Group 1: Inflation and Economic Outlook - Goldman Sachs indicates that potential inflation in the U.S. remains relatively mild, although price pressures are expected to increase during the summer months, with July and August CPI reports being critical [1] - BlackRock notes that the U.S. CPI shows early signs of tariff-driven price increases, particularly in household appliances and entertainment products, suggesting that the full impact of tariffs has yet to materialize [1] - Bank of America reports that 38% of investors view a trade war-induced global recession as the biggest tail risk event, while 20% cite inflation hindering Fed rate cuts as the second-largest risk [3] Group 2: Investor Sentiment and Market Trends - Bank of America finds that 34% of investors believe shorting the dollar is currently the most crowded trade, marking a shift from previous preferences for gold [4] - A significant 59% of investors now believe a recession is unlikely, a notable change from 42% in April, with 65% expecting a soft landing for the economy [5] - Bank of America also reports a record increase in investor positions in euros, with a net 20% of investors overweight in euros, the highest since January 2005 [6] Group 3: Sector-Specific Insights - ING analysts expect the Eurozone economy to receive some support from a rebound in factory output, driven by preemptive stockpiling ahead of anticipated U.S. tariffs [7] - ING also warns that if France fails to implement spending cuts to reduce the budget deficit, the euro may face downward pressure [10] - Citic Securities highlights the investment value in the energy storage sector, driven by ongoing market reforms and the establishment of a capacity pricing mechanism [13]

在华投资组合净值较上一财年增加40亿新元。 （淡马锡中国区主席吴亦兵） 从最新披露的财报来看，在截至2025年3月31日的财年里，淡马锡投资组合净值创下历史新高，为4340亿新元，比上一财年增加450亿新元。在全球直接投资 板块中，中国、美国和印度是重要驱动。随着不确定性加剧，去年淡马锡的投资和脱售（出售）活动都变得更为活跃。 不过，淡马锡在中国的投资组合敞口占比进一步小幅下滑至18%。吴亦兵对此表示，淡马锡长期看好中国、重仓中国的立场没有发生变化，去年投资组合绝 对值增加了约40亿新元。他认为，中国市场在消费、科技尤其AI等多个维度都表现出更加成熟的特点，接下来继续关注房地产行业的企稳回升。 不确定性考验灵活性，继续重仓中国 淡马锡过去一个财年投资额为520亿新元，出售额为420亿新元。过去10年里，淡马锡的投资额为3500亿新元。 与以往不同的是，随着淡马锡投资组合的不断演进，本次财报中，公司的投资组合明确为三大板块：截至2025年3月31日，总部在新加坡的淡马锡投资组合 公司占投资组合价值的41%，全球直接投资占36%，其余的23%则为合作投资项目、基金和资产管理平台。 其中，过去一财年，投资组合净值的 ...

近期，资金似乎酝酿变盘，南向资金开始流出新消费、生物医药、银行。 上半年，新消费、生物医药、银行成为南向资金布局的重点，然而近两周上述三大板块明显看到资金流出。 高盛交易台数据显示，经历了市场的前期上涨，长线外资和对冲基金在港股、A股近期转为小幅净流出，不过外资普遍在今年对中国股市更趋乐观，只是短 期刺激政策预期降温，观望情绪渐浓。 三季度资金如何调仓？对此，聚焦A股、港股投资的贝莱德基金远景视野混合基金经理毕凯对第一财经记者表示，今年整体市场交易偏向"哑铃形"策略。一 方面，资金偏向于红利型资产和资源类品种，作为相对保守的投资方向；另一方面，资金还聚焦于景气成长类主题，如创新药、科技和新消费等。这种结构 性行情本质上还是反映出在复杂的地缘政治背景下，多数投资者对全球整体经济大盘预期不高，更愿意交易结构性行情。但在他看来，当前拥挤的领域势头 有所降温，下半年潜在机会较多的领域主要有两个：一是恒生科技，二是传统经济中的优质企业，目前估值仍处于低位。 银行、消费等热门板块资金流出 Wind数据显示，上周南向资金保持净流入，但势头有所放缓，银行板块明显转为净流出，前几周仍位列净流入的前三标的。同时，药品及生物科技板 ...

利安科技2024年年报显示，陈军当年从公司获得的税前报酬总额为46万元。 经董事长提名，董事会提名委员会审核，同意聘任陈小辉为董事会秘书、副总经理。 证代跳槽董秘，两家上市公司公告日期仅相隔一天。 7月16日晚间，消费电子行业的利安科技（300784.SZ）发布公告称，董事会于近日收到董事会秘书陈军 提交的书面辞职报告，陈军即将到达法定退休年龄辞去董事会秘书、副总经理、董事、董事会战略委员 会委员职务。 履历信息显示，陈小辉生于1979年，今年46岁，硕士研究生学历，高级经济师。历任宁波建工股份有限 公司证券与投资部科员、宁波建工股份有限公司证券事务代表、宁波建工股份有限公司证券与投资部经 理，现任宁波利安科技股份有限公司证券部经理。 南财快讯记者注意到，建筑装饰行业的宁波建工（601789.SH）在14日才公告称，董事会于近日收到公 司证券事务代表陈小辉的辞职申请，因个人原因，陈小辉申请辞去公司证券事务代表职务，辞职后将不 在公司担任任何职务。上述辞职申请自送达公司董事会之日起生效。 （声明：文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。） （文章来源：21世纪经济报道） 彼时，宁波建工还高度 ...

Core Insights - Apple plans to launch a foldable iPhone using Samsung Display's no-fold display solution, aiming for stable mass production in the second half of 2026 [1][3] - Apple has abandoned its own design for the foldable iPhone and will collaborate with Fine M-Tec for internal hinges, which are also used in Samsung's latest foldable devices [3][5] - The expected supply of hinges from Fine M-Tec is projected to start in Q1 2026, with a unit price of $30-35, and total shipments estimated between 13-15 million units [5] Cost and Pricing Analysis - The BOM (Bill of Materials) cost for Apple's foldable iPhone is estimated at $759, approximately 4% lower than Samsung's Z Fold SE [8] - Initial pricing for the iPhone Fold is anticipated to be between $1800 and $2000, with a profit margin of 53%-58%, which is higher than the iPhone 16 series [8] - Initial production capacity is expected to be limited to 10-15 million units, reflecting the technical complexity and high price point of foldable devices [8] Supply Chain and Component Suppliers - Samsung Display is expected to be the main supplier of 7-inch foldable OLED panels, with an annual production capacity of up to 15 million units [9] - The device may feature a titanium shell and liquid metal hinge, benefiting suppliers like Lens Technology, Amphenol, and Hon Hai [9] - Foxconn is anticipated to handle initial assembly, with Luxshare Precision as a secondary partner, showcasing Apple's established manufacturing ecosystem [9] Market Impact - The launch of the foldable iPhone is expected to boost market sentiment and stock prices for Apple, positively impacting its supply chain [8][11] - The anticipation surrounding the foldable iPhone reflects significant interest in how it will reshape the foldable smartphone market and contribute to Apple's product legacy [11]

7月16日恒生指数下跌0.29%，南向资金全天合计成交金额为1288.02亿港元，其中，买入成交652.02亿 港元，卖出成交636.00亿港元，合计净买入金额16.03亿港元。具体来看，港股通（深）累计成交金额 468.44亿港元，买入成交232.19亿港元，卖出成交236.25亿港元，合计净卖出金额4.06亿港元；港股通 （沪）累计成交金额819.58亿港元，买入成交419.84亿港元，卖出成交399.74亿港元，合计净买入金额 20.09亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是阿里巴巴-W，合计成交额88.05亿港 元，国泰君安国际、泡泡玛特成交额紧随其后，分别成交76.18亿港元、58.30亿港元。以净买卖金额统 计，净买入的个股共有6只，美团-W净买入额为8.57亿港元，净买入金额居首，该股收盘股价下跌 1.66%，建设银行净买入额为7.59亿港元，康方生物净买入额为1.30亿港元。净卖出金额最多的是腾讯 控股，净卖出17.57亿港元，该股收盘股价下跌0.19%，小米集团-W、金山云遭净卖出2.67亿港元、1.69 亿港元。 从连续性进行统计， 有1只股获南向资金连续3天以 ...

每经记者｜王晶 每经编辑｜张海妮 7月16日，第三届中国国际供应链促进博览会（以下简称链博会）在北京开幕。作为全球首个以供应链为主题的国家级展会，本届链博会备受瞩目，英伟达 创始人兼CEO黄仁勋首次出席并发表演讲，引发广泛关注。与此同时，苹果公司第三次携多家中国供应链企业参展，具体包括为iPhone等产品提供电池的欣 旺达（300207.SZ）、为iPad等产品提供外壳原材料的山东创新以及提供自动化解决方案的杰士德，集中展示了苹果与中国供应链在智能制造与环保等领域 所取得的进展。 近年来，苹果越发关注供应链的情况，包括苹果公司CEO蒂姆•库克（Tim Cook）在内的高管频繁访华。蒂姆•库克曾直言："对苹果的供应链来说，我觉得 没有比中国更为重要的地方了。过去30年我们一直不断地拓展我们在中国的供应链，而且不断地加大投资。" 苹果方面介绍，公司全球200家主要供应商中，超过80%在中国设有工厂，为苹果生产包括iPhone、iPad、Mac、AirPods、Apple Watch以及Apple Vision Pro 在内的产品。并且，在过去5年多时间里，苹果在中国智能制造和绿色制造领域的投资达200亿美元。 三 ...

此前，由于核心电芯供应商的原材料问题，包括安克创新、罗马仕、倍思等企业发起了面向全球用户的 充电宝召回行动。据作者不完全统计，此次充电宝召回规模超过了200万部。同时，包括罗马仕、安 克、小米、倍思、绿联等在内的移动电源产品的多个3C认证证书也被暂停。 7月15日，国家工业和信息化部的最新消息显示，目前正在公开征集对《移动电源安全技术规范》制修 订计划项目的意见，制定后的强制性国家标准将对包括充电宝在内的移动电源设置更严格的技术标准。 国产充电宝产品经历全球召回之后，事件又迎来了新的走向。 这意味着，整个移动电源行业即将迎来新的国家标准，产品工艺和电池技术都将受到更严格的监管。 3C认证是依据《中华人民共和国产品质量》、《强制性产品认证管理规定》等法规实施的产品合格评 定制度。列入目录的产品必须通过认证并加施标志，否则不得出厂、销售或进口。 不过，由于3C认证标准的落地时间滞后，市场上流通的充电宝中只有部分持有3C标志，大部分在2024 年8月生产的充电宝则无该标志。直到2025年6月底，随着充电宝行业大规模召回行动开始，无3C标志 的产品开始被市场关注。 随即，民航局发布紧急通知表示，禁止旅客携带没有3C标 ...

【导读】港股三大指数高开低走，恒生生物科技指数创新高，泡泡玛特大跌 见习记者 储是 7月16日，港股三大指数高开低走。恒生指数早盘涨超1%后回落，截至收盘下跌0.29%，报 收于24517.76点。 恒生科技指数下跌0.24%，恒生国企指数下跌0.18%。 盘面上，风向标科网股涨跌不一，医 药股、稳定币概念走强，券商、房地产、新消费股走弱。 热门科网股涨跌不一 黄仁勋看好 热门科网股今日涨跌不一。 美 团下跌1.66%，小米、京东、网易等走低。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | --- | --- | | 8 | 2556 | 迈富时 | 51.700c | -1.000 | -1.90% | | 9 | 3690 | 美团-W | 124.100c | -2.100 | -1.66% | | 10 | 0354 | 中国软件国际 | 5.100c | -0.070 | -1.35% | | 11 | 9999 | 网易-S | 206.800c | -2.200 | -1.05% | | 12 | 1797 | 东方甄选 ...

Investment Rating - The report maintains a "Buy" rating for the company [8][13]. Core Insights - The company's performance continues to validate its business model and operational capabilities, with a significant year-on-year growth in net profit for Q2 2025, expected to be between 216 million to 266 million yuan, representing a 46.6% increase [13]. - The non-net profit for Q2 2025 is projected to be between 214 million to 264 million yuan, with a year-on-year growth of 65.3% [13]. - The company is actively expanding its overseas market presence, particularly in North America, enhancing brand visibility and retail network coverage, which supports stable revenue growth [13]. - Continuous investment in R&D and product optimization has led to an increase in the sales proportion of high-value-added products, improving overall gross margins and profitability [13]. - The report highlights that the actual operating quality is better than indicated by external disruptions, with the growth in net profit primarily driven by core business activities [13]. Financial Summary - Total revenue is projected to grow from 1,921 million yuan in 2023 to 5,054 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of 31.4% to 19.4% [6][14]. - Net profit attributable to the parent company is expected to increase from 407 million yuan in 2023 to 1,413 million yuan in 2027, with a notable growth rate of 67.6% in 2024 [6][14]. - Earnings per share (EPS) is forecasted to rise from 1.87 yuan in 2023 to 6.50 yuan in 2027 [6][14]. - The return on equity (ROE) is anticipated to improve from 13.6% in 2023 to 20.8% in 2027 [6][14]. - The price-to-earnings (P/E) ratio is projected to decrease from 48.67 in 2023 to 14.03 in 2027, indicating an attractive valuation over time [6][14]. Market Data - The target price for the company's stock is set at 106.87 yuan, with the current price being 91.13 yuan [8]. - The company's market capitalization is approximately 19,828 million yuan [9]. - The stock has a 52-week price range of 39.52 to 91.13 yuan [9].