Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies involved. Core Insights - The U.S. Department of Commerce's Bureau of Industry and Security (BIS) has repealed the AI Export Control Rule, which is expected to benefit companies like NVIDIA and AMD as they expand into emerging markets such as the Middle East, particularly Saudi Arabia, where a joint technology investment of $80 billion has been pledged [6][7] - The repeal of the AI Export Control Rule removes barriers for AMD and NVIDIA to export advanced AI chips to countries investing in AI infrastructure, thus capturing the fast-growing demand in the Middle East [6][7] - A new "replacement rule" will restrict the proliferation of Huawei's AI chips globally, aiming to block Huawei's supply chain and market access, which could pressure China to develop its own training cards for large models [7][8] - The new regulations will limit the use of U.S. AI chips for training Chinese AI models, potentially slowing China's progress in advanced AI model development [8] Summary by Sections Section 1: Repeal of AI Export Control Rule - The repeal is expected to facilitate the export of advanced AI chips to the Middle East, particularly benefiting NVIDIA and AMD [6][7] - Companies like Google, Oracle, and AMD have committed to significant investments in Saudi Arabia's AI infrastructure [6] Section 2: Replacement Rule Targeting Huawei - The BIS has announced a replacement rule that specifically targets Huawei's Ascend chips, stating their use violates U.S. export controls [7] - This move aims to globally restrict Huawei's AI chip supply chain and market access [7] Section 3: Impact on China's AI Development - The new regulations will restrict U.S. AI chips from being used in training Chinese AI models, which may hinder China's advancements in this area [8] - The U.S. will enhance supply chain scrutiny to prevent AI chips from reaching China, tightening technology exports further [8]

先达股份 Shandong Cynda Chemical (603086 CH) 公司产品量价齐升，烯草酮价格持续上涨 Product volume and price have both increased; the price of clethodim continues to rise 孙小涵 Xiaohan Sun xh.sun@htisec.com [Table_Title] 研究报告 Research Report 20 May 2025 [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please see appendix for E ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies involved Core Insights - NVIDIA's NVLink Fusion technology is set to reshape the AI hardware ecosystem by allowing third-party chips to work with NVIDIA GPUs, achieving a bandwidth of 130TB/s, which is ten times that of traditional PCIe [2][11] - The GB300 supercomputer, based on the Blackwell Ultra architecture, integrates 72 GPUs and 36 Grace CPUs, achieving 40 PetaFLOPS per rack and a 5x improvement in energy efficiency compared to previous models [3][12] - NVIDIA's robotics platform, Isaac Groot N1.5, integrates simulation, training, and deployment, significantly reducing training time and costs while aiming to enable a single robot to perform 90% of industrial tasks by 2030 [4][13] - The RTX Pro enterprise server and DGX Spark workstation are designed to enhance AI development capabilities, supporting high-bandwidth applications and local execution of trillion-parameter models [5][14] - NVIDIA is strengthening its supply chain in Taiwan, which accounts for over 60% of global AI server production, and is establishing a local AI supercomputing center in collaboration with TSMC and Foxconn [6][15] Summary by Sections NVLink Fusion - NVIDIA has opened its NVLink technology to third-party chips, enhancing collaboration and ecosystem development while potentially sacrificing some performance [2][11] GB300 Supercomputer - The GB300 supercomputer features advanced specifications, including 288GB of HBM3e memory and a full liquid-cooling design, with mass production planned for Q3 2025 [3][12] Robotics and Physical AI - The Isaac Groot N1.5 platform aims to revolutionize robotics by integrating various processes and significantly reducing training costs and time [4][13] Enterprise AI Solutions - The RTX Pro server and DGX Spark workstation are tailored for enterprise needs, enhancing AI capabilities and supporting high-performance applications [5][14] Taiwan Supply Chain Strategy - NVIDIA's collaboration with local partners aims to solidify Taiwan's role in the global semiconductor supply chain and enhance local AI infrastructure [6][15]

Group 1: Financial Performance - Nextracker's revenue for Q4 FY2025 reached $924 million, exceeding consensus expectations of $831 million by 11%[2] - Adjusted EBITDA for Q4 FY2025 was $242 million, surpassing the consensus estimate of $195 million by 24%[5] - The company expects FY2026 revenue to be between $3.2 billion and $3.4 billion, higher than the consensus estimate of $3.17 billion[2] Group 2: Profitability and Margins - Adjusted net income for Q4 FY2025 was $193 million, exceeding market expectations of $139 million by 39%[5] - The gross margin for Q4 FY2025 was maintained at a high level of 33.4%[2] - The company anticipates FY2026 gross margin to remain in the low 30% range[2] Group 3: Order Backlog and Market Demand - Nextracker's backlog at the end of Q4 FY2025 exceeded $4.5 billion, indicating strong solar demand[3] - The company reported a shipment-to-order ratio greater than 1, reflecting robust order fulfillment[3] Group 4: Strategic Initiatives - Nextracker announced the acquisition of US Bentek Corporation for approximately $78 million, enhancing its supply chain integration[3] - The company emphasized its commitment to local sourcing, achieving 100% localization of components in the U.S.[3]

Computex 2025 追踪： 高通 AIPC 生态加速 Computex 2025 Tracker: Qualcomm Accelerates AIPC Ecosystem 姚书桥 Barney Yao barney.sq.yao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 事件 [Table_Title] 研究报告 Research Report 20 May 2025 美国电子 US Technology 高通公司总裁兼 CEO 克里斯蒂亚诺·安蒙（Cristiano Amon）举行了一场主题演讲，重点展示了高通在 AI PC、边缘 AI 计算、游戏生态和全球市场布局等方面的最新进展与战略方向。 点评 AI PC 生态加速落地，Arm 架构挑战 x86 格局。高通基于骁龙 X Elite/Plus 平台（45 TOPS NPU 算力），已有超过 85 款 Windows 11 AI+ PC 量产或在开发中，覆盖宏碁、戴尔、联想等主流品 ...

Economic Indicators - In April, U.S. retail sales growth weakened, with year-on-year growth dropping to 4.8%[10] - The Michigan Consumer Sentiment Index for May fell to 50.8, below market expectations[9] - April's U.S. CPI decreased by 0.1 percentage points to 2.3%, with core CPI remaining stable[20] Global Market Performance - From May 9 to May 16, 2025, the S&P 500 rose by 5.3%, while the Hang Seng Index increased by 2.1%[7] - The 10-year U.S. Treasury yield rose by 6 basis points to 4.43%[7] - The dollar index increased to 101.0, with the yen depreciating and the renminbi appreciating[7] Japan's Economic Situation - Japan's Q1 GDP contracted by 0.2% quarter-on-quarter, missing market expectations of -0.1%[28] - Net exports negatively impacted GDP by 3.3 percentage points, with imports rising significantly while exports fell[28] - Private consumption growth was weak at 0.2%, contributing only 0.1 percentage points to GDP growth[29] Policy Outlook - The Federal Reserve remains cautious regarding future interest rate cuts due to tariff uncertainties[36] - The European Central Bank (ECB) is also cautious, with potential rate cuts expected if inflation approaches 2%[39] - The Bank of Japan is hesitant to raise rates amid high uncertainty related to tariffs and economic outlook[39] Risk Factors - There are risks associated with unexpected adjustments in overseas monetary policies and uncertainties surrounding tariff policies[41]

宏观研究 /[Table_Date] 2025.05.14 2025-05-20 关税影响尚不明显 [Table_Authors] 王宇晴(分析师) 2025 年 4 月美国物价数据点评 本报告导读： 4 月美国通胀继续放缓，在能源价格回落以及一季度"抢出口"影响下，关税对通胀影 响尚未完全体现。展望未来，中美关税的大幅调降也有助于延缓美国通胀反弹，但 美国"滞胀"风险仍不容忽视，美联储短期或仍难以降息。 登记编号 S0880525040119 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 宏 观 投资要点： 风险提示：美国关税政策超预期，通胀反弹压力超预期 研 究 宏 观 专 题 021-38676666 梁中华(分析师) 021-38676666 登记编号 S0880525040019 [Table_Summary] 2025 年 4 月美国通胀继续降温。4 月美国 CPI 同比增速为 2.3%，前 值 2.4%，低于市场预期（2.4%）。核心 CPI 同比维持在 2.8%。环比 来看，4 月 CPI 环比 0.2%，前值-0.1%，略低于市场预期（0.3%）；核 心 CPI 环比 0.2%， ...

Investment Rating - The report maintains an "OUTPERFORM" rating for China Modern Dairy [2][9][6] Core Views - The turning point for milk prices is approaching, with expectations for both volume and price increases [3][5][14] - The company has demonstrated significant cost control, leading to an industry-leading ability to reduce costs [4][13] - The industry is experiencing a pronounced Matthew effect, with the company gaining market share despite overall declines in milk production [5][14] Financial Summary - Revenue projections for China Modern Dairy are as follows: 2025: 14.44 billion yuan, 2026: 15.28 billion yuan, 2027: 16.06 billion yuan [6][15] - Net profit attributable to shareholders is expected to be 310 million yuan in 2025, 750 million yuan in 2026, and 1.1 billion yuan in 2027 [6][15] - The gross margin for the raw milk business is projected to improve to 31.2% in 2024, up 2.8 percentage points year-on-year [4][13] Market Dynamics - The raw milk price has stabilized at 3.07 yuan per kilogram, indicating a bottom consolidation phase [3][11] - The cattle herd is decreasing at a rate of approximately 40,000 head per month, contributing to the anticipated rebound in milk prices [12][3] - The company’s raw milk sales reached 2.893 million tons in 2024, a 13.6% year-on-year increase, indicating strong performance against industry trends [5][14]

研究报告 Research Report 20 May 2025 中国 & 香港非银行金融 China (Overseas) & Hong Kong Non-Bank Financials 香港虚拟资产新政两周年：关键政策推动行业发展，机遇与挑战并存 A New Phase in Hong Kong's Virtual Asset Regulation: Key Policies Driving Industry Development Amid Opportunities and Challenges [Table_yemei1] 观点聚焦 Investment Focus [Table_Author] Ling Tan ling.ml.tan@htisec.com [Table_yejiao1] 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国 际证券集团其他各成员单位的证券研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证 券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请参阅附录。(Please se ...

[Table_Title] 研究报告 Research Report 19 May 2025 国际石油开发帝石 (1605 JP) 因成本下降而优于预期；采用更为保守的油价预测基准 [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (本报告为 2025 年 5 月 13 日发布的英文报告的翻译版，以原稿为准) 要闻回顾以及最新动态 我们预计国际石油开发帝石 2025 年一季度业绩市场反应为积极。尽管营收不及预期，但由于成本低于预期及税率小 幅下降，公司的净利润高于一致预期。公司略微下调了 2025 财年指引，反映出对油价的保守预期，但重申今年股息 为 90 元/股（2024 财年为 86 元/股）。虽然公告中未提及，但我们认为 1,300 亿日元的股票回购计划仍属有效指引。 国际石油开发帝石仍是我们日本能源/工业板块的首选标的，此次业绩印证了这一观点，我们重申其"优于大市"评 级。 点评 营收不及预期，但因成本下降而优于预期：国际石油开发帝石的经调净收入约为 1,260 亿元人民币，而一致预期为 970 亿元人民币，主要得益于成本表现优于预期。在净利方面，公 ...