智通财经APP获悉，里昂发布研报称，华润置地(01109)上半年核心利润同比下降6.9%，主要由于一次 性收益减少，但中期股息保持稳定，显示股东回报稳健。在整体利润下降的情况下，发展物业的利润率 多年来首次改善，经常性业务的利润贡献在2025年上半年升至60%。该行认为，随着经常性业务贡献增 加及发展物业利润率改善，公司2026年有望实现盈利复苏。将估值基准转为2026年预测每股盈利，保持 不变的市盈率倍数，目标价从32.2港元上调至35.4港元，隐含2026年市盈率8.5倍。华润置地仍是该行首 选股，评级跑赢大市。 该信息由智通财经网提供 ...

里昂发布研报称，华润置地(01109)上半年核心利润同比下降6.9%，主要由于一次性收益减少，但中期 股息保持稳定，显示股东回报稳健。在整体利润下降的情况下，发展物业的利润率多年来首次改善，经 常性业务的利润贡献在2025年上半年升至60%。该行认为，随着经常性业务贡献增加及发展物业利润率 改善，公司2026年有望实现盈利复苏。将估值基准转为2026年预测每股盈利，保持不变的市盈率倍数， 目标价从32.2港元上调至35.4港元，隐含2026年市盈率8.5倍。华润置地仍是该行首选股，评级跑赢大 市。 ...

Core Viewpoint - Cat's Eye Entertainment reported a mixed performance in its interim results, with revenue growth but a significant decline in profit, indicating challenges in the current market environment [1] Financial Performance - Revenue for the period reached approximately 2.472 billion yuan, representing a year-on-year increase of 13.9% [1] - Net profit for the period was 178.5 million yuan, a decrease of 37.3% year-on-year [1] - Adjusted net profit was approximately 235 million yuan, down 33.2% year-on-year [1] Revenue Drivers - The increase in revenue was primarily driven by a rise in entertainment content service income, attributed to a record number of films controlled and distributed by the company in the first half of 2025, along with strong box office performance of certain films [1] Market Analysis - Bank of America Securities noted that Cat's Eye Entertainment's performance met expectations, with robust revenue growth driven by strong box office increases [1] - However, the decline in profit was mainly due to poor box office performance of some films in the second quarter and increased investments in live performances and IP businesses [1] Future Outlook - The firm is optimistic about a recovery in profitability for the second half of the year, citing ongoing market recovery and a rich pipeline of films set to be released [1] - The target price for Cat's Eye Entertainment was raised from 9.3 HKD to 9.7 HKD, reflecting confidence in the growth of the entertainment content service business for the remainder of the year and into next year [1]

摩根士丹利发布研报称，虽然绿城中国(03900)正在采取更平衡的方法来降低其土地储备风险，但这可 能会减缓其明年房地产销售增长，并因毛利率表现低于预期而拖累盈利复苏。该行认为公司的估值过于 昂贵，将评级由"增持"一举下调至"减持"，目标价由11.62港元降至8.55港元。 大摩相信，绿城中国需要比预期更长的时间才能将盈利恢复至2022年下滑前的水平。该行将集团2025至 27年的盈测分别下调15%、35%及22%，以反映房地产销售疲弱及利润率复苏放缓。 ...

猫眼娱乐上半年业绩表现符合该行预期，收入录得稳健增长，票房增长强劲推动中期收入同比升14%， 期内盈利却同比跌37%，主要受到第二季部分电影票房较差，以及现场演出与IP业务投资增加的拖累。 因应全年票房预测下调及对内容制作与新业务投资增加，美银证券将猫眼娱乐今年全年盈利预测从6.27 亿元人民币下调至4.22亿元人民币，2026至2027年盈利预测下调6%至11%。 美银证券发布研报称，看好猫眼娱乐(01896)下半年盈利复苏趋势，指出市场持续恢复，加上公司手握 丰富资源，今年余下时间及明年有不少电影将上映，相信可支持今年下半年及明年娱乐内容服务业务的 增长，重申"买入"评级，目标价从9.3港元上调至9.7港元。 ...

智通财经APP获悉，美银证券发布研报称，看好猫眼娱乐(01896)下半年盈利复苏趋势，指出市场持续恢 复，加上公司手握丰富资源，今年余下时间及明年有不少电影将上映，相信可支持今年下半年及明年娱 乐内容服务业务的增长，重申"买入"评级，目标价从9.3港元上调至9.7港元。 猫眼娱乐上半年业绩表现符合该行预期，收入录得稳健增长，票房增长强劲推动中期收入同比升14%， 期内盈利却同比跌37%，主要受到第二季部分电影票房较差，以及现场演出与IP业务投资增加的拖累。 因应全年票房预测下调及对内容制作与新业务投资增加，美银证券将猫眼娱乐今年全年盈利预测从6.27 亿元人民币下调至4.22亿元人民币，2026至2027年盈利预测下调6%至11%。 ...

摩根士丹利发表研究报告指，虽然绿城中国正在采取更平衡的方法来降低其土地储备风险，但这可能会 减缓其明年房地产销售增长，并因毛利率表现低于预期而拖累盈利复苏。该行认为公司的估值过于昂 贵，将其评级由"增持"一举下调至"减持"，目标价由11.62港元降至8.55港元。 大摩相信，绿城中国需要比预期更长的时间才能将盈利恢复至2022年下滑前的水平。该行将集团2025至 27年的盈测分别下调15%、35%及22%，以反映房地产销售疲弱及利润率复苏放缓。 ...

智通财经APP获悉，星展发布研报称，李宁(02331)是中国领先的本土运动服饰品牌，截至2024年市场份 额为10.3%。公司亦发展了李宁YOUNG及李宁China品牌，以融入青年文化趋势。该行又表示尽管市场 竞争激烈，但增长正在复苏，遂将目标价从17.4港元上调至每股19.5港元，基于滚动12个月市盈率16倍 (此前为2025财年市盈率15倍)，对比全球同行2025和2026财年预测市盈率24倍及19.9倍，评级"买入"。 星展表示，公司已改善线下及电子商务渠道的零售折扣率。星展预计李宁2025及2026财年销售额，将分 别温和增长1%和6%，受跑步及户外服饰类别的稳定增长，及即将在意大利米兰举行的2026年冬季奥林 匹克运动会投资推动。与此同时，运动生活方式板块的增长正在稳定。 ...

Core Viewpoint - The company Jinlongyu reported a net profit increase of over 60% year-on-year for the first half of 2023, marking its best semi-annual performance in nearly three years [1] Financial Performance - Jinlongyu's net profit for the first half of 2023 reached 1.755 billion yuan, the highest level for the same period in 2023 [1] - The company's gross profit margins for kitchen foods, feed raw materials, and oil technology businesses increased by 0.8 and 3.25 percentage points year-on-year, with the latter showing an increase of over three times compared to the same period last year [1] Market Conditions - Despite the strong performance in the semi-annual report, there are concerns about a sequential decline in performance for the second quarter [1] - The company noted that the recovery in demand for consumer products such as flour and rice was below expectations, compounded by price fluctuations in raw materials [1] Investor Sentiment - The report raises questions about whether it can restore investor confidence and whether there is sufficient momentum for valuation recovery after five consecutive years of stock price decline [1]

Group 1: US Market Dynamics - The US stock market experienced a significant rally, with the Nasdaq index rising over 6.7% from April 23 to 25, driven by strong performances from tech giants like Tesla, Nvidia, Microsoft, and Google [1] - Tesla's stock surged nearly 25% in a week following CEO Elon Musk's announcement to focus more on company operations and the US government's easing of autonomous driving regulations [1] - The Federal Reserve officials indicated potential interest rate cuts, with Cleveland Fed President Mester suggesting cuts could begin in June, which fueled market expectations for a more accommodative monetary policy [1] Group 2: Trade Policy Concerns - The uncertainty surrounding Trump's tariff policies remains a significant concern, with conflicting statements about potential tariff rollbacks creating market volatility [3] - Despite hints from Trump about possibly retracting some tariffs, the US Commerce Department denied any progress in negotiations, leading to a decline in consumer confidence as prices for goods on platforms like Temu and Shein rose by 20% to 100% due to tariffs [3] - Analysts warn that persistent high tariffs could exacerbate inflation and slow economic growth, potentially prompting the Fed to implement more aggressive rate cuts [3] Group 3: A-Share Market Outlook - The A-share market is experiencing a narrow trading range characterized by upward pressure and downward support, with significant resistance at the trading volume zone from April 7 [3][4] - Despite a slight increase in margin trading balances, there is a net outflow from equity ETFs, indicating some investors are taking profits amid the rebound [3] - UBS analysts predict a potential recovery in A-share earnings, with the CSI 300 index expected to see a 6% growth in earnings per share, supported by increased fiscal policies and continued inflow from individual investors [4] Group 4: Sector Performance and Investment Strategies - A-share sectors benefiting from clear domestic policy direction, such as large financials and self-sufficient industries, are expected to lead the market, while export-dependent sectors face risks from US tariff policies [7] - The current influx of retail investors into the A-share market is notable, with 3.9 million new accounts opened in October 2024, significantly higher than the average [8] - The market is likely to open higher on Monday, but the ability to break through resistance levels will depend on trading volume; sectors aligned with policy support and earnings recovery should be prioritized for investment [11]