June 19, 2025 10:22 AM GMT Semiconductor Production Equipment | Japan US-China Decoupling and SPE Stock Picking Texas Instruments has decided on the heaviest investment in domestic legacy semiconductor production ever in light of the Trump administration's manufacturing repatriation policy. NVIDIA is to exclude China sales from guidance. We identify SPE stocks likely to benefit from ongoing global decoupling. Key Takeaways TI announces large-scale investment in US: Texas Instruments (covered by Joseph Moore ...

CITI'S TAKE We update our high-frequency trackers of Chinese exports up to Jun 18th . Direct shipments to the US seemed to have found a tentative trough in the past week. We remain cautious on the outlook for China-US exports, with the usual peak season ahead of us. Overall cargo throughput data was more mixed, likely a result of weather events. Transshipment via ASEAN could be experiencing a temporary retreat as flagged earlier. A tentative trough for shipments to the US — Containership departure for the U ...

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 ...

June 18, 2025 09:00 AM GMT China Property | Asia Pacific Monthly Tracker: May Data Worsened; We Expect Weak Trends to Continue in 3Q Property sales and home prices continued to drop at a faster pace, as expected, amid higher secondary inventory. Weakening resident sentiment, reactive policy and high base may put extra pressure on home prices in 3Q. We suggest quality SOEs with high visibility for alpha, with CR Land as Top Pick. Stock ideas: With leading indicators pointing to a fast-weakening physical mark ...

June 15, 2025 06:00 AM GMT Sunday Start | What's Next in Global Macro M Global Idea A Détente, Not a Deal: The State of US-China Trade While media headlines may have suggested last week's trade agreement between the US and China was a breakthrough, we think investors need to see it more as a détente than a comprehensive deal. The agreement represents a tactical pause in escalating tensions rather than a resolution of fundamental disagreements. Why view it this way? Consider: This limited deal aligns with Mo ...

June 18, 2025 09:00 PM GMT Jonathan.Garner@morganstanley.com +65 6834-8172 China Equity Strategy | Asia Pacific M Idea Focus List Changes – China/HK We add PICC P&C (2328.HK) to our China/HK Focus List and remove Pop Mart (9992.HK) from the list Adding PICC P&C (2328.HK): PICC P&C is China's biggest P&C player with >30% market share. Morgan Stanley China insurance analyst Rick Zhao believes the company will maintain competitiveness in the market due to: 1) a strong balance sheet and healthy book value growt ...

16 June 2025 | 10:20PM HKT China Healthcare Read across from our global healthcare conference and investor feedback from US marketing We participated in the 46th Global Healthcare Conference (June 9-11) and met with 20+ US investors across Miami and New York. Discussions centered on the momentum behind China biotech's re-rating (+72% YTD, vs +17% for MXCN, see Exhibit 1), driven by a surge in licensing-out deals, particularly in PD-1/VEGF bispecifics, which validated asset quality and innovation. Investors ...

16 June 2025 | 6:02PM HKT Asia Economics Analyst China's Demand for New Homes to Stay Low (Shan) Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Hui Shan +852-2978-6634 | hui.shan@gs.com Goldman Sachs (Asia) L.L.C. Lisheng Wang +852-3966-4004 | lisheng.wang@gs.com Goldman Sachs (Asia) L.L.C. Xinquan Chen +852-2978-2418 | xinquan.chen@gs.com Goldman Sachs (Asia) L.L.C. n In 2021, we first presented our estimates of Chinese demand for new urban housing through 2050. However, ou ...

V i e w p o i n t | China Export Tracker (6): Cargo Throughput Starts to Take a Hit with Less Feasible Transshipment CITI'S TAKE We update our high-frequency trackers of Chinese exports up to Jun 11th . China's containership departure for the US picked up and recorded year- on-year growth in the past 15 days. The Geneva deal could start to provide some relief for direct exports to the US, especially when transshipment becomes timely less feasible. Overall cargo throughput, however, weakened into June per da ...

China Musings | Asia Pacific 3 New Shifts, 1 Sticky Theme We address three changes that have taken place since our mid- year outlook (trade talks, trade-ins, and the trickle of reform), and one that hasn't: why deflation remains the core macro constant. June 12, 2025 08:24 AM GMT • Allocated trade-in funding is used up in some regions: According to official disclosures, the central government has allocated and distributed two batches of trade-in funds. Rmb81bn on January 6, and another Rmb81bn in late April ...