The market rose one after another in July, and the Hang Seng Index failed to rise above 25000 points to close at 24883 points on the third day of settlement last week. The index was volatile on Friday, closing at 24595 points, with the transaction volume significantly shrinking to 119.1 billion yuan for the day, a low level in July.

With the market atmosphere cooling slightly in late July and the approach of the second quarter earnings season, coupled with the fact that the market has accumulated a lot of gains, some of the funds may be cashed in high profits, a number of popular stocks in July also lost their 20-day moving average last week, including Tencent (700) and HKEx (388). The first focus of the earnings season should be next Thursday's Semiconductor Manufacturing International Corporation, whether the results can attract capital to refocus on Hong Kong stock prices. After that, the leader Tencent reported quarterly results on August 12. at present, Tencent's price-to-earnings ratio has risen to 48 times, 20% more than the peak of 40 times in the first quarter. Can Tencent's performance achieve the 20% increase expected by the current stock price?

BABA (9988) and Meituan (3690), who had the opportunity to be announced with different rights of the same shares on 14 August, have not yet announced the date of their results release, but looking back on the first quarter, they announced their first-quarter results on May 21 and May 25 respectively. If they are calculated on the basis of three months alone, their results may be released in the third and fourth weeks of August.

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