Investment Rating - The report initiates a long position on EURUSD targeting 1.20 with a stop at 1.1540 [3][4] Core Views - The report expresses optimism regarding a potential EU-US trade announcement, which could support the EURUSD position [6] - A bearish view on GBP is reiterated, with expectations for EURGBP to rally towards a target of 0.8750 [16][19] Summary by Sections Long EURUSD Position - The report goes long on EURUSD at 1.1680, expecting a move towards 1.20 in Q3 due to anticipated weakening US data [3][5] - Supports are noted around 1.1630-1.1670, indicating a favorable risk/reward scenario for entering longs [4][8] Long NOKSEK Position - The report converts a long EURSEK position into a long NOKSEK position, targeting at least 0.97 and potentially parity [9][11] - The rationale includes diversification of trades and potential benefits from a hawkish repricing in Norges expectations [12][13] Long EURGBP Position - The report maintains a long position on EURGBP, citing recent GDP data that reinforces a bearish outlook on GBP [16][18] - Upcoming UK inflation and labor data are expected to act as catalysts for further GBP weakness [17][19]

Investment Rating - The report maintains a "Buy" rating for Boston Scientific (BSX), Edwards Lifesciences (EW), GE Healthcare (GEHC), Intuitive Surgical (ISRG), and Haemonetics (HAE), while downgrading Tandem Diabetes (TNDM) to "Sell/High Risk" from "Neutral/High Risk" [1][5][20]. Core Insights - The MedTech sector has shown resilience against healthcare headwinds, with a focus on returning to fundamentals and several catalysts expected to drive momentum in the second half of 2025 [1][9]. - The S&P Equipment and Supplies Index has outperformed the broader market, with a year-to-date increase of 7.2%, while relative P/E multiples remain below historical averages [2][12]. - Key upcoming catalysts include product launches and data readouts from various companies, which are anticipated to influence stock performance positively [3][10][11]. Summary by Sections Market Overview - The MedTech industry has largely absorbed tariff impacts, with a weakening USD providing additional support [1][9]. - The S&P 500 is up 6.2% year-to-date, while the S&P Equipment and Supplies Index has increased by 7.2% [2][12]. Company-Specific Insights - Boston Scientific (BSX) is expected to benefit from Farapulse and new product launches, projecting a revenue increase of 80.1% year-over-year in 2Q25 [3][10]. - Edwards Lifesciences (EW) anticipates pivotal data releases and the reopening of TAVR NCD, which could enhance its market position [3][10]. - Intuitive Surgical (ISRG) plans a broad launch of its DV5 system, which is expected to drive stock performance [4][10]. - Haemonetics (HAE) has been upgraded to "Buy" due to improved guidance and revenue growth expectations [5][20]. - Tandem Diabetes (TNDM) faces competitive pressures, leading to its downgrade to "Sell/High Risk" [5][20]. Valuation and Target Prices - Target prices have been adjusted for several companies, with BSX at $125, EW at $95, GEHC at $86, and ISRG at $650 [20][21]. - The report highlights that the relative P/E multiple for the MedTech sector is currently at 1.14x, below historical averages, indicating potential undervaluation [2][12][14].

Investment Rating - The report maintains a "Buy" rating for several semiconductor companies, with Microchip (MCHP) being moved to the top pick due to expected significant upside [1][12][22]. Core Insights - The semiconductor sector is experiencing an upturn driven by solid demand and inventory replenishment, contrary to previous expectations of a tariff-induced slowdown [2][3][14]. - Earnings per share (EPS) estimates for C25 and C26 have been raised by 13% and 30% on average, respectively, reflecting improved market conditions [18][20]. - The report highlights strong demand in the data center market, which constitutes 26% of semiconductor demand, and stable demand in the PC and handset markets [5][61]. Summary by Sections Earnings Estimates - C25 EPS estimates have been raised by 13% on average, while C26 EPS estimates have been increased by 30% on average [18][20]. - MCHP's EPS estimate is now 38% above consensus, indicating significant potential upside [4][22]. Sales Estimates - C25 sales estimates have been raised by 7% on average, and C26 sales estimates have been increased by 17% on average [15][18]. - MCHP's sales estimates for C26 are projected to grow significantly, reflecting a recovery from previous lows [31]. Market Demand - Demand in the data center market remains robust, with significant capital expenditure from major cloud service providers [5][61]. - Industrial orders are improving, while automotive orders show signs of recovery but raise concerns about sustainability [6][61]. Price Targets - Price targets for several companies have been raised, with MCHP's target increasing from $68 to $90, reflecting a 32% increase [33][47]. - Other notable price target increases include NXPI from $210 to $275 and TXN from $220 to $260 [50][57]. Competitive Landscape - The report indicates that Microchip and Texas Instruments have the most potential upside due to high margin expansion and superior revenue growth [28][31]. - The semiconductor sector is currently trading at a 34% premium to the S&P 500, with expectations of continued upside [7].

Investment Rating - The report suggests a dovish outlook for the Federal Open Market Committee (FOMC) with expectations of interest rate cuts resuming in September, totaling 125 basis points through March of the following year [1]. Core Insights - The minutes from the June FOMC meeting are anticipated to align more closely with dovish statements from Fed officials rather than the neutral tone expressed by Chair Powell during the press conference [1]. - Recent strong job reports have made an immediate rate cut unlikely, but a shift towards a dovish stance has been observed among Fed officials, indicating potential cuts in the near future [7][8]. - The report emphasizes that the uncertainty regarding economic outlook has decreased, which may lead to a consensus among committee members to support a rate cut by September [9]. Summary by Sections Economic Conditions - Three months of sub-target core PCE inflation have contributed to a more dovish sentiment among Fed officials, with some shifting from hawkish to supportive of rate cuts [6][7]. - Chair Powell's previous openness to a July cut was curtailed by strong job numbers, reinforcing the expectation of a September cut instead [8]. FOMC Meeting Insights - The language from the May FOMC meeting minutes will be revised to reflect decreased uncertainty and an expectation for more data collection over the summer [9]. - The report notes that while some officials maintain hawkish views, the majority expect to lower policy rates before the end of the year [11].

Investment Rating - The report indicates a pecking order for investment ratings: aluminum > lithium > steel > copper > gold > battery > thermal coal > cement [1] Core Insights - Major steel mills in Shanxi Province are mandated to reduce production by 10-30% year-on-year in 2025, resulting in an approximate 6 million tons reduction, which is about 10% year-on-year for the entire province [1] - Shanxi Province accounted for approximately 6% of China's steel market share in 2024 [1] - The supply reform in the steel industry is progressing in a tailored manner rather than a one-size-fits-all approach [1] - The production cuts are expected to support steel prices in the second half of 2025 [1] Summary by Sections - **Production Cuts**: Steel mills in Shanxi Province are required to cut production by 10-30% YoY, leading to a total reduction of around 6 million tons [1] - **Market Share**: Shanxi Province held about 6% of the steel market share in China during 2024 [1] - **Supply Reform**: The ongoing supply reform is being implemented progressively and is not uniform across all mills [1] - **Price Support**: Anticipated production cuts are expected to bolster steel prices in the latter half of 2025 [1]

Investment Rating - The report does not explicitly state an investment rating for the battery materials industry, but it indicates a positive sentiment towards the sector based on production increases and market conditions. Core Insights - The battery production pipeline is estimated to increase by 1% month-over-month (MoM) and 39% year-over-year (YoY) in July 2025, with electric vehicle (EV) battery production remaining flat MoM, while energy storage system (ESS) battery demand is expected to grow by 4% MoM [1] - Lithium carbonate is projected to rise by 4% MoM, contrasting with the largely flat trends observed in other battery materials [1] - Market sentiment has been buoyed by positive discussions regarding potential supply-side reforms in China, despite ongoing increases in production output [1] Summary by Sections Battery Production Trends - Battery production is estimated to be up by 1% MoM [3] - Cathode production is expected to remain flattish MoM [5] - Anode production is projected to increase by 1% MoM [7] - Separator production is also estimated to rise by 1% MoM [9] - Electrolyte production is expected to be flattish MoM [11] Market Sentiment and Demand - The market sentiment is influenced by positive discussions and hopes for supply-side reforms in China, which have led to increased interest in equities and futures related to battery materials [1] - The demand for ESS batteries is forecasted to continue its upward trend, with a 4% MoM increase expected [1]

Investment Ratings - The report maintains a Sell rating on COSCO Shipping Holding (1919 HK, HK$12.1 TP) and Yang Ming Marine (2609 TT, NT$59 TP) while assigning a Neutral rating to Maersk [3][89][92] Core Insights - The US has reached a trade agreement with Vietnam, imposing a 20% tariff on Vietnamese exports, which is slightly negative compared to market expectations [1] - Capacity growth in the shipping industry is projected at +10% YoY in July, with specific growth rates of +15% for the US and +20% for Europe [3] - Air freight rates have shown a decline of -2% YoY in June, indicating a potential softening in demand [1][3] Capacity and Demand - The overall capacity growth is +10% YoY in July, with a total number of scheduled sailings increasing by approximately +9% YoY [3] - The idling rate is at 3.4% by TEU, slightly below the ten-year average of 4.5% [4] - Cancelled sailings are at 7.1% this week, which is below the previous year's level of 8.1% [3] Tariff Implications - The 20% tariff on imports from Vietnam is expected to drive supply chain diversification away from China, particularly towards ASEAN countries [2] - The potential for tariffs ranging from 10% to 70% could challenge demand growth in the second half of 2025, although low-single-digit growth is still anticipated [3] Freight Rates and Market Dynamics - Air freight rates have decreased by -2% YoY in June, reflecting a broader trend of declining rates in the shipping sector [1][3] - Schedule reliability improved to 58.7% in April, indicating better operational performance in the shipping industry [4] Company Valuations - Maersk's target price is set at DKK13,591, based on a blend of price/book and EV/EBITDA valuations, reflecting market skepticism towards the sector [86] - COSCO Shipping Holdings has a target price of HK$12.1, based on a 0.7x 2026E PBV [89] - Yang Ming Marine's target price is NT$59, based on a 0.6x 2026E PBV [92]

Investment Rating - The investment rating for Foxconn Industrial Internet is "Buy" with a target price of Rmb26.00, indicating an expected return of 11.1% [3][20]. Core Insights - Foxconn Industrial Internet (FII) reported a net profit guidance for 2Q25 of Rmb6.73-6.93 billion, representing a year-over-year increase of 48%-52%, which exceeds CitiE and BBGe estimates by 12% and 26% respectively [1][2]. - Cloud computing revenue for FII increased by over 50% in 2Q25, with AI server revenue growing by over 60% year-over-year, although this was below the initial guidance of 100%+ [1][2]. - The revenue from CSP servers rose by more than 150% year-over-year in 2Q25, and significant growth was observed in GPU module and compute tray shipments [2]. Summary by Sections Financial Performance - FII's net profit guidance for 2Q25 is as follows: - High-end: Rmb6.93 billion, a 52% increase year-over-year - Medium: Rmb6.83 billion, a 50% increase year-over-year - Low-end: Rmb6.73 billion, a 48% increase year-over-year [4]. Valuation - The target price of Rmb26.00 is based on a valuation of 17.0x 2025E earnings, which is justified by an earnings upcycle expected in 2025-2026 [6]. - The valuation multiple aligns with a blended P/E approach, applying 15x P/E to the non-AI segment and 20x P/E to the AI segment [6]. Market Context - The market capitalization of FII is approximately Rmb476.23 billion (US$66.46 billion) [3]. - The expected dividend yield is 2.7%, contributing to the overall expected return of 11.1% [3].

Investment Rating - The investment rating for Accelink Technologies is "Sell" with a target price of Rmb24.6, indicating an expected share price return of -46.7% [2][5]. Core Insights - Accelink Technologies expects a net profit growth of 55%-95% YoY for 1H25, with guidance of Rmb323 million to Rmb407 million, driven by strong optical transceiver demand and an improved product mix [1][4]. - The mid-point of the 2Q25 earnings guidance at Rmb215 million is slightly below expectations, suggesting potential downside risk to the share price, which is currently trading at a high valuation of 37x FY25 PE compared to peers at around high-teens [1][5]. - The valuation of Accelink is considered demanding due to lower profitability in the domestic transceiver market and relatively lower earnings growth compared to competitors like Innolight and Eoptolink [1][5]. Summary by Sections Earnings Guidance - For 2Q25, Accelink's net profit guidance is Rmb215 million, a 64% increase from Rmb131 million in 2Q24, while for 1H25, the guidance is Rmb365 million, a 75% increase from Rmb209 million in 1H24 [4]. Valuation - The target price of Rmb24.6 is based on a P/E multiple of 20.0x 2025E EPS, which is one standard deviation below the stock's five-year historical forward PER [5]. Market Capitalization - Accelink Technologies has a market capitalization of Rmb37,228 million (approximately US$5,196 million) [2].

Investment Rating - The report maintains a "Buy" rating for NVIDIA Corp with a target price (TP) raised to $190 from $180, reflecting a potential return of 19.2% based on the current price of $159.34 [7][31][32]. Core Insights - The total addressable market (TAM) for data center semiconductors is projected to reach $563 billion by 2028, which is 13% higher than previous estimates of $500 billion. This increase is primarily driven by higher-than-expected sovereign AI demand [1][20]. - NVIDIA's data center sales estimates for FY27E and FY28E have been increased by 5% and 11% respectively, with networking sales expected to grow significantly [1][21]. - The report highlights a strong growth trajectory for AI accelerators, with a projected compound annual growth rate (CAGR) of 22% from C2025E to C2028E, driven by both merchant GPUs and ASICs [15][18]. Summary by Sections Market Dynamics - Sovereign demand is expected to contribute billions in revenue for NVIDIA in 2025, with significant growth anticipated in 2026 [3]. - The report discusses the rapid pace of rack buildouts for NVIDIA's GB200 and GB300, alleviating previous concerns about supply bottlenecks [2]. Financial Projections - The report projects NVIDIA's gross margin to normalize to the mid-70s percentage by the end of the fiscal year, supported by the ramp-up of new products [4]. - EPS estimates for FY27E and FY28E have been raised by 6% and 21% respectively, reflecting the positive outlook on sales growth [1][6]. Sales and Revenue Estimates - AI merchant GPUs are expected to maintain a high sales share, with total sales projected to reach $338 billion by 2028, while ASIC sales are expected to grow to $59 billion [18][20]. - The report outlines a detailed sales forecast for NVIDIA's GPUs, indicating a significant increase in units and sales over the next few years [23]. Valuation - The target price of $190 is based on a consistent 30x price-to-earnings (P/E) ratio applied to the estimated EPS of $6.37 for FY26E, aligning with historical averages [32].