Investment Rating - The report rates the Vietnam Food & Beverage industry positively, highlighting Vinamilk as a leading enterprise with a strong market position and growth potential [1]. Core Insights - The Vietnamese dairy industry is experiencing growth in both volume and price, with a market size of approximately $4.24 billion in 2023, reflecting a year-on-year growth of 6.4% [1][25]. - Vinamilk holds a market share of over 50% in the Vietnamese dairy sector, benefiting from a well-established distribution network and product portfolio [1][8]. - The report emphasizes the importance of structural upgrades in driving long-term growth in the dairy industry, with drinking milk accounting for 62% of total sales [1][28]. Summary by Sections Industry Overview - The Vietnamese dairy industry has a low per capita consumption of dairy products, indicating significant growth potential as the economy develops [3]. - In 2023, the per capita GDP of Vietnam was $4,347, similar to China's in 2007, suggesting a correlation between economic growth and dairy consumption [3]. - The industry is characterized by high concentration, with major players like Vinamilk dominating the market [8]. Vinamilk's Market Position - Vinamilk has a diverse product matrix with over 250 SKUs, catering to various consumer needs across different price segments [2][36]. - The company operates 15 farms in Vietnam and has partnerships with external farms, producing over 400,000 tons of raw milk annually [2]. - Vinamilk's revenue in 2023 reached 60.4 trillion VND, with 16.2% coming from overseas markets [1]. Growth Drivers - The report identifies structural upgrades and increasing health awareness among consumers as key drivers for the dairy industry's growth [1][28]. - The company has been proactive in expanding its distribution channels, with nearly 200,000 retail endpoints in Vietnam [36]. - Vinamilk's participation in the School Milk Program has significantly increased dairy consumption among students, enhancing brand recognition and market penetration [27]. Competitive Landscape - The Vietnamese dairy market is primarily driven by traditional retail channels, which accounted for 97% of sales in 2023 [9]. - Vinamilk's main competitors include TH Food Chain JSC, Royal FrieslandCampina NV, and Nestlé SA, but it maintains a strong competitive edge [8]. Future Outlook - The report suggests that as competition strengthens and consumer preferences evolve, Vinamilk's long-term investment value will become more apparent [2]. - The company is expected to continue innovating and expanding its product offerings, particularly in functional dairy products [29].

研究报告 Research Report Axel Leven 2 Aug 2024 MP 材料 (MP US) 收入下降/成本上升导致业绩不佳;第三季度销量有所改善 Scott Darling scott.darling@htisec.com axel.leven@htisec.com 热点速评 Flash Analysis 事件 我们预计，MP Materials 2024 年第二季度的业绩将受到市场的负面评价，该公司报告调整后的净亏损为 2800 万美 元,大幅低于市场预期,原因是全球稀土价格持续走低以及"上游停工时间高于预期"。该公司宣布，已与一家全球 汽车制造商签署了一项"重大"多年期错较供应协议，并预计 2024年第三季度错针产量将增加 50%，并继续优化成本 结构。该公司还在本季度收到了5000 万美元的初始磁性客户预付款,预计到 2025年将获得额外的 1.9亿美元客户预 付款和税收抵免。 点评 由于收入下降和成本上升,业绩不及预期: MP Materials 报告调签后的净亏损为 2800万美元,而市场预期的净亏损 为 1850 万美元。收入为 3130 万美元（市场预期为 3970 万美元 ...

[Table_Title] 研究报告 Research Report 1 Aug 2024 中国中国电新与火电 China (A-share) China (Overseas) Power Equipment & New Energy & Thermal Power 能源与 ESG 周报 (7/22-7/28):美国天然气期货价格持续下跌，光伏产业链 价格维持低位 Energy and ESG Updates: US natural gas futures prices continue to fall, and prices in the photovoltaic industry chain remain low 杨斌 Bin Yang 余小龙 Bruce Yu 毛琼佩 Olivia Mao bin.yang@htisec.com bruce.xl.yu@htisec.com olivia.qp.mao@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summa ...

研究报告 Research Report 2 Aug 2024 Coinbase (COIN US) 24Q2 交易量环比下降 28%，费率保持稳定，非交易收入占比提升 24Q2 Trading Volume Down, Fee Rate Stable QoQ, Non-trading Revenue Portion Increased 刷琦 Nicole Zhou, CFA 杨林 Lin YANG nicole.q.zhou@htisec.com lin.yang@htisec.com 热点速评 Flash Analysis (Please see APPENDIX 1 for English summary) 事件 Coinbase 发布 24Q2 业绩。 点评 > 营业收入 13.97 亿美元,同比+105%,环比-12%。税前亏损为 6000 万美元,同比-23.4%，环比从盈利变为亏 损。 交易收入同比+139%，环比-27%；订阅和服务收入同比+79%，环比+17%。订阅和服务收入占比环比增加 O 10pct 至 41%,推动力量来自于稳定币收入和区块链收益。 O 24Q2 交易量为 2260 亿 ...

[Table_Title] 研究报告 Research Report 1 Aug 2024 克丽维能源 Clearway Energy (CWEN US) 收入下降，稍不及预期；中期指引不变 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] 事件 尽管 Clearway Energy 公布的 GAAP 净收入为 5100 万美元，低于普遍预期的 7370 万美元，但环比增长显著，调整后 的 EBITDA 为 3.53 亿美元，与普遍预期的 3.638 亿美元基本一致，但我们预计市场会对该公司 2024 年第二季度的业 绩持中性态度。该公司重申了 2024 财年可供分配现金指引为 3.95 亿美元，并计划在 2026 年实现每股股息增长 5- 8% 的上限。该公司还宣布将把股息提高 1.7% 至每股 0.4171 美元。 点评 24 财年可供分配现金和中期指导不变：该公司重申其 24 财年可供分配现金指导为 3.95 ...

Investment Rating - The report maintains a positive outlook on Shell, with an expectation of strong performance in the upcoming quarters, particularly due to robust growth in upstream and marketing sectors [1][2]. Core Insights - Shell's adjusted net income for Q2 2024 is projected at $6.293 billion, exceeding market expectations of $5.980 billion, driven by strong performance in upstream and marketing divisions [1][2]. - The company has reaffirmed its capital expenditure guidance for FY 2024 at $22-25 billion, slightly below market expectations of $22.8 billion [1]. - A new share buyback program of $3.5 billion has been announced, expected to be completed by Q3 2024 [1]. Summary by Sections Overall Performance - Shell reported an adjusted net income of $6.293 billion for Q2 2024, a 24% increase year-over-year from $5.073 billion in Q2 2023, and a decrease of 19% from $7.734 billion in Q1 2024 [2][3]. - The company's revenue for Q2 2024 was $74.463 billion, showing a 3% quarter-over-quarter increase and no change year-over-year [3]. Upstream Business - The upstream segment's adjusted net income reached $2.336 billion, a 21% increase quarter-over-quarter and a 39% increase year-over-year [2][3]. - Oil and gas production was reported at 1,783 thousand barrels of oil equivalent per day, a 5% decrease from the previous quarter [2]. Marketing Business - The marketing segment achieved an adjusted net income of $1.082 billion, a 39% increase quarter-over-quarter and a 21% increase year-over-year [2][3]. - Sales volume expectations for Q3 2024 remain stable at 2,700-3,200 thousand barrels per day [2]. Chemicals and Products - The chemicals and products segment reported an adjusted net income of $1.085 billion, a 33% decrease quarter-over-quarter due to declining refining margins [2][3]. - Refinery utilization was at 92%, with expectations for Q3 2024 dropping to 83-91% [2]. Renewable Energy and Solutions - The renewable energy and solutions segment reported an adjusted net loss of $187 million, a significant decline attributed to seasonal demand fluctuations [2][3].

Investment Rating - The report maintains an "outperform" rating for Hutchmed (China) Limited with a target price of HKD 51.33 per share, reflecting a slight increase from the previous target of HKD 51.01 [6][14]. Core Insights - Hutchmed reported total revenue of USD 305.7 million for H1 2024, a decrease of 43% year-on-year, with oncology product revenue driven by overseas sales of fruquintinib reaching USD 42.8 million [3][12]. - The company expects oncology/immunology consolidated revenue for 2024 to remain between USD 300 million and USD 400 million, with potential for growth based on the positive sales trend of fruquintinib and upcoming regulatory milestones [4][13]. - The report highlights significant cost control measures, with R&D expenditure down 34% and SG&A expenses down 15%, contributing to a net profit of USD 25.8 million in H1 2024 [3][12]. Summary by Sections Financial Performance - Total revenue for H1 2024 was USD 305.7 million, with a significant drop of 43% compared to the previous year. The revenue from fruquintinib's overseas sales was USD 42.8 million, contributing to a 59% increase in oncology product revenue [3][12]. - The cost of goods sold (COGS) was USD 180.1 million, down 14%, while R&D expenses were USD 95.3 million, accounting for 74.5% of oncology product revenue [3][12]. Sales and Market Outlook - Fruquintinib's overseas sales are showing strong growth, with Q1 and Q2 2024 sales reported at 78 billion yen and 119 billion yen respectively, indicating a quarter-on-quarter growth of 53% in Q2 [4][13]. - The company is optimistic about achieving breakeven by the end of 2025, driven by continued growth in fruquintinib sales and effective cost management [4][12]. Pipeline and Future Prospects - Hutchmed is expanding its pipeline with savolitinib expected to submit a New Drug Application (NDA) by the end of 2024, which could become the company's second product approved for overseas commercialization [5][13]. - The innovative pipeline includes several promising candidates targeting hematological conditions, with ongoing clinical trials and positive results expected to drive future growth [5][13].

[Table_Title] 研究报告 Research Report 1 Aug 2024 雅宝 (ALB US) [Table_summary] 收入好于预期；成本管理稳健 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com [Table_yemei1] 热点速评 Flash Analysis 事件 我们预计，市场将对 Albemarle 2024 年第二季度的业绩持积极态度，该公司公布的调整后净收入为 430 万美元，远 低于预期的 6300 万美元净收入，原因是锂价持续走低，成本不断上涨。该公司重申了其宽泛的 2024 财年指引， EBITDA 取决于全年的锂价（15-25 美元/公斤）。由于"物流成本上升"，该公司确实下调了特种产品部门调整后的 EBITDA 预期。该公司还将其资本支出指引的下限从 16-18 亿美元上调至 17-18 亿美元，并宣布继续其"资产和成本 行动"，其中包括对优化成本和运营结构的审查。 点评 收入好于预期：Albemarle 公布 2024 年第二季度收入为 14.3 亿美元，高于预 ...

研究报告 Research Report 1 Aug 2024 雅宝 (ALB US) 收入好于预期;成本管理稳健 Scott Darling Axel Leven scott.darling@htisec.com axel.leven@htisec.com 热点速评 Flash Analysis 事件 我们预计，市场将对 Albemarle 2024 年第二季度的业绩持积极态度，该公司公布的调整后净收入为 430 万美元，远 低于预期的 6300 万美元净收入，原因是锂价持续走低，成本不断上涨。该公司重申了英宽泛的 2024 财年指引, EBITDA 取决于全年的锂价（15-25 美元/公斤）。由于"物流成本上升"，该公司确实下调了特种产品部门调整后的 EBITDA 预期。该公司还将其资本支出指引的下限从16-18 亿美元上调至 17-18 亿美元，并宣布继续其"资产和成本 行动",其中包括对优化成本和运营结构的审查。 点评 收入好于顿期：Albemarle 公布 2024 年第二季度收入为 14.3 亿美元，高于预期的 13.38 亿美元，这主要是由于锂市 场价格下跌。调整后的 EBITDA 为 3.86 ...

[Table_Title] 研究报告 Research Report 31 Jul 2024 日本策略 Japan Strategy 日本市场策略月报 - 香江观日 Japan Strategy: Observing the Japan Stock Market from Hong Kong 季屏子 Pingzi Ji pz.ji@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 7 月市场回顾和展望 在经历了 2 个多月的窄幅区间震荡之后，7 月日本股市波幅加大。月初快速上涨创出新高，之后 在美股大幅调整和日元急速回升的背景下，日本股市也大幅回调，7 月日经指数收于 39101.82 点，比上月跌 1.22%，而 Topix 指数收于 2794.26，较上月微跌 0.55%。 Chart1. 日美股指和日元汇率 Sources: Bloomberg, HTI 本月聚焦：日本银行的国债购买 今天，量化宽松作为一个国家的货币政策已经广为人知，然而央 ...