Investment Rating - The report indicates a stable investment outlook for the wealth management market, with an expected growth rate of approximately 8% for 2025, consistent with 2024 [1][9]. Core Insights - The wealth management market has shown signs of recovery in Q2, with a year-to-date growth rate nearing 5%, although this is weaker compared to previous years. Short-term indicators are trending towards normalization [1][2]. - Fixed-income products dominate the market, accounting for 75% of the total, with a total value of approximately 21.7 trillion. Short-term fixed-income products have seen significant growth, now representing 40.2% of the total [1][5]. - Regulatory scrutiny on valuation smoothing mechanisms is increasing, with expectations for compliance and market-based valuation systems to be established by the end of 2025 [1][7]. - The concentration of the wealth management market is rising, with the top 15 institutions holding 88% of the market share, reflecting a trend towards dominance by a few key players [3][15]. Summary by Sections Market Performance - The overall performance of the wealth management market in 2024 is expected to show a trend of lower growth initially, followed by recovery in Q2 due to improved liquidity and a recovering bond market [2]. - The growth rate for state-owned banks' wealth management is projected at 16.6%, outpacing joint-stock banks, while regional banks are expected to achieve the highest growth rate of 19.6% [1][12]. Product Structure and Risk Management - The reliance on valuation smoothing mechanisms has helped stabilize product performance, with a recent improvement in net asset values following a peak in March [4][6]. - The market is witnessing a shift towards short-term fixed-income products, which are becoming more prevalent, while the sales of structured products are declining [5][10]. Regulatory Environment - Regulatory bodies are emphasizing the need for fair and market-based valuation practices, with a focus on reducing risks associated with shadow banking [7][8]. - The anticipated regulatory changes are expected to enhance transparency and accountability in the wealth management sector [6][8]. Client Preferences and Trends - There is a notable preference among investors for low-volatility, stable products, with a significant increase in the popularity of wealth management products compared to traditional savings [27][29]. - High-value clients are growing at a faster rate than retail clients, indicating a shift in focus towards wealthier segments [29][30]. Future Outlook - The wealth management sector is expected to continue evolving, with a focus on enhancing digital capabilities and personalized advisory services to meet client needs [35][36]. - The overall trend indicates a gradual recovery in the wealth management market, driven by regulatory improvements and a more favorable economic environment [9][26].

6 May 2025 | 1:27AM HKT Cambricon (688256.SS): 2025 private placement on AI chips and Software platform; R&D commitment to support long term growth; Buy Cambricon announced a 2025 private placement on May 1 (link), aiming to issue within 21m shares, or no more than 5% of current shares in exchange of no more than Rmb4,980m (US$685m) cash, to develop: (1) AI chips for generative AI, 58% of the funding, (2) Software for generative AI, 32% of the funding, and (3) supplement working capital, 10% of the funding. ...

1Q25 takeaways: Fast product iterations with active R&D across the supply chain China Humanoid Robots 6 May 2025 | 7:05AM CST We follow closely comments from robot makers and supply chain names on their latest humanoid technology and products progress. From FY24/1Q25 earnings disclosures, an increasing amount of humanoid makers (EV/home appliance/industrial automation players/humanoid startups) and supply chain names have been putting strong emphasis on humanoid robot related R&D, reinforcing this future te ...

China TransInfo Technology (002373.SZ) Quick Take: Mixed 1Q25 Print – Op. Profit Miss but Earnings Beat on Investment Income CITI'S TAKE Flash | Transinfo reported 1Q25 results with 1Q25 revenue edging up 2% YoY to Rmb1.6bn, 18% ahead BBGe, and 1Q25 GM expanded 0.6ppts YoY to 29.7%, 4.6ppts below BBGe. 1Q25 opex stood at Rmb555mn (flat YoY), 34% higher than BBGe, thus the 1Q25 operating loss came in at Rmb77mn. Helped by the gain from a fair value change in investment of Rmb302mn, 1Q25 net profit was Rmb221 ...

中国 证券研究 2025 年 4 月 27 日 比亚迪-H&A 2025 年 1 季度业绩强劲；预计未来增长继续 比亚迪 2025 年 1 季度业绩几无意外，因为公司已于 4 月 9 日发布了 超出预期的业绩预报。业绩预报后，我们上调了盈利预测（链接）， 预计 2025 年平均单车利润为 1.05 万元（对比管理层指引为 1 万元， 市场一致预期为 9,800 元）。我们注意到，今年迄今市场对公司 2025 全年的一致预期已上调了 17%；尽管如此，我们的预测依然高于市场 。比亚迪仍是我们的首选股。 分析师声明及重要披露，包括非美国分析师披露，见第 5 页。 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。 亚太汽车行业研究主管 证券分析师: 赖以哲 AC (86-21) 6106 6353 nick.yc.lai@jpmorgan.com 登记编号: S1730520030008 证券分析师: 沈佳捷, CFA (86-21) 6106 6352 ...

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. J P M O R G A N Asia Pacific Equity Research 27 April 2025 002032.SZ, 002032 CH Price (25 Apr 25):Rmb55.45 Zhejiang Supor - A ▼Price Target (Jun-26):Rmb61.00 Prior (Jun-26):Rmb63.00 Head of Asia Consumer Resear ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Wuliangye - A 2024 sales up 7.1% yoy at expense of relaxing credit & rising rebates to distributors; 2025 sales target of c5% (in line with GDP growth) ...

April 27, 2025 07:48 PM GMT Ming Yang Smart Energy | Asia Pacific 2024 and 1Q25 result missed due to lower-than-expected WTG shipment and margin pressure Reaction to earnings Weakens our thesis Modest shortfall Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways MY reported 2024 results, with net profit of Rmb346mn, down 8.1% yoy, the miss due to 1) GP margin pressure for WTG continued, 2) lower-than-expected WTG shipment due to pr ...

J P M O R G A N Asia Pacific Equity Research 27 April 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Yonyou Network - A Another earnings shock, yet again; staying cautious Neutral 600588.SS, 600588 CH Price (25 Apr 25):Rmb13.70 ▼Price Target (Dec-25):R ...

Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS April 27, 2025 02:38 PM GMT Luzhou Lao Jiao Co. Ltd | Asia Pacific 2024/1Q25 Results in Line; Dividend Policy Announced Reaction to earnings Key Takeaways Revenue by price segment: Mid-high end liquor sales rose 3% yoy (88.4% of liquor sales) and low-end liquor sales increased 6% yoy in 2024. Margin trends: OPM declined 1.0ppt yoy in 1Q25, with narrowed GPM on a lower product ...