Core Viewpoint - Seven & I Holdings plans to sell part of its stake in its banking subsidiary, Seven Bank, to Itochu Corporation [1] Group 1 - Seven & I Holdings is engaging in a strategic divestment by selling shares of Seven Bank [1] - The transaction involves a partnership with Itochu Corporation, a major trading company in Japan [1]

Group 1 - The article discusses the disparity between GDP growth and stock market performance in China and Japan, highlighting that Buffett's investment choices are based on company fundamentals rather than macroeconomic indicators [4][6][10] - It emphasizes that nominal GDP growth, which includes price increases, is a more relevant metric for assessing economic health compared to real GDP growth [6][8] - The article points out that while China's nominal GDP growth is 4.23%, the profits of A-share companies are declining, with a projected drop of -2.3% for all A-shares and -12.9% for non-financial companies [6][7] Group 2 - The article explains that Japanese companies benefit from a significant portion of their revenue coming from overseas, which contributes to their profit growth, while Chinese companies have a lower overseas revenue share [8][9] - It discusses the concept of beta and alpha in investment, noting that A-shares have low beta returns but relatively easier alpha opportunities due to the presence of many retail investors [10][11] - The article highlights that the high volatility of the A-share market makes it challenging for investors to achieve consistent returns, contrasting it with the more stable performance of the Japanese market [20][21] Group 3 - The article identifies several reasons for the challenges in the A-share market, including high new stock issuance prices, low dividends, and the impact of small enterprises on overall market performance [14][16][17] - It suggests that changes in these factors could improve the investment landscape for A-shares, particularly as the government encourages higher dividend payouts [18] - The article concludes that while A-shares present significant alpha opportunities for certain investors, the overall market remains difficult for average retail investors due to its speculative nature [27][28]

证券研究报告·策略报告·策略深度报告 策略深度报告 20250508 5 月港股金股：关税阴霾渐退 2025 年 05 月 08 日 [观点Table_Tag] 3、港股反弹还需增量资金和政策刺激。当前增量资金主要以南向为主，香 港本地资金和海外资金还有增配空间。此外，尽管 5 月 2 日，美元兑港币 汇率触及 7.75 强方兑换保证，仍需继续观察外资流入情况。 ◼ 我们相对看好 AI 科技、内需，同时建议配置部分高股息用作防御： 1、看好 AI 科技：一是，美股科技业绩部分亮眼，一定程度上对全球科技 叙事有所提振；二是，业绩进入真空期，业绩干扰减少，利好主题行情， AI 科技东升仍是重点；三是，港交所和香港证监会推出"科企专线"，进 一步利好科创风偏。 2、考虑配置部分高股息：一是，整体海外风险还在，如果美股科技大跌可 能传导至港股科技；二是，二季度部分港股可能提前派息潮。为避免下半 年可能的在岸人民币压力，部分企业可能提前支付股息。三是，近期港币 流动性有宽松信号，若资金成本继续下降，进一步利好高股息。 3、内需消费仍是全年主线。4 月底政治局会议，明确表示要扩大消费，大 力发展服务消费，增强消费对经济拉 ...

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]