Asia Pacific Equity Research 08 May 2025 China Property Venus Choi (852) 2800-8599 venus.choi@jpmorgan.com Golden Week: What are developers & agents saying about property sales & retail sales? For the Labor Day holidays, since high-frequency sales data is based on sales registrations (网签), which does not reflect the actual sales during the Golden Week, we spoke to developers & agents on the latest trend. Among property agents, they said market sentiment in top-tier cities is tepid (but not very weak), and t ...

May 8, 2025 02:19 PM GMT NIO Inc. | Asia Pacific China BEST Conference 2025 Feedback Facelifts of 5/6 series this month to underpin volume recovery: Management expects deliveries to be steady MoM in May, with more meaningful pickup in June, underpinned by new facelifts of ET5/Touring, ES6/EC6. Management sees potential for Onvo L60 monthly sales to grow to 7-8k in 2H25, and expects the launch of L90 in 3Q and L80 in 4Q to bode well for overall Onvo volume. For Firefly, management sees 2-3k domestic steady-s ...

May 9, 2025 05:51 AM GMT Shenzhen New Industries | Asia Pacific China BEST Conference 2025 Feedback Key Takeaways Targeting single-digit China growth for 2025, with faster analyzer than reagent growth: For analyzer installations, SNIBE continues to target 2,000 units (¾ being high throughput models) and 200 TLAs in 2025. Reagent ASP should have bottomed in 2Q25 (~5% QoQ decline from 1Q25) hence the YoY price impacts will be largely digested by 4Q25. As for volume, mgmt expects sequentially improving volume ...

9 May 2025 | 7:49PM HKT Hong Kong Exchanges (0388.HK): Updating estimates for Apr volumes; Buy We revise our HKEX 2025E/26E/27E EPS by +2%/+4%/+4%, to incorporate disclosed Apr'25 volumes and May'25 MTD volume. There is no change to our investment thesis or Buy rating on HKEX. Our 3-stage DDM-derived 12m target price is raised by 3% to HK$398 from HK$386, indicating a 34.5X 2025E P/E. Price Target, Risks and Methodology - Hong Kong Exchanges Our 12-m target price of HK$398 is based on a 3-stage DDM method, ...

May 8, 2025 04:07 PM GMT Midea Group Co Ltd. | Asia Pacific 2025 Investor Day Takeaways Key Takeaways More details on appliances business: | M May 8, 2025 04:07 PM GMT | | Update | | --- | --- | --- | | Midea Group Co Ltd. Asia Pacific | Morgan Stanley Asia Limited+ Lillian Lou | | | Equity Analyst | | | | 2025 Investor Day Takeaways | Lillian.Lou@morganstanley.com | +852 2848-6502 | | Hildy Ling | | | | Equity Analyst | | | | Hildy.Ling@morganstanley.com | | +852 2239-7834 | | Key Takeaways | Cindy Gao Res ...

May 9, 2025 01:20 PM GMT BOE Technology | Asia Pacific | M | | | | --- | --- | --- | | | | Update | | May 9, 2025 01:20 PM GMT | | | | BOE Technology Asia Pacific | Morgan Stanley Taiwan Limited+ | | | | Derrick Yang Equity Analyst | | | China BEST Conference 2025 | Derrick.Yang@morganstanley.com | +886 2 2730-2862 | | | Vivi Huang | | | | Research Associate | | | Feedback | Vivi.Huang@morganstanley.com | +886 2 2730-2860 | | | Sharon Shih | | | | Equity Analyst | | | | Sharon.Shih@morganstanley.com | +886 ...

May 8, 2025 07:15 AM GMT Aier Eye Hospital Group | Asia Pacific M Update China BEST Conference 2025 Feedback Key Takeaways Solid YTD refractory growth underpinned by both ASP and volume: 1Q25 growth was mainly driven by a 20%+ growth in the refractory segment, owing to ASP improvement on Aier's rollout of SMILE 4.0 (at ASP of ~Rmb18k) and Alcon's Wavelight Plus ahead of competitors, which were well received by customers as end-demand also gradually recovered. ICL procedures have also delivered positive YoY ...

May 9, 2025 08:00 AM GMT Internet | North America 1Q SMID Cap Wrap | What's Changed | | | | --- | --- | --- | | Playtika Holding Corp (PLTK.O) | From | To | | Price Target | $5.75 | $5.50 | | Compass, Inc. (COMP.N) | | | | Price Target | $8.50 | $8.00 | | Reaction to earnings | | | | Unchanged | Modest upside | Largely unchanged | | Impact to our thesis | Financial results versus consensus | Direction of next 12-month | | | | consensus EPS | | Source: Company data, Morgan Stanley Research | | | | Reaction t ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha 2025年5月9日 格林威治标准时间下午04:30 理念金属与岩石 | 欧洲 黄金：风险偏好与风险规避 黄金在经历快速上涨后，已在每盎司3200至3500美元区间 保持稳定。ETF是推动价格上涨的主要因素，但随着标准 普尔指数反弹，ETF出现资金流出，显示其他资产类 别的竞争目前是主要驱动力。 寻找区间：继4月底盘中触及3500美元/盎司（约9个交易日内上涨500美元/盎 司）后，黄金价格已稳定在一个区间内，我们预计该区间将暂时维持。 实物需求强劲，但趋势分化：世界黄金协会数据显示，第一季度实物黄金需 求同比增长1%，为2016年以来最强的第一季度表现。这一增长完全由投资需求 驱动（ETF持仓增加227吨，金条和金币需求增加8吨）。 相比之下，央行需求同 比下降21%，减少66吨，尽管基数较高，但第一季度仍保持强劲，达到244吨，波 兰、阿塞拜疆和中国为最大买家（图表12）。 珠宝需求同样疲软，同比下降19 %（减少105吨），主要受中国和印度市场影响。 未来需重点关注ETF资金流入情况。我们认为，若无ETF资金流入，第一季度黄金 需求将出现下滑 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha M North America Insight May 6, 2025 04:59 AM GMT Telecom & Cable Services, GVAT The Telecom Investors' Accounting Handbook We dive deep into accounting and capital structure complexities at T, VZ and TMUS that impact investors' views of earnings, FCF, enterprise value, leverage and ultimately valuation, and extend our analysis to US Cable and Canadian Telecoms where similar dynamics exist. We reiterate AT&T as Top Pick. 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuin ...