14 April 2025 | 12:15AM HKT China AI servers China Cloud capex to support growth ahead; Initiate Huaqin and Lingyi at Buy; Inspur at Neutral We initiate on the China AI servers supply chain: Inspur (brand), Huaqin (ODM), and Lingyi (component), and expect the supply chain to be driven by demand from their home market, China. In our global server report, we expect China Cloud capex to grow at 26% YoY in 2025E, and to stay at a similar high level in 2026E. As local foundation models enhance, we expect more ap ...

April 14, 2025 10:08 AM GMT Morgan Stanley Research Global April 14, 2025 Vishwanath Tirupattur – Chief Fixed Income Strategist | Strategist Arunima Sinha – Global Economist James Egan – US Housing Strategist & Co-Head of Securitized Products Research | Strategist Jenna Giannelli – Head of Retail & Consumer Credit | Credit Analyst Simeon Gutman – Hardlines, Broadlines, & Food Retail Industries Analyst | Equity Analyst Erik Woodring – IT Hardware Analyst | Equity Analyst MORGAN STANLEY & CO. LLC Robin Xing – ...

V i e w p o i n t | 14 Apr 2025 05:32:28 ET │ 10 pages China Economics Exports to Brace for More Volatilities CITI'S TAKE Exports growth surged ahead of US reciprocal tariffs. External demand could have again provided solid support for growth in 25Q1. For the near term, the bias to China's exports could be towards the stronger end. China's front-loading to the US could continue with a very short window between announcement and implementation this time. Its exports to ASEAN and other EMs could also benefit f ...

以下文章来源于三联生活实验室 ，作者Lily 三联生活实验室 . Never Bored 城市Cool Guy生活样本 中产的live house。 作者 | Lily 来源 | 三联生活实验室 （ID： LIFELAB2020） 自从今年成为了官方定性的"减肥年"之后，中产们攀比的赛道，便悄然发生了转变。 "之前看一个人过得好不好，卷的是身上的牌子货和银行卡的数字；现在连国家都喊你减 肥了，如果体脂率和肌肉线条卷不出来，再大的logo也遮不住肚腩。背心一脱，你有没 有work life balance，一眼尽显。 就连他们的旅游方式，也纷纷升级到了战斗模式。以前他们的度假目的地，要么是阳光 明媚的巴厘岛，要么是雪花飘飘的北海道。如今，中产之间最流行的旅游方式，则是如 候鸟般跟着马拉松的赛程，全国巡跑。 图源：k k还在路上 尤其是一到天气渐暖，全国的马拉松赛事们陆续组织起来，中产们就开始跃跃欲试，准 备登上马拉松大舞台一展拳脚了。 无锡马拉松沿途穿过江南大学、太湖和蠡湖等多个景点，跑一趟下来相当于自助旅游。" 图源：阿兰 从过去的没苦硬吃，到现在的全国巡跑，"中产的马拉松活动，越玩越花了。" 中产最新旅游方 ...

April 16, 2025 04:54 AM GMT China Economics | Asia Pacific Growth to Soften Meaningfully in Q2-Q3 Key Takeaways Strong 1Q on policy front-loading: Key drivers for 1Q growth have been (1) strong infrastructure capex on front-loaded govt bond issuance; and (2) robust sales of consumer goods in trade-in program. Manufacturing capex also edged up in March, likely reflecting revived tech animal spirit. These help offset the moderating exports on fading front-loading and Fentanyl-related tariffs. That said, defla ...

April 14, 2025 05:59 AM GMT China Economics | Asia Pacific Exports Could Slip Below 5%Y in April Key Takeaways Source: China Customs, Morgan Stanley Research Surging exports – not really a surprise… The surprising headline is in line with our view last month that export YoY growth would rebound visibly in Mar, because the soft Jan-Feb reading reflects residual Lunar New Year (LNY) seasonality and the associated drag on labor-intensive exports. Indeed, labor-intensive segments rebounded sharply in Mar on a b ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 09 Apr 2025 22:32:55 ET │ 13 pages China Industrials Reciprocal Tariffs Pause for 90 Days; Back to China+1 Strategy CITI'S TAKE Per CNN (9 Apr'25), President Trump announced 90-day pause for reciprocal tariffs but with exception of China. The 10% baseline tariff remains valid for almost all nations. However, reciprocal tariff on China will be increased to 125% from 104% in response to China's additional retaliatory tariffs against the US. Many China exporters have focused on Chi ...

Core Viewpoint - Apple is facing significant cost pressures due to its reliance on Chinese manufacturing amid the U.S.-China trade war, with potential price hikes for iPhones as tariffs on Chinese imports reach 145% [1] Group 1: Production and Supply Chain - Apple has begun moving production to India, flying 600 tonnes of iPhones (approximately 1.5 million units) to the U.S. since March, as part of a strategy to diversify manufacturing away from China [2] - The production of premium iPhone models in India started only last year, and it may take years for these facilities to meet the full demand from key markets [3] Group 2: Financial Implications - UBS analysts estimate that to maintain profit margins under current tariff rates, Apple may need to raise iPhone prices by up to 30% on some models, which could impact profitability and consumer demand [4] - If manufacturing were to shift entirely to the U.S., estimates suggest that retail prices for iPhones could soar to around $3,500, making this option unviable [5] Group 3: Market Performance - Apple's stock has been negatively impacted by these trade tensions, closing at $190.42 on April 11, down 4.24% for the day [6] - Year-to-date, Apple stock has dropped 23%, with a nearly 15% decline since April 2, when the latest tariff package was announced, falling from $223 to current levels [8]

Steven Madden (SHOO) Q4 2024 Earnings Call February 26, 2025 08:30 AM ET Company Participants Danielle McCoy - Director of Corporate Development and Investor RelationsEdward Rosenfeld - Chairman & CEOZine Mazouzi - CFOPaul Lejuez - Managing DirectorJanine Stichter - Managing DirectorMarni Shapiro - Chief Marketing OfficerLaura Champine - Director of ResearchDana Telsey - CEO and Chief Research OfficerCorey Tarlowe - SVP - Equity Research Conference Call Participants Anna Andreeva - Managing Director & Senio ...

Biotech达成交易不是靠"卖"，而是靠"被买"来实现。 本文为IPO早知道原创 作者｜罗宾 微信公众号｜ipozaozhidao 生物医药行业的2025以几宗超十亿美元交易开年，其中不乏强生的百亿美元重磅收购。但从资本市 场的情况看，无论在中国还是美国，创新药融资和退出依然面临不同程度的困境。 "行业回暖需要一定的泡沫，但二级市场还没有水花，"幂方健康基金合伙人邓灵泉博士对IPO早知道 表示，"在正常市场环境下，强生以146亿美金收购Intra-Cellular Therapies这样的交易会对美股 XBI等指数有较大的拉动效应，但今年二级市场反应并不明显。 大家现在主要关注的仍然是全球主 要国家宏观经济指标的走向。 " 与此同时，JPM医疗健康年会于1月中旬落幕。近日，邓灵泉与IPO早知道进行了一次对话，他结合 在大会中的见闻，分享了资本寒冬下的生物医药投资策略。邓灵泉曾主导杭州高光制药、南京维立志 博生物、Allink Biotherapeutics（安领科生物）、Castalysis Bioscience（篆码生物）等生物医 药项目的投资。 作为早期投资机构，幂方提前做了投资布局，同时锁定更确定的收 ...