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 ...