光大证券晨会速递-20250701

Macro Insights - The manufacturing PMI index continued to rise in June, driven by a reduction in external disturbances and a slight improvement in new export orders [2] - The internal economic momentum is recovering, with high-energy-consuming industries stabilizing and new economic drivers expanding steadily, leading to increased production and procurement activities [2] - The service industry business activity index saw a slight decline due to the end of holiday effects, but overall market expectations remain positive with the upcoming summer consumption peak [2] - The construction industry business activity index stabilized and improved, primarily due to positive developments in housing construction activities [2] Stock Recommendations - The A-share stock selection for July includes New Guodu, Hengsheng Electronics, Gree Electric Appliances, Haier Smart Home, Akol, New China Life, China Life, Dongfang Fortune, China National Materials, and Huayou Cobalt [3] - The Hong Kong stock selection for July includes Hong Kong Exchanges and Clearing, AIA, China Hongqiao, Tencent Holdings, Xiaomi Group-W, Xindong Company, Pop Mart, and Hua Hong Semiconductor [3] Company Research - Akol's COC project has passed the acceptance review and has officially entered the stable production phase, with successful output of qualified products [4] - Kuaishou's advertising growth is expected to accelerate in the second half of 2025, driven by the launch of the new recommendation system OneRec and the potential for further monetization of the general merchandise shelf [5] - Bosideng achieved a revenue of 25.9 billion yuan for the fiscal year 2024/2025, a year-on-year increase of 11.6%, with a net profit of 3.51 billion yuan, up 14.3% [6] - Health元 is transitioning its traditional main business and is expected to see orderly progress in innovation, with revised net profit forecasts for 2025 and 2026 [8] - New Dairy is expected to benefit from the continued advantages of raw milk and structural upgrades that enhance profitability, despite some concerns about the sustainability of raw milk cost benefits [9]