Market Overview - The three major A-share indices experienced slight declines, with the Shanghai Composite Index down 0.37% to 3559 points, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.24% [1] - Total trading volume for the day was 1.62 trillion yuan, a decrease of 342 billion yuan compared to the previous trading day, with over 3300 stocks rising across the market [1] Sector Performance - The Traditional Chinese Medicine sector saw significant gains, with companies like Huawen Pharmaceutical, Tianmu Pharmaceutical, and Weikang Pharmaceutical hitting the daily limit [1] - The photovoltaic equipment sector also performed well, with Jiejia Weichuang reaching a 20% limit up [1] - The education sector experienced a rise, with Xueda Education increasing by over 7% [1] - Other sectors with notable gains included virtual robots, express delivery concepts, and AI corpus [1] Declining Sectors - The shipbuilding and aircraft carrier concepts faced declines, with ST Emergency hitting a 20% limit down [1] - The civil explosives sector weakened, with Poly United nearing the limit down [1] - The small metals sector showed poor performance, led by Shenghe Resources [1] - The aerospace, insurance, and hydropower concepts also recorded significant declines [1] Additional Insights - The top gainers included the education sector with a 2.32% increase, followed by packaging and gas sectors [2] - The net inflow of funds was notable in the paper-making and power generation equipment sectors [2]

Group 1 - The Hong Kong stock market is experiencing overall liquidity easing, with increased passive foreign capital inflow, leading to a positive outlook on internet assets supported by fundamentals and long-term AI narratives [1] - Kuaishou's main business remains stable with significant AI progress, boasting over 45 million users [1] - Alibaba is showing upward elasticity driven by AI industry trends, with its open-source large model winning multiple global championships and API call volume surpassing 100 billion tokens [1] Group 2 - The gaming industry is presenting opportunities after a correction, with limited impact from tax issues on actual operations, and AI industry catalysts expected to attract investment [1] - The media sector is seeing a rise in AI applications and cultural confidence from content output, with optimism for the explosion of China's open-source large models and the gradual advancement of public cloud value and B2B, B2C scenarios [1] - The film industry is experiencing upward momentum driven by key single releases, with rapid progress in AI short dramas [1] Group 3 - The education sector's leading companies are approaching earnings season, with a focus on AI education layouts [1] - Overall, with the easing of tariff disputes and favorable liquidity in the Hong Kong stock market, the technology sector is more sensitive to industrial catalysts [1]

Group 1 - Jiangsu province is leveraging night cultural and tourism business circles to create "Talent Night Markets" to facilitate job seekers and companies in mutual engagement [1][5] - In Yangzhou, 30 local companies are offering 132 job positions, with 80% of these positions aimed at fresh graduates [1][3] - The job market in Yangzhou covers various industries including logistics, service, manufacturing, and education, with a second Talent Night Market planned for August [3] Group 2 - In Zhenjiang, the "Job Night Market" is held outside the "Super League" viewing area, featuring 32 key enterprises offering nearly 1,000 quality job positions across multiple sectors [5] - The human resources supervisor from a smart equipment company in Zhenjiang noted that the event facilitates deeper communication with job seekers, enhancing the likelihood of collaboration [6] - Zhenjiang's human resources department plans to synchronize job market events with each "Super League" match day to attract more citizens and broaden employment channels [6]

Core Viewpoints - The market is adopting a wait-and-see attitude due to trade policy uncertainties, with the Hang Seng Index falling below 25,000 points, down 1.6% to 24,773.33 points [2] - Southbound funds have seen a net inflow of HKD 13.126 billion, maintaining a level above HKD 8 billion for five consecutive days [2] Market Performance - The major indices in the Hong Kong stock market continued to decline, with the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Technology Index all experiencing losses [2] - The total market turnover increased to HKD 320.633 billion, with the short-selling amount rising to HKD 51.314 billion, accounting for 17.607% of the total turnover [2] Sector Analysis - The luxury goods, Hong Kong retail, and local consumption sectors showed significant declines, indicating pressure on consumer spending and related company performance [4] - Prada's stock dropped 8% following its H1 2025 financial report, leading the sector's decline, while Chow Tai Fook and Samsonite fell 4.5% and 2.9%, respectively [4] - Other consumer-related stocks, including beer, home appliances, food, and automotive sectors, also performed poorly, reflecting a general decline in consumer confidence [4] Electricity Sector Insights - In June, the total electricity consumption in society grew by 5.4% year-on-year, with a notable increase in the third sector and residential electricity consumption [10] - The cumulative electricity consumption from January to June reached 48,418 billion kilowatt-hours, with a year-on-year growth of 3.7% [10] - High-tech industries showed a higher electricity consumption growth rate, with the new energy vehicle manufacturing sector growing by 28.7% year-on-year [11] Investment Recommendations - The report suggests that investors consider undervalued, high-dividend, and fast-growing electricity operators such as China Resources Power and China Power [13]

今天早盘，亚太股市集体下跌，比特币也大幅跳水！ 据央视新闻报道，此前美国总统特朗普宣布调整多个国家的"对等关税"税率，更新后的税率区间为10%至41%（→）。这一消息引发了市场担忧，导致股 市普遍承压。 日韩股市大跌 韩国综合指数低开低走，截至9:25，跌幅扩大至超过3%。 | 3144.46 | | 昨收 | 3245.44 | 成交额 | 0.00 | | --- | --- | --- | --- | --- | --- | | -100.98 -3.11% | | 今开 | 3210.32 | 成交量 | 0 | | 上涨 | 0 | 平盘 | O | 下跌 | O | | 最高价 | 3210.32 | 市盈率 | 14.9 | 近20日 | 2.95% | | 最低价 | 3143.46 | 市净率 | 1.09 | 今年来 31.05% | | | સ્ત્રેન્વ | | | 五日 日Ｋ 周Ｋ 月Ｋ 更多 ◎ | | | | 叠加 | | | | | | | 3347.42 | | | | | 3.14% | | 32 5,44 | | | | | 0.00% | | 3143.46 | | ...

Macro and Strategy - The US Federal Reserve's July FOMC meeting indicated a hawkish stance from Powell, suggesting a low probability of interest rate cuts in September [3][9] - The PMI data for July shows a seasonal decline, with manufacturing PMI remaining below the growth line for four consecutive months, indicating economic pressure [3][9] - The "anti-involution" policy is starting to show effects, with manufacturing price indicators recovering, although overall demand recovery remains uncertain [3][9] Industry and Company - The energy storage industry is experiencing rapid growth, with domestic storage system shipments reaching 110 GWh in the first half of 2025, nearly matching the total for 2024 [15][17] - Emerging markets are expected to become significant export destinations for domestic energy storage companies, driven by power shortages and supportive government policies [16][17] - The fluorochemical industry is seeing a rise in mainstream refrigerant prices, with expectations for continued price strength due to seasonal demand increases [19][22] - Adidas reported a 12% increase in brand revenue for Q2 2025, despite tariff impacts, maintaining a positive outlook for the year [25][26] - The US agricultural sector anticipates an upward trend in beef prices for 2026, with a slight reduction in milk inventory expected [26][29]

Core Points - The provincial government has reported that as of the end of June, 30 livelihood projects have achieved significant progress, with 27 projects meeting or exceeding their scheduled timelines [2] - Financial execution shows that a total of 171.8 billion yuan has been allocated, which is 83.4% of the planned budget of 205.9 billion yuan, marking a 6.6 percentage point increase compared to the same period last year [2] Group 1: Healthcare Initiatives - The "Panda Health Train" has provided health services to local communities, with 35 experts conducting health check-ups and consultations in Aba Prefecture [4] - A total of 8,056 medical experts have been dispatched to 2,160 county-level healthcare institutions, achieving 161.1% of the annual target [4] - The province has implemented a comprehensive health service plan for the elderly, providing free health services to over 280,000 elderly individuals [6] Group 2: Education and Employment - The education department has launched a "Network Sharing Plan" to improve resource allocation, integrating over 1,000 quality educational video courses into a cloud platform [4] - Employment initiatives have helped 67,000 impoverished individuals find work, with additional support for 1,473 individuals facing employment difficulties [5] - Legal aid services have been established to assist minors, with 1,752 cases processed, recovering over 10 million yuan for the community [5] Group 3: Child and Elderly Care - The province has introduced targeted measures to enhance services for children and the elderly, including the establishment of new childcare facilities [6] - Health screenings for newborns have reached high coverage rates, with congenital heart disease screening at 99.2% [7] - The government is working to ensure that public kindergartens can accommodate more children, potentially saving families 1,000 yuan per month in childcare costs [7] Group 4: Housing and Community Development - As of June, the renovation of old urban neighborhoods has reached a 65.3% commencement rate, with significant progress in installing elevators [8] - The provincial government is promoting community service centers, integrating funding from multiple departments to support pilot projects [8] - Efforts are being made to improve rural sanitation and infrastructure, with a 6 percentage point increase in the coverage of sanitary toilets in underdeveloped areas [8] Group 5: Risk Management and Safety - The provincial government is enhancing disaster risk awareness and has allocated 170 million yuan for geological disaster prevention [9] - Measures are being taken to ensure the safe relocation of residents in disaster-prone areas, with additional financial support provided [9]

Group 1 - The stock price of Action Education is 35.02 yuan, down by 1.09 yuan or 3.02% from the previous trading day. The intraday high was 36.12 yuan and the low was 35.02 yuan, with a trading volume of 19,087 lots and a transaction amount of 0.68 billion yuan [1] - Action Education operates in the education industry, focusing on corporate management training, management consulting services, and the sale of related books and audio-visual products. The company aims to provide full lifecycle services for small and medium-sized private enterprises, covering areas such as strategy, marketing, human resources, and finance [1] - The actual controller and chairman of the company, Li Jian, proposed a mid-term dividend plan for 2025, suggesting a cash dividend of 10 yuan (including tax) for every 10 shares based on the total share capital on the dividend distribution date. This plan requires approval from the board of directors and the supervisory board [1] - As of July 31, Action Education saw a net inflow of main funds amounting to 5.39 million yuan [1]

格隆汇7月31日丨大山教育(09986.HK)公告，内容有关配售最多4000万股，于2025年7月31日(即经公司 与配售代理于2025年7月16日订立补充协议延长最后截止日期)，配售协议项下先决条件尚未达成。尽管 本公司与配售代理就进一步延长最后截止日期进行磋商，惟于本公告日期尚未达成共识。因此，配售协 议已失效和被终止且配售事项将不会进行。公司及配售代理于配售协议项下的所有权利与义务已终止， 而任何一方不得就配售协议向另一方提出任何索偿。 ...

Major Events - Water Well Square: Director Sathish Krishnan resigned due to work reasons, and will no longer hold any position in the company [1] - Victory Energy: The company reported normal operating conditions with no significant changes in the internal and external business environment [1] Investments - Dream Network Technology: The company plans to jointly invest in a private equity fund with a target fundraising scale of 2 billion yuan, with the company contributing 50 million yuan [2] - Guoen Co., Ltd.: The company has completed the development of PEEK material production technology and aims to establish a vertical integration platform for the entire PEEK industry chain [2] Performance - Action Education: The controlling shareholder proposed a mid-term dividend of 10 yuan per 10 shares for the 2025 fiscal year [3] - Jiejia Weichuang: The company expects a net profit of 1.7 billion to 1.96 billion yuan for the first half of 2025, representing a year-on-year increase of 38.65% to 59.85% [3] - Sinopec: The company anticipates a net profit of 20.1 billion to 21.6 billion yuan for the first half of 2025, a decrease of 39.5% to 43.7% year-on-year due to various market pressures [4] - Daodaquan: The company reported a net profit of 181 million yuan for the first half of 2025, a year-on-year increase of 563.15% [4] - New Light Optoelectronics: The company expects a loss of 19 million to 23 million yuan for the first half of 2025, with revenue declining significantly [4] Contracts and Collaborations - Shunlian Bio: The company signed contracts for the development of multi-valent vaccines in collaboration with the Chinese Academy of Agricultural Sciences [4] - Boying Special Welding: The company signed a cooperation framework agreement with Suzhou Weirhan to collaborate in special welding technology applications [5] Shareholding Changes - Jiangnan Yifan: The company's director and general manager plans to increase shareholding by purchasing between 50,000 and 100,000 shares from August 1, 2025, to January 31, 2026 [6]