Zhitong Decision Reference | The Hang Seng Index rises again, AI chips and intelligent agents are worth paying attention to

[Editor’s Market View]

The China-Europe talks did not make significant progress, but the emergence of the Yasha Hydropower Station has boosted market confidence, with the Hang Seng Index maintaining an upward trend last week.

This week, as the last week of the month, many major events are happening intensively. Tariff talks are at the forefront, with China and the U.S. set to hold the third round of economic and trade talks in Sweden from July 27 to 30. Due to the U.S. adding many additional topics, substantial progress is expected to be limited. The U.S.-EU tariff negotiations are particularly critical; according to CCTV news, Trump announced that a 30% tariff will be imposed on goods imported from the EU starting August 1. In response, the EU is also preparing to impose retaliatory tariffs on nearly 100 billion euros worth of U.S. products.

As for the Federal Reserve's July meeting, it is expected to remain on hold, observing Powell's views on future interest rate cuts.

The conflict between Cambodia and Thailand is expected to ease. According to a report by Malaysia's national news agency on the 27th, Malaysian Foreign Minister Muhammad stated that Cambodian Prime Minister Hun Manet and Thai Acting Prime Minister Puttipong will discuss the current border conflict between the two countries in Malaysia on the 28th.

Overall, external shocks are relatively limited, and the Politburo meeting at the end of July is expected to continue boosting market confidence.

In terms of hotspots, last Saturday evening's news broadcast focused on the World Artificial Intelligence Conference's robot exhibition. Starting at a price of 39,900 yuan, Yushu Technology launched a new humanoid robot, weighing about 25 kg, capable of doing handstands and flips. Tesla's third-generation robot is about to enter the Chinese consumer market.

At the World Artificial Intelligence Conference, the joint booth of ShenYuan Artificial Intelligence and Haier Group's industrial internet platform COSMOPlat attracted industry attention, showcasing the world's first L4-level intelligent agent mother system—Master Agent. The two parties are conducting in-depth cooperation around the core scenarios of the industrial internet, including intelligent talent recruitment, full-process automation of customer service, and intelligent scheduling of enterprise workflows, further releasing the potential of AI agents in the industrial internet field.

Lishuan Technology's consumer-grade GPU G100 was officially released on July 26, and according to new tests, it outperformed NVIDIA's GeForce RTX 4060 in OpenCL benchmark tests. Tsinghua University has developed ideal extreme ultraviolet (EUV) photoresist materials. AI chips and intelligent agents are worth paying attention to.

Senior leaders held a State Council executive meeting to deploy measures for gradually implementing free preschool education. Education-related sectors may see a catalyst.

[This Week's Golden Stock]

Maoyan Entertainment (01896)

Last week, box office revenue exceeded 1 billion yuan for the first time since the Spring Festival. Weekly box office revenue has been rising since July, reaching 1.132 billion yuan as of last Sunday at 18:30, marking the first time it surpassed 1 billion yuan since the Spring Festival. There are major films set to be released in the next two weeks. In addition to the hit "Wang Wang Mountain Little Monster," there is also "731" coming out this Thursday. So far, the cumulative "want to watch" numbers on the Maoyan platform have surpassed those of "The Wandering Earth 2" and "Ne Zha 2"; "Dongji Island" is set to be released on August 8. It is evident that there is ample heavyweight supply, which is expected to continue supporting the industry's recovery Recently, Maoyan has raised the box office expectations for two major films. The pre-screening and advance ticket sales for "Nanjing Photo Studio" exceeded expectations, and Maoyan has adjusted the final box office to 1.624 billion yuan since its release; additionally, the box office for "Lychee in Chang'an" has been raised to 915 million yuan. As a leading ticketing platform, Maoyan Entertainment's box office growth during the summer season will directly boost its service fee income.

Moreover, Maoyan Entertainment is one of the co-producers of "Wang Wang Mountain Little Monster" and is also involved in several films during the summer season (such as "The King's Avatar: For the Glory 2," etc.), and is expected to benefit from the popularity of the animated film market.

【Industry Observation】

From July 26 to 28, the 2025 World Artificial Intelligence Conference was held in Shanghai. This WAIC H3 Smart Terminal Pavilion gathered dozens of companies in the fields of embodied intelligence, mechanical manufacturing, virtual reality, and smart hardware. Companies like Yushu Technology, Yundong Technology, Zhiyuan Robotics, and Fourier brought their latest products. With a significant improvement in the working capabilities of robots, orders from various robot companies are currently in short supply. Some institutions point out that 2025 may become the year of mass production for the embodied intelligent robot industry, with an estimated 50,000 humanoid robots expected to roll off the production line throughout the year. According to Qichacha data, as of now, Yushu Technology has accumulated over 100 winning bids; the embodied intelligence company Kuawei Intelligent has already landed bulk orders. On July 27, Kuawei Intelligent released the new generation humanoid robot DexForce W1 Pro.

Additionally, according to UBTECH ROBOTICS (09880) official WeChat news on July 23, UBTECH ROBOTICS has launched a full-size industrial humanoid robot Walker S2 aimed at smart manufacturing scenarios. Through the iterative BrainNet 2.0, equipped with self-developed intelligent technology Co-Agent specifically for industrial humanoid robots, it constructs an AI dual cycle for industrial-grade humanoid robots, achieving spiral evolution of autonomous operation and group collaboration. UBTECH ROBOTICS also announced that it has won a procurement project for robot equipment from Miyi (Shanghai) Automotive Technology Co., Ltd. worth over 90.51 million yuan. This winning bid is currently the largest procurement order for humanoid robots globally. Furthermore, the company announced plans to place 30.15545 million new shares, raising approximately 2.41 billion Hong Kong dollars.

Other noteworthy Hong Kong stock targets include: Tsugami Machine Tool China (01651), SOTY Technology (02498), and GAC Group (02238) for core component supply; and Horizon Robotics-W (09660) for software solutions.

【Data Watch】

The Hong Kong Stock Exchange announced that the total number of open contracts for the Hang Seng Index futures (July) is 103,387, with a net open interest of 36,765 contracts. The settlement date for the Hang Seng Index futures is July 30, 2024. This period's index futures will settle.

The Hang Seng Index is at 25,388 points, with the bull-bear certificate concentration area deviating from the central axis, indicating market hesitation. The FOMC meeting next week is expected to announce interest rate results, estimating that rates will remain unchanged, with possibly two dissenting votes among the board members, while Powell emphasizes observing the impact of the tariff war. This week, the outlook for the Hang Seng Index is bullish.

  [Editor's Note]

After four years, the Hang Seng Index has finally returned to 25,000 points.

Behind the strong rise of Hong Kong stocks, southbound funds have accumulated a net buying amount of nearly HKD 800 billion this year, approaching the total for the entire year of 2024, and are expected to set a new historical record. At the same time, foreign capital is beginning to reassess the investment value of Chinese assets.

Whether the speed of capital supply can accelerate depends on the "profit-making effect." China International Capital Corporation (CICC) estimated in mid-year that southbound funds, foreign capital, and share buybacks by Hong Kong companies may provide around HKD 300 billion in incremental funds to the market in the second half of the year. Huatai Securities recently stated that the active allocation ratio of public funds is relatively high, and if it increases to a certain level, it could bring about HKD 200 billion in incremental funds; at the same time, the allocation ratio of non-public funds such as insurance, private equity, and individual investments is rising, conservatively estimated to bring in about HKD 400 billion in incremental funds. Overall, while the incremental funds for Hong Kong stocks in the second half of the year are slightly smaller than in the first half, they remain at a high level. According to Guohai Securities, the proportion of public funds holding Hong Kong stocks has reached a historical peak. As of Q2 2025, the allocation ratio of public actively managed equity funds to Hong Kong stocks has climbed to 14.89%, surpassing the historical high of 2021 for the first time since Q3 2024 and setting new highs for four consecutive quarters, indicating that fund managers' confidence in quality assets in Hong Kong stocks continues to strengthen.

As the market's profit-making effect begins to accumulate, topics such as anti-involution and the World Artificial Intelligence Conference continue to gain traction,

the inflow of retail investors is also accelerating. Investors are reminded to pay attention to changes in the dividend yield of the Hang Seng Index. When the dividend yield drops to historically low levels, Hong Kong stocks may be approaching a short-term peak