Investment Rating - The report does not explicitly provide an investment rating for the industry discussed [1]. Core Insights - The report highlights that the recent court ruling blocking certain tariffs does not signify the end of tariff policies, as the US Administration has alternative authorities to impose tariffs [2][4]. - It anticipates a rebound in US inflation, projecting a core PCE price index increase of 2.49% in April, with a forecasted rise to 3.6% by December [6][5]. - The report discusses the ongoing deflation in China, predicting a headline PPI inflation of -2.1% for the current year and -0.6% for the next [7]. Summary by Sections Tariffs Down but Not Out - The report indicates that the US Administration may utilize Section 122 of the US Trade Act of 1974 to impose tariffs, potentially leading to investigations that could result in tariffs exceeding 10% [2][4]. - Smaller trading partners may experience relief from tariffs, while major partners may not see significant changes [2]. US Inflation, China Deflation - The report forecasts a core PCE inflation increase to 3.6% by December, driven by tariff impacts, despite disinflationary forces [6][5]. - It also notes that while inflation concerns persist, the expected rebound will be less severe than in 2022, contingent on tariff levels [6]. Digesting Global Fiscal Shifts - The report suggests that concerns regarding the US fiscal outlook may lead to a resumption of steeper US Treasury curves and continued Dollar weakness [10]. - It emphasizes that fiscal expansion and growth risks in Europe will keep the front-end of the curve steep, while Japan may face ongoing pressure on long-end yields [11].

Investment Rating - The report does not specify a direct investment rating for the industry [1] Core Insights - Global real GDP growth is expected to slow to 2.4% year-on-year in 2025, influenced by higher US tariffs [4] - In the US, real GDP growth is projected to decrease to 1.1% in 2025, with a 35% probability of entering a recession within the next 12 months [4] - Core inflation in the US is anticipated to rise to 3.6% year-on-year by the end of 2025, driven by tariff increases [4] - The Euro area is expected to see real GDP growth of 0.9% year-on-year in 2025, with core inflation falling to 2.1% [4] - China is forecasted to achieve a real GDP growth of 4.6% year-on-year in 2025, despite ongoing uncertainties in trade relations [4][5] Economic Forecasts - Global GDP growth is projected at 2.4% for 2025, with the US at 1.1%, China at 4.6%, and the Euro area at 0.9% [15] - The Federal Reserve is expected to implement three 25 basis point rate cuts starting in December, reaching a terminal rate of 3.5-3.75% [4] - The European Central Bank is anticipated to continue rate cuts until reaching 1.75% by July 2025 [4] - Inflation rates are expected to remain low in China, with CPI and PPI inflation projected at 0% and -2.1% respectively by the end of the year [5]

Investment Rating - The report maintains a Neutral rating for Futu Holdings since July 14, 2021 [10]. Core Insights - Futu reported a positive net profit growth in 1Q25, primarily due to better-than-expected cost savings and a reduction in client acquisition costs (CAC) [1]. - The management's guidance for 2025 indicates that CAC will remain high due to market volatility, despite the positive performance in 1Q25 [1][2]. - The guidance for paying user growth in 2025 is set at 800,000, reflecting a cautious outlook given the anticipated slowdown in new user growth starting from 2Q25 [2]. - A lower HIBOR rate is expected to negatively impact interest income growth, with management indicating that a 25 basis points rate cut could lead to a pre-tax profit decrease of HK$ 8-10 million per month [3]. - The report highlights the potential positive impact of stablecoin adoption, AI integration, and market expansion into regions like Japan and New Zealand on Futu's competitive edge [16]. Financial Estimates - The revenue estimates for 2025 have been slightly adjusted downwards by 1%, while net profit estimates have been revised upwards by 4% [17]. - The new target price for Futu is set at US$ 111.11, reflecting a 3% decrease from the previous target [17]. - The report projects total revenue for 2025 at HK$ 17,039.5 million, with net income expected to reach HK$ 6,600.1 million, indicating a growth rate of 21.5% [5][13]. Key Data - Futu's market capitalization is reported at US$ 15.0 billion [5]. - The company is positioned within the China Brokers & Asset Management sector, with a notable M&A rank of 3 [5]. - The report outlines a projected EPS of HK$ 47.74 for 2025, with a P/E ratio of 17.7 [10][5].

Investment Rating - The report assigns a "Buy" rating for CSPC Pharma with a 12-month price target of HK$8.74, indicating an upside potential of 14.7% from the current price of HK$7.62 [13][14]. Core Insights - The report highlights that CSPC Pharma experienced a revenue decline of 22% in Q1, primarily due to a high base in Q1 2024, ongoing pressure from volume-based procurement (VBP), and a 12.5% price cut for NBP injection [1]. - Despite the revenue miss, earnings showed resilience, supported by out-licensing income and significant expense cuts, particularly in selling expenses [1]. - Management has revised its guidance for 2025, focusing on sequential improvement rather than positive sales growth, and plans to pursue three more business development (BD) deals with a potential total deal size exceeding US$5 billion [2][8]. Summary by Sections Revenue and Earnings Performance - CSPC Pharma's sales in Q1 declined by 22% year-on-year, with finished drug sales down 27% year-on-year [1]. - Earnings for Q1 were reported at Rmb1.5 billion, an 8% decrease year-on-year, but were bolstered by Rmb718 million from out-licensing [1]. - Core earnings, excluding BD income, are estimated to have declined by approximately 45% year-on-year [1]. Business Development and Licensing - The company is actively negotiating three potential BD deals, with one expected to close in June, focusing on SYS6010 (EGFR ADC) and other technology collaborations [2]. - In Q1, CSPC Pharma booked US$40 million from the AZ deal and US$60 million from the BeOne deal, with expectations of over Rmb1 billion in additional income from new deals throughout the year [2]. Clinical Development and Pipeline - SYS6010 is prioritized for clinical development, with ongoing phase 3 studies for NSCLC and plans for further trials in various solid tumors [3][7]. - The company is preparing for pivotal studies outside China and aims to apply for breakthrough designation for certain assets [7]. Shareholder Returns and Incentives - CSPC Pharma plans to utilize operational cash flow for R&D and higher dividends, with a share buyback target of up to HK$5 billion over the next 24 months [8]. - A share-based incentive program is set to cover 200-300 key staff, with additional coverage planned for the second half of 2025 [8]. Financial Projections - Earnings estimates have been revised down by 7.7% for 2025 due to lower-than-expected finished drug sales, but the price target has increased from HK$7.84 to HK$8.74 [9]. - Revenue projections for 2025 are set at Rmb30.1 billion, with expectations of gradual recovery in subsequent years [14].

Investment Rating - The report provides a "Buy" rating for AstraZeneca, indicating strong confidence in its growth potential, particularly with the SERD class breast cancer therapy [2]. Core Insights - The utility sector is entering a new era characterized by localized and defensive growth, with electricity demand and revenues on the rise after a 15-year decline. The modernization of the power grid is essential to enhance energy security and meet the demands of renewable energy and data centers [1]. - AstraZeneca's SERD therapy is expected to become a key focus in the upcoming ASCO meeting, with a potential market value exceeding $15 billion by 2035, driven by a patient population of over 5 million globally [2]. - The report highlights SSE and National Grid as top picks in the UK utility sector due to their significant domestic market exposure and positive revenue trajectories [1]. Summary by Sections Utility Sector - The report discusses the necessity for Europe to invest approximately €2 trillion to modernize its electricity systems after years of underinvestment [1]. - Key topics include the recent power outage in Spain and its implications for the utility sector [1]. Pharmaceutical Sector - AstraZeneca's camizestrant is viewed as a critical growth driver, particularly for patients who have undergone endocrine therapy, positioning the company favorably against Roche [2]. - The report anticipates that the complete data presentation for camizestrant could serve as a market catalyst, reflecting its unique positioning and value [2]. Retail and Consumer Goods - The UK clothing market saw a year-on-year growth of 1.4% in the 12 weeks ending April 27, with Zara and M&S leading in sales growth [3]. - In the US, beauty product sales slowed in May, while Beiersdorf outperformed other brands in the skincare segment [3]. Beverage Sector - US beer sales declined by 3.7% over a 12-week period, while the spirits market saw a 3.8% drop, with ABI and STZ receiving a buy rating for gaining market share [4][5].

28日5月2025年 | 上午6:39香港时间 +852-2978-1681 | verena.jeng@ gs.com 高盛集团（亚洲）有限责任 公司Ting Song +852-2978-6466 | ting.song@g s.com 高盛公司（亚洲）有限责任 公司 GC Telecom：5G BTS月环比下降；4月电信服务收入同 比增长2%。 ：2025年4月，5G基站部署疲软，达44千个，同比减少，截至2025年4月累计基站 部署达440万个；基站产量同比2025年4月增长26%，出口 1) 中国电信服务业收入同比增长2%。 一个强劲的表现： 1) 4月份达到1516亿元人民币，较2025年3月的同比增长0.3%（根据工信部数据） ；2) 2025年4月5G新基站部署增速放缓，新增44万个单位，而2024年4月新增101万 个单位，2025年3月新增70万个单位；3) 5G用户增长增速放缓，2025年4月新增130 0万用户，而2024年4月新增1500万用户。光纤光缆、BTS和PCB出口的海外市场价 值同比增长，而CCL出口价值在2025年4月下降。 艾伦·张 +852-2978-2930 | a ...

Investment Rating - The report assigns a neutral rating to Hilton Hotels and a bearish rating to Amorepacific and LG Household & Health Care [2]. Core Insights - The Korean cosmetics industry is experiencing a decline in duty-free sales (DFS), with April 2025 showing a 10% year-over-year decrease, an improvement from a 16% decline in March 2025 [4][6]. - In the U.S. market, Korean cosmetics exports continued to grow, with a 21% year-over-year increase in April 2025, although some brands like COSRX are struggling with inventory issues [11][21]. - The Chinese market is showing a decline in online sales, with major platforms experiencing a 31% to 42% year-over-year drop [2]. Summary by Sections Duty-Free Sales Performance - April 2025 DFS revenue reached $822 million, down 10% year-over-year, primarily due to declines in local and foreign sales [4][6]. - The total DFS revenue for April 2025 is 47% of the level seen in April 2019, compared to 39% in March 2025 [7]. U.S. Market Insights - Korean cosmetics exports to the U.S. in April 2025 increased by 13%, contributing to a total export growth of 21% [11][16]. - COSRX's sales on Amazon in the U.S. fell by 38% year-over-year, while Laneige saw a 73% increase in the same period [21][24]. Chinese Market Dynamics - The report highlights a significant decline in online sales across major platforms in China, with declines ranging from 31% to 42% year-over-year [2]. - Local brands are gaining market share, with multinational companies experiencing varying degrees of growth and decline [52].

2025年5月27日 | 晚上7:58 EDT Shoals Technologies .SHLS 虚拟投资者会议的要点；买入 | | | 我们举办了一场与SHLS首席执行官Brandon Moss及财务与投资 者关系副总裁Matt Tractenberg的虚拟投资者会议，以讨论关键 竞争动态、近期关税和政策变化的影响、近期及长期需求趋势等 议题。我们此次通话的关键要点已在文中进行了更详细的总结。 Implications Following NXT's recent acquisition of 竞争动态。 eBOS公司Bentek，人们曾担忧SHLS的竞争定位可能存在风险。然 而在我们的电话会议中，SHLS管理层讨论了Bentek历来更多地涉 及组合箱和其他电气外壳，同时还提供一种绝缘刺穿连接器（IPC ）干线总线系统，该系统很少直接与SHLS竞争。重要的是，管理 层指出Bentek的IPC产品与SHLS的BLA产品有几个关键差异，因为 后者是在现场安装而非预组装，并且不具备可持续25-30年的同等 产品质量。因此，这些产品可能更专注于小型站点或对成本更敏感 的客户，而非在速度和质量至关重要的大型项目中。 ...

Investment Rating - The report maintains a "Buy" rating for Mitsubishi Electric (Melco) [1][5][22]. Core Insights - Mitsubishi Electric is undergoing a significant transformation, shifting from a product sales-based business model to one that leverages data extracted from components, focusing on miniaturization and discontinuing non-strategic businesses [2][5]. - The company plans to invest in data center optical devices instead of power components due to a slowdown in xEV applications, and aims to localize its FA operations [2]. - Melco is targeting a shareholder return rate of 50% or higher and aims to maintain a debt-to-equity ratio of 0.3x [4][10]. Summary by Relevant Sections Business Strategy - Melco expects sales to grow from ¥2.1 trillion and an operating profit margin of 6.6% in FY3/22 to ¥2.5 trillion and 9.3% in FY3/26, despite lower-than-expected trends in fixed asset control systems [8]. - The company plans to terminate businesses generating ¥0.5 trillion in sales as part of its portfolio review [8]. Cost Reduction - The company is focused on rapid cost reductions, particularly in China, to address challenges faced by its operations [3]. Capital Allocation - Melco is considering mergers and acquisitions (M&A) in growth sectors such as industrial, HVAC, and AI/digital technologies, with a new M&A budget set at ¥1 trillion through FY3/28 [4][10]. - The company aims to enhance profitability by improving operational efficiency and reallocating resources [10]. Financial Performance - Melco forecasts sales of approximately ¥680 billion for FY3/26, with a target of achieving at least 10% growth in operating profit margin [11][9]. - The company plans to increase production capacity in response to strong orders in its defense business and aims to restore operating profit margins to over 10% through restructuring and cost reductions [5][12]. Semiconductor and Device Business - Melco intends to limit investments in power devices while shifting focus to high-performing optical devices, with plans to accelerate the expansion of its HVDC power module business [20][21]. - The company aims to increase its optical device sales by over 20% annually [21].

28 May 2025 | 7:02PM AEST Fisher & Paykel Healthcare Corp. (FPH.AX): FY25 Result: Multi-year growth opportunity. Retain Buy FPH delivered a strong FY25 result with total revenue and NPAT broadly in line with our estimates and ahead of Visible Alpha Consensus Data by ~1% and ~4%. Looking ahead - the momentum of FPH's Hospital business (~60% FY25 group revenue) remains solid (Gse: +14% FY26) with key new products including Optiflow Switch and Airvo 3 NIV in the US market not materially contributing to FY26 gu ...