The 720: China CDMO, China Industrial Tech, Huaming upgrade, Japan Real Estate, China Brokers, China Energy, Japan SPE, Yaskawa

研报英文原文证据摘录

The 720: China CDMO, China Industrial Tech, Huaming upgrade, Japan Real Estate, China Brokers, China Energy, Japan SPE, Yaskawa

Goldman Sachs The 720

HK$1.20, while we maintain our Buy rating on Pou Sheng due to its more manageable

earnings impact. We believe Nike’s channel reform could drag its near-term sales,

offering market share opportunities for Buy-rated Anta and Li Ning, though potential

inventory clearance could create a more promotional environment and pressure margins

across the sector. Michelle Cheng

Commodity Analyst – How China Is Buffering the Global Energy Supply Shock. We

observe that a significant drop in China’s oil and natural gas imports following the Middle

East conflict has led to only a moderate economic slowdown, with total energy demand

growth remaining slightly positive at +0.4% year-over-year in April and May. We

attribute this resilience to the effective destocking of domestic coal, oil, and natural gas

inventories, alongside aggressive fuel substitution toward coal and renewables,

highlighted by a 60% yoy surge in EV charging volumes offsetting a 23% decline in

gasoline consumption. Furthermore, energy-driven output reductions have been largely

contained to oil- and gas-intensive sectors like processed crude and chemical fibers,

while industries utilizing flexible power sources or modern coal-to-chemicals pathways

have maintained resilient production. Hongcen Wei

Japan Technology – June SEAJ Data Shows Strong Front-End Equipment Demand.

Following strong June 2026 Semiconductor Equipment Association of Japan (SEAJ) data,

we highlight that front-end equipment is driving robust growth in FY3/27 across a broad

range of applications, including HBM, leading-edge logic, and memory. April-June