Starship falling into Indian Ocean and Starlink provides the coverage 🤯 https://t.co/miP3E6Y8V2 ...

汽车 业 研 究 2025 年 07 月 13 日 重磅车型持续发布，关注潜在爆款车型带来机遇 ——行业周报 | 赵旭杨（分析师） | 徐剑峰（联系人） | 王镇涛（联系人） | | --- | --- | --- | | zhaoxuyang@kysec.cn | xujianfeng@kysec.cn | wangzhentao@kysec.cn | | 证书编号：S0790523090002 | 证书编号：S0790123070014 | 证书编号：S0790124070021 | 本周观点：重磅车型持续发布，关注潜在爆款车型带来机遇 理想 i8 即将发布，关注爆款车型带来的整车厂机遇。理想 i8 将于 7 月 29 日正 式上市，大空间强智能优异的能耗表现有望给家用 SUV 市场带来新想象空间。 当前国内汽车产业在产品定义、定价、功能配置上日趋成熟，打造爆款需要产品 细节的打磨和创新以更加贴合用户需求，营造向往感，同时通过持续的热门车型 打造形成良好的口碑进而构筑品牌壁垒；同时智能化亦将带来差异化优势，领先 玩家壁垒有望持续增强。 智能化将带来前所未有汽车产业变革。特斯拉 Robotaxi 试点顺利并 ...

Group 1: Lululemon Athletica - Lululemon's stock fell over 20% in a single trading day in June, ending the month down 25% [3][4] - Same-store sales grew by only 1% year over year, and operating margin decreased by 110 basis points to 18.5% [4] - The company reduced its earnings outlook for the full year by nearly 25% to $14.68 per share at the midpoint, while reaffirming sales growth guidance of 7% to 8% [4][5] - Lululemon is raising prices and diversifying sourcing channels to mitigate tariff impacts, with 75% of revenue coming from the Americas [5] - After the decline, Lululemon's stock is trading at a price-to-earnings (P/E) ratio of 16, less than half its five-year average P/E [5] Group 2: J.M. Smucker - J.M. Smucker's stock dropped 12.8% to a 52-week low of $93.30 per share in June, following a 3% decline in sales and a 13% decline in adjusted earnings per share (EPS) for Q4 of fiscal 2025 [6] - The decline was attributed to low demand for dog snacks and sweet baked goods, recent divestment of pet food brands, and rising costs [6] - Smucker anticipates total sales growth of only 2% to 4% in fiscal 2026, down from 7% last year, with adjusted EPS expected to fall by 11% [6] - Despite challenges, Smucker's Uncrustables brand reported double-digit sales growth in Q4 and is nearing $1 billion in sales [7] - The company is taking decisive actions to revive its sweet baked segment, which has struggled since acquiring Hostess Brands in 2023 [8]

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 林起贤 (8621)23297818× linqx@swsresearch.com 联系人 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 2025 年 07 月 13 日 美图戴维斯双击，重视 AI 应用商 业化兑现 看好 ——互联网传媒周报 20250707-20250711 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基 ...

每周一景： 云南兰坪澜沧江山谷河流村庄风光 点击右上角菜单，收听朗读版 【宏观】生产改善、消费平稳 上周高频数据显示，消费方面，商品消费中汽车和纺织服装淡季表现平稳；服务消费受天气、供应等影响，出行、观影、游乐消费等均显表现一般。 投资方 面，专项债发行再加速，新房销售季节性回落，土地市场转冷基建和房建进度偏慢。进出口方面，压力显现，韩国自华进口增速下滑，越南出口替代作用仍 强，港口运行放缓，出口运价下跌。生产方面，整体稳中有升，高温带动居民用电回升，钢铁、石化等传统行业表现平稳，光伏、汽车等行业边际回升。库 存方面，建材整体去库PTA产业链上下游分化。物价方面，CPI和PPI均边际回升。流动性方面，美元指数回升，资金利率和国债利率小幅上行。 风险提示： 贸易局势不确定性，地缘政治风险加剧。 【海外策略】对小盘风格的三个理解误区——兼论下半年市场风格展望 当前对小盘风格占优的理解存在一些偏误。 误区一：宏观流动性宽松有利于小盘？部分投资者认为，近期AH股小盘风格的占优源于流动性充裕的宏观环境。 事实上，回顾历史宏观流动性宽松背景下两地市场大、小盘风格均有占优的情况发生。误区二：量化私募入市导致小盘占优？持续有 ...

创新药周报20250713： 证券研究报告 证券分析师刘浩 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 联系人段江瑶 邮箱：duanjiangyao@hcyjs.com @2021 华创版权所有 第一部分 本周创新药重点关注 国内创新药回顾 02 全球首个口服HAE急性发作按需治疗药物获批上市 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 2025-07-13 全球新药速递 03 01 遗传性血管性水肿（HAE） 证券研究报告 致。 ┃ HAE诊断流程 ┃ HAE分型及特征 | HAE 分型 | 发病机制 | C1-INH 浓度 | CI-INH 功能 | | --- | --- | --- | --- | | HAE-C1-INH 1 型 | C1-INH 基因突变 | 降低 | 降低 | | HAE-C1-INH2 型 | C1-INH 基因突变 | 正常或增高 | 障低 | | HAE-nC1-INH | FXII、 ANGPTI、PLG 基因突变 | ...

行 业 及 产 业 石油石化 2025 年 07 月 13 日 行 业 研 究 / 行 业 点 评 相关研究 证券分析师 刘子栋 A0230523110002 liuzd@swsresearch.com 宋涛 A0230516070001 songtao@swsresearch.com 研究支持 陈悦 A0230524100003 chenyue@swsresearch.com 联系人 由于库存走高，EIA 下调气价预测 看好 —— 石油化工行业周报(2025/7/7—2025/7/13) 本期投资提示： 证 券 研 究 报 告 陈悦 (8621)23297818× chenyue@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 - ⚫ 由于库存走高，EIA 下调气价预测。美国能源署在 7 月短期能源展望中，将第三季度亨 利港天然气现货价格的预测下调 64 美分至 3.37 美元/百万英热，并将第四季度预测下 调 68 美分至 3.99 美元/百万英热。美国能源署估计，亨利港天然气价格在 2025 年和 2026 年的平均价格分别为 ...

Core Viewpoint - Delta Air Lines is expected to reach new highs in 2025, with concerns over tariffs and geopolitical tensions being overstated [1] Financial Performance - Delta's Q2 results showed record-setting quarterly adjusted revenue, outperformance on earnings, and solid margin results, indicating a strong growth trajectory [3] - The company generated $2 billion in free cash flow in the first half of the year, on track to meet its full-year target of $3 to $4 billion, likely ending at the higher end of that range [4] - Delta reduced its adjusted net debt by $1.7 billion, a 10% decrease in just two quarters, and increased its dividend significantly [4][5] Shareholder Value - The dividend increase of 25% brings the annualized payout to nearly $1.00, with a reliable payout ratio of approximately 10% of earnings expected to grow robustly over the next two to three years [5][6] - Q2 business activities resulted in an improved cash position, increased current assets and total assets, reduced liabilities, and nearly a 15% increase in equity [6] Revenue Growth - Operating revenue increased due to growth in all major reporting segments, with high-margin premium revenue growing by 5% and loyalty revenue by 8% [7] - Although total revenue per available seat mile (TRASM) slightly declined, decreased fuel costs and improved cost performance offset this, resulting in an operating margin of 12.6% [8] Market Sentiment and Guidance - The reaffirmed guidance is strong, expecting year-over-year growth and significantly improving market sentiment [9] - Following the Q2 release, Delta stock rose more than 10% in premarket trading, indicating bullish market action and aligning with analyst sentiment predicting a 20% upside [10]

Trump's copper tariffs will make it harder for him to achieve his goal of restoring America's manufacturing economy, says @mattyglesias (via @opinion) https://t.co/RXpJuiRhMR ...

医药生物行业跟踪周报 CXO 及科研服务景气度回暖，建议关注药 明康德、奥浦迈等 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 07 月 13 日 证券研究报告·行业跟踪周报·医药生物 证券分析师 朱国广 执业证书：S0600520070004 zhugg@dwzq.com.cn 证券分析师 冉胜男 执业证书：S0600522090008 ranshn@dwzq.com.cn 证券分析师 刘若彤 执业证书：S0600525040006 liurt@dwzq.com.cn 行业走势 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 2024/7/15 2024/11/12 2025/3/12 2025/7/10 医药生物 沪深300 相关研究 《PD1/VEGF 双抗引领新一代 IO，建 议关注康方生物、神州细胞等》 2025-07-06 《2025ADA 重磅数据披露，关注减脂 增肌、Amylin 及口服赛道》 2025-06-29 东吴证券研究所 1 / 29 请务必阅读正文之后的免责声明部分 ◼ 本周、年初至今 A 股医药指数涨幅分 ...