Flash | 25 Mar 2025 15:46:39 ET │ 10 pages China Internet Vicky Wei, CFA vicky.wei@citi.com Nelson Cheung nelson.cheung@citi.com Implications From Pre and Post DeepSeek Insights and Analysis On China AI Apps CITI'S TAKE On Mar 25, we hosted an expert call with Questmobile's General Manager, Mr. Darren Cui, who shared latest traffic insights on China AIGC apps before and after DeepSeek. Key highlights: 1) Aggregate MAU for AIGC apps (including DeepSeek, Doubao, Yuanbao, Kimi, and Ernie) reached 248mn in Feb ...

Investment Rating - The report assigns a positive investment rating to Shuanghuan Drive (002472.SZ) and a cautious outlook on UBTECH (9880.HK) due to its partnerships with leading NEV OEMs in China [1][3]. Core Insights - Humanoid robots are expected to become a significant trend, but investors are cautious due to uncertainties surrounding mass production timelines [1]. - Component suppliers, particularly those with high technology barriers, are viewed as having better long-term investment potential compared to humanoid robot brands [2]. - Strategic partnerships and capital support are deemed critical for the economic viability of humanoid robots in industrial applications over the next 2-3 years [3]. Summary by Sections Industry Trends - The shift towards model-free reinforcement learning and the use of large language models (LLMs) may lead to increased homogeneity among humanoid robots, making hardware stability and durability key differentiators [2]. Economic Viability - Simple industrial applications such as moving and sorting are projected to become economically viable within 2-3 years, driven by improved training and reduced production costs [3]. Joint Selection - The report highlights that harmonic reducers and planetary roller screws are ideal for humanoid robots due to their precision and durability, with companies like Leader Drive (688017.SS) and Hengli Hydraulic (601100.SS) being well-positioned in the supply chain [4]. Recent Developments - The report discusses the supply chain for humanoid robots, identifying key component suppliers and their roles in the production of humanoid robots [11].

Vi e w point | 16 Mar 2025 20:28:08 ET │ 14 pages We visited HK/TW/SG investors last month; we saw strong interest in DeepSeek beneficiaries including edge AI devices, domestic AI infrastructure supply chain, AI software monetization as well as ADAS beneficiaries. While we see Investors' concern regarding Nvidia supply chain emerging unavoidably, interest in Apple supply chain also waned, sentiment towards national handset subsidy peaked-out but interest in China software increased. Besides fund flow suppor ...

纪要 关注公众号:水木Alpha Citi Research 12 March 2025 US Equity Strategy Where Macro Meets Micro 2025 Outlook: Expect a Volatile Bull Scott Chronert Ac Managing Director, US Equitv Stràt Scott.t.chronert@citi.com +1 (415) 951-17個 (7 ew Pettit Director Drew.pettit@citi.com +1 (415) 951-1621 Patrick Galvin, CFA Vice President patrick.galvin@citi.com +1212-816-5 See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Citi Research is a division of Citigroup Global Markets Inc ...

关注公众号:水木Alpha Viewpoint | Citi Research 12 Mar 2025 17:51:34 ET | 9 pages North America Hardware & Storage Expert Call: Megatrends: Storage Supply @ernand Dynamics Update. HDD Demand Persists, Supply Tightness; Flash 2H Improvement CITI'S TAKE On March 12th, we hosted a call with HDD/SSD experts, TrendFocusa following their recent Asia visit. We summarize the key takeaways inside based on the experts' opinion. HDD HDD build plans appear stable, with fairly solid demand continuing, on track for steady growth ...

Vi e w point | 11 Mar 2025 18:00:35 ET │ 44 pages ChinaCommunications Infrastructure CPO is Coming But Adoption Takes Time; Buy T&S/TFC Optical as Networking Winners in Channel Expansion CITI'S TAKE Although Nvidia may introduce CPO switches during its GTC conference, we expect CPO switch adoption to take time and gradually reach ~25-30% in 2028-29, thus parallel volume growth of transceiver names and CPO- related players in 2026-27 is likely. CPO Scale-up (OIO) for xPU- interconnection remains a lucrative ...

A c tion | 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 10 Mar 2025 18:12:44 ET │ 16 pages Victory Giant Tech (300476.SZ) 1Q25 Stunning Beat Kicks Off a Landmark Year; Top Buy in AI Chain with TP Raised to Rmb90 CITI'S TAKE VGT released 1Q25 guidance on 10th March after market close, beat buy- side expectation by 47% and already achieved sell-side 2025 consensus of 38% at the mid-point. We believe the stunning beat comes from higher- than-expected AI-HDI profitability (fast yield rate ramp-up) and decent share allocation ( ...

Are We There Yet? Is It Time To "Buy The Dip"? MACRO: ARE WE THERE YET? IS IT TIME TO "BUY THE DIP"? Since its high on 18 Feb, the MSCI World index has fallen 4.6% while the SPX is down 6.2% and just below its 200-day average which it has been above since Nov 2023. The Nasdaq has dropped 9.2% with bellweather Nvidia down 20.7%. Is it time yet to buy the dip? Citi Trading Strategies 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shu ...

A c tion | 20 Feb 2025 16:33:13 ET │ 22 pages Alibaba Group Holding Stepped-up Capex Spend to Capture AI & Cloud Inflection Growth CITI'S TAKE FY3Q25 result marks a pivotal change of sentiment with CMR reaccelerated to +9% yoy and TTG EBITA returned to positive 2% yoy growth, AIDC targets to turn quarterly profitable in FY2026 and stepped-up capex investment to capture the inflection point of AItransformation era. Being the Asia No. 1 and world No. 4 cloud service provider and having developed the proprieta ...