Goldman Sachs: Chinese equities show 'rotation signals,' with A-share hard-tech stocks still favored and H-share internet firms seeing earnings recovery.

Goldman Sachs’ latest China strategy maintains its tactical preference for A-shares over H-shares and hard tech over soft tech, but has started paying attention to the recovery potential of large-cap H-share internet stocks following their valuation adjustments. The key to sustained H-share rebounds lies not in valuations but in earnings: losses from internet subsidies and AI-related capital expenditures continue to weigh on profits. China’s AI sector as a whole is not viewed as a bubble, though signs of localized overheating have emerged in semiconductors and certain A-share hard tech segments.

wallstreetcn10:34

Hong Kong Market Snapshot | The three major indices moved mixed, with the Hang Seng Tech Index down 0.96%; most PCB concept and semiconductor stocks declined, with Kingboard Group falling over 19% and GigaDevice dropping more than 15%; auto stocks weakene

Technology and internet stocks were mixed, with SenseTime Group down 5.67% and JD.com up 2.72%; smartphone supply chain stocks weakened, with Kingboard Holdings falling 19.18% and Hua Hong Hongli declining 7.12%; solar and photovoltaic stocks mostly declined, with JinkoSolar Holding down 18.53%, while Times Digital rose 8.64%.

Futu News16:23

Express News | Li Qiang chaired a symposium with experts and entrepreneurs on the economic situation: comprehensive policy measures should be implemented to unlock the potential of domestic demand and accelerate the cultivation of new drivers of consumption.

Breakings44minutes ago

Zhang Yidong’s Latest Insights Following Silicon Valley Research Trip: The AI Era Is Far From Over, and Opportunities Will Radiate Outward from 'Light'

In Zhang Yidong's view, the current Chinese equity market—including the AI-related rally—has undergone sufficient adjustment and is now entering a window for left-side positioning. Going forward, investment opportunities in AI will continue to expand from the 'light'-based computing power segment into a broader range of related fields.

Smart Investor16:34

Hong Kong Market Midday Review | Hong Kong stocks rose sharply before retreating; the Hang Seng Tech Index fell 0.81%. Memory storage, PCB, and optical communication stocks continued to adjust, with CSOP Twox Leveraged SK Hynix dropping over 26%, and KB G

Technology and internet stocks were mixed, with Meituan-W down 2.03% and JD.com-SW up 1.54%; solar photovoltaic stocks weakened, with Junda Shares falling 10.00% and Times Digital rising 6.17%; most automotive stocks declined, with Seres down 11.30% and GAC Group down 6.39%;

Futu News12:14

Kwok Sze-chi: The broader market continues to seek new highs following a pattern of initial decline followed by recovery.

Vincent Kwok, Vice Chairman of the Hong Kong Society of Technical Analysts, noted that the market has now entered mid-July. As of the time of writing, the market’s pattern for this month remains provisionally characterized by an initial decline followed by a rebound. The Hang Seng Index has risen from its low of 22,953 points on the 2nd to an intramonth high of 24,499 points on the 10th—a cumulative gain of 1,546 points over just seven trading days. While a swing of 1,546 points may already seem substantial, it might still fall short of what is typically required within a full month. Moreover, it is uncommon for both the monthly high and low to occur within only seven trading days. Therefore, theoretically, a wider trading range should emerge during the remaining trading days of the month, thereby expanding...

AASTOCKS10:27