Daily focus：Fast Retailing（6288）
Fast Retailing announced its consolidated results for the nine months ended May 31, 2025, showing a strong overall performance. Revenue reached ¥2,616.7 billion, representing a year-on-year increase of 10.6%. Operating profit stood at ¥450.9 billion, up 12.2%. Profit attributable to owners of the parent was ¥339.0 billion, an increase of 8.4%, with basic earnings per share rising to ¥1,105.36. For 3Q, EPS was ¥343.9, beat market expectation of ¥321.
Trump's tariff policy provides volatility for various markets
The Trump administration's tariff policy has become the focus of the current market, and its uncertainty and repeated changes are profoundly affecting investor sentiment and asset allocation. Although the S&P 500 index recorded a 0.3% increase this week, market volatility has increased significantly, especially in commodities and industrial stocks. The unprecedented 17% single-day increase in copper futures highlights how the policy-driven price discovery mechanism is divorced from the fundamental supply and demand relationship. Although the postponement of the tariff policy has temporarily alleviated the immediate panic in the market, the new deadline of August 1 brings continued uncertainty to investors. The Federal Reserve said in the latest meeting minutes that most officials believe that the inflationary pressure brought by tariffs may be temporary, which provides some comfort to the market.
Hong Kong Stock Connect recorded a net inflow of HK$2.9bn on Thursday, of which China Construction Bank (0939) had the largest net inflow of HK$590mn, followed by Alibaba (9988). Tencent (0700) recorded the largest net outflow of HK$730mn, followed by Xiaomi (1810).
The Hong Kong stock market was driven higher by gains in the US stock market throughout the day. After opening higher in the morning, the index once rose to 24,506 points, but profit-taking emerged in the afternoon, narrowing the gains. The Hang Seng Index closed at 24,139 points, up 111 points or 0.46%; the Hang Seng Tech Index closed at 5,248 points, up 31 points or 0.61%; and the China Enterprises Index closed at 8,687 points, up 19 points or 0.22%. The total daily turnover was HKD 323.9 billion, marking a nearly three-month high. Among individual stocks, WuXi AppTec (2359) announce a profit alert shows a solid performance for the first half of the year, closing up 10.5%, the largest gainer among blue chips.
Source: KGI Investment Products and Solutions Department
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