Zhitong Hong Kong Stock Early Knowledge | The People's Bank of China has increased its gold holdings for the 20th consecutive month. The State Council has in principle agreed to the "14th Five-Year Plan" for building a strong tourism country

【Today's Headlines】

The number of game license approvals increases, institutions optimistic about sector valuation recovery

According to reports, the National Press and Publication Administration issued 483 game licenses in the second quarter, a year-on-year increase of 13%. The National Press and Publication Administration announced the approval information for domestic and imported online games as of June 2026. In June, a total of 171 online games received licenses, including 163 domestic games and 8 imported games, an increase from 158 games in the previous month.

In addition, on the technical side, AI is deeply penetrating the entire game development chain, from NPC intelligent interaction to procedurally generated content (PGC). Leading manufacturers have achieved over a 30% increase in AI-driven game retention rates, and the potential for technology commercialization is gradually being realized.

At the same time, July marks the beginning of the traditional consumption peak season. The 23rd ChinaJoy will be held from July 31 to August 3, 2026, at the Shanghai New International Expo Center, with the theme "Playing with AI." Nearly 900 companies will participate, covering areas such as games, AI hardware, e-sports, and trendy toys. Over 100 manufacturers will showcase cutting-edge technologies such as AI-generated plots and real-time rendering; multiple heavyweight new games will be launched or enter public testing. Historical data shows that mobile game revenue during the summer accounts for over 25% of the annual total, and the success rate of new products becoming hits is relatively high.

The increase in the number of game license approvals in the second quarter reinforces Morningstar's positive view on the gaming sector. Senior equity analyst Ivan Su pointed out that under the normalization of approvals, regulatory supply is no longer the main factor affecting developers' profitability. He expects that competition in the shooting game sector will intensify by the end of 2026-2027. Morningstar maintains its fair value estimates for gaming giants Tencent, NetEase, and Bilibili, noting that these three companies remain undervalued. Tencent remains its top choice, as AI is unlikely to undermine its network effect advantage.

【Market Outlook】

U.S. stock indices all closed lower, semiconductor and storage sectors plummeted

Overnight, U.S. stocks closed with the Dow Jones Industrial Average down 130.76 points from the previous trading day, closing at 52,925.15 points, a decline of 0.25%; the S&P 500 index fell 33.58 points, closing at 7,503.85 points, a decline of 0.45%; the Nasdaq Composite Index dropped 302.47 points, closing at 25,818.69 points, a decline of 1.16%.

Most large tech stocks fell, with SpaceX down nearly 7%, Tesla down over 4%, and Meta up over 2%. The semiconductor and storage sectors plummeted, with the Philadelphia Semiconductor Index down over 4%, Intel down over 9%, while the oil and gas sector rose, and the precious metals sector declined, with Shell up nearly 5%.

Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 0.59%.

WTI crude oil futures for the current month rose by $3.65, closing at $72.20 per barrel, an increase of 5.32%. COMEX gold futures for the current month fell by $50.90, a decline of 1.22%, settling at $4,116.60 per ounce.

【Hot Topics Ahead】 The State Council Principally Approves the "14th Five-Year Plan" for Building a Strong Tourism Nation

According to Zhitong Finance APP, on July 7, the State Council issued a reply regarding the "14th Five-Year Plan" for building a strong tourism nation, principally approving the plan. The reply pointed out that the implementation of the plan must fully and accurately adhere to the new development philosophy, prioritize tourism for the people, focus on promoting high-quality development, and take the deep integration of culture and tourism as the main line. It should coordinate government and market, supply and demand, protection and development, domestic and international, development and security, strive to improve the modern tourism system, optimize the spatial layout of tourism, cultivate new momentum for tourism development, enrich tourism supply, unleash consumption potential, enhance service quality, promote efficient governance, deepen exchanges and cooperation in the tourism sector, and accelerate the construction of a strong tourism nation, allowing the tourism industry to better serve a better life, promote economic development, build a spiritual home, showcase China's image, and enhance mutual understanding of civilizations. This involves the Hong Kong stock tourism industry chain.

China's Central Bank Increases Gold Holdings for the 20th Consecutive Month

Data from the central bank shows that as of the end of June, China's gold reserves stood at 75.44 million ounces (approximately 2,346.446 tons), an increase of 480,000 ounces (approximately 14.93 tons) from the end of May, when gold reserves were reported at 74.96 million ounces (approximately 2,331.52 tons), marking the 20th consecutive month of increasing gold holdings.

China Biologic Pharmaceutical (01177) Signs Exclusive Licensing Agreement with AstraZeneca for TQC3721

China Biologic Pharmaceutical (01177) announced that its subsidiary, Chongqing Zhifei Biological Products Co., Ltd., has signed an exclusive licensing agreement with AstraZeneca for the group's self-developed PDE3/4 inhibitor (development code: TQC3721).

According to the terms of the agreement, the group will grant AstraZeneca exclusive rights to develop, produce, and commercialize TQC3721 outside of China. AstraZeneca will also receive global exclusive rights for specific development plans for TQC3721. The group is entitled to receive a $200 million upfront payment, as well as potential milestone payments for development, regulatory, and sales, totaling up to $1.9 billion, and will also receive tiered royalties of up to double-digit percentages based on TQC3721's annual net sales. The effectiveness of the agreement is subject to customary closing conditions, including obtaining approval from relevant regulatory authorities.

Sinopec Oilfield Service (01033): Subsidiary Wins Bid for Heihe-Daqing and Daqing-Changling Natural Gas Pipeline Construction Project First Segment

Sinopec Oilfield Service (01033) announced that recently, its wholly-owned subsidiary, Sinopec Petroleum Engineering Construction Corporation, won the bid for the first segment of the Heihe-Daqing and Daqing-Changling natural gas pipeline construction project, with a bid amount of RMB 1.772 billion, accounting for approximately 2.2% of the company's revenue under Chinese accounting standards for 2025.

Tiangong International (00826): Launches Production Project for Ultra-Fine Grain Rods Used in Printed Circuit Boards (PCBs)

Tiangong International (00826) announced that its indirect subsidiary, Jiangsu Tiangong Hard Alloy Technology Co., Ltd., has launched a construction project named "Annual Production of 300 Tons of Ultra-Fine Grain PCB Tool-Specific Rods Expansion." Guanghe Technology (01989) expects a year-on-year increase of 85.12%–95.29% in net profit attributable to shareholders for the first half of the year

Guanghe Technology (01989) announced that it expects to achieve a net profit attributable to shareholders of approximately RMB 910 million to RMB 960 million for the first half of 2026, an increase of 85.12%–95.29% compared to the same period last year; the net profit after deducting non-recurring gains and losses is expected to be approximately RMB 890 million to RMB 940 million, an increase of 86.37%–96.84% compared to the same period last year. The company's overseas factory, Delton Technology (Thailand) Co., Ltd. (Thailand Guanghe), has become the second engine driving the sales growth of the company's computing power products, significantly enhancing profitability, thanks to key customer certifications and product introductions, as well as the continuous improvement in the utilization rate of the first phase of Thailand Guanghe's production capacity.

Hallgain Management Limited reduces its stake in Kwan Hung Group (00148) by 9.328 million shares at approximately HKD 90.39 per share

According to the latest data from the Hong Kong Stock Exchange, on July 6, Hallgain Management Limited reduced its stake in Kwan Hung Group (00148) by 9.328 million shares at a price of HKD 90.3930 per share, totaling approximately HKD 843 million. After the reduction, the latest number of shares held is approximately 35.9 million, accounting for 31.98%.

China Merchants Securities (06099) expects a year-on-year increase of 93% to 112% in net profit attributable to shareholders for the first half of the year

China Merchants Securities (06099) announced that, according to preliminary calculations by the company's finance department, it expects to achieve a net profit attributable to shareholders of the parent company of RMB 10 billion to RMB 11 billion for the first half of 2026, an increase of RMB 4.814 billion to RMB 5.814 billion compared to the same period last year, representing a year-on-year increase of 93% to 112%.

HuiJu Technology (01729) issues profit warning, expects a year-on-year increase of approximately 150% to 170% in net profit for the first half of the year

HuiJu Technology (01729) announced that the group expects a year-on-year increase of approximately 150% to 170% in net profit for the first half of 2026, mainly due to increased revenue from the data center and server segments within the wire component division; and an increase in the performance of associated companies.

Shanghai Fudan (01385) issues profit warning, expects a year-on-year increase of approximately 313.19% to 416.49% in net profit attributable to shareholders for the first half of the year

For the half-year period ending June 30, 2026, it is expected that the operating revenue will be approximately RMB 2.2 billion to RMB 2.4 billion, an increase of approximately 19.64% to 30.52% year-on-year; the net profit attributable to shareholders of the parent company is expected to be approximately RMB 800 million to RMB 1 billion, an increase of approximately 313.19% to 416.49% year-on-year; the net profit attributable to shareholders of the parent company after deducting non-recurring gains and losses is expected to be approximately RMB 350 million to RMB 450 million, an increase of approximately 91.98% to 146.83% year-on-year.

New stock dark market | Momenta (06880) dark market closes at HKD 294.6, with 14 top cornerstone investors backing it According to the Zhitong Finance APP, on July 7, the global leading physical AI company Momenta (06880) welcomed dark trading, with a slight increase in stock price, ultimately closing at HKD 294.6, with a trading volume exceeding HKD 172 million. The company will officially list on the Hong Kong Stock Exchange on July 8 (Wednesday). Founded in 2016, its main business includes intelligent driving solutions for mass-produced vehicles and autonomous driving mobility service solutions, covering multiple scenarios such as highway NOA, urban NOA, smart parking, and Robotaxi.

New Stock Dark Trading | Basic Semiconductor (09971) Dark Trading Closed Up Over 17%, Earning HKD 1,096 Per Lot

According to the Zhitong Finance APP, Basic Semiconductor (09971) will list in Hong Kong on July 8 (Wednesday). As of the close, dark trading showed a quote of HKD 37.10, up 17.33% from the offering price of HKD 31.62, with each lot consisting of 200 shares, earning HKD 1,096 per lot excluding fees.

New Stock Dark Trading | Oriental Science and Technology (01770) Dark Trading Closed Up 4.53%, Earning HKD 178 Per Lot

Oriental Science and Technology (01770) will list in Hong Kong on July 8 (Wednesday). As of the close, dark trading showed a quote of HKD 82.2, up 4.53% from the offering price of HKD 78.64, with each lot consisting of 50 shares, earning HKD 178 per lot excluding fees.

New Stock Dark Trading | Easy Control Intelligent Driving (07687) Dark Trading Closed Up Nearly 9%, Earning HKD 394 Per Lot

As of the close, dark trading showed a quote of HKD 95.8, up 8.96% from the offering price of HKD 87.92, with each lot consisting of 50 shares, earning HKD 394 per lot excluding fees.

New Stock Dark Trading | Baogai New Materials (08090) Dark Trading Closed Up Over 6%, Earning HKD 195 Per Lot

According to the Zhitong Finance APP, Baogai New Materials (08090) will list in Hong Kong on July 8 (Wednesday). As of the close, dark trading showed a quote of HKD 6.61, up 6.27% from the offering price of HKD 6.22, with each lot consisting of 500 shares, earning HKD 195 per lot excluding fees.

【Stock Highlights】

Anta Sports (02020): Institutions Optimistic About Puma's Potential Positive Contribution in China

In the second quarter of 2026, the Chinese sporting goods industry faces challenges, with cooling consumer demand after the Lunar New Year, adverse weather, and lackluster performance during the 618 shopping festival, leading to a slowdown in retail sales compared to the first quarter, with low visibility for the second half of the year. Institutions point out that Anta demonstrates robust execution capabilities, with multiple brand combinations capturing market share from mass to high-end markets, and global expansion is still in its early stages.

Daiwa predicts Anta's sales will grow by 9% in 2026, with Anta brand, FILA, and other brands growing by 3%, 6%, and 25% respectively; gross margin is expected to remain stable, with raw material costs and discount pressures offset by the rapid growth of high-margin brands; the full-year net profit is forecasted to grow by 4%, with an expected acceleration to 14% in 2027.

Citi expects that after completing the acquisition of Puma, Anta Sports will technically merge Puma's business in China and bring positive profit contributions to Anta for the full year of 2027. The bank anticipates that the potential positive contribution from Puma's business in China will largely offset the negative impact on Anta's joint venture business line in 2027 (related to its 29% stake in Puma) Therefore, Citigroup raised its net profit forecasts for Anta by 2% and 3% for 2026 and 2027, respectively