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]

Investment Rating - The report does not explicitly state an investment rating for the industry or Qualcomm, but it discusses market share expectations and strategic positioning, indicating a cautious outlook on market penetration and competition [2][7]. Core Insights - Qualcomm is accelerating its AI PC ecosystem, challenging the x86 architecture with its Snapdragon X Elite/Plus platform, which boasts 45 TOPS NPU performance. Over 85 Windows 11 AI+ PC models are in production or development, with plans to reduce prices to $600 by 2026 to enhance mid-range market penetration [2][7]. - The company is focusing on a hybrid AI architecture that prioritizes on-device processing for privacy and efficiency while leveraging cloud capabilities for complex tasks. This includes transferring smartphone 5G and NPU capabilities to PCs and robotics [3][8]. - Qualcomm is responding to Xiaomi's self-developed chip strategy by emphasizing the coexistence of self-design and outsourcing, maintaining that Xiaomi will still rely on Qualcomm for critical components [4][9]. - The company is restarting its Arm-based server chip business, launching a data center CPU based on the Nuvia Oryon architecture, and collaborating with NVIDIA to enhance performance and efficiency [4][10]. Summary by Sections AI PC Ecosystem - Qualcomm's Snapdragon X Elite/Plus platform is set to challenge the x86 architecture, with over 85 AI+ PC models in development and a target price of $600 by 2026 to penetrate the mid-range market [2][7]. - The Snapdragon X series supports over 750 applications and 1,400 games, addressing previous concerns about the Arm ecosystem's limitations [2][7]. On-device AI and Hybrid Architecture - Qualcomm's hybrid AI architecture emphasizes local data processing for privacy, while cloud resources are utilized for more complex tasks. The company is also promoting its AI Hub with 75 pre-optimized models to facilitate on-device AI development [3][8]. Competitive Landscape - Qualcomm's response to Xiaomi's self-developed chip highlights the balance of cooperation and competition in the industry, asserting that Xiaomi will continue to depend on Qualcomm for essential components [4][9]. Diversification Strategy - Qualcomm is reviving its Arm server chip business with the Nuvia Oryon architecture and plans to integrate its CPUs with NVIDIA's GPUs for improved performance and efficiency in data centers [4][10].

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]

Investment Rating - The report rates Futu Holdings as "Outperform" with a target price of HKD 125.00, projecting a P/E of 18 for 2025 and 14 for 2026 [1]. Core Insights - The report highlights the evolving regulatory landscape in Hong Kong's virtual asset sector, emphasizing the implementation of the Virtual Asset Service Provider (VASP) licensing system, which has led to increased institutional participation and product innovation [2][7]. - Hong Kong has become a leader in Asia for virtual asset ETFs, with a total of 6 spot ETFs and 3 futures ETFs currently available, reflecting a growing market for virtual asset investment products [3][38]. - The report discusses the strategic moves by traditional and internet brokers to enter the virtual asset market, including license upgrades and partnerships with licensed virtual asset trading platforms [4][30]. Summary by Sections 1. Current Status of Virtual Asset Development in Hong Kong - The VASP licensing system was implemented in June 2023, requiring all virtual asset trading platforms in Hong Kong to obtain licenses under the Anti-Money Laundering Ordinance [2][9]. - As of now, there are 10 licensed virtual asset trading platforms, 6 spot ETFs, and 3 futures ETFs in Hong Kong, with 38 brokers upgrading to provide virtual asset trading services [7][12]. 2. Current Status of Brokers Offering Virtual Asset Services - Internet brokers are rapidly establishing trading services, with three licensed platforms originating from internet broker backgrounds [3][31]. - Traditional brokers like Victory Securities are transitioning into the virtual asset space, achieving significant trading volumes [33][36]. 3. Insights from the Development of the Blockchain Industry in Hong Kong - Brokers are enhancing their market competitiveness through license upgrades, diversified product strategies, and collaborations with fintech companies [4][43]. - The report notes that brokers are actively pursuing innovative financial products and services to cater to the growing demand in the virtual asset market [43][44].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating an expected relative return exceeding the benchmark index by more than 10% over the next 12-18 months [1][13][19]. Core Insights - The company reported a net income of approximately 126.3 billion yen for Q1 2025, surpassing consensus expectations of 97 billion yen, primarily due to lower costs and a slight decrease in the tax rate [2][4]. - The company has slightly revised its FY2025 guidance downwards, with revenue expectations adjusted from 2,119 billion yen to 1,822 billion yen, and net income from 330 billion yen to 300 billion yen, while maintaining a dividend guidance of 90 yen per share [2][4]. - The company has lowered its average oil price forecast for FY2025 from $75 per barrel to $65 per barrel, and adjusted the USD/JPY exchange rate from 153 to approximately 144 [2]. Summary by Sections Financial Performance - Q1 2025 net sales were 536.9 billion yen, a 4% increase from Q4 2024 but a 10% decrease year-on-year [4]. - The cost of sales for Q1 2025 was 217.2 billion yen, reflecting a 2% increase from Q4 2024 and a 9% decrease year-on-year [4]. - Adjusted net income for Q1 2025 was 126.3 billion yen, a 4% increase year-on-year, while the adjusted diluted earnings per share was 105.38 yen [4]. Guidance and Forecasts - The company has increased its oil and gas production guidance for FY2025 from 633,000 barrels of oil equivalent per day to 654,000 barrels of oil equivalent per day [2]. - The company’s revised guidance reflects a more conservative outlook on oil prices and overall market conditions [2].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [3][7]. Core Insights - Leapmotor achieved a record-high gross margin of 14.9% in Q1 2025, with revenue reaching RMB 10.02 billion, reflecting a year-on-year growth of 187.1% driven by a 162% increase in vehicle deliveries and improved product mix [4][12]. - The company significantly narrowed its net loss to RMB 130 million, outperforming market expectations due to margin expansion outpacing operating expense growth [12][4]. - Leapmotor's domestic deliveries soared to 87,552 units in Q1 2025, up 162.1% year-on-year, with plans for further expansion in both domestic and international markets [5][13]. Financial Performance Summary - Revenue projections for Leapmotor are RMB 67.6 billion in 2025, RMB 81.2 billion in 2026, and RMB 102.5 billion in 2027, with net profits expected to be RMB 0.6 billion, RMB 3.5 billion, and RMB 6.0 billion respectively [7][15]. - The gross profit margin is expected to improve from 14.0% in 2025 to 18.1% in 2027, indicating a positive trend in profitability [10][15]. - The company has a strong cash position with RMB 25.7 billion in cash as of March 31, 2025, supporting its growth initiatives [12][4]. Market Position and Strategy - Leapmotor's new C10 model features significant upgrades, including a 12% increase in range and enhanced driving dynamics, which are expected to strengthen its competitive position in the market [6][14]. - The company plans to increase its sales outlets and service centers, aiming for a 90% coverage in prefecture-level cities by the end of 2025 [5][13]. - Leapmotor's strategy focuses on a closed-loop business model that leverages scale to reduce costs and enhance market share, driving further product iterations and competitiveness [6][14].

Group 1: Impact of US-China Tariff War on Hong Kong - The US-China tariff war has significantly impacted Hong Kong's role as a transshipment hub, with re-export volumes expected to decline due to tariff pressures. In 2024, exports to the US are projected to reach HKD 295.6 billion, accounting for 6.5% of total exports, with approximately 90% being re-exports [1][11][24] - The logistics of cross-border e-commerce have faced challenges due to the US imposing restrictions on duty-free privileges for small parcels, which has exposed vulnerabilities in Hong Kong's logistics framework [11][24] - There has been a notable trend of foreign capital outflows and a reduction in regional headquarters in Hong Kong, with the number of multinational regional headquarters reaching an 11-year low in 2023 [6][9][24] Group 2: Offshore RMB Business Hub - Hong Kong is positioned as a leading offshore RMB business hub, with the RMB's share in global reserves at 3.6%, making it the only major reserve currency showing consistent growth [2][25] - The RMB clearing and settlement network in Hong Kong handles over 70% of global cross-border RMB payments, with CIPS processing RMB payments amounting to 175 trillion yuan in 2024, a 43% increase year-on-year [15][25] - As of 2023, offshore RMB deposits in Hong Kong have approached HKD 1 trillion, representing about 60% of global offshore RMB deposits [16][25] Group 3: Trade Network Upgrades - Hong Kong is enhancing its trade network by strengthening ties with ASEAN and the Middle East, with exports to ASEAN growing by 18% in 2024, making it Hong Kong's second-largest export market [3][26] - The region is optimizing its supply chain by deepening industrial collaboration with Pearl River Delta cities, promoting high-tech, finance, and logistics sectors [3][26] - Hong Kong aims to maintain its status as an independent customs area while promoting a high-value, innovation-driven economic model [3][26] Group 4: Elevating Financial Hub Status - Hong Kong ranks third in the Global Financial Centre Index (GFCI), with efforts to attract domestic and foreign companies to list in the region [4][19][27] - The city is optimizing its tax and regulatory environment for fund and asset management, increasing support for long-term capital investments and green funds [4][19][27] - Initiatives to enhance fintech competitiveness include scaling smart investing and digital wealth tools, alongside optimizing talent and immigration policies to attract global financial professionals [4][19][27]

[Table_Title] 研究报告 Research Report 19 May 2025 [Table_header2] 奇德新材 (300995 CH) APPENDIX 1 Summary 奇德新材 Guangdong Kitech New Material (300995 CH) 高分子复合改性材料领军企业，碳纤维制品发展空间广阔 Polymer composite modified materials leader, accelerating international layout 孙小涵 Xiaohan Sun xh.sun@htisec.com [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。 ...