Core Viewpoint - NIO Inc. reported its unaudited financial results for the first quarter of 2025, highlighting a year-over-year increase in vehicle deliveries and sales, but a significant decline compared to the previous quarter. Operating Highlights - Vehicle deliveries reached 42,094 in Q1 2025, a 40.1% increase from Q1 2024, but a 42.1% decrease from Q4 2024 [2][3] - Deliveries included 27,313 vehicles from the NIO brand and 14,781 from the ONVO brand [2] Financial Highlights - Total revenues for Q1 2025 were RMB12,034.7 million (US$1,658.4 million), up 21.5% year-over-year but down 38.9% quarter-over-quarter [6][7] - Vehicle sales amounted to RMB9,939.3 million (US$1,369.7 million), reflecting an 18.6% increase from Q1 2024 but a 43.1% decrease from Q4 2024 [6][7] - Gross profit was RMB919.6 million (US$126.7 million), an increase of 88.5% year-over-year but a decrease of 60.2% from the previous quarter [6][7] - Net loss for Q1 2025 was RMB6,750.0 million (US$930.2 million), a 30.2% increase from Q1 2024 and a 5.1% decrease from Q4 2024 [23][24] Recent Developments - In April and May 2025, NIO delivered 23,900 and 23,231 vehicles respectively, bringing total deliveries for 2025 to 89,225 as of May 31, 2025 [8] - The company completed an equity placement of HK$4,030.13 million on April 7, 2025, issuing 136,800,000 Class A ordinary shares [9] - NIO launched the firefly, a small smart high-end electric car, in April 2025, and began deliveries of four upgraded products in May 2025 [11][12] Management Comments - The CEO noted a solid year-over-year increase in deliveries and expressed optimism for Q2 2025, expecting total deliveries to reach between 72,000 and 75,000, representing a year-on-year growth of 25.5% to 30.7% [13] - The CFO mentioned the implementation of cost control measures and aims for structural improvements in overall cost efficiency starting from Q2 2025 [15] Business Outlook - For Q2 2025, NIO expects deliveries between 72,000 and 75,000 vehicles and total revenues between RMB19,513 million (US$2,689 million) and RMB20,068 million (US$2,765 million) [26][29]

根据wind数据，现金流ETF（159399）盘中实时净流入超2200万，资金抢筹现金流资产。 值得注意的是，现金流ETF（159399）在分红机制上设置了"月月评估分红"的条款，近期也已经完成了 上市以来的连续第3次分红，可以改善持有体验。 感兴趣的投资者可以关注现金流ETF（159399）的布局机会。 注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化而变 动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金业绩 的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 （文章来源：每日经济新闻） 消息面，关税方面，美国总统特朗普5月30日宣布，6月4日起，将把美国进口钢铁和铝的关税从目前的 25%上调至50%。欧盟委员会发言人对此表示强烈遗憾，表示欧盟准备实施反制措施。当地时间5月31 日，美国贸易代表办公室宣布，延长对中国在技术转让、知识产权和创新方面的行为、政策及做法的 301调查中的豁免期限。豁免期限原定于5月31日到期，现已延长至8月31日。关税不确定性的增强将导 致市场风险偏好降低，避险情绪 ...

指数历史走势来看，富时中国A股自由现金流聚焦指数在2014-2024年十余年的时间年化受益约20%，远 超沪深300和中证红利指数同期表现，并且从2019年开始连续6年实现正收益。 今日，红利资产集体回调，现金流ETF（159399）跌近0.8%，资金越跌越买，盘中持续申购中。规模方 面，根据wind数据，截至5月底，现金流ETF（159399）规模近36亿元位居同类第一，流动性较好。 注：市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任 何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的 产品。基金有风险，投资需谨慎。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只股票，为投资者筛选出了一批A股市 场中的 "现金牛" 企业，为长期投资收益奠定了坚实基础。 （文章来源：每日经济新闻） 值得关注的是，现金流ETF（159399）合同约定可月月评估分红。截至2025年5月份，已经宣布分红3 次，有望帮助投资者 ...

Core Viewpoint - Apple is taking a cautious approach to its product launches, particularly with the delayed HomePad, which is crucial for its SmartHome strategy and overall AI ambitions [1][3][6] Product Development - The HomePad's launch has been postponed from late 2024 to potentially late 2025 or 2026 as Apple aims to refine its hardware and intelligence [2] - The delay is significant given the current challenges Apple faces, including tariff impacts on the iPhone, which has contributed to a 20.15% decline in AAPL stock in 2025 [3] Market Position and Strategy - The HomePad is expected to be a key player in Apple's SmartHome ambitions and could position the company as a leader in ambient intelligence, which involves devices that adapt to human presence [6][7] - Apple's ecosystem, where 30% of its users own all four core products (iPhone, iPad, Mac, Apple Watch), provides a competitive advantage for the HomePad [7][8] Financial Outlook - The HomePad will be included in Apple's Wearables, Home & Accessories category, which generated $39.84 billion in revenue in fiscal year 2024, accounting for about 10% of Apple's total revenue [10][11] - While the HomePad may not immediately impact stock performance, historical precedents like the Apple Watch suggest potential for significant future contributions [11] Investor Sentiment - Analysts have a Moderate Buy rating on AAPL stock, with a 12-month price target of $235.80, indicating an 18.49% upside from the current price of $199.01 [10]

Core Points - China Liberal Education Holdings Limited has announced that its securities will be suspended from trading on Nasdaq effective June 3, 2025, due to the failure to submit a request for an extended stay or address the delinquency in filing its annual report on Form 20-F for the fiscal year ended December 31, 2024 [1][3] - The company is awaiting a decision from the Nasdaq Hearings Panel regarding its appeal against an earlier determination to delist its securities, which was based on public interest concerns related to a substantial issuance of ordinary shares in December 2024 [2][3] - The company has not requested a stay of suspension or addressed the additional basis for delisting stemming from the untimely filing of its annual report [3] Company Overview - China Liberal is an educational services provider headquartered in Beijing, China, offering technological consulting services for smart campus solutions and other educational services [5] - The company provides a range of services aimed at improving campus information and data management systems for Chinese universities, enhancing the teaching, operating, and management environment [5]

Core Insights - XPeng Inc. reported a significant increase in vehicle deliveries, achieving 33,525 Smart EVs in May 2025, which is a 230% year-over-year growth and marks the seventh consecutive month of delivering over 30,000 units [2][7] - For the first five months of 2025, XPeng delivered a total of 162,578 Smart EVs, reflecting a remarkable 293% increase compared to the same period last year [2] Product Launch and Features - On May 28, 2025, the company launched the MONA M03 Max, which lowers the entry price for urban AI smart driving to the 150,000 RMB range, making advanced vehicle technology more accessible to younger consumers [3] - The MONA M03 Max is the first XPeng model equipped with the AI Tianji XOS 5.7.0, offering over 300 new features [3] User Engagement and Technology - XPeng's XNGP achieved a monthly active user penetration rate of 85% in urban driving as of May 2025 [4] - The MONA M03 Max features human-machine co-driving capabilities, allowing both ADAS and drivers to share control, enhancing the collaboration between manual and smart driving [4] Company Overview - XPeng is a leading Chinese Smart EV company focused on designing, developing, manufacturing, and marketing Smart EVs for technology-savvy middle-class consumers [5] - The company is headquartered in Guangzhou, China, with manufacturing plants located in Zhaoqing and Guangzhou, Guangdong province [5]

Company Performance - Li Auto delivered 40,856 vehicles in May 2025, marking a year-over-year increase of 16.7% [1] - Cumulative deliveries reached 1,301,531 as of May 31, 2025 [1] Product Development - The company completed a comprehensive upgrade of its entire model lineup, with the new Li MEGA Home deliveries starting in late May [2] - The Li L series features significant enhancements, including dual-chamber air suspension and industry-leading safety capabilities with standard all-weather LiDAR [2] Technological Advancements - Li Auto rolled out OTA update version 7.4, enhancing the smart assistant Li Xiang Tong Xue with new animated avatars and improved intelligence [3] - The company plans to complete the deployment of its 2,500th super charging station in June, ahead of the launch of its first battery electric SUV, Li i8, in July [3] Infrastructure Expansion - As of May 31, 2025, Li Auto operated 506 retail stores in 152 cities and 502 servicing centers across 222 cities [4] - The company had 2,414 super charging stations in operation, equipped with 13,195 charging stalls in China [4] Company Overview - Li Auto is a leader in China's new energy vehicle market, focusing on premium smart electric vehicles and extended-range electric vehicles [5] - The current model lineup includes Li MEGA, Li L9, Li L8, Li L7, and Li L6, with plans for further expansion to target a broader user base [5]

根据wind数据，现金流ETF（159399）盘中实时净流入超900万，资金抢筹现金流资产。 消息面，据央视新闻报道，当地时间5月29日，美国联邦巡回上诉法院批准特朗普政府的请求，暂时搁 置美国国际贸易法院此前做出的禁止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施 的行政令的裁决。 中泰证券表示，向后看，防御资产具备底仓配置价值。（1）经济仍有下行压力。一方面，经济内生动 能有待加强，随着"924"政策脉冲走弱，一季度私人部门信用增速有所回落；另一方面，中美关税谈判 超预期，部分淡化了政策对冲的必要性。（2）历史上私人部门信用走弱的阶段，防御资产相对占优。 （3）美债利率下行的不确定性在增加。一方面，美国经济面临"滞胀"风险，联储陷入两难，5月FOMC 会议联储按兵不动，继续维持观望态度。另一方面，特朗普政策不确定性让美元信用蒙尘，美债利率回 落也面临挑战。 感兴趣的投资者可以关注现金流ETF（159399）的布局机会。 现金流ETF（159399）是以自由现金流作为选股因子的Smart Beta ETF，紧密跟踪富时中国A股自由现金 流聚焦指数，剔除金融和地产行业，优选自由现金流率最高的50只 ...

Investment Rating - The report assigns an "Overweight" (OW) rating to several companies, including Huaming Equipment, Xuji Electric, and Goldcup Electric, indicating a positive outlook for their performance [7][18]. Core Insights - Chinese power equipment companies are experiencing significant overseas market share gains, with Huaming projecting over 30-35% revenue growth from international markets and Sanxing Medical reporting a 38% year-over-year increase in overseas revenue [2][4]. - The demand for power equipment is strong from both developed markets (DMs) like the US and EU, as well as emerging markets (EMs), with companies like Huaming and Sanxing planning to establish manufacturing facilities abroad to mitigate geopolitical risks [2][4]. - Local manufacturers are gradually increasing their market share in the data center sector, although foreign companies still dominate due to their established reputations for quality [6][4]. Summary by Sections Overseas Market Expansion - Huaming anticipates continued tightness in high voltage transformer supply, benefiting tap changer manufacturers, and expects overseas revenue growth of approximately 30-35% [4]. - Sanxing Medical Electric has seen a 38% increase in overseas revenue and a 27% growth in order backlog, with significant new orders for advanced metering infrastructure (AMI) [4][5]. Competitive Advantages of Chinese Manufacturers - Chinese manufacturers like Huaming stand out due to shorter lead times (4-6 weeks compared to over 12 months for competitors) and significantly lower average selling prices (ASP) [4][5]. - High levels of automation in manufacturing processes, with Sanxing achieving around 90% automation in its power meter plants, enhance efficiency and competitiveness [5]. Data Center Equipment Demand - Liangxin Electrical is witnessing rising demand for its products in the data center sector, although foreign brands still dominate due to their reliability [6]. - The company is optimistic about increasing acceptance of local products among state-owned enterprises (SOEs), which could lead to greater market share for domestic manufacturers [6]. Domestic Demand for Power Equipment - Huaming is optimistic about domestic demand for tap changers, projecting over 10% revenue growth, while Sanxing acknowledges competitive pressures in the domestic market [6]. - Liangxin Electrical expects a 20% revenue growth overall, driven by strong demand from the renewable energy sector and data centers, despite caution regarding the property sector [6].

Core Insights - Innovative Eyewear, Inc. has announced significant updates to its Lucyd app, enhancing its position in the smart eyewear market [1][3] - The app now features a streamlined interface with integrated shopping capabilities and user account synchronization [2][7] Company Developments - The Lucyd app has been downloaded approximately 15,000 times prior to any major marketing efforts [3] - A paid Pro version of the app is available for $7.99/month, allowing unlimited ChatGPT queries and secure Walkie channels for business use [3] App Features - The app now includes a new in-app shopping experience with prescription customization for all Lucyd eyewear [7] - New Siri commands have been introduced for the Walkie-talkie feature, allowing hands-free management of communication [7] - The AI assistant's voice output has been upgraded for a more natural and enjoyable user experience [7] - Overall user experience improvements have been made to app menus and screens [7] Brand Positioning - Innovative Eyewear aims to make the Lucyd app a powerful companion to its smart eyewear products, enhancing user enjoyment and utility [3][5] - The company offers a range of smart eyewear under various brands, including Lucyd, Nautica, Eddie Bauer, and Reebok [5]