China Economics China Export Tracker (3): Overall Cargo Shipping Continues to Grow CITI'S TAKE We update our high-frequency trackers of Chinese exports up to May 21st . Shipping to the US took a small dip in the past week, following the rebound earlier. Overall export volume stayed resilient despite that, with non-US exports offsetting potential weakness in exports to the US. We expect exports growth to extend to May. A short-lived rebound in shipping to the US? — Shipping to the US took a small dip in mid- ...

V i e w p o i n t | 22 May 2025 18:00:00 ET │ 14 pages Global Equity Strategy Another Bond Sell-Off: Assessing Risks CITI'S TAKE The constantly evolving rates narrative remains one of the key risks for equities. The latest UST pressures include heightened fiscal concerns around the ongoing budget bill negotiation. This could reignite concern around foreign demand for US assets, which played some part in the early April sell-off. Rates volatility could also potentially spill over into equity volatility via v ...

Citi Research North America US Credit Strategy US Corporate Mutual Fund Flows Daniel Sorid AC Head of US IG Credit Strategy daniel.sorid@citi.com +1 212-723-1992 Mathew Jacob AC +1 212-816- US IG Credit Strategy mathew.jacob@citi.com 1547 See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, inves ...

V i e w p o i n t | 22 May 2025 14:33:01 ET │ 16 pages Xiaomi (1810.HK) Xiaomi officially debuted its in-house 3nm SoC Xring O1 and watch chipset T1, with its first electric SUV YU7 products unveiled. Three major spotlights include O1 performance, T1 with self-developed 4G LTE modem and the whole YU7 series equipping Nvidia Drive AGX Thor (700 TOPS) and LiDAR, while the Xiaomi 15S Pro spec, unrevealed YU7 price and robust 1Q25 home appliance sales are somewhat within expectation. Despite that the market is ...

NVIDIA Corp (NVDA.O) advantages vs. Ethernet management estimates. Finally, the company discussed ~20% of their spending is tied to fabric. Margins: NVDA emphasized that its success does not have to come at the expense of its partners. The company added that it is looking to diversify our supply chain in different ways. ASIC Competition: Jensen highlighted that NVDA moving very fast, making it tough for competition to catch up. He continues to expect ASIC to remain specialized and estimates NVDA to maintain ...

19 May 2025 16:24:07 ET │ 11 pages NVIDIA Corp (NVDA.O) Computex Day 1 Takeaways CITI'S TAKE Flash | 更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha On Sunday, NVIDIA's CEO Jensen Huang, via a keynote, reiterated the company's goal to accelerate Gen AI adoption through GPU-powered data centers at Computex in Taipei. While various announcements were made, we highlight the following three: 1) NVLink Fusion announcement (see body for details), 2) new developments in physical AI with NVIDIA Isaac GR00T N1.5 foundation model fo ...

The University of Michigan Sentiment index was weaker than expected in the May preliminary release, falling to 50.8 from 52.2. Both the current conditions and the expectations indices fell. The interview period for this release was April 22nd-May 13th so it is likely not fully reflecting some of the most recent pullback in tariffs. Generally, consumer sentiment measures have been weak, but it remains to be seen if this will be reflected in consumers actually reducing spending in coming months. V i e w p o i ...

V i e w p o i n t | 16 May 2025 03:55:54 ET │ 17 pages Japan Strategy Ryota Sakagami AC +81-3-6776-4653 ryota.sakagami@citi.com After the rebound – outlook and strategy for Japanese stocks CITI'S TAKE Japanese stocks have rebounded more than we expected. Given that the global economy is expected to slow and earnings forecast revisions to deteriorate going forward, however, we believe stocks will struggle to maintain their current levels. We see little likelihood of Japanese stocks following an upward path o ...

The next agency MBS weekly will be published on May 30, 2025. 16 May 2025 12:18:00 ET │ 23 pages Agency MBS Weekly Supply Gets Mowed CITI'S TAKE We project private market supply to be $394bn for 2025, ~$20bn lower than our previous projection. The reduction in private market supply should be a tailwind for the sector, but near-term supply could increase due to summer seasonals. Fed custody holdings data showed another $10bn reduction in Treasury holdings between May 7th and May 14th, and uncertainty remains ...

V i e w p o i n t | 19 May 2025 02:16:28 ET │ 12 pages China Economics Is the Exports-Driven Growth Model Back Amid Tariffs? CITI'S TAKE China's economy held up in April despite escalating trade tensions. The real growth rate could have been trailing at >5.0%YoY. The past exports-driven growth model appears to be back, at least for now. The production side was stronger than the demand side, and external demand outpaced domestic demand – both retail sales and fixed-asset investment weakened more than expecte ...