Daily Investment Strategy
Daily focus：CALB（3931）
CALB achieved revenue of RMB 16.419 billion in the first half of 2025, a year-on-year increase of 31.7%. Power battery revenue accounted for RMB 10.662 billion, accounting for 64.9%, while energy storage systems and other revenue accounted for RMB 5.757 billion, accounting for 35.1%. Gross profit increased from RMB 1.948 billion last year to RMB 2.879 billion, with gross profit margin rising from 15.6% to 17.5%, and net profit margin from 3.3% to 4.6%. Profit for the period increased to RMB 753 million, with basic earnings per share of RMB 0.2629, an 87.1% year-on-year increase. Furthermore, management has raised its 2026 shipment guidance by nearly 20% to 180GWh.
Market Impact of Expectations of a Fed Rate Cut and the Employment Data Revision
The S&P 500 index closed up 0.27% at 6,512 points on September 9th, a record high, primarily due to benchmark revisions released by the Bureau of Labor Statistics, which further reinforced expectations of a rate cut. The revision showed that actual US job growth in the 12 months ending March 2025 was 911,000 jobs lower than initially estimated, indicating greater labor market slack than expected. The market generally believes this will provide ample justification for a 25 basis point rate cut at the Federal Reserve's upcoming September meeting. The CME FedWatch tool indicates a near-certainty of a rate cut, with a near-10% chance of a 50 basis point reduction. The downward revision of the employment data not only reflects the dual impact of President Trump's tariffs and AI technology on the labor market, but also exposes the fragility of the economic growth engine.
Hong Kong Stock Connect saw a net inflow of HK$10.2bn on Tuesday, with Alibaba (9988) receiving the largest inflow of HK$4.23bn, followed by Ping An Insurance (2318). On the other hand, Xiaomi Group (1810) recorded the largest net outflow of 1.73bn, followed by Meituan (3690).
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.
The materials contained herein are provided by KGI Asia Limited ("KGI") for information only. While such materials are based on or derived from sources believed to be reliable, KGI makes no representation or warranty (express or implied) as to their accuracy or reliability. Neither the information nor the opinions expressed herein constitute, or are to be construed as, an offer or invitation or solicitation of an offer to buy or sell any securities or investments. KGI and its officers, employees, agents and affiliates may have interests in the securities or investments covered herein and accept no liability whatsoever for any loss or consequence whatsoever (whether direct or indirect) resulting from any use of or reliance by you on such materials.
