Market Overview - The three major A-share indices collectively declined in the morning session, with the Shanghai Composite Index down 0.18% at 3846.33 points, the Shenzhen Component down 0.79%, and the ChiNext Index down 1.17% [1] - The total trading volume in the Shanghai and Shenzhen markets was 138.18 billion yuan, a decrease of 17.4 billion yuan compared to the previous day, with over 2500 stocks declining [1] Sector Performance - Wind power equipment stocks saw a significant increase, with companies like Jixin Technology, Riyue Shares, and Yangming Intelligent hitting the daily limit [1] - Copper-related stocks continued to strengthen, with Jingyi Shares achieving three consecutive limits and Shengtun Mining rising over 7%, as global copper supply tightens; Citigroup predicts copper prices will rise to $12,000 per ton in the next 6 to 12 months [1] - Real estate stocks experienced a broad rally, with Hefei Urban Construction hitting the daily limit and Shanghai Urban Development rising over 8%, following a month of new policies in the Shanghai housing market that saw new home transactions increase by 19% month-on-month [1] Individual Stock Movements - Sailyus reached its daily limit and hit a historical high as the company received approval from the China Securities Regulatory Commission for its H-share issuance [2] - The gaming sector faced a pullback, with Jibite hitting the daily limit and companies like Kunlun Wanwei and Xinghui Entertainment dropping over 5% [1] - AI hardware sectors, including CPO and liquid-cooled servers, declined, with Lianang Micro falling over 9% and companies like Aggregated Materials and Chuanrun Shares dropping over 6% [1] - Pharmaceutical stocks generally fell, with Haocen Medical dropping over 9% and Hanyu Pharmaceutical and Hongjing Technology declining over 6%, as the U.S. plans to impose a 100% tariff on pharmaceutical products [1]

另外，里昂研报指，周大福创建下半财年经常性利润同比增长18%至14亿港元，由于公司的战略投资带动更高贡献，其表现较预期高出19%。末期息派 0.35港元，同比持平，基本符合预期，公司亦建议进行十送一红股。该行认为，由于可转换债券的持续转换，周大福创建的股价表现滞后于估值，予 其"跑赢大市"评级，目标价8.2港元，料2026财年股息率达8.6%。 延续昨日涨势，周大福创建(0659.HK)今日逆势走强，盘中涨近5%，报8.5港元，股价创2019年4月以来新高。 消息面上，周大福创建为回馈股东，宣称"十送一"红股，集团联席行政总裁郑志明指，派红股主要目的是长远扩大股本基础，提高股份流通量，集团的 成交量较少，股本扩大可令投资者更易参与，因此是一个持续性安排。 ...

Group 1 - Raymond James raised the target price for BP from $36 to $40 while maintaining an "Outperform" rating [1]

Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec, raising the target price from HKD 128 to HKD 134, reflecting a 3% increase in revenue and earnings per share forecasts for the company from 2023 to 2027 due to higher revenue expectations in its chemical business [1] Group 1: Financial Performance - The company produced 4 out of the 10 best-selling chemical drugs last year and is expected to have 8 out of 40 small molecule drugs approved by the FDA between 2024 and the first half of 2025 [1] - Management anticipates that WuXi TIDES business will see over 80% year-on-year revenue growth this year [1] Group 2: Production Capacity and Future Plans - The first small molecule factory at the Singapore API site is expected to be operational by 2027, followed by the first TIDES factory in the second quarter of 2028, and a second small molecule factory by the fourth quarter of 2029 [1] - The DP site in Delaware, USA, is expected to be operational by the fourth quarter of next year, with sterile filling/completion capabilities anticipated by the fourth quarter of 2027 [1]

花旗予该股"买入"评级，原因包括法院裁决阻止美国对该股票的投资限制；公司意外获得市场份额；指 数移除的压力结束；又认为小米市场份额增长带来吸引人的风险及回报前景，应有利于市场的乐观情 绪。鉴于中国补贴驱动的需求及正常化的元件成本，花旗对智能手机业务及毛利率展望更为乐观。花旗 以2026年为基础，鉴于长期可见度稳固，使用总和估值法(SOTP)对小米每股估值为66港元。 花旗发表研报指，小米集团推出最新旗舰手机Mi 17，令人印象深刻。此外，小米汽车正式推出客制化 服务，有望进一步提升电动车平均售价/利润率。花旗认为，Mi 17规格强大、设计出色且电池容量大， 极具竞争力，有望在4千至6千元售价区间获得市场份额，较佳的产品组合可能稳定毛利率压力，接下来 的智能手机出货数据可能支持双位数增长。下一催化剂包括2025年第三季度业绩、电动车新版本发布。 ...

瑞银对涉猎中区甲级写字楼的太古地产给予"买入"评级，予太古股份及香港置地评级则为"中性"。 瑞银发表研究报告指，随着金融业招聘情况好转，香港写字楼净吸纳量今年有所改善。瑞银引述证监会 数据指，2025年6月牌照数目按年增加约1300个，相信是由于今年股市表现强劲，考虑到金融业占写字 楼租户比例达57%，预期香港商业物业市场将回稳，目前预测中环甲级写字楼今年租金跌幅将收窄至 5%，明年料大致持平，对比去年跌幅达到12%；今明两年全港甲级写字楼租金预料跌介乎3%至5%，亦 较去年的9%跌幅有所收窄。 ...

消息上，中信建投指出，从"喝奶"到"吃奶"，国内乳制品产业深加工品类发展进入新阶段，产业加快布 局产能（未来产能预计超70万吨），借助低奶价与下游降本增效诉求，推动乳品深加工品牌与原料的国 产化替代。B端深加工需求规模预计超260亿元，烘焙、现制饮品、西式快餐高景气带动B端需求持续高 增长。国产品牌凭借产品性价比、本土供应链、市场服务等优势，看好国产深加工品类进入高增长阶 段。 有分析称，经过一段时间的低位运行后，国内原奶价格出现触底反弹的迹象。供给端由于前期亏损导致 奶牛存栏量下降，需求端随着消费复苏而改善，供需关系逐步走向平衡。(格隆汇) | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | 06186 | 中国飞鹤 | 4.000 | 3.36% | | 02319 | 蒙牛乳业 | 14.780 | 3.36% | | 01431 | 原生态牧业 | 0.285 | 1.79% | | 02425 | 澳亚集团 | 1.870 | 0.54% | 近日连续下跌的港股乳制品股拉升反弹，其中，中国飞鹤、蒙牛乳业涨3.36%，原生态牧业涨近2%，澳 亚集 ...

Core Viewpoint - Daiwa's research report indicates that Nine Dragons Paper Holdings benefits from a rapidly growing internal pulp supply, leading to significant cost advantages and improved profitability per ton of paper [1] Financial Performance - For the second half of the fiscal year ending June 30, the profit per ton of paper improved to 127 HKD, a substantial increase from 31 HKD in the first half and 53 HKD in the second half of the fiscal year 2024 [1] - The management anticipates stable average prices and continued improvement in profit per ton of paper for the fiscal year 2026 [1] Valuation and Recommendations - Despite improved visibility, the fiscal year 2026 price-to-earnings ratio (PER) is projected at 10 times, close to the high end of the average over the past decade [1] - Daiwa has raised the earnings per share estimates for the fiscal years 2026 and 2027 by 22% to 37% and increased the target price from 5 HKD to 5.7 HKD, while maintaining a "Hold" rating based on fair value considerations [1]

高盛发表研究报告指，小米发布小米17旗舰智能手机系列，丰富其产品线(17、17 Pro和17 Pro Max)， 并在国际市场发布15T系列，同时升级HyperOS 3.0，以及6款全新高端AIoT产品，涵盖平板、电视、路 由器、智能音箱以及白色家电，后者在欧洲市场首发。 高盛对小米以下方面感到正面惊喜，包括其智能手机17 Pro在差异化创新功能上，具有竞争力的价格， 或吸引更多消费者从基础型号，转向同时扩大其消费者基础；小米推出YU7 Max和SU7 Ultra的定制服 务，显示其致力于巩固中国高端汽车市场领导地位，使豪华服务体验大众化；又宣布从2025年起，销售 的所有小米空调均享10年免费保固服务，包括中央空调，显示小米透过提升服务产品来争取中国空调市 场份额。 高盛适度上调小米12个月SOTP基础目标价从65港元上调至66港元，评级"买入"。 ...

2、特朗普宣布对一系列家具及药品加征关税。美国总统特朗普：将从2025年10月1日起，对所有厨房橱柜、浴室梳妆台及相关产品征收50%的关 税;将对软垫家具征收30%关税;从2025年10月1日起，将对任何品牌或专利药品征收100%的关税;除非企业在美国建设制药厂，否则将加征关税;特 朗普还发文称，自10月1日起将对所有进口重型卡车加征25%关税。 3、商务部对六家美国企业采取管控和反制措施。商务部于发布公告，决定将亨廷顿·英格尔斯工业公司、扁平地球管理公司、全球维度公司等3 家美国实体列入出口管制管控名单，将萨罗尼克科技公司、爱尔康公司、国际海洋工程公司等3家美国企业列入不可靠实体清单。 美股方面，三大指数集体收跌，道指跌0.38%，纳指跌0.5%，标普500指数跌0.5%。 大型科技股多数下跌，甲骨文跌超5%，特斯拉跌超4%，Meta跌超1%;英特尔大涨近9%，苹果涨超1%。加密货币、减肥药概念股跌幅居前，Hut 8跌超7%，Circle跌超5%。稀土概念、贵金属涨幅居前。 纳斯达克金龙中国指数收涨0.42%。热门中概股多数上涨，小鹏涨5%，蔚来、哔哩哔哩和小米涨超4%，百度、理想、京东涨超1%，阿里跌 0 ...