Daily Investment Strategy
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Laopu Gold (6181): Preliminary results for 2025 show net profit growth of approximately 226% to 233% year-on-year and revenue growth of approximately 217% to 229%, both exceeding market expectations. Core net profit margin also saw a slight expansion, confirming solid profitability. Ten new stores were opened and nine were expanded throughout the year, with simultaneous growth in both online and offline channels. Coupled with fixed pricing and multiple price adjustments, the high-end brand positioning continued to solidify. Despite downside risks posed by gold price volatility and intensified competition, management aims to maintain a gross profit margin above 40%, ensuring pricing power.
IEA considering release of strategic petroleum reserves (SPR)
Global markets have recently exhibited a pattern of high-level volatility. The US CPI rose 2.4% year-on-year in February, with core CPI at 2.5%, largely in line with expectations. Although housing inflation has slowed somewhat, the recent surge in oil prices due to the Middle East conflict has dampened market confidence in a future decline in inflation. In response to the geopolitical oil price surge, the IEA and the US are considering a coordinated release of strategic petroleum reserves (SPR), which has provided timely relief to the market, but the geopolitical premium is unlikely to subside in the short term.
On Wednesday, net inflows through the Hong Kong Stock Connect totaled HK$3.448 billion. China National Offshore Oil Corporation (00883) saw the largest inflow at HK$1.039 billion, followed by Alibaba Group (09988) with a net inflow of HK$698 million. Tencent Holdings (00700) recorded the largest net outflow at HK$2.435 billion, followed by China Construction Bank (00939) with a net outflow of HK$826 million.
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.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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