Daily Investment Strategy
Daily focus：Tingyi（322）
In the first half of 2025, Tingyi Group achieved revenue of approximately RMB 40.092 billion, down 2.7% from the same period last year, of which instant noodles and beverages businesses recorded RMB 13.465 billion and RMB 26.359 billion, down 2.5% and 2.6% respectively. Due to favorable changes in raw material costs and product structure upgrades, the group's gross profit margin increased from 32.6% to 34.5%, EBITDA increased by 13.0% to RMB 545.06 million; profit attributable to shareholders of the company was RMB 2.271 billion, up 20.5% year-on-year. Management believes that achieving the full-year revenue guidance of "flat to low-single-digit growth" is becoming increasingly difficult, and anticipates a slight decline in full-year revenue, but core profit is expected to maintain double-digit growth.
The US August CPI data met consensus, and a September rate cut is all but certain.
The S&P 500 rose 0.8% to 6,587 on Thursday, a record closing high, bringing its year-to-date gain to 12%. The US Bureau of Labor Statistics released August CPI data showing a 0.4% monthly increase and a 2.9% annual increase, the fastest annual rate since January, exceeding market expectations for a 0.3% monthly increase. The core CPI (excluding food and energy) rose 0.3% monthly and 3.1% annually, remaining stubbornly high. This data was primarily driven by a 0.4% increase in housing costs, a 0.5% rise in food prices, and a 0.7% increase in the energy index. Despite this, the market still sees over a 90% probability of a 25 basis point rate cut from the Federal Reserve next week. However, persistently high inflation may force the Fed to slow the pace of subsequent rate cuts to balance labor market weakness with price stability. This inflation data highlights the impact of tariffs on the supply chain and is reshaping investors' expectations for US stock valuations and monetary policy.
The Hong Kong Stock Connect recorded a net inflow of HK$18.99bn on Wednesday, with Alibaba (9988) receiving the largest net inflow of HK$3.73bn, followed by Innovent Biologics (1801). Meanwhile, Tencent (0700) saw the largest net outflow of HK$1.15bn, followed by Akeso (9926).
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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