Company Analysis - Xtep (1368 HK) reported a slightly weaker performance in Q2 2025, but maintained its guidance for FY25, expecting overall sales growth and a net profit increase of over 10% [2][4] - The main brand of Xtep is projected to achieve mid-single-digit growth, while Saucony is expected to exceed 30% growth [2][4] - The management remains confident in achieving the annual guidance, supported by strong performance in the running category, which saw over 30% growth in professional products [4][5] Market Overview - The Chinese stock market showed mixed results, with healthcare, consumer staples, and utilities leading, while materials, energy, and financials lagged [3] - The report anticipates a volatile phase for the Chinese stock market in Q3, with weakening fundamentals in consumption and profits, but continued liquidity may lead to structural gains [3] - The US stock market saw gains led by financials, technology, and consumer staples, with TSMC's ADR hitting new highs due to strong AI chip demand [3] Retail Performance - Xtep's retail sales growth in Q2 2025 was slightly below expectations at low single digits, attributed to increased competition and weak e-commerce growth [5][6] - The company reported a healthy inventory turnover ratio of 4-4.5 months, indicating strong inventory management [6] - Retail sales growth improved in July, driven by summer demand and promotional activities, with e-commerce performance particularly strong [6] Strategic Initiatives - Xtep is progressing with its DTC (Direct-to-Consumer) transformation, planning to repurchase 100-200 stores in Q4 and 300-400 stores in FY26, with capital expenditure of approximately 400 million RMB [6] - The company is also upgrading its product and membership management systems to enhance DTC operational efficiency [6] Investment Rating - The report maintains a "Buy" rating for Xtep with a target price of HKD 7.20, based on a 14x FY25 forecast P/E ratio, which is attractive compared to the historical average of 15x [5][6]

| ml 小米 | 1881 | | 7.3 | | --- | --- | --- | --- | | ROOKing Holdings | 1849 | 1 0.46% | | | (Booking.com) | | | 5683.94 | | 高速 | 1675 | -0.95% | 152.61 | | arm Arm Holdings | 1664 | 2.13% | 157.18 | | C Shopify | 1650 | 1 5.63% | 126.75 | | Schneider Electric | 1570 | 7.73% | 278.88 | | Adobe | 1554 | 1.29% | 366.45 | | 应用材料 | 1544 | -1.18% | 192.52 | | PDD Holdings (Pinduoduc | 1532 | 1 2.68% | 107.95 | | Spotify | 1478 | 2.18% | 720.91 | | ≤ 索尼 | 1473 | · 1.79% | 24.41 | | ARISTA Arista Networks | 1406 | ...

Group 1 - The core viewpoint of the news highlights the strong performance of TSMC in Q2 2025, with a net profit increase of nearly 61% year-on-year, significantly exceeding market expectations, driven by high demand for AI chips from major clients like Nvidia and AMD [1] - TSMC has raised its full-year revenue growth forecast to approximately 30% in USD terms, up from a previous estimate of 25%, indicating robust demand that surpasses its current production capacity [1] - The communication industry is expected to experience growth driven by technological advancements and policy incentives, with ongoing demand for infrastructure such as base stations, optical cables, and data centers [1] Group 2 - The ChiNext 50 Index selects the top 50 stocks from the ChiNext Index based on market capitalization and liquidity, representing leading companies with strong growth potential in sectors like batteries, securities, and communication equipment [2] - The ChiNext 50 ETF (159367) offers advantages such as a 20% price fluctuation limit, providing greater trading flexibility compared to traditional broad-based indices, and has low management and custody fees, reducing investment costs [2]

台积电最新上涨2.2%，报1155新台币，有望创下收盘新高。 ...

当地时间7月17日，获经济数据、财报双重提振，美股三大指数集体收涨，英伟达、甲骨文、 微软等巨头再创历史新高，中概股全线上涨，纳斯达克中国金龙指数周四收涨1.23%。 中概股全线上涨 中概股也迅速恢复上涨动能。 标普、纳指再创收盘历史新高 美股三大指数集体收涨， 纳指涨0.75%，标普500指数涨0.54%，二者均创下收盘新高 ，道指 涨0.52%。 "七巨头"涨跌互现。苹果跌0.07%、微软涨1.2%、亚马逊涨0.31%、英伟达涨0.95%、谷歌-A 涨0.33%、特斯拉跌0.7%、Meta跌0.21% 据统计， 英伟达、甲骨文、微软、博通、Palantir、卡特彼勒、GE Vernova等行业龙头公司 在周四创出股价历史新高。 其中 甲骨文年初至今的涨幅超过50% （若从4月初低点算起已翻一倍有余），帮助创始人拉里 ·埃里森以近2600亿美元的身价成为全球第二大富豪。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 888202 | 万得中概股100 | 2881.50 | 50.25 | 1.77% | | US868114 ...

Group 1 - Technology stocks are expected to be the main focus of the market in mid to late July [1][13] - The S&P 500 and Nasdaq indices reached new historical highs, with Nasdaq rising by 0.74% and S&P 500 by 0.54% [4] - The chip sector showed strong performance, with TSMC reporting a quarterly profit increase of over 40% year-on-year, leading to a 3.4% rise in its U.S.-listed shares [4] Group 2 - The U.S. retail sales in June increased by 0.6%, significantly exceeding the market expectation of 0.1%, with total retail sales reaching $720.1 billion [4] - The number of initial jobless claims fell to 221,000, marking the fifth consecutive week of decline, indicating a strong labor market [4] Group 3 - Hangzhou Bank reported a net profit of 11.662 billion yuan for the first half of 2025, a year-on-year increase of 16.67% [10] - Zhongwei Company expects a net profit of 680 million to 730 million yuan for the first half of 2025, representing a year-on-year growth of 31.61% to 41.28% [9] - Cambrian Technology adjusted its 2025 private placement plan, aiming to raise no more than 3.985 billion yuan for projects related to large model chip platforms and software platforms [12]

男生普通话版 下载mp3 女声普通话版 下载mp3 西南方言版 下载mp3 粤语版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 欧盟拟新增对美服务关税及出口管制 美联储理事沃勒重申七月应降息 特朗普再次发帖呼吁美联储降息 美国住房主管：议员将指控鲍威尔涉嫌作伪证 美国6月零售销售创今年3月以来新高 超豪华小汽车消费税起征点下调至90万元 现货黄金在美国"恐怖数据"大超预期后跳水，一度跌破3310美元关口，随后跌幅有所收窄，最终收跌0.25%，收报3347.6美元/盎司；现货白银反弹更加显 著，最终收涨0.62%，报38.14美元/盎司。 市场盘点 周四，随着围绕鲍威尔解雇风波的紧张情绪有所平息，且美国经济数据强劲，美元指数走高，最终收涨0.37%，报98.61。美债收益率涨跌不一，基准的10年 期美债收益率收报4.457%，2年期美债收益率收报3.913%。 由于美国经济数据缓解了人们对石油需求恶化的部分担忧，国际油价止步三连跌。WTI原油站上66关口，最终收涨1.33%，报66.31美元/桶；布伦特原油收 涨1.66%，报68.9美元/桶。 美股三大股指集体收涨，道指收涨0.5%、标普 ...

Market Performance - The US stock market continued to rise, driven by positive economic data and strong corporate earnings reports [4][5] - The S&P 500 index increased by 0.45%, the Dow Jones Industrial Average rose nearly 200 points (0.4%), and the Nasdaq Composite index gained approximately 0.7% [5] Corporate Earnings - Approximately 50 companies in the S&P 500 have reported earnings, with 88% exceeding analyst expectations, boosting investor confidence [6] - PepsiCo's stock surged nearly 7% following better-than-expected earnings [8] Economic Indicators - Initial jobless claims for the week ending July 12 were reported at 221,000, a decrease of 7,000 from the previous week, indicating a robust job market [6] - Retail sales in June increased by 0.6% month-over-month, significantly above the Dow Jones estimate of 0.2%, alleviating concerns about consumer spending [6] Consumer Spending - Strong retail sales data suggests that consumers are still actively spending, which supports ongoing economic expansion [6] - Analysts believe that as long as the economy continues to grow and unemployment remains low, consumer spending will persist, driving profit growth and supporting stock market gains [6] Technology Sector - Major tech companies, including Oracle and Nvidia, reached new all-time highs, with Oracle's market capitalization rising to $700 billion after a 50% increase in stock price this year [11] - TSMC's optimistic outlook contributed to a 3% increase in its stock price, enhancing market confidence in global AI spending [10] Federal Reserve Independence - Former Fed Governor Kevin Walsh expressed confidence that the next Fed Chair will maintain the independence of the Federal Reserve, even under potential political pressure [12] - Walsh emphasized the importance of independent monetary policy execution and suggested a new agreement between the Fed and the Treasury to manage the balance sheet reduction process [13][14]

Core Viewpoint - TSMC reported strong Q2 2025 results with revenue of $30.07 billion, a year-on-year increase of 44.4% and a quarter-on-quarter increase of 17.8%, leading to an upward revision of the 2025 full-year revenue guidance to 30% growth [1][3][17] Financial Performance - Q2 2025 profit exceeded expectations with a gross margin of 58.6%, close to the upper limit of guidance [1][3] - Q3 2025 revenue guidance is set at $31.8 to $33 billion, representing a year-on-year increase of 38% and a quarter-on-quarter increase of 8% [3][13] - Q2 2025 capital expenditure was $9.63 billion, maintaining the full-year capex guidance of $38 to $42 billion [4][14] Revenue Composition - HPC revenue continues to rise, with 74% of revenue coming from 7nm and below process nodes [2][12] - By technology node, revenue breakdown is 24% from 3nm, 36% from 5nm, and 14% from 7nm [2][12] - By platform, HPC revenue increased by 14% quarter-on-quarter, accounting for 60% of total revenue [2][12] Guidance and Outlook - The company expects strong revenue growth in Q3 2025, with a gross margin guidance of 55.5% to 57.5% [3][13] - The company anticipates a potential decline in Q4 2025 revenue due to tariff impacts and other uncertainties [3][4] - AI demand is expected to see explosive growth within 6 months to 1 year, with a projected CAGR of nearly 45% from AI-accelerated chips [4][17] Global Expansion Plans - TSMC plans to invest $165 billion in advanced semiconductor manufacturing in Arizona, including six advanced wafer fabs and two advanced packaging facilities [19][20] - The company is also expanding in Japan and Europe, with plans for specialized technology factories in Kumamoto and Dresden [20][21] Technological Advancements - N2 and A16 technologies are positioned to meet the growing demand for high-efficiency computing, with N2 expected to enter mass production in the second half of 2025 [21][22] - The company is focusing on enhancing its technology leadership and operational excellence to strengthen its competitive position [18][41]

金十数据7月17日讯，美股开盘，道指跌0.11%，标普500指数涨0.01%，纳指涨0.15%。台积电(TSM.N) 涨超3%，公司预计Q3销售额318亿至330亿美元，超市场预估。理想汽车(LI.O)涨超6%，理想i8现已开 启预订，预计售价35万元-40万元。Lucid Group(LCID.O)涨超30%，公司获Uber(UBER.N)3亿美元投 资。 美股三大股指涨跌不一 ...