Market Overview - The Hong Kong stock market experienced a rebound on July 7, with net inflows from southbound funds exceeding 12 billion HKD, indicating a recovery trend [1][23] - The Hang Seng Index closed at 23,887.83, down 0.12%, while the Hang Seng Technology Index rose by 0.25% to 5,229.56 [2][23] Sector Performance - Large technology stocks showed mixed results, with Kuaishou and Tencent rising over 1%, while Netease and Xiaomi saw slight declines [4][23] - Gaming stocks continued to perform well, with analysts predicting high single-digit growth in total gaming revenue for the second half of the year, particularly benefiting companies like MGM China [2][7] - Cryptocurrency-related stocks saw significant gains, with Guotai Junan International rising over 10% and New Fire Technology Holdings increasing by over 7% [5][6] Real Estate Sector - Real estate stocks generally rose, with Sunac China and New City Development gaining over 4% [8][10] - Analysts noted a weak recovery trend in the housing market, with new and second-hand home sales showing month-on-month growth in June [10] Education Sector - Education stocks saw a broad increase, with China Oriental Education rising over 4% [11][10] Energy Sector - The energy sector was active, with Datang Power rising over 4% and other major players like Huadian International and Huaneng International also showing gains [12][10] Beverage Sector - Beverage stocks collectively strengthened, led by Cha Bai Dao, which surged by 11% [13][10] Dairy Sector - Dairy stocks faced significant declines, with China Feihe dropping over 17% [15][10] Gold Sector - Gold stocks were collectively weak, with major companies like Zhaojin Mining and Shandong Gold experiencing declines of over 5% [16][10] Non-Ferrous Metals Sector - The non-ferrous metals sector saw most stocks decline, with Jiangxi Copper and China Aluminum both dropping over 3% [17][10] Biopharmaceutical Sector - Biopharmaceutical stocks experienced a pullback, with several companies like Innovent Biologics and WuXi Biologics declining over 4% [19][10] Apple Concept Stocks - Apple-related stocks mostly fell, with companies like Gao Wei Electronics and Tongda Group seeing declines [20][10] Solar Energy Sector - The solar energy sector faced a collective downturn, with Kamda Solar dropping 8% [21][10] Investment Outlook - Analysts from China Galaxy Securities suggest that Hong Kong stocks have a relatively low absolute valuation and recommend focusing on technology and consumer sectors for potential investment opportunities [23][10]

Core Viewpoint - The rise of brand-owned podcasts reflects a shift in marketing strategies, emphasizing content creation over traditional advertising methods, allowing brands to build trust and engage with consumers on a deeper level [3][21][40]. Group 1: Growth of Podcasts - The Chinese podcast market saw significant growth, with the number of podcasts increasing from 11,000 in June 2020 to 42,000 by June 2024 [3][5]. - Over 30 brands have ventured into creating their own podcasts in the past five years, including luxury brands like GIADA and LV, as well as tech companies like Feishu and retail brands like Sam's Club [11][20]. Group 2: Popularity of Brand Podcasts - The most popular brand podcasts often fall into two categories: those providing practical value, primarily in tech and finance, and those focusing on the "spiritual world" of contemporary individuals [14][16]. - Notable examples include GIADA's "岩中花述" with 121,000 subscribers and Feishu's "组织进化论" with 27,000 subscribers [11][14]. Group 3: Reasons for Brand Podcasting - Brands are increasingly opting for self-produced podcasts to create content that feels less like advertising and more like genuine engagement, fostering trust with consumers [21][40]. - The podcast format allows for deeper storytelling and connection, appealing to a younger, educated audience that values both information and emotional engagement [25][28]. Group 4: Podcast Production Insights - Successful podcasts often rely on the charisma of hosts and the expertise of guests, with a focus on creating valuable content that resonates with listeners [31][39]. - Brands are encouraged to balance professional insights with relatable content to lower barriers for understanding complex topics, especially in finance [40][41]. Group 5: Challenges and Opportunities - Despite the potential for engagement, brands face challenges in reaching wider audiences, as emotional connections are often more effective than functional value in attracting listeners [40][41]. - High-quality content and genuine emotional resonance are key to building a brand's trust asset through podcasts [39][42].

- The report introduces a timing strategy for the Hang Seng Tech Index based on the CDS indicator. The strategy uses the rolling 4-year z-score of the CDS level and the 20-day difference to assign scores and portfolio allocations. For example, when the CDS is declining and at a low level, 100% of the portfolio is allocated to the Hang Seng Tech Index. Conversely, when the CDS is rising and at a high level, no allocation is made to the index[10][11] - The timing strategy achieves an annualized excess return of 9.8% relative to the Hang Seng Tech Index, with an annualized volatility of 20.4%, a maximum drawdown of 34.3%, and a Sharpe ratio of 0.80[10][16] - The report evaluates the macroeconomic environment using a six-cycle model based on monetary, credit, and growth factors. It identifies the current phase as "credit expansion (Stage 1)," which historically favors growth-oriented assets like the Hang Seng Tech Index. During this phase, the index demonstrates higher returns compared to other broad-based indices[14][17][19]

金十数据7月4日讯，港股今日呈低位震荡态势，午后港股主要股指跌幅缩窄。截至港股收盘，恒生指数 跌0.64%，恒生科技指数跌0.33%。今日恒指大市成交额达2678.08亿港元。板块个股方面，大型科技股 普遍下跌，美团(03690.HK)跌1.6%，阿里巴巴(09988.HK)、小米集团(01810.HK)跌1%。生物医药股在继 续强势，圣诺医药(02257.HK)涨超20%，荣昌生物(09995.HK)、药捷安康(02617.HK)均涨超10%。光伏 能源股中，信义能源(03868.HK)收涨15%。 港股收评：恒生指数跌0.64% 创新药、光伏概念股逆势上扬 ...

Core Insights - The rise of Chinese podcasts has been significant, with the number of podcasts increasing from 11,000 in June 2020 to 42,000 by June 2024, indicating a growing trend in content consumption [2] - Brands are increasingly creating their own podcasts, moving away from traditional advertising methods to engage consumers more authentically [3][4] Brand Engagement in Podcasting - Over 30 brands have started producing their own podcasts in the past five years, including luxury brands like GIADA and LV, and tech companies like Feishu and Zhihu [6] - Brand-owned podcasts allow for greater control over content and messaging compared to third-party collaborations [4] Types of Brand Podcasts - Two main categories of brand podcasts have emerged: those focusing on practical value (e.g., career and finance) and those exploring contemporary issues related to brand philosophy [7][8] - Examples include Feishu's "Organizational Evolution" podcast, which shares workplace insights, and GIADA's "Rock in the Flower," which discusses women's issues [7][8] Reasons for Brand Podcasting - Brands prefer self-produced podcasts as they foster a sense of trust and authenticity, moving away from overt sales tactics [9] - Podcasts are seen as a way to convey brand values and engage with a curious, educated audience, particularly among younger demographics [12][13] Audience Characteristics - Podcast listeners tend to be younger, well-educated, and have higher income levels, with a significant portion being from first-tier and new first-tier cities [12][13] Production Process - The production of brand podcasts is described as flexible and lightweight, allowing brands to create high-value content with relatively low effort [14] - Successful podcasts often focus on storytelling and emotional engagement, making complex topics more relatable [19] Challenges and Strategies - Brands face challenges in reaching wider audiences, particularly in balancing functional and emotional value in their content [20] - Financial podcasts, for instance, aim to simplify complex topics to resonate with a broader audience [20] Conclusion - Brand-produced podcasts represent an effective communication strategy, emphasizing quality content and genuine engagement over direct marketing efforts [21]

日本的汽车关税成死结。历经七轮磋商，核心的汽车关税问题仍无解。特朗普近日更"敲打"日本说，他 可以对从日本进口的商品征收"30%或35%或任何我们确定的数字"的关税，施压意图明显，日本汽车业 面临严峻考验。接下来要看日本汽车产业界是否会"松口"了。 7月9日，这个看似普通的日子，正成为悬在美国对外贸易头上的"达摩克利斯之剑"。这一天，是特朗普 政府给予主要贸易伙伴的"对等关税"90天缓征期的截止日。当初"90天签90项协议"的豪言犹在耳畔，如 今谈判桌上却仅添英国一笔，谈判僵局如何破解？这不仅关乎全球供应链，更将美国自身置于经济与外 交的双重压力之下。 首先，盟友们纷纷"翻脸"，多国民间掀起了"抵制美国货"的运动；其次，累及美国旅游业，《华盛顿邮 报》称，对美国总统特朗普的贸易政策和好战言论感到担忧的外国游客，纷纷取消赴美旅行计划；再 次，美国国际形象断崖式下滑。世界各地民众对美国形象的评价大幅下滑，特别是美国的传统盟友和邻 国，对美国的"好感度"骤降，其自私自利、霸道霸凌的行径暴露无遗，正加速西方盟友体系的离心离 德。 另外，美国挥舞"关税大棒"一通操作下，美国自身的经济表现真的变好了吗？ 美国贸易逆差的格 ...

Group 1 - The core viewpoint of the article highlights the positive market atmosphere created by the trade agreement between the US and Vietnam, leading to a collective rise in the Hong Kong stock market [1] - The Hong Kong Stock Connect Technology ETF (513860) experienced a slight decline of 0.56% as of 10:35 AM, despite having gained over 4% last week and nearly 30% year-to-date [1] - Notable stock performances include a rise of over 7% for companies like Innovent Biologics and CanSino Biologics, while companies such as Kelun-Biotech and Zai Lab saw increases of over 6% [1] Group 2 - The Hong Kong Monetary Authority (HKMA) intervened in the market by selling US dollars and buying Hong Kong dollars, involving an amount of HKD 20.018 billion to stabilize the currency [1] - The total bank system surplus has decreased to HKD 144.1 billion, following a cumulative purchase of approximately HKD 30 billion by the HKMA from June 26 to July 2 [1] - The Hibor rate has dropped from 4.5% to 0.4%, indicating a significant change in the liquidity environment [1] Group 3 - Goldman Sachs indicated a strong interest from investors in the Hong Kong market and Hong Kong dollar assets, with a relatively abundant liquidity environment [1] - The Hong Kong IPO market remains active without causing liquidity issues, and there is an increasing demand for the Hong Kong dollar from overseas investors [1] - The top ten weighted stocks in the Hong Kong Stock Connect Technology ETF (513860) account for 69.41% of the index, including major companies like Xiaomi, Tencent, and BYD [1]

值得一提的是，港股核心科技板块在经过近一个季度的调整后，估值已处于相对低位，未来上涨空间可 期。截至2025年6月30日，恒生科技指数ETF（513180）标的指数的最新估值（PETTM）仅20.10倍，处 于指数2020年7月27日发布以来约8.51%的估值分位点，即当前估值低于指数发布以来91%以上的时间。 一旦有利好事件作为催化剂，板块高成长、高弹性的特质或将带来强劲的上涨动力。目前，情绪面改善 和流动性充裕为港股科技板块下一阶段的上涨奠定了重要基础，仅待相关科技叙事的主题催化。 数据显示，6月南下资金重新开始大幅净流入港股市场，单月净流入额为803亿港元。截至2025年6月30 日，南下资金累计净流入港股市场7312亿港元，相当于2024年全年净流入规模的91%，且远超前几年同 期水平。南下资金无疑是本轮港股行情重要增量资金来源。 7月3日早盘，港股三大指数高开低走，恒生科技指数一度跌近1%，恒生科技指数ETF（513180）跟随 指数下行，持仓股中，金山软件、阿里健康、阿里巴巴、美团等领跌，蔚来、中芯国际等领涨。 方正证券认为，南下资金仍在持续加速流入港股市场，流动性环境整体较为友好。今年南下资金主 ...

金十数据7月2日讯，港股主要股指高开回落，恒生科技指数盘初一度涨超1%后快速回落。截至午间收 盘，恒生指数收涨0.62%，恒生科技指数收跌0.27%。盘面上，大型科技股多数转跌，快手(01024.HK) 跌2%，网易(09999.HK)跌1%，腾讯控股(00700.HK)、阿里巴巴(09988.HK)、京东(09618.HK)半日均收 绿。银行股普遍拉升，内银股涨幅居前，建设银行(00939.HK)股价再创新高，民生银行(01988.HK)、青 岛银行(03866.HK)、重庆银行(01963.HK)涨幅居前。 港股午评：恒生指数半日涨0.62% 银行股表现活跃 ...

Group 1 - The establishment of the Joint Fund marks the formal participation of private enterprises as "questioners" in national basic research [1] - The Joint Fund operates by allowing private enterprises to fund and propose research topics, while the National Natural Science Foundation provides a platform to find suitable research institutions and personnel to address these topics [1][2] - The Joint Fund aims to stimulate innovation vitality in private enterprises and inject new momentum into the implementation of the innovation-driven development strategy [1][2] Group 2 - Private enterprises have increasingly become a significant support force in the continuous growth of basic research investment, with major companies like Huawei and Tencent committing to increase their investments [2] - The legal framework now supports private enterprises' participation in national scientific research projects, encouraging them to lead major technological breakthroughs [2] - The terms "questioner" and "answerer" highlight the importance of private enterprises in basic research investment, emphasizing the need for both centralized efforts and market-driven support [2] Group 3 - The establishment of the Joint Fund aims to bridge the gap between private enterprises with strong R&D funding and research institutions that may have valuable innovations but lack market application [3] - The Joint Fund seeks to attract and mobilize various technological resources and innovative talents through deep integration of industry, academia, and research [3] - The Joint Fund is just one aspect of the broader integration of industry and academia, with more avenues for exploration available [3] Group 4 - Adhering to the principle of "contract" is crucial for the successful operation of the Joint Fund, ensuring that all parties involved fulfill their responsibilities [4] - If any party violates the contract, they will bear corresponding responsibilities, ensuring accountability among private enterprises, fund management institutions, and research institutions [5] - The Joint Fund establishes a framework where private enterprises must fund and monitor progress, while research institutions must deliver quality results based on the requirements of the private enterprises [5]