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date
24/08/2025
The four major state-owned banks, as well as large banks such as China Merchants Bank, will announce their interim financial results on August 29. Securities firms are mainly concerned about the continued narrowing of net interest margins for bank stocks in the second quarter, and the impact this will have on net interest income, as well as the impact of capital injections by the "national team" into banks in the first half of the year on the profit and dividend prospects of banks in the second half of the year.
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4 m ago
The research report from CITIC Securities indicates that based on the selected global top-tier listed jewelry companies sample, leading luxury goods groups' jewelry business shows strong resilience in the second quarter of 2025 with strong product design capabilities and brand power, steady growth. Looking at different regions, the European and American markets show strong resilience; the Japanese market records a decline due to a high base period, while the Chinese market shows a trend of improvement month-on-month; Indonesia and India's gold and jewelry markets have strong consumer enthusiasm, with leading companies showing good momentum. In terms of product, jewelry companies continue to innovate and enhance their core product design capabilities. In terms of pricing strategy, companies are passing on the short-term impact of raw materials, tariffs, and exchange rates to consumers through price increases, and it is expected that they will maintain a cautious pricing strategy in the future. On the distribution side, companies are advancing the "DTC" strategy to face consumers directly. Looking ahead, leading jewelry companies overall maintain optimistic expectations, continue to increase investment in product capabilities enhancement, distribution channels, and regional expansion, and it is expected that brand momentum will further be released. Based on this, CITIC Securities believes that gold and jewelry companies with strong product capabilities and accelerated overseas expansion are expected to stand out, recommending leading companies in the gold and jewelry industry to maintain a "stronger than the market" rating.
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