Group 1: Macro Insights - The June manufacturing PMI continues to rebound from a low level but remains in the contraction zone, while the non-manufacturing PMI shows a slight increase [3] - Both supply and demand have rebounded, with domestic demand recovering more significantly; import and export orders have also increased but are still in the contraction zone [3] - The overall view indicates that the internal repair momentum is weakening, and July will see a combination of four factors that need close monitoring, including US tariff negotiations and the political bureau meeting [3] Group 2: Strategy and Recommendations - The market outlook for July suggests active participation in breakthroughs while emphasizing performance pricing; despite the uncertainties from tariffs, interest rate cuts, policies, and mid-year reports, there is still value in trading breakthroughs [4] - It is recommended to increase trading positions to capitalize on potential breakthroughs, focusing on strong breakout directions driven by capital synergy and catalysts, while prioritizing performance certainty in investment allocations [4] Group 3: Sector Performance - The top-performing sectors in January, March, and over the past year include Communications (14.1%, 10.7%, 34.4%), Defense and Military (10.9%, 15.0%, 34.7%), and Electronics (8.9%, 0.7%, 36.0%) [1] - The bottom-performing sectors include Food and Beverage (-5.9%, -6.2%, 1.0%), Home Appliances (-3.0%, -5.3%, 14.7%), and Coal (-1.2%, -1.9%, -20.8%) [1] Group 4: Company-Specific Insights - Hard Egg Innovation (00400.HK) is identified as a rare AI computing chip supplier, focusing on a hardware and software platform layout, with a projected revenue of 10.13 billion yuan and a net profit of 190 million yuan for 2024 [13] - The company is expected to benefit from the growing demand for AI chips, with a projected revenue growth of 12.36 billion yuan, 15.63 billion yuan, and 19.48 billion yuan from 2025 to 2027 [16] Group 5: Emerging Trends - The new tobacco industry is rapidly developing, driven by harm reduction and product enhancement, with potential market sizes of 18.7 billion and 11.3 billion USD in the US and China, respectively, under conservative penetration assumptions [12] - The approval of important virtual asset licenses is accelerating financial innovation, with Guotai Junan International becoming the first Hong Kong-based broker to provide comprehensive virtual asset trading services [18]
积极参与突破，重视业绩定价