摩根丹士利发布研报称，将泡泡玛特(266,7.20,2.78%)(09992)目标价由224港元，调高35%至302港元，投 资评级为"增持"。大摩相信，泡泡玛特的知识财产权多样性和营运能力相结合，将创造持久的增长。虽然其 2025年的增长动能可能已被充份体现，但该行认为其长期规模增长的潜力尚未被充份体现。大摩将泡泡玛特 2025年、2026年和2027年的每股盈利预测分别上调6%、15%和21%，以反映其在北美和欧洲更清晰的增长路径。 泡泡玛特(09992):上调目标价至302港元,评级"增持" 摩根士丹利 ...

资本支出（Capex）：鉴于喜力销售强劲，公司计划在福建扩充喜力产能。2025年还计划继续在维护、生 产线转型以及白酒业务方面进行投资。预计未来资本支出将逐步减少。基准情形采用现金流折现法，假设加权 平均资本成本（WACC）为11.3%（由3%无风险利率、9.1%风险溢价得出），终端增长率为3%。 风险提示：上行风险：喜力市场份额增长快于预期；雪花产品成功高端化；原材料价格下降。 下行风险：行业需求持续疲软；家庭消费渠道市场竞争加剧；原材料价格上涨。 华润啤酒(00291):维持"买入"评级,目标价34港元 摩根士丹利发布称，华润啤酒（00291）在4-5月实现销量正增长，与2025年1-5月的销售趋势一致，公司 仍受益于原材料方面的有利因素，助力毛利率提升超1个百分点，同时通过"三精"举措进一步降低运营成 本，维持"买入"评级，目标价34港元。管理层预计，由于需求疲软且基数较高，今年白酒业务收入仍将面临 压力，公司会努力避免亏损和减值。 润啤业绩如下：按产品（年初至今）：1）喜力持续强劲，销量同比增长超20%；2）超级X年初至今销量同 比增长约10%；3）老雪和阿姆斯特尔销量同比增长超50%；4）雪花纯生销 ...

June 11, 2025 12:22 AM GMT Steel | North America Morgan Stanley & Co. LLC Mexico and the United States Reportedly Work Towards Steel Tariff Agreement What's New? The United States and Mexico are reportedly working towards a trade deal that would remove the 50% tariff on steel imports, per Bloomberg (here). The agreement, which has not been finalized according to the report, is said to allow Mexico to export tariff-free steel into the US "up to a certain volume" with tonnage above this agreed level to pay a ...

June 10, 2025 06:49 AM GMT Australia Macro+ | Asia Pacific Stock Ideas – A "Quantamental Approach" Our analysis highlights favoured and not favoured stock ideas on a monthly basis, based on our quantitative frameworks and our fundamental analysts' recommendations. Quantamental Ideas: Momentum continues to trump fundamentals when it comes to return contribution with our alpha model MOST, which has outperformed for the fourth consecutive month in May. The model has now returned +12.4% (Q1-Q5 TR spread) over t ...

Source: OAG, Morgan Stanley Research. Note: Japan had aggressively added capacity during 2019. Hong Kong's capacity had been reduced in 2H19 due to social unrest. | M | | | | --- | --- | --- | | | | Update | | June 10, 2025 03:53 AM GMT | | | | China Aviation Asia Pacific | Morgan Stanley Asia Limited+ | | | | Qianlei Fan, CFA Equity Analyst | | | Chart in the Spotlight: | Qianlei.Fan@morganstanley.com Carlos Liu | +852 2239-1875 | | | Research Associate | | | International Air Capacity | Carlos.Liu@morgans ...

ZoomInfo Technologies Inc | North America Reading the RIF – Aligning Resources With Move Upmarket ZoomInfo announced a ~6% reduction in the global workforce in a filing today, which aligns with the company's strategy to focus upmarket and shift resources away from down-market customers. Headcount reductions are focused on sales reps where a fewer number of heads are needed to service the lower volume (but larger deal size) pipeline with upmarket customers - relative to the high velocity of deals with down-m ...

June 10, 2025 03:49 AM GMT Telefonica Brasil SA | Latin America M Idea Management Meeting Notes VIV highlighted a broad-based strategy to sustain FCF growth that could drive upside to our numbers. Key Takeaways VIV highlighted 5 pillars to boost FCF: 1) ARPU uplift, 2) Churn reduction, 3) Regulatory tailwinds, 4) Leasing cost optimization, and 5) Lower CAPEX intensity. We hosted a webcast with VIV senior management and present our takes below (key charts on the Appendix ). Product initiatives: VIV highlight ...

June 10, 2025 12:29 AM GMT Hardline/Broadline/Food Retail | North America The Funnel: Dollar Store Momentum Should Continue The big are getting bigger at an accelerating pace (AMZN/WMT/ COST), but underneath the surface Dollar Stores are benefitting from a heightened degree of share donors in Q1'25. We believe this tailwind for Dollar Stores can accelerate through '25 and drive ~200-250 bps of incremental comp growth. The Q1'25 Funnel tells the story of Retail right now. On the one hand, the big are getting ...

Investment Rating - The industry view for Greater China Materials is rated as Attractive [6]. Core Insights - The potential for a second batch of nuclear power plant approvals in the second half of 2025 remains uncertain, but may increase if economic growth requires stimulus [3]. - China National Nuclear Power (CNNP) has sufficient sites to meet an approval speed of 10 nuclear units per year, with a budgeted capital expenditure for nuclear power expected to show significant growth in 2025 [3][9]. - The commercial application of fusion reactors is projected to be a long-term endeavor, around the 2050s, while small modular reactors (SMRs) are not expected to be built on a large scale in China [4][9]. - China Nuclear Engineering Corporation (CNEC) has a strong track record, having built 64 nuclear power units and currently constructing 32 units, indicating potential for accelerated construction starts [5][9]. Nuclear Supply and Uranium Insights - China National Uranium Co., the mining arm of the group, owns domestic resources and international assets, including the Rossing mine in Namibia and a greenfield mine in Mongolia [10]. - The group is actively exploring for uranium in various countries, including Uzbekistan, Namibia, and Zimbabwe, to secure more resources [10]. - Despite some growth in domestic supply, China is expected to continue relying primarily on overseas uranium resources to fuel its expanding nuclear fleet [10].

June 6, 2025 12:05 AM GMT Internet & Media - Investor Presentation | Japan M Foundation FY25 2H Investment Strategy: OW on Recruit for Quality, LY & Kakaku.com for Continuous Growth, Mercari for Change OW on 4 firms for FY25 2H: Recruit: Portfolio with growth potential, profit growth through margin improvement, mid-term growth scenario unchanged. Kakaku.com: Kyujin Box beating plan. Mercari: Profit generation phase. LY: Strong returns, introducing AI enabled products. Key Takeaways Morgan Stanley MUFG Secur ...