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永金证券晨会纪要-20250819
永丰金证券· 2025-08-19 12:22
Market Overview - The US stock market is consolidating at high levels, with the Dow Jones facing resistance at 45,000 points and the S&P 500 slightly down by 0.03% [9] - The Japanese stock market reached a new high, with the Nikkei index rising by 0.77% to close at 43,714 points, showing mixed performance among tech stocks [9] - Strong corporate earnings were reported, with 92% of S&P 500 constituents exceeding expectations, and earnings per share increasing by 11% year-on-year, attributed to companies finding ways to mitigate tariff impacts and benefiting from a weaker dollar [9] - The US dollar index rose to 98.089, with dollar short positions declining for five consecutive weeks to $4.6 billion [9] - US 10-year Treasury yields increased to 4.3277%, as the market bets on a rate cut in September [9] Investment Strategies - Focus on earnings performance, recommending a high allocation to AI/technology assets while also considering high dividend stocks [9] - For Japanese stocks, the Nikkei's new high suggests short-term trading opportunities in Japanese stock ETFs [9] - Utilize structured products designed to capture market fluctuations linked to US stocks [9] - Implement volatility strategies using VIX-related products to seize short-term market movement opportunities [9] Key Company Highlights - 瑞声科技 (AAC Technologies) plans to hold a board meeting on August 21 to approve mid-term results, with expectations of significant revenue and net profit growth due to upgrades in Apple's acoustic and haptic product specifications, a recovery in consumer electronics, and explosive growth in AI and automotive sectors [21] - 吉利汽车 (Geely) reported a record total revenue of 150.3 billion RMB for the first half of 2025, a year-on-year increase of 27%, with core profit growing by 102% and gross margin rising to 16.4% [21] - 金山云 (Kingsoft Cloud) saw AI-related revenue grow by 228% year-on-year in Q1 2025, now accounting for 39% of public cloud service revenue, becoming a core growth engine for the company [21] Economic Data Releases - Upcoming economic data includes the Westpac Consumer Confidence Index for Australia, the unemployment rate for Hong Kong, and the Consumer Price Index for Canada and the US [19]