摩根士丹利发表报告指，2025年第二季中国消费行业需求复苏尚未显现，公司层面销售和利润率趋势分化加剧。该行覆盖公司的市场盈利预估在2025年第二季度下降，主要受成熟品类销售压力的影响。
大摩预期高增长股将持续保持强劲势头，而老铺黄金(06181.HK) 及泡泡玛特(09992.HK) 将有潜在盈利上升空间。在成熟品类中，盈利上升更可能来自利润率的改善。该行预期中国中免(01880.HK) 、康师傅控股(00322.HK) 及农夫山泉(09633.HK) 将有潜在上升空间。
白酒行业预计表现疲弱，存在下行风险。海底捞(06862.HK) 、珀莱雅(603605.SH) 、华利(300979.SZ) 和蒙牛(02319.HK) 预计盈利下行。
行业首选股方面高增长的泡泡玛特、巨子生物(02367.HK) 。具转势主题的伊利股份(600887.SH) 、周大福(01929.HK) 。韧性与回报主题有百胜中国(09987.HK) 、安踏(02020.HK) 。(ha/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-07-11 16:25。) (A股报价延迟最少十五分钟。)
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.