the macro
1. Debon Securities: In June, the labor market showed a situation of weak supply and demand, but the recovery of weaker supply has strengthened the resilience of wage inflation, the expectation of raising interest rates in July, and the risk of a second rise in inflation in the second half of the year, and the Fed’s tightening.
2. Guotai Junan: From the three perspectives of leading indicators, downstream demand, and the willingness of companies to replenish inventory, the US destocking cycle is still on the way and will last at least until the end of 2023.
industry
1. Soochow Securities: The fundamentals of the national defense and military industry are fluctuating upwards, and we are optimistic about Davis’ double-click under the expectation of military industry reform and incremental orders.
2. Orient Securities: We are optimistic about the efficiency improvement, innovative gameplay and the birth of new business models brought by AI to the game industry. The combination of these three and the game industry will be progressive.
3. Huachuang Securities: Satellite Internet includes satellite manufacturing, launch, ground equipment and other links. Among them, the satellite-side manufacturing link has a strong growth rate, and the user-side has a wide range of applications. It is recommended to pay attention to relevant sector targets.
individual stocks
1. Essence Securities: 3TREES has made joint efforts in the big B, small B, and C ends, with sound channel construction, clear growth strategy, and profitability is expected to continue to rise; maintain the “buy” rating.
2. GF Securities: China CDFG’s discounts continue to narrow, and profitability begins to recover, waiting for the inflection point of peak season sales; maintain the “buy” rating for A/H shares.
3. Minsheng Securities: Since 2022H2, Ganyuan Foods has continued to promote channel transformation, and at the same time actively cultivated high-end member stores and distribution channels, with sufficient growth momentum; maintain the “recommended” rating.
4. Zheshang Securities: Innosilicon’s products have higher performance and higher selling prices, higher profitability, and a certain valuation premium; for the first time coverage, give an “overweight” rating.