EUR/USD
1.14245
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Gold
4155.37
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Oil
68.711
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USD/JPY
162.108
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Real-time News
On July 6th, Goldman Sachs issued a research report stating that it is optimistic about the development prospects of Huahong Grace Semiconductor (01347.HK) and the growth in equipment demand. The report believes that the improved capabilities of various models in the market, including Meituan-Ws (03690.HK) newly released LongCat 2.0, will drive demand for AI chips and data center power management chips. At the same time, the popularization of generative AI will continue to drive related demand. Goldman Sachs is optimistic that Huahong will continue to benefit from rising AI demand and maintains its "Buy" rating, significantly raising its target price from HK$174 to HK$333. Goldman Sachs expects Huahongs new 12-inch capacity to continue to increase, and its product portfolio to upgrade to 40nm and 28nm. The report raises its net profit forecasts for fiscal years 2027 to 2029 by 1% to 8%, and expects the companys operating profit margin to gradually increase from 1% in fiscal year 2026 to 4%, 8%, and 12% in fiscal years 2027, 2028, and 2029, respectively, reaching a normalized level of 14% and 17% in fiscal years 2030 and 2031.On July 6th, UBS released a research report stating that Lao Pu Gold (06181.HK) is supported by boutique upgrades, VIC services, and more frequent new product launches. Its brand strength, channel capabilities, and product positioning are mitigating the impact of the gold price correction. The bank believes that Lao Pu Golds stock is oversold, with potential catalysts including better-than-expected first-half financial results, VIC-related activities, and the opening of overseas stores in the second half of the year. The bank expects the companys revenue and net profit to grow by 93% and 118% year-on-year in the first half of this year, respectively. The banks base case forecast is that gold prices will recover in the second half of the year. Even if gold prices remain weak, the pressure on Lao Pu Golds same-store sales growth is expected to be offset by contributions from new stores. The bank slightly adjusted its earnings per share forecasts for the company from 2026 to 2028 by 0% to 2%, but lowered its target price from HK$930 to HK$650 based on a high base leading to slower medium-term growth and market competition, while maintaining a "buy" rating.Euro Stoxx 50 futures fell 0.16%, German DAX 30 futures fell 0.08%, and UK FTSE 100 futures fell 0.09%.Germanys manufacturing orders, adjusted for working days, rose 6.2% year-on-year in May, compared with 1.60% in the previous month.Germanys seasonally adjusted manufacturing orders rose 1.9% month-on-month in May, below the expected 1.5% and the previous reading of -3.80%.
