鉴于近期稳健的趋势，花旗预计美高梅自2025年7月至2026年中开放的新套房和别墅，将有助于其至少 守住其市场份额。花旗将美高梅目标价从17.1港元上调至18港元，并维持"买入"评级。即使近期股价上 涨，花旗认为该股的估值仍具吸引力，现价相当于2026财年EBITDA倍数为8.3倍(低于平均值一个标准 差以上)。以50%的股息支付率计算，该股提供约4%的股息收益率。 花旗发表研究报告指，美高梅中国在2025年第二季录得历史新高的税息折旧及摊销前利润(EBITDA)， 达25.11亿港元，市场份额为16.6%；EBITDA利润率为29%(均符合管理层指引)。花旗认为，这反映了其 竞争力及审慎的支出(特别是在玩家再投资方面)，尽管金沙中国的伦敦人名汇及银河的嘉佩乐酒店 (Capella)推出了新产品。根据美高梅管理层表示，业务势头在2025年7月持续强劲，各业务分部均录得 强劲的交易量。 ...

Core Viewpoint - Morgan Stanley has become more optimistic about Hang Lung Properties due to signs of recovery in sales among mainland tenants, with the year-on-year decline narrowing from 7% in Q1 to 1% in Q2 [1] Group 1: Sales Performance - Management indicated that the improving trend has continued into July, maintaining a cautiously optimistic outlook for the second half of the year, expecting sales to stabilize or see slight growth [1] - This improvement aligns with recent statements from luxury brands like LVMH [1] Group 2: Investment Sentiment - Although a strong recovery is not anticipated, the signs of stabilization are sufficient to trigger a first-round re-rating [1] - The management confirmed that the annual dividend will remain unchanged and there are no plans for convertible bond issuance, alleviating concerns for two major investors [1] Group 3: Rating and Price Target - The company's rating has been upgraded from "Neutral" to "Overweight," with the target price raised from HKD 7.5 to HKD 10 [1] - The company's 6.5% dividend yield remains attractive compared to peers, and the stock has underperformed in the industry, having dropped 51% from its peak, while peers have only seen a 7% decline, indicating potential for recovery [1]

大行评级｜里昂：上调恒隆地产目标价至7.7港元 维持"持有"评级 大行评级｜摩根大通：对恒隆地产转 为更乐观 上调评级至"增持" 里昂发表研究报告指，恒隆地产上半年业绩符合预期，中期股息保持不变。内地租户销售自去年第四季 以来呈现连续改善，但2025年上半年整体租户销售仍受奢侈品销售下降拖累。鉴于疲弱的市场情绪及出 境旅游正常化尚未好转，里昂预计未来12个月奢侈品销售将持续下降。里昂将其目标价从5.4港元上调 至7.7港元，维持"持有"评级。 里昂认为，恒隆拥有内地最好的奢侈品购物中心之一，在上市公司的奢侈品销售敞口中最高，可视为奢 侈品销售的代表。其正面催化剂包括：若美国联储局降息幅度超预期，应会触发如恒隆等高收益率股票 的重新评估。但负面催化剂有：内地租户销售弱于预期，将导致盈利压力，并影响维持绝对股息和去杠 杆的能力。 相关事件 ...

证券分析师奥马尔・伊布内・埃哈桑发布在媒体上的最新观点指出，目前，大多数大型AI股票的股息 率微乎其微，但其收益率往往远低于 1%。对多数投资者而言，收益与人工智能似乎水火不容：要么投 资那些股息极低甚至不分红的成长型股票，要么放弃增长潜力换取可观股息。 多数投资者扎堆的AI成长股已接近历史高点。纳斯达克 100 指数逼近 2021 年的峰值水平，许多股票因 估值过高而出现回调。与此同时，美联储面临着越来越大的降息压力。 这两种趋势的叠加不仅会让股息股更具吸引力，还会促使华尔街寻找风险汇报比更优的AI投资标的。 以下是三只值得关注的AI股，它们不仅有 100% 的上涨潜力，还具备合理的股息收益率： 威世科技(纽约证券交易所代码：VSH) 该公司正加大资本投入以抓住上行周期，因此盈利能力尚未完全体现。2025年第一季度毛利率降至 19%，但管理层预计这一不利因素将在下半年消退，并预测第二季度收入将环比增长6%至7.6亿美元。 分析师预计电子元件需求激增将推动利润率回升。 该股市盈率仅为2026年预期收益的15倍，市销率0.8倍，股息率达2.32%。 博思艾伦(纽约证券交易所代码：BAH) 博思艾伦是最大的政府承 ...

假设公司派发2025财年公认会计准则盈利的50%，2026年回报股东的金额约为1.86亿美元，以现市值计 仅相当于2.6%股息率。该行将2026至27年收入预测下调3%至7%，每股盈利预测下调3%至5%。基于估 值吸引，重申"买入"评级，目标价由49港元下调至43港元。 大和发表研究报告指，新东方今年5月底止第四财季收入及盈利分别超出市场预期4%与63%，但2026财 年首季及全年度收入增长指引均低于预期。管理层解释，26财年首季将受高基数影响，当中涉及K9与 高中春季课程时间表问题，以及东方甄选主播于去年离职导致收入贡献流失。另外，公司宣布为期三年 的股东回报计划，承诺将不低于50%净利润透过股息与回购回报股东，但该行认为规模不及预期。 ...

东兴证券研报指出，科达利为锂电结构件龙头，拓展人形机器人第二曲线。公司坚持定位于高端市场、采取重点领域的大客户战略，已与CATL、LG、松下等国内外头部电池厂商建立长期稳定合 ...

近日，财富中文网与全球同步发布了最新的《财富》世界500强排行榜，其中净资产收益率(ROE)子榜 尤为引人注目。在本次榜单中，联想集团以出色的表现跻身中国净资产收益率最高公司TOP5，这不仅 彰显了其作为科技巨头的稳健实力，也为投资者提供了重要参考。 ROE作为衡量公司盈利能力的关键指标，通过将净利润除以平均净资产来计算，它直观地反映了公司利 用自有资本为股东创造利润的效率。简单来说，ROE告诉我们每投入一元净资产能产生多少利润。高 ROE通常意味着公司拥有强大的盈利能力和高效的资本管理，而低ROE则可能暗示经营效率不足或竞争 压力。 "股神"巴菲特特别看重ROE，这位投资大师曾公开表示，如果只能用一个指标选股，他会选择ROE。原 因很简单：持续高ROE的公司，往往具备"护城河"。因为ROE指标的核心价值在于它超越了简单的利润 数字，揭示了公司如何优化资本结构：一家ROE高的公司不仅能快速回本，还能通过再投资加速增长， 从而提升股东价值。相反，低ROE可能源于高负债、低效率或行业周期性，投资者需警惕其潜在风险。 在全球ROE榜上，Cencora公司以超过233%的惊人ROE跃居榜首，家得宝公司以约223%滑落 ...

空芯光纤尚处于商业化早期 昨日，长飞光纤发布股票异常波动公告。 美国科技股财报纷纷大超预期，港、A股AI相关产业链集体涨嗨了。 午后，受英伟达被约谈消息影响，相关个股集体跳水。 今日，长飞光纤光缆港股一度飙升近19%，创近7年新高，A股一度涨停实现2连板，现开板涨近6%。 近3个交易日，长飞光纤A股累计涨超32%，港股累计涨近50%。 从去年2月以来，长飞光纤光缆港股累计涨超336%，从最低的6.442港元涨至最高的30.25港元。 7月28日-30日的连续三个交易日，长信光纤A股的收盘价格涨幅偏离值累计超过20%，属于股票交易异常波动情形。 资料显示，长飞光纤是全球光纤光缆行业的领先企业，也是国内最早的生产厂商之一。 2024年以来，全球光纤光缆市场持续承受有效需求疲软、平均价格下滑的双重压力。 长飞光纤去年实现营收121.97亿元，同比下降约8.65%；归母净利润约为6.76亿元，同比下降约47.91%。 不过，今年一季度，长飞光纤业绩出现好转。 期间的营收为28.94亿元，同比增长21.23%；净利润为1.25亿元，同比增长161.91%。 对于市场较为关注的空心光纤进展，长飞光纤表示，作为行业前沿产品 ...

Core Viewpoint - The company is expected to achieve a non-GAAP net profit of approximately 1 billion yuan in the first half of 2025, with a revenue growth of around 30%, aligning with market expectations [1]. Group 1: Revenue and Store Performance - The company anticipates strong same-store performance in the first half of 2025, driven by a low base and the competitive landscape in the takeaway market, with an expected same-store growth exceeding 20% in Q2 2025 [1][2]. - The total number of stores is projected to reach approximately 11,000 by the end of the first half of 2025, with around 1,100 new stores added [1]. - The company signed nearly 2,000 new stores from January to May, although some openings are delayed due to renovation capacity constraints [1]. Group 2: Profitability and Margin Outlook - The company is expected to see a recovery in profit margins, with a projected net profit margin increase of about 1 percentage point, leading to a non-GAAP net profit of around 1 billion yuan [2]. - The gross margin is anticipated to expand due to increased cup output, although the lower margin from coffee machines may offset some of this growth [2]. - Marketing efforts, including hiring brand ambassadors and social media promotions, are expected to enhance coffee sales, with coffee cup output potentially exceeding 10% by June [2]. Group 3: Competitive Landscape and Long-term Outlook - The company has established a foundation for survival without relying on a single platform through digitalization and supply chain development, positioning itself well for competition post-subsidy [3]. - The long-term trend suggests an increase in market share, focusing on brand value and stable customer experience rather than short-term promotions [3]. - The company has adjusted its profit forecasts for 2025 and 2026, increasing the adjusted net profit estimates by 9% and 7% to 2.2 billion and 2.5 billion yuan, respectively [3].

Market Overview - The Hong Kong stock market showed mixed performance with the Hang Seng Index down by 1.07% at 24,906.39, and the Hang Seng China Enterprises Index down by 1.03% at 8,944.74, while the Hang Seng Tech Index rose by 0.34% to 5,509.61, supported by a rebound in tech stocks [1] Stock Performance - Notable gainers included Meituan with a 15.26% increase, and other companies like Quanta International and Kuaishou also saw significant rises of 11.71% and 8.98% respectively [2] - Major tech stocks experienced a shift from decline to increase, with Kuaishou rising nearly 9%, Tencent up by 1.46%, and NetEase and Alibaba also showing positive performance, while Meituan fell nearly 4% [3] Sector Movements - The gold sector faced declines as investors shifted funds from gold ETFs to domestic stocks, with Tongguan Gold dropping 8.6% marking its sixth consecutive decline [3] - Real estate sales continued to decline year-on-year, leading to a drop in property stocks, with major players like Country Garden and Vanke seeing significant losses [3] - Other sectors such as home appliances, automobiles, photovoltaic, coal, building materials, and insurance stocks also experienced downward trends [3] Gambling Sector - UBS reported that Macau's July gaming revenue exceeded market expectations, while Thailand recently withdrew a casino legalization bill, leading to a rise in gaming stocks [3]