招银国际每日投资策略-20250815

Group 1: Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,519, down 0.37% for the day but up 27.22% year-to-date [1] - European markets continued to rise for the third consecutive day, with the UK stock market reaching a historical high [3] - US markets exhibited mixed results, with financials, healthcare, and consumer discretionary sectors leading gains, while industrials and materials lagged [3] Group 2: Company Analysis - JD.com - JD.com reported Q2 2025 revenue of 356.7 billion RMB, a 22.4% year-on-year increase, exceeding market expectations by 6% [4] - Non-GAAP net profit fell 49% year-on-year to 7.4 billion RMB due to increased investment in the food delivery business, but was 38% higher than market expectations [4] - The management emphasized strong early synergies between the e-commerce and food delivery businesses, with active user growth exceeding 40% year-on-year [4] Group 3: Company Analysis - NetEase - NetEase's Q2 2025 revenue grew 9% year-on-year to 27.9 billion RMB, slightly below market expectations [4] - Non-GAAP net profit increased by 22% to 9.5 billion RMB, aligning with market expectations [4] - The company anticipates resilient growth in gaming revenue for the second half of 2025, driven by strong performance in evergreen games [4] Group 4: Company Analysis - Geely Automobile - Geely's Q2 2025 revenue met expectations, with a gross margin improvement of 1.3 percentage points to 17.1%, exceeding market forecasts [5][6] - The company plans to launch five new electric vehicle models in the second half of the year, targeting competitive pricing in underrepresented market segments [6] - Adjusted profit forecasts for 2025 have been slightly increased to 17.7 billion RMB, reflecting improved synergy from brand integration [6] Group 5: Company Analysis - Jizhi Technology - Jizhi Technology is positioned as a new star in the global warehouse automation market, with over 800 end customers across 40 countries [7] - The company is expected to achieve a compound annual growth rate of 34% in revenue from 2024 to 2027, with meaningful profitability anticipated starting in 2026 [7] - As the first AMR company listed in Hong Kong, Jizhi Technology holds a unique market position [7] Group 6: Investment Ratings - Geely Automobile is rated "Buy" with a target price of 25 HKD, reflecting a 27% upside potential [8] - JD.com is rated "Buy" with a target price of 49.4 USD, indicating a strong outlook despite short-term profit pressures [4][8] - NetEase is rated "Buy" with a target price of 160.0 USD, supported by positive gaming revenue forecasts [4][8]