Group 1 - The Hang Seng Index shows mixed signals with a neutral summary, indicating no clear direction, with resistance at 25,230 and support at 24,100 [1] - Investors in Hua Hong Semiconductor are optimistic about a potential rise to 50, needing to break resistance at 44.1 and 48.3 [3] - Kingdee International's stock price closed at 18.82, indicating a buy signal with resistance at 19.7 and potential to reach 21.4 [6][7] - Great Wall Motors has seen a rebound, closing at 13.36, with a buy signal and resistance at 13.8 and 14.4 [10][13] - Xiaomi Group's trading signal is a sell, with overall bearish sentiment and support at 52.7 and resistance at 56.9 [16] - XPeng Motors shows a neutral signal with no clear direction, suggesting caution before entering, with support levels at 70.1 and 68.6 [20]

Market Performance - The Hang Seng Index dropped 37 points or 0.1% to close at 25,524 points, the China Enterprises Index fell 31 points or 0.3% to end at 9,145 points, and the Hang Seng Tech Index declined 19 points or 0.3% to finish at 5,644 points. The total turnover of the market was HK$267.01 billion [1]. - The Shanghai Composite Index rose 11 points or 0.3% to close at 3,609 points, with a turnover of RMB793.6 billion; the Shenzhen Component Index increased 71 points or 0.6% to end at 11,289 points, with a turnover of nearly RMB1.01 trillion; the ChiNext Index climbed 44 points or 1.9% to finish at 2,406 points, with a turnover of RMB492.2 billion [1]. - The S&P 500 Index slightly closed lower by 18 points or 0.3% at 6,370 points, the Nasdaq Composite Index ended down 80 points or 0.4% at 21,098 points, and the Dow Jones Industrial Average closed 204 points or 0.5% lower at 44,632 points [2]. Macroeconomic News - The People's Bank of China conducted RMB449.2 billion of seven - day reverse repurchase operations on the 29th, with an operating rate unchanged at 1.4%. There were RMB214.8 billion of reverse repurchases due, resulting in a net injection of RMB234.4 billion. The central parity rate of the RMB against the US dollar was reported at 7.1511, down 44 points [1]. - The Monetary Authority of Singapore maintained its monetary policy unchanged, expecting economic growth to slow in the second half of the year, with the output level slightly below the economic potential, but core and overall inflation to remain between 0.5% - 1.5% [2]. - China and the US held a new round of economic and trade talks in Stockholm on the 29th. According to the consensus, both sides will continue to promote the extension of the suspended 24% US reciprocal tariffs and China's counter - measures [3]. - In the first half of this year, the total profit of national state - owned enterprises was RMB2.18 trillion, down 3.1% year - on - year; the total operating income was RMB40.75 trillion, down 0.2% year - on - year; and the tax payable was about RMB3 trillion, down 0.8% year - on - year [3]. - In June 2025, the import of passenger cars in the Chinese mainland was 41,000 units (including chassis), down 30.3% year - on - year and 9.1% month - on - month. In the first half of the year, the cumulative import of passenger cars was 221,000 units, down 32.1% year - on - year [3]. Company News - China Ruyi (00136.HK) issued a profit warning, expecting to turn losses into profits in the six - month period ended June 30, 2025, with an unaudited after - tax comprehensive net profit of about RMB1 - 1.2 billion, compared with a net loss of about RMB123 million in the same period last year. Revenue is expected to be between about RMB2.1 - 2.3 billion, up 14% - 25% from about RMB1.84 billion in 2024 [4]. - Huaneng Power International (00902.HK) announced its interim results for the six months ended June. Operating income was RMB112.032 billion, down 5.7% year - on - year. Net profit was RMB9.578 billion, up 23.2%, with earnings per share of 52 cents. No interim dividend was declared [4]. - Shanghai Fudan (01385.HK) issued a profit warning, expecting net profit for the six months ended June to be between RMB180 - 210 million, down 39.7% - 48.3% year - on - year; revenue to be between RMB1.82 - 1.85 billion, up 1.4% - 3.1% [4]. - Baosheng International (03813.HK) announced that it expects to record operating income of about RMB9.159 billion and profit attributable to the company's owners of about RMB188 million for the six months ended June 30, 2025, down about 8.3% and 44.1% respectively from the same period last year [4]. Trade - related News - US President Trump announced that India may face a 20% - 25% tariff if a trade agreement cannot be reached [2].

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，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 InnoScience (Suzhou) Technology Holding Co., Ltd. 英 諾 賽 科（ 蘇 州 ）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：2577） 自願公告 與聯合電子成立氮化鎵技術聯合實驗室 本公告由英諾賽科（蘇州）科技股份有限公司（「本公司」）自願作出，旨在使本公司 股東及潛在投資者了解本公司最新業務發展情況。 本公司宣佈，於2025年7月29日，本公司與全球領先的汽車電子系統供應商聯合 汽車電子有限公司（「聯合電子」）成立聯合實驗室，通過利用氮化鎵(GaN)器件在 高功率密度、低導通電阻、高轉換效率和更小的產品尺寸等方面的優勢，合作開 發先進的新能源汽車電力電子系統。 股東及潛在投資者於買賣本公司證券時，務請審慎行事。 承董事會命 英諾賽科（蘇州）科技股份有限公司 董事長兼執行董事 Weiwei Luo博士 中國，20 ...

Core Viewpoint - Semiconductor industry is experiencing a recovery, and SMIC's stock has shown strong performance, with a current price of 50.7 HKD, up 4% [1] Technical Analysis - The stock price has stabilized above the 10-day moving average of 47.21 HKD and the 30-day moving average of 44.06 HKD, indicating a positive mid-term trend [1] - MACD has formed a golden cross, and the middle band of the Bollinger Bands is trending upwards, suggesting bullish momentum [1] - However, the RSI indicator at 73 indicates an overbought condition, and the Williams indicator shows a sell signal, suggesting a potential need for consolidation before challenging the resistance at 53.3 HKD [1] - Key support is at 46.7 HKD, with a potential drop to 43.4 HKD if this level is breached; resistance is at 53.3 HKD, with a breakthrough potentially leading to a challenge at 55.6 HKD [1] - Despite the bullish indicators, the momentum oscillators show divergence, indicating possible short-term volatility [1] Market Opportunities - Bullish strategies include UBS call options 15627 (strike price 58.93 HKD, 4.4x leverage) with the lowest premium, and UBS call options 13340 (strike price 58.05 HKD, 3.9x leverage) with the lowest implied volatility [6] - HSBC bull certificate 56886 (redemption price 43 HKD, 5.4x actual leverage) and UBS bull certificate 58014 (redemption price 43.1 HKD, 5.7x actual leverage) are also good choices for bullish strategies [6] - For bearish strategies, Societe Generale bear certificate 67110 (redemption price 55 HKD, 10.6x actual leverage) and UBS bear certificate 58475 (redemption price 54.5 HKD, 10.6x actual leverage) provide hedging options [6] Market Sentiment - There is market speculation on how long SMIC's current upward momentum can last amid the semiconductor industry's recovery [9] - Investors are considering whether the stock price will first test the support at 46.7 HKD or directly challenge the resistance at 53.3 HKD [9]

Group 1 - The Hang Seng Index (HSI) is perceived by bullish investors as entering a slow bull market, with all stocks reaching new highs, targeting levels between 25,700 and 26,000 [1] - Bearish investors anticipate a short-term correction to fill the gap below, with a recovery price of 25,900 for overnight bear certificates [1] - Technical analysis indicates a high of 25,735 points, with 15 buy signals and 4 sell signals, suggesting a bullish trend [1] Group 2 - Meituan (03690.HK) is currently trading near the upper Bollinger Band at 134.6 HKD, with a buy signal and resistance levels at 137.7 HKD and 147.6 HKD [3] - The closing price is 134 HKD, with a call option exercise price of 178.98 HKD, indicating a potentially high entry point for investors [3] - Investors are advised to consider options with exercise prices closer to the current market price to mitigate risks associated with high exercise prices [3] Group 3 - Pop Mart (09992.HK) shows a weak recent trend, with a closing price near the middle Bollinger Band at 255.8 HKD and a buy signal, though not a strong buy [5] - Resistance levels are identified at 263 HKD and 273 HKD, with a call option exercise price of 225 HKD providing a defensive position for investors [5] - Investors are encouraged to compare the terms of options when selecting products to manage risk effectively [5] Group 4 - WuXi Biologics (02269.HK) is viewed positively with a strong buy signal, facing a resistance level at 31.1 HKD and 33.3 HKD [8] - Investors are optimistic about the stock's potential to break through the 30 HKD level, with a target price of 46 HKD [8] Group 5 - Hua Hong Semiconductor (01347.HK) is under observation for its structural stability, with a target price of 40.6 HKD [11] - The stock is currently showing a strong buy signal, indicating positive sentiment among investors [11] Group 6 - NIO Inc. (09866.HK) is experiencing a slight downward trend, with the stock price near the upper Bollinger Band at 38.99 HKD [14] - The stock maintains an overall upward trend with 14 buy signals and 6 sell signals, suggesting cautious optimism [14] - Resistance levels are set at 41.7 HKD and 47.3 HKD, while support levels are at 33.7 HKD and 29.9 HKD for put options [14]

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 - Semiconductor company SMIC (00981) continued its upward trend, reaching HKD 48.75 with a 3.17% increase [1] - Technical indicators show that the stock price has successfully broken through MA10 (HKD 46.23) and MA30 (HKD 43.51), with a MACD golden cross indicating strong short-term upward momentum [1] - The stock price is approaching a key resistance level at HKD 50.4, with potential for a challenge to HKD 53.4 if this level is surpassed [1] Group 2 - Immediate support is identified at HKD 45.2, with a potential drop to HKD 42.5 if this support is breached [1] - The current market activity is robust, with a 9.6% five-day volatility indicating active trading in the semiconductor sector [1] - Derivative tools show significant leverage effects, with notable increases in related warrants and certificates during recent price movements [2][5] Group 3 - For bullish strategies, options such as Guojun call warrant (exercise price HKD 48.05, 2.8x leverage) and HSBC call warrant (exercise price HKD 48, 2.7x leverage) are highlighted as providing solid leverage [5] - Bearish strategies include options like Societe Generale bear certificate (redemption price HKD 52, 12.4x leverage) and Citigroup bear certificate (redemption price HKD 52.4, 11.6x leverage) for risk hedging [8] - The market is observing a potential short-term volatility increase due to conflicting technical indicators, suggesting a cautious approach may be warranted [1]

Core Viewpoint - Semiconductor company SMIC (中芯国际) shows positive technical indicators, with a current stock price of HKD 48.8, reflecting a 0.51% increase. The stock is above its 10-day and 30-day moving averages, indicating a favorable medium-term trend, although it is approaching overbought territory [1]. Technical Analysis - The stock price is currently supported at HKD 45.1, with a potential drop to HKD 42.4 if this support is broken. The key resistance level is at HKD 50.3, and a breakthrough could lead to testing HKD 53.3 [1]. - The MACD indicator shows a golden cross, while the Bollinger Bands indicate an upward trend. However, the RSI is at 68, nearing the overbought zone, suggesting a possible need for consolidation before testing the resistance at HKD 50.3 [1]. - Investors are optimistic about breaking the resistance at HKD 49, with some targeting HKD 53. The overall technical signals are summarized as "buy" [1]. Derivative Instruments - Recent performance of derivative products linked to SMIC shows significant leverage effects. For instance, a specific warrant from Societe Generale increased by 32% following a 3.08% rise in SMIC's stock price [4]. - Various warrants are available in the market, with Citigroup's warrant offering 5.5x leverage at an exercise price of HKD 52.55, and UBS's warrant providing 4.2x leverage at HKD 52.05 [7]. - Bear certificates are also available, with one from Societe Generale offering 12.4x leverage and a redemption price of HKD 52 [10]. Market Sentiment - The current market sentiment indicates active trading, with a 9.6% five-day volatility suggesting robust market engagement. The mixed signals from momentum oscillators indicate potential short-term fluctuations [1]. - Investors are considering whether to wait for a pullback to support levels or to follow through on potential breakouts, reflecting varying risk appetites in the semiconductor sector [13].

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]

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 temporary reduction in tariffs, but further progress remains uncertain, impacting corporate earnings and capital inflow [2][4] - The Hang Seng Index closed at 23,892 points, down 1.06% year-to-date, while the Hang Seng Tech Index fell by 1.76% [6] Economic Indicators - The US Federal Reserve maintained interest rates, with expectations of two rate cuts totaling 0.5% this year, reflecting cautious optimism about inflation [5][8] - China's June CPI unexpectedly rose by 0.1%, ending four months of deflation, while PPI fell by 3.6%, the largest drop in two years [9] - The National Development and Reform Commission estimates China's economy could reach 140 trillion yuan this year, emphasizing the importance of innovation in economic growth [9] Corporate News - New World Development is reportedly seeking to sell its K11 properties in Hangzhou and Shenzhen, aiming to attract investment from private firms [10] - Longfor Group's debt restructuring plan has been approved by creditors, allowing for adjustments in repayment arrangements [11] - BYD has achieved significant advancements in smart parking technology, promising comprehensive safety coverage for users [10] Sector Focus - Macau's June gaming revenue exceeded expectations, indicating a strong recovery as the summer peak season approaches [7] - The online music sector faces intensified competition, prompting a potential shift of funds towards more visible tech stocks [7] - The global PC shipment volume increased by 6.5% year-on-year in Q2 2025, with Lenovo leading the market share at 24.8% [9]