abc 2025 年 06 月 13 日 | | 每股收益（UBS 稀释后） (Rmb) | | | --- | --- | --- | | | UBS | 市场预测 | | 12/25E | 6.76 | 6.56 | | 12/26E | 8.22 | 7.85 | | 12/27E | 9.68 | 9.14 | 闵 皓 分析师 S1460518050001 nora.min@ubs.com +86-21-3866 8905 Fast Take 科达利 要闻 科达利公告拟与人形机器人产业链公司合作设立合资公司布局灵巧手。 我们的解读 科达利当前在人形机器人的产品布局包括谐波减速器、关节组件及灵巧 手。随着行业的发展，我们认为公司在人形机器人领域的投入有望为其 注入新的增长动力。 股票 中国 汽车零配件业 12个月评级 买入 12个月目标价 Rmb175.00 股价 (2025年6月12日) Rmb111.13 RIC: 002850.SZ BBG: 002850 CS 交易数据和主要指标 52周股价波动范围 Rmb142.90-69.45 市值 Rmb30.2b/US$4.20b 已发行股本 271m ...

ab 13 June 2025 Global Research Global Strategy EM Credit: Mid-year Outlook - How to navigate 2H25 Fiscal dynamics, valuations and oil to weigh; US flows to partly offset Conflicting factors are pulling EM credit in different directions as the middle of the year approaches. On the macro side, EM fiscal G-R dynamics, taken as a whole, are weakening (point #1 below) while valuations are expensive again by historical standards (at least 1 STD below 10y avg. across all rating buckets, see Figure 1EM spreadnow g ...

ab 13 June 2025 Global Research First Read China Pet Food May 2025: robust growth in 618 campaign; Douyin Leads, Gambol and CPF continue gaining market share Sustained Strong Growth; Douyin Leads the Pack According to Meritco, online GMV for pet food across Tmall, Douyin, and JD rose by 18% YoY in May 2025, primarily driven by a 22% increase in volume. This was partially offset by a 4.3% decline in average selling price (ASP), attributed to the 618 campaign. Cumulative sales from January to May also grew by ...

ab 16 June 2025 Global Research China Equity Strategy EU and Asia marketing feedback and key debates Improved sentiment on China though sustainable growth path still questioned We have just completed two weeks of marketing in Europe and Asia. Overall we have seen improved interest in Chinese equities, and among the European investor base we have seen more investors that are neutral on China now as opposed to underweight and a few that are now overweight which on previous visits was almost unheard of. While ...

ab 11 June 2025 Global Research Global Precious Metals Comment Gold's pause bodes well for the next leg higher Bullish gold sentiment is unchanged The gold price has been consolidating since hitting an all-time high of $3,500 in late April. Market participants have been reacting to volatile developments on US tariffs, economic data prints and the corresponding implications for Fed policy. As the Northern Hemisphere summer months set in, trading conditions are likely also more prone to whippy price moves. In ...

Global Research ab 12 June 2025 First Read Chinese Internet Data Centre Sector Doubao token usage growth: the curve is getting steeper Doubao LLM daily token usage growth is steepening According to Volcengine management during FORCE conference, daily token usage of Doubao reached 16.4tn as of end-May, 137x the level in May-2024. The growth trajectory of daily token usage by Doubao is steepening (Figure 1Douba LMnmerof avgedily tokenusag (bn). Doubao 1.6 is the first LLM to support 256k context window in Chi ...

ab 11 June 2025 Powered by YES UBS Evidence Lab Global Research North America Alternative Energy Revisiting 100% Clean Energy AI Data Centers AI data centers continue to be a primary driver of electricity growth and demand for renewables in the U.S. In this report, we revisit technology companies' commitments to matching their electricity demand with clean energy. For a primer on how the companies achieve their targets and our top idea on the theme (FSLR) see these reports: Electricity Demand Growth Outpaci ...

ab 10 June 2025 Powered by YES UBS Evidence Lab Global Research China CRO Sector Biopharma survey: the rising BD, R&D budget and outsourcing rate to benefit CRO/CDMO Wave 2 survey points to rising BD activities and R&D budget UBS Evidence Lab conducted the second wave of the China Biopharma Executive Survey (first wave in 2024), to gauge the biopharma industry's attitude to obtaining further funding, expanding R&D and investment, as well as their willingness to outsource R&D to contract research/development ...

ab 12 June 2025 Powered by YES UBS Evidence Lab Global Research China Economic Perspectives China Housing Survey: Weak Sentiment with Divergence Home purchase intentions cooled, with tier 1 cities better than lower tiers The 20th wave of UBS Evidence Lab's China Housing Survey of 2,500 respondents conducted March 28 - April 21 (> Access Dataset) showed softer purchase intention in general than in the Sep 2024 survey. Echoing the recent divergence among different city tiers in housing prices, home inventory ...

Investment Rating - The report assigns a "Buy" rating to key players in the China Internet sector, specifically Tencent, Alibaba, and Kuaishou, indicating a positive outlook on their potential for AI monetisation [8]. Core Insights - The report emphasizes the near-term certainties and long-term opportunities in AI monetisation within the China Internet sector, highlighting the early progress of private companies and tech startups in this area [3]. - Major Chinese cloud service providers (CSPs) are expected to benefit significantly from growing enterprise demand for AI services, with AI revenue contributing an estimated 10-20% to their cloud revenue in Q125 [4][21]. - AI is driving improvements in advertising efficiency, with companies reporting increases in click-through rates and conversion rates due to AI-enabled enhancements [4][50]. Summary by Sections AI Monetisation Opportunities - The report identifies enterprise-facing AI agents as having a visible monetisation path with a total addressable market (TAM) estimated at Rmb1.6 trillion, while consumer-facing agents have a larger TAM of Rmb3.2 trillion but slower monetisation progress [5][7]. - AI adoption among China's internet companies is still in its early stages, but significant revenue growth has already been observed in cloud and advertising sectors [4][13]. Cloud Services - The GenAI Infrastructure as a Service (IaaS) market has expanded nearly fivefold from US$0.24 billion to US$1.2 billion between H123 and H224, with its share of the total public cloud rising from 1.3% to 5.0% [15][19]. - Major Chinese CSPs are expected to see cloud revenue growth rates revised upwards by 6-13 percentage points for 2025, driven by AI-related demand [29]. Advertising Sector - AI has been reported to contribute meaningfully to ad revenue growth for major platforms, with Tencent's advertising business growing 20% YoY in Q125, attributed to improved targeting and content recommendations [51]. - The report notes that AI-driven improvements in advertising could lead to mid-single to mid-teen percentage increases in click-through and conversion rates [47]. AI Agents and Applications - The report highlights the strategic importance of AI agents in forming competitive moats and exploring new traffic gateways, with enterprise-facing agents expected to show more advanced progress compared to consumer-facing agents [7][55]. - Despite strong user engagement with AI products, monetisation remains nascent, with leading AI products in China generating annual recurring revenues significantly lower than their global counterparts [67]. User Engagement and Market Trends - The report indicates that users in China show strong interest in innovative AI products, with DeepSeek being the most popular chatbot app, achieving 168 million monthly active users [58]. - However, the willingness to pay for AI services among Chinese consumers lags behind global users, posing challenges for monetisation [70].