Core Insights - The report highlights the extension of tariff negotiations between the US and EU until July 9, indicating ongoing trade tensions [4] - It notes significant developments in the US economy, including a temporary halt on Harvard's foreign student admission ban and a surge in Japan's rice prices by 98.4%, the highest since 1971 [4] - The report mentions that China's foreign investment absorption reached 320.78 billion RMB from January to April, reflecting a robust investment climate [4] - It also points out that sales of Chinese brand passenger cars in April reached 1.571 million units, marking a year-on-year increase of 23.5% [4] Economic Data Summary - The Baltic Dry Index closed at 1340.00, down 0.07% [5] - The Nasdaq Index closed at 18737.21, down 1.00%, while the Dow Jones Industrial Average closed at 41603.07, down 0.61% [5] - The ICE Brent crude oil price was reported at 65.03, up 0.92%, and the London gold spot price was at 3357.52, up 1.91% [5] - The USD/CNY exchange rate (CFETS) was 7.19, down 0.20% [5] - The Hang Seng Index closed at 23601.26, up 0.24%, while the Shanghai Composite Index closed at 3348.37, down 0.94% [5]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 7.61, indicating a potential upside of 24% from the current price of HKD 6.14 [5][7][58]. Core Insights - The automotive steering system is transitioning from Electric Power Steering (EPS) to steer-by-wire (SbW) technology, which offers better responsiveness and safety features essential for advanced driving assistance systems (ADAS) and L3+ autonomous driving [5][30]. - The company's profitability is recovering, supported by a robust order book and strategic expansion into the steer-by-wire product line, which positions it competitively in the evolving automotive landscape [6][58]. - The company is expected to achieve significant revenue growth, with projected revenues of USD 4.47 billion, USD 4.77 billion, and USD 5.07 billion for FY2025, FY2026, and FY2027, respectively, reflecting year-on-year growth rates of 4.5%, 6.8%, and 6.2% [7][58]. Summary by Sections Company Overview - The company is a global leader in motion control technology, providing solutions for electric and hydraulic steering systems, steer-by-wire systems, and software solutions to over 60 customers, including major automotive manufacturers [16][21]. Transition to Steer-by-Wire - The shift from EPS to steer-by-wire is driven by the increasing demand for autonomous driving capabilities, with the technology expected to enhance vehicle safety and performance [30][31]. Recovery of Core Business - The company has seen a significant recovery in profitability, with net profit for 2024 projected at USD 61.72 million, a 68.1% increase from 2023 [6][38]. - The total order volume for 2024 reached USD 6 billion, with 31% of orders being new business, showcasing the company's competitive strength [41]. Financial Projections - The company forecasts revenues of USD 4.47 billion for FY2025, with a net profit of USD 121 million, representing a 96.2% increase year-on-year [58]. - The projected net profit margins are expected to improve, with net profit margins of 2.7%, 3.4%, and 3.7% for FY2025, FY2026, and FY2027, respectively [8][58]. Strategic Product Development - The company is expanding its steer-by-wire product portfolio, including the launch of rear-wheel steering (RWS) and electronic mechanical brake (EMB) systems, which are expected to enhance vehicle performance and safety [52][53]. - The EMB system represents a significant advancement in brake technology, replacing hydraulic systems with electronic controls for improved precision and integration [52]. Market Position and Competitive Advantage - The company maintains a strong market position in China, with a 16.16% market share in the EPS segment, ranking second in the domestic market [29]. - The strategic focus on software-defined vehicles (SDV) and collaboration with manufacturers enhances the company's ability to meet evolving market demands [36][37].

Economic Indicators - The U.S. manufacturing PMI rebounded strongly to 52.3, indicating expansion in the manufacturing sector[4] - China's total foreign direct investment reached $57.54 billion in the first four months of the year[4] - The total installed power generation capacity in China approached 3.5 billion kilowatts in the first four months[4] U.S. Treasury Market - The 2-year U.S. Treasury yield fell by 3.36 basis points to 3.986%[4] - The 5-year U.S. Treasury yield decreased by 7.44 basis points to 4.090%[4] - The 10-year U.S. Treasury yield dropped by 7.58 basis points to 4.529%[4] Stock Market Performance - The Nasdaq index closed at 18,925.73, up 0.28%[5] - The Dow Jones Industrial Average remained unchanged at 41,859.09[5] - The S&P 500 index closed at 5,842.01, down 0.04%[5] Commodity Prices - The price of ICE Brent crude oil fell by 1.36% to $64.03[5] - The spot price of London gold decreased by 0.60% to $3,294.49[5] - The CME Bitcoin futures rose by 2.21% to $111,365.00[5]

2025 年 5 月 22 日星期四 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 【实时热点】 小鹏汽车 Q1 营收超预期 研 究 报 告 特朗普与南非总统会晤时发生争执 20 年期美债拍卖疲软引发股债汇杀跌，美债价值面临调整压 力 欧盟抛出新贸易提案 日本 4 月对美出口四个月来首次下滑 伊朗重申永远不会停止铀浓缩 第一季度全球新能源车销量突破 400 万辆 年增 39% 8 部门联合发文支持小微企业融资 上海市提振消费专项行动方案：加力扩围实施消费品以旧换 新 百度 Q1 营收、调整后营业利润均超预期 2 年期美债收益率涨 4.90 个基点报 4.019% 5 年期美债收益率涨 9.23 个基点报 4.164% 10 年期美债收益率涨 11.56 个基点报 4.605% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2025-05-22 | 2621 | 手回集团 | | 资料来源：港交所、国元证券经纪（香港）整理 | | | | 【经 ...

2025 年 5 月 21 日星期三 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 1 证 券 研 究 报 告 日本考虑接受美国关税削减而非豁免 日本央行缩减购债规模严重冲击需求 欧洲债券发行规模以有史以来最快速度突破 1 万亿欧元 英国将立即暂停与以色列的自由贸易协定谈判 澳洲联储将基准利率下调 25 个基点至 3.85%，符合市场预 期 中国 2025 年 1-4 月税收收入同比下降 2.1%，非税收入同 比增长 7.7% 中国 1-4 月证券交易印花税 535 亿元，同比增 57.8% 中国 4 月全社会用电量同比增长 4.7% 苹果：全球开发者大会于 6 月 9 日开幕 马斯克确认关于 Robotaxis 于 6 月份在得州 Austin 上路的 计划 请务必阅读免责条款 2 年期美债收益率涨 0.02 个基点报 3.970% 5 年期美债收益率涨 1.07 个基点报 4.072% 10 年期美债收益率涨 3.96 个基点报 4.489% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 ...

2025 年 5 月 20 日星期二 【实时热点】 请务必阅读免责条款 1 证 券 研 究 报 告 微软发布一系列 AI 更新 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 1388.00 | 6.36 | 纳斯达克指数 | 19215.46 | 0.02 | | CME比特币期货 | 105780.00 | 1.30 | 道琼斯工业指数 | 42792.07 | 0.32 | | ICE布油 | 65.48 | 0.11 | 美元指数 | 100.37 | -0.60 | | 伦敦金现 | 3229.21 | 0.86 | 标普500 | 5963.60 | 0.09 | | 美元兑人民币(CFETS) | 7.21 | 0.12 | 日经225 | 37498.63 | -0.68 | | 香港重要指数 | 收市价 | 涨跌(%) | 内地重要指数 | ...

Core Insights - The report highlights that the U.S. retail sales in April exceeded expectations, indicating a stronger consumer spending trend [4] - Alibaba's Q1 revenue reached 236.5 billion yuan, with Alibaba Cloud revenue growing by 18%, showcasing robust performance in the technology sector [4] - Walmart's Q1 revenue was reported at $165.6 billion, which fell short of market expectations, reflecting challenges in the retail sector [4] Economic Data - The U.S. Producer Price Index (PPI) for April showed a year-on-year increase of 2.4% and a month-on-month decrease of 0.5%, both below expectations, indicating potential deflationary pressures [4] - The 2-year U.S. Treasury yield decreased by 7.95 basis points to 3.963%, while the 5-year and 10-year yields also saw declines, suggesting a shift in investor sentiment [4] - The Baltic Dry Index fell by 1.02%, indicating a decrease in shipping rates, which may impact global trade dynamics [5] Market Performance - The Nasdaq index closed at 19,112.32, down by 0.18%, while the Dow Jones Industrial Average rose by 0.65% to 42,322.75, reflecting mixed performance in the U.S. stock market [5] - The Hang Seng Index closed at 23,453.16, down by 0.79%, and the Shanghai Composite Index fell by 0.68% to 3,380.82, indicating a bearish trend in the Chinese market [5]

Economic Indicators - The 2-year U.S. Treasury yield increased by 4.65 basis points to 4.042%[2] - The 5-year U.S. Treasury yield rose by 6.73 basis points to 4.162%[4] - The 10-year U.S. Treasury yield climbed by 6.93 basis points to 4.534%[4] Market Performance - The Nasdaq index closed at 19,146.81, up 0.72%[6] - The Dow Jones Industrial Average closed at 42,051.06, down 0.21%[6] - The S&P 500 index finished at 5,892.58, up 0.10%[6] Corporate Developments - The White House announced a new agreement expected to generate at least $1.2 trillion in economic exchanges[3] - Tencent reported a Q1 operating profit of 69.32 billion yuan, a year-on-year increase of 18%[3] - Boeing received its largest order ever from Qatar, totaling $200 billion for aircraft[3]

Core Insights - The report highlights that the US April CPI increased by 2.3% year-on-year, which is lower than expected, while the core CPI rose by 2.8% [4] - JD Group reported a net revenue of 301.08 billion yuan for the first quarter, reflecting a year-on-year growth of 16% [4] - The IPO of CATL in Hong Kong attracted a significant retail subscription amounting to 161 billion USD [4] Economic Data - The Baltic Dry Index closed at 1304.00, up by 0.38% [5] - The Nasdaq Index closed at 19010.08, increasing by 1.61% [5] - The Dow Jones Industrial Average closed at 42140.43, decreasing by 0.64% [5] - The S&P 500 closed at 5886.55, up by 0.72% [5] - The ICE Brent crude oil price was 66.60 USD, up by 2.52% [5] - The USD/CNY exchange rate (CFETS) was 7.20, down by 0.17% [5] - The Hang Seng Index closed at 23108.27, down by 1.87% [5] - The Shanghai Composite Index closed at 3374.87, increasing by 0.17% [5]

Investment Rating - The report maintains a positive outlook on the Chinese innovative pharmaceutical sector, suggesting that it is a high-quality asset with significant potential for international expansion [4]. Core Insights - The recent U.S. drug pricing policy, while complex, is unlikely to have a substantial negative impact on the profits of major pharmaceutical companies [2][3]. - Chinese innovative drugs are recognized as some of the best assets globally, driven by a decade of development and reform in the drug research and development policy since 2015 [3]. - The report emphasizes that multinational corporations (MNCs) are likely to accelerate their business development (BD) efforts in innovative drugs due to the U.S. pricing policy and the upcoming expiration of numerous patents by 2028 [3][4]. Summary by Sections U.S. Drug Pricing Policy - The complexity of the U.S. healthcare system makes significant price reductions challenging, with the potential impact on pharmaceutical profits being limited [2]. - The administrative order signed by Trump aims to align U.S. drug prices with those in other countries, but its execution may face practical difficulties [2]. Chinese Innovative Drugs - The report highlights the strengths of the Chinese pharmaceutical industry, including a robust pipeline of innovative drugs and a well-developed clinical research environment [3]. - The integration of high-quality resources in China has led to recognition from MNCs, positioning Chinese innovative drugs favorably in the global market [3]. Investment Recommendations - The report suggests focusing on companies with globally competitive innovative drug pipelines that are likely to engage in business development, including companies like HeYue-B (2256.HK), YiMing Oncology-B (1541.HK), and others [4].