19 June 2025 Equity Research Report Gigadevice Semiconductor (603986 CH) Buy: Unlocking the DRAM potential Positives are not fully priced in. Gigadevice's (GD) share price increased 11% in the past two months (CSI 300 up 3% over the same period); we attribute this positive performance to the recent price increase of DDR4 due to the exit of key suppliers. We expect further upside to the share price as we see more favourable supply- demand dynamics for specialty DRAM. We think the 3D DRAM business will be ano ...

June 17, 2025 09:18 AM GMT Greater China Materials | Asia Pacific Solar glass price drops to below cash line; capacity clearance still takes time Key Takeaways Solar glass price drops below cash cost level. Solar glass price rebounded in March and April to a high of Rmb14-14.5/sqm for 2.0mm product on better than expected demand from module producers due to rush installations before end-May. The higher supply and slipping demand put pressure on solar glass price. The reported price in June for 2.0mm is Rmb1 ...

| M June 17, 2025 04:53 AM GMT China Industrials Asia Pacific Industrial Robot Operations | Sheng.Zhong@morganstanley.com Chelsea Wang | Update +852 2239-7821 | | --- | --- | --- | | | Morgan Stanley Asia Limited+ | | | | Sheng Zhong | | | | Equity Analyst | | | | Equity Analyst | | | Tracker - Solid Growth | Jinlin.Wang@morganstanley.com | +852 2239-1118 | | | Serena Chen | | | | Research Associate | | | Continues | Serena.Chen@morganstanley.com | +852 2848-7107 | | | Carlos Chai | | | | Research Associate ...

June 18, 2025 01:38 PM GMT China – Clean Energy | Asia Pacific Solar Products Price Tracker – Week 25, 2025 Key Takeaways Exhibit 1: Solar products – price summary 6/18/2025 Polysilicon (Rmb/kg) Wafer-182mm (Rmb/pc) Wafer-210mm (Rmb/pc) Cell-182mm (Rmb/W) Cell-210mm (Rmb/W) Polysilicon (USD/kg) Wafer-182mm (USD/pc) Cell-182mm (USD/W) Weekly ave 35.0 0.93 1.27 0.24 0.26 19.00 0.12 0.03 WoW 0.0% 0.0% -2.3% -2.0% -1.9% 0.0% 0.0% -3.1% MoM -5.4% -2.1% -2.3% -5.9% -7.3% 0.0% 0.0% -11.4% YoY -10.3% -15.5% -23.0% ...

2025年6月17日 | 7:12AM CST 中国 工业指标 5月份数据：工业机器人产量仍然强劲，订单趋势增长明显放缓 本月数据要点 益于强劲的电池终端市场，尤其是杭可科技开始重新获 得一线客户的市场份额。中控技术表示，来自煤化工、 电力及核电以及冶金行业的设备升级需求从5月份开始显 现，这应支撑流程自动化终端市场的增长前景，未来两 年左右时间内的总需求预计将达人民币100亿~200亿 元。 证券研究报告 Research | Equity 杜茜 +86(21)2401-8948 | jacqueline.du@goldmansachs.cn 高盛（中国）证券有限责任公司 李舟 +86(21)2401-8648 | zhou.li@goldmansachs.cn 高盛（中国）证券有限责任公司 陈豪 +86(21)2401-8812 | hao.z.chen@goldmansachs.cn 高盛（中国）证券有限责任公司 叶枝函 +86(21)2411-8029 | zhihan.ye@goldmansachs.cn 高盛（中国）证券有限责任公司 高盛与其研究报告所分析的企业存在业务关系，并且继续寻求发展这些关 ...

15 June 2025 | 6:12PM HKT CFME (688630.SS): Mid-/-high-end PCB equipment driving growth; Active expansion to global market We expect CFME's 2Q25E revenues to grow 22% YoY / 27% QoQ to Rmb308m. We expect CFME to benefit from product mix upgrade, supported by the increasing revenue contribution from mid-to-high-end PCB equipment (60% of PCB equipment shipments in 2024) as well as semiconductor LDI (laser direct imaging) equipment. With 2Q GM sustaining at 40%, we expect 2Q25E net income to increase 12% YoY / ...

The worst is behind; upgrade to OW Price (13 Jun 25): Rmb46.40 Tuopu's share price had seen a roller coaster ride this year, rallying 56% year to Feb-peak (vs. CSI300 -1%) driven by market enthusiasm for humanoid robotics. It then dropped 44% (CSI300 -10%) with heightened tariff tensions, sluggish Tesla sales, and disappointing 1Q25 earnings. The stock is now -5% YTD (CSI300 -2%). We downgraded Tuopu from OW to Neutral in Oct-2024 on concerns of potential tariff hikes and slower-than-expected Tesla order. W ...

14 June 2025 | 12:16AM HKT China semis: XDLK (688582.SS, Not Covered): MEMS gyroscope and accelerometer on growing client adoption; expanding to new We talked with XDLK (688582.SS, Not Covered) management recently. The company provides MEMS IMU (Inertial Measurement Unit) including MEMS gyroscope and MEMS accelerometer for industrial, energy, and innovative applications (autonomous driving, eVTOL, robotics etc.). The company delivered 1Q25 revenue growth of 292% YoY, driven by new MEMS gyroscope orders, and ...

市场洞察 - 重点报道 --- Market Insights - Marquee Market Insights | Markets | Equities 市场洞察 | 市场 | 股票 China Feedback: HK Pullback After Big Run; A-shares Barbell Strategy; Lujiazui Forum Takeaway 中国反馈：港股⼤涨后回调；A 股杠铃 策略；陆家嘴论坛要点 A-share market traded around flat WTD amid the middle east tension which is partially offset by the support from ongoing Lujiazui Forum, while H-shares lagged on the back of elevated risk-off activities. Key highlights this week: 受中东局势紧张影响，A 股本周⾛势基本持平，部分被陆家嘴论坛的持续⽀持所抵消，⽽ H 股因避险情绪 升温表现落后。本周主要亮点： ...

abc 2025 年 06 月 13 日 | | 每股收益（UBS 稀释后） (Rmb) | | | --- | --- | --- | | | UBS | 市场预测 | | 12/25E | 6.76 | 6.56 | | 12/26E | 8.22 | 7.85 | | 12/27E | 9.68 | 9.14 | 闵 皓 分析师 S1460518050001 nora.min@ubs.com +86-21-3866 8905 Fast Take 科达利 要闻 科达利公告拟与人形机器人产业链公司合作设立合资公司布局灵巧手。 我们的解读 科达利当前在人形机器人的产品布局包括谐波减速器、关节组件及灵巧 手。随着行业的发展，我们认为公司在人形机器人领域的投入有望为其 注入新的增长动力。 股票 中国 汽车零配件业 12个月评级 买入 12个月目标价 Rmb175.00 股价 (2025年6月12日) Rmb111.13 RIC: 002850.SZ BBG: 002850 CS 交易数据和主要指标 52周股价波动范围 Rmb142.90-69.45 市值 Rmb30.2b/US$4.20b 已发行股本 271m ...