Leap Motor recorded a net profit of 33.03 million RMB for the first time, exceeding expectations [10] - Tongcheng Travel's Q2 profit increased by 18%, aligning with expectations, and the company is optimistic about summer travel [10] Industry Developments - The online healthcare sector is experiencing increased penetration in drug sales, with clearer regulatory frameworks emerging [8] - The electric vehicle market is seeing a surge in new car releases in August, with some manufacturers raising their annual sales targets [8] Stock Performance - The Hang Seng Index closed at 25,177, down 0.37% year-to-date, it has increased by 25.51% [6] - The Hang Seng Tech Index rose by 0.65%, with a year-to-date increase of 24.87% [6] Investment Opportunities - Anker Innovations is reportedly considering a listing in Hong Kong, having seen its stock price rise over 50% this year [10] - NIO plans to enter new markets including Singapore, Uzbekistan, and Costa Rica, indicating expansion in the electric vehicle sector [10] - Zero Run Auto achieved a record delivery of 221,600 vehicles in the first half of the year, marking a 156% increase year-on-year [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對本公佈之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並表明不會就因本公佈全部或任何部份內容而產生 或因倚賴該等內容而引致之任何損失承擔任何責任。 GEELY AUTOMOBILE HOLDINGS LIMITED 175 80175 海外監管公佈 上市附屬公司－ZEEKR INTELLIGENT TECHNOLOGY HOLDING LIMITED 二零二五年第二季度未經審核財務業績公佈 本公佈由吉利汽車控股有限公司（「本公司」）根據香港聯合交易所有限公司證券上市規則 第13.10B條而作出。 ZEEKR Intelligent Technology Holding Limited（「極氪」）為本公司之非全資附屬公司，其 股份以美國存託股票形式於美國紐約證券交易所上市，已於二零二五年八月十四日向美 國證券交易委員會遞交表格6-K，內容有關極氪截至二零二五年第二季度之未經審核財務 業績（「二零二五年第二季度業績」）。詳情請參閱隨附之二零二五年第二季度業績。 本公佈以英文發佈，並備有中文譯本。如中英文版本內容有任何歧義或不一致，概以英 文版本為準。 承董事 ...

| 信號總結 | 賣出信號 中立信號 | 買入信號 | | --- | --- | --- | | 中立 | | O | 回顧近期窩輪表現，8月7日推薦的中銀認購證（28842）在吉利股價上漲2.61%後錄得14%的驚人漲幅，法興認購證（13152）也有12%的亮眼表現。 對於看好吉利汽車後市的投資者，目前市場上有幾檔優質窩輪產品值得留意。中銀認購證（28842）提供6.7倍槓桿，行使價18.52元，其最大優勢在於溢價相 對較低，適合追求成本效益的投資者。法興認購證（13152）則以6.9倍槓桿略勝一籌，行使價18.51元，不僅溢價是全市場最低，其引伸波幅與槓桿水平的搭 配也最為理想，是進取型投資者的首選。牛證方面，瑞銀牛證（57998）和摩通牛證（57284）都是不錯的選擇。瑞銀產品編號57998提供5.4倍槓桿，收回價 16.1元，其溢價水平為同類產品中最低；而摩通57284雖然槓桿略低為5.1倍，收回價16元，但實際槓桿卻是市場最高，且溢價同樣維持在較低水平。 | 15:21 | | 11 ? 15:21 | | | | --- | --- | --- | --- | --- | | AL Q C. ( ...

Key Points - The report highlights a significant surge in Apple's stock price, which has positively influenced the US stock market, particularly the technology sector [8][10] - Approximately 80% of S&P 500 companies exceeded market expectations in terms of EPS and revenue, driven mainly by strong earnings in the financial and communication services sectors [8][10] - The report notes an increase in US Treasury yields, with the 10-year yield rising by 10.2 basis points to 4.298% [8][10] - The report suggests a diversified credit bond strategy to manage interest rate and inflation volatility, with an average maturity of 5 to 8 years [8] - A multi-factor alpha model, sector rotation model, and event-driven model are recommended for stock selection [8] - The report recommends bullish structured products targeting strong stocks like Apple and Nvidia to capture short-term gains [8] Market Overview - The Dow Jones Industrial Average rose by 81 points or 0.18%, while the S&P 500 and Nasdaq increased by 0.73% and 1.21%, respectively [10] - The report indicates that the US economy shows signs of slowing down, with traders increasing bets on potential interest rate cuts by the Federal Reserve [10] - President Trump signed an executive order imposing a 25% additional tariff on goods from India, raising the total tariff rate to 50% [10] - The report mentions that Apple has committed to investing $100 billion in US manufacturing over the next four years, increasing its total investment to $600 billion [10] Company Focus - XPeng Motors reported a record delivery of 36,717 vehicles in July 2025, a year-on-year increase of 229%, indicating a strong growth trajectory [20] - Nine consecutive months of deliveries exceeding 30,000 units suggest a clear turning point in profitability and valuation recovery for XPeng Motors [20] - Nine Holdings' Q2 2025 results showed a revenue increase of 2.5% in the footwear manufacturing sector, with a shipment volume growth of 4.1% [20] - The report highlights that Vobile Group is a leader in digital content copyright protection and monetization, with expectations of AI-related revenue reaching tens of millions of dollars by 2025 [20] Economic Data - China's exports for July are estimated to grow at an annual rate of 5.6%, while imports are expected to decline by 1% [18] - The trade balance for China in July is projected at $104.8 billion, with foreign exchange reserves at $3.281 trillion [18] - In the US, the non-farm productivity for Q2 is estimated to increase by 2%, with initial jobless claims for the week ending August 2 expected at 222,000 [18]

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].