永金证券晨会纪要-20250723

Core Insights - The report highlights the ongoing trends in the U.S. stock market, with the Dow Jones showing slight gains and the S&P 500 reaching a new historical high, indicating a robust market environment [9][11] - The report emphasizes the continuous development of artificial intelligence (AI), suggesting that the fundamental factors supporting the S&P 500 are stronger than during the dot-com bubble 25 years ago [9] - The report notes a decline in U.S. Treasury yields, which may influence investment strategies, particularly in products linked to interest rates [9] Market Overview - The Hang Seng Index stabilized above 25,000 points, reaching a 3-year and 8-month high, with significant inflows from northbound capital [13] - The report mentions that the advertising expenditure in Hong Kong continues to decline, with a 6% year-on-year drop in Q2 2025 [13] - The report indicates that global investors are diversifying away from U.S. dollar investments, with foreign capital increasing its holdings in domestic stocks and funds in China [13] Company-Specific Insights - The report discusses the performance of General Motors (GM), which reported a 35.39% year-on-year decline in net profit for Q2, attributing the drop to tariff costs [11] - Lockheed Martin's net profit fell by 79.2% year-on-year due to project provisions, indicating challenges in the defense sector [11] - Texas Instruments reported a 15% year-on-year increase in net profit for Q2, with revenue rising by 16%, reflecting strong operational performance [11][18] Investment Recommendations - The report recommends buying shares of Dongfang Zhenxuan (1797), highlighting a 28% year-on-year growth in GMV for June 2025, marking a return to growth for its core business [22] - Zhongsheng Holdings (881) is identified as a leading automotive dealer in China, with over 400 dealerships and a strong customer base, making it a focus for upcoming financial reports [22] - Grab Holdings Limited (GRAB) is recommended for its strong user ecosystem and potential for cross-selling in Southeast Asia [24]