Di Yi Cai Jing·2025-05-15 06:18Group 1: Market Overview - On May 13, global US stocks experienced the second-largest net buying day in the past five years, primarily driven by short covering amid easing US-China trade tensions [1][2] - The S&P 500 index turned positive for the year, benefiting from a significant rise in semiconductor stocks following a five-year AI contract signed between Saudi Arabia and the US [2] - Institutional investors' sentiment was initially cautious, with a net leverage of short and long funds at a five-year low, indicating that active fund managers had not fully participated in the recent rebound [2][3] Group 2: Performance of Key Companies - JD.com reported a 16% year-on-year revenue growth in Q1, significantly outperforming the industry average growth of 6%, with adjusted operating profit rising by 38% [5][6] - Tencent's revenue grew by 13% year-on-year to 180 billion yuan, with adjusted net profit increasing by 22% to 61 billion yuan, driven by strong performance in gaming and marketing services [6][8] Group 3: Economic Forecasts - Goldman Sachs raised its GDP growth forecast for China in 2025 from 4% to 4.6%, citing improved export prospects [1][8] - Standard Chartered maintained its 2025 GDP growth forecast for China at 4.8%, emphasizing the need to monitor future developments in trade tensions [9] - UBS analysts noted that A-share earnings are expected to show a quarter-on-quarter recovery, with a projected 3.5% year-on-year growth in Q1 2025 [9]