海通证券晨报-20250811

Macro - The report indicates that inflation expectations in the US are rising at the trading level, while the non-manufacturing PMI has declined, increasing the risk of stagflation, creating a dilemma for the Federal Reserve's monetary policy [1][3] - In the Eurozone, the investment confidence index has fallen into negative territory, suggesting that the European Central Bank is unlikely to take interest rate cuts in the short term [1][3] Overseas Strategy - The report estimates that the total financing scale for Hong Kong stocks in the year could approach HKD 300 billion, considering both IPOs and refinancing [5][23] - The peak of share unlocks in Hong Kong stocks occurred in Q2 2025, with a total unlock amount of HKD 444.8 billion, accounting for 50% of the annual total [6][24] - The net inflow of southbound funds is expected to exceed HKD 1.2 trillion for the year, providing a significant source of liquidity for the Hong Kong stock market [8][25] Company Analysis: Ruina Intelligent - Ruina Intelligent is positioned as a leading enterprise in the smart heating sector, with a strong platform and AI algorithm capabilities, which are expected to enhance its growth logic as the EMC model expands and EPC projects accelerate [3][9] - The company has a clear business structure and outstanding profitability, with projected net profits of RMB 162 million, RMB 192 million, and RMB 223 million for 2025-2027, respectively [9][11] - The company is advancing its silicon carbide business, which is expected to become a significant growth driver as demand in sectors like new energy vehicles and photovoltaic inverters continues to rise [10][11]