永金证券晨会纪要-20250926

Market Overview - The US stock market reached new highs, with the three major indices hitting record levels on the "quadruple witching day" [9] - Global equity funds attracted $68.4 billion, the highest since December of the previous year, with $57.7 billion flowing into US equity funds [11] - Emerging market funds saw inflows of $7.6 billion, marking the highest since May [11] - The 10-year US Treasury yield rose to 4.147%, reflecting market concerns about inflation [9] - Gold prices strengthened, closing up 1.12% near the day's high [9] Investment Strategies - The report recommends prioritizing investments in leading companies within the "artificial intelligence and semiconductor" sectors due to the growing demand for AI [9] - For fixed income, it is suggested to reduce holdings in US Treasuries and shift towards investment-grade corporate bonds (IG) and floating-rate notes (FRN) [9] - A recommendation for structured products includes "dual-leverage linked notes" tied to major commodities (such as oil and copper) to capture price fluctuations [9] Company Highlights - Sanofi reported Q2 net sales of €9.994 billion, a year-on-year increase of 10.1%, with earnings per share rising by 8.3% to €1.59 [24] - FedEx Corporation announced an increase in revenue and profit guidance for FY2026, driven by higher volume in its priority delivery service and cost-saving measures [25] - The report highlights the strong performance of the company 创科实业 (Techtronic Industries), which achieved a record revenue of $7.833 billion in H1 2025, with net profit growing to $628 million and a gross margin improvement to 40.3% [21] - 京东 (JD.com) has formed a strategic partnership with China Resources to open its first physical store in Hong Kong by 2026, focusing on international and mainland tech brands [13] Economic Data Releases - Key economic data releases include the M3 money supply in Switzerland, unemployment rate in Taiwan, and consumer price index in Hong Kong, all scheduled for September 22, 2025 [19]