US Economics Vi e w p o i n t | 16 Jul 2026 10:35:53 ET │ 10 pages June retail sales close to expectations CITI'S TAKE Retail sales increased by 0.2%MoM in June, close to our expectation for a 0.1%MoM increase and in line with consensus expectations. Gasoline sales weighed on the June reading but the drag was offset by stronger spending on autos and at nonstore retailers. Control group sales that exclude some volatile categories grew by 0.5%MoM, in line with consensus expectations but stronger than our expe ...

研究报告 Research Report 16 Jul 2026 英诺赛科 Innoscience (Suzhou) Technology Holding (2577 HK) 首次覆盖: 氮化镓之王：8 英寸 IDM 的降维打击 The GaN King: Dimensional Dominance of the 8-Inch IDM: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$52.75 目标价 HK$112.10 HTI ESG 3.1-3.5-3.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$48.27bn / US$6.16bn 日交易额 (3 个月均值) US$107.20mn 发行股票数目 899.38mn 自由流通股 (%) 10% 1 年股价最高最低值 HK$101.60-HK$36.90 注：现价 HK$52 ...

16 Jul 2026 09:26:02 ET │ 18 pages Australia Beverages Insights from a recent pub conference – relevant to EDV + EVT CITI'S TAKE We attended an Australian pub/hotel conference this week and have come away positive on the outlook for Endeavour's Hotels business as 1) on- premise (+7.2% MAT growth to Mar-26) continues to outperform off- premise (-1.1%) liquor consumption as consumers gravitate towards drinking as part of an event/experience rather than at home, 2) accommodation is a margin effective revenue d ...

证 券 研 究 报 告 TCL 电子（01070.HK）重大事项点评 强推（维持） 空调资产拟注入，加速全品类全球化进程 目标价：18.3 港元 事项： ❖ TCL 电子公告将以总对价 56.1 亿港元收购 TCL AeroWell（Cayman）100%股 权。交割后 TCL 电子实际权益比例为 51%，剩余 49%仍由 TCL 家电集团（TCL 实业控股全资子公司）持有。有望 26Q4 完成交割。 评论： [主要财务指标 Indicator_FinchinaSimpleHK] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万港元) | 114,583 | 136,290 | 160,187 | 182,890 | | 同比增速(%) | 15.4% | 18.9% | 17.5% | 14.2% | | 归母净利润(百万港元) | 2,495 | 3,025 | 3,444 | 3,823 | | 同比增速(%) | 41.8% | 21.2% | 13.9% | 11.0% | | 每股盈利(港元 ...

June Update: Light Cat Losses Imply 2Q26 EPS Upside June 2026 catastrophe losses were lower than expected. Allstate stopped reporting monthly PIF following the May 2026 release. PIF figures will still be disclosed every quarter, and catastrophe losses will continue to be disclosed on the third Thursday of each month (without any minimum threshold for disclosure). • June catastrophe losses were below expectations, implying upside to earnings estimates. ALL reported catastrophe losses of $563 million in June ...

Vi e w p o i n t | 16 Jul 2026 08:46:44 ET │ 16 pages AMP Ltd (AMP.AX) China partnerships shine more brightly, likely resetting the base higher CITI'S TAKE AMP's guidance for 1H26E underlying profit of A$170m-A$180m is ~25% above prior consensus (a ~A$35m beat). While some of the favourable variance relates to likely one-off or volatile items, the main highlight is the strong contribution from China Partnerships - which more than doubled yoy 1H26E (+A$29m). While we previously expected higher than consensus ...

J P M O R G A N Asia Pacific Equity Research 16 July 2026 AMP Limited 1H26 early NPAT release suggests China Life is seeing incredible growth AMP provided very strong underlying NPAT early guidance for 1H26 of $170 - $180m (JPMF was at $136m). Much of the upside vs our forecast appears to be related to China Life and investment income (both appear sustainable to us) as well as some general strength in other operating lines. We discuss the drivers and implications below. Sources for: Style Exposure – J.P. Mo ...

[Table_IndustryAndDate] 证券研究报告 | 宏观经济 | 定期跟踪报告 | 2026/07/16 7 月经济初窥 [Table_TypeEn] Macroeconomics | [Table_Author] [Table_Author] 郭磊 | 贺骁束 | | --- | --- | | SAC 执证号： | SAC 执证号： | | S0260516070002 | S0260517030003 | | SFC CE.no: BNY419 | | | 021-38003572 | 021-38003589 | | guolei@gf.com.cn | hexiaoshu@gf.com.cn | 请注意，贺骁束并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。持牌人，不可在香港从事受监管活动。 7 月首周燃煤电厂发电、日耗数据同比转降。中电联口径截至 7 月 9 日，纳入统计的发电集团燃煤电厂本月累计发电量同比-10.1%（6 月同比 7.4%）。 中电联表示非电用煤需求不强，盈利偏弱压制采购，主动补库意愿低，以刚需为主。截至 7 月第二周，三峡水库入库流量均值同 ...

海外高增与电动化升级共振，精细化运营构筑盈 利韧性 买入(维持) 投资要点 分析师：尤少炜 S1050525030002 yousw@cfsc.com.cn 基本数据 2026-0 7- 1 5 当前股价（元） 8.24 总市值（亿元） 168 总股本（百万股） 2037 流通股本（百万股） 2034 52 周价格范围（元） 7.55-12.84 日均成交额（百万元） 508.49 市场表现 资料来源：Wind，华鑫证券研究 -30 -20 -10 0 10 20 30 40 (%) 柳工 沪深300 相关研究 2026 年 07 月 16 日 1、《柳工（000528）：电动化领 跑，新业务突破》2026-05-17 2、《柳工（000528）：十五五规划 清晰，增长动力充足》2025-12-19 3、《柳工（000528）：净利润稳步 提升，市场化改革持续推进》2025- 07-18 —柳工（000528.SZ ）公司动态研究报告 ▌海外市场创历史新高，大客户战略与区域均衡布 局驱动高质量增长 公司海外市场延续高景气态势，2026 年一季度海外市场收入、销量均 创历史新高，同比保持两位数的增长。从区域分布 ...

Ac t i o n | 16 Jul 2026 07:00:23 ET │ 15 pages BJ-SH High Speed Railway (601816.SS) Model Update; Maintain Buy on Strong FCF, High Profitability, and Trough Valuation CITI'S TAKE We are updating our model of BJ-SH HSR (High Speed Railway), trimming our 2026/27E earnings forecasts slightly by 4%/4% respectively as we lower our GPM forecasts for these two years to reflect rising COGS, in particular transportation mgmt. fee. We also lower our DCF-derived TP by ~10% to Rmb6.0 (from Rmb 6.7) and also introduce ...