Daily Investment Strategy
Daily focus：SF Holdings（6936）
In June 2025, SF Holdings' express logistics business continued steady growth. According to the company's latest announcement, express logistics business revenue reached RMB 19.962 billion that month, an increase of 14.24% compared to the same period last year. Business volume reached 1.460 billion parcels, a significant year-on-year increase of 31.77%, higher than the overall Chinese express delivery business growth of 15.8%, reflecting its capability to provide high-quality services during e-commerce peak promotional periods and strong market demand. On the other hand, supply chain and international business revenue was RMB 6.292 billion, growing 10.93%. The company leveraged its global network advantages to flexibly respond to market changes and explore new business opportunities, driving total logistics business revenue to RMB 26.254 billion, a year-on-year increase of 13.43%. Although China's express delivery business volume grew rapidly, breaking through the 100 billion parcels milestone 35 days ahead of schedule in the first half of 2025, price wars have squeezed some companies' profit margins, with capacity utilization at approximately 74%, still lower than levels in the United States and European Union, leaving room for improvement.
The U.S. Department of Commerce imposes a 93.5% anti-dumping tariff on Chinese graphite
The escalation of the U.S.-China trade war to core materials in the electric vehicle supply chain is currently the most market-influential focal point. The United States has imposed a 93.5% anti-dumping duty on Chinese graphite, with a total tariff rate reaching 160%, directly impacting the global electric vehicle industry chain. This move reflects the Trump administration's expansion of protectionist policies from traditional manufacturing to the control of strategic new energy materials, aiming to reshape the structure of global supply chains. From a macro perspective, this marks the extension of U.S.-China technological competition from semiconductors and AI to upstream raw materials, highlighting the increasingly fierce strategic game between both sides in key technological areas of green transition, which will redefine the competitive landscape and cost structure of the global new energy industry.
On Friday, the Shanghai-Hong Kong Stock Connect recorded a net inflow of HK$5.93 billion, with SMIC (981) recording the largest net inflow at HK$493 million, followed by Alibaba (9988). Tencent Holdings (700) recorded the largest net outflow at HK$362 million, followed by Xiaomi Group (1810).
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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