Core Viewpoint - Chow Tai Fook's FY25 performance exceeded expectations due to effective strategic adjustments, with a gradual recovery anticipated in the industry, highlighting the value of leading companies [2][4]. Financial Performance - FY25 revenue was HKD 89.66 billion, down 17.5% year-on-year, with a decline of 18.4% in the first half and 15.1% in the second half [2]. - The net profit attributable to shareholders was HKD 5.92 billion, a decrease of 9.0% year-on-year, with the first half down 44.4% and the second half up 73.8% [3]. - The company declared a dividend of HKD 0.52 per share, with a payout ratio of 87.8% [2]. Revenue Breakdown - Revenue by region showed declines: Mainland direct sales down 18.2%, franchise sales down 15.0%, and Hong Kong/Macau down 20.6% [2]. - The number of stores in Mainland China decreased by 896 to 6,274, with same-store sales down 19.4% for direct stores and 13.9% for franchises [2]. Product Performance - Revenue from gold by weight decreased by 29.4%, while revenue from priced gold increased by 105.5%, and jewelry embedding revenue fell by 13.8% [2]. - Priced gold products accounted for 18.1% of gold product revenue, with significant sales from the Heritage and Palace Museum series exceeding HKD 4 billion each [2]. Margin and Profitability - Gross margin improved to 29.5%, up 5.5 percentage points year-on-year, benefiting from rising gold prices and product transformation strategies [3]. - Operating profit margin was 16.4%, an increase of 4.1 percentage points year-on-year [3]. Market Trends - Since April 2024, gold prices have been rising, with consumer confidence in gold's long-term value increasing due to international conflicts [3]. - The retail performance in April and May 2025 showed a slight decline of 1.7% year-on-year, with Mainland China down 2.9% and Hong Kong/Macau up 6.3% [3]. Management Guidance - Management is cautiously optimistic, projecting mid-single-digit growth for same-store sales in FY26 for both Mainland and Hong Kong/Macau [4]. - Expected gross margin decline of 0.8-1.2 percentage points due to last year's gold price benefits, but a steady increase is anticipated when excluding gold price impacts [4]. Strategic Outlook - The company is focused on brand and product-driven growth, with plans to open 20 new image stores and launch a high-end jewelry series [4]. - Projected net profits for FY26 and FY27 are HKD 8.39 billion and HKD 9.28 billion, representing year-on-year growth of 42% and 11% respectively [4].

Core Viewpoint - The A-share market experienced a collective decline, with the Consumption ETF (159928) dropping by 0.88% and achieving a trading volume exceeding 200 million yuan, leading its category with a total scale of over 12.2 billion yuan [1][3]. Group 1: Market Performance - The Consumption ETF (159928) saw most of its top ten constituent stocks decline, including Haidilao falling over 3% and Dongpeng Beverage dropping over 1% [3]. - The top ten constituent stocks of the Consumption ETF account for over 67% of its weight, with four leading liquor stocks making up 31% and a major pig farming company accounting for 14% [4]. Group 2: Industry Insights - Zheshang Securities suggests that recent policies may have a temporary impact on liquor consumption, predicting a slowdown in the expected recovery for Q2, with the liquor sector still in a bottoming phase [4]. - Western Securities notes that the food and beverage sector has seen significant declines, primarily due to falling liquor prices and negative sentiment spreading to other alcoholic beverages and the restaurant supply chain [4]. - CITIC Securities emphasizes the importance of boosting consumption as a key driver for economic growth, highlighting four sectors to watch: liquor, snacks and beverages, dairy products, and the restaurant chain and beer sectors [4].

日本央行前首席经济学家龟田清作（Seisaku Kameda）表示，除非美国关税问题出现戏剧性的积极转 折，使其能够推翻5月发布的悲观经济预测，否则该央行今年可能推迟加息。 周二，日本央行维持利率不变，并决定明年放缓资产负债表缩减步伐。中东冲突升级与美国关税使其维 持谨慎政策轨迹。尽管行长植田和男已暗示准备继续加息，但特朗普政府的全面关税令再次加息的决策 复杂化。 由于丰田等车企受美全面关税冲击，5月日本出口八年来首次下滑。美国至今未与日本达成贸易协议， 这可能对其脆弱的经济复苏施加更多压力。 机构调查显示，多数经济学家预计日本央行下次25个基点的加息将在2026年初。 贸易谈判决定政策转向，下次加息或需等到明年？ 龟田称，鉴于贸易谈判缺乏进展且缺乏数据评估关税影响，日本央行在7月31日的下一份展望报告中不 太可能大幅修正增长和物价预测。"若美关税局势出现重大积极变化，日本央行会在7月报告中纳入考 量，"他表示，"否则日本央行可能难以上调对2026财年的悲观通胀预期，而这是下次加息时机的关 键。" 根据5月1日的预测，日本央行预计截至2026年3月的财年核心消费者通胀率达2.2%，次年放缓至1.7%。 在5月 ...

上海硅产业集团股份有限公司 2024 年年度股东大会会议资料 证券代码：688126 证券简称：沪硅产业 上海硅产业集团股份有限公司 二〇二五年六月 上海硅产业集团股份有限公司 2024 年年度股 东大会会议资料 目 录 上海硅产业集团股份有限公司 2024 年年度股东大会会议资料 上海硅产业集团股份有限公司 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》以及《上海硅产业集团股份有限公司章程》《上海硅产业 集团股份有限公司股东大会议事规则》等相关规定，特制定股东大会会议须知： 一、为保证本次大会的严肃性和正常秩序，切实维护与会股东及股东代理人 的合法权益，除出席会议的股东及股东代理人、公司董事、监事、高级管理人员、 见证律师及董事会邀请的人员外，公司有权依法拒绝其他无关人员进入会场。 二、出席会议的股东及股东代理人须在会议召开前 30 分钟到会议现场办理 签到手续，并请按规定出示证券账户卡、身份证明文件或营业执照复印件、授权 委托书等，上述登记材料均需提供复印件一份，个人登记材料复印件须个人签字 ...

基础化工 分析师：顾敏豪 登记编码：S0730512100001 gumh00@ccnew.com 021-50586308 行业景气寻底，周期与成长两条主线布局 证券研究报告-行业半年度策 略 基础化工相对沪深 300 指数表现 相关报告 《基础化工行业月报：化工品价格下跌态势放 缓，关注钾肥、磷化工和农药行业》 2025-06-13 《基础化工行业深度分析：2024 年业绩延续 下滑态势，2025 年一季度经营明显改善》 2025-05-22 《基础化工行业月报：油价带动化工品价格整 体回 落 ，继 续 关注 钾 肥 和磷 化 工行 业》 2025-05-16 第1页 / 共32页 同步大市(维持) 发布日期：2025 年 06 月 19 日 ——基础化工行业半年度策略 联系人：李智 -16% -11% -6% -1% 5% 10% 15% 20% 2024.06 2024.10 2025.02 2025.06 基础化工 沪深300 资料来源：中原证券研究所，聚源 投资要点： 风险提示：下游需求不及预期、行业产能大幅扩张、原材料价格大幅 波动 电话： 0371-65585753 地址： 郑州郑东新区商务外 ...

Group 1 - The core issue revolves around whether the Massive Ordnance Penetrator (MOP) can effectively destroy Iran's fortified nuclear facilities, particularly the Fordow site, which is heavily defended and buried deep within a mountain [1][2][3] - President Trump has expressed hesitation about military action against Iran, seeking assurance from military advisors regarding the effectiveness of the MOP in achieving the goal of dismantling Iran's nuclear program [1][3] - The U.S. possesses the necessary capabilities, including the MOP and B-2 bombers, to carry out such an attack, unlike Israel, which lacks these resources [2][3] Group 2 - As tensions escalate, the global market is bracing for potential volatility, particularly in the oil sector, with analysts predicting that military action could push oil prices above $100 per barrel, potentially reaching $120 per barrel [6] - The uncertainty surrounding Trump's decision-making process is causing fluctuations in the market, with investors reacting to the possibility of military engagement and its implications for oil supply, especially through the Strait of Hormuz [6] - Diplomatic efforts are ongoing, with U.S. special envoy Steve Witkoff attempting to communicate with Iranian officials, although the response has been inconsistent, indicating a complex negotiation landscape [4][5]

各位朋友，我是帮主郑重。今天早盘这行情看得人有点揪心啊——三大指数齐刷刷下跌，创业板指更是跌了1.1%，全市场超过4600只股票飘绿，简直是"绿 油油"的一片。不过别急，咱们来慢慢捋一捋，到底是什么情况让市场突然"降温"了？ 首先看整体盘面，沪指跌了0.86%，深成指跌1.01%，北证50也跌了快1%，半天成交额就干到了8000多亿，比昨天还放量了400多亿。量能放大说明市场交易 活跃，但这么多股票下跌，很明显资金在调仓换股。可能有朋友要问了：为啥突然跌这么狠？我琢磨着，可能和这几点有关：一是最近宏观经济数据有点承 压，市场对复苏预期有点犹豫；二是前期热门板块比如AI、减肥药开始回调，资金扎堆往防御性板块跑；三是外围市场昨晚也不太稳，多少有点影响咱们 的情绪。 再说说板块表现，今天固态电池、PCB和石油板块逆势上涨，诺德股份、湘潭电化这些票直接涨停了。固态电池为啥火？听说啊，最近行业又有技术突破的 消息，加上新能源赛道调整了一段时间，估值相对合理，资金开始回流了。石油板块涨呢，可能和中东局势有点关系，之前咱们聊过美国可能打击伊朗，油 价短期有波动预期，资金就先炒起来了。 但另一边，核聚变、军工、减肥药跌得比较 ...

证券研究报告 | 朝闻国盛 gszqdatemark 2025 06 19 年 月 日 朝闻国盛 5 月社零略超预期 | 分析师 | 张一鸣 | | | | --- | --- | --- | --- | | 执业证书编号：S0680522070009 | | | | | 邮箱：zhangyiming@gszq.com | | | | | 行业表现前五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 通信 | 7.4% | -3.7% | 24.8% | | 传媒 | 6.0% | -3.1% | 34.3% | | 有色金属 | 5.6% | -0.6% | 13.6% | | 银行 | 5.1% | 9.8% | 31.7% | | 石油石化 | 4.4% | 2.9% | -1.9% | | 行业表现后五名 | | | | | 行业 | 1 月 | 3 月 | 1 年 | | 食品饮料 | -6.9% | -9.7% | -4.2% | | 美容护理 | -6.1% | 0.2% | 7.0% | | 家用电器 | -4.9% | -7.3% | 7.5% | | 建筑材料 | ...

Core Viewpoint - New Zealand's economy is accelerating its recovery from the 2024 recession, driven by a significant increase in exports and a reduction in interest rates [1] Economic Growth - In the first quarter, New Zealand's GDP grew by 0.8% quarter-on-quarter, surpassing the revised growth rate of 0.5% from the previous quarter and slightly exceeding economists' expectations of 0.7% [1] Government Priorities - The economic recovery is welcomed by the government as it aligns with their focus on economic growth ahead of the 2026 elections [1] Global Trade Concerns - The economy is currently facing uncertainties due to global trade tensions, which are suppressing spending and investment, raising concerns about potential weakening of economic expansion [1]

金信期货日刊 本刊由金信期货研究院撰写 2025/06/19 GOLDTRUST FUTURES CO.，LTD 豆油期货连续上涨，后续行情怎么看？ ibaotu.com 热点聚焦 2025年6月18日，大连商品交易所豆油期货主力y2509合约上涨72元 ，最新价达8040元，表现颇为 亮眼。近期豆油期货价格上涨，背后有着多重因素。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 从供应端来看，阿根廷2024/25年度大豆产量因干旱降至4900万吨，同比减少6% ，巴西大豆收割 进度滞后，全球大豆库存消费比降至28%，创五年新低，大豆供应紧张传导至豆油。 在需求端，随着全球经济复苏，食品加工行业对豆油需求稳定增长。同时，生物柴油需求的提升也 极大拉动了豆油消费，美国上调2025年生柴掺混目标，欧盟、美国等地区生物柴油政策鼓励使用植 物油 ，豆油作为生物柴油重要原料，需求大增。 此外，国际原油价格在6月17日显著上涨，截至当天收盘，纽约商品交易所7月交货的轻质原油期货 价格涨幅为4. ...