After a gap of four years, the Hang Seng Index has returned to 25,000 points! These four investment themes are worth watching.

This week, $恒生指數 (800000.HK)$ Returns to 25000 for a near 4-year high.

In fact, in the first half of 2025, the Hong Kong stock market experienced strong growth. At the beginning of the year, the aggressive development of Deepseek Technology led to a revaluation of the development technology block sector, with Hong Kong shares capitalizing strongly and leading major global equities.

At the beginning of April, the Hang Seng Index returned somewhat to the initial level of the year, due to the continuation of market hot spots, sectors such as new consumer spending, innovative medicines, stable currencies, etc., which drove the market movement into structural multifaceted behavior.

Overall, the Hong Kong stock market this year is mainly driven by the four main investment lines in Technology Stocks, Innovative Pharmaceuticals, Consumer Equities, and Stable Currency.

What, after tax, are the reasons behind Hong Kong's stock rebound? Looking ahead to the next six months, what are the big four investment lines paying attention to? What will change in the bull market of Hong Kong stocks? What new variable values should I pay attention to? Follow up and get an answer.

What are the factors supporting the rebound in Hong Kong stocks?

Sinolink's latest Research Reports show that there are four main reasons for supporting the Hong Kong stock rebound after tax: First, Georisk cooling momentum recovers second, USD environment extends, RMB Exchange Rates become the third largest in Hong Kong stocks, and Hong Kong Treasury notes strong liquidity, In the fourth position of the rebound dynamic, the capital moves south to become the hedge arm of the Hong Kong stock market.

In the first half of this year, Southern Capital accumulated net purchases of Hong Kong shares of HK$852.1 billion, which is 1.97 times the same period last year, close to 90% of the net purchase inflow last year.

The increase in the speaking rights of Southern Funds, improving the low liquidity environment created by the departure of the Heads of Offshore Institutions in Hong Kong, has resulted in a significant increase in the Turnover and Turnover Ratio from 2024. On the other hand, the valuation of Hong Kong shares is oriented towards the A share, and the relationship between H shares and A shares has increased, valuing the price risk closer to the water level.

Ask Futubull AI:Which companies are the most loved by Southern Capital this year?

Which companies are worth paying attention to in the four main investment lines?

In the foreword, the main four main investment lines of the Hong Kong stock market in Technology stocks, Innovative Medicines, Consumer Goods Stocks, and Cryptocurrency are the main drivers of the Hong Kong stock market this year. Instrument View:

Technology Stocks

This year, the value of the Hong Kong Stock Technology Blockchain Sector has been revalued in the face of the development of the vulnerability of Deepseek technology. By mid-July, the resumption of NVIDIA H20 chip supply was favorable to the domestic AI Concept stock structure.

From the perspective of configuration, Technology's share price is currently valued in terms of water allowable after the previous wave revaluation Private Institutions' investments in Q2 should be kept in line with the CAPEX and Cloud and AI related Business Statements of the main Internet manufacturer in Q2.

In general, 2025 is the Year of Technology. Technology sectors such as AI application software, smart drivers and chips are worth noting. Futubull manages AI-related Concept Shares and provides investor references:

These include:

AI Large Model: $阿里巴巴-W (09988.HK)$ 、 $騰訊控股 (00700.HK)$ 、 $百度集團-SW (09888.HK)$ 、 $商湯-W (00020.HK)$ ;

Jefferies Financial AnalystThomas Chong Alike, Thomas Chong Alike, UK, NVidia's news favors ultra-large cloud manufacturers such as NVIDIA, Alibaba, Alibaba, and Baidu.

Semiconductors: $中芯國際 (00981.HK)$ 、 $華虹半導體 (01347.HK)$ 、 $ASMPT (00522.HK)$ 、 $上海復旦 (01385.HK)$ ;

Data, cloud computing, software includes: $金山雲 (03896.HK)$ 、 $萬國數據-SW (09698.HK)$ 、 $新意網集團 (01686.HK)$ 、 $金蝶國際 (00268.HK)$ 、 $中國軟件國際 (00354.HK)$ 、 $金山軟件 (03888.HK)$ 、 $微盟集團 (02013.HK)$ ;

Zac Analyst Louis Tsang pointed out that the H20 relaunch will have a significant impact on the IDC Industry in China, re-applying to Buy WorldWide 21Vianet and 21Vianet and National Data GDSHoldings. If NVIDIA finally sells its H20 inventory to a Chinese cloud provider, it could generate more orders, driving 21Vianet and GDS Holdings to lower sales and profit and revenue upside.

TELECOMMUNICATIONS AND EQUIPMENT: $中國電信 (00728.HK)$ 、 $中國聯通 (00762.HK)$ 、 $中國移動 (00941.HK)$ 、 $中興通訊 (00763.HK)$ 、 $長飛光纖光纜 (06869.HK)$ 、 $中國鐵塔 (00788.HK)$ ;

Market Analysis Name, After Dissolving, Large Customers With AI Models Can Scale Up AI Training Groups, Purchasing Demand For AI Servers Increase, Demand For AI Servers Increases Demand With Dynamic Modules, And Optical Modules Are Key Components Of AI Servers, Which Are Related Enterprises In Communication Blockchain Benefit.

According to Tianfan Securities, YOFC has already achieved real quality progress in the fields of optical modules and optical components, third-party semiconductors, marine engineering and industrial lasers. Among them, Fiberglass has successfully completed on-site test projects with three domestic operators, and has conducted collaborative testing with several equipment vendors and Internet manufacturers. Indicators are world-leading. The company established a Singaporean wholly-owned company with a focus on the development of optical fiber technology and product sales promotion, with the aim of opening up the overseas market space.

Smart Drives, Cars Parts: $比亞迪股份 (01211.HK)$ 、 $吉利汽車 (00175.HK)$ 、 $東風集團股份 (00489.HK)$ 、 $廣汽集團 (02238.HK)$ 、 $長城汽車 (02333.HK)$ 、 $零跑汽車 (09863.HK)$ 、 $速騰聚創 (02498.HK)$ 、 $黑芝麻智能 (02533.HK)$ 、 $地平線機器人-W (09660.HK)$ 、 $耐世特 (01316.HK)$ 、 $敏實集團 (00425.HK)$ ;

Cell Phones & Electrical Appliances: $小米集團-W (01810.HK)$ 、 $比亞迪電子 (00285.HK)$ 、 $瑞聲科技 (02018.HK)$ 、 $舜宇光學科技 (02382.HK)$ 、 $聯想集團 (00992.HK)$ 、 $丘鈦科技 (01478.HK)$ ;

Al related applications: $美圖公司 (01357.HK)$ 、 $優必選 (09880.HK)$ 、 $閱文集團 (00772.HK)$ 、 $阿里健康 (00241.HK)$ 、 $平安好醫生 (01833.HK)$ 、 $醫渡科技 (02158.HK)$ 、 $京東健康 (06618.HK)$ 、 $快手-W (01024.HK)$ 、 $嗶哩嗶哩-W (09626.HK)$ 、 $金山軟件 (03888.HK)$ 、 $心動公司 (02400.HK)$ 、 $第四範式 (06682.HK)$ etc.

Past articles read: AI Narrative Heat Is On Fire! Which Hong Kong stocks are expected to benefit?

Innovative Medicine

This year, Hong Kong's Innovative Drug Concept became one of the main investment lines in the market.

On the whole, the recovery and upswing of the Hong Kong Equity Innovative Pharmaceutical Sector, and the originator is the number of innovative medicines Overseas Licensing BD Trade is the natural driving force behind the outflow of foreign funds and the replenishment of funds from the South, which can change the fundamental value of the enterprise.

Goldman Sachs acknowledged that China's Biotechnology Industry is undergoing a structural revaluation for the first time in the past, and this is not a short-term rebound. So far, China's Biotechnology Company's Total Market Cap is only 14%-15% of that of the United States, compared to 33% in the global innovation arena. As a result, China's innovative pharmaceutical sector has reached a new level of value, and the global capital revaluation has begun.

Let's see specifically:

Pharmaceutical Sector: Small-particle pharmacy-led, capsulated, and immune-free areas. Companies and companies include $恒瑞醫藥 (01276.HK)$ 、 $翰森製藥 (03692.HK)$ 、 $中國生物製藥 (01177.HK)$ 、 $石藥集團 (01093.HK)$ 、 $三生製藥 (01530.HK)$ 、 $綠葉製藥 (02186.HK)$ 。 Among others, Hengrui Pharmaceuticals and Merck & Co., HANSOH PHARMA and Renewables, CSPC PHARMA and AstraZeneca, 3SBIO and Pfizer are licensed to trade.

A profitable biopharmaceutical company with an independent sales team: a well-established sales network with products covering tumors, immune diseases, etc., and some of them commercialized. Companies involved include $百濟神州 (06160.HK)$ 、 $信達生物 (01801.HK)$ 、 $康方生物 (09926.HK)$ 、 $科倫博泰生物-B (06990.HK)$ 、 $君實生物 (01877.HK)$ 、 $榮昌生物 (09995.HK)$ 、 $再鼎醫藥 (09688.HK)$ 、 $復宏漢霖 (02696.HK)$ 、 $亞盛醫藥-B (06855.HK)$ 、 $諾誠健華 (09969.HK)$ 、 $雲頂新耀 (01952.HK)$ 、 $和黃醫藥 (00013.HK)$ 、 $康諾亞-B (02162.HK)$ 、 $歐康維視生物-B (01477.HK)$ 、 $博安生物 (06955.HK)$ 。

Among them, with foreign companies that have signed a license out (for external authorizations)—BEIGENE and Novartis AG, INNOVENT BIO and Rus, AKESO and Summit Therapeutics, COLUMBOT BIO-B and Merck & Co., JUNSHI BIO and Coherus Oncology, China REMEGEN has partnered with Seagen/Pfizer, HENLIUS & Abbott Laboratories, ASCENTAGE-B & Hutchmed (China), Takeda Pharmaceutical, INNOCARE & Biogen, CNO-B and AstraZeneca.

Unprofitable or Premature Biotechnology Companies: Indicated for development, unrealized profits, through financing or cooperation pipelines. Companies and companies include $映恩生物-B (09606.HK)$ 、 $藥捷安康-B (02617.HK)$ 、 $科濟藥業-B (02171.HK)$ 、 $樂普生物-B (02157.HK)$ 、 $歌禮製藥-B (01672.HK)$ 、 $同源康醫藥-B (02410.HK)$ 、 $來凱醫藥-B (02105.HK)$ 、 $和鉑醫藥-B (02142.HK)$ 、 $和譽-B (02256.HK)$ 、 $基石藥業-B (02616.HK)$ 、 $康寧傑瑞製藥-B (09966.HK)$ 、 $宜明昂科-B (01541.HK)$ 、 $派格生物醫藥-B (02565.HK)$ 、 $加科思-B (01167.HK)$ 、 $荃信生物-B (02509.HK)$ 、 $中國抗體-B (03681.HK)$ 、 $德琪醫藥-B (06996.HK)$ 。

Among others, BIO-B and BioNTech, Lepp Bio-B with Arrivent BioPharma, ASCLETIS-B and Sagimet Biosciences, HBM HOLDINGS-B and AstraZeneca, and Merck & Co., Kerosene Pharmaceuticals with Pfizer, and AstraZeneca, and Merck & Co. ALPHAMAB-B cooperates under license with Neuffian Manart, Instil Bio-B and Instil Bio, JACOBIO-B and AbbVie.

The decision acknowledges that the academic results of the IPO in the next half year, the continuation of the ongoing Overseas Business Development (BD) Trade, and policy support will support the uptrend in the Healthcare Sector. The value of China's innovative pharmaceutical companies has not completely disappeared from the market and there is no room to move up further.

Past articles read: Time is coming to rethink the value of innovative medicines in China! 3SBIO HAS RISEN 4$ IN THE YEAR, WILL IT COUNT AS THE NEXT SHARE INCREASE?

Consumer Stocks

According to the Research Reports of the Thai Maritime Overseas Strategy Team, this year, the emphasis on personalization and experience has become the highlight of the consumer spending sector, with Hong Kong's share spending higher, the number of consumer shares rising and the heat of trading higher than A-shares.

Analyst, the chief strategy analyst at Affinity Securities Worldwide, has recommended both value and growth stocks in the near term, and in particular, in the near term, the recommendation on value stocks and growth stocks, in particular, technology technology and new spending. Present-stage Technology and New Information Expenditures, a true five-day gold flower from the industrial era of left-right cities in the 2000s, followed by the Penghua CSI Mobile Internet Index Fund(lof)-a

Before“A generation has a “Maotai” for a generation! Hong Kong stocks 'New Consumer Sisters' hit a new high, and what other opportunities are worth catching?”We have reviewed some of the new consumer companies on the Hong Kong stock market for investor reference:

In which the economy of the valley includes $泡泡瑪特 (09992.HK)$ 、 $布魯可 (00325.HK)$ 、 $名創優品 (09896.HK)$ ;

Beauty care includes $毛戈平 (01318.HK)$ 、 $巨子生物 (02367.HK)$ 、 $上美股份 (02145.HK)$ ;

ANTIQUE GOLD ORNAMENTS INCLUDED $老鋪黃金 (06181.HK)$ ;

Dining, tea, etc. Including $蜜雪集團 (02097.HK)$ 、 $古茗 (01364.HK)$ 、 $茶百道 (02555.HK)$ 、 $奈雪的茶 (02150.HK)$ 、 $滬上阿姨 (02589.HK)$ 、 $衛龍美味 (09985.HK)$ 、 $鍋圈 (02517.HK)$ 、 $達勢股份 (01405.HK)$ ;

New energy Fund includes $小米集團-W (01810.HK)$ 、 $理想汽車-W (02015.HK)$ 、 $小鵬汽車-W (09868.HK)$ 、 $蔚來-SW (09866.HK)$ 、 $零跑汽車 (09863.HK)$ etc.

Stabilized currency

Hong Kong serves as the locational anchor of the Global Virtual Assets Index and is also prepared for further developments in the area of currency stability. The stable currency model will be fully operational by August 1, 2025, and the next move by the HKMA will affect the entire crypto market.

In fact, the stability of the currency this year has been the main point of continued hot growth in the Hong Kong and US markets. Futubull is currently studying the China US Stable Currency Industry Chain for reference:

In terms of Hong Kong stocks, the joint venture of the Hong Kong market, which is currently the HKD Innovation Technology, JD.com Currency Chain and JD.com Bank, has entered the testing ground. The Bank of Hong Kong has been approved to apply for a license, as Hong Kong's premier bank to conduct cryptocurrency management business. Predict Strategic, Ecological, Technological, Equity Tier Four Advantages, Excluding Reserve Bank Business, Other Possible Profit Models Include Dividend and Virtual, and Other Possible Profit Models Include Distribution and Virtual Asset AssetsTrading Business.

Cryptocurrency ExchangeLike $OSL集團 (00863.HK)$ etc. Worth paying attention to; in addition, application layers such as $連連數字 (02598.HK)$ 、 $移卡 (09923.HK)$ 、 $聯易融科技-W (09959.HK)$ This year, we are in a good position.

OUT HERE, RWA Assets $協鑫科技 (03800.HK)$ 、 $阜博集團 (03738.HK)$ 、 $德林控股 (01709.HK)$ and the technical side $歐科雲鏈 (01499.HK)$ 、 $新火科技控股 (01611.HK)$ Worth the attention of investors.

What will change in the bull market of Hong Kong stocks? What new variable values should I pay attention to?

Sinolink said that it expects the next half of 2025, Hong Kong stocks are structurally stable, the RMB and Southbound funds are the core supports, and the yield is likely to fall by a third wave. From a sentimental point of view, the merger will be conducted on the basis of recognition of Hong Kong shares in the following six months or on three grounds:

First, China-US relations may improve further, with potential benefits including major festivals in September, APEC in October, etc.

Second, the Fed's downgrade of Hong Kong stocks is favourably favourable and will increase the market's risk bias in the short term. As Hong Kong's peg to the US dollar's pegged exchange rate limits, Treasuries have generally followed the US Fed's decline, driving down Hong Kong's local capital expenditure. Emphasis is placed on the Property Sector, which is driven by the decline in house loan rates, and on the Technology Growth Sector, which benefits from the fall in the cost of financing.

Thirdly, the transparency of export support has been shown to be gradual, as the shock of Real Estate Sales started in the second quarter of this year, with higher overseas income in the central part of the Hong Kong stock market and more fundamentally relevant Sectoral Industries or Storage Restrictions.

However, this will not prevent Hong Kong shares from resuming a structured bull market. Social funds collected are based on a reduced ROI of capital, and increased sensitivity to incidents and hot spots.