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]

Core Viewpoint - HSBC's stock price has shown a strong upward trend, successfully breaking through key moving averages, indicating a robust bullish channel despite some technical divergence signals suggesting potential short-term adjustments [1]. Technical Analysis - As of July 18, HSBC's stock price reached 98.1 HKD, up 0.46%, with significant support at MA60 (92.35 HKD) and immediate support at 95 HKD. A drop below 95 HKD could lead to a further decline to 91.7 HKD. The psychological resistance level is at 99 HKD, with a potential challenge at 104.7 HKD if broken [1]. - The RSI indicator is at 72, indicating an overbought condition, while the 5-day volatility is at 2.7%, suggesting stable investor sentiment [1]. - Current upward probability is estimated at 53%, supported by a moderate increase in trading volume, indicating orderly capital inflow into the stock [1]. Derivative Instruments Performance - On July 16, HSBC-related derivatives demonstrated strong leverage effects, with Morgan Stanley's bull certificate (56622) and UBS's bull certificate (56446) both recording a 9% increase over two days, reflecting effective participation tools in the banking stock market [3]. - UBS call option (13631) and Bank of China call option (15974) also performed well, achieving gains of 7% and 6% respectively [3]. Recommended Derivative Instruments - For investors optimistic about HSBC's future, the call option (15475) is highlighted for its high leverage of 12.4 times and a strike price of 115.88 HKD, offering cost-effectiveness [6]. - For risk-averse investors, Bank of China put option (16855) provides a leverage of 7.1 times with a strike price of 81.5 HKD, while UBS put option (16699) offers 6.1 times leverage [6]. - Bearish instruments include UBS bear certificate (60586) with 11.7 times leverage and Morgan Stanley bear certificate (60926) with 10.6 times leverage, with respective recovery prices set at 105 HKD and 106 HKD [6].

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].

Core Viewpoint - China Construction Bank (CCB) has shown strong stock performance, with a recent price of HKD 8.1, indicating a bullish trend and attracting investor attention [1][4][8]. Technical Analysis - CCB's stock has consistently maintained upward momentum, breaking through key moving averages and approaching significant resistance levels, suggesting a strong upward trajectory [1][4][8]. - The technical indicators are predominantly signaling a "strong buy," with a high rating of 16 points, indicating a consensus among various technical factors [7]. - The stock's recent price movements have resulted in a bullish alignment of moving averages, with the stock currently positioned above MA10 (HKD 7.90), MA30 (HKD 7.47), and MA60 (HKD 7.10) [4][8]. Market Activity - CCB's stock has experienced a moderate volatility of 3.6% over the past five days, with increased trading volume supporting the upward trend [4][8]. - The stock's RSI is currently at 72, indicating it is in the overbought territory, which may suggest potential short-term corrections but does not negate the overall bullish trend [4][8]. Derivative Products - Several derivative products linked to CCB have shown significant leverage effects, particularly call options, which have outperformed the underlying stock in terms of percentage gains [2][9]. - Specific call options, such as those from UBS and HSBC, are highlighted for their favorable pricing and leverage characteristics, making them suitable for investors looking to capitalize on CCB's upward movement [9]. - Conversely, put options from JPMorgan and Citigroup are noted for their potential in scenarios where stock price corrections are anticipated, providing investors with options for risk management [12]. Investment Strategy - The current market conditions present a favorable opportunity for both medium-term holders and short-term traders, with strategies suggested for entering positions around key support levels or after breaking through resistance [7][8]. - Investors are advised to consider the technical signals and market dynamics when selecting appropriate derivative products to enhance potential returns [8][9].

Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months, following a reduction in tariffs between the US and China [2] - The market sentiment remains cautious due to limited progress in US-China trade talks and a lack of significant economic stimulus from mainland China [2] Macro Focus - The Caixin China Services PMI fell to 50.6 in June, below expectations, indicating a slowdown in service sector expansion [3][8] - Retail sales of new energy vehicles in China increased by 25% year-on-year in June, with a penetration rate of 52.7% [8] - The Ministry of Commerce plans to strengthen guidance on second-hand vehicle exports, aiming to support the development of the second-hand car market [8] - The Macau gaming sector saw a 19% year-on-year increase in June gaming revenue, exceeding expectations [6] Company News - Alibaba issued over 12 billion HKD in zero-coupon convertible bonds for Alibaba Health [3] - Geely Auto is entering the Italian market, while XPeng's G7 model starts at 195,800 RMB [3] - HSBC Holdings sold its UK insurance business for approximately 260 million GBP [3] Industry Insights - The biotechnology sector is expected to benefit from new measures supporting the high-quality development of innovative drugs [6] - The textile industry anticipates improved orders as Nike's performance is expected to stabilize [6] - The solar industry is facing challenges due to low-price competition, prompting the Ministry of Industry and Information Technology to call for comprehensive governance [9] IPO Market - KPMG estimates that the total amount raised from new IPOs in Hong Kong could reach up to 250 billion HKD this year, with over 200 applications currently being processed [9]

Market Overview - The Hang Seng Index is facing resistance at 24,700 points, with a projected P/E ratio of 11 times over the next 12 months [2] - The recent US-China trade talks have led to a reduction in tariffs, with US tariffs on Chinese imports dropping from 145% to 30%, and Chinese tariffs on US imports decreasing from 125% to 10% [2] - The inflow of capital from mainland investors has slowed, and corporate earnings improvements are limited [2] Economic Indicators - The People's Bank of China (PBOC) has mandated that cash transactions over 100,000 RMB for gold and diamonds must be reported starting August [4] - The National Development and Reform Commission (NDRC) has completed the allocation of 800 billion RMB for construction projects this year [4] - Hong Kong's retail sales rose by 2.4% in May, ending a 14-month decline [4][10] Corporate News - Luxshare Precision is planning to raise 1 billion USD through an H-share listing in Hong Kong [5][11] - Alibaba repurchased approximately 56 million shares for 805 million USD in the last quarter [11] - Xiaomi is prioritizing domestic delivery issues for its new car model YU7, with plans to expand production [11] - Geely is set to launch its brand of cars in the UK, starting with the electric SUV EX5 [11] IPO Market - PwC forecasts that Hong Kong's IPO fundraising will exceed 200 billion RMB this year, potentially making it the top global market [9] - The first half of the year saw Hong Kong's IPO market raise 107.1 billion RMB, a sevenfold increase from the previous year [9] Sector Focus - The biotech sector is expected to benefit from new government measures supporting high-quality development [8] - Macau's gaming revenue in June increased by 19% year-on-year, surpassing expectations [8] - The textile sector anticipates improved orders following Nike's performance [8] Banking Sector - KPMG reported that Hong Kong's banking sector showed resilient growth, with total assets increasing by 4.5% to 24 trillion RMB [10] - The non-performing loan ratio rose from 1.65% to 2.15%, primarily due to challenges in the commercial real estate sector [10]

Group 1: Market Overview - The Hang Seng Index closed at 24,325 points, with a technical signal summary indicating a "buy" recommendation, supported by 14 buy signals and 4 sell signals, suggesting potential further upward movement with resistance at 24,714 points [1] - The Bollinger Bands indicate a top at 24,600 points, aligning with investor expectations, while support is noted at 23,719 points, indicating a cautious market sentiment [1] Group 2: Xiaopeng Motors (09868.HK) - Technical signals for Xiaopeng Motors indicate a "strong sell" with 16 sell signals and no buy signals, reflecting a bearish market atmosphere [3] - The support level is identified at 71.4 HKD, and if breached, the stock may test 66.3 HKD, suggesting investors should wait for a more favorable entry point [3] Group 3: Zijin Mining (02899.HK) - Zijin Mining's closing price was 16.8 HKD, with a technical analysis summary indicating a "buy" recommendation, although it remains cautiously optimistic [6] - Resistance levels are set at 20.5 HKD and 21.6 HKD, both below the investor's target of 25 HKD, indicating a need for patience before reaching higher price points [6] Group 4: China Hongqiao (01378.HK) - The stock is currently in a "buy" position, with the first resistance level at 18.7 HKD, which if surpassed, could lead to a challenge of 20.3 HKD [9] - Recent price movements have been positive, suggesting potential for short-term gains if the stock breaks through the identified resistance [9] Group 5: Geely Automobile (00175.HK) - Geely's technical signals indicate a "strong sell" with 17 sell signals and 2 buy signals, reflecting a bearish outlook [12] - Investors are advised to consider suitable products that match their risk tolerance, as the market conditions may not favor immediate buying opportunities [12] Group 6: HSBC Holdings (00005.HK) - HSBC's stock price closed at 95.4 HKD, with a technical analysis suggesting a "buy" signal and an overall optimistic outlook [15] - Resistance levels are identified at 98.7 HKD and 102 HKD, while support is at 92.4 HKD, indicating potential for further upward movement [15]

Core Viewpoint - The recent performance of China Construction Bank (00939.HK) shows strong upward momentum, with the stock price reaching HKD 8.11, marking a 1.37% increase and breaking through several resistance levels [1][3][7] Price Structure - The stock has clearly broken out of its previous consolidation phase, approaching the technical resistance level of HKD 8.20, with short-term support at HKD 7.72 and secondary support at HKD 7.29 [3][6] - The stock's 5-day volatility reached 8.1%, indicating increased market participation and suggesting a favorable environment for short-term trading strategies [3][6] Technical Indicators - The stock is currently rated as "strong buy" with a composite signal strength of 16, indicating a bullish trend across multiple core indicators [6][8] - The RSI is at 79, entering the overbought territory, reflecting strong buying momentum, although it has not yet formed a reversal signal [3][6] - Other indicators such as CCI, momentum, and VR are still signaling buy, confirming the dominance of bullish capital [3][6] Trading Volume and Market Sentiment - The trading volume reached HKD 3.391 billion, reflecting significant capital deployment, especially as the stock price broke previous resistance levels [6][8] - The MACD continues to maintain a bullish structure, indicating that the price has entered an upward cloud, suggesting a shift towards a bullish trend [6][8] Derivative Products - The performance of related derivative products, particularly call options and bull certificates, has been notable, with some call options showing returns significantly higher than the underlying stock [1][7] - Specific call options, such as those issued by UBS and HSBC, offer high leverage ratios, making them suitable for short-term traders looking to capitalize on the stock's upward potential [7][8] Investment Strategy - The current technical setup supports aggressive deployment strategies, with call options suitable for capturing short-term breakout trends, while bull certificates are appropriate for participating in mid-term upward movements [8][11] - Investors should monitor changes in trading volume and market volatility closely, ensuring strict stop-loss measures to mitigate risks associated with short-term fluctuations [11]