摩根大通:华明装备 - A_在全球变压器市场中被低估的参与者
摩根· 2025-06-23 02:09
J P M O R G A N Asia Pacific Equity Research 18 June 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. Huaming Equipment - A Alan Hon (852) 2800-8573 alan.hon@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limi ...
高盛:中国金融-整体积极趋势下的选股差异_中金公司 - H 股(买入)与富途(中性)、恒生电子(买入)与东方财富_中国券商及资管机构
Goldman Sachs· 2025-06-23 02:09
19 June 2025 | 7:30PM HKT China Brokers & Asset Managers Stock selection differences amid overall positive trend. CICC-H (Buy) and FUTU (Neutral), Hundsun (Buy) and East Since May, broker and fintech stocks (including FUTU, East Money and Hundsun) have performed well, with average returns of +27%/+9% vs. +8%/+3% for the H/A share index. Looking back at the factors that we mentioned could constrain broker and fintech valuations (see our May report), we believe positive changes on ADTV and turnover - which ar ...
汇丰:东方电气_持有_核电领域过热
汇丰· 2025-06-23 02:09
Dongfang Electric (1072 HK/600875 CH) H/A: Hold/Hold: Overheating on nuclear China We hosted a non-deal roadshow (NDR) zoom meeting with Dongfang Electric on 18 June 2025, to discuss investor questions about energy equipment prospects. DFE-H outperformed -A significantly: Dongfang Electric-H (DFE-H) has rallied 50% YTD, vs 6% for A shares. With this, the H/A discount of the company has hit a 10-year low of 26%. Apart from the better market and inflows overall YTD (HSI: +18%, CSI300: -2%), we believe H-share ...
花旗:石头科技-最新评级
花旗· 2025-06-23 02:09
Flash | 19 Jun 2025 10:02:24 ET │ 12 pages Beijing Roborock (688169.SS) Model Update CITI'S TAKE We update our model to reflect its better-than-expected sales and weaker-than-expected NP in 1Q25. We have lifted our sales forecasts by 33%/44% and trimmed NP forecasts by 20%/10% in 25E/26E, to reflect Roborock's plans to accelerate investment into its branding and new categories in 25E. After our earnings revision, we expect its 25E topline to surge 53% YoY and 25E NP to edge up 2% YoY. While we expect NP to ...
汇丰:兆易创新-最新研究
汇丰· 2025-06-23 02:09
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 ...
摩根士丹利:太阳能玻璃价格跌至现金成本线以下;产能出清仍需时间
摩根· 2025-06-23 02:09
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 ...
摩根士丹利:中国 工业机器人运营追踪 - 持续稳健增长
摩根· 2025-06-23 02:09
| 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 ...
摩根士丹利:中国太阳能产品价格追踪 -2025 年第 25 周
摩根· 2025-06-23 02:09
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% ...
高盛: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
Goldman Sachs· 2025-06-23 02:09
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 ...
高盛:芯碁微装- 中高端印制电路板(PCB)设备驱动增长;积极向全球市场拓展
Goldman Sachs· 2025-06-19 09:47
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 / ...