ab 27 June 2025 Global Research China Healthcare Expert call takeaways: JDH, a rising competitor in drug retail O2O Meituan: a clear leader in drug retail O2O We invited an ex-Meituan manager of the drug retail business to discuss the pharmaceutical retail O2O (online-to-offline, or quick-commerce) market. According to the expert, Meituan was one of the first to start the O2O business in 2013 and is now China's largest O2O provider owing to its delivery capability and dispatch system advantages. To expand o ...

ab 26 June 2025 Powered by YES UBS Evidence Lab Global Research AI Research We'd flag: 1. At the GPU level, Nvidia's dominance as the training and inference platform of choice was even more pronounced, with rising interest in Blackwell. Key alternatives were proprietary chips from AWS and Google, with adoption of AMD still muted. 2. Microsoft maintained its material lead for hosting AI workloads/GPUs, AWS held its ground in #2, the use of Oracle increased modestly to 10% and the "neo- Clouds" combined to ca ...

abc 2025 年 06 月 26 日 Global Research 首次覆盖 三星医疗 寻找价值；首次覆盖，给予买入评级 增长轨迹清晰，但估值处于底部 估值: 首次覆盖，给予买入评级，目标价为30.00元 我们基于SOTP得出12个月目标价为30.00元；其中，电力设备业务基 于11.5x 1年期动态PE估值，医疗服务业务基于18x估值（皆与同业平均水平 相似）。目标价隐含12.4x 2026E PE， 对照2024-27E EPS CAGR为23%。 | 股票 | | | --- | --- | | 中国 | | | 电子元件与设备 | | | 12个月评级 | 买入 | | | 之前 : 没有评级 | | 12个月目标价 | Rmb30.00 | | | 之前 : | | 股价 (2025年6月25日) | Rmb22.15 | | RIC: 601567.SS BBG: 601567 CH | | | 交易数据和主要指标 | | | 52周股价波动范围 | Rmb35.45-21.21 | | 市值 | Rmb31.2b/US$4.35b | | 已发行股本 | 1,409m (ORDA) | | ...

Global Research ab 27 June 2025 China Banks Expert call takeaways: Implications of rising stablecoins Stablecoins gain traction, leading to increasing legislative efforts Recently, stablecoins have garnered great attention, as several jurisdictions (incl. Hong Kong, US, UK, EU etc.) actively work to implement stablecoin regulations. We spoke with an expert, a former senior banker with 25+ years of SOE bank experience, to discuss drivers behind stablecoins' proliferation, regulatory changes, as well as the i ...

ab 26 June 2025 Global Research Meta Platforms Benefitting from Consumer AND Advertiser Demand for AI Key Takeaways Concurrent with the 90+ page UBS Q-series report ("Will AI Demand be Sufficient to Justify the Investment?") highlighting the broader economy's demand for AI products, we raise our price target on META shares from $683 to $812. This is in view of the longer term opportunity for the company to extract incremental revenue from various AI products – in particular the two (out of the five) that CE ...

• Geopolitical tensions coupled with toppish price actions and failures to break resistance levels (6050 for S&P, 3900 for MSCI World...) is lessening the momentum in stocks. On the positive side, declining realized volatilities, especially in EU & Asia, will work as an offset to the softening signalling, to keep overall positioning more or less unchanged in the coming weeks. Like in credit, CTAs are in no rush to add. • In bonds, CTAs have been moderate duration buyers ($20/25m Dv01) since our last update. ...

Investment Rating - The report indicates a cautious outlook for the Japanese economy, expecting a technical recession in H2 2025, with a long-term normalization expected to resume from H2 2026 [5][6][105]. Core Insights - The report highlights that Japan's economy is likely to face a technical recession in H2 2025 due to a significant fall in exports, although domestic demand remains firm [6][105]. - Japan's CPI inflation is projected to decline, while wage growth is expected to maintain an upward trend [6][105]. - The Bank of Japan (BoJ) is anticipated to delay its next rate hike until July 2026, with a base case policy rate of 1.5% expected by 2027 [6][105]. - The report discusses the potential for Japan's economy to recover with a forecast of 1% real GDP growth, 2% CPI inflation, and 3% wage growth by 2027 [105]. - Long-term challenges such as demographics and high government debt are acknowledged, but there is optimism for a potential economic turnaround driven by technological advancements and a generational shift in leadership [6][105]. Economic Forecasts - Real GDP growth for Japan is forecasted at 0.1% for FY 2025, 0.9% for FY 2026, and 0.8% for FY 2027 [22]. - Core CPI is expected to be 2.6% in 2025, 1.6% in 2026, and 2.0% in 2027 [22]. - The report anticipates a decline in Japan's exports, particularly in the automotive sector, due to tariff impacts [16][20]. Sectoral Insights - The report emphasizes the need for increased investment in human capital and enhancement in key sectors such as defense, energy, and IT infrastructure, including AI [6][105]. - Corporate profits and sentiment are strong, leading to robust capital expenditure plans, although inflation-adjusted real capex is subdued due to supply constraints [58]. Global Context - The report notes that the global economy is expected to recover from H2 2026, with Japan's economy normalizing thereafter [6][105]. - The impact of US tariffs is highlighted as a significant factor affecting Japan's economic outlook, with expectations of slower global growth [7][102].

ab 24 June 2025 Global Research Nike Inc. Top 10 Questions for Management We're looking for clues to determine how a Nike rebound might look: Based on our recent conversations with investors and our own view, here are our top 10 questions for NKE management to address on its upcoming earnings call: Please find questions 7-10 inside. EPS (UBS, diluted) (USD) | | 05/25E | | | --- | --- | --- | | | UBS | Cons. | | Q1 | 0.70 | 0.70 | | Q2 | 0.78 | 0.78 | | Q3 | 0.54 | 0.54 | | Q4E | 0.12 | 0.12 | | 05/25E | 2.1 ...

24 June 2025 ab Global Research First Read China Construction Machinery Sector Takeaways from expert meeting: domestic excavator demand under pressure in off-season, but expect DD growth in FY25E Domestic demand may fluctuate in the short term, but upward trajectory of the industry remains intact We invited a construction machinery expert to review the sales performance in 5M25 and provide a future outlook. Key takeaways include: 1) domestic excavators sales in May did not sustain the high growth seen in 4M ...

ab 23 June 2025 Global Research Global Oil and Gas Global oil and refining markets outlook Equities Global Oil Companies, Major Henri Patricot, CFA Analyst henri.patricot@ubs.com +33-14-888 3033 Anna Kishmariya Analyst anna.kishmariya@ubs.com +44-20-7568 7999 Nayoung Kim Analyst nayoung.kim@ubs.com +44-20-7568 4010 Joshua Stone Analyst joshua.stone@ubs.com +44-20-7901 5588 This report has been prepared by UBS Europe SE. ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitativ ...