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Arm Holdings Plc_ Solid Dec-Qtr Results_In-Line Guide; Licensing _ Design Engagement Pipeline Continues To Expand On AI_Systems Solutions Focus. Thu Feb 06 2025
-· 2025-02-10 08:58
J P M O R G A N North America Equity Research 06 February 2025 Arm Holdings Plc Solid Dec-Qtr Results/In-Line Guide; Licensing / Design Engagement Pipeline Continues To Expand On AI/ Systems Solutions Focus Arm delivered solid F3Q25 (Dec-Qtr) results - better revenues, margins, and EPS - driven by better than expected licensing (higher value-added cores/CSS engagements) and royalties (seasonal mobile trends, early recovery in IoT / networking, strong cloud, increasing CSS mix). For the Mar-Qtr, rev/EPS was ...
比亚迪- H&A_ 置于正面催化剂观察:自动驾驶解决方案的进步与采用. Thu Feb 06 2025
-· 2025-02-10 08:58
分析师声明及重要披露,包括非美国分析师披露,见第 12 页。 jpmsc.portal.jpmorgan.com 摩根大通与其研究报告所覆盖的公司开展业务,或寻求与这些公司开展业务。因此,投资者应意识到其中可能存 在利益冲突,进而可能会影响本报告的客观性。投资者在做出投资决策时,本报告之观点应仅作为投资者的考虑 因素之一。 中国 证券研究 2025 年 2 月 7 日 比亚迪- H&A 置于正面催化剂观察:自动驾驶解决方案的进步与采用 借助 2025 年的两大趋势实现增长:1) 自动驾驶解决方案的采用率 不断提升;及 2)开拓海外机会:本年迄今,比亚迪-H 股上涨 18%, 而同期恒生国企指数上涨 6%。我们认为,今年中国汽车市场将被两 大投资主题所主导,且这两个主题均与公司密切相关:受国内市场物 料成本快速下降的推动,L2 以上高级自动驾驶功能的渗透率将大幅 提升。在中国以外地区,在大多数外国同业因美国加征关税(加拿大 /墨西哥可能被征收 25%的关税,其他地区可能被征收 10%的关税) 而面临财务和运营压力之际,中国品牌的市场份额有望继续扩大。 我 们将比亚迪置于正面催化剂观察 ,重申我们对比亚迪的"增持 ...
BYD- H&A_ Placing on Positive Catalyst Watch_ The advancement in AD solution and adoption. Thu Feb 06 2025
-· 2025-02-10 08:58
Asia Pacific Equity Research 07 February 2025 BYD- H&A Placing on Positive Catalyst Watch: The advancement in AD solution and adoption Riding on two mega trends in 2025: 1) rising adoption of AD solution and 2) exploiting overseas opportunity: BYD-H is up 18% YTD vs. HSCEI 6%. We believe two investment themes will dominate the China auto market this year and are very relevant to the company: Penetration of L2+ advanced autonomous driving (AD) feature will rise sharply, driven by rapid reduction of BOM (bill ...
China Battery Materials_ Lithium into 1st week of Feb - Downstream extended the resilience albeit inched down during CNY
-· 2025-02-10 08:58
Flash | 06 Feb 2025 10:03:30 ET │ 12 pages China Battery Materials Lithium into 1st week of Feb – Downstream extended the resilience albeit inched down during CNY CITI'S TAKE Latest weekly inventory was largely flattish vs end of Jan, mainly attributable to the production cut & resilient downstream demand amidst the CNY period. Our channel check with ZE Consulting suggests that Top- 5 battery makers' Jan-25 production pipeline was flattish MoM to Dec-24 and +89% YoY. In the meantime, the production pipeline ...
China Equity Strategy_ A-Share Sentiment Improved after CNY Holiday
-· 2025-02-10 08:58
China Equity Strategy | Asia Pacific February 6, 2025 09:00 PM GMT A-Share Sentiment Improved after CNY Holiday A-share sentiment improved with the strong Chinese AI theme and higher trading volume, despite lingering geopolitical risk. We reiterate caution and preference for defensiveness, dividend yields, cash returns, and/or greater earnings certainty. Avoid stocks with tariff risks . A-share investor sentiment improved with higher trading volume vs. prior cutoff date: Weighted MSASI and simple MSASI impr ...
Short-lived momentum__Global PMI wrap up (January)
-· 2025-02-10 08:58
Short-lived momentum? Economics Global PMI wrap up (January) The global composite PMI expanded at the start of 2025, with the headline index dropping from 52.6 to 51.8. Within sectors, the global manufacturing PMI rebounded to above the 50 threshold, even if the pace of growth is marginal. Meanwhile, the service sector showed a slower pace of growth. That said, most economies recorded services PMI readings above 50, with this part of the global economy still faring much better than the manufacturing part. G ...
Xiaomi (1810 HK)_Buy_ Re-rating set to continue
-· 2025-02-10 08:58
Equity Research Report 6 February 2025 Xiaomi (1810 HK) Buy: Re-rating set to continue Xiaomi is becoming the key beneficiary of the nationwide subsidy programme. As stated in our report, Consumer electronics: Subsidies policy a tailwind, we believe the national subsidy programme will act as a tailwind for China's Android brands with their retail prices ranging mostly below the subsidy price cap. According to BCI data, 25W4 (20-26 January, the first week after the implementation of the national subsidy prog ...
China Technology_ CBO - China Brief Overnight - 2_6_2025
-· 2025-02-10 08:58
Equity Research China Technology 6 February 2025 China Technology CBO - China Brief Overnight - 2/6/2025 Premier Li Qiang vows to strengthen coordination between markets and policies and promote scientific and technological innovation; China's express delivery handled a total of 1.9 billion packages over the Spring Festival holiday; DeepSeek's DAUs have reportedly surpassed 20 million. Our daily product rounds up key stories from the Chinese language media overnight, focusing on developments in the technolo ...
老铺黄金 - H_ 实地调研显示销售势头强劲,置于正面催化剂观察;“增持”评级. Thu Feb 06 2025
-· 2025-02-10 08:58
中国 证券研究 2025 年 2 月 6 日 老铺黄金 - H 实地调研显示销售势头强劲,置于正面催化剂观察; "增持"评级 ▲ 我们看好老铺在整体消费存在不确定性情况下的增长能见度,春 节节前和节中对上海(老铺豫园精品店)进行的实地渠道调研, 令我们信心增强。我们的主要观察结果包括:1) 销售势头火热( 每小时 10-20 笔订单),客流量强劲(尽管约一分钟发一个号, 排队时长达 80-100 分钟),即使几乎没有折扣;2) 优质的零售体 验:为排队等候的顾客提供热水(其他品牌提供常温水)、暖宝 宝、高端品牌巧克力和饼干;3) 进一步向目标客户群渗透:70- 75%为新客户,消费能力稳健(穿着中高端国际品牌;携带奢侈 品牌手袋),追求时尚(搭配流行 IP 配饰)。我们预计老铺将继 续保持这一势头,驱动力包括公司的品牌价值建设、产品创新、 国潮流行趋势下的强大价值主张,以及金价上涨(本年迄今上涨 8%)。我们将 2025-26 年盈利预测上调 12-14%。我们调整后的截 至 2025 年 12 月的目标价为 469 港元,对应 30 倍的 12 个月动态市 盈率。重申"增持"评级。我们将老铺置于正面催化剂观 ...
China Materials_ 2025 On-ground Demand Monitor Series #12 – Steel Inventory and Consumption Data Tracker
-· 2025-02-10 08:58
Flash | 06 Feb 2025 03:05:49 ET │ 10 pages China Materials 2025 On-ground Demand Monitor Series #12 – Steel Inventory and Consumption Data Tracker CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency on- ground demand trends in China – market expectation on demand recovery has been largely cautious. Our revised near-term pecking order is: Steel, Cement, Coal, Gold, Copper, Aluminum, and Lithium names (see our notes: China Steel – Shifting Our Near-term Sector Pecking Order and Chi ...