Market Performance - The Hang Seng Index (HSI) closed at 24,859, down 0.9% for the day but up 23.9% year-to-date (YTD) [1] - The HSCEI closed at 8,895, down 1.0% for the day and up 22.0% YTD [1] - The MSCI China index decreased by 0.8% to 80, with a YTD increase of 23.0% [1] Commodity Prices - Brent Crude oil price was $66 per barrel, down 0.4% for the day and down 8.3% YTD [2] - Gold prices reached $3,395 per ounce, down 0.1% for the day but up 29.3% YTD [2] - Copper prices increased by 0.8% to $9,762 per ton, with a YTD rise of 11.3% [2] Economic Indicators - The US CPI for urban consumers showed a month-over-month increase of 0.2% and a year-over-year increase of 2.8% [3] - The PPI for final demand increased by 0.2% month-over-month and 2.5% year-over-year [3] - The NFIB Small Business Optimism Index was reported at 98.6, slightly below the consensus of 98.9 [3] Corporate Insights - SMIC reported a 16% year-over-year revenue increase in Q2 2025, with a gross profit margin (GPM) of 20.4% [10] - However, SMIC's Q3 2025 revenue guidance was conservative, projecting a 6% quarter-over-quarter increase, below the consensus of 7% [11] - The target price for SMIC has been raised to HK$56.70 based on a price-to-book ratio of 2.8x [12]
2025年下半年中國投資展望—乘胜追难续写新章
Bank of China Securities·2025-08-11 14:35