Group 1 - On July 24, 2025, SMIC (00981), Alibaba-W (09988), and Tencent Holdings (00700) ranked as the top three companies by trading volume in the southbound trading of the Stock Connect, with trading volumes of 4.395 billion, 3.061 billion, and 2.944 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), SMIC (00981), and Alibaba-W (09988) also ranked as the top three, with trading volumes of 2.138 billion, 1.961 billion, and 1.635 billion respectively [1] Group 2 - In the southbound trading of the Stock Connect, the top active companies included SMIC (00981) with a trading amount of 4.395 billion and a net buy of -0.684 billion, Alibaba-W (09988) with a trading amount of 3.061 billion and a net buy of -0.373 billion, and Tencent Holdings (00700) with a trading amount of 2.944 billion and a net buy of +0.381 billion [2] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700) had a trading amount of 2.138 billion with a net buy of +0.158 billion, SMIC (00981) had a trading amount of 1.961 billion with a net buy of +0.667 billion, and Alibaba-W (09988) had a trading amount of 1.635 billion with a net buy of +0.178 billion [2]

7月24日港股通成交活跃股 （原标题：7月24日南向资金净买入37.19亿港元） 7月24日恒生指数上涨0.51%，报收25667.18点，全天南向资金通过港股通渠道合计净买入37.19亿港元。 证券时报•数据宝统计，7月24日港股通全天合计成交金额为1549.87亿港元，成交净买入37.19亿港元。 具体来看，沪市港股通成交金额991.31亿港 元，成交净买入21.52亿港元；深市港股通成交金额558.55亿港元，成交净买入15.67亿港元。 成交活跃股方面，沪市港股通前十大成交活跃股中，中芯国际成交额为43.95亿港元，成交金额居首；其次是阿里巴巴-W、腾讯控股，成交金额 分别为30.61亿港元、29.44亿港元。以净买卖金额统计，腾讯控股净买入额为3.81亿港元，净买入金额居首，该股收盘股价上涨0.91%。净卖出金 额最多的是中芯国际，净卖出6.84亿港元，收盘股价上涨3.08%。 深市港股通前十大成交活跃股中，成交额居首的是腾讯控股，成交金额21.38亿港元；其次是中芯国际、阿里巴巴-W，成交金额分别为19.61亿港 元、16.35亿港元。以净买卖金额统计，有6只股为净买入，净买入金额最多的是中芯国际 ...

Group 1: Alphabet's Performance - Alphabet reported Q2 revenue of $96.43 billion, a 14% year-over-year increase, and net profit of $28.2 billion, up 19% [2] - The core search business generated $54.1 billion in revenue, growing 11.7% year-over-year, exceeding analyst expectations [2] - Google Cloud revenue reached $13.6 billion, a 32% increase year-over-year, with operating profit of $2.83 billion, surpassing analyst forecasts [7] Group 2: AI and Market Position - Google's AI Overviews feature has over 2 billion monthly active users, contributing to the resilience of its search business [2][5] - 68% of users find Google's AI tools more effective than traditional search, indicating a significant increase in user satisfaction [5] - Despite concerns over competition from AI chatbots, Google's search dominance remains strong, with 85% of respondents identifying it as their primary search engine [3] Group 3: Tesla's Performance - Tesla's Q2 revenue fell 12% year-over-year, marking the largest quarterly decline since 2012, with adjusted EPS down 23% to $0.40 [10] - The company faced challenges from changes in electric vehicle tax credits and tariffs, leading to a significant drop in free cash flow by 89% to $146 million [10][11] - Regulatory credits revenue decreased over 26% quarter-over-quarter, adding to profitability pressures [10] Group 4: Market Trends and Stock Performance - The divergence in stock performance among major tech companies is evident, with Nvidia, Meta, and Microsoft seeing over 20% gains year-to-date, while Apple and Tesla have declined approximately 15% [10][16] - Alphabet's stock has remained relatively flat, increasing less than 1% year-to-date, amid regulatory scrutiny and competition concerns [16][17] - Tesla's stock has dropped about 17% since the beginning of 2025, reflecting investor concerns over its future profitability [17]

瑞穗银行：将阿里巴巴(BABA.N)目标价从160美元下调至149美元。 ...

Group 1: Market Trends - The Hong Kong stock market is experiencing a trend of "slowing buybacks and surging refinancing," with a significant increase in refinancing activities, up 183% year-on-year [1][7] - The buyback scale in July has contracted, with only 70 companies participating, totaling HKD 93.66 billion, a drop from previous months [2][3] - The total buyback amount for the year has exceeded HKD 1 trillion, reaching HKD 1,038.63 billion, with a notable increase from previous years [2][6] Group 2: Buyback Activities - The top five companies in buyback activities account for over 80% of the total buyback amount, with Tencent and HSBC leading at HKD 400.43 billion and HKD 204.97 billion respectively [3][4] - The buyback amount relative to market capitalization has increased significantly from 0.09% in 2021 to over 0.75% in 2024, indicating a growing trend in buybacks [2][6] Group 3: Refinancing Dynamics - The refinancing trend is primarily driven by emerging sectors such as automotive, robotics, and biotechnology, contrasting with traditional industry leaders [7][9] - BYD has raised the highest amount in refinancing at HKD 435.09 billion, representing 26.45% of the total refinancing scale for the year [7][8] - The flexibility of Hong Kong's refinancing mechanisms allows companies to raise funds efficiently, particularly in high-cost sectors like robotics and biotechnology [9] Group 4: Future Outlook - The future of buyback and refinancing activities will depend on market performance and liquidity changes, with the Hang Seng Index showing strong upward movement recently [10][11] - Analysts maintain an optimistic outlook for the Hong Kong market, citing low valuations and continued inflows of capital [10][11] - A structural market trend is anticipated, with potential sector rotations as companies report their semi-annual earnings [11]

Core Viewpoint - The article discusses the "Guidelines for Data Security Compliance in the Industrial and Information Technology Sector" released by the Ministry of Industry and Information Technology, which provides practical guidance for data processors to conduct comprehensive and standardized data security compliance management, enhancing the data protection capabilities of enterprises [1]. Group 1: Overview of Data Security Compliance - The purpose of data security compliance construction is to ensure that data processing activities are conducted in a lawful and secure manner [6]. - The guidelines provide a basis for data security compliance, outlining the applicable scope and definitions relevant to data security [6]. Group 2: Data Classification and Grading - Regular surveys of data conditions, security management systems, and risk monitoring capabilities are essential to identify weak points in data protection [8]. - A comprehensive data inventory should be maintained annually, detailing data types, levels, scales, processing methods, storage locations, and usage [9]. - Data should be classified based on industry requirements, business needs, and data sources, with specific classification rules established for different sectors [10][11]. - Data is graded into three levels: general data, important data, and core data, with identification rules based on national security and industry development [13][14]. Group 3: Data Security Management System - Establishing a data security organizational structure and management system is crucial for effective data protection [6]. - Key components include permission management, internal approval processes, system security management, and disaster recovery [6]. Group 4: Data Lifecycle Protection - The guidelines emphasize the importance of protecting data throughout its lifecycle, including collection, storage, usage, transmission, and destruction [6][7]. - Specific measures should be taken for data transfer and processing, ensuring compliance with relevant regulations [6]. Group 5: Risk Monitoring and Emergency Response - Continuous monitoring and early warning systems for data security risks are necessary to identify and address potential threats [6]. - Emergency response plans should be developed and regularly tested to ensure readiness in the event of a data security incident [6]. Group 6: Data Export Security Management - Guidelines for assessing the security of data exports and establishing compliance obligations when handling personal information are outlined [6][7]. Group 7: Data Transactions - The guidelines address the compliance requirements for data transactions, ensuring that all data exchanges are conducted lawfully and securely [6].

智通财经7月24日电，Melius Research将谷歌母公司Alphabet目标价从166美元上调至200美元。 ...

Simon:前期高位在30.23元，目前技術信號總結為"買入"15個買入和4個賣出。能否挑戰高位呢？數據系統分析的阻力位在30.1元和32.2元，有機會升穿之前 高位。 1、恆指：看多投資者認為繼續大成交，資金未有減退，已突破阻力，下一個目標26600，過夜牛證。看空投資者則同時部署Put和熊證 Simon:全日收在最高位25538.7點，從周線圖看，恆指升穿周線圖的保力加通道頂部。如果反手部署，投資者都會問選擇認沽證好還是熊證？兩者之間最大 的區別就是牛熊證有收回風險，如果市場繼續升，而買入貼價熊證，會出現即刻被收回的風險。如果看淡走勢，考慮買下跌工具搏一搏的話，選擇認沽證， 不會有收回風險。如果升勢情況下，熊證則有機會被收回，認沽證則還等待一段時間。回到指數分析，目前買賣信號總結為"買入"，整體偏向樂觀向好。阻 力位25795點和26580點。 2、中信証券 (06030.HK)： 這周能破前高嗎？窩輪市場上有投資者尾盤入Call Simon:走勢引人矚目。升穿保力加通道頂部，盤中最高見552元。近期有一定的升幅，窩輪牛熊證選擇獲利離場是合理的。信號總結為"強力買入"，上方阻 力位在572元和586元。 ...

资产交易市场，信息瞬息万变，消息真假难辨，即使买卖双方花费大量的时间、精力，推动成交往往困 难重重。为了能够帮助买卖双方更快速链接市场信息和潜在交易对手，避免不必要的投入与浪费，我们 特地打造了这样一档栏目。 本文是这个栏目的第166期。如果你对本文提到的相关的交易线索感兴趣，希望接触这些潜在的交易对 手，或者如果你手中直接握有希望交易的资金或者资产，欢迎与我们联系。（邮箱：zcjy@36kr.com） 一、本月新增 1、求购字节跳动公司老股份额（预期估值3150-3200亿美元） 交易价格：预期估值3150-3200亿美元 资产规模：约1-2亿美元份额 交易方式：希望是整个SPV 联系方式：zcjy@36kr.com 2、求购小红书公司老股份额（预期估值380亿美元） 交易价格：预期估值380亿美元 资产规模：约5000万美元份额 交易方式：希望是整个SPV，或没有管理费的LP份额 联系方式：zcjy@36kr.com 3、求购宇树科技公司老股份额（预期估值380亿美元） 交易价格：预期估值150亿美元 资产规模：约5000万美元份额 交易方式：希望直接份额，或没有管理费的LP份额 联系方式：zcjy@36 ...

Core Viewpoint - The release of the "Mobile Internet Application (APP) Risk Classification and Grading Guide (2025)" aims to provide a reference framework for APP risk assessment, promoting collaborative governance in the industry and fostering a healthy and orderly development of the mobile internet ecosystem [1] Group 1: Industry Context - The digital economy is thriving, and information technology innovations are rapidly evolving, with mobile internet applications playing a crucial role in facilitating daily life and driving digital transformation across various sectors [1] - The continuous growth of the mobile internet industry has led to an explosive increase in APPs, mini-programs, and AI applications, resulting in diverse APP forms and frequent technological updates [1] Group 2: Risk Classification - The guide categorizes APP risks into six major types: privacy security risks, malicious behavior risks, service anomaly risks, property security risks, content security risks, and minor safety risks [2] - Malicious behavior risks include rogue software actions, system destruction, and malicious confrontations, while property security risks encompass behaviors that threaten user financial safety, such as inducement to charge and telecom fraud [2] Group 3: Risk Grading - Risks are graded into four levels: extreme, high, medium, and low, based on their impact on social order, system security, and user rights [2] - For instance, telecom fraud is classified as extreme risk due to its severe threat to user financial safety and social stability, while an APP targeting children lacking personal information processing rules is considered medium risk [2] Group 4: Management Measures - Different stakeholders can implement various management measures at each stage of the APP lifecycle based on risk levels [3] - During the APP development phase, companies should establish internal control mechanisms and enhance self-inspection and supply chain risk audits [3] - In the app review and monitoring phase, measures may include refusal to list, notifying developers for rectification, delisting applications, and freezing developers based on violations [3] - During installation and operation, companies should provide users with risk alerts, interception, or guidance for uninstallation, and establish monitoring mechanisms for malicious behavior risks [3]