格隆汇8月27日丨信利国际(00732.HK)公布中期业绩，2025年上半年，收益约为80.98亿港元，同比减少 约5.7%；毛利为6.37亿港元，同比减少8.7%；公司拥有人应占期间溢利为1.41亿港元，同比减少 19.2%，基本每股盈利4.49港仙，拟派中期息每股5港仙。 收益减少主要由于期间中国智能手机相关销售额较2024年同期减少。 ...

智通财经APP获悉，美银证券发布研报称，瑞声科技(02018)受智能手机零件规格升级和光学产品业务环 境改善所带动，基本面正在好转。预计公司将实现更稳定增长并重回上行周期，因此将其评级由"中 性"上调至"买入"，同时将2025至2027年盈利预测调高4%至29%，以反映更强劲的利润率表现。相应目 标价由44港元上调至57港元，认为更具结构性的盈利增长应能支持其估值重估。 该行预计2025至2027年间，瑞声科技收入将实现双位数增长，利润率也将改善。而主要同业舜宇光学科 技(02382)转向高端市场的策略，将为瑞声在中高端市场创造更大增长空间。 ...

Core Viewpoint - Citigroup believes that Apple is likely to receive exemptions from chip tariffs, which has positively impacted Apple-related stocks [2][8]. Group 1: Apple-Related Stocks - Apple-related stocks experienced a boost, with notable increases in shares such as Highpower Technology (+9.62%), Sunny Optical Technology (+3.30%), and others [6][7]. - The overall market saw the Hang Seng Index rise by 0.69% to 25081.63 points, with the technology index up by 0.26% [2][3]. Group 2: Semiconductor Stocks - Semiconductor stocks also benefited, with Huahong Semiconductor and SMIC rising by 2.52% and 0.76%, respectively [9][10]. - The positive sentiment in the semiconductor sector is linked to the potential tariff exemptions for Apple [8]. Group 3: Gaming Sector - The gaming sector continued to rise, with companies like China Star Group and Sands China increasing by 7.43% and 5.01%, respectively [12][14]. - Macau's gaming revenue for July reached 22.125 billion MOP, a year-on-year increase of 19%, marking a post-pandemic high [14]. Group 4: Real Estate Sector - The real estate sector showed signs of recovery, with New World Development rising over 10% [17][19]. - Recent policy adjustments in core cities aim to stabilize the real estate market, focusing on urban renewal and redevelopment [19]. Group 5: Pharmaceutical Sector - The pharmaceutical sector faced pressure, with stocks like CanSino Biologics and Innovent Biologics declining by 8.06% and 7.16%, respectively [20][23]. - Upcoming tariff policies on imported drugs announced by the U.S. government are contributing to the negative sentiment in this sector [21].

Group 1: Market Overview - The Hang Seng Index rose by 386 points or 1.6%, closing at 24,590, marking a four-day cumulative increase of 697 points or 2.9% [4][5] - The trading volume for the day was 288.4 billion HKD, with a net inflow of 3.82 billion HKD from northbound trading [4] - Major blue-chip stocks such as HSBC and Tencent saw increases of 1.1% and 3.5% respectively, while Meituan surged by 4.4% [4] Group 2: Economic Indicators - Hong Kong's overall export volume increased by 13.4% year-on-year in May, while import volume rose by 16.5% [8] - The export prices and import prices rose by 1.8% and 1.9% respectively [8] - Exports to Taiwan, Vietnam, India, and mainland China showed significant year-on-year increases of 48%, 39.5%, 37.6%, and 15.9% respectively [8] Group 3: Company-Specific Developments - QiuTai Technology plans to sell 51% of its Indian subsidiary for approximately 4.61 billion RMB, with expected net proceeds of about 3.57 billion RMB for operational funding [13] - Longfor Group reported a 31.51% year-on-year decrease in total contract sales amounting to 35.01 billion RMB in the first half of the year [14] - Air China experienced a 3.9% year-on-year increase in passenger turnover for June, with an average seat occupancy rate of 81.1% [15] Group 4: Regulatory and Policy Updates - The Hong Kong Industrial Federation proposed seven policy initiatives to develop a new industrial strategy focusing on high-end manufacturing [9] - The State Administration for Market Regulation is intensifying efforts to regulate the live e-commerce sector, aiming to address prominent issues and protect consumer rights [10] - New regulations prohibit local asset management companies from creating new hidden debts for local governments [11]