Core Viewpoint - CTFJ reported a 1.9% YoY decline in retail sales value (RSV) for 1QFY26, indicating a sequential recovery after previous weaknesses, supported by a net reduction of 311 stores, reflecting effective strategies to close underperforming locations and redirect traffic to better-performing stores [1][2] Group 1: Financial Performance - The RSV decline of 1.9% YoY during April to June 2025 aligns with preliminary figures, with June showing slightly worse performance than May due to earlier festivals and sales campaigns [2] - Despite the decline, CTFJ's strategies are expected to lead to a positive same-store sales growth (SSSG) for FY26, with a target of mid-single-digit growth [2][6] Group 2: Store Performance and Strategy - CTFJ experienced a net closure of 307 stores in 1QFY26, bringing the total to 6,337 stores, a 16% YoY reduction, primarily affecting franchised stores in lower-tier cities [3] - The SSSG of franchised stores remained flat, outperforming self-operated stores, indicating successful resource reallocation from closed underperforming stores [3] Group 3: Brand Development - CTFJ is focusing on wealthier market segments with the launch of premium product lines, such as the CTF Joie Collection and High Jewellery Collection, which could enhance brand value and boost sales of mainstream products [4] Group 4: Valuation and Outlook - The target price (TP) has been raised to HK$15.2 based on a 15x FY27E P/E, reflecting confidence in CTFJ's strategies to maintain its market leadership and improve earnings through better SSSG and reduced gold hedging losses [6] - The expected FY26E dividend yield of 5.6% is considered attractive [6]

Core Viewpoint - Chow Tai Fook's FY2026 Q1 performance shows a slight decline in revenue, but overall results are in line with expectations, driven by improvements in offline and e-commerce sales channels [1][2]. Group 1: Domestic Performance - The group's RSV in mainland China decreased by 3.3% year-on-year in FY2026 Q1, with offline same-store sales showing a narrowing decline due to low base effects and product optimization [1]. - Direct same-store sales in mainland China fell by 3.3%, while franchise same-store sales remained flat, indicating a gradual improvement in sales performance [1]. - The retail sales of gold products increased by 20.8% year-on-year, with the proportion of gold jewelry sales rising from 15.8% to 19.8% [1]. Group 2: E-commerce Growth - E-commerce sales in mainland China grew by 27% year-on-year during the same period, accounting for 7.6% of total sales and 16.9% of total volume, reflecting a 1.8 percentage point and 3.1 percentage point increase, respectively [2]. - The company capitalized on the 618 sales event to drive e-commerce growth, and ongoing improvements in e-commerce operations are expected to sustain this growth trajectory [2]. Group 3: Regional Performance - In FY2026 Q1, RSV in Hong Kong, Macau, and other regions increased by 7.8%, with notable growth in Macau driven by improved consumer conditions and increased tourist activity [2]. - Direct same-store sales in Hong Kong grew by 0.2%, while Macau saw a significant increase of 9.5% year-on-year [2]. Group 4: Financial Outlook - The company anticipates a 3% revenue growth for FY2026, with operating profit expected to decline by 2% [3]. - The expected operating profit for FY2026 is projected at HKD 14.4 billion, while net profit attributable to shareholders is forecasted to increase by 26% to HKD 7.45 billion [3]. - The company maintains a "buy" rating, with projected net profits for FY2026-2028 at HKD 74.54 billion, HKD 84.48 billion, and HKD 94.64 billion, respectively [3].

快手(01024)近期表現亮眼，截止11點，股價報79.35元，升1.93%，暫時高見79.95元。技術圖表顯示，股價已突破MA10(69.26元)和MA30(63.5元)，MACD金 叉且持續擴張，保力加通道上軌被觸及，顯示短期上升動能強勁。不過RSI指標77已進入超買區間，威廉指標顯示賣出信號，技術面出現頂背離，短線回調 風險正在累積。 回顧昨日專欄【港股Podcast】點評：快手-W (01024.HK)： 量價齊升，至少上至80元。窩輪市場上，投資者持有牛證，收回價58.5元Simon:在市場氣氛比較 好的情況下，當正股有一定升幅的情況下，買賣衍生品的是比較有利的，跟隨的窩輪或牛熊證會有個比較顯著的升幅，衍生品市場多了一些人留意和買賣， 都是比較合理的情況。快手的買賣信號為"買入"。數據系統分析的阻力位83.3元和89.7元。 關鍵位分析方面，下方69.2元為即時支撐，若失守可能下探64元；上方83.3元為重要心理關口，突破後將挑戰89.7元阻力位。特別值得注意的是，雖然牛熊 力量指標轉為買入，但動量震盪指標出現背離，這種技術面矛盾往往預示著短期可能出現劇烈震盪。當前股價已接近保力加通道上軌，配合13 ...

Simon:前期高位在30.23元，目前技術信號總結為"買入"15個買入和4個賣出。能否挑戰高位呢？數據系統分析的阻力位在30.1元和32.2元，有機會升穿之前 高位。 1、恆指：看多投資者認為繼續大成交，資金未有減退，已突破阻力，下一個目標26600，過夜牛證。看空投資者則同時部署Put和熊證 Simon:全日收在最高位25538.7點，從周線圖看，恆指升穿周線圖的保力加通道頂部。如果反手部署，投資者都會問選擇認沽證好還是熊證？兩者之間最大 的區別就是牛熊證有收回風險，如果市場繼續升，而買入貼價熊證，會出現即刻被收回的風險。如果看淡走勢，考慮買下跌工具搏一搏的話，選擇認沽證， 不會有收回風險。如果升勢情況下，熊證則有機會被收回，認沽證則還等待一段時間。回到指數分析，目前買賣信號總結為"買入"，整體偏向樂觀向好。阻 力位25795點和26580點。 2、中信証券 (06030.HK)： 這周能破前高嗎？窩輪市場上有投資者尾盤入Call Simon:走勢引人矚目。升穿保力加通道頂部，盤中最高見552元。近期有一定的升幅，窩輪牛熊證選擇獲利離場是合理的。信號總結為"強力買入"，上方阻 力位在572元和586元。 ...

7月24日，市场继续大涨，近4400只个股上涨，914只个股下跌，79只个股涨停，1只个股跌停。 高位股，雅下水电概念恒立钻具30CM4连板，深水规院20CM4连板，中国电建、保利联合、西藏天路、高争民爆、西宁特钢、山河智能4连板，中设股份上 演"地天板"录得4连板。海南相关个股凯撒旅业6天3板、康芝药业20CM涨停，千亿权重中国中免涨停。创新药南京新百2连板，年报增长彩虹集团2连板。 | | 代码 | 名称 | 几天几板 价格 | 涨幅% 涨停分析 | 换手率 | 成交额 | 首次涨停时间 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 002542 | 中化岩土 | 6天4板 5.01 | +10.11% 岩土工程+低空经济+国企+中 | 24.22% | 20.51亿 | 09:42:45 | | 2 | 601669 | 中国电建 | 4连板 7.45 | +10.04% 雅 水电概念+水电风电+抽水 | 17.09% | 158.57亿 | 10:45:00 | | 3 | 002037 | 保利联合 | 4连板 14.19 | + ...

知行科技（01274）发布公告称，与地平线旗下深圳地瓜机器人达成战略合作，共同打造基于RDK S100P智能计算平台的机器人控制器iRC100。 该产品将由知行科技（01274）旗下全资子公司艾摩星机器人主导推进，标志着知行科技（01274）在完 成充电机器人全链路验证后，正式将业务触角延伸至具身智能主控制器领域，构建起"核心部件+应用 终端"双轮驱动的战略格局。 近日，智能机器人产业再次迎来里程碑式合作。 至此。知行科技（01274）在机器人方面的布局已逐渐清晰，组成了"机器人关节"+"机器人大小脑控制 器"与"充电机器人"的多产品条线。 二、产业前景：具身智能量产化的关键基础设施 将视线聚焦到更为宏观的角度，知行科技（01274）在智能机器人领域的深耕，源于行业爆发式增长的 确定性。 摩根士丹利近期研究报告指出，中国机器人市场规模将以23%的年均增速扩张，未来四年内实现翻倍， 占全球份额超40%。而具身智能作为打通物理与数字世界的关键载体，其主控制器被视为"机器人之 脑"，承担着传感器融合、实时决策与控制的中枢职能。 政策层面，当前正值国家大力推进智能机器人产业发展的战略机遇期，自工信部等十五部门联合印发 ...

核心结论：从已有产能看，A股大多数一级行业存在内卷式竞争，其中中游制造较上游资源品更突出。从潜在增量产能看，多数行业扩产意愿已降至底 部，半数以上具备较强扩产能力。从已有和潜在两个维度刻画行业的反内卷轨迹，不同生命周期行业产能出清信号并不相同：①对于传统行业，关注扩产 能力改善；②对于新兴行业，信号是扩产意愿和能力回到低位。 7月1日，《求是》杂志刊发《深刻认识和综合整治"内卷式"竞争》，强调当下宏观环境下整治"内卷式"竞争的必要性，引发市场对于反内卷的关注。那么 目前不同行业的产能出清进展如何？本文将讨论上市公司层面各行业产能利用率及其潜在增量产能的测算方法，并考察各行业所处的位置和轨迹趋势。 已有产能的利用水平如何？首先，我们测算行业产能利用率的基本思路是从柯布-道格拉斯生产函数出发，测算单个企业在给定资本、人力要素情况下， 实际产出与潜在最大产出的比值。其次，我们再根据每一时期个股在行业内的市场份额为权重，进一步加总得到行业产能利用率，并根据历史行业成分变 动进行调整。最后，我们进一步用HP滤波法，提取行业产能利用率运行的长期趋势和短期波动项。对于当下宏微观环境而言，寻找短周期的拐点似乎更 为重要，截至 ...

Core Viewpoint - Aurora Mobile Limited (referred to as "the company") acknowledges the optimistic outlook on cryptocurrency markets expressed by Robinhood Markets Inc.'s CEO, Vlad Tenev, highlighting the potential of digital assets as a mainstream choice for portfolio diversification [1][2]. Group 1: Company Insights - The company is closely monitoring developments in the fintech and digital asset sectors, aligning with Tenev's views on the increasing attractiveness of cryptocurrencies like Bitcoin and Solana as diversified investment tools [1]. - Although the company does not directly engage in cryptocurrency trading, it focuses on providing insights and solutions across various industries through big data and artificial intelligence [1]. - The company's core capabilities lie in aggregating, cleaning, and analyzing vast amounts of real-time anonymous mobile device behavior data, which offers valuable business insights for clients in finance and retail [1]. Group 2: Industry Trends - The company emphasizes that its services are evolving in tandem with the growing cryptocurrency market to meet changing customer demands, aligning with Robinhood's principles of transparency and value information sharing [2]. - Aurora Mobile has become a preferred partner for many leading internet companies and consumer brands, aiming to empower digital transformation through technology and data capabilities [2]. - In the context of a rapidly reshaping fintech landscape, the company will continue to focus on innovation to provide forward-looking solutions for clients and the market [2].

兄弟姐妹们，A股站上3600点了！！！ 股民戏言："按照这个趋势，可能很快就没有骑手了，都是各个板块的旗手！" 截至收盘，沪指涨0.65%，报3605.73点，深成指涨1.21%，创业板指涨1.5%，全市场成交额18739亿元，较上日缩量245亿元，超4300只个股上涨。 股债跷跷板效应下，债市又是砸蛋的一天，10年国债活跃券7连阴，收益率从1.632%攀升至1.73%。 | 南昌 名称 | | 電影 | 淵跌 | 时间 | | --- | --- | --- | --- | --- | | 1 | 10年国債活跃券 | 1.7300 | 2.40BP ▲ | 15:19:49 | | വ | 10年国开债活跃券 | 1.8165 | 2.95BP A | 15:19:02 | | 3 | DR001 | 1.6706 | 28.06BP ▲ | 15:15:00 | | 4 | DR007 | 1.5971 | -0.29BP ▼ | 15:13:40 | | 5 | DR014 | 1.6498 | 4.98BP ▲ | 15:14:35 | | 6 | DR021 | 1.6000 | 5.00BP ▲ ...

7月24日，港股三大指数午后回落，恒生科技指数微幅收跌0.05%止步5连涨行情，恒生指数、国企指数分别上涨0.51%及0.18%，均录得5连升。此外，三大 指数盘中均刷新近期高位。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | Mrsm | 25667.18 | +129.11 | +0.51% | | 800000 | | | | | | 国企指数 | While | 9257.62 | +16.42 | +0.18% | | 800100 | | | | | | 恒生科技指数 | Wirmy | 5743.00 | -2.74 | -0.05% | | 800700 | | | | 早同盟 | 盘面上，大型科技股午后多数转跌，百度、网易跌超3%，快手跌超2%，京东、阿里巴巴均走低，腾讯、美团、小米小幅上涨；大金融股多数上涨，中资券 商股、内险股集体活跃，中国银河、中信建投、中国太平、中国人寿涨幅居前；纸业近期迎来密集调价潮，玖龙纸业继续大涨超9%领衔纸业股上涨；半导 体芯片股持续活跃，龙头中芯国际涨3%。另一方面，现 ...