【海外策略】 科技是港股下半年胜负手——海外研究联合报告 下半年港股牛市继续，较 A 股或更优 。 年初以来的中国资产重估行情中，港股整体涨幅较 A 股更为可观，创新药、新消费、 AI 应用等方向亮点纷呈。借鉴 历史上港股占优行情，我们认为本轮行情或和其中的 2012-2014 年具有一定相似性，港股表现强劲源于部分资产更具稀缺性。当下港股科技、消费资产与 当前产业发展趋势更契合、基本面更优，或吸引南下持续流入，支撑港股继续向上。 【军工】 美国北约酝酿新机制援乌，我国成功发射巴基斯坦遥感卫星01星 大国博弈加剧是长期趋势，军工长期向好。 我们认为，大国博弈加剧是长期趋势，美国及其盟友国防战略重心逐步向印太转向，中国周边紧张局势可能逐步 加剧，和平需要保卫，加大国防投入是必选项，军工长期趋势向好。 2027 年要确保实现建军百年奋斗目标，十四五期间有望加速补短板。 军工板块上涨， 美国北约酝酿新机制援乌 。 1 ） 上周（ 7.26-8.1 ）上证综指下跌 0.94% ，创业板指数下跌 0.74% ，国防军工指数上涨 0.66% ，跑赢 大盘 1.60 个百分点，排名第 4/29 。 2 ）上周（ 7.26- ...

Group 1: Market Trends - The Hong Kong stock market is expected to continue its bull run in the second half of 2025, outperforming the A-share market, driven by sectors like innovative drugs, new consumption, and AI applications[4] - The overall increase in the Hong Kong stock market is attributed to the scarcity of certain assets, aligning with current industry development trends and better fundamentals, which may attract continued capital inflow from mainland investors[5] Group 2: Sector Analysis - The AI sector is leading the technological cycle upward, with significant growth potential for Hong Kong's tech assets, particularly in the AI industry chain, which includes model development and commercial applications[5] - The film industry has shown significant improvement, with a 49% increase in box office revenue week-on-week, and a year-on-year growth of 64.8% due to new releases during the summer season[11] Group 3: Economic Indicators - Real estate sales in 30 major cities have decreased by 20.8% year-on-year, with first-tier cities seeing a decline of 17.8%[10] - The average daily retail sales of passenger cars increased by 5.0% year-on-year, indicating a slight recovery in consumer demand despite rising inventory pressures among dealers[10] Group 4: Policy and Regulatory Environment - The U.S. and China have agreed to extend the tariff exemption period by 90 days, stabilizing trade relations temporarily[14] - Recent meetings have emphasized the need for macroeconomic policies to support economic recovery and stabilize the capital market, with a focus on promoting consumption and managing risks[16]

Core Viewpoint - The successful launch of Pakistan Remote Sensing Satellite 01 by China highlights the strengthening cooperation between China and Pakistan in advancing Pakistan's space program [1] Group 1: Launch Details - On July 31, China successfully launched Pakistan Remote Sensing Satellite 01 using the Kuaizhou-1A rocket from the Xichang Satellite Launch Center [1] - The satellite has successfully entered its designated orbit, marking the mission as a complete success [1] Group 2: Applications and Benefits - The satellite is intended for use in various fields, including disaster management and agriculture [1] - It will also assist in land surveys and disaster reduction efforts in Pakistan [1] Group 3: Acknowledgments - Pakistan's Prime Minister Shehbaz expressed gratitude towards China for its invaluable support and cooperation in advancing Pakistan's space initiatives [1] - He congratulated the Pakistan Space and Upper Atmosphere Research Commission and the entire team involved in the satellite's launch [1]

Group 1 - The successful launch of Pakistan's remote sensing satellite 01 was conducted by China using the Kuaizhou-1A rocket at the Xichang Satellite Launch Center on July 31, 2025 [1] - The satellite is primarily intended for land surveying and disaster reduction purposes [1] Group 2 - Pakistan's Prime Minister Shehbaz expressed gratitude towards China for its support in advancing Pakistan's space program, highlighting the significance of the satellite launch [3] - The satellite is expected to provide extensive benefits to the China-Pakistan Economic Corridor (CPEC) and is valuable for agriculture, urban planning, disaster management, transportation network mapping, and data collection in various environments [3]

Group 1 - The Russian National Space Corporation's president announced that the International Space Station will operate at least until 2028, with a possibility of extending to 2030 [1] - Media reports indicate that MediaTek's CEO expects the first batch of 2nm chips to begin trial production in September, with a projected revenue decline in Q3 due to earlier demand responses [2][1] - China successfully launched the Pakistan Remote Sensing Satellite 01 using the Kuaizhou-1A rocket, marking the 29th flight of this rocket [1] Group 2 - Arm's CEO revealed that the company is investing in developing its own chips, which has led to a disappointing forecast for the next fiscal quarter and an 8.65% drop in stock price [1]