Investment Rating - The report does not provide a specific investment rating for Ralph Lauren (RL) [2] Core Insights - The company's international expansion strategy is progressing steadily, with increasing brand recognition in overseas markets. The growth rate in the Chinese market exceeds 30% [2] - The company hosted its first fashion show in China and utilized Douyin for live streaming sales, significantly boosting brand awareness and sales [2] - Revenue for the quarter reached a record high, with a year-on-year increase of 14%, driven by strong demand for core products and high-potential categories [2][3] - The gross margin improved to 72.3%, up 180 basis points year-on-year, benefiting from price increases and lower cotton prices [3] - The management has raised the fiscal year 2026 guidance, expecting revenue growth in the low to mid-single digits, with operating margin improvements [3] Revenue and Profitability - Total revenue for the fiscal year ending March 28 is projected to grow from $6,631 million in FY24 to $8,367 million in FY28, reflecting a compound annual growth rate of approximately 5% [4] - Net profit is expected to increase from $646 million in FY24 to $1,041 million in FY28, with earnings per share rising from $9.71 to $17.70 over the same period [4] - The diluted earnings per share for the latest quarter increased by 35% year-on-year to $3.52, with an adjusted growth of 40% to $3.77 [3] Regional Performance - North America revenue grew by 8% to $656 million, with direct same-store sales increasing by 12% [3] - European revenue rose by 16% to $555 million, with direct same-store sales up by 10% [3] - Asian revenue increased by 21% to $474 million, with China showing over 30% growth and direct same-store sales up by 18% [3] Market Position - The company maintains a competitive edge through brand differentiation and the strength of its core product categories, which are expected to continue driving high-quality growth [2][3]

Group 1: Company Research - SMIC - SMIC's Q2 2025 revenue reached $2.21 billion, a year-on-year increase of 16.2%[7] - The company's capacity utilization rate improved to 92.5%, up 2.9 percentage points from the previous quarter[7] - SMIC's gross margin was 20.4%, down 2.1 percentage points quarter-on-quarter[7] - The forecast for Q3 2025 revenue is expected to grow by 5%-7%, reaching $2.32-$2.36 billion[7] Group 2: Financial Metrics and Valuation - Target price for SMIC is set at HKD 60.00, representing a potential upside of 23.20% from the current price of HKD 48.70[5][10] - Projected revenue CAGR for the next three years is 25.0%, with net profit CAGR expected at 90.0%[10] - SMIC's market capitalization is approximately HKD 388.93 billion, with 7.99 billion shares outstanding[6] Group 3: Risks and Market Conditions - Risks include potential underperformance in capacity expansion and semiconductor cycle downturns[11] - The demand for 8-inch and 12-inch wafers is expected to grow, with ASP forecasted to increase in Q3 2025[8] - The company is positioned as the third-largest foundry globally, holding a 6% market share, which has increased by 0.5 percentage points[8]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 60.00, representing a potential upside of 23.20% from the current price of HKD 48.70 [3][5]. Core Insights - The semiconductor industry is experiencing a gradual recovery in downstream demand, which is driving a steady improvement in the company's fundamentals [3]. - The company is expected to achieve a revenue CAGR of 25.0% and a net profit CAGR of 90.0% over the next three years, supported by increasing demand from downstream clients and the urgency for domestic semiconductor alternatives [5][7]. Financial Performance Summary - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 6,321.56 million, a decrease of 13.09% from the previous year, but projected to grow to USD 8,029.92 million in 2024, reflecting a 27.02% increase [4][7]. - The net profit attributable to shareholders for 2023 was USD 902.53 million, down 50.35% from 2022, with forecasts indicating a recovery to USD 851.73 million in 2025 and USD 1,277.34 million in 2026 [4][5]. - The company's earnings per share (EPS) for 2023 was USD 0.11, with projections of USD 0.16 in 2025 and USD 0.22 in 2026, indicating a significant recovery trajectory [5][7]. Market Position and Outlook - The company ranks as the third-largest wafer foundry globally, with a market share of 6% as of Q1 2025, and is expected to benefit from advancements in process technology and increased production capacity [5][7]. - The company anticipates a 5%-7% revenue growth in Q3 2025, with a projected revenue range of USD 23.2 billion to USD 23.6 billion, aligning with market expectations [5][7]. - The demand for AI-related products is expected to grow by over 10% in 2025, contributing to an increase in wafer shipments despite a slight decline in prices [5][7].

Investment Rating - The report maintains a strong positive outlook on the AI application-driven demand for computing power, indicating a sustained high growth trajectory in the industry [2]. Core Insights - The computing power industry is experiencing a resonance between domestic and international supply chains, with a continuous high demand for computing power from overseas [2]. - The report highlights that the domestic computing power supply chain is in a tight balance, with key bottlenecks gradually being addressed over time, leading to ongoing positive catalysts in the market [2]. - Investment opportunities in domestic computing power are expected to emerge in the second half of the year and into the next year [2]. Summary by Sections Overseas Computing Power Supply Chain Investment Opportunities - The report suggests focusing on high-end PCB, optical modules, and server ODM sectors, which are expected to maintain high profitability and a tight supply-demand balance [3]. High-end PCB Industry Opportunities - The report discusses the transition from copper cable solutions to orthogonal backplane solutions in NVIDIA's Rubin series, which is expected to enhance design and operational efficiency [6]. - The orthogonal backplane solution involves three 26-layer PCB boards, with a single cabinet requiring approximately four backplanes, valued at 200,000 to 300,000 yuan each [6]. - Domestic manufacturers with capabilities in copper paste sintering are likely to become core suppliers, with recommendations to focus on companies like Shenzhen South Circuit (002916), Jingwang Electronics (603228), and Dongshan Precision (002384) [6]. Liquid Cooling Industry Opportunities - Domestic liquid cooling leader Y Company has entered Meta's supply chain, providing key components with an initial market share of approximately 5-8% [5]. - The report anticipates accelerated penetration of liquid cooling in AI servers, driven by the promotion of NVIDIA's Rubin series and Google's TPU servers [5]. - Companies such as Invec (002837) and Chuanhuan Technology (300547) are recommended for investment [5]. Domestic Computing Power Supply Chain - The report emphasizes investment in core computing hardware companies like Cambricon (688256) and foundries like SMIC (0981.HK) [7]. - The report notes that due to geopolitical considerations, ByteDance has paused its ASIC chip design project with Broadcom and is now working with domestic design service providers [7]. Traditional Analog Chip Recovery Opportunities - The analog chip sector is benefiting from domestic substitution and local-for-local demand, with wafer fab utilization rates remaining high and terminal prices increasing by 10-20% [9]. - Companies such as Huahong Semiconductor (1347.HK), Naxin Micro (688052), and Sireen (688536) are highlighted for investment opportunities [9]. Investment Recommendations - The report recommends buying shares in Huahong Semiconductor (1347.HK) and Cambricon (688256), among others, while noting that several companies remain unrated [10][12].

Group 1: Company Research - China Mobile (941, Buy): Achieved revenue of CNY 543.8 billion in H1 2025, with service revenue at CNY 467.0 billion, a YoY increase of 0.7%[6] - Huahong Semiconductor (1347, Buy): Revenue growth driven by demand, with embedded non-volatile memory revenue up 2.9% YoY and power device revenue up 9.4% YoY[15] - AMD (Buy): Expected MI series sales of USD 8 billion this year, with Q3 revenue guidance exceeding expectations[25] Group 2: Financial Performance - China Mobile's net profit reached CNY 84.2 billion in H1 2025, a YoY increase of 5.0%[6] - Huahong Semiconductor's Q2 2025 revenue was USD 570 million, with a gross margin of 10.9%, above the expected range[20] - AMD's Q2 2025 revenue was USD 7.69 billion, a YoY increase of 31.7%, with a gross margin of 39.8%[25] Group 3: Market Outlook - China Mobile's target price raised to HKD 116, reflecting a 33% upside potential, supported by stable cash flow and dividend policy[9] - Huahong Semiconductor's target price increased to HKD 54, indicating a 22.73% upside, driven by stable demand and capacity expansion[20] - AMD's target price set at USD 200, with a projected revenue CAGR of 42.3% from 2025 to 2027[30]

Investment Rating - The report assigns a "Buy" rating for China Mobile with a target price of HKD 116, representing a potential upside of 33% from the current price of HKD 87 [2][6]. Core Insights - China Mobile's operating performance shows steady growth, with service revenue under pressure but profits exceeding expectations. In the first half of 2025, the company achieved operating revenue of CNY 543.8 billion, with service revenue at CNY 467.0 billion (YoY +0.7%). The net profit attributable to shareholders was CNY 84.2 billion (YoY +5.0%) [3][6]. - The company is focusing on value-driven operations to promote structural revenue growth. Personal market revenue was CNY 244.7 billion (YoY -4.1%), while household broadband customers reached 284 million, with a net increase of 6.23 million [6]. - The report highlights the continuous innovation and expansion into emerging businesses, with new market revenue reaching CNY 29.1 billion (YoY +9.3%) and international business revenue at CNY 14.0 billion (YoY +18.4%) [6]. Summary by Sections Financial Performance - In the first half of 2025, China Mobile's total connections reached 3.815 billion (YoY +8.9%), with digital transformation revenue at CNY 156.9 billion (YoY +6.6%), accounting for 33.6% of main business revenue [3][6]. - The EBITDA for the first half of 2025 was CNY 186.0 billion (YoY +2.0%), with an EBITDA margin of 39.8% (YoY +0.5pct) [3][6]. Future Projections - The report forecasts operating revenue to grow from CNY 1,009.3 billion in 2023 to CNY 1,088.8 billion by 2027, with a compound annual growth rate (CAGR) of approximately 1.7% [5][22]. - Net profit is projected to increase from CNY 131.8 billion in 2023 to CNY 161.8 billion by 2027, reflecting a steady growth trajectory [5][22]. Dividend Policy - The interim dividend for 2025 is set at HKD 2.75 per share (YoY +5.8%), with an increasing cash dividend payout ratio expected for the full year [3][6].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 54.00, representing a potential upside of 22.73% from the current stock price of HKD 44.00 [3][4]. Core Insights - The demand remains strong, with operational trends improving. The company is expected to maintain high utilization rates and stable growth in revenue and profits due to ongoing demand recovery and capacity expansion [4][6]. - The company has seen a significant improvement in its earnings, with a projected revenue increase of 22.7% in 2025 and 19.4% in 2026. The gross margin is expected to improve to 12.1% in 2025 and 16.1% in 2026 [5][6]. - The company is accelerating its capacity expansion, with the first batch of production capacity expected to reach 80-90% utilization by the end of this year and full capacity by mid-2026 [6][6]. Summary by Sections Financial Performance - For the fiscal year ending December 31, 2023, the company reported total revenue of USD 2.29 billion, a decrease of 7.7% from the previous year. However, projections indicate a recovery with revenues expected to reach USD 2.46 billion in 2025 and USD 2.94 billion in 2026 [5][17]. - The gross margin for 2023 was 21.3%, which is expected to decline to 10.2% in 2024 but recover to 12.1% in 2025 and 16.1% in 2026 [5][17]. - Shareholder net profit for 2023 was USD 280 million, with projections of USD 97 million in 2025 and USD 227 million in 2026, indicating a significant recovery trajectory [5][17]. Market Demand and Pricing - The company has experienced a positive trend in its core technology platforms, with embedded non-volatile memory revenue growing by 2.9% year-on-year and power device revenue increasing by 9.4% [6][6]. - The company has implemented price increases across its product lines, with expectations of single-digit price increases reflecting in the second half of the year [6][6]. Capacity Expansion - The company is on track to achieve 80-90% load for its new production capacity by the end of this year, with plans to reach full capacity by mid-2026 and initiate a second phase of capacity expansion by 2027 [6][6]. - The overall utilization rate for Q2 2025 was reported at 108.3%, marking a new high since 2023, indicating strong demand recovery across major technology platforms [6][6].

Investment Rating - The report maintains a "Buy" rating for HIMS & HERS HEALTH with a target price of $62.1, indicating a potential upside of 22% from the current price of $51.05 [4][6]. Core Insights - The company reported a 73% year-over-year revenue increase in Q2 2025, reaching $545 million, although it experienced a 7% quarter-over-quarter decline. GLP-1 revenue accounted for approximately $200 million, while non-GLP-1 revenue grew by about 16% [2][3]. - The company is transitioning from a model focused on treating diseases to one that emphasizes disease prevention, aiming for $6.5 billion in revenue and $1.3 billion in adjusted EBITDA by 2030 [4]. Summary by Sections Financial Performance - Q2 2025 net profit was $42.51 million, with a net profit margin increase of 3.6 percentage points to 7.8%. Adjusted EBITDA was $82.24 million, with an adjusted EBITDA margin increase of 2.6 percentage points to 15.1% [2]. - The company expects Q3 revenue to be between $570 million and $590 million, with adjusted EBITDA projected at $60 million to $70 million [2]. Business Development - As of Q2 2025, the company had 2.44 million subscribers, a 31% year-over-year increase, with personalized subscription users growing by 89% to 1.48 million [3]. - The company plans to launch new services in low testosterone and menopause care by the end of 2025 and aims to expand into longevity-focused health management [3]. Market Expansion - HIMS & HERS completed the acquisition of ZAVA Global, a leading digital health service provider in Europe, which is expected to contribute at least $50 million in incremental revenue for the remainder of 2025 [3]. - The company anticipates leveraging the expiration of the semaglutide patent in Canada to introduce its weight loss services in that market [3].

Group 1: New Oriental (EDU) - New Oriental's FY25Q4 net revenue increased by 9.4% year-on-year to $1.24 billion, exceeding previous guidance of $1.009 to $1.037 billion[5] - The company expects FY26Q1 net revenue to be between $1.46 billion and $1.51 billion, representing a year-on-year growth of 2% to 5%[6] - Non-GAAP net profit for FY25Q4 was $98.08 million, a 59.4% increase year-on-year[5] Group 2: Apple Inc. (AAPL) - Apple's total revenue for the quarter was $94.04 billion, a 9.6% year-on-year increase, surpassing Bloomberg's consensus estimate of $89.3 billion[16] - iPhone revenue grew by 8.2% year-on-year, while services revenue increased by 13.3%[16] - The company expects overall revenue growth for FY25Q4 to be in the mid to high single digits[16] Group 3: Hong Kong Stock Exchange (388) - The average daily trading volume for the Hong Kong Stock Exchange reached HKD 2.402 trillion in H1 2025, a 118% year-on-year increase[22] - The total market capitalization of the Hong Kong market grew to HKD 42.7 trillion, a 33% increase year-on-year[25] - The target price for Hong Kong Stock Exchange is set at HKD 500, representing a potential upside of 15.8% from the previous closing price[26] Group 4: HIMS & HERS HEALTH (HIMS) - HIMS reported Q2 revenue of $545 million, a 73% year-on-year increase, but a 7% decrease quarter-on-quarter[32] - The company expects Q3 revenue to be between $570 million and $590 million, with adjusted EBITDA projected at $60 million to $70 million[32] - The target price for HIMS is set at $62.1, indicating a 22% upside potential from the current price[34]

Investment Rating - The report maintains a "Buy" rating for Hong Kong Exchanges and Clearing Limited (388) with a target price of HKD 500.0, representing a potential upside of 15.8% from the previous closing price [5][32]. Core Insights - The Hong Kong financial market is experiencing a robust recovery, with multiple indicators reaching historical highs. The average daily trading volume for the Hong Kong Stock Exchange (HKEX) in the first half of 2025 reached HKD 240.2 billion, a significant increase of 118% year-on-year, marking the highest level since 2010 [3][8]. - The market capitalization of the Hong Kong market increased to HKD 42.7 trillion by the end of June 2025, reflecting a 33% year-on-year growth, driven by the recovery of Chinese mainland economic conditions and the optimization of listing regulations by HKEX [4][15]. - The report highlights the strong performance of various market segments, including a 195% year-on-year increase in the average daily trading volume of the Stock Connect program, indicating a significant rise in participation from mainland investors [10][15]. Summary by Sections Market Performance - The average daily trading volume for HKEX reached HKD 240.2 billion in the first half of 2025, up from HKD 110.4 billion in the same period of 2024, marking a 118% increase [8]. - The Stock Connect program's average daily trading volume was HKD 110.96 billion, a 195% increase year-on-year, showcasing enhanced participation from mainland investors [10][15]. - The derivatives market also showed strong growth, with average daily trading volume for futures and options increasing by 11% year-on-year, and the trading volume for RMB currency futures rising by 43% [3][10]. Market Capitalization and New Listings - As of June 30, 2025, the total market capitalization of Hong Kong reached HKD 42.7 trillion, a 33% increase from HKD 32.1 trillion a year earlier [4][15]. - In the first half of 2025, HKEX processed over 200 listing applications, with new stock financing totaling USD 14.1 billion, a staggering 695% increase year-on-year [4][15]. Financial Projections - The report forecasts total revenue for HKEX to reach HKD 26.1 billion in 2025, reflecting a year-on-year growth of 16.7% [7]. - Net profit is projected to be HKD 15.2 billion in 2025, with a growth rate of 16.6% [7]. - The report anticipates a diluted earnings per share of HKD 12.0 for 2025, representing a 16.6% increase from the previous year [7]. Regulatory Environment - HKEX announced a series of optimized listing rules effective August 4, 2025, aimed at lowering barriers to entry and enhancing market competitiveness [22]. - The new regulations include reducing the minimum public float requirement from 15% to 10%, which is expected to attract more quality companies to list in Hong Kong [25][22]. Investment Themes - The report emphasizes two main investment themes: growth driven by technology and stable dividend yields from undervalued state-owned enterprises [26][27]. - It highlights opportunities in the AI sector, electric vehicles, and innovative pharmaceuticals, alongside a focus on undervalued state-owned enterprises benefiting from policy support [26][27].