A month has gone by since the last earnings report for Salesforce.com (CRM) . Shares have added about 1.4% in that time frame, underperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Salesforce.com due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.How Have Estimates Been Moving Since Then?It tu ...

Core Viewpoint - The revenue growth rate of industrial enterprises above designated size has shown fluctuations, with a significant decline in profit margins, indicating a challenging economic environment and potential investment risks [1][9][10]. Revenue Growth - In the first five months of the year, the cumulative revenue growth rate for industrial enterprises was 2.7%, down from 3.2% in the previous period, with May's month-on-month growth dropping to 0.8% [7][8][10]. - The revenue growth experienced a rebound in January and February, followed by a decline in April and May, reflecting a typical economic nominal growth pattern with insufficient growth momentum [1][7]. Profit Margins - The profit margin change was more pronounced than revenue, with May's profit declining by 9.1%, the lowest since October of the previous year, leading to a cumulative profit decline of 1.1% for the first five months [9][10][11]. - The profit growth rate turned negative again in May after briefly turning positive in March, indicating a volatile profit environment [9][10]. Industry Performance Fastest Growing Industries - Equipment manufacturing, particularly in transportation equipment (56%), general equipment (10.6%), and specialized equipment (7.1%), showed significant profit growth [15][16]. - The aerospace sector, including aircraft manufacturing (120.7%) and related equipment, also reported high profit growth rates [15][16]. - Non-ferrous metal mining and smelting industries saw profit increases of 41.7% and 9.8%, respectively, likely due to rising upstream prices and demand from emerging industries [15][16]. Slowest Growing Industries - The upstream mining sector, textile and apparel industries, and durable consumer goods (automobiles and furniture) experienced the lowest profit growth rates, with coal profits down by 50.6% and automotive profits down by 11.9% [19][20]. - The decline in profits for these sectors is attributed to falling commodity prices and weak domestic demand [19][20]. Profit Structure - The profit structure remains concentrated in midstream manufacturing, with equipment manufacturing accounting for 33.4% of incremental profits, up 3.6 percentage points from the previous year [20][24]. - Public utilities and raw materials industries also saw profit shares increase, indicating a shift in profit distribution within the industrial sector [20][24]. Inventory and Debt - As of the end of May, nominal inventory showed a slight decrease, while actual inventory rose by 6.8%, indicating a mismatch between supply and demand [28]. - The asset-liability ratio for industrial enterprises was 57.7%, with a slight increase year-on-year, reflecting a cautious approach to capital expenditure amid weak demand [30].

Core Viewpoint - The article discusses the reliability of brokerage recommendations, particularly focusing on MongoDB (MDB), and emphasizes the importance of using these recommendations in conjunction with other analytical tools like Zacks Rank to make informed investment decisions [1][5][10]. Brokerage Recommendations for MongoDB - MongoDB has an average brokerage recommendation (ABR) of 1.54, indicating a consensus between Strong Buy and Buy, based on recommendations from 35 brokerage firms [2]. - Out of the 35 recommendations, 24 are classified as Strong Buy, accounting for 68.6%, while three are classified as Buy, making up 8.6% of the total recommendations [2]. Limitations of Brokerage Recommendations - Solely relying on brokerage recommendations may not be wise, as studies indicate limited success in guiding investors towards stocks with the best price increase potential [5]. - Brokerage firms often exhibit a positive bias in their ratings due to vested interests, leading to a disproportionate number of favorable ratings compared to negative ones [6][10]. Zacks Rank as an Alternative Indicator - Zacks Rank categorizes stocks into five groups based on earnings estimate revisions, providing a more reliable indicator of a stock's price performance in the near future [8][11]. - The Zacks Rank is updated more frequently than the ABR, reflecting timely changes in earnings estimates and business trends [13]. MongoDB's Earnings Estimates - The Zacks Consensus Estimate for MongoDB has increased by 15.8% over the past month to $3.03, indicating growing optimism among analysts regarding the company's earnings prospects [14]. - This increase in consensus estimates, along with other factors, has resulted in a Zacks Rank 2 (Buy) for MongoDB, suggesting a positive outlook for the stock [15].

Company Overview - Flowserve (FLS) shares increased by 6.8% to close at $51.88, supported by strong trading volume, contrasting with a 3.8% decline over the past four weeks [1] - The company specializes in manufacturing pumps, valves, and other components for the oil and gas industries [3] Business Performance - The recent rally in Flowserve's stock is attributed to positive momentum in its aftermarket business, driven by robust demand across North America, Europe, the Middle East, and Latin America [2] - An increase in bookings in general industries, energy, and power end markets is bolstering the company's performance [2] Earnings Expectations - Flowserve is projected to report quarterly earnings of $0.77 per share, reflecting a year-over-year increase of 5.5% [3] - Expected revenues for the upcoming quarter are $1.21 billion, which represents a 4.7% increase compared to the same quarter last year [3] Market Sentiment - The consensus EPS estimate for Flowserve has remained stable over the last 30 days, indicating that stock price movements may not sustain without changes in earnings estimate revisions [5] - Flowserve currently holds a Zacks Rank of 3 (Hold), while IHI CORP, a competitor in the same industry, has a Zacks Rank of 1 (Strong Buy) [5][6]

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, indicating a shift in the market's acceptance of unprofitable innovative enterprises [1][5]. Company Overview - Dapu Micro specializes in the research and sales of enterprise-level SSD products, being one of the few domestic providers with full-stack self-research capabilities in SSD "controller chip + firmware algorithm + module" [1]. - The company reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022, 2023, and 2024 respectively, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan for the same years [1]. Financial Performance - The company's projected financials show a significant increase in revenue from 2023 to 2024, with a forecasted revenue of 962.18 million yuan for 2024 [2]. - The net profit figures indicate continued losses, with projected net losses of 1,909.40 million yuan for 2024, compared to 6,168.83 million yuan for 2023 and 5,340.29 million yuan for 2022 [2]. IPO Details - Dapu Micro's IPO is expected to raise 1.878 billion yuan, with a maximum issuance of 43.62 million shares, representing approximately 10% of the total shares post-issuance [4]. - The company is estimated to have a valuation of at least 18.779 billion yuan upon reaching the expected fundraising amount, with a valuation of 6.81 billion yuan during the last funding round in 2024 [4]. Market Context - The China Securities Regulatory Commission has announced the introduction of a third set of standards for the ChiNext board to support high-quality unprofitable innovative companies in going public [5]. - The Shenzhen Stock Exchange has established standards and regulatory arrangements for unprofitable innovative enterprises, indicating a more accommodating environment for such companies [5].

证券研究报告 | 策略定期报告 2025 年 06 月 27 日 5 月工企利润同比转负，光伏发电装机累计同比增幅扩大 定期报告 ——行业景气观察（0627） 本周景气度改善的方向主要在资源品、消费服务和部分信息技术领域。上游资源 品中，工业金属价格多数上涨；中游制造领域，5 月全国太阳能发电装机容量三 个月滚动同比增幅扩大，包装专用设备、金属成形机床产量三个月滚动同比增幅 收窄。信息技术中，5 月北美 PCB 出货量同比转正，电信主营收入三个月滚动 同比增幅扩大。消费服务领域，猪价上行，生猪养殖利润回暖。受出口放缓、有 效需求不足、价格拖累等因素影响，工业企业盈利边际转弱。推荐景气较高或有 改善的有色、光伏设备、家电、休闲食品、饮料乳品、半导体、运营商等。 ❑【本周关注】受出口放缓、有效需求不足、价格拖累等因素影响，工业企业盈利 边际转弱，5 月工业企业利润当月同比转负。拆分结构看，成本、费用上行，利 润率改善；价格端仍是较大拖累。大类板块盈利多有放缓，TMT 逆势改善，资源 品、必需消费、中游设备保持正增。细分行业中原材料行业盈利多数下滑，钢铁、 非金属行业同比增幅收窄，有色金属利润同比转负；装备制造业仍 ...

Core Viewpoint - Shenzhen Dapu Microelectronics Co., Ltd. (Dapu Micro) has become the first unprofitable company to have its IPO application accepted by the Shenzhen Stock Exchange, marking a significant milestone for the ChiNext board's support of innovative unprofitable enterprises [1][4]. Company Overview - Dapu Micro focuses on the research and sales of enterprise-level SSD products for data centers, possessing full-stack self-research capabilities in "controller chips + firmware algorithms + modules" and achieving mass production [1][2]. - The company has shipped over 3,500 PB of enterprise-level SSDs, with more than 70% of shipments featuring self-developed controller chips [2]. Market Position - In 2023, Dapu Micro ranked fourth in the domestic enterprise-level SSD market with a market share of 6.4%, while international manufacturers still dominate the market [2]. - The company's customer base includes major domestic and international internet companies such as Google, ByteDance, Tencent, Alibaba, JD.com, and others, as well as leading server manufacturers and telecom operators [2]. Financial Performance - Dapu Micro reported revenues of 557 million yuan, 519 million yuan, and 962 million yuan for the years 2022 to 2024, with net losses of 534 million yuan, 617 million yuan, and 191 million yuan respectively [3]. - The company attributes its lack of profitability to high R&D investments, limited bargaining power in the early stages, cyclical fluctuations in the storage industry, and significant share-based payment expenses [3]. IPO Details - Dapu Micro plans to raise 1.878 billion yuan through its IPO, which will be allocated to the development and industrialization of next-generation controller chips and enterprise-level SSDs, as well as to establish a mass production testing base for SSD modules [3]. - The company has a special voting rights mechanism, allowing its major shareholders to control a significant portion of the voting rights, with the actual controller holding 66.74% of the voting rights [3]. Industry Context - The China Securities Regulatory Commission has announced the implementation of a third set of standards on the ChiNext board to support high-quality unprofitable innovative enterprises, with Dapu Micro being the first to benefit from this new policy [4][5]. - The introduction of these standards aims to enhance the inclusivity and adaptability of the ChiNext board for quality technology companies, facilitating the aggregation of advanced production factors in the technology sector [5].

受关税和地缘政治风险影响，2025年第二季度盈利增长预期下降 智通财经APP获悉，标普500指数距离历史新高仅有一步之遥，然而，财报季将于数周后拉开帷幕，这 场市场狂欢即将迎来重大考验。 企业盈利"亮红灯" 关税逆风仍令人担忧，Bloomberg Intelligence汇编的数据显示，华尔街预计标普500指数成分股公司第二 季度利润将同比增长2.8%，为两年来最小的增幅。更令人担忧的是，Yardeni Research汇编的数据显 示，在11个标普500指数板块中，预计只有6个板块的利润会有所增长，这是自2023年第一季度以来增长 板块数量最少的一次。 这些黯淡的预测放大了关于股市反弹可持续性的警告信号。一些市场观察人士警告称，当前的估值已经 过高，标普500指数需要企业盈利大幅增长或者美联储大幅降低利率才能证明当前的估值水平是合理 的。与此同时，技术分析师认为，除非有更多的板块加入反弹行列，否则该指数未来几个月可能会下 跌。 Alpine Woods Capital Investors首席市场策略师兼合伙人Sarah Hunt表示："股市涨势肯定面临风险。盈利 是市场的主要驱动力，现在最大的疑问在于，某些 ...

Core Insights - The Hong Kong banking system remains robust with ample capital and liquidity as of Q1 2025 [1][2] - Retail banking operating profit before tax increased by 15.8% year-on-year, driven by growth in foreign exchange and derivative income, as well as fees and commissions [1] - The net interest margin for retail banking narrowed to 1.51% from 1.53% in the same period last year [1] Loan and Deposit Trends - Total loans in the Hong Kong banking sector increased by 0.6% year-on-year, with loans used in Hong Kong and outside Hong Kong rising by 0.8% and 1.1% respectively [1] - Trade financing saw a decline of 4.7% year-on-year [1] - Total deposits increased by 3.5% year-on-year, with Hong Kong dollar deposits and US dollar deposits rising by 5.1% and 1.7% respectively [1] Asset Quality and Liquidity - The specific classified loan ratio in the Hong Kong banking system slightly increased from 1.96% at the end of Q4 2024 to 1.98% at the end of Q1 2025 [2] - The average liquidity coverage ratio for Class 1 institutions was 182.5%, significantly above the 100% regulatory minimum [2] - The total capital ratio for locally registered authorized institutions was 24.2% as of March 2025, well above the 8% international minimum requirement [2]

文/梧桐晓编 6月27日，深圳大普微电子股份有限公司创业板IPO获得深交所受理。2022年、2023年、2024年，公司扣除非经常性损益后归属于母公司所有者的净利润分别 为-36831万元、-64165万元和-19505万元，都是亏损。截至 2024 年末，公司未分配利润为-59079万元，存在未弥补亏损。这是注册制以来，首家亏损的创业板IPO 企业获得受理。因公司设置有特别表决权机制，公司选择的上市标准为：预计市值不低于 50 亿元，且最近一年营业收入不低于 5 亿元。6月18日，证监会主席吴 清在2025年陆家嘴论坛开幕式上发表主旨演讲，提到将在创业板正式启用第三套标准，支持优质未盈利创新企业上市。 | 180 | ■ 深圳大普微电子股份有限公司 | | | | | --- | --- | --- | --- | --- | | 已受理 2025-06-27 | 已问询 | 上市委会议 | 提交注册 | 注册结果 | | 项目基本信息 | | | | | | 公司全称 | 深圳大普微电子股份有限公司 | 公司简称 | 大普微 | | | 受理日期 | 2025-06-27 | 更新日期 | 2025-06 ...