Macro Analysis - The CPI in China fell to -0.4% YoY in August due to a sharp decline in food prices, while the core CPI rose to 0.9% YoY [2][5] - PPI's YoY decline narrowed to -2.9%, indicating a potential recovery in upstream material prices [5] - The continuation of deflation is expected to prompt further policy actions, with a focus on countering "involution" [2][5] Industry Insights - The technology sector saw significant developments with Apple's recent product launch, including the iPhone 17 series and AirPods Pro 3, which are expected to drive a replacement cycle [6] - The pricing strategy for Apple's new products was better than market fears, with most prices remaining stable except for a $100 increase on the iPhone Pro [6] - The demand for AI-related products remains strong, as evidenced by TSMC's sales growth of 33.8% YoY in August [5][6] Stock Recommendations - Geely Automobile (175 HK) is rated as a "Buy" with a target price of 25.00, representing a 37% upside potential [7] - Luckin Coffee (LKNCY US) is also rated as a "Buy" with a target price of 44.95, indicating a 21% upside [7] - Tencent (700 HK) and Alibaba (BABA US) are both rated as "Buy" with target prices of 705.00 and 158.80 respectively, showing potential upsides of 11% and 10% [7]
招银国际每日投资策略-20250911
Zhao Yin Guo Ji·2025-09-11 02:51