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大行評級|大摩:預期第二季老鋪黃金及泡泡瑪特有潛在盈利上升空間
摩根士丹利發表報吿指,2025年第二季中國消費行業需求復甦尚未顯現,公司層面銷售和利潤率趨勢分化加劇。大摩預期高增長股將持續保持強勁勢頭,老鋪黃金及泡泡瑪特將有潛在盈利上升空間。在成熟品類中,盈利上升更可能來自利潤率的改善,該行預期中國中免、康師傅控股及農夫山泉將有潛在上升空間。白酒行業預計表現疲弱,存在下行風險。海底撈、珀萊雅、華利和蒙牛預計盈利下行。行業首選股方面,包括高增長的泡泡瑪特、鉅子生物;具轉勢主題的伊利股份、周大福;韌性與回報主題有百勝中國、安踏。
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