Market Overview - The Hang Seng Index is expected to challenge the 26,000 point mark due to stable economic performance in mainland China and improved corporate earnings, particularly in heavyweight technology stocks [2] - The market is currently active with a positive risk appetite, as evidenced by the lively trading across various sectors [2] Macro Focus - The People's Bank of China conducted a reverse repurchase operation of 128.7 billion yuan, maintaining the interest rate at 1.4% [9] - The National Bureau of Statistics plans to deploy pilot projects for data industry clusters, indicating a focus on optimizing industrial layout and fostering new growth drivers [9] - The U.S. PPI for July rose by 3.3%, exceeding expectations, which may influence future interest rate decisions by the Federal Reserve [10] Corporate News - JD Group reported a 49% year-on-year decline in adjusted profit for Q2, attributed to losses in its food delivery business, although total revenue increased by 22.4% [11] - NetEase's Q2 revenue grew by 9%, with adjusted profit rising by 22%, but both figures fell short of market expectations [11] - China Telecom's net profit for the first half of the year increased by 6%, with an interim dividend up by 8% [11] - Geely's interim profit fell by 14%, but the company raised its annual sales target to 3 million vehicles [11] - CK Hutchison's basic profit increased by 11% in the interim period, while Cheung Kong Property's profit dropped by 27% [11] Sector Insights - Technology stocks are expected to see valuation improvements following better-than-expected earnings from leading companies [8] - The smartphone equipment sector anticipates the launch of the iPhone 17 by Apple on September 9 [8] - The biotech sector may benefit from adjustments to the commercial insurance catalog for innovative drugs, facilitating the market entry of high-value products [8] International Market Outlook - The U.S. Federal Reserve maintained interest rates in July, indicating a cautious approach towards future rate cuts amid economic uncertainties [5] - The trade war has slowed down oil demand growth, with OPEC+ increasing supply, which may limit the upward movement of international oil prices [5]

Market Overview - The Hang Seng Index is constrained by the March high of 24,874 points, with expectations for new financial policies from mainland China to stabilize the market, including reserve requirement ratio cuts and interest rate reductions [2] - The recent US-China trade negotiations have led to a temporary reduction in tariffs, but ongoing tensions may affect future agreements [2] - The Hang Seng Index's valuation has returned to reasonable levels, requiring significant positive developments in trade agreements and corporate earnings to maintain upward momentum [2] Sector Outlook - Gold mining stocks are favored due to ongoing geopolitical tensions and central banks continuing to increase their gold holdings [3] Macro Focus - Chinese Premier Li Qiang emphasized the importance of innovation-driven development and expanding effective demand during his recent research trip [4] - The People's Bank of China announced eight significant financial policies aimed at enhancing the financial market and supporting offshore trade [8] - The China Securities Regulatory Commission introduced further reforms to enhance the inclusivity and adaptability of the capital market, particularly focusing on the Sci-Tech Innovation Board [8][9] Company News - JD Group reported better-than-expected growth in its food delivery business, with plans to launch six innovative projects [4] - Several companies, including AI startup Xiyu Technology, are planning to list in Hong Kong [4] International Market Outlook - The US Federal Reserve maintained interest rates, with expectations of two rate cuts later in the year, reflecting a cautious approach to inflation risks [4] - The ongoing geopolitical tensions, particularly regarding Iran, may impact market stability, while OPEC+ is expected to limit upward pressure on oil prices [4][6]