Group 1 - The Hong Kong stock market opened lower but rebounded, with mixed performance in tech stocks and a decline in oil stocks. AI concept stocks saw some increases, while the Hong Kong Stock Connect Automotive ETF (159323) experienced a slight rise, despite declines in major holdings like Li Auto and Leap Motor, with XPeng Motors rising over 2% at one point [1] - XPeng Motors announced a new monthly delivery record of 36,717 smart electric vehicles in July 2025, representing a year-on-year increase of 229%. This marks the ninth consecutive month of deliveries exceeding 30,000 units. The cumulative total delivery volume surpassed 800,000 units by the end of July 2025, with 233,900 vehicles delivered in the first seven months of 2025, a 270% increase compared to the same period last year [1] - In mid-July, XPeng Motors launched the 2025 models of the G6 and G9 in the European market and announced the upcoming launch of the P7+. The brand has entered new markets in the UK, Italy, Ireland, and others, expanding its presence to 46 countries and regions globally [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) tracks the Hong Kong Stock Connect Automotive Index (931239.CSI), which focuses on the Hong Kong vehicle sector, particularly passenger vehicles. This index includes new energy vehicle manufacturers and has a higher concentration of intelligent driving companies compared to similar indices in A-shares [2] - As of July 31, the index's price-to-earnings ratio (TTM) was 19.73, significantly lower than that of various A-share automotive theme indices, indicating a favorable valuation [2]

Group 1 - The oil and gas resource ETF (563150) increased by 3.25% [1] - The petrochemical ETF (159731) rose by 2.07% [1] - The chemical industry ETF (516570) saw a gain of 1.66% [1] Group 2 - The Hong Kong automotive ETF (520600) decreased by 3.86% [1] - The Hong Kong automotive ETF fund (159237) fell by 3.85% [1] - The Hong Kong Stock Connect automotive ETF (159323) dropped by 3.73% [1]

Market Overview - As of July 28, Hong Kong's three major indices closed mixed, with the Hang Seng Index up 0.68% at 25,562.13 points, the Hang Seng China Enterprises Index up 0.29% at 9,177.15 points, and the Hang Seng Tech Index down 0.24% at 5,664.02 points [1] - Large tech stocks showed mixed performance, while the pharmaceutical and financial sectors exhibited strong trends [1] - Notable stocks included Tencent Holdings rising nearly 1%, Kuaishou up nearly 0.5%, and Meituan down over 0.5% [1] Southbound Capital - On July 28, southbound funds net bought HK stocks worth 9.253 billion HKD, bringing the cumulative net purchase amount since 2025 to 829.282 billion HKD, surpassing last year's total net inflow of 807.869 billion HKD [2] U.S. Market Performance - U.S. stock indices closed mixed overnight, with the Dow Jones down 0.14%, the S&P 500 up 0.02%, and the Nasdaq up 0.33%, with the S&P 500 and Nasdaq reaching new historical highs [3] - The Hang Seng Index ADR fell, closing at 25,353.70 points, down 208.43 points or 0.82% compared to Hong Kong's close [3] Key Events - The Federal Reserve is expected to announce its interest rate decision on July 31, with market expectations leaning towards maintaining rates unchanged and possibly lowering rates twice within the year [4] - The 2025 World Artificial Intelligence Conference concluded with over 300 project procurement demands announced, with an expected procurement amount of 16.2 billion CNY, and 31 major projects signed with investments exceeding 15 billion CNY [4] - Goldman Sachs raised the 12-month target for the MSCI China Index from 85 to 90 points, indicating about an 11% potential upside from last Friday's closing price [4] Short Selling Data - On July 28, a total of 618 Hong Kong stocks were short-sold, with total short selling amounting to 25.577 billion HKD. The top three stocks by short selling amount were China Ping An at 1.385 billion HKD, Tencent Holdings at 1.274 billion HKD, and Alibaba at 973 million HKD [5] Institutional Insights - Huatai Securities remains optimistic about opportunities in the Hong Kong stock market, particularly in the technology sector, which is expected to have significant recovery potential [6] - Recommended sectors include internet (e-commerce, local life), coal, cement, cyclical products, social services, textiles, and aviation, with a focus on high-growth and low-valuation industries [6] - The new consumption sector in Hong Kong remains strong, but attention is needed regarding potential pressure from stock unlocks in Q3 [6] Related ETFs - Key ETFs include the Hang Seng Pharmaceutical ETF (159892), Hang Seng Internet ETF (513330), and Hong Kong Consumption ETF (513230) [7] - Additional ETFs include the Hong Kong Stock Connect Automotive ETF (159323) and Hang Seng Technology Index ETF (513180) [8]

Market Overview - The Hong Kong stock market continued its upward momentum last week, with the Hang Seng Index rising by 2.27% to close at 25,388.35 points, the Hang Seng Tech Index increasing by 2.51% to 5,677.90 points, and the National Enterprises Index gaining 1.83% to 9,150.49 points [1] Southbound Capital - On July 25, southbound capital recorded a significant net purchase exceeding 20 billion HKD. Since 2025, the cumulative net purchase amount has surpassed 820 billion HKD, exceeding the total net purchase of 807.87 billion HKD for the entire year of 2024 [2] Hot Topics - The World Artificial Intelligence Conference (WAIC) is set to take place in Shanghai on July 26, featuring five major segments including forums, exhibitions, competitions, and innovation incubation, showcasing the latest practices in AI technology and industry trends [3] - During the WAIC, Tencent announced the release and open-sourcing of the industry's first 3D world generation model, the Hongyuan 3D World Model 1.0, by its Vice President of Tencent Cloud [3] Short Selling Data - On July 25, a total of 622 Hong Kong stocks were short-sold, with a total short-selling amount of 25.60 billion HKD. The top three stocks with short-selling amounts exceeding 1 billion HKD were BYD (13.24 billion HKD), Meituan (12.64 billion HKD), and Tencent Holdings (12.10 billion HKD) [4] Institutional Insights - According to Ping An International, the Hong Kong stock market is expected to exhibit a structural market trend in the short term. As new investment themes have yet to emerge, sector rotation is anticipated to accelerate. With the half-year earnings reporting period approaching, market participants have high expectations for corporate earnings, and even if earnings meet or slightly exceed consensus expectations, it may not satisfy some institutional investors, potentially leading to a market pullback. In such a scenario, funds may rotate from crowded sectors like new consumption, innovative pharmaceuticals, and banking to less crowded sectors with lower valuations and better earnings prospects, such as the technology sector related to the AI industry [5] Related ETFs - Key ETFs mentioned include: - Hang Seng Pharmaceutical ETF (159892) - Hang Seng Internet ETF (513330) - Hong Kong Consumption ETF (513230) - Hong Kong Automotive ETF (159323) - Hang Seng Tech Index ETF (513180) [5]

Market Overview - On July 23, Hong Kong's three major indices opened higher and closed with gains: the Hang Seng Index rose by 1.62% to 25,538.07 points, the Hang Seng Tech Index increased by 2.48% to 5,745.74 points, and the Hang Seng China Enterprises Index gained 1.82% to 9,241.2 points [1] - Technology stocks led the gains, with Meituan up nearly 3.5%, JD Group rising close to 3%, and Alibaba increasing by nearly 2.5% [1] - The Hang Seng Tech Index ETF (513180) followed the index's upward trend, closing up 2.65%, with notable increases in NIO (up nearly 9%), Kuaishou (up over 7%), Baidu (up over 6%), and Tencent (up nearly 5%) [1] Southbound Capital - On July 23, southbound capital recorded a net sell of HKD 1.32 billion in Hong Kong stocks; however, the net buying amount for the month reached approximately HKD 64.9 billion, with a cumulative net buying of about HKD 796.1 billion for the year, nearing last year's total of HKD 808 billion [2] U.S. Market Performance - U.S. stock indices closed higher overnight, with the Dow Jones up 1.14%, the S&P 500 rising 0.78%, and the Nasdaq increasing by 0.61% [3] - Notable gainers included Merck (up nearly 3%) and UnitedHealth Group (up over 2%), leading the Dow [3] - The S&P 500 and Nasdaq reached new closing highs, while the Hang Seng Index ADR fell, closing at 25,438.94 points [3] Key Messages - The National Development and Reform Commission of China is taking practical measures to enhance cooperation between state-owned and private enterprises, aiming to improve governance and promote technological innovation [4] - Citigroup's recent strategy report indicates that despite macroeconomic fluctuations, Asian markets are outperforming global counterparts, with an upgrade in ratings for Chinese and South Korean markets to "overweight" [4] Short Selling Data - On July 23, a total of 615 Hong Kong stocks were short-sold, with a total short-selling amount of HKD 29.818 billion; notable short-selling amounts included Tencent (HKD 2.659 billion), BYD (HKD 1.441 billion), and Kuaishou (HKD 1.323 billion) [5] Institutional Insights - Huatai Securities suggests that the Hong Kong stock market is entering a new phase of revaluation, with external and internal negative factors improving faster than expected, indicating potential for further market gains [6] - The report highlights that pressures are expected to ease in the third quarter, with the possibility of an earlier start to the third round of market rallies than previously anticipated [6] - Relevant ETFs include the Hang Seng Pharmaceutical ETF (159892), Hang Seng Internet ETF (513330), Hong Kong Consumer ETF (513230), and Hong Kong Automotive ETF (159323) [6]

Group 1 - The Hong Kong stock market indices opened lower, with the Hang Seng Index down 0.11% at 23,865.64 points, and the Hang Seng Tech Index down 0.26% [1] - The recent focus on addressing "involution" competition in various industries aims to eliminate low-price disorderly competition and promote the exit of backward production capacity [1] - Industries such as photovoltaic, lithium batteries, automobiles, and cement are highlighted as areas to watch for potential improvements in supply-demand dynamics due to policy interventions [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) is focused on the Hong Kong automotive sector, featuring a higher proportion of passenger vehicles and new energy vehicle manufacturers compared to similar indices [2] - As of July 9, the index's price-to-earnings ratio (TTM) is 16.78, significantly lower than various A-share automotive theme indices, indicating potential valuation attractiveness [2] - The index includes key players in the intelligent driving industry, aligning with the trends in automotive sector development [2]

6月26日A股早盘，稳定币、航母、锂电电解液、固态电池等概念盘中活跃。港股方面，恒生科技指数 低开高走，现已翻红。近期热度较高的港股通汽车ETF(159323)小幅下跌，持仓股中，五矿资源、洛阳 钼业（603993）、赣锋锂业（002460）、天齐锂业（002466）等涨幅居前，比亚迪（002594）股份、小 鹏汽车、吉利汽车、理想汽车等车企涨跌不一。 近期固态电池概念热度较高。国联民生（601456）证券指出，相较于传统液态电池，全固态电池具有以 下优势：(1)能量密度上限高；(2)电化学反应速度更快；(3)使用固态电解质没有液体泄露风险。全固态 电池在新能源车领域具有极大应用潜力。 申万宏源证券（000562）认为，1-4月，国内固态电池行业的扩产规划规模超过50GWh，拟投资总额约 150亿元。产品端，行业内大容量(50Ah以上)全固态电芯逐步通过研发测试，后续中试线及装车测试将 陆续展开。行业全固态电池有望于2025年年底实现产品定型，2026年逐步验车测试，2027年产业链进入 规模化降本阶段。 总的来说，随着全固态电池量产装车，新能源车的续航里程有望得到较大突破，其相较于燃油车的市场 竞争力也有望 ...

1） 港股消费：港股消费ETF（513230），打包电商+新消费，覆盖相对A股更为稀缺的新消费赛道。 2） 港股科技：恒生科技指数ETF（513180），中国核心AI资产，囊括相对A股更为稀缺的科技龙头。 6月20日早盘，港股三大指数集体高开，恒生指数涨0.23%，报23291.40点，恒生科指涨0.3%，国企指数 涨0.22%。盘面上，科网股涨跌不一，稳定币概念多股上涨，内房股活跃。热门ETF方面，港股通汽车 ETF（159323）、港股消费ETF（513230）、恒生科技指数ETF（513180）等开盘后小幅上涨。恒生科 技成分股中，华虹、舜宇光学科技、中芯国际、比亚迪电子、哔哩哔哩等涨幅居前。 截至6月19日，今年内南向资金累计净买入港股金额高达6960.41亿港元，相当于2024年全年净买入 8078.69亿港元的86%。中金测算，年内相对确定的南向增量资金为2000-3000亿港元，全年累计流入可 能超万亿港元。该机构认为，当前中国整体仍需修复但有结构亮点的宏观与市场环境，都更有利于港 股，这是因为不论是提供稳定回报的分红、还是作为结构性机会主线的新消费、AI科技、甚至创新 药，港股都更有优势，这也 ...

Market Overview - The A-share market experienced a volatile adjustment, with the Shanghai Composite Index down 0.75%, the Shenzhen Component down 1.1%, and the ChiNext Index down 1.13% as of the market close [1] - The total market turnover reached 1,503.9 billion yuan, an increase of 200 billion yuan compared to the previous day, with over 4,400 stocks declining [1] Sector Performance - Oil and gas, precious metals, nuclear pollution prevention, and military industries were among the top gainers, while consumer stocks saw an overall pullback [1] - The leading ETFs in the oil and gas sector included the S&P Oil & Gas ETF (513350) with a gain of 6.38%, and the S&P Oil & Gas ETF (159518) with a gain of 6.23% [2] ETF Performance - The Hong Kong Stock Connect Automotive ETF (159323) led the declines with a drop of 3.67%, followed by the Hong Kong Automotive ETF (520600) down 3.4% [3] - Other notable declines included the Hang Seng Automotive ETF (159239) down 3.33% [3] Geopolitical Impact - The geopolitical situation in the Middle East has escalated, with reports of the Israeli military launching new attacks on Iran, including a "preemptive precision strike" on Iranian nuclear facilities [2] - Israeli Prime Minister Netanyahu stated that the attacks on Iran would continue for several days, which may have implications for oil and gas prices [2][5]

Group 1 - The S&P Oil and Gas ETF (159518) led the gains with an increase of 7.68% [1] - The S&P Oil and Gas ETF (513350) also saw a significant rise of 7.45% [1] - The Energy Chemical ETF (159981) experienced a gain of 5.03% [1] Group 2 - The Hong Kong Stock Connect Automotive ETF (159323) was the biggest loser, declining by 3.75% [1] - The Hang Seng Automotive ETF (159239) fell by 3.63% [1] - The Hong Kong Automotive ETF (520600) decreased by 3.4% [1]