Daily Investment Strategy
Daily focus：China Shenhua（1088）
Announced its first-quarter 2025 results, reporting revenue of RMB 69.585 billion, representing a YoY decrease of 21.1%. Net profit attributable to the company's owners amounted to RMB 13.374 billion, marking a YoY decrease of 19.0%. The decline in revenue was caused by a decrease in sales volume and pricing. The company emphasized that the signing volume of medium- and long-term thermal coal contracts in 2025 remains stable overall. However, due to factors such as market demand, policies, and contract fulfillment rates, there are still fluctuations in sales volume between quarters.
The FED Financial Stability Report, half of the respondents concerns about "policy uncertainty"
The Federal Reserve's latest Financial Stability Report emphasizes that the U.S. financial system is generally sound, but risks such as high asset valuations, hedge fund leverage, commercial real estate exposure, and global trade and policy uncertainty require close attention. The Federal Reserve will continue to monitor these vulnerabilities and emphasize the need for financial institutions to maintain high capital and liquidity to cope with potential shocks. It also mentioned that as many as 73% of the respondents listed "global trade risks" as their primary concern, which is more than twice the proportion reported in November last year. At the same time, half of the respondents expressed concerns about "policy uncertainty."
Hong Kong Stock Connect recorded a net outflow of HK$70.2 on Friday, among which Meituan-W (3690) recorded the largest net inflow of HK$745 million, followed by Sunac China (1918); Tencent Holdings (700) recorded the largest net outflow of HK$1.49 billion, followed by Alibaba (9988).
Cheung Cho Shing, Joseph is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to:https://apps.sfc.hk/publicregWeb/indi/ACQ030/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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