Goldman Sachs·2025-05-30 03:00分组1 - Investment Rating: Buy for Xiaomi, PDD, Kuaishou, Link REIT, Hesai, and Telstra [1][3][5][9] - Xiaomi's 1Q25 results exceeded expectations with revenue growth of +47% year-over-year to Rmb111 billion and adjusted net profit growth of +65% year-over-year to Rmb10.7 billion [1] - PDD's 1Q25 profit declined significantly due to increased user and merchant investments, leading to a negative share price reaction despite a +15% growth in online marketing revenue [3] - Kuaishou maintained its FY25 guidance and showed sequential improvement in advertising and eCommerce, indicating strong growth momentum [5] - Hesai's 1Q25 results showed a net profit beat driven by higher gross margins and lower operating expenses, with a revised target price increase to US$23.30 [5][9] 分组2 - Key segments for Xiaomi include AIoT and EV, which continue to outperform expectations [1] - PDD's domestic GMV profit margin is expected to stabilize at 2.0% to 2.2% for FY25E to FY27E, down from previous estimates [3] - Kuaishou's strong position in AI applications and better-than-industry ad growth are potential drivers for stock re-rating [5] - Telstra's strategy focuses on consistent earnings growth and maximizing shareholder returns, with a financial capacity exceeding A$20 billion through FY30 [9]