Group 1 - Genting New Year (01952) rose over 3% after showcasing excellent data on its AI+mRNA platform for reversible BTK treatment of membranous nephropathy [1] - China Southern Airlines (01055) fell 1.79%, while China Eastern Airlines (00670) dropped 2.88% [1] - Rongchang Bio (09995) increased by 8.48%, while Kangfang Bio (09926) rose by 6.5% [2] Group 2 - Gold stocks collectively declined, with Chifeng Jilong Gold Mining (06693) down 4.64% [2] - Now Medical Technology (02225) rose over 3% after announcing a partnership with David Medical to expand in the global endoscope market [2] - Data center stocks saw gains, with GDS Holdings (09698) up over 7% [2] Group 3 - NIO Inc. (09868) fell over 4% as the price of its G7 model was reduced to 195,800 yuan [2] - A-share listed company Datadog (DDOG.US) opened significantly higher, up nearly 10%, after being added to the S&P 500 index [6] - Lucid Group (LCID.US) reported a 38% year-on-year increase in second-quarter sales, reaching 3,309 vehicles [4]

点击蓝字，关注我们 一季度业绩好于市场预期 公司一季度收入为866亿元，同比增长18.1%，高于市场预期的854亿；调整后净利润109 亿元，同比 增长46.2%，远超市场预期的97.3亿，调整后净利润率为12.6%（4Q24 为11.1%，1Q24 为10.2%），主 要得益于毛利率同比改善。 图片来源：国信证券 分业务看： 核 心 本 地 商 业 收 入 同 比 增 长 17.8% 至 643 亿 元 ， 其 中 配 送 / 佣 金 / 广 告 收 入 分 别 同 比 增 长 22%/20%/15%；餐饮外卖保持健康增长，配送收入加速增长主要由于补贴减免下降，公司宣布将在未 来三年投入1,000 亿元，推动行业生态建设。核心业务经营利润135 亿元，同比增长39%，经营利润率 同比提升至21%。 新业务收入 同比增长19.2%至222 亿元，同比增速较上季度有所放缓。新业务经营亏损同比收窄18% 至23 亿元，但环比亏损扩大，也主要受海外业务扩张影响。公司将继续海外业务扩张，除中东外， 未来计划进军巴西市场。 指引方面， 公司管理层称，因竞争加剧，预计第二季度核心本地商业收入同比增长率较第一季度会 放缓， ...

Core Viewpoint - The June non-farm payroll data exceeded expectations, indicating a strong U.S. labor market and solid economic fundamentals [1][2]. Summary by Sections Non-Farm Payroll Data - June non-farm payrolls increased by 147,000, surpassing the expected 106,000, with May's figure revised from 139,000 to 144,000 and April's from 147,000 to 158,000 [2]. - The unemployment rate fell to 4.1%, significantly lower than the expected 4.3% and previous value of 4.2% [2]. - Labor force participation rate decreased to 62.3%, slightly below expectations and the previous value of 62.4% [2]. - Hourly wages increased by 0.2% month-on-month, lower than the expected 0.3% and previous 0.4%; year-on-year growth was 3.7%, below the expected 3.8% and previous 3.9% [2]. - The overall employment growth and declining unemployment rate suggest a strong labor market, although the private sector saw a decrease of 63,000 jobs when excluding government job additions [2]. Interest Rate Expectations - Following the non-farm data, the market now anticipates a 93% probability that the July interest rate will remain unchanged, with expectations for rate cuts starting in September, totaling two cuts within the year [3]. - The Federal Reserve's need to lower rates is supported by the actual interest rate being 1.78%, which is higher than the natural rate of 1.0% by 0.78 percentage points [3]. - The uncertainty surrounding tariffs has previously hindered the Fed's ability to cut rates, but as this uncertainty diminishes, the likelihood of rate cuts increases [3]. Market Reactions and Future Outlook - The long-term U.S. Treasury yields have recently declined too quickly, potentially leading to a reallocation opportunity if rates rise due to increased bond supply and temporary inflation spikes [4]. - The potential passage of significant fiscal legislation could result in approximately $1 trillion in bond issuance from July to September, which, along with inflationary pressures, may drive interest rates higher [4]. - The stock market is also expected to face challenges in the third quarter, but any volatility could present reallocation opportunities, maintaining a non-pessimistic outlook [4].

Group 1 - Ganfeng Lithium (01772) rose over 3% as Mali Lithium's Goulamina lithium spodumene project phase one officially commenced production [1] - Delin International (01126) increased by over 6% due to capacity expansion in China, Vietnam, and Indonesia, benefiting from the trend of popular toys [1] - Global New Materials International (06616) surged over 7% following the announcement of the acquisition of Merck's surface solutions business [1] - Leapmotor (09863) rose over 3% after announcing a carbon credit transfer agreement worth 1.5 billion on July 1 [1] - Zai Lab - B (01672) increased over 6% as ASC30 completed its first dosing in trial participants, with expected data in Q4 [1] Group 2 - Guotai Junan International (01788) rose over 5% after receiving approval from the Hong Kong Securities and Futures Commission to upgrade its securities trading license to include virtual asset trading [2] - Giant Star Legend (06683) increased over 6% after its subsidiary invested 8 million USD in the Starlight New Economy Industry Fund [2] - Innovent Biologics (01801) rose over 4% as it announced the commercialization of Ma Shidu Peptide following its recent approval [2] - Kangfang Biologics (09926) surged over 7% after announcing the clinical enrollment of its first dual-antibody ADC drug AK146D1 [2] - Gaming stocks continued to rise, with MGM China (02282) up 3.1%, New World Development (00200) up 3.06%, Sands China (01928) up 1.96%, and Wynn Macau (01128) up 1.91% [2] Group 3 - Xinyi Energy (03868) surged over 56% after announcing the listing of its solar power station REIT, which is expected to improve its financial condition [3] - GAC Group (02238) rose over 4% as GAC Aion awaits the right timing to advance its capitalization process [3] - Honghua Group (00196) increased over 7% after signing a sales agreement for drilling rigs worth over 100 million USD with a Middle Eastern client [3] - Steel stocks fell sharply, with Chongqing Steel (01053) down 19.19% and Ansteel (00347) down 2.69% [3] - Real estate stocks collectively rose, with R&F Properties (02777) up 6.86% and Agile Group (03383) up 5.95% [3] Group 4 - Jingji Financial International (01468) rose over 20% after investing 12 million USD in Amber International shares [4] - Duodian Smart (02586) soared nearly 90% amid reports of its preparation to apply for a Hong Kong stablecoin license [4] - WanGuo Data - SW (09698) opened nearly 7% higher as it plans to issue a total of 800 million shares in its C-REIT IPO [4] Group 5 - BigBear.ai Holdings (BBAI.US) rose over 13%, experiencing an 80% surge over the past seven trading days [5] - Adobe (ADBE.US) fell over 3%, with a year-to-date decline of nearly 16% [5] - Cyngn (CYN.US) surged over 11% after raising 32 million USD and securing financing until 2027 [5] - Bitcoin-related stocks rose, with Robinhood (HOOD.US) up over 6% and CleanSpark (CLSK.US) up over 12% [6]

点击蓝字，关注我们 标普全球表示，监控软件供应商Datadog将取代瞻博网络成为标普500指数成分股。 标普全球表示，监控软件供应商 Datadog(DDOG.US) 将取代瞻博网络成为标普500指数成分股。 根据 一份声明，标普全球将在7月9日开盘前实施这一调整。受此消息提振，截至发稿， Datadog周三美股 盘后大涨近11%。 同为标普500指数成分股的计算机服务器制造商 慧与科技(HPE.US)早些时候表示，已完成对专注于数 据中心网络硬件的瞻博网络的收购。 慧与科技在一份文件中披露，已向瞻博网络的股东支付了134亿 美元。 上周末，这两家公司与美国司法部达成和解，后者此前曾就该交易提起诉讼表示反对。作为 和解协议的一部分，慧与科技同意剥离其全球Instant On campus和分支业务。 当一家公司被纳入主要指数时，股价通常会上涨，因为基金经理需要调整投资组合以反映新的指数构 成。 总部位于纽约的Datadog于2019年上市。该公司在2025年第一季度实现净利润2,460万美元，营收7.616 亿 美 元 。 其 竞 争 对 手 包 括 去 年 收 购 了 Splunk 的 思 科 (CSCO. ...

Core Viewpoint - The "Irrational Exuberance Index" developed by Barclays has surpassed the warning threshold of 10.7%, indicating a resurgence of speculative trading in the U.S. stock market, reminiscent of past market bubbles [1][2]. Group 1: Market Indicators - The "Irrational Exuberance Index" has reached a monthly average of 10.7%, the first time it has crossed the double-digit threshold since February, with a historical average of around 7% [1]. - The index is based on derivatives market data, volatility indicators, and options market sentiment signals, and has previously peaked during the late 1990s internet bubble and the 2021 retail trading frenzy [1]. - The market is currently characterized by speculative trading, with significant increases in popular concept stocks and traditional fundamental analysis becoming less effective [2]. Group 2: Market Sentiment and Performance - Optimism in the market is driven by expectations of trade agreements between the U.S. and major partners, as well as speculation that the Trump administration may delay tariff implementation [2]. - The SPAC issuance has rebounded significantly, with the number of new SPACs in 2025 already exceeding the total for the previous two years [2]. - The ARK Innovation ETF has recorded one of its highest annual gains, with specific sectors showing extreme performance: Bitcoin-related stocks surged by 78%, quantum computing stocks rose by 69%, and meme stocks averaged a 44% increase [2]. Group 3: Risk and Recommendations - The index readings indicate overly exuberant investor sentiment, which poses a risk of increased market volatility [2]. - There is a strong correlation between the index and net borrowing positions in margin accounts, reflecting high retail participation [2]. - Despite the presence of bubble signals, timing the market remains challenging, and historical trends suggest bubbles can last longer than expected [2].

点击蓝字，关注我们 FedWatch，7月降息预期已提升至21.7%，但大概率维持不变，将导致港股海外资金流出压力上升；9 月降息概率91.1%，9月降息或已成定局。 6月24日，以伊停火，地缘冲突引发的市场短期波动逐渐缓 解。 受美联储政策预期以及市场整体风险偏好影响最大的科技股反弹行情有望延续。 国内来看，6月末六部委联合政策文件的发布，市场重燃政策发力预期；进入7月，政治局会议也是全 年重要的政策观测时点， 为实现年内增长目标，7月宏观政策有望加码。 前次6月策略涨跌情况 我们推荐的所有美股均实现正收益！ | 美股 | | | | | --- | --- | --- | --- | | 证券代码 | 证券同称 | 6月涨跌幅 | 所属 Wind行业 | | AMD.O | 超威半导体 | 28.15% | 信息技术 | | TEM.O | TEMPUS AI | 15.15% | 医疗保健 | | ITYN | 礼来 | 5.67% | 医疗保健 | | UNH.N | 联合健康集团 | 4.07% | 医疗保健 | | OXY.N | 西方石油 | 3.59% | 能源 | | 港股 | | | | ...

点击蓝字，关注我们 今日上午港股 1.博彩股集体高开， 新濠国际发展(00200)涨9.65%，银河娱乐(00027)涨9.04%，金沙中国(01928)涨6%； 永利澳门(01128)涨5.17%；美高梅中国(02282)涨4.97%。 2.六福集团(00590)再涨超4%， 中银国际表示，六福在2025财年下半年的营运表现超出预期。除了金价 上涨外，选择成毅作为新品牌代言人以及推出具有中国风设计的新产品系列也助力提升销售势头。 3.太古地产(01972)涨超3% ， 消息面上，近日，太古地产及太古公司联合公布，各方于本公告日期就出 售权益(即零售权益、停车场资产及设施权益)的买卖订立交易文件。 4.首程控股(00697)涨超3%， 消息面上，首程控股发布公告，近日，集团在北京成功举办了主题为"首程 领航，智创未来"的机器人产业生态峰会暨投资人大会。 5.内银股早盘普涨， 民生银行(01988)涨3.82%；中信银行(00998)涨3.21%；建设银行(00939)涨2.53%；工 商银行(01398)涨1.93%。 12.电力股早盘回暖， 大唐发电(00991)涨4.55%；华能国际(00902)涨4.0 ...

Core Viewpoint - The U.S. stock market experienced significant volatility in the first half of 2025, reaching historical highs but facing multiple uncertainties that could impact the second half of the year [1] Group 1: Tariff Policy Impact - The direction of tariff policies remains a primary concern, with the potential for new market volatility as trade negotiations approach a critical deadline on July 9. Goldman Sachs estimates that even if some harsh tariffs are lifted, the actual tariff rate in the U.S. has risen from 3% at the beginning of the year to 13%, which may continue to increase inflationary pressures and erode corporate profits [2] - The upcoming Q2 earnings reports will be crucial, with S&P 500 companies expected to see a 5.9% growth in earnings, and investors will closely monitor how companies manage tariff-related costs [2] Group 2: Federal Reserve's Interest Rate Decisions - The Federal Reserve's policy direction is a significant market concern, with Chairman Powell indicating that inflation risks from tariffs are a key factor delaying interest rate cuts. However, the futures market anticipates three rate cuts by the end of the year, with the first potentially in September [3] - The upcoming June non-farm payroll report will be a critical indicator, as any signs of weakness in the labor market could alter rate cut expectations [3] Group 3: Market Dynamics and Technology Sector - The market is witnessing a shift in style, with technology stocks regaining dominance after an initial pullback. The S&P 500 technology sector led with a 15% increase in Q2, contributing nearly 40% of the index's gains. This concentration raises concerns, as the equal-weighted S&P 500 index only rose by 4%, indicating that most stocks did not keep pace with the leading companies [4] - For the market to maintain its upward trajectory, broader participation beyond the tech giants is necessary [4] Group 4: Valuation Pressures - Valuation pressures are significant, with the forward P/E ratio of the S&P 500 reaching 22.2, well above the long-term average of 15.8. Investors are focusing on 2026 earnings expectations, which predict a 14% growth for S&P constituents, as this growth rate will be crucial for supporting valuations [7] - The direction of the 10-year U.S. Treasury yield is also critical; if fiscal stimulus leads to concerns about deficits and yields spike, stock market valuations could face substantial pressure [7] Group 5: Geopolitical Risks - Geopolitical risks remain a looming threat, with recent tensions in the Middle East causing temporary spikes in oil prices. Analysts warn that if conflicts escalate and disrupt oil supply, prices could exceed $100 per barrel, potentially triggering a chain reaction [9] - While historical data shows that geopolitical crises have limited long-term impacts on U.S. stock returns, short-term volatility is likely to increase [9]

Company Overview - Xidi Zhijia Technology Co., Ltd. is a high-tech enterprise focused on commercial vehicle autonomous driving technology, founded in 2017 and headquartered in Changsha, Hunan. The main products include autonomous mining truck solutions, V2X vehicle networking technology, and high-performance intelligent perception systems, widely used in mining, ports, and logistics parks [1]. Financial Performance Revenue - The company experienced explosive revenue growth over three years, recording revenues of 31 million, 133 million, and 410 million RMB, with a compound annual growth rate (CAGR) of 263% [5]. - The autonomous driving mining truck business significantly contributed to revenue, with figures of 27.998 million, 74.418 million, and 247.887 million RMB, accounting for 60.1% of total revenue in 2024 [4]. - V2X business revenue also saw substantial growth, reaching 10.286 million and 101.591 million RMB in 2023 and 2024, respectively, representing 24.8% of total revenue [4]. Profitability - Despite improvements in gross margin, the company recorded increasing losses over three years, with losses of 263 million, 255 million, and 581 million RMB [5]. - The overall gross margin improved from -19.3% in 2022 to 24.7% in 2024, although it remains below industry averages [6]. Debt and Cash Flow - By the end of 2024, the company had cash reserves of 306 million RMB, a 30% increase, but still reported negative operating cash flow of -148 million RMB [7]. - The company’s inventory turnover days improved significantly from 513.6 days in 2023 to 121.8 days in 2024 [7]. Market Position and Competitive Advantage - Xidi Zhijia holds a leading market share in the commercial vehicle autonomous driving sector, with a 16.8% market share in 2024, significantly higher than the second-largest competitor [7]. - The company ranks first in the autonomous mining truck market with a market share of 37.7%, expected to rise to 46% by 2025 [7]. - The company has established a global mixed fleet of autonomous mining trucks, achieving operational efficiency exceeding that of human drivers [8]. Technological Edge - The company employs a full-stack self-developed and vehicle-road collaborative solution, achieving zero-accident operations in mining areas as of the end of 2024 [8]. - The core product, "Yuan Mining" system, integrates vehicle, road, and cloud capabilities, enabling unmanned transportation and intelligent scheduling [8]. Future Growth Potential - The backlog of orders reached 831 million RMB by the end of 2024, supporting future revenue growth [9]. - The company’s revenue is projected to continue growing, driven by increasing customer numbers and the release of backlog orders [5][9].