Core Viewpoint - The article highlights the top 10 most popular research reports from iResearch, a subsidiary of AsiaInfo Technologies, which are available for free download during a limited time [2] Group 1 - AsiaInfo Technologies has made its top 10 research reports from iResearch available for free download, indicating a strategy to enhance accessibility and engagement with their research [2] - The reports cover various sectors and trends, showcasing the company's expertise in market analysis and research [2] - This initiative may attract new clients and strengthen existing relationships by providing valuable insights without cost barriers [2]

[Table_Title] 研究报告 Research Report 4 Aug 2025 香港赌场和博彩 Hong Kong Casinos & Gaming 7 月澳门博彩毛收入同比环比均提升，恢复至 2019 年同期 90.5% July GGR Increased YoY and QoQ, 90.5% of 2019 Level 寇媛媛 Yuanyuan Kou 骆雅丽 Yali Luo yy.kou@htisec.com yl.luo@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 澳门博彩监察协调局发布幸运博彩 7 月数据：7 月，澳门幸运博彩毛收入（GGR）同比环比均提升，恢复至 2019 年同期水平的 90.5%。2025 年 7月，澳门博彩毛收入达 221.25 亿澳门元，同比增长 19.0%，环比提升 5.0%，较2019 年同期下滑 9.5%。2025 年 1-7 月，澳门博彩累计毛收入达 1408.96 亿澳门元，同比增长 ...

Core Viewpoint - The article discusses the recent changes in U.S. tariffs under the Trump administration, highlighting that while there are new tariff announcements, the overall market reaction has been calm, with U.S. stocks reaching new highs. The focus is on understanding the implications of these tariff changes on the macroeconomic environment and asset prices [1][2]. Tariff Changes - Tariffs are expected to continue as a primary source of fiscal revenue for the Trump administration, with potential implementation through various legal provisions despite court limitations [3]. - The overall tax rate changes are minimal, with most countries maintaining their previous tariff rates, while some countries like Brazil see significant increases [5]. - The import share from Canada, Mexico, and the EU accounts for nearly 70% of the U.S. import market, indicating that tariff changes in these regions will have a substantial impact on effective tax rates [5][6]. Market Reaction - The market has shown a "wait and see" approach to the new tariff announcements, with minimal volatility in major assets, suggesting that investors view these changes as negotiation tactics rather than significant threats [13]. - The effective tax rate is projected to remain around 15-16% post-implementation of new tariffs, with limited impact on inflation expectations [8][11]. Economic Implications - The article anticipates that the new tariffs will not drastically alter the macroeconomic growth and inflation trajectory, with inflation pressures expected to peak in the fourth quarter [14]. - The expected CPI year-on-year is projected at 3.3%, with core CPI at 3.4%, indicating manageable inflation levels despite tariff changes [11][12]. Future Considerations - The article emphasizes the importance of monitoring upcoming tariff negotiation deadlines and inflation data, as these will influence market conditions and investment strategies [14][20]. - The potential for liquidity withdrawal due to the "Big Beautiful" Act and ongoing tariff negotiations may create volatility, but also presents reallocation opportunities for investors [14][19].

Group 1 - The core viewpoint of the news is that Qingke Chuangye has been actively repurchasing its shares, signaling confidence in its future development and potentially indicating that its stock is undervalued [1][3] - As of July 8, 2025, Qingke Chuangye repurchased 2,800 shares at an average price of 1.12 HKD per share, totaling approximately 3,140 HKD, with a cumulative repurchase of 1.6732 million shares this year, representing 0.55% of its total share capital [1] - The stock repurchase activity is seen as a strategy to enhance earnings per share and stabilize stock prices, thereby boosting investor confidence during market volatility [1] Group 2 - Qingke Chuangye is a publicly listed company in Hong Kong, focusing on the entrepreneurial and investment ecosystem, providing a wide range of products and services [2] - The company has a strong presence in the entrepreneurial services sector, offering information, data, and research reports to entrepreneurs, investors, and industry participants [2] - Qingke Chuangye plays a significant role in the entrepreneurial investment ecosystem by organizing various entrepreneurial events to facilitate communication and financing for startup projects [2]

Group 1 - The current bull market in the US stock market has shown a historically rare long cycle characteristic, having lasted 33 months since its inception on October 12, 2022, surpassing the average long-term bull market lifespan of 1105 days [1] - The S&P 500 has experienced a cumulative increase of 69%, driven by dual forces of technological revolution and geopolitical restructuring, although it is still below the typical bull market average gain of 156% [1] - UBS emphasizes two core logical frameworks: the rise in productivity driven by AI technology, which mirrors the path of the internet revolution in the 1990s, and the restructuring of global security dynamics, with military spending projected to grow by 12% in 2024, the highest rate since the end of the Cold War [1] Group 2 - The current market valuation structure shows significant differentiation, with the S&P 500's price-to-earnings ratio at 21.5 times, lower than the 28 times during the 2000 internet bubble, largely due to the 33% weight of tech giants [3] - Despite the Federal Reserve maintaining a high benchmark interest rate of 5.25%-5.5% in 2023, the S&P 500 index achieved a 24% annual increase, indicating that rising interest rates have not suppressed tech stock valuation expansion [3] - The NDR sentiment indicator shows that the current market correction cycle is at a historical low, with the S&P 500 index reaching new highs for 512 consecutive trading days without triggering bear market thresholds, surpassing the performance seen in the late 1990s bull market [3]

Core Viewpoint - The Chinese capital market is expected to enter a long-term bull market, driven by external challenges that strengthen the economy and enhance market resilience [4][5]. Group 1: Leadership Changes - Wang Sheng has been appointed as the new General Manager of Shenwan Hongyuan Research, succeeding Zhou Haichen, who will continue to oversee research and institutional business [1]. - Wang Sheng holds a PhD in management from Tongji University and has extensive experience in strategy research and analysis [2]. Group 2: Market Outlook - The Chinese capital market is anticipated to grow stronger, with improved corporate governance and increased shareholder returns, as evidenced by dividends and buybacks exceeding financing for three consecutive years [4]. - The rise of Chinese technology companies, such as Huawei and ByteDance, alongside advancements in artificial intelligence, presents a unique opportunity for the market [4]. Group 3: Research Development - Wang Sheng emphasizes the need to enhance the "research product" concept, focusing on quality and customization to better serve clients [6]. - The research team aims to integrate artificial intelligence into their methodologies, improving data processing and analysis capabilities [7].

Financial Data and Key Metrics Changes - Gartner has demonstrated a long-term experience of delivering double-digit top-line growth with a contract value CAGR of 14% over ten years and free cash flow CAGR of 16% [4][29] - The company expects EBITDA margins to be at least 23.5% for the year, with structural improvements leading to margins running in the mid to low 20% range [23][28] Business Line Data and Key Metrics Changes - The Research segment is the largest and most profitable, with contribution margins in the low to mid 70% [12][13] - The Conferences segment provides a platform for client engagement with around 50% gross margins [21] - The Consulting segment focuses on high-level IT labor-based strategy and project management services, contributing to overall revenue [22] Market Data and Key Metrics Changes - Gartner's contract value is approximately $5.1 billion, with an identified addressable market of around $200 billion [20] - About two-thirds of contract value is generated in North America, with growth opportunities identified both domestically and internationally [41] Company Strategy and Development Direction - The company aims to expand its sales force and penetrate new territories to capture more of the addressable market [41][42] - Gartner's strategy includes leveraging AI to enhance efficiency within its research organization and services team [36] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that while the company is resilient to macroeconomic challenges, it is not completely immune to a difficult selling environment [42] - The focus remains on generating valuable insights and productizing them to deliver ongoing value to clients [41] Other Important Information - Gartner's business model is characterized by strong free cash flow generation, with annual free cash flow expected to exceed $1 billion [29] - The company has a strong balance sheet with excess cash of about $2.1 billion, targeting a gross debt to EBITDA ratio of about 2 to 2.1 times [30][31] Q&A Session Summary Question: How does AI affect Gartner's business? - Gartner is leveraging AI to help clients with strategy and challenges while also using it internally to improve efficiency in research and sales training [35][36] Question: What is the percentage of clients on each subscription tier? - The most commonly purchased product is the advisor product, priced around $45,000 to $50,000, with reference products at about $20,000 and higher-end services ranging from $75,000 to $80,000 [38][39] Question: What are the key drivers for growth? - Growth drivers include generating valuable insights, expanding sales territories, and hiring sellers, with a focus on execution and resilience in challenging macro environments [41][42]

Strategy - The recent AI boom has significantly shifted investor sentiment and macro narratives, driving the Hong Kong stock market's continuous rise, primarily through valuation-driven growth. The market's optimistic outlook is reflected in the risk premium (ERP) [2] - Currently, Hong Kong stock valuations are still at historical low to mid-levels. The dynamic sentiment-driven recovery appears to be nearly complete, with dividend sectors showing a 5% relative space compared to A-shares, while tech sectors are aligned with ROE. The essence of this rebound is based on optimism regarding technology trends [2] - The short-term target for the Hang Seng Index is set between 23,000 and 24,000, with an optimistic scenario reaching 25,000. This static assessment does not imply an inevitable decline upon reaching these levels, but rather indicates potential market divergence if long-term expectations are not met [2] Macro Economy - China's consumption-to-GDP ratio is relatively low compared to international standards. While absolute price levels for goods align with China's economic development stage, service prices are comparatively low. The relative price levels indicate that the perception of low consumption in China is not supported by data [12] - There is significant potential for future consumption growth in China, particularly in the service sector, which has more room for expansion than goods consumption. Areas such as health insurance and entertainment are highlighted as having substantial growth potential. Upgrading goods consumption focuses on quality, while service consumption may require an increase in quantity [12]