Far East Consortium (00035) H2 2025 Earnings Call June 25, 2025 08:00 PM ET Speaker0Good morning, ladies and gentlemen. Welcome to Far East Consortium International Limited twenty twenty five Annual Results Investor Presentation. Before we begin, let me introduce the management with us today. They are Ms. Winnie Chew, John's Managing Director and Executive Director and Mr.Boswell Chung, Chief Financial Officer and Company Secretary. Ms. Winnie Chew is in an urgent engagement now and not able to join the pre ...

Global Markets Strategy 14 June 2025 Wendy Liu AC (852) 2800-1087 wendy.m.liu@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Erin Zhang, CFA 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Equity Strategy China consumption: From Goods to Experiences While China's overall consumption trends have been lackluster since re-opening, shares of selected "new consumption" stocks have significantly outperformed the MXCN index YTD. An average weighted index consisting of stocks ...

行 业 及 产 业 海外消费服务 行 业 研 究 / 行 业 点 评 2025 年 06 月 20 日 供需优化，行业增长韧性十足——教育行业 2025 年下半年投资策略 看好 ——海外消费周报（20250613-20250619） 本期投资提示： ⚫ 海外教育：供需优化，行业增长韧性十足——教育行业 2025 年下半年投资策略 青年人群职业技能培训市场迎来需求井喷，行业景气度持续提升。我们预计随着大学毕业生 以及高考落榜生逐年增长，每年进入劳动力市场的青年人群数量将持续增长，使得技能培训 市场景气度持续提升。由于高中阶段（普通高中和中职）招生数量持续增加，毕业生人数持 续提升，而同期大学扩招缓慢，导致高考落榜生即高中毕业进入劳动力市场的人群数量持续 增加。同时大学毕业生持续增长，青年人群（16 至 24 岁）失业率普遍高于城镇居民失业 率，青年人群就业困难带动职业技能培训需求井喷。我们预计 25 年技能培训市场规模 800 亿元，且渗透率仍只有 5%，因此成长空间可期。 高教办学投入拐点显现，经营效率提升可期。随着职教改革持续深入，办学质量提升成行业 主基调。近三年民办高教在监管收紧办学质量时期纷纷增加办学 ...

今日上午港股 1. 乐华娱乐 (02306) 涨超24%， 主因旗下潮玩IP"WUKUKU"市场表现强劲，多款新品创销售纪录，主题 曲曝光量破10亿次。 2. 联合能源集团 (00467) 涨超7%， 公司与乌兹别克斯坦UNG签15年增产合约，涉578亿立方米油气产 量，首期投资1亿美元拓中亚市场。 3. 思摩尔国际 (06969) 跌逾3%， 股东亿纬锂能拟减持3.5%股份（2.16亿股），完成后其持股降至 27.23%，不再为控股股东。 4. 新濠国际发展 (00200) 跌逾5% ，"2供1"供股完成发行7.58亿股，净筹7.71亿港元，超额认购13倍。 5. 第四范式 (06682) 涨超7% ，推出制造业AI智能体解决方案，覆盖生产优化至供应链全链路智能化升 级。 点击蓝字，关注我们 6. 山高控股 (00412) 涨超4%， 中泰证券指其新能源+数字基建协同效应显著（数据中心PUE值1.15）， 金融牌照组合强化产融协同。 7. 康耐特光学 (02276) 涨逾4%， 智能眼镜市场爆发（电商成交增8倍），Meta联名Oakley推AI眼镜，公 司合作头部3C企业布局产业链。 8. 思派健康 (00 ...

受利好消息推动，韩国旅游概念股普遍走强。韩国交易所数据显示，过去一周，外资净买入"乐天观光 开发"约30亿韩元（约合人民币1581万元），"乐园集团（Paradise）"约23亿韩元。SK证券与韩华证券均 上调了相关企业的目标股价。SK证券分析师指出："若免签政策在7月落地，将为韩国酒店与博彩产业 带来实质性利好。" 与此同时，随着中韩文化交流持续升温、日韩互动加快，多家机构预测，今年下半年韩国免税、酒店、 时尚、娱乐等消费板块有望迎来全面复苏。 韩国政府近期宣布，将于第三季度对中国团体游客实施阶段性免签政策。多家航空公司也计划增设中韩 航线，以迎接即将到来的暑期旅游高峰。 人民网首尔6月17日电（周玉波） 随着韩国政局稳定，中韩交流回暖，中国游客正在加速重返韩国，带 动旅游、酒店、免税等相关板块在资本市场表现活跃。业内人士指出，政策利好与消费信心的同步修 复，为韩国旅游市场注入强劲动能，暑期将迎来全面回暖的关键窗口期。 业内专家认为，韩国文化与旅游产业的复苏正从"政策预期"逐步转化为"现实增长"，中国游客的回归有 望成为K-旅游产业重振的关键引擎。 据香港《南华早报》援引旅游数据公司"China Tradi ...

2025 年 6 月 18 日 星期三 每日大市点评 6 月 17 日，港股大盘缩量小幅调整，恒生指数微跌 81 点或 0.3%，收报 23,980 点。恒生科指下跌 0.2%，收报 5,291 点。 大市成交金额减少至 2,021 多亿港元，港股通净流入 63 亿港元。2025 陆家嘴论坛及 6 月美联储 FOMC 会议前夕，投资者 观望态度较浓，港股维持板块轮动的节奏。尽管昨日港股大盘跌幅轻微，但内部板块运行质素转弱，下跌的股份占大多 数。消费电子、工程机械、半导体、博彩及个别消费互联网跑赢大市，如博彩股受惠澳门政府宣布中东五国国民免签入 境，憧憬海外旅客增长推动博彩收入。内银、生物医药、食品饮料、石油股短暂熄火，多只前期大涨的生物医药股跌幅 在 5.0%或以上。另外，资金抱团的蜜雪(2097 HK)、古茗(1364 HK)、老铺黄金(6181 HK)及泡泡玛特(9992 HK)均下跌， 其中蜜雪收市价已创出一个月新低。随着估值大幅提高，这类新消费股份的筹码或开始松动，要注意股价波动加剧。周 大福(1929 HK)宣布溢价发行可换股债券，集资 88 亿港元，股价大跌 7.3%，是跌幅最大的蓝筹。我们认为市 ...

2025 年 06 月 17 日 行业研究 研究所： 证券分析师： 谢文迪 S0350522110004 xiewd@ghzq.com.cn [Table_Title] 一个民间预测指标如何成为资产价格的"隐形推 手"？ ——钢铁与大宗商品行业专题研究 最近一年走势 | 行业相对表现 | | | | 2025/06/16 | | --- | --- | --- | --- | --- | | 表现 | | 1M | 3M | 12M | | 钢铁 | | -1.9% | -8.7% | 7.6% | | 沪深 | 300 | -0.4% | -3.3% | 9.4% | 相关报告 《钢铁与大宗商品行业周报：海外贸易拉锯+美联 储鹰声为主线，国内政策主动作为（无评级）*钢 铁*谢文迪》——2025-05-13 《钢铁与大宗商品行业周报：美国关税加码，全球 资产"震颤"（无评级）*钢铁*谢文迪》—— 2025-04-15 《钢铁与大宗商品行业周报：关税风险支撑溢价， 铜金最为受益（无评级）*钢铁*谢文迪》—— 2025-03-24 《钢铁与大宗商品行业周报：会议落地黑色情绪回 落，关税高悬有色价格走高（无评级）* ...

PENN Entertainment (PENN) FY 2025 Annual General Meeting June 17, 2025 10:00 AM ET Speaker0 And thank you for attending Penn's annual meeting of shareholders. I am Jay Snowden, Penn Entertainment's CEO and president and a member of the board of directors. It's my privilege to call to order our two thousand twenty five annual meeting of shareholders. I will serve as the presiding officer for the meeting, which is being held via a live interactive webcast so that our shareholders may attend, ask questions, an ...

Market Overview - The Hang Seng Index fell by 0.34% amid escalating tensions in the Middle East, particularly between Israel and Iran [1] - Israeli Defense Minister Katz stated that Iranian state media is "about to disappear," followed by an attack on Iranian state television [1] - The Israeli military reported the death of Iranian military commander Ali Shadmani, which has heightened fears among Iranian officials [1] - The U.S. has redeployed military assets in the Middle East in response to the conflict, which could impact oil transportation through the Strait of Hormuz [1] Geopolitical Developments - The U.S. State Department issued a travel warning for Israel and the West Bank, indicating a high-risk level [2] - A joint statement from 21 Arab and Islamic nations condemned Israel and expressed support for Iran, with threats to U.S. interests in the region if the conflict escalates [2] G7 Summit Insights - During the G7 summit, President Trump expressed disagreements with other leaders regarding the Middle East situation and U.S. trade policies [3] - The U.S. and U.K. reached a trade agreement focusing on key sectors such as automotive and pharmaceuticals [3] Stock Market Movements - The stock of brain-computer interface company RGC surged by 283% following FDA approval for its new neural modulation chip [4] - Apple saw a 15% year-over-year increase in iPhone sales in April and May, marking its best performance since the pandemic [4] Macau Gaming Sector - Macau's gaming revenue for the first half of June reached 1 billion MOP, with a weekly increase of 5% driven by high VIP win rates [5] - Sands China and MGM China both saw stock increases of nearly 5% following positive revenue reports [5] Aerospace Industry Developments - The 55th Paris Air Show showcased innovations in military aircraft and green aviation, with China presenting its J-35A fighter jet [6] - The event is expected to lead to potential orders for Chinese aircraft, particularly the J-10CE and J-35A models [6] Semiconductor Industry Initiatives - New policies in Guangzhou aim to support the integrated circuit industry, focusing on breakthroughs in chip design and manufacturing [7] - Companies like Hua Hong Semiconductor and SMIC are positioned to benefit from these initiatives [7] Company-Specific News - Longpan Technology signed a production pricing agreement worth over 5 billion RMB for lithium iron phosphate materials, indicating strong demand in the solid-state battery sector [8] - The company has secured contracts totaling approximately 17 billion RMB this year, reflecting its growing influence in the battery materials market [9]

其他蓝筹股方面，金沙中国(01928)涨5.24%，报15.66港元，贡献恒指3.03点；舜宇光学科技(02382 )涨 2.73%，报65.85港元，贡献恒指1.97点；周大福(01929)跌7.29%，报12.72港元，拖累恒指3.16点；石药 集团(01093)跌6.4%，报8.19港元，拖累恒指7.08点。 智通财经APP获悉，港股三大指数震荡走弱，尾盘跌幅曾有所扩大，恒生指数再失两万四大关。截止收 盘，恒生指数跌0.34%或80.69点，报23980.30点，全日成交额为2021.44亿港元；恒生国企指数跌0.4%， 报8694.67点；恒生科技指数跌0.15%，报5291.85点。 申万宏源指出，综合基本面、估值、筹码、政策和市场交易特征五要素，该行认为2025年下半年港股投 资机会将继续扩散，重点关注以互联网科技、医药为代表的广义成长板块投资机会，新消费个股中期仍 有阿尔法优势，但短期面临性价比不足的问题。 蓝筹股表现 阿里巴巴-W(09988)逆市上扬。截至收盘，涨1.68%，报114.8港元，成交额68.75亿港元，贡献恒指31.36 点。周一，阿里巴巴通义千问宣布，正式发布基于苹果MLX框 ...