【Market Analysis】 Absent negative catalysts, markets trend upward. Both mainland and Hong Kong equities surged, with the Hang Seng Index jumping 1.33% today. Financials rebounded sharply after yesterday's underperformance, led by insurers anticipating Q2 ordinary life insurance product reference rates potentially dipping below 2.25%. Multiple insurers adjusted pricing strategies in early July following market rate shifts, with product transitions slated for late August. This eases insurers' liability costs, supporting higher equity allocations and suppressing ultra-long bond yields. Regulatory adjustments further enable flexible non-bank asset deployment to boost returns. China Life (02628.HK) and China Pacific Insurance (02601.HK) surged over 5%.

Stablecoin developments fueled securities stocks. The U.S. House passed the Clarity for Payment Stablecoins Act 308-122 on July 17, advancing crypto regulation reforms. Upon expected presidential signing, this paves the way for U.S. stablecoin operations. Tether CEO Paolo Ardoino announced USDT's market cap surpassed $160 billion, serving over 400 million users globally with 35 million quarterly wallet additions. China's accelerated pursuit of this growing payment trend saw Yika Group (09923.HK) and ZhongAn Online (06060.HK) soar over 9%. Ant Digital Technologies initiated Hong Kong stablecoin license applications, while Ant International targets post-August 1 submissions focusing on cross-border payments. Alibaba (09988.HK) gained nearly 3%.

Brokerages joined the rally as key intermediaries. GF Securities (01776.HK), China Merchants Securities (06099.HK), and Orient Securities (03958.HK) rose over 4%. Potential White House action could permit $9 trillion in U.S. retirement funds to access alternative assets including digital currencies, reinforcing stablecoins' investment thesis.

Nvidia-related catalysts persisted. Reports indicate Tencent and ByteDance are procuring newly approved H20 chips, while CEO Jensen Huang's meeting with Xiaomi's Lei Jun spurred expectations of expanded computing investments. Kingsoft Cloud (03896.HK) surged over 8%, resolving previous chip shortage constraints. AI applications gained as Ant Group, Tsinghua University, and China Telecom released the inaugural AI agent security standard alongside Kimi K2's launch. AInnovation (02121.HK), Mobvista (01860.HK), and Kingdee International (00268.HK) climbed over 7%, while Mafacturer (02556.HK) and Yidu Tech (02158.HK) exceeded 5% gains.

Rare earth firms shone with stellar interim forecasts. Huahong Technology projected H1 net profit growth of 3,047%-3,722% YoY, while China Northern Rare Earth anticipated 1,883%-2,015% expansion. This lifted metal sector sentiment, including lithium plays like CATL (03750.HK) and Tianqi Lithium (09696.HK), both up over 5% amid solid-state battery advancements.

Earnings-driven stocks flourished. Thunder Fire (01119.HK) forecast H1 2025 net profit of RMB 20-50 million, reversing losses. October Fields (09676.HK) and ZHY International (01458.HK) projected 55.2%-94.8% interim profit growth. Guoquan Food (02517.HK) guided for RMB 180-210 million H1 net profit, up 111%-146%. East Buy (01797.HK) surged nearly 13% after new sanitary products sold 1.5 million packs within a month, highlighting self-operated goods potential.

Wahaha sales halved following leadership litigation, potentially benefiting China Resources Beverage (02460.HK) and Nongfu Spring (09633.HK). HKEX proposed shortening settlement to T+1 from T+2, potentially boosting capital turnover 20% and enhancing market appeal.

【Sector Focus】 The World AI Conference (July 26-28, Shanghai) will spotlight 10 domains including AI infrastructure and finance. Huawei debuts its Ascend 384 Super Node featuring industry-leading 384-card interconnectivity. Delivering 300 PFLOPs of BF16 computing power - nearly double Nvidia's GB200 NVL72 - the system matches H100's 2,300 TPS throughput while offering 3.6x memory capacity. This breakthrough positions China for global AI infrastructure competition. Watch Chinasoft International (00354.HK) and Fourth Paradigm (06682.HK).

【Stock Picks】 Goldwind Science & Technology (02208.HK): Robust Orders Drive Export Surge Following a Romanian turbine agreement, Q1 2025 revenue rose 35.72% YoY to RMB 9.47 billion with net profit up 70.84% to RMB 568 million. The order backlog swelled 51.81% YoY to 51,091MW by quarter-end, while contract liabilities doubled to RMB 21.2 billion. Offshore and overseas shipments accelerated, with 7GW external orders across 47 countries. Vestas' pricing recovery to €1.1/W and GWH204 Ultra model adoption signal strengthening global positioning. Full-year shipments could approach 30,000MW, fueled by Vietnam's expansion and Latin American growth. A RMB 1 billion share buyback coincides with coastal wind project rollouts and Europe's rising resource approvals.