每日投资策略-20250731

Industry Insights - The Chinese stock market is experiencing a pullback, with sectors such as consumer discretionary, information technology, and finance leading the decline, while energy, consumer staples, and telecommunications sectors with high dividend yields are rising [2] - The political bureau meeting has set the tone for the second half of the year, focusing on boosting consumption and addressing internal competition, signaling a shift towards economic rebalancing [2][3] - The global AI glasses market is expected to grow significantly, with Ray-Ban Meta showing strong sales performance and Xiaomi setting ambitious shipment targets, indicating a robust growth trajectory for the AI glasses supply chain [3] Company Insights - New Oriental reported a 19% year-on-year increase in net revenue for Q4 FY25, reaching $1.09 billion, exceeding company guidance, while non-GAAP net profit grew by 59% to $98 million, driven by cost optimization measures [4] - For FY26, New Oriental anticipates total revenue growth of 5%-10%, reaching between $5.15 billion and $5.39 billion, which is below consensus expectations due to macroeconomic uncertainties and increased competition [4] - The target price for New Oriental has been adjusted down to $70 from a previous $76, maintaining a "Buy" rating despite the downward revision in revenue forecasts [4]