Daily Investment Strategy
Daily focus：Sunny Optical（2382）
Sunny Optical expressed growth potential across multiple sectors in 2025. Although smartphone shipment volumes are stabilizing, the market value is expected to grow by approximately 7%, mainly driven by high-end models and optical upgrades. Among these, shipments of glass-plastic hybrid lenses are expected to surge by over 400% year-on-year, catering to the demand for long-focus periscope and ultra-thin main lenses. In addition, the company’s automotive optics segment has performed outstandingly, with shipments of automotive lens modules projected to exceed 400 million units in 2025, benefiting from the rapid growth in China’s smart driving demand. Sunny Optical holds over 60% market share in the 8MP automotive lens module market and has secured large orders for 17MP automotive lenses, with mass production expected to begin in 2026. Augmented Reality (XR) and robotics businesses also exhibit long-term growth momentum. In 2025, shipments of mixed reality (MR) and smart glasses are both projected to exceed 10 million units. Overall, leveraging strong technological leadership and market expansion capabilities, Sunny Optical continues to make breakthroughs in smartphones, automotive, XR, and robotics — all emerging and growth sectors — with expectations for stable improvement in profitability and cash flow in the future.
Non-farm payroll higher than expected
Trump's tax reform bill passed the vote in the House of Representatives. Trump plans to sign the bill on Friday. The U.S. Bureau of Labor Statistics announced on Thursday that seasonally adjusted nonfarm employment increased by 147,000 in June, above the expected 110,000. The unemployment rate fell to 4.1%. After the nonfarm employment data was released, U.S. Treasury bond prices came under pressure. This unexpectedly strong data will reduce the likelihood on the Federal Reserve to cut interest rates, despite Trump's repeated public calls for the Fed to take rate-cutting action.
On Thursday, the Southbound Stock Connect recorded a net outflow of HKD 3 billion. Among the stocks, Meituan (3690) saw the largest net inflow, amounting to HKD 980 million, followed by SMIC (981). On the other hand, Alibaba (9988) experienced the largest net outflow of HKD 3.2 billion, followed by Tencent (0700).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to: https://apps.sfc.https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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