Vi e w p o i n t | 15 Jul 2026 03:21:27 ET │ 16 pages China Internet Jun'26 retail sales breakdown — Excl. auto (which was -16.1% YoY), total retail sales in Jun'26 would have increased +3.0% YoY vs +1.0% for total retail sales in Jun'26. By category, communication tools, office tools, and cosmetics, were the top performers at +16.5%, +12.7%, and +12.6% YoY respectively, while beverages and apparel grew +5.8% and +3.9% YoY. On the downside, automobiles, decoration materials and home appliances fell -16.1%, ...

投资评级 - 报告给予宝丰能源“增持”评级 [4][6] 核心观点 - 报告认为宝丰能源作为煤制烯烃龙头企业，正受益于油煤价差走扩，盈利弹性集中兑现，且内蒙古项目达产及后续新项目储备为公司提供了强劲的成长性 [2][3][4] 业绩表现与增长驱动 - 公司预计2026年上半年实现归母净利润93-102亿元，同比增长62.65%-78.40% [2] - 2026年第二季度单季归母净利润预计为56.39-65.39亿元，中值约60.89亿元，同比增长71.88%-99.31%，环比增长54.05%-78.64% [2] - 业绩增长主要驱动因素为内蒙古烯烃项目放量，以及中东地缘冲突推升石油、烷烃价格，带动化工产品价格上涨和烯烃盈利能力增强 [2] 行业与成本优势分析 - 2026年第二季度，布伦特原油期货均价为96.68美元/桶，环比上涨23.35%；同期动力煤（包头Q5000车板价）均价为594.95元/吨，环比上涨11.25% [2] - 油价涨幅显著高于煤价，使得煤制烯烃相对油制路线的成本优势扩大，公司作为煤制路线龙头有望受益 [2] 项目进展与未来规划 - 公司内蒙古300万吨/年煤制烯烃项目已于2025年全面达产 [3] - 2026年第一季度，聚乙烯销量71.83万吨，同比增长39.60%；聚丙烯销量68.96万吨，同比增长40.30%；EVA/LDPE销量6.55万吨，同比增长39.10% [3] - 宁东四期50万吨/年烯烃项目截至2025年末已投资14.77亿元，工程进度14.00%，计划于2026年底建成投产 [3] - 公司远期储备了新疆烯烃项目和内蒙古二期烯烃项目，旨在打造新的成本高地和增长极 [3] 财务预测与估值 - 报告预测公司2026-2028年归母净利润分别为164.6亿元、179.0亿元、188.3亿元 [4] - 对应的预测市盈率分别为9.8倍、9.0倍、8.6倍 [4] - 预测2026-2028年营业收入分别为571.04亿元、625.66亿元、660.54亿元 [5] - 预测2026-2028年每股收益分别为2.25元、2.44元、2.57元 [5]

Results Aker BP reported a solid set of 2Q26 results this morning (15 July) with an EBITDA of $3,351 mn (GSe: $3,281 mn, vs company-compiled consensus of $3,248 mn) and net income at $521 mn but at $729 mn (before-impairment), vs consensus of $555 mn (GSe: $565 mn). The bottom line was impacted by a non-guided net impairment charge of $625 mn driven by other intangible assets at Valhall due to lower short-term oil and gas prices and updated cost profiles, leading to an effective tax rate of 76%. The result ...

15 July 2026 | 7:30AM BST Equity Research B&M European Value Retail PLC (BMEB.L): First Take: 1Q27 B&M UK LFL -2.3% (consensus -1.4%) News: B&M released a 1Q27 trading update with B&M UK LFL growth -2.3% (Visible Alpha Consensus Data -1.4%). Group sales were +2.0% yoy (consensus +1.8%) at £1.43bn (consensus £1.43bn), split B&M UK £1.13bn (consensus £1.14bn), Heron Foods £142mn (consensus £140mn) and France £156mn (consensus £148mn). Furthermore, 1Q27 B&M France LFL was +5.3% (consensus +1.8%) and Heron Food ...

C A Z E N O V E Europe Equity Research 15 July 2026 B&M Closing the gap won't be linear Our Take: B&M 1Q trading came in below expectations with UK LFLs at -2.3% (vs JPMe +0.5%/cons -1.3% ), dragged in part by seasonality (soft garden season in the context of high April base ly), partially offset by GM categories returning to growth in May and June. There continues to be no outlook/guidance as expected, to be provided with the interims in November as previously flagged. Management note GM trading margins to ...

15 July 2026 | 7:19AM BST Equity Research ASML Holding (ASML.AS): 2Q26 First Take: Strong orders underpin robust EUV/DUV capacity outlook ASML's 2Q26 revenue was 6% above Visible Alpha Consensus Data and EBIT came in 13% ahead of consensus. As such, the company upgraded its guidance for 2026 and expects revenue of between €43bn and €45bn (vs. €36bn to €40bn prior) with gross margin of 54%-56% (vs. 51%-53% prior). As such, we note that the guide for 2026 implies revenue broadly 11% ahead of consensus at the ...

Vi e w p o i n t | 15 Jul 2026 03:58:32 ET │ 16 pages China Property Jun NBS: Weaker Investment; Land Supply Constrains Volumes Position for sales growth and pickup in launches from Sep; look through weak 1H earnings — Our positive sector view is backed by (1) likely accelerating sales growth in Jul-Sep on resilient volumes in core cities and a favorable low base; (2) a stronger new launch pipeline from Sep; (3) likely supportive tone from Jul's Politburo meeting. Despite recent sector share price retreat, ...

J P M O R G A N North America Equity Research 15 July 2026 Etsy Raising Estimates Above Guidance Into 2Q Earnings; Focus on Social Commerce Initiatives, GMS Growth, & Frequency; Neutral w/$85 PT We're raising our 2Q & 2026 GMS estimates above mgmt's guidance into upcoming 2Q26 earnings. ETSY shares are +50% YTD (vs. SPX +10%) and are +31% since 1Q earnings (vs. SPX +6%), driven by Etsy Marketplace GMS growth acceleration, solid execution & improving fundamentals, the pending Depop sale, & capital returns. W ...

NBS' 70-city primary-market weighted average property price change in June: -1.0% mom annualized (seasonally adjusted by GS), -3.3% yoy. May: -1.8% mom annualized, -3.5% yoy. 15 July 2026 | 1:31PM HKT Economics Research China: 70-city average primary property price decline narrowed further in June, with Tier-1 cities posting sequential gains Bottom line: The National Bureau of Statistics' 70-city house price data suggest the weighted average property price in the primary market fell by 1.0% mom annualized i ...

15 July 2026 | 8:03AM CEST Equity Research Dr. Martens Plc (DOCS.L): AGM Trading Update - 1Q on track and FY27 outlook unchanged AGM Trading Update and 1Q commentary in line with expectations. Dr. Martens has released commentary as part of its AGM taking place today (15th July). The key takeaway is that trading since the start of the financial year has been in line with expectations, with FY27 outlook and guidance unchanged. The company also reiterated that it remains focused on its ambition to become the w ...