每日投资策略-20250909

Macro Commentary - The report indicates that China's exports are beginning to slow down due to previous over-demand and tariff impacts, with exports to the US declining further, while resilience in exports to ASEAN partially offsets this decline [4] - The report forecasts that China's export growth may face downward pressure for the remainder of the year, predicting a slowdown from 5.9% in 2024 to 3% in 2025, while import growth is expected to slightly rise from 1.1% to 1.5% [4] Market Performance - The report highlights that the Chinese stock market is leading emerging markets in attracting ETF inflows, with a net inflow of $1.02 billion into emerging market ETFs in the week of September 5, with Chinese ETFs attracting the largest share at $302 million [3] - The report notes that major global stock indices, including the Nasdaq and S&P 500, have rebounded, with the Nasdaq reaching a historical high [3] Sector Performance - In the Chinese market, industries such as industrials, paper, and machinery are leading the gains, while durable consumer goods, media, and daily consumption sectors are experiencing declines [3] - The report mentions that basic metal prices are mixed, with most agricultural products declining, indicating a varied performance across sectors [3] Company Focus - The report lists several companies with buy ratings, including Geely Automobile (175 HK) with a target price of 25.00, representing a 37% upside potential, and Luckin Coffee (LKNCY US) with a target price of 44.95, indicating a 22% upside [5] - The report also highlights companies in the semiconductor sector, such as Horizon Robotics (9660 HK) and North Huachuang (002371 CH), both rated as buy with significant upside potentials of 17% and 24% respectively [5]