麥格理發表中國市場策略報告，列出中資股四大投資主題
麥格理最新發表的中國市場策略報告指出，中資股的投資機會主要集中在四大主題。第一是選擇性消費以及消費降級的受惠者；第二是技術內包，即自主技術的發展和應用；第三是先進製造業；第四則是能源自給自足。報告同時列出了一系列相關股票組合，當中包括比亞迪（01211.HK），評級為跑贏大市，目標價160港元；美的集團（000333.SZ）同樣獲得跑贏大市評級，目標價亦有明確指引。這些主題反映出麥格理對中國經濟結構調整及新興行業發展的看法，強調在全球供應鏈重組及內需拉動的大背景下，投資者應聚焦於具備長遠成長潛力的行業和企業。
ASMPT(00522)曾跌近3%，遭滙豐研究削目標價一成
滙豐研究於2025年6月11日早上發佈報告，將ASM太平洋（ASMPT，股票代號00522.HK）的目標價由74港元下調約9.5%至67港元，並維持「持有」評級。報告指出，ASMPT首財季業績未達預期，且第二季度銷售指引亦低於滙豐的估計，主要原因在於表面貼裝技術（SMT）設備需求疲弱。當日ASMPT股價曾一度下跌2.7%，最低見55.85港元，收市報56.15港元，仍跌約2.18%，成交額約1.02億港元。滙豐認為，SMT設備市場的疲軟短期內難以改善，將對ASMPT的業績構成壓力。
《大行》滙豐研究降ASMPT目標價至67元，SMT主流需求疲弱
滙豐研究進一步分析指出，ASMPT首季收入不及預期，毛利率亦有所下滑，反映出市場對SMT設備的需求持續疲弱。儘管先進封裝市場的業務表現符合預期，但不足以抵銷SMT部門的壓力。滙豐因此下調ASMPT今明兩年的每股盈利預測，分別下降52%及10%。報告維持「持有」評級，但將目標價由74港元調整至67港元，反映出對ASMPT短期業績復甦的謹慎態度。
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【評論與深入分析】
麥格理對中國市場的四大投資主題設定，顯示出對中國經濟轉型的深刻洞察。特別是選擇性消費與消費降級的投資機會，反映內地消費者結構的多元化和分層化趨勢，投資者應聚焦於那些能夠抓住中低端市場需求的企業。技術內包和先進製造則是中國致力於提升自主創新能力和高端製造水平的體現，長遠看具備較高成長潛力。能源自給則與國家能源安全戰略密切相關，未來有望成為政策支持的重點。
至於ASMPT的最新動向，滙豐對其業績表現的下調和目標價的調整，反映出電子製造業中SMT設備需求的疲弱，這與全球電子行業周期波動及供應鏈調整有關。ASMPT作為行業龍頭，短期業績受壓但仍具基礎，尤其其先進封裝業務仍保持穩定，顯示公司在新技術領域的佈局尚有價值。投資者需密切關注全球電子製造業的復甦節奏，以及ASMPT如何通過創新和市場擴展來彌補SMT業務的疲軟。
整體而言，中資股的投資機會與風險並存，市場波動加劇，投資者應從宏觀政策、產業趨勢及企業基本面多角度審視，靈活調整投資策略。ASMPT的例子提醒我們，即使是行業龍頭，也難免受周期性波動影響，關鍵在於能否抓住新興市場和技術升級的機會。
以上文章由特價GPT API KEY所翻譯及撰寫。
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![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra during her sacred milk bath beauty ritual, embodying divine femininity, sensual elegance, and timeless power.",
"angle": "Close-up beauty editorial captured at a refined 3/4 angle, focusing on her face, shoulders, and upper chest with extreme clarity and no blur.",
"pose": {
"body_position": "She is partially submerged in a luxurious milk bath, her shoulders and collarbones emerging gracefully from the surface.",
"hands": "One hand gently rests at the edge of the bath with milk droplets on her fingers, while the other lightly touches her neck adorned with subtle gold jewelry.",
"expression": "Soft yet commanding gaze directed toward the camera—calm, confident, intimate, and hypnotic."
}
},
"appearance": {
"outfit": "A barely-there, ritual-style ivory silk drape partially submerged in the milk bath, clinging softly to her skin. The fabric is delicate and translucent, edged with fine gold-thread embroidery for a sensual, sacred aesthetic.",
"accessories": "Minimal ritual jewelry—thin gold collar necklace resting above the milk surface, delicate arm cuff, subtle finger ring—kept refined to maintain focus on beauty and skin.",
"hair": "Her hair is sleek and ritual-polished, partially damp and slicked back at the crown, with soft wet strands framing her face naturally, reflecting candlelight.",
"makeup": "High-fashion Cleopatra beauty makeup with ceremonial artistry—perfectly sculpted brows, elongated black kohl eyeliner, vibrant eyeshadow layered in turquoise, teal, emerald, sapphire blue, and metallic gold. Beneath the eyes, subtle artistic ink-inspired accents echo ancient Egyptian symbolism. Her skin is luminous and dewy, cheeks softly flushed, and lips finished in a nude-rose satin sheen."
},
"ritual_props": {
"bath": "A carved alabaster bathtub filled with warm milk infused with honey, almond oil, and lotus essence.",
"floating_elements": [
"Fresh lotus flowers",
"Soft white rose petals",
"Delicate gold flakes shimmering on the milk surface"
],
"beauty_products": [
"Small golden perfume vial with lotus and myrrh oil",
"Alabaster bowl of honey and milk mixture",
"Clay jar of mineral kohl and pigment powders"
]
},
"background": {
"macro_environment": "An intimate royal bathing chamber within Cleopatra’s palace, designed as a sacred beauty sanctuary.",
"midground_details": "Soft linen curtains, glowing oil lamps, tall candles, and subtle steam rising from the bath, creating a warm and sensual atmosphere.",
"micro_elements": "Milk ripples around her skin, floating petals touching her shoulders, tiny droplets of moisture on her collarbones, reflections of candle flames on gold jewelry, visible stone texture on the tub, and delicate fabric translucency—every detail sharply rendered with zero blur."
},
"lighting": {
"type": "Warm cinematic candlelight combined with soft ambient palace glow.",
"effect": "Golden highlights sculpt her face and skin while gentle shadows enhance depth, intimacy, and divine beauty."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "85mm prime lens for beauty editorial compression",
"aperture": "f/8 for maximum facial and detail sharpness",
"iso": 100,
"shutter_speed": "1/160s",
"focus": "Extreme sharp focus on facial features, skin texture, makeup details, and milk surface, no bokeh, no blur"
},
"style": "Luxury beauty editorial, sacred milk bath ritual, ancient Egyptian goddess realism, intimate yet powerful, ultra-detailed, luminous skin focus, cinematic elegance"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006026-300x167.png)
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