Core Viewpoint - Anta Sports (02020.HK) shows a bullish technical trend, with various indicators suggesting potential for continued price increases, supported by market optimism [1][2]. Technical Analysis - The current price of Anta Sports is HKD 95.6, which is above key moving averages (MA10: 94.77, MA30: 93.13, MA60: 91.5), indicating a positive short to medium-term trend [1]. - The first support level is at HKD 92.3 and the second at HKD 88.4, suggesting limited downside potential. Initial resistance is at HKD 98.8, with a higher resistance level at HKD 102.8 [1]. - The stock recently experienced a single-day increase of 1.76%, indicating active buying interest in the market [1]. Volatility and Momentum Indicators - Anta's 5-day volatility is 9%, reflecting active trading and supporting upward price momentum [2]. - The Relative Strength Index (RSI) is at 57, indicating a neutral to strong position without overheating, suggesting further upward potential [2]. - Technical indicators collectively signal a "strong buy" with a signal strength of 17 points, indicating a high-intensity bullish signal [2]. Derivative Products Performance - During the period from June 2 to 4, Anta Sports' stock price increased by 1.43%, with various derivative products showing different performances. Notably, the Societe Generale bull certificates (53978) and JPMorgan bull certificates (54458) recorded gains of 12% [4]. - Call options such as Huatai's (13440) and Macquarie's (15902) also showed positive performance, with increases of 6% and 5% respectively, reflecting stability in slightly fluctuating stock prices [4]. Investment Products Overview - Anta Sports offers a range of derivative products for investors, including call options with leverage ranging from 2.8x to 4.4x and bull certificates with leverage of 7x to 7.2x [7][8]. - Investors can choose from various products based on market expectations, considering factors such as leverage, exercise price, and premium [7]. Conclusion - Overall, Anta Sports exhibits strong technical advantages, with moving averages, momentum indicators, and market sentiment aligning to suggest potential for upward price challenges in the near term. Close attention should be paid to the resistance level at HKD 98.8 for potential breakout opportunities [1][2][4].

港股阿里影业(01060.HK)跌超7%，成交额超3亿港元。 ...

Group 1 - In Q1 2025, the company reported a net loss of RMB 263.01 million, with total revenue of RMB 3,198.89 million and operating costs of RMB 3,006.23 million, indicating multiple negative factors have been released [1] - The multi-crystalline silicon supply-demand situation is slowly improving, with the industry expected to remain under pressure in 2025 due to high inventory levels and weak demand [1] - The company’s revenue composition for 2024 shows that multi-crystalline silicon accounts for 37.4%, while wind and solar power station construction and operation account for 35.9% and 11.3% respectively, suggesting that the company's value is severely underestimated when considering its renewable energy assets [1] Group 2 - The company has been given a "Buy" rating with a target price of HKD 5.66 per share, representing a potential upside of 32% based on a projected 8x PE for 2026 [2]

智通财经APP获悉，中金发布研报称，基于宏观经济逆风导致游艇需求常态化的预期，将法拉帝 (09638)2025年营收预测下调3%至12.9亿欧元，相应地将调整后EBITDA预测下调4%至2.03亿欧元。同时 首次引入2026年营收预测13.7亿欧元及调整后EBITDA预测2.21亿欧元。鉴于其高端定位和市场领导地 位支撑的盈利改善与业务韧性，该行维持跑赢行业评级及36港元目标价(对应5.8倍2025年 EV/EBITDA)。 报告称，法拉帝集团在2025年威尼斯游艇展(5月29日至6月2日举办)成功展出七艘重要游艇，其中包含 两款全球首发船型：Pershing GTX70(3月发布)，这款为纪念Pershing品牌成立40周年打造的紧凑型运动 多功能游艇拥有卓越的运动性能与出色的海陆连接体验;以及Ferretti Yachts 940(1月发布)，作为该品牌 目前最大的宽体船型，以其精心设计和优异的舒适性著称。同时展出的还有五款船型，包括Dolceriva、 Riva 68' Diable、Itama 45RS、Pershing 8X和wallywhy100。该行相信此次展示彰显了法拉帝集团在创新 工程、多品 ...

机构：华泰证券 研究员：李健/陈宇轩 6 月4 日奇富科技出席了我们组织的2025 年中期策略会，会上公司回顾了1Q25 的经营情况，并解答了 投资者关注的问题。1Q25 需求具有韧性，同时营销策略持续优化。贷款质量保持健康，C-M2 基本稳 定。另外公司重视股东回报，股份回购持续推进。我们认为公司运营稳健，质量稳定，利润"安全垫"较 为充足，预计25 年盈利有望进一步提升，维持"买入"评级。 结合当前宏观环境，与全球贸易摩擦对行业的潜在影响，我们认为公司25年新增放款量的同比增速约 8%。获客方面，1Q25 的单位获客（获客成本/新授信用户数量）成本升至384 人民币（4Q24：312 人民 币），这一变化可能主要由三方面原因导致：1）API 渠道的获客占比提升，而这一渠道需为老客的借 款支付获客费用，从计算上导致单位获客成本提升，尽管如此API的LTV 仍相对信息流有优势，将在长 期支撑利润增长；2）高成本的信息流渠道投放加大，目的是替换掉效率不高的渠道；3）整体流量成本 或有上涨。 股东回报高 截至2025 年5 月19 日，基于2025 年4.5 亿美元的回购计划，公司已经回购价值1.78 亿美元的股 ...

Core Viewpoint - The company has improved its gross margin to 25.5% in Q1 2025 due to product structure optimization and cost reduction in technology, with Robotaxi and non-automotive product sectors driving future growth [1][4]. Financial Performance - In Q1 2025, the company sold a total of 108,600 laser radars, a year-on-year decrease of 9.8%, with ADAS radar sales down 16.8% to 96,700 units, primarily due to reduced procurement from a major automotive client [2]. - Revenue for Q1 2025 decreased by 9.2% year-on-year and 36.2% quarter-on-quarter to 328 million yuan, attributed to lower sales volume and pricing [2]. - The gross margin for the quarter reached 23.5%, an increase of 11.2 percentage points year-on-year, driven by a higher proportion of high-margin robot radar sales and cost reductions in ADAS radar through self-developed SoC chips [2]. Product and Market Development - The demand for laser radars in the Robotaxi and non-automotive sectors is rapidly growing, with the company establishing partnerships with over 90% of global core Robotaxi and Robotruck players, including formal agreements with six companies [3]. - The company has secured exclusive partnerships with two leading global robotic lawnmower clients and announced a three-year agreement with Kuka Technology for 1.2 million solid-state laser radars [3]. - The total number of clients in various sectors, including industrial warehousing and delivery robots, has surpassed 2,800, indicating significant growth potential in the non-automotive laser radar market [3]. Valuation and Rating - The target price has been adjusted to 41.10 HKD, based on a revised sales forecast of 790,000 laser radars for 2025, with an increased gross margin expectation of 25.5% reflecting product structure optimization [4]. - The valuation benchmark year has been shifted from 2025 to 2026, applying a 6x P/S multiple for the updated target price, while maintaining a "Buy" rating [4].

目标全年正向自由现金流，推出世界模型。公司认为在迭代及全新产品交付后，有望在2Q 销量和现金 流逐步进入正轨，在强劲产品周期带动下，公司业绩会中指引运营现金流持续提升，全年自由现金流有 望实现正向流入。 业绩符合市场预期，25 年迎来多款新车交付。公司1Q25 交付42,094 辆，环比有所下滑，带动1Q 实现 营收120 亿元。汽车毛利率环比下滑至10.2%，公司指引后续定价稳定、结合平台化能力提升、芯片等 采购降本，实现部分车型毛利率超过20%。1Q 研发和销管费用分别为31.8/44.0 亿元，环比均有所下 滑。Non-GAAP 净亏损为62.8 亿元，主要受到季节性因素及产品迭代期影响，公司业绩符合市场和我 们预期。2Q25 公司计划交付7.2-7.5 万辆，展望2025 年公司将迎来多款全新车型交付，包括ET9、萤火 虫首款车型以及乐道两款全新SUV 等，我们预计均有望贡献增量。 2Q 有望开始兑现改革成效，费用率指引持续改善。此前，公司正式启动了内部的CBU 改革（Cell Business Unit），CBU 改革即为提升组织效率、实现经营目标而设立的经营机制，通过将公司经营工作 拆分为多个互不 ...

海外市场加速布局，战略合作多点开花，开辟新成长曲线2025 年为海外拓展关键年，1-4 月出口13632 辆居新势力首位，25 年目标海外渠道逾550 家，出口5-6 万台。本土化生产在即，公司预计马来西亚组 装工厂年底投产，26 年实现欧洲本土制造。公司凭借三电技术及成本优势，深化对外战略合作且25Q1 已有业绩贡献：与Stellantis 零部件合作、同标致雪铁龙签订电驱协议、与一汽集团联合开发并探讨资本 合作等。 13.3%/14.9%连创历史新高。公司25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发力，其 中A 平台定位入门级，B 平台B10/B01/B05 预计于年内上市，C 平台C10/C16/C11 焕新，D 平台定位中 高端市场。公司维持指引，预计全年50-60 万辆销量及10-12%毛利率，并力争年度盈利。 渠道扩张与精细化运营并进，全域自研平台构筑核心竞争力公司坚持"1+N"新零售模式，渠道网络加速 扩张与下沉，注重单店效率与经销商盈利（24 年渠道盈利率超80%），并强化终端营销与用户服务体 验。截至25Q1，销售门店达756 家，覆盖279 城，单店效率同比提升50%， ...

港股华兴资本控股(01911.HK)转跌，此前一度涨超20%。 ...

港股稳定币概念股集体回调，中国光大控股(00165.HK)跌超8%，众安在线(06060.HK)、连连数字 (02598.HK)均跌超6%。 ...