Group 1 - Southeast Asian countries have experienced four consecutive weeks of gains, with India leading the way [1] - The Indian stock market, represented by the SENSEX, has shown strong mid-term trends, defying initial expectations of a downturn [1] - The Emerging Asia ETF (SH520580) has seen significant trading activity, with a trading volume of 700 million and a turnover rate of 142% [3] Group 2 - The Emerging Asia ETF has a weight distribution of 53% in India, 19% in Indonesia, 15% in Malaysia, and 13% in Thailand, benefiting from low correlation with A-shares and U.S. stocks [4] - Morgan Stanley upgraded its rating on emerging market currencies from "underweight" to "neutral," indicating a potential shift in the dollar cycle and optimistic investor sentiment [5] - The ETF has recorded an 18% cumulative increase since April 8, with recent financing purchases of 0.08 billion, 0.06 billion, and 0.15 billion [7] Group 3 - The Emerging Asia ETF (520580) includes 50 leading companies from emerging markets, focusing on sectors such as finance, energy, technology, and consumer goods, with nearly half of its exposure in the Indian market [6] - The ETF's characteristics of "high growth and low correlation" may provide alpha opportunities in the context of a changing dollar cycle and enhanced regional economic resilience [7]

最新数据显示，1至4月，浙江外贸进出口1.75万亿元，同比增长6.6%。其中，出口1.31万亿元，增长 9.7%；进口4362.5亿元，下降1.6%。进出口、出口和进口增速分别高出全国4.2个、2.2个和2.6个百分 点；占全国份额分别为12.4%、15.6%和7.6%，较2024年同期提升0.5个、0.3个和0.2个百分点。 在业内人士看来，在国际贸易承压的情况下，浙江外贸展现韧性，民营企业功不可没。数据显示，1至4 月，浙江民营企业进出口1.42万亿元，增长7.8%，占全省进出口总值的81.1%。其中，出口1.12万亿 元，增长9.5%，占比85.4%。 位于绍兴市柯桥区钱清纺织服装产业集聚区的浙江金蝉布艺股份有限公司，已在部分国家注册商标，并 拥有多项自主知识产权的产品设计专利。"2024年，公司跨境销售额达8000万美元，同比增长25%。"金 蝉布艺总经理杨卫干劲十足，"今年我们要开拓更广阔的发展空间"。 新兴市场已成为浙江出口不容忽视的增长引擎。数据显示，1至4月，浙江对欧盟、东盟、拉美等主要市 场分别进出口2627.8亿元、2594.8亿元和1814.7亿元，增长10.3%、10.9%和4.8%。 ...

央视网消息：海关总署今天（5月9日）对外公布，前4个月我国货物贸易进出口总值14.14万亿元，外贸延续了平稳增长态势。 据海关统计，今年前4个月，我国货物贸易进出口总值14.14万亿元，同比增长2.4%。其中，出口8.39万亿元，增长7.5%；进口5.75万亿 元，下降4.2%。4月当月，我国货物贸易进出口3.84万亿元，增长5.6%。其中，出口2.27万亿元，增长9.3%；进口1.57万亿元，增长0.8%。海 关总署统计分析司司长吕大良表示，今年以来，各地各部门同心聚力有效应对外部冲击，推动我国经济持续回升向好，外贸延续平稳增长态 势。4月份，进出口增速较一季度加快4.3个百分点，其中出口增幅扩大、进口由降转增，展现出较强韧性。 我国货物贸易进出口同比增长2.4% 今年前4个月，我国货物贸易进出口实现了2.4%的增长，在当前复杂多变的国际经贸环境下，取得这样的成绩可以说是非常难得。前4个 月外贸运行还有哪些特点和亮点？来看记者发回的报道。 海关总署在5月9日11时准时对外发布了前4个月外贸数据，相信有不少人看到这个数据第一反应就是：大超预期！今年前3个月的时候，我 国外贸进出口增长1.3%，实现了平稳开局。 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 107 CNY for the next six months [5]. Core Insights - The company achieved a revenue of 11.206 billion CNY in 2024, representing a year-on-year increase of 49.83%, and a net profit of 2.960 billion CNY, up 65.29% year-on-year, aligning with market expectations [1]. - The growth in the energy storage sector is driven by emerging markets, with the inverter business generating 5.56 billion CNY in revenue, a 25.44% increase year-on-year, and the energy storage battery pack business achieving 2.45 billion CNY, a remarkable 177.19% increase year-on-year [1][2]. - The company is expanding its overseas market presence, with a significant 83.20% increase in export revenue, establishing a broad dealer network in countries like Germany, Pakistan, Brazil, Ukraine, and India [2]. Financial Summary - The company forecasts revenues of 14.836 billion CNY, 18.729 billion CNY, and 23.603 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 3.640 billion CNY, 4.584 billion CNY, and 5.471 billion CNY for the same years [4][10]. - The gross profit margin for the inverter business in 2024 was approximately 47.81%, while the energy storage battery pack business saw a gross margin of about 41.3%, reflecting a significant improvement [1][4]. - The company’s earnings per share (EPS) are expected to grow from 4.76 CNY in 2025 to 8.47 CNY in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 17.82 to 10.40 over the same period [4][10].

Core Insights - The inverter industry has shown resilience in 2024, with most companies reporting profits despite challenges in the broader photovoltaic sector [1] - In the first quarter of 2025, seven out of nine inverter companies achieved profitability, with significant revenue and net profit growth reported by key players [1][2] Financial Performance - In Q1 2025, leading company Sungrow Power achieved revenue of 19.036 billion yuan, a year-on-year increase of 50.92%, and a net profit of 3.826 billion yuan, up 82.52% [2] - Other companies like DeYe and Upwind Electric also reported strong growth, with DeYe's revenue reaching 2.566 billion yuan, a 36.24% increase, and net profit growing by 62.98% [2] Market Drivers - The growth of inverter companies is driven by increased orders from European and emerging markets, with companies expanding their global presence [4][5] - The demand for new installations and the replacement of aging inverters are significant factors contributing to revenue growth, as the average lifespan of inverters is about 10 years [6] Competitive Advantages - Inverter companies maintain a competitive edge through technological advancements and a focus on product reliability, stability, and cost-effectiveness [3] - The average asset-liability ratio of inverter companies is lower than that of major photovoltaic chain enterprises, indicating a more stable financial position [7]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company reported a revenue of 11.206 billion yuan for 2024, representing a year-on-year growth of 50%, and a net profit attributable to shareholders of 2.96 billion yuan, up 65% year-on-year [2][4]. - In Q4 2024, the company achieved a revenue of 3.19 billion yuan, a significant increase of 177% year-on-year, although it saw a slight decline of 2% quarter-on-quarter. The net profit for this quarter was 721 million yuan, marking a 224% year-on-year increase but a 28% decrease from the previous quarter [2][4]. - For Q1 2025, the company reported a revenue of 2.566 billion yuan, a 36% increase year-on-year, but a 20% decrease quarter-on-quarter. The net profit for this quarter was 706 million yuan, up 63% year-on-year, with a 2% decline quarter-on-quarter [2][4]. Financial Performance - The inverter business generated a revenue of 5.56 billion yuan in 2024, growing by 25% year-on-year, with significant increases in sales volumes across various inverter types [10]. - The energy storage battery pack revenue reached 2.45 billion yuan, a remarkable growth of 177% year-on-year, with a gross margin of 41.3%, up 7.4 percentage points [10]. - The company expects to achieve a profit of 4 billion yuan in 2025, corresponding to a price-to-earnings ratio of only 14 times [6][10]. Market Outlook - The company is expected to benefit from increasing demand in emerging markets such as Southeast Asia, Africa, and the Middle East, with a stable market share and profitability anticipated for the year [10]. - The report highlights the company's strong alpha in emerging markets, with significant advantages in products, channels, and costs [10].

同时，本届广交会现场意向出口成交持续增长。现场意向出口成交254.4亿美元，增长3% 。其中，共建"一带一路"国家成交占比超六成，是拉动成交增长的 重要引擎，传统市场成交保持稳定。 8.1 B32-33 C11-12 18.1C29-30 D12-13 SICAL INSTRUMENT 3 "11 I BLASTER 第137届中国进出口商品交易会。摄影/宋婕 第一财经记者在广交会走访时发现，不少参展企业通过对自身产销布局的调整，来应对外贸业务可能面对的风险。其中，开拓内销市场成为部分参展企业正 在尝试的工作。 新兴市场仍是最大客源地 广交会参展企业正通过对自身产销布局的调整，来应对外贸业务可能面临的不确定因素。 5月5日，第137届中国进出口商品交易会（下称"广交会"）线下展在广州落幕。本届广交会到会境外采购商人数创新高。截至5月4日（下同），共有来自219 个国家和地区的288,938名境外采购商到会，较第135届广交会同比（下同）增长17.3%。新老采购商踊跃参会，到会人数分别达171,750人、117,188人，分别 增长14.6%、21.4%。 记者留意到，新兴市场仍是广交会最大客源地。共建"一带一 ...

Group 1 - Mark Mobius, a veteran emerging markets investor, has kept 95% of his fund in cash due to ongoing trade uncertainties, indicating a cautious approach to investment in the next four to six months [1] - There is a significant influx of capital into emerging market bonds, particularly after the U.S. tariffs were announced, which has diminished the appeal of U.S. Treasury bonds as a safe haven [1][2] - Emerging market local currency bonds are experiencing increased demand, particularly from investors diversifying away from U.S. assets, with countries like Mexico, Brazil, and South Africa seeing heightened interest [2] Group 2 - Investors are beginning to view emerging markets differently, with some countries demonstrating sufficient fiscal buffers to withstand growth concerns amid expectations of a U.S. recession [3] - The performance of emerging market local currency fixed income assets tends to outperform other assets when the U.S. dollar is under pressure, indicating a potential shift in investment strategies [3] - The recent underperformance of traditional safe-haven assets like U.S. Treasuries has sparked interest among U.S. investors in overseas opportunities, particularly in emerging markets [4] Group 3 - While there is optimism regarding emerging market local currency bonds, it is still too early to determine the exact direction of global investor bond positions [5] - Some investors are reallocating from long-term U.S. Treasuries to shorter-duration bonds, reflecting a shift in investment strategy following the recent tariff announcements [5] - A potential change in the perception of U.S. Treasuries as the ultimate safe-haven asset could lead to a significant reevaluation of asset allocation strategies among investors [5]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a revenue increase but a decline in net profit due to increased R&D investments. Financial Performance - In Q1 2025, the company achieved revenue of 1.274 billion yuan, a year-on-year increase of 20.41% [1] - The net profit attributable to shareholders was 65 million yuan, a year-on-year decrease of 11.44% [1] - The net profit excluding non-recurring items was 66 million yuan, a year-on-year decrease of 8.97% [1] - The gross margin for Q1 2025 was 17.49%, an increase of 0.70 percentage points year-on-year [3] Expense Management - The company's expense ratio for Q1 2025 was 11.60%, an increase of 1.40 percentage points year-on-year [4] - Breakdown of expense ratios: sales (1.96%), management (5.50%), R&D (4.95%), and financial expenses (-0.81%) with respective year-on-year changes of 0.14, -1.27, +0.42, and +2.12 percentage points [4] R&D and Market Expansion - The company is enhancing its R&D capabilities, solving key material challenges and achieving breakthroughs in high-end product technologies [5] - Significant advancements include the development of high-temperature, high-voltage ceramic powder for MLCCs and the domestic replacement of precious metal electrode paste [5] - The company is targeting emerging markets, with projected revenue growth in automotive electronics (+66%), communications (+24%), and industrial control (+16%) for 2024 [5] Investment Outlook - The company maintains its profit forecasts for 2025-2027, expecting revenues of 5.734 billion, 6.523 billion, and 7.295 billion yuan, representing year-on-year growth of 16.1%, 13.8%, and 11.8% respectively [6] - Projected net profits for the same period are 505 million, 711 million, and 920 million yuan, with year-on-year growth of 49.7%, 40.7%, and 29.4% respectively [6] - The expected EPS for 2025-2027 is 0.44, 0.61, and 0.79 yuan, with a current stock price of 13.48 yuan corresponding to PE ratios of 30.88x, 21.95x, and 16.96x [6]

Core Viewpoint - The IMF President Kristalina Georgieva stated that emerging markets have shown remarkable resilience in enhancing their ability to respond to shocks, positioning them more favorably in the global landscape [1] Group 1 - Emerging markets are demonstrating improved resilience against economic shocks [1] - This enhanced resilience is leading to a more advantageous position for emerging markets [1]