伴随着资金的加码，恒生科技ETF（513130）成交放量，上一周（2025/8/18-2025/8/22）日均成交额达 52.69亿元，相较年初以来（2025/1/1-2025/8/15）48.30亿元的日均水平显著放量，流动性优势进一步升 级。（数据来源：Wind） 经过近期的震荡回调，当前恒生科技指数市盈率为21.77倍，处于近5年23.46%的较低分位数水平，有望 在流动性逐步宽松的环境中获得更强劲的向上动能。恒生科技ETF（513130）规模较大、流动性较优， 或已来到值得关注的配置窗口期，助力投资者布局港股科技板块回暖机遇，场外投资者可关注其场外联 接基金（A类015310、C类015311）。(数据来源：Wind，截至2025/8/22) 8月25日早盘，港股科技板块继续延续上一交易日的回暖态势表现活跃，带动最新规模达341亿元、支持 场内T+0交易的恒生科技ETF（513130）交投情绪随之走强，截至早盘收盘，成交额已达58.70亿元。 （数据来源：Wind、交易所，规模数据截至2025/8/22） 港股科技板块的走强主要得益于美联储9月降息预期的升温。8 月22 日晚，美联储主席在杰克逊霍尔央 ...

港股公司报告 | 公司点评 名创优品（09896） 证券研究报告 25Q2 点评：全球门店突破 7900 家，全球化战略驱动高增长 事件： 根据 8 月 21 日公告，公司 2025 年第二季度整体收入 49.7 亿元，较去年同 期同比增长 23.1%；2025 年上半年实现收入 93.9 亿元，同比增长 21.1%。 分业务来看，2025 年第二季度名创优品中国内地实现收入 26.2 亿元，同 比增长 13.6%；名创优品海外实现收入 19.4 亿元，同比增长 28.6%；TOPTOY 实现收入 4.0 亿元，同比增长 87%。2025 年第二季度，公司实现毛利率 44.3%，同比提升 0.4pct；调整后净利润达 6.92 亿元，同比提升 10.6%，调 整后净利率为 13.9%。 股东回报来看，公司宣布派发中期股息，每股 ADS 股息为 0.29 美元，上半 年股份回购及派发股息合计约 10.7 亿元，占经调整净利润的 84%，上半年 股份回购金额已超过 2024 全年。 门店网络的扩张来看，截止 2025 年 6 月 30 日，名创优品全球门店总数半 年净增 108 家达 7,612 家，TOPTOY ...

Investment Rating - The report maintains a "Buy" rating for JD Group with a target price not specified [7] Core Views - JD Group's revenue for Q2 2025 reached 356.7 billion yuan, a year-on-year increase of 22.4%, exceeding Bloomberg's consensus expectations [1] - The company's retail segment showed strong performance with a revenue increase of 20.6% year-on-year, driven by government subsidies and a recovery in domestic demand [2] - The new business segment, particularly food delivery, saw significant growth, with revenue up 198.8% year-on-year, indicating a robust long-term strategic direction [3] - JD Logistics is expanding its overseas operations, with revenue growth of 16.6% year-on-year, highlighting its global reach [4] - The company is actively executing a share repurchase plan, having repurchased approximately 80.7 million shares for about 1.5 billion USD [5] Summary by Sections Financial Performance - In Q2 2025, JD Group's total revenue was 356.7 billion yuan, with product revenue at 282.4 billion yuan (up 20.7%) and service revenue at 74.2 billion yuan (up 29.1%) [1] - Non-GAAP net profit for Q2 2025 was 7.4 billion yuan, a decline of 49.0% year-on-year, with a net profit margin of 2.1% [1] Retail Segment - JD Retail achieved revenue of 310.1 billion yuan in Q2 2025, a 20.6% increase, with operating profit rising 37.9% to 13.9 billion yuan [2] - The electronics and home appliances category generated 178.9 billion yuan, up 23.4%, benefiting from government subsidies [2] - Daily necessities revenue reached 103.4 billion yuan, growing 16.4%, with supermarkets maintaining double-digit growth for six consecutive quarters [2] New Business Development - The food delivery segment generated 13.85 billion yuan in revenue, with daily orders exceeding 25 million, indicating strong growth and market penetration [3] - Management emphasized the strategic importance of food delivery and instant retail, highlighting synergies with core retail operations [3] Logistics Expansion - JD Logistics reported revenue of 51.6 billion yuan, a 16.6% increase, while operating profit decreased by 10.3% to 1.96 billion yuan [4] - The logistics segment is expanding internationally, with new warehouses established in multiple countries, enhancing local operational capabilities [4] Shareholder Returns - JD Group is executing a share repurchase plan with a total budget of up to 5 billion USD, having completed repurchases worth approximately 1.5 billion USD [5]

证券分析师 吴劲草 执业证书：S0600520090006 wujc@dwzq.com.cn 证券研究报告·海外公司点评·专业零售(HS) 名创优品（09896.HK） 2025 年半年报点评：Q2 经调整净利润同比 +11%，国内同店增速回正或现经营拐点 买入（维持） | [盈利预测与估值 Table_EPS] | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 13,838 | 16,994 | 21,028 | 24,957 | 29,114 | | 同比（%） | 39.42 | 22.80 | 23.74 | 18.69 | 16.65 | | 归母净利润（百万元） | 2,253 | 2,618 | 2,680 | 3,318 | 3,990 | | 同比（%） | 111.48 | 16.17 | 2.39 | 23.79 | 20.25 | | Non-IFRS 净利润（百万元） | 2,357 | 2,721 | 2,939 | 3,393 | 3,858 ...

8月20日，截至港股收盘，恒生指数上涨0.17%，报25165.94点。谢瑞麟（00417.HK）收报1.39港元/ 股，上涨20.87%，成交量1809.19万股，成交额2990.42万港元，振幅112.17%。 资料显示，谢瑞麟珠宝(国际)有限公司(「TSL│谢瑞麟」或「集团」)在1987年于香港联合交易所有限公 司主板上市,股份代号为417。集团由香港珠宝业界传奇人物谢瑞麟先生于1960年代创立,凭借数十年来的 出类拔萃的工艺、无与伦比的设计、优质的珠宝作品、真诚的客户服务以及改进和创新的决心而广受青 睐。集团希望为传统的珠宝世界带来革新的声音,以独特的个性、自我实现和卓越工艺重新定义奢华,打 造一系列包罗万象、兼容并蓄的「高级珠宝配饰」,让每一位顾客在任何时刻都能表达自我,同时点缀形 象和提升心情。公司致力迎合顾客的不同需求,量身定造不一样的购物之旅。集团深入人心的服务文化 得到市场的广泛赞誉,自2000年以来赢得了多个服务奖项。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 财务数据显示，截至2025年3月31日，谢瑞麟实现营业总收入15.8亿元， ...

8月20日，截至港股收盘，恒生指数上涨0.17%，报25165.94点。恒基发展（00097.HK）收报0.165港元/ 股，上涨14.58%，成交量4103.17万股，成交额709.78万港元，振幅29.86%。 最近一个月来，恒基发展累计涨幅5.88%，今年来累计涨幅37.14%，跑赢恒生指数25.24%的涨幅。 财务数据显示，截至2024年12月31日，恒基发展实现营业总收入14.21亿元，同比减少1.03%；归母净利 润-1.16亿元，同比减少73.61%；毛利率0.46%，资产负债率53.75%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 行业估值方面，专业零售行业市盈率（TTM）平均值为-4.19倍，行业中值-0.19倍。恒基发展市盈 率-3.51倍，行业排名第65位；其他傲基股份（02519.HK）为5.91倍、陈唱国际（00693.HK）为6.13倍、 包浩斯国际（00483.HK）为7.18倍、周生生（00116.HK）为7.49倍、宝胜国际（03813.HK）为7.51倍。 资料显示 ...

Investment Rating - The report maintains a "Buy" rating for Alibaba Group (09988) with a target price not specified [5]. Core Views - The report anticipates steady revenue growth for Alibaba in FY26Q1, with a projected revenue of 266 billion yuan, representing a year-over-year increase of 9.4%. However, adjusted EBITA is expected to decline by 21.7% year-over-year to 35.3 billion yuan, resulting in an EBITA margin of 13.3%. Non-GAAP net profit is projected to be 31.7 billion yuan, down 22.7% year-over-year [1]. - The report highlights that the cloud business is expected to maintain high growth, with a projected revenue increase of 19.8% year-over-year in FY26Q1, and adjusted EBITA growth of 15.7% [4]. - The local life segment is expected to see a revenue increase of 13.0% year-over-year, driven by a 50 billion yuan subsidy plan for Taobao Flash Sales, which aims to boost consumer and merchant engagement [3]. - The international commerce segment is projected to grow by 21.9% year-over-year in FY26Q1, with adjusted EBITA expected to increase by 51.8% [4]. Summary by Sections Financial Performance - FY26Q1 revenue is expected to be 266 billion yuan, with a year-over-year growth of 9.4%. Adjusted EBITA is projected at 35.3 billion yuan, down 21.7% year-over-year, and Non-GAAP net profit is expected to be 31.7 billion yuan, down 22.7% year-over-year [1]. Local Life Segment - The local life segment is projected to grow by 13.0% year-over-year in FY26Q1, supported by a 500 billion yuan subsidy plan for Taobao Flash Sales, which has already led to a record daily order volume of over 80 million [3]. Cloud Business - The cloud business is expected to achieve a revenue growth of 19.8% year-over-year in FY26Q1, with adjusted EBITA growth of 15.7%. The company has launched competitive AI models, enhancing its market position [4]. International Commerce - The international commerce segment is anticipated to grow by 21.9% year-over-year in FY26Q1, with a significant increase in adjusted EBITA by 51.8%, reflecting strong demand in various global markets [4].

Company Overview - New Feng Group (01223.HK) reported a closing price of HKD 1.03 per share, with a significant increase of 9.57% and a trading volume of 51.54 million shares, resulting in a turnover of HKD 39.53 million and a price fluctuation of 15.96% [1] - The company has achieved a total revenue of HKD 285 million for the year ending December 31, 2024, reflecting a year-on-year growth of 0.93%. However, it reported a net loss attributable to shareholders of HKD 133 million, which is an improvement with a year-on-year increase of 30.5%. The gross profit margin stands at 91.44%, and the debt-to-asset ratio is 47.49% [2] Industry Analysis - The professional retail industry has an average price-to-earnings (P/E) ratio of -4.52 times, with a median of -0.19 times. New Feng Group's P/E ratio is -19.53 times, ranking it 49th in the industry. Comparatively, other companies in the sector have P/E ratios ranging from 5.88 times to 7.13 times [3] - New Feng Group operates as a comprehensive enterprise involved in branding, retail, and financial services, holding a quality property portfolio primarily consisting of shopping malls and office buildings. The shopping malls adopt an 'Outlet + Community' model, strategically located in areas with strong consumer spending power, while the office buildings are situated in prime commercial locations [3]

Group 1 - The Hang Seng Index closed down 0.15% at 25,524.45 points on July 29, with Guanrun Holdings (01872.HK) rising 9.8% to HKD 3.92 per share, with a trading volume of 6.015 million shares and a turnover of HKD 24.2484 million, showing a volatility of 15.41% [1] - Over the past month, Guanrun Holdings has seen a cumulative decline of 30%, while year-to-date, it has achieved a cumulative increase of 221.62%, outperforming the Hang Seng Index by 27.43% [1] - As of December 31, 2024, Guanrun Holdings reported total operating revenue of CNY 1.016 billion, a year-on-year increase of 5.54%, and a net profit attributable to shareholders of -CNY 17.2413 million, a year-on-year decrease of 141.78%, with a gross margin of 11.16% and a debt-to-asset ratio of 48.15% [1] Group 2 - Currently, there are no institutional investment rating recommendations for Guanrun Holdings [2] - In terms of industry valuation, the average price-to-earnings ratio (TTM) for the professional retail industry is -4.52 times, with a median of -0.19 times. Guanrun Holdings has a price-to-earnings ratio of -124.96 times, ranking 44th in the industry [2] - Guanrun Holdings was established in 1989 and has become Singapore's preferred multi-brand automotive dealer and importer of new and used cars, focusing on customer-centric service and offering a range of Japanese and European luxury vehicles [2]

Group 1 - The core viewpoint of the news highlights the performance of Jihong Technology Co., Ltd. (吉宏股份) in the stock market, showcasing significant stock price increases and financial growth [1][2] - As of July 25, the stock price of Jihong Technology closed at 17.02 HKD per share, marking a 15.31% increase with a trading volume of 27.44 million shares and a turnover of 463 million HKD, reflecting a volatility of 24.53% [1] - Over the past month, Jihong Technology has seen a cumulative increase of 37.17%, and since the beginning of the year, the stock has risen by 38.2%, outperforming the Hang Seng Index by 27.95% [1] Group 2 - Financial data indicates that for the fiscal year ending March 31, 2025, Jihong Technology achieved total revenue of 1.477 billion RMB, representing a year-on-year growth of 11.55%, and a net profit attributable to shareholders of 59.16 million RMB, up by 38.21% [1] - The company's gross profit margin stands at 45.46%, with a debt-to-asset ratio of 35.41% [1] - Currently, there are no institutional investment ratings for Jihong Technology, and its price-to-earnings (P/E) ratio is 31.32, ranking 36th in the industry, while the average P/E ratio for the professional retail industry is 14.37 [1]