Group 1: Earnings Reports Focus - Major companies including technology giants, energy leaders, financial firms, and healthcare industry leaders are set to release earnings reports this week [1][2][3] - The focus will be on the "Big Four" tech companies: Apple, Microsoft, Amazon, and Meta, with attention on AI strategies, consumer trends, and cloud computing performance [1][2] Group 2: Technology Sector Insights - Analysts expect Microsoft to report a revenue and earnings growth of approximately 14% year-over-year, with a strong buy rating from Wall Street despite some cautious quantitative ratings [14][16] - Meta is anticipated to show a profit and sales growth of about 14%, with mixed ratings from analysts, some maintaining a strong buy and others expressing concerns over capital expenditures [17][18] Group 3: Consumer and Healthcare Sector Highlights - Companies like Procter & Gamble, Starbucks, and CVS Health are also set to report earnings, reflecting a diverse range of consumer goods and healthcare services [3][12] - The healthcare sector remains a focal point due to changing drug pricing, innovation, and patient demand, with major firms like AbbVie and Pfizer releasing their results [2][3] Group 4: Energy Sector Expectations - ExxonMobil and Chevron are expected to report double-digit year-over-year declines in revenue and profit due to soft energy prices, with ExxonMobil receiving a strong buy rating while Chevron is rated hold [32][34] - Analysts highlight ExxonMobil's strong position in the Permian Basin and Guyana, while Chevron's reliance on upcoming acquisitions for future growth raises concerns [32][33] Group 5: Market Sentiment and Stock Ratings - Apple is projected to see a slight revenue and earnings growth of 2% to 3%, with mixed ratings from analysts reflecting concerns over valuation and growth slowdown [21][24] - Amazon is expected to report a profit growth of 4% and revenue growth of 9%, with strong buy ratings from both Wall Street and quantitative systems, indicating confidence in its diversified growth strategy [25][27]

宏观研究 /[Table_Date] 2025.07.27 2025-07-28 美日协议提振市场信心，欧央行按兵不动 [Table_Authors] 海外经济政策跟踪 本报告导读： 美日贸易谈判取得进展，提振全球市场情绪，本周全球股市普遍上涨。高利率与高 不确定性下，美国房地产市场需求疲弱，企业资本开支相对谨慎，制造业 PMI 走弱 但服务业表现仍强，经济尚具有韧性。欧央行维持利率不变，9 月或继续按兵不动。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 研 究 宏 观 周 报 [Table_Report] [Table_Summary] 全球大类资产表现：上周（2025.7.21-2025.7.25），全球大类资产价 格中，主要经济体股市普遍上涨。其中，日经 225 上涨 4.1%，恒生 指数上涨 2.3%，上证综指上涨 1.7%，标普 500 指数上涨 1.5%，发 达市场股票指数上涨 1.4%，新兴市场股票指数上涨 0.7%。大宗商品 价格涨跌互现，其中，COMEX 铜上涨 4.0%，南华商品指数上涨 2.7%， 伦敦金现下跌 0.4%，标普-高盛商品指数下跌 1.1% ...

智通财经7月28日电，波音防务部门工会拒绝四年期合同及20%涨薪方案。 ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The domestic economy in the first half of the year remained resilient, with China's H1 GDP growing by 5.3% year - on - year, higher than the annual target of 5%. Fiscal efforts and "rush to export" supported the economic data, but the urgency for policies decreased. Attention should be paid to the Politburo meeting in July for possible intensified pro - growth policies [1]. - Since July, relevant departments have emphasized the governance of disorderly low - price competition among enterprises. Policies for "anti - involution" in industries such as steel, photovoltaic, lithium battery, and new - energy vehicles are expected to heat up, and some commodity prices have rebounded. Ten key industries' pro - growth plans are to be introduced [2]. - Trump signed the "Great Beautiful" tax and spending bill, and the US has entered a stage of "easy to loosen, hard to tighten" policies. The second - stage of reciprocal tariffs has begun, which may drag down commodities affected by external demand [3]. - Currently, the fundamentals of commodities are still weak, and caution should be exercised regarding the implementation of policy expectations. The volatility of commodity prices may remain high. For commodities and stock index futures, it is advisable to go long on industrial products on dips [4][5]. 3. Summary by Related Catalogs Market Analysis - China's economic data in the first half of the year was supported by fiscal efforts and "rush to export." In June, exports were strong, while the year - on - year growth rate of social retail sales slowed down. Infrastructure and manufacturing investments declined, and the risk of the real - estate chain being dragged down by weak property sales still exists [1]. - Since July, relevant departments have emphasized the governance of disorderly low - price competition. Policies for "anti - involution" in multiple industries are expected to heat up, and some commodity prices have recovered. Ten key industries' pro - growth plans are to be introduced, and a survey of old petrochemical equipment is underway [2]. - Trump signed the bill, and the US has entered a new policy stage. The second - stage of reciprocal tariffs has started, and multiple countries are involved in tariff negotiations. The current tariffs are in a "stagnant" stage, which may impact commodities affected by external demand [3]. - Different commodity sectors have different characteristics. The black and new - energy metal sectors are sensitive to domestic supply - side factors; the energy and non - ferrous sectors benefit from overseas inflation expectations; the "anti - involution" space of some chemical products is worthy of attention; OPEC+ is accelerating production increases; and the short - term volatility of agricultural products is relatively limited [4]. Strategy - For commodities and stock index futures, it is recommended to go long on industrial products on dips [5] To - do News - China - EU leaders held the 25th meeting, aiming to deepen bilateral relations. The EU passed a measure to impose counter - tariffs on US products worth 93 billion euros [6]. - South Korea plans to invest at least $100 billion in the US. The preliminary value of the eurozone's July composite PMI was 51, higher than expected [6]. - China and the US will hold economic and trade talks in Sweden from July 27th to 30th. The S&P 500 and the Dow Jones Industrial Average rose, while the Philadelphia Semiconductor Index fell [6]. - The US reached trade agreements with multiple countries, including Indonesia and Japan. Thailand is close to reaching an agreement with the US, and the new tariff rate may drop to about 20% [6]. - The 7 - month LPR quote remained stable. The EU and the US may reach a trade agreement this weekend. The pound and the euro had certain fluctuations [6]. - China has issued the third batch of 69 billion yuan in ultra - long - term special treasury bonds to support the replacement of old consumer goods with new ones, and the fourth batch of 69 billion yuan will be issued in October [6]. Macroeconomic - The US economic data shows that GDP growth, manufacturing and service PMIs, employment, inflation, consumption, fiscal revenue and expenditure, and net exports have different trends and fluctuations [8]. - The European economic data shows that GDP growth, industrial confidence, investment, employment, consumption, inflation, trade, credit, and fiscal surplus have their own characteristics and changes [9]. - The Chinese economic data shows that GDP growth, net exports, investment, consumption, inflation, finance, and fiscal revenue and expenditure have different performance and trends [10].

Group 1 - The core focus of the article is on significant economic events occurring from July 28 to August 3, particularly the US-China trade negotiations and the impending tariff deadline on August 1, which are expected to impact global trade dynamics [1][4][10] - The Federal Reserve's interest rate decision is highly anticipated, with expectations that there will be no rate cuts in July, despite ongoing discussions about economic conditions [13][14][16] - Major US companies, including Microsoft, Meta, Apple, Amazon, Qualcomm, Boeing, and Starbucks, are set to release their earnings reports, which could lead to market volatility [3][25] Group 2 - The article highlights the ongoing trade talks between the US and China, with a focus on the tariffs that are set to take effect on August 1, including a 50% tariff on copper imports [4][6][10] - The article discusses the economic outlook for China, with expectations that the upcoming political bureau meeting will affirm a stable economic environment while acknowledging external pressures [11][12][21] - The article notes that the Japanese central bank is likely to maintain its target interest rate at 0.5%, influenced by ongoing US-Japan trade negotiations and domestic inflation concerns [22][23] Group 3 - Microsoft is expected to report strong earnings driven by its investments in artificial intelligence and operational efficiency, with a target price set at $530 [26] - Meta's second-quarter revenue is projected to reach $44.71 billion, reflecting a 14% year-over-year growth, with a consistent track record of exceeding market expectations [28] - Apple's revenue for the quarter is anticipated to be $90.7 billion, a 5.8% increase from the previous year, primarily due to strong iPhone sales [29] - Amazon's revenue is expected to hit $162 billion, supported by growth in its AWS and retail sectors, despite concerns over tariffs [30][31] - Qualcomm is in the process of acquiring Alphawave for approximately $2.4 billion, pending regulatory approval [32] - Boeing forecasts a significant increase in earnings per share and revenue, driven by strong demand for commercial aircraft [33] - Starbucks is launching free study areas in select stores in China to boost customer traffic amid increasing competition [34] - WuXi AppTec's stock has reached a new high, reflecting strong institutional support and positive market sentiment [35]

第十条、第十一条、第十三条、第四十条、第五十七条、第六十条有关规定的适 用意见——证券期货法律适用意见第 18 号》等有关法律、法规和制度的规定， 对公司调整募集资金投资项目拟投入募集资金金额等事项（以下简称"本次发行 方案调整"）进行了审慎核查，具体核查情况如下： 一、本次发行方案调整情况 根据发行人第四届董事会第三次会议决议，发行人对本次发行方案调整具体 情况如下： 中信证券股份有限公司 关于北京安达维尔科技股份有限公司 调整募集资金投资项目拟投入募集资金金额的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为北京安 达维尔科技股份有限公司（以下简称"安达维尔""发行人"或"公司"）向特 定对象发行股票的保荐人（主承销商），根据《证券发行上市保荐业务管理办法》 《上市公司证券发行注册管理办法》 《 <上市公司证券发行注册管理办法> 第九条、 "2.05 发行数量" 调整前： "本次发行的股票数量按照募集资金总额除以发行价格确定，同时本次发行 股 票 数 量 不 超 过本 次发 行 前 公 司 总 股 本 254,696,450 的 30% ， 即 不 超 过 出予以注册决定后，根据发行 ...

Core Viewpoint - *ST WanFang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure regulations, following inaccurate earnings forecasts and subsequent penalties from the Shenzhen Stock Exchange [1][3][6]. Group 1: Regulatory Actions - On July 25, *ST WanFang announced it received a notice from the CSRC regarding the initiation of an investigation for suspected information disclosure violations [1]. - The Shenzhen Stock Exchange publicly reprimanded *ST WanFang and its executives for failing to provide accurate and complete earnings forecasts for the fiscal year 2024 [3][6]. Group 2: Financial Performance and Forecasts - In the initial earnings forecast on January 24, 2025, *ST WanFang estimated a net profit of 20 million to 25 million yuan, with a non-recurring profit of 3 million to 4.5 million yuan, but did not provide revenue estimates [5]. - A correction on April 18 revised the revenue forecast to 380 million to 400 million yuan, with a net profit adjustment to 10 million to 15 million yuan, indicating a potential loss of 4 million to 6 million yuan in non-recurring profits [5]. - The annual report released on April 28 showed actual revenue of 391 million yuan, a net profit of approximately 10.65 million yuan, and a non-recurring profit loss of about 4.6 million yuan, leading to a risk warning for delisting [5]. Group 3: Company Overview - *ST WanFang primarily operates in the agriculture and military industries, with agricultural products including raw grains and feed corn, and military services focusing on precision processing and special welding for aerospace and defense sectors [6]. - As of July 25, *ST WanFang's stock price was 4.3 yuan per share, with a total market capitalization of 1.3 billion yuan [6].

Core Viewpoint - The U.S. Air Force has reduced its planned procurement of F-35 fighter jets due to dissatisfaction with delays in the Block 4 upgrade and adjustments in the Pentagon's budget, requesting only 24 new aircraft in its 2026 budget proposal, which is half of last year's plan and lower than the 44 jets procured in 2025 [1] Group 1 - The U.S. Air Force's request for 24 new F-35 jets in 2026 is a significant reduction from previous plans, reflecting budget constraints and the need to address urgent threats [1] - The delays in the Block 4 upgrade and TR-3 developments have directly impacted the Department of Defense's procurement decisions [1] - The Pentagon's project office announced delays in F-35 deliveries due to software improvements, leading to withholding of up to $5 million in final payments per aircraft until upgrades are validated [1]

Core Viewpoint - Despite a year-on-year decline in new aircraft deliveries in the first half of the year, Airbus continues to secure significant new aircraft orders from various airlines and leasing companies, leading to an increase in backlog orders. Addressing supply chain challenges through further vertical integration is crucial for achieving production capacity goals [1][7]. Group 1: New Orders - On July 24, Airbus signed a procurement agreement with Avolon for 90 aircraft, including 15 A330neo and 75 A321neo, raising Avolon's total orders to 79 A330neo and 264 A321neo [2]. - Malaysia Airlines ordered 20 A330-900 aircraft, increasing its A330neo fleet to 40 units, with four already delivered [3]. - AirAsia signed a memorandum for 50 firm orders and 20 options for A321XLR aircraft, valued at $12.25 billion, as part of its transformation into a low-cost network airline [4]. Group 2: Market Trends and Company Strategies - Avolon's CEO expressed confidence in long-term demand for new aircraft, highlighting the attractiveness of A321neo and A330neo models amid the aviation industry's growth trends [2][3]. - AirAsia aims to achieve a passenger capacity of 150 million by 2030, with plans to reform its capacity structure by utilizing longer-range narrow-body aircraft [4][5]. - AirAsia is reportedly considering an additional order of up to 150 new aircraft, potentially including the A220 series [6]. Group 3: Supply Chain and Production Capacity - Airbus delivered 306 commercial aircraft in the first half of the year, a 5.56% decline compared to the same period in 2024, while securing over 400 net orders [7]. - Supply chain issues continue to impact delivery schedules, with executives acknowledging challenges related to suppliers like Spirit AeroSystems and engine manufacturers [7][8]. - Airbus aims to increase narrow-body aircraft production capacity to 75 units per month by 2027, with a new assembly line in Tianjin nearing completion [8][9]. Group 4: Localized Production Efforts - Airbus has initiated a new A321 fuselage system assembly project in collaboration with AVIC Xi'an Aircraft Industry Group, enhancing local production capabilities [9][10]. - The new assembly line in Tianjin is expected to focus on A321 production, with 70% of the output projected to be A321 models [8][10].

Core Insights - The aviation engine and gas turbine industries in China are expected to compete with and potentially surpass their Western counterparts in certain areas [1][7] - Despite uncertainties in globalization, China's influence is rising and playing a significant role in the global market [1][8] - The integration into the global supply chain is crucial for the development of domestic technology systems [1] Company Performance - Wuxi Hangya Technology Co., Ltd. reported a revenue of 174 million yuan for Q1 2025, representing a year-on-year growth of 8.37% [1][4] - The net profit attributable to shareholders reached 36.53 million yuan, up 15.43% year-on-year, indicating a positive response to broader industry prospects [1][4] - As of July 24, the total market capitalization of Hangya Technology stood at 5.87 billion yuan [1] Industry Trends - The global aviation industry is undergoing a significant restructuring, with China's "two-machine" industry poised for a "silent revolution" [1][7] - The share of revenue from domestic aircraft power systems increased by 12% year-on-year, while revenue from lightweight gas turbine components grew by over 20% [4] - The upcoming C919 and C929 aircraft engines are expected to mark a turning point for the industry, with a promising development period anticipated over the next 20 years [7] Strategic Positioning - Hangya Technology aims to balance its operations between stable international orders and rapid development for domestic projects [9] - The company is committed to deepening its involvement in the domestic commercial engine development while maintaining a presence in the international market [8][9] - The integration of traditional gas turbine companies into the aviation sector is expected to drive the growth of China's "two-machine" strategy [8]