Investment Rating - The report maintains a "Buy" rating for key companies in the telecommunications sector, including China Mobile, Zhongji Xuchuang, Xinyi Sheng, Tianfu Communication, and others [10][50]. Core Insights - The report highlights the significant growth in AI training demand in North America, as evidenced by the strong performance of Oracle and CoreWeave in Q1 2025. Oracle observed a broad increase in AI training demand from multiple clients and raised its capital expenditure forecast for FY26. CoreWeave's revenue reached $982 million, exceeding market expectations by 14%, driven by substantial orders from major clients like Microsoft and OpenAI [2][3][14]. - The report suggests that the recent acceleration in overseas AI infrastructure development presents investment opportunities in related supply chains, including optical modules, CPO, copper connections, and AIDC [2][3][20]. Summary by Sections Market Performance - The telecommunications index fell by 0.78% last week, while the Shanghai Composite Index and Shenzhen Component Index decreased by 0.25% and 0.60%, respectively [2][13]. Key Companies and Developments - Oracle's Q1 FY25 revenue was $15.9 billion, an 11% year-over-year increase, with cloud infrastructure revenue growing by 52%. The company plans to invest over $25 billion in capital expenditures next fiscal year due to observed AI training demand [14][15]. - CoreWeave reported Q1 FY26 revenue of $982 million, a 420% year-over-year increase, driven by strong AI training demand from major clients. The company signed a $11.9 billion contract with OpenAI and has a remaining performance obligation of $25.9 billion [15][20]. Recommended Companies - The report recommends several companies for investment, including: - China Mobile (600941 CH) with a target price of 126.40 and a "Buy" rating - Zhongji Xuchuang (300308 CH) with a target price of 164.78 and a "Buy" rating - Xinyi Sheng (300502 CH) with a target price of 128.76 and a "Buy" rating - Tianfu Communication (300394 CH) with a target price of 119.12 and a "Buy" rating - Other companies such as Ruijie Networks and Hengtong Optic-Electric are also recommended [10][50][51].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company plans to invest up to 3.3 billion RMB to build amino acid and supporting projects, increasing annual production capacity of threonine and MSG by 200,000 tons and 250,000 tons respectively [1][2] - The company's threonine and MSG production capacity is expected to rise from 268,000 tons and 420,000 tons in 2024 to 468,000 tons and 670,000 tons in 2027, enhancing its market share [1][2] - The report anticipates that the global threonine capacity and domestic MSG capacity will maintain a CR3 of over 80% by 2027, with the company’s market share projected to increase to 26% and 17% respectively [1][2] Summary by Sections Investment Overview - The project is located in Daqing, Heilongjiang, with a construction period of approximately 22 months and expected annual sales revenue of about 3.9 billion RMB upon reaching full capacity [2] - The company will finance the project through a mix of self-funding and bank loans, each accounting for about 50% [2] Market Conditions - The report notes that the prices for lysine and threonine have seen slight declines, but demand is expected to improve as the peak season approaches and due to the reduction in soybean meal usage [3] - The company’s corn deep processing project in Xinjiang, which includes small amino acid products, is progressing and is expected to contribute to future growth [3] Financial Projections - The report forecasts the company's net profit attributable to shareholders for 2025-2027 to be 1.32 billion, 1.41 billion, and 1.59 billion RMB respectively, representing year-on-year growth of 40%, 7%, and 12% [4] - The estimated EPS for the same period is projected to be 0.80, 0.85, and 0.96 RMB [4] - The target price is set at 9.60 RMB, with a PE ratio of 12 times for 2025, reflecting the company's early-stage project developments [4][8]

Investment Rating - The report maintains an "Overweight" rating for the construction and building materials sectors [6]. Core Insights - Investment sentiment in the construction sector is showing divergence, with a focus on capacity clearance and high-demand sub-sectors. Infrastructure investment (excluding power, heat, gas, and water supply) increased by 5.6% year-on-year, while real estate investment decreased by 10.7% [1]. - The retail sales of construction and decoration materials showed a year-on-year increase of 3.0% in the first five months of 2025, indicating a recovery in retail demand [2]. - Cement production in the first five months of 2025 was 659 million tons, down 4.0% year-on-year, with the decline in production accelerating [3]. - The average price of float glass decreased by 22.1% year-on-year in May 2025, reflecting supply pressure due to the resumption of production lines [4]. Summary by Sections Investment Trends - Infrastructure investment growth is positive at 5.6%, while real estate investment continues to decline at -10.7% [1]. - Retail sales in the building materials sector are recovering, with a 3.0% increase in the first five months of 2025 [2]. Cement Industry - Cement production decreased by 4.0% year-on-year, with a notable decline in the average shipment rate [3]. - The average price of cement in May 2025 was 380 yuan per ton, up 2.7% year-on-year, but the market is experiencing weak demand [3]. Glass Industry - Float glass production decreased by 4.9% year-on-year, with prices declining due to increased supply from resumed production lines [4]. - The average price of photovoltaic glass also saw a decrease, indicating cost pressures in the sector [4]. Recommended Stocks - The report recommends several stocks in the construction and building materials sectors, including Sichuan Road and Bridge, China Nuclear Engineering, and Huaxin Cement, all rated as "Buy" with target prices set for 2025 [8][31].

Group 1 - The core viewpoint of the report emphasizes the importance of embracing core assets in the home appliance sector, focusing on innovation and overseas localization capabilities to capture growth opportunities [2][6][19] - The home appliance sector has shown positive fundamentals, with a year-on-year revenue growth of 13.7% and a net profit growth of 25.3% in Q1 2025, indicating a strong recovery in domestic demand [3][42] - The report identifies three major trends: anchoring on core assets in the home appliance sector, strengthening overseas localization capabilities, and focusing on AI and innovation for growth [2][6][20] Group 2 - The domestic demand structure is balanced, with domestic sales accounting for approximately 59% and exports for 41%, supported by strong growth in emerging markets [14][15] - The "old-for-new" policy continues to support domestic demand, with an expansion of covered categories from 8 to 12 in 2025, maintaining a subsidy rate of 15%-20% [16][54] - The report highlights the importance of innovation in the home appliance sector, with a shift towards smart and health-oriented products driving market growth [17][30] Group 3 - The report recommends several companies as investment opportunities, including Haier Smart Home, Gree Electric, and TCL Electronics, which exhibit strong market positions and growth potential [21][22][26] - Companies like Stone Technology and Ecovacs are highlighted for their global expansion strategies and potential for revenue growth [24][25] - The report also emphasizes the importance of companies with strong localization capabilities to mitigate risks associated with tariffs and enhance competitiveness in overseas markets [5][23][53]

Investment Rating - The investment rating for the company has been upgraded to "Buy" with a target price of HKD 16.00 [7][8]. Core Insights - The company reported FY25 revenue of HKD 896.6 billion, a decrease of 17.5% year-on-year, while operating profit increased by 9.8% to HKD 147.5 billion, and net profit attributable to shareholders was HKD 59.2 billion, down 9.0% but above expectations due to product structure optimization and rising gold prices [1][2][4]. - Same-store sales in mainland China and Hong Kong/Macau showed a decline of 2.7% and an increase of 1.3% respectively in April-May 2025, indicating a narrowing decline in mainland sales by 10.5 percentage points compared to the previous quarter [1][2]. - The company is focusing on optimizing its product structure, with the retail sales of gold in mainland China accounting for 19.2%, up 12.2 percentage points year-on-year, and the introduction of high-end jewelry series to enhance brand image and profitability [2][3]. Summary by Sections Financial Performance - FY25 revenue was HKD 896.6 billion, down 17.5% year-on-year, while net profit was HKD 59.2 billion, down 9.0% [1][12]. - The gross profit margin improved to 29.5%, an increase of 5.5 percentage points year-on-year, driven by a higher proportion of high-margin products and rising gold prices [2][16]. Store Network and Brand Strategy - The company closed 892 underperforming stores and opened new stores in high-potential areas, ending FY25 with 6,274 stores in mainland China and 149 in Hong Kong/Macau [3]. - New image stores in key cities have shown better sales performance compared to regular stores, with plans to open 20 new image stores in FY26 [3]. Profit Forecast and Valuation - The net profit forecast for FY26 and FY27 has been raised by 22% and 27% to HKD 76.3 billion and HKD 83.6 billion respectively, with an introduction of FY28 profit forecast at HKD 92.3 billion [4][6]. - The target price is set at HKD 16.00 based on a PE ratio of 21 times for FY26, reflecting the company's potential to benefit from increased industry concentration amid heightened competition [4][6].

Trade Trends - In May, U.S. imports showed weakness, but a recovery is expected in June, although it may not return to the high levels seen in Q1[2] - After the tariff reduction in mid-May, shipping rates significantly increased, indicating a rise in trade demand[2] - Container data shows a notable decline in U.S. imports from China in May, while imports from countries like Vietnam remained high due to tariff impacts[2] Economic Indicators - The global manufacturing PMI export orders rose by 0.7 to 48 in May, with notable improvements in developed and emerging markets excluding China[4] - U.S. consumer spending on services and goods has weakened, with hotel occupancy rates slightly below seasonal norms and retail indices showing a slowdown[4] - Investment expectations among U.S. businesses showed a low recovery in May, while production indicators weakened[5] Inflation and Financial Conditions - Inflation expectations remain stable, with retail prices rising slightly since mid-May, reflecting ongoing tariff impacts[5] - Financial conditions in the U.S. have continued to improve since mid-May, as indicated by Goldman Sachs and Bloomberg financial condition indices[6] Risks and Observations - The potential for renewed volatility in U.S. tariff policies poses a risk, alongside the possibility of weaker-than-expected employment data[7]

Core Insights - The report indicates that the macroeconomic environment is showing signs of recovery, particularly in the TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors, with a notable improvement in sentiment and performance metrics [3][6]. Macroeconomic Overview - The report highlights a "tariff pulse" affecting trade volumes, with U.S. imports showing weakness in May but expected to recover in June, albeit not returning to the high levels seen in Q1 [3]. - Inflationary pressures are still being transmitted through prices, with slight increases noted since late May [3]. - Business confidence has improved slightly in May but remains low, suggesting a slow recovery pace ahead [3]. Sector Analysis TMT Sector - The TMT sector is experiencing a significant recovery, driven by trends in AI, with components such as storage chains, communication devices, and gaming showing upward momentum [3]. - Software within the TMT sector is stabilizing after a downturn [3]. Advanced Manufacturing - Advanced manufacturing is seeing a recovery in demand, with sectors like general automation, wind power, photovoltaic, and aerospace equipment showing signs of improvement [3]. - Capacity adjustments in advanced manufacturing are contributing to this recovery [3]. Consumer Sector - The consumer sector is witnessing early signs of recovery, particularly in new consumption and mass-market products, with personal care and accessories showing improvement [3]. - Categories such as beer, condiments, and dairy products are also experiencing a rebound [3]. Other Sectors - The pharmaceutical sector is seeing a revival in investment cycles, while insurance and electricity sectors are also showing positive trends [3]. - Precious metals are maintaining high levels, indicating strong demand [3]. Automotive Industry Insights - Major automotive companies like BYD, Geely, SAIC, and Great Wall have committed to standardizing supplier payment terms to within 60 days, which is expected to alleviate concerns regarding repayment capabilities and promote healthier industry dynamics [6]. - The average capital turnover rates for components, complete vehicle manufacturers, and dealers are reported at 4.5, 2.2, and 8.9 respectively, indicating a structured financial ecosystem [6]. - The anticipated output from vehicle manufacturers is approximately 42.4 billion yuan, which may create short-term cash flow pressures but is deemed manageable [6]. Company Ratings - The report includes a new buy rating for XGIMI Technology (极米科技) with a target price of 150.00 yuan, projecting earnings per share (EPS) of 5.00 yuan for 2025 [7].

Investment Rating - The report maintains a "Buy" rating for both Sailun Tire and Senqilin, with target prices of 16.44 and 26.91 respectively [9][28]. Core Insights - The tire industry is approaching a turning point due to tariff digestion and cost improvements, with Chinese tire companies expected to expand their market share despite current tariff challenges [1]. - Raw material costs have significantly decreased, with the price index for semi-steel and all-steel tires dropping by 15% and 14% respectively as of June 6, 2025, indicating a recovery in profitability for the tire industry expected by Q3 2025 [2]. - Demand for semi-steel tires in North America and Europe remains strong, with a year-on-year growth of 3% and 5% respectively in early 2025, enhancing the competitiveness of Chinese products in these markets [3]. - Leading companies are actively expanding their overseas presence, with Sailun Tire increasing its brand investment and establishing production facilities in Indonesia and Mexico, while Senqilin is set to ramp up production in Morocco [4]. Summary by Sections Tariff and Cost Dynamics - Tariff impacts are gradually being absorbed, allowing Chinese tire companies to leverage their cost advantages and enhance market penetration [1]. - The cost pressure from raw materials has eased significantly, with expectations of improved profitability in the upcoming quarters [2]. Market Demand and Competitiveness - The semi-steel tire demand in North America and Europe continues to grow, with a notable increase in imports from China [3]. - Chinese tire manufacturers are positioned to benefit from their competitive pricing and quality, leading to increased market share in international markets [3]. Company Recommendations - Sailun Tire is recommended due to its strong brand development and successful overseas production initiatives, with a projected revenue growth of 22% year-on-year [32]. - Senqilin is also recommended for its high-end product positioning and expected production ramp-up in Morocco, contributing to its market share growth [32].

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Insights - The report highlights the emergence of a sovereign AI-driven incremental market, with NVIDIA's AI supercomputing infrastructure set to be deployed across multiple European countries, creating a robust AI ecosystem [1][2] - The acceleration of physical AI applications is noted, with NVIDIA's Omniverse being central to replicating AI factories in the European industrial and pharmaceutical sectors [1][3] - The software ecosystem's stickiness is emphasized as a critical factor for NVIDIA's ongoing success [1][4] Summary by Sections Sovereign AI - The EU announced an expansion of its AI factory network, including 13 existing AI factories and an investment of €20 billion to build up to 5 AI Gigafactories, each equipped with approximately 100,000 advanced AI processors [2] - NVIDIA plans to deploy over 3,000 exaflops of AI computing power in Europe, collaborating with Mistral AI in France and Nebius and Nscale in the UK [2] Enterprise Collaboration - NVIDIA is constructing the world's first industrial AI cloud for European manufacturers, supported by 10,000 GPUs, including B200 and RTX PRO servers [3] - The Omniverse platform is being utilized across various European industrial applications, enhancing product lifecycle management for companies like BMW and Siemens [3] Software Ecosystem - NVIDIA is expanding its DGX Cloud Lepton and Nemotron AI platforms, allowing developers to seamlessly deploy and manage AI models across various cloud environments [4] - Collaborations with European venture capital firms aim to provide support for companies using DGX Cloud Lepton, potentially locking developers into NVIDIA's software framework [4]

证券研究报告 宽观 5 月全球 PMI:关税暂缓推动订单反 华泰研究 2025年6月12日|中国内地 动态点评 图说全球 PMI | 2025年5月 本系列为华泰宏观出品、全球 PMI月度追踪系列的第二十三期。5月全球制 造业 PMI 回落,但关税降级推动大部分国家制造业 PMI 改善,其中,欧元 区、东盟、墨西哥等国家和地区表现较好;制造业新订单和新出口订单或受 益于抢出口大多出现回升;价格指标维持高位,库存稳步上行。5月全球服 务业 PMI 有所回升,但主要受美国提振,欧日均有所回落。 5 月全球 PMI 走势概述:服务业景气度上行带动 5 月全球综合 PMI 上行 0.4pp 至 51.2。制造业 PMI:大部分国家制造业 PMI 均有所改善:美国 Markit 和 ISM 制造业 PM 走势分化,后者有所回落:欧元区则延续年初以来回升 的趋势;从绝对水平看,印度>美国 Markit>拉美>俄罗斯>欧元区=日本>东 盟>中国台湾地区>英国。服务业 PMI:全球服务业 PMI 景气度回升,主要 由美国 Markit 服务业 PMI 上行带动,欧元区和日本均走弱。订单:全球制 造业新订单延续下行,但出口新订 ...