Precious Metals Daily Commodities Gold hits USD3,500/oz and Global falls; can correct near term Precious Metals James Steel Chief Precious Metals Analyst HSBC Securities (USA) Inc. james.steel@us.hsbc.com +1 646 867 5600 Precious metals overview | | | Gold | Silver | Platinum | Palladium | | --- | --- | --- | --- | --- | --- | | prices USD/oz | AM fix | -- | -- | -- | -- | | | PM fix | 3,433.55 | 32.61 | 963.00 | 937.00 | | | Spot | -- | -- | -- | -- | | EFPs | Current | -- | -- | -- | -- | | Nymex speculat ...

This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. Utilities India Renewables shouldered a third of the demand growth in FY25. With total renewable (RE) capacity addition of c29GW in FY25 (c5GW in Mar-25), incremental RE contributed to c33% of the overall incremental demand raising its share in generation by 90bp in FY25 to 13.6%. Within renewables, Solar contributed to almost entire growth. Coal contribut ...

Asia Economics Comment Economics China and the 'tariff cascade' China Trade tensions between the US and China cast a wide shadow. Bilateral trade is bound to suffer, of course, even if tariffs may be rolled back under an eventual deal. However, the bigger issue for China, and arguably the world, is whether restrictions will also be imposed by other economies on Chinese imports. Two mechanisms are at play. One, competitive pressure from US-diverted Chinese shipments could raise protectionist demands. Two, th ...

16 April 2025 Equity Research Report China Semiconductor Equities Tariffs may bring about another "COVID-19" cycle China's latest import tariff rules imply strong localisation incentives and a better competition landscape ahead. According to the China Semiconductor Association, the 125% tariff on US goods (effective 12 April) applies to chips that are taped out in the US instead of the location of chip fabrication or packaging. We believe this policy will affect the chip sales of major US integrated device ...

China Coal Equities No relief on inventory issue China Recent update on market inventory: Coal inventory in the market, at historically high levels, has become the key drag on the coal spot price in China this year. In the past week, some in the market were relieved to see the inventory level at the northern ports (Bohai ring) come down below the 30mt the level. However, the majority of the previous stock had been diverted to ports in the Yangtze River, rather than shipped to end users (source: China 5e). A ...

14 April 2025 The evolution of trade Economics 50+ charts on how supply chains are reconfiguring Global trade has gone through some major structural shifts over the years and with supply chains squarely in focus amid sweeping US tariff announcements, further reconfiguration is inevitable. As will be obvious to readers, we cannot write about how trade flows have evolved without focusing in on China. A decade ago, China was involved in 13 out of the top 30 goods import corridors. Today, that number is 17. In ...

14 April 2025 Equity Research Report China Equity Strategy Equity Strategy 2Q25: Resilient, but tariffs will take a toll on earnings More earnings pain. A lot has changed since our last report on 7 April. Given the ratcheting up of US-China tariffs and trade tensions, in an updated sensitivity analysis we now estimate the escalation of tariffs on China imports will drag down CSI300 earnings by 5-7%, vs our previous forecast of 3-4%. However, the situation remains fluid and could change rapidly. As a result ...

Asia Memory Equities HSBC Global Investment Summit 2025 takeaways and marketing feedback During the GIS conference, we met several investors and hosted Samsung Electronics. Strong concerns about demand. Key issues were: 1) demand outlook for AI in smartphones and PCs along with memory content growth, 2) memory supply and demand outlook along with price forecast, 3) capex outlook for China and US CSP as well as oversupply concerns on high bandwidth memory (HBM) and data centre investment. For Samsung: 1) sal ...

Bilibili Inc (BILI US) Hold: HSBC Global Investment Summit 2025 key takeaways 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha We hosted Bilibili's IR Director, Ms Juliet Yang, at HSBC's Global Investment Summit 2025 on 25 March. Disclosures & Disclaimer This report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. MDDI (P) 005/01/2025 MDDI (P) 006/09/2024 MDDI (P) 004/10/2024 MDDI (P) 020/10/2024 MAINTAIN HOLD TARGET PRICE (USD) PRE ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Trip.com Group (TCOM US) Buy: HSBC Global Investment Summit 2025 key takeaways ◆ Domestic hotel ADR softened but volume remains healthy; conservative outbound and overseas guidance leave upsides We hosted Trip.com's IR team during the HSBC Global Investment Summit (25-27 March) and share the key takeaways below. Please RSVP for detailed takeaways. What are investors most concerned about at meetings: Investors are keen to understand: (1) the growth potential, competitive lands ...