Financial Performance - Sands China reported a 2.5% year-on-year increase in net revenue to $1.8 billion in Q2 2025, but net profit fell by 13% to $214 million[1] - Adjusted EBITDA remained flat at $566 million, with the Londoner property contributing significantly to performance recovery[1] - The Londoner’s EBITDA doubled year-on-year to $205 million, outperforming market expectations[1] Market Trends - Total gaming revenue in Q2 2025 was flat at $1.7 billion, while the industry grew by 8%, indicating Sands China's growth lagged behind the market[2] - Sands China's market share decreased by 2 percentage points year-on-year to 22.5%[2] - VIP gaming revenue fell by 13% to $155 million, contrasting with a 13% industry growth, despite a slight increase in win rate[2] Operational Insights - The Londoner’s renovation has positively impacted performance, with a total of 10,800 hotel rooms post-renovation, maintaining the largest room count among Macau's six licensed operators[3] - The Venetian's EBITDA declined by 10% to $236 million, primarily due to poor gaming win rates[1] - Sands China is focusing on high-end mass market growth while consolidating its base mass market share[6]

环球市场动态 对 美 出 口 修 复 助 力 内 地 工 企 利 润 改 善 股 票 周五A股下跌，但科创板尾盘拉升； 港股三大指数齐跌超 1%，惟南下 资金大幅流入；欧洲股市普遍收跌， 投资者继续等待美欧贸易谈判进 展；美股周五收涨，部分企业乐观 财报和贸易协议提振市场情绪。 外 汇 / 商 品 石油市场面临供应过剩风险，上周 五国际油价下跌超 1%；市场憧憬 美美国与大部分地区有望达成贸易 协议，美元指数连续第二天反弹， 黄金延续跌势。 固 定 收 益 美国国债收益率走高，美国经济数 据相对稳健，特朗普与鲍威尔同行 淡化美联储解雇疑虑。亚洲市场月 末资金流动偏向卖盘，利差走阔 1- 2 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 7 月 28 日 123 ▪ 内地 6 月工业企业利润增速有所回升，结构上主要是国有企业、外资企业和中游行业利润增速回暖。"量" 的提 高和 "利润率" 边际改善是 6 月工业企业利润好转的主要拉动因素，两者或主要源于 6 月对美国出口增速的回 升，5 月 12 日中美日内瓦谈判后，对美出 ...

Market Overview - A-shares rose on Thursday, with the Shanghai Composite Index up 0.65% to 3,605 points, driven by the Hainan closure boosting related sectors[15] - European markets generally closed higher, with the Eurozone Stoxx 600 index up 0.24%, as the European Central Bank (ECB) maintained interest rates[9] - U.S. stock performance was mixed, with the Dow Jones down 0.70% to 44,693 points, while the S&P 500 slightly increased by 0.07%[9] Economic Indicators - U.S. economic data showed resilience, with initial jobless claims declining for the sixth consecutive week, indicating a strong labor market[29] - The ECB's decision to hold rates steady marked a shift from previous rate cuts, reflecting confidence in the Eurozone's economic resilience despite global uncertainties[9] Commodity and Currency Movements - Oil prices rose, with WTI crude increasing by 1.2% to $66.03 per barrel, supported by positive trade negotiations[26] - The U.S. dollar index rebounded by 0.2%, while gold prices fell, reflecting market adjustments following the ECB's announcements[24] Sector Performance - In the U.S., the technology sector saw gains, particularly in AI-related stocks, while the consumer discretionary sector lagged, with Tesla's stock dropping 8.20% due to disappointing earnings[9] - In Hong Kong, the Hang Seng Index rose 0.51%, with significant gains in the healthcare and materials sectors, while large tech stocks faced declines[11] Investment Opportunities - The China-Europe summit highlighted potential investment opportunities in energy equipment and engineering machinery, as China seeks to enhance its exports to Europe[6] - The beverage sector in China is expected to perform well this summer due to high temperatures and increased travel, with recommendations for leading brands like Nongfu Spring[13]

滙富快訊 香港及中國市場日報 今日焦點: ►電視廣播（511 HK，每股4.40港元，市值20億港元） 管理層交流紀要 我們最近與電視廣播（TVB）的管理層交流了公司的最新發展和前景。 TVB為香港最大的免費電視台，佔據當地79%的市場份額。憑藉57年的行 業沉澱，公司在全球粵語影視領域具備廣泛影響力。 香港電視廣播業務：業績回升。FY24財年該業務板塊實現強勁增長，營 業收入同比增長17%至16億港元，佔集團總收入比重達50%。其中，廣告 業務收入同比增長14%至14.6億港元，主要受益於：1）大型企業客戶回 流；2）新客戶持續拓展。從客戶結構來看，醫療保健行業繼續為最大廣 告收入來源，銀行業客戶貢獻維持穩定。值得關注的是，澳門相關廣告 業務成為新增長動能，同時政府部門為推廣旅遊業及發布公共公告亦增 加了廣告投放預算。 基於客戶承諾預訂2025年電視廣告套餐的總金額較去年增長雙位數百分 比，預計該業務將維持良好增長態勢。此外，自2025年1月起，TVB開始 於廣東省銷售無綫電視的翡翠台及明珠台的廣告時段，此舉有望拓展當 地客戶群體，並吸引佈局大灣區業務的香港企業，為未來收入增長提供 新動能。 中國內地：合拍 ...

Market Overview - A-shares continued to rise, with the three major indices reaching new highs for the year, with the Shanghai Composite Index up 0.62%[14] - The Hang Seng Index increased by 0.54%, marking a new high since February 2022[10] - European markets declined due to unclear progress in US-EU trade negotiations, with the Stoxx 600 index down 0.53%[8] Economic Indicators - In 2025, pensions in mainland China will be raised by 2%, benefiting 147 million retirees, with an estimated increase in disposable income of 65 to 100 RMB per month, reaching 3,900 RMB[5] - The total expenditure on pensions in 2025 is projected to be 400 billion RMB, potentially driving an additional 200 billion RMB in consumption, significantly impacting GDP through multiplier effects[5] Commodity and Currency Trends - International oil prices continued to decline, with NYMEX crude oil down 1.47% to $66.21 per barrel[27] - The US dollar weakened, contributing to a rise in gold prices, which increased by 1.09% to $3,443.7 per ounce[27] - The dollar index fell by 0.5%, marking a year-to-date decline of 10.2%[26] Fixed Income Market - US Treasury yields fell to their lowest levels in over a week, with the 10-year yield at 4.34%, down 3.4 basis points[29] - Asian investment-grade bonds showed balanced trading, with a preference for mid-term bonds[29] Sector Performance - In the US, 9 out of 11 S&P sectors rose, with healthcare leading gains at 1.90%[8] - The coal sector in Hong Kong saw significant gains, driven by regulatory actions on coal production, while cement stocks experienced mixed performance[10]

Group 1 - The core viewpoint of the report highlights that Chow Tai Fook (6168 HK) is a leading jewelry brand in China's lower-tier markets, with a revenue growth forecast from RMB 3.1 billion in FY22 to RMB 5.7 billion in FY24, representing a compound annual growth rate (CAGR) of 36% [1] - The net profit is expected to increase from RMB 575 million to RMB 706 million during the same period, with a CAGR of 10.8% [1] - Chow Tai Fook ranks 6th in total merchandise transaction volume among all gold jewelry companies in China, with a market share of 6.2%, and ranks 10th in revenue with a market share of 1.0% [1] Group 2 - The online business has become a key growth driver, with online revenue expected to double from RMB 1.1 billion in FY22 to RMB 2.3 billion in FY24, achieving a CAGR of 46.1% [1] - By FY24, online sales are projected to account for 40% of total revenue, the highest among leading jewelry companies [1] - Chow Tai Fook has established flagship stores on major e-commerce platforms like JD.com and Tmall, while also expanding into emerging platforms such as Pinduoduo, Douyin, and Kuaishou [1] Group 3 - The company operates 4,129 stores as of the end of 2024, with nearly 98% being franchise stores, allowing for rapid expansion at low costs [2] - Chow Tai Fook's franchise model grants franchisees significant operational autonomy, including direct procurement from authorized suppliers and the ability to tailor product offerings based on local market demands [2] - The service fee from franchisees is expected to account for 14.8% of total revenue in FY24, contributing 54% to gross profit [2] Group 4 - Chow Tai Fook's supply chain is efficient and stable, with an average partnership of 8 years with its top five suppliers, and has adopted an outsourcing production model since April 2022 to further optimize supply chain efficiency [2] - All products must undergo quality testing before sale, regardless of whether they are sourced directly from authorized suppliers or through company channels [2] Group 5 - Despite facing short-term operational pressures due to high gold prices and competition from low-priced products in the Shenzhen jewelry wholesale market, Chow Tai Fook is expected to maintain steady growth due to its strong e-commerce performance, brand appeal in lower-tier markets, and franchisees' understanding of local consumer preferences [4] - The stock is currently valued at a price-to-earnings ratio of 18 times for FY24, which is considered reasonable compared to peers, given its superior growth potential [4]

Market Overview - Chinese markets surged following the announcement of the Yaxia Hydropower Station project, with construction materials, power equipment, and engineering sectors seeing significant gains[3] - US stock indices reached new highs, with the S&P 500 and Nasdaq increasing by 0.14% and 0.38% respectively, while the Dow Jones fell slightly by 0.04%[8] - European markets showed mixed results as investors remained cautious regarding trade negotiations, with the Stoxx 600 and UK FTSE 100 experiencing minor fluctuations[8] Economic Policy Impact - The recently signed "Big and Beautiful Act" by Trump is expected to reduce government spending while significantly cutting taxes, potentially widening the deficit[5] - The act primarily benefits middle to high-income groups, which may limit its positive economic impact but could directly benefit the US stock market through increased cash flow for these demographics[5] Commodity and Currency Movements - International oil prices saw a slight decline, with NY crude oil down 0.21% to $67.2 per barrel, while gold prices rose to a one-month high at $3,406.4 per ounce, increasing by 1.43%[25] - The US dollar index fell by 0.6%, reflecting a broader trend of declining US Treasury yields, while the Japanese yen experienced its largest single-day gain in two months following the recent elections[25] Fixed Income Market - US Treasury yields decreased, with the 2-year yield at 3.86% and the 10-year yield at 4.38%, indicating a flattening yield curve[26] - Asian bond markets remained relatively quiet due to a holiday in Japan, with Chinese investment-grade bond spreads holding steady[4] Stock Performance Highlights - TSMC raised its 2025 revenue growth forecast to 30%, driven by strong demand for advanced chips, particularly in the AI sector[7] - In the Hong Kong market, the Hang Seng Index rose by 0.68%, with significant gains in construction and materials stocks following the hydropower project announcement[10]

Group 1: Eurozone Focus - The European Central Bank (ECB) is expected to maintain interest rates unchanged, with current earnings reflecting a 10-15% impact from tariffs [8][15][10] - The European telecom sector shows potential for dividend growth, with an average expected increase of 4.3% over the next two years [22][19] - The Stoxx 600 index's earnings have been adjusted downwards by 3-4.5% due to tariff impacts, with a potential further decline of 2.5-5% under a 25% tariff scenario [16][18] Group 2: Japanese Market Focus - Japan's inflation is projected to further slow to around 2.5%, with the Tokyo CPI showing a decrease from 3.6% to 3.1% [34][36] - The machine tool orders in Japan remained stable, with June orders reaching 133 billion yen, indicating a 3% month-on-month growth [33][31] - Companies like JR East and Fujitsu are highlighted for their growth opportunities, with JR East's target price set at 4,100 yen and Fujitsu at 4,200 yen [42][40] Group 3: Taiwan Market Focus - Taiwan's exports surged by 33.7% year-on-year in June, driven by strong demand for technology products, particularly computers and servers [52][49] - AI demand remains robust, but corporate earnings growth may slow, with potential risks to performance in the second half of the year [53][55] - Companies such as Jentech and Jiadeng Precision are positioned to benefit from strong ASIC demand and advanced process requirements, respectively [57][56]

环球市场动态 2025 年 7 月 21 日 123 美 国 稳 定 币 法 案 落 地 股 票 周五 A 股震荡向上，沪指创年内新 高；港股三大指数齐涨超 1%，大市 普遍上涨；欧洲股市表现低迷，消 息 称 特朗 普 对欧 关税 至 少 15- 20%；美股分歧走势，科技股和能 源股下跌抵消了其他板块的涨幅。 外 汇 / 商 品 交易员评估欧盟对俄罗斯能源出口 的新一轮制裁措施，上周五国际油 价小幅走低；美联储理事发表鸽派 言论，美元指数跟随国债收益率下 跌，国际金价上涨。 固 定 收 益 上周五美国国债上涨，收益率曲线 趋陡。美联储理事 Waller 发表鸽派 言论，密歇根大学消费者信心调查 显示通胀预期改善。亚洲债市保持 稳健，利差普遍收窄 1-3 个基点。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 ▪ 美东时间 7 月 17 日，美国国会通过《GENIUS 法案》，标志着美国首个联邦层面的稳定币监管框架正式落地。 从法案推进过程来看，"大而美法案" 通过后加密立法被迅速列为众议院首要议程，特朗普亦亲自下场推动共和 党内形成共识，凸显 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the computer industry, indicating an expected return that will exceed the CSI 300 index by 10% or more over the next six months [5]. Core Insights - The report emphasizes the significance of Physical AI and World Models (WFM) as the next wave in AI, particularly in robotics, which will enhance reasoning and execution capabilities, enabling robots to understand the physical world [1][9]. - NVIDIA has launched two major platforms, Cosmos and Omniverse, aimed at accelerating the development of Physical AI systems and industrial digital twins, which are crucial for the evolution of the industry [3][11]. - The domestic Physical AI industry is forming, with companies like Suochen Technology leading in the CAE sector, leveraging extensive physical simulation data for industry applications [3][12]. Summary by Sections Industry Investment Rating - The computer industry is rated as "Outperform the Market" with a projected relative return of 69% over the next 12 months compared to the CSI 300 index [5]. Industry Trends - Physical AI aims to enable intelligent agents to understand and interact with the real world effectively, encapsulated in robots and autonomous vehicles [2][10]. - The World Model is a generative AI model that helps in understanding the dynamics of the real world, utilizing various data inputs to predict spatial relationships and movements [2][10]. Key Developments - NVIDIA's Cosmos platform facilitates efficient data processing and management for Physical AI systems, while the Omniverse platform integrates various technologies for industrial applications [3][11]. - The report highlights the advantages of domestic CAE companies like Suochen Technology, which utilize generative Physical AI technology for real-world applications [3][12]. Market Performance - The computer industry index increased by 2.32% this week, outperforming the Shanghai Composite Index by 1.63 percentage points, driven by the active AI-related themes [13][14]. - AI-related companies within the computer sector have shown strong performance, with significant gains in stocks like Suochen Technology [17][18].