Group 1: Xpeng Motors - Xpeng G7 officially launched and began pre-sales, featuring the first Turing AI chip, enhancing computing power to L3 level [1] - The G7 offers a range of 702 km and is positioned in the 250,000 RMB electric SUV market, competing with Tesla Model Y and others [1] - The report maintains a "Buy" rating with a target price of 134.69 HKD, anticipating growth in sales, ASP, and gross margin following new model releases [1] Group 2: Battery Industry - China's total battery production and sales reached 123.5 GWh and 123.6 GWh respectively, with year-on-year growth of 47.9% and 58.1% [2] - The installed capacity of power batteries was 57.1 GWh, showing a year-on-year increase of 43.1% and a month-on-month increase of 5.5%, with lithium iron phosphate batteries accounting for 82% of the total [2] - The report indicates a slowdown in export growth due to tariff disruptions but expects a recovery in June [4] Group 3: Solid-State Batteries - The release of standards for solid-state batteries is expected to promote industry advancements [4] - Ningde Times is making progress in lithium metal battery product development, aiming to achieve energy density breakthroughs of over 500 Wh/kg [4] - The report suggests focusing on companies with cost and technological advantages, particularly Ningde Times [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 134.69, indicating a potential upside of 64.7% from the current price of HKD 81.80 [4][5]. Core Insights - The company has launched the new G7 model, which features the Turing AI chip, achieving over 2200 TOPS of effective computing power, significantly surpassing the industry standard of 80-700 TOPS [1]. - The G7 is positioned as a family SUV with a pre-sale price of RMB 235,800 and is expected to be delivered in Q3 2025, targeting the electric SUV market [1]. - The G7's advanced features include a local deployment of VLA+VLM models for enhanced intelligent driving capabilities and a partnership with Huawei for an AR-HUD system, improving the driving experience [1]. - The company has seen a substantial increase in sales, with a 293% year-on-year growth in new car deliveries, totaling 162,578 units in the first five months of the year [1]. Summary by Sections Product Launch - The G7 model is the first to feature the Turing AI chip, enhancing its intelligent driving capabilities with L3 level computing power [1]. - The vehicle includes a maximum power output of 296 horsepower and a range of 702 km, catering to the needs of tech-savvy families [1]. Market Positioning - The G7 fills a market gap between the G6 and G9 models, targeting young users and families who prioritize technology and comfort [1]. - The competitive landscape includes models such as Tesla Model Y and others, indicating a strong market presence upon launch [1]. Sales Performance - The company has achieved a significant milestone with monthly sales exceeding 30,000 units for seven consecutive months, indicating robust demand for its vehicles [1]. - The report anticipates continued growth in sales, average selling price (ASP), and gross margin with the introduction of new and updated models [1].

Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including CATL, EVE Energy, Guoxuan High-Tech, and others, with target prices indicating potential upside [1][17]. Core Insights - The battery industry continues to experience high growth in installed capacity, with a year-on-year increase of approximately 58% in power battery installation volume as of May 2025 [2]. - The report highlights that the export growth rate has slowed but is expected to recover soon, with May exports reaching 19 GWh, a year-on-year increase of 30% [2]. - CATL's market share in China's power battery installation volume increased by 3.4 percentage points to 42.9% in May 2025, indicating a strong competitive position [2][15]. Summary by Sections Industry Performance - In May 2025, China's total power and other battery production/sales reached 123.5 GWh/123.6 GWh, with year-on-year growth of 47.9%/58.1% [2]. - The concentration of power battery installation volume slightly increased, with the top three and five companies holding 72.9% and 82.1% market shares, respectively [2][17]. Company Developments - EVE Energy plans to issue H-shares to enhance its global strategy and improve its capital strength [2]. - CATL has made progress in developing lithium metal battery products, aiming to achieve energy density breakthroughs of over 500 Wh/kg [2]. Market Trends - The report notes that the full solid-state battery standards have been published, which will help accelerate the transformation of industry achievements [2]. - The report anticipates a recovery in exports in June 2025, driven by a partial tariff agreement between China and the U.S. [2].

Industry Rating - The report assigns a "Leading" investment rating to the technology industry, indicating a positive outlook for the sector over the next 12 months [1][38]. Core Insights - The technology sector has shown significant stock price recovery, driven by strong demand for advanced processes and memory chips. The MSCI Information Technology Index increased by 9.6% from May 10 to June 9, outperforming the MSCI Global Index, which rose by 5.5% [3]. - Trade uncertainties have eased, contributing to a rebound in global stock markets. The report highlights that the U.S. tech stocks are performing stronger than the broader market, while Hong Kong tech stocks lag behind [3]. - TSMC reported a 40% year-on-year revenue increase in May, indicating sustained demand for AI chips. The report remains optimistic about the long-term development of global AI infrastructure [3]. - Memory chip prices have continued to rise, with DDR4 prices increasing by 22.2% in April and NAND Flash prices up by 34% compared to the end of last year. The report anticipates that memory prices will maintain an upward trend due to supply-side adjustments and increased demand from downstream customers [3]. Summary by Sections Investment Recommendations - The report suggests that despite ongoing trade-related uncertainties, investors have reached a consensus that the worst-case scenario is unlikely to return. It recommends focusing on areas with high certainty, such as AI technology and domestic semiconductor supply chain developments [3][37]. Market Performance - The report provides a comparative analysis of various indices, showing that the technology sector has outperformed other sectors, with significant gains noted in the semiconductor and software industries [5][8]. Company-Specific Insights - TSMC's revenue for May was reported at NT$320.5 billion, reflecting a 40% year-on-year increase, which is attributed to strong AI chip demand. The company is expected to maintain its technological advantage as it moves towards 2nm production in the second half of 2025 [3][32]. - The report also highlights specific stock recommendations, including "Buy" ratings for companies like NVIDIA and AMD, indicating potential upside in their stock prices [37].

Industry Investment Rating - The report assigns a "Leading" investment rating to the technology industry, indicating a positive outlook for the sector over the next 12 months [1]. Core Insights - The technology sector has shown significant stock price recovery, driven by strong demand for advanced processes and memory chips [1]. - Trade uncertainties have eased, contributing to a rebound in global stock markets, with the MSCI Information Technology Index rising by 9.6% from May 10 to June 9, outperforming the MSCI Global Index, which increased by 5.5% [3]. - TSMC reported a 40% year-on-year revenue increase in May, indicating sustained demand for AI chips, while storage prices for DRAM and NAND Flash have continued to rise, suggesting ongoing cost pressures in the smartphone and consumer electronics sectors [3][4]. Summary by Sections Industry Performance - The MSCI Information Technology Index outperformed other sectors, with a notable increase of 9.6% compared to the MSCI Global Index's 5.5% [3]. - TSMC's revenue for May reached 320.5 billion New Taiwan Dollars, reflecting a 40% year-on-year growth, despite an 8% decline from the previous month [3][33]. Market Trends - Memory chip prices have seen significant increases, with DDR4 prices rising by 22.2% from March to April, and NAND Flash prices increasing by 34% compared to the end of last year [3][34]. - The report anticipates that storage prices will continue to rise due to supply-side adjustments and increased demand from downstream customers [3]. Investment Recommendations - Investors are encouraged to focus on areas with high certainty, particularly in AI and domestic semiconductor sectors, as well as potential improvements in automotive and industrial demand [3]. - The report highlights specific companies with buy ratings, including Nvidia, AMD, and TSMC, indicating strong potential for growth in the semiconductor design and foundry sectors [37].

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 167.75, indicating a potential upside of 23.7% from the current closing price of HKD 135.60 [1][10]. Core Insights - The report highlights strong sales performance in May, with BYD selling a total of 382,476 vehicles, representing a year-on-year increase of 5.3% and a month-on-month increase of 1.2%. The sales of new energy passenger vehicles reached 376,930 units, up 14.1% year-on-year [7]. - BYD continues to lead the global new energy vehicle market, with a significant advantage over competitors, despite a slight decrease in market share in mainland China [7]. - The report emphasizes the robust performance of BYD's core sales networks, with the Dynasty and Ocean series contributing significantly to overall sales [7]. - High-end brands such as Tengshi and Fangchengbao have shown remarkable growth, with Tengshi's sales increasing by 29.3% year-on-year [7]. - Export sales reached a record high, with overseas sales of new energy vehicles totaling 89,047 units, a year-on-year increase of 133.6%, contributing to 23% of total sales [7]. - The report projects continued growth for BYD, driven by its competitive advantages in scale, technology, and brand, alongside an expanding high-end brand matrix and overseas production capacity [7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602,315 million in 2023, RMB 777,102 million in 2024, and expected to reach RMB 977,249 million in 2025, reflecting a year-on-year growth of 42.0% and 29.0% respectively [3][11]. - Net profit is projected to grow from RMB 30,041 million in 2023 to RMB 40,254 million in 2024, and further to RMB 52,460 million in 2025, indicating a significant year-on-year increase of 80.7% and 34.0% respectively [3][11]. - The earnings per share (EPS) are expected to rise from RMB 3.30 in 2023 to RMB 4.42 in 2024, and RMB 5.75 in 2025, showcasing a strong growth trajectory [3][11]. - The price-to-earnings (P/E) ratio is projected to decrease from 37.7 in 2023 to 21.6 in 2025, indicating improving valuation metrics as earnings grow [3][11]. Market Position - BYD's market capitalization stands at approximately HKD 1,683,750.78 million, with a year-to-date price change of 52.59% [6]. - The stock has shown resilience with a 52-week high of HKD 155.07 and a low of HKD 69.20, reflecting strong investor interest and market confidence [6].

Investment Rating - The report maintains a "Buy" rating for BYD Company Limited (1211 HK) with a target price of HKD 167.75, indicating a potential upside of 23.7% from the current closing price of HKD 135.60 [1][10]. Core Insights - The report highlights strong sales performance in May, with BYD selling a total of 382,476 vehicles, representing a year-on-year increase of 5.3% and a month-on-month increase of 1.2%. The sales of new energy passenger vehicles reached 376,930 units, up 14.1% year-on-year [7]. - BYD continues to lead the global new energy vehicle market, with a significant advantage over competitors, despite a slight decrease in market share in mainland China [7]. - The report emphasizes the robust performance of BYD's core sales networks, with the Dynasty and Ocean series contributing significantly to overall sales [7]. - High-end brands such as Tengshi and Fangchengbao have shown remarkable growth, with Tengshi's sales increasing by 29.3% year-on-year [7]. - Export sales reached a record high, with overseas sales of new energy vehicles totaling 89,047 units, a year-on-year increase of 133.6%, driven by expansion in Southeast Asia, Europe, and South America [7]. - The report projects continued growth for BYD, supported by its competitive advantages in scale, technology, and brand, as well as the expansion of its high-end brand matrix and overseas production capacity [7]. Financial Overview - Revenue projections for BYD are as follows: RMB 602,315 million in 2023, RMB 777,102 million in 2024, and expected to reach RMB 977,249 million in 2025, reflecting a year-on-year growth of 42.0% in 2023 and 29.0% in 2024 [3][11]. - Net profit is projected to grow from RMB 30,041 million in 2023 to RMB 40,254 million in 2024, and further to RMB 52,460 million in 2025, indicating a significant year-on-year growth of 80.7% in 2023 [3][11]. - The report provides a detailed financial outlook, including earnings per share (EPS) expected to rise from RMB 3.30 in 2023 to RMB 5.75 in 2025, with a corresponding decrease in price-to-earnings (P/E) ratio from 37.7 in 2023 to 21.6 in 2025 [3][11].

交银国际研究 每日晨报 2025 年 6 月 11 日 今日焦点 交银国际 2025 下半年市场展望 潮涌但见新航路 交银国际研究团队 全球宏观再平衡浪潮奔涌，不确定性与新机遇交织并行。于此变局之中， 中国经济锚定自身航向，在秩序重塑中积蓄坚韧动能。我们坚信，于潮 涌之处，方见新航路之开辟。 请点击以下链接阅读各团队的 2025 下半年展望： 全球宏观 – 再平衡 | 汽车行业月报 5 月新能源车渗透率 | 52.9%，预计 6 月车市增速 | 评级: 领先 | | --- | --- | --- | | 平稳 | | | | 陈庆 | angus.chan@bocomgroup.com | | 5 月全国乘用车市场零售 193.2 万辆，同/环比+13.3%/+10.1%；1-5 月乘 用车零售累计同比+9.1%。自主品牌表现优于行业整体，5 月自主品牌零 售 126 万辆，全国零售份额 65.2%。 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com | 全球主要指数 ...

Investment Rating - The report assigns a "Leading" investment rating to the automotive industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [5]. Core Insights - In May, the retail sales of passenger vehicles increased by 13.3% year-on-year, driven by consumer promotion policies, increased subsidies from manufacturers, and supportive financial policies. The total retail sales reached 1.932 million units in May, with a year-to-date growth of 9.1% [5]. - The penetration rate of new energy vehicles (NEVs) rose to 52.9% in May, with NEV retail sales reaching 1.021 million units, reflecting a year-on-year increase of 28.2% [5]. - The export structure is improving, with the EU and Southeast Asia emerging as new high-growth markets. In May, total passenger vehicle exports reached 448,000 units, with NEV exports performing better than traditional fuel vehicles [5]. Summary by Sections Valuation Overview - BYD Co., Ltd. (1211 HK) rated "Buy" with a target price of 503.25, current price 396.60, FY25E EPS of 23.284, and a PE ratio of 15.6 [3]. - Great Wall Motors (2333 HK) rated "Buy" with a target price of 17.36, current price 12.58, FY25E EPS of 1.692, and a PE ratio of 6.8 [3]. - Geely Automobile (175 HK) rated "Buy" with a target price of 22.50, current price 17.56, FY25E EPS of 1.182, and a PE ratio of 13.6 [3]. - Xpeng Motors (9868 HK) rated "Buy" with a target price of 134.69, current price 78.55, FY25E EPS of -0.324, and NA for PE ratio [3]. - NIO Inc. (9866 HK) rated "Buy" with a target price of 48.96, current price 27.90, FY25E EPS of -7.459, and NA for PE ratio [3]. Market Trends - The report notes that the automotive market is expected to maintain stable growth in June, following a strong performance in May. The report highlights the potential for a price war among passenger vehicles, particularly after BYD initiated a new round of promotions [5]. - The report emphasizes the strong performance of domestic brands, which accounted for 65.2% of the retail market share in May, with a year-on-year increase of 8 percentage points [5]. Investment Recommendations - The report suggests focusing on BYD for its intelligent driving and export potential, Xpeng Motors for the launch of new models, and Geely Automobile for internal resource integration following the privatization of its Zeekr brand [5].

交银国际研究 每日晨报 2025 年 6 月 10 日 今日焦点 | 全球宏观 | | | --- | --- | | 从日债到美债：全球期限溢价的涟漪 | 宏观策略 | | 李少金 Evan.Li@bocomgroup.com | | 作为全球第二大债券市场，日本超长债收益率的快速上涨，折射出全球 债券市场在财政扩张与央行政策分化背景下的结构性变化。在关税贸易 政策不确定性持续的当下，市场对各国财政政策进一步宽松的预期正推 高风险溢价，或预示着全球长端利率重估周期的来临。 | 全球主要指数 | | | | | --- | --- | --- | --- | | | | | 年初至今 | | | 收盘价 | 升跌% | 升跌% | | 恒指 | 24,181 | 1.61 | 17.43 | | 国指 | 8,780 | 1.74 | 20.44 | | 上 A | 3,563 | 0.43 | 1.42 | | 上 B | 257 | 0.26 | -3.92 | | 深 A | 2,120 | 0.93 | 3.53 | | 深 B | 1,188 | -0.49 | -2.07 | | 道指 | 42, ...