Hello (US:MOMO) Bank of China Securities·2025-09-11 07:26Index Performance - The HSI closed at 26,200, up 1.0% in one day and 30.6% year-to-date [1] - The HSCEI closed at 9,328, up 0.9% in one day and 28.0% year-to-date [1] - The HSCCI closed at 4,377, up 0.6% in one day and 15.8% year-to-date [1] - The MSCI HK closed at 13,646, up 1.2% in one day and 29.2% year-to-date [1] - The MSCI CHINA closed at 86, up 0.6% in one day and 33.1% year-to-date [1] - The FTSE CHINA A50 closed at 14,844, up 0.5% in one day and 9.9% year-to-date [1] - The CSI 300 closed at 4,445, up 0.2% in one day and 13.0% year-to-date [1] - The TWSE closed at 25,193, up 1.4% in one day and 9.4% year-to-date [1] - The SENSEX closed at 81,101, up 0.4% in one day and 3.8% year-to-date [1] - The NIKKEI 225 closed at 43,838, up 0.9% in one day and 9.9% year-to-date [1] - The KOSPI closed at 3,315, up 1.7% in one day and 38.1% year-to-date [1] - The ASX 200 closed at 8,805, down 0.2% in one day and up 6.4% year-to-date [1] - The DJIA closed at 45,491, down 0.5% in one day and up 6.9% year-to-date [1] - The S&P 500 closed at 6,532, up 0.3% in one day and 11.1% year-to-date [1] - The FTSE 100 closed at 9,225, down 0.2% in one day and up 12.9% year-to-date [1] Commodity Price Performance - Brent Crude closed at US$68/bbl, up 1.8% in one day and down 6.2% year-to-date [2] - Gold closed at US$3,641/oz, up 0.4% in one day and 38.7% year-to-date [2] - Copper closed at US$9,914/t, unchanged in one day and up 13.1% year-to-date [2] - Aluminum closed at US$2,626/t, up 0.2% in one day and 3.9% year-to-date [2] - Nickel closed at US$14,917/t, down 0.8% in one day and 1.3% year-to-date [2] - CH domestic steel rebar 25 closed at RMB3,244/t, unchanged in one day and down 9.1% year-to-date [2] - CH domestic high speed wire closed at RMB3,614/t, down 0.1% in one day and 5.1% year-to-date [2] - CH domestic hot rolled steel closed at RMB3,420/t, down 0.1% in one day and 1.5% year-to-date [2] - CH domestic cold rolled steel closed at RMB3,914/t, unchanged in one day and down 6.7% year-to-date [2] - The BDI index closed at 2,019, unchanged in one day and up 102.5% year-to-date [2] Key Macro and Earnings Releases - US Initial Jobless Claims were 237.0k, higher than the consensus of 235.0k [3] - US Continuing Jobless Claims were 1,940.0k, lower than the consensus of 1,950.0k [3] - US CPI urban consumers MoM was 0.2%, lower than the consensus of 0.3% [3] - US CPI urban consumers YoY was 2.7%, lower than the consensus of 2.9% [3] - US CPI urban consumers was 323.0, lower than the consensus of 323.9 [3] - The Univ. of Michigan Sentiment was 58.2, higher than the consensus of 58.0 [3] - US Treasury Federal Budget Deb was -$291.1 billion, better than the consensus of -$340.0 billion [3] - FOF Federal Reserve US Household was -1,594.6% [3] - US Empire State Manufacturing was 11.9, higher than the consensus of 4.9 [3] - US Import Price Index Chg was 0.4% [3] - US Import Price Index YoY was -0.2% [3] - US capacity utilization was 77.5%, higher than the consensus of 77.4% [3] - US Industrial Production MoM was -0.1%, lower than the consensus of 0.0% [3] - US Industrial Production Indus MoM was 0.0% [3] - US Manufacturing & Trade Inven Mon was 0.2%, in line with the consensus [3] - Adjusted Retail & Food Service Mon was 0.5%, higher than the consensus of 0.3% [3] - Adjusted Retail Sales Less Auto MoM was 0.2%, lower than the consensus of 0.5% [3] Key BOCI Events - Zhou Liu Fu (Tencent Meeting at 10:30am) 6168.HK on 11 Sep [4] - BOCI Online Expert Seminar - Innovative Drug Lecture - Targeting the New Future Series IX: WCLC Innovative Drug Data Interpretation (Tencent Meeting at 4:30pm) on 11 Sep [4] - BOCI Online Expert Seminar - Domestic Server Industry Landscape and Outlook (Tencent Meeting at 4:30pm) on 11 Sep [4] - BOCI Online Expert Seminar - Overseas Hard Tech Seminar: Focus on AI ASIC Chip Thermal Design (Tencent Meeting at 3:30pm) on 11 Sep [4] - Raphael Chen - Internet Sector Marketing (1x1) in HK on 11 - 12 Sep [4] - Tony Fei - Power Sector Marketing (1x1) in SH on 15 - 16 Sep [4] - Raphael Chen - Media Sector Marketing (1x1) in SH on 18 - 19 Sep [4] - Luk Fook (Tencent Meeting at 11am) 0590.HK on 25 Sep [4] - Fortior Tech 峰岹科技 (1x1, Group Lunch) 1304.HK/688279.CH on 26 Sep [4] China Economy - In August, CPI edged down 0.4% YoY after being unchanged in July, while core CPI grew 0.9% YoY, up 0.1ppt from July [5][7] - The "industrial anti-involution" policy further took effect in August, improving the prices of durable goods CPI and some raw material PPI growth [5][7] - PPI dropped 2.9% YoY in August after falling 3.6% YoY in July, and the growth trend of both CPI and PPI is expected to gradually pick up amid the low base last year, narrowing the decline of GDP deflator [6][7] Hello Group Inc - The company's rating is HOLD, with a target price of US$8.30 and a current price of US$7.88 [8] - In 2Q25, the topline was -3% YoY, meeting BOCIe. Excluding non-recurring RMB548m accrual withholding tax, adj. NPM was 17.2%, beating consensus [8] - ROI remains the top assessment benchmark for operating domestic core Momo, Tantan and overseas businesses in 2H25. The company is expected to dynamically increase the revenue sharing ratio for core Momo in 2H25 to offset the negative impact of strict tax scrutiny [9][10] - The company will implement a more prudent model for its overseas expansion in 2H25 [9][10]