摩根士丹利发布研报指出，Adobe当前估值具有吸引力，定价策略和生成式AI(GenAI)的长期潜力可能 推动 每股收益(EPS)增长，维持"增持"评级，目标价510美元。大摩指出，关于Gen Al的定位及竞争方面 的讨论以及相关头条新闻短期内不太可能缓和，改变每股收益增长的方向是平息看空情绪的关键。 ...

Core Viewpoint - Shanghai aims to enhance its pilot testing service supply in key industries by establishing around 20 municipal pilot testing platforms by 2027, with a goal of creating 3 national-level platforms [1] Group 1: Pilot Testing Platforms - The implementation plan includes building comprehensive, specialized, and distinctive pilot testing platforms in key industrial sectors [1] - The focus will be on industries such as integrated circuits, large aircraft, gas turbines, and industrial mother machines to improve testing and validation service capabilities [1] Group 2: Software and AI Development - The plan emphasizes accelerating the construction of pilot testing platforms for foundational software, industrial software, and artificial intelligence, including model training and evaluation [1] Group 3: New Materials and Biomanufacturing - There will be efforts to promote the conversion of technological achievements into process packages and complete equipment in fields like new materials and biomanufacturing [1] - The development of contract research outsourcing models will be encouraged [1] Group 4: Future Industry Integration - The initiative aims to facilitate the integration of production, education, research, and application in future industries, shortening the pilot testing maturation cycle and addressing gaps from engineering to industrialization [1]

Core Viewpoint - The Chinese regulatory authority has suspended the antitrust review of Synopsys' acquisition of Ansys, adding uncertainty to the deal amid escalating US-China technology tensions [1][2]. Group 1: Acquisition Details - Synopsys announced a final acquisition agreement with Ansys on January 16, 2024, with a total transaction value of approximately $35 billion, where Ansys shareholders are expected to hold about 16.5% of the new company post-merger [1]. - The merger is viewed as a "strong alliance," combining Synopsys' significant position in the EDA (Electronic Design Automation) sector with Ansys' expertise in industrial simulation software, which spans various industries including automotive, aerospace, and electronics [1]. Group 2: Regulatory Environment - The suspension of the antitrust review by Chinese regulators is seen as a cautious decision influenced by the US's recent export control measures targeting China's semiconductor industry, which has led Synopsys to halt sales and technical support activities in China [2]. - Analysts suggest that the Chinese regulatory stance is a response to US actions perceived as attempts to restrict China's chip design capabilities, indicating a need to maintain market competition and assert technological sovereignty [2]. Group 3: Global Antitrust Review Progress - Prior to the suspension, the UK's Competition and Markets Authority (CMA) and the European Commission expressed concerns that the merger could weaken competition in specific markets related to digital chip RTL power analysis software and optical software [3]. - To address these concerns, Synopsys and Ansys proposed several remedial measures, including divesting Ansys' RTL power analysis business and selling Synopsys' optical solutions group, which helped alleviate regulatory worries in Europe [3]. - Despite the ongoing uncertainties, 21 brokerages, including Berenberg, continue to maintain a "buy" rating for Synopsys, although the market remains cautious about the future of the transaction [3].

Group 1 - The core viewpoint of the article highlights the impressive debut of the professional video editing software, Wondershare Filmora, on the Hongmeng platform, showcasing over 20 features and emphasizing its "Touch to Edit" capability for an efficient editing experience [1] - The founder of Wondershare, Wu Taibing, expressed the company's ambition to empower creators globally with simplified and intelligent creative software, positioning Chinese creative software as a new source of inspiration for global creators [9] - Wondershare has developed a robust product matrix with advanced technology and innovative marketing strategies, which has contributed to its steady progress in the digital creative software sector [12] Group 2 - The company has successfully established a strong presence in the Japanese market, ranking among the top three video editing software providers, with over 5,600 partners and more than 30 agents across Japan [11] - After over 20 years of development, Wondershare has launched dozens of digital creative software products, holding 457 software copyrights and 152 patents, supported by a research and development team of over 800 people [12] - The company attributes its growth to the favorable innovation environment in Shenzhen, which provides timely policies and support for private and tech enterprises, enhancing its ability to innovate and reduce operational costs [13]

政策要务实。"南京的政策懂产业、很务实。"这是不少受访企业的评价。"实"在专业高效。比如企业申 报"两新"项目，涉及多个部门、多种材料，有关部门面对面辅导，大幅减少企业反复跑腿。"实"在因地 制宜。比如发展新一代信息通信产业，各区有的研发芯片，有的搞网络安全，有的制造终端设备，产业 侧重不同，配套政策和项目支持也不同。"实"在一以贯之。从2010年发展七大产业，到2017年建 设"4+4+1"产业体系，再到如今健全"4266"产业体系，产业发展大方向多年不变、目标如一。 实践证明，对产业发展而言，脚踏实地才能登高望远。于众声喧哗中保持冷思考，在竞逐风口时能够慢 下来，不急躁、不冒进，产业创新将底气更足、走得更远。 基础要扎实。南京瞄准的新兴产业，不少是基础性、支撑性产业。比如软件，涉及许多底层技术，具有 很强的辐射带动效应。在软件领域的扎实积累，可以为低空经济、智能网联汽车等其他新兴产业提供可 靠的技术底座。突破底层技术并非易事，而一旦实现突破，就有可能大规模推广应用，迎来丰厚的市场 回报。近年来，有的地方以"拿来主义"发展新兴产业，求简求快，反而造成重复建设，而南京通过深耕 底层技术构筑起产业优势。例如，当 ...

Group 1 - The number of initial unemployment claims in the U.S. rose to 247,000, the highest level in eight months, indicating potential job market weakness due to trade policy uncertainties [1][3] - Many companies, including Procter & Gamble, Dow, Starbucks, Southwest Airlines, Microsoft, and Meta, have announced significant layoffs, with Procter & Gamble planning to cut 7,000 jobs, approximately 15% of its non-production workforce [2] - The U.S. private sector added only 37,000 jobs in May, significantly below the expected 115,000, marking the lowest level since the beginning of 2023, reflecting a slowdown in hiring [3] Group 2 - The Federal Reserve has maintained the benchmark interest rate at 4.3% for the third consecutive time, with concerns about rising unemployment and inflation complicating its dual mandate [1] - Economic uncertainty stemming from the Trump administration's trade policies has led to decreased employer hiring intentions, contributing to a softening labor market [3][4] - Reports indicate that states like Kentucky and Tennessee have seen a notable increase in unemployment claims, potentially linked to layoffs in the automotive sector due to import tariffs [3]

Core Viewpoint - The article emphasizes Huawei's resilience and commitment to overcoming challenges, highlighting the importance of foundational research and the company's strategic investments in R&D despite external pressures [2][3][12]. Group 1: Challenges and Resilience - Huawei's CEO Ren Zhengfei expresses a mindset of not dwelling on difficulties but focusing on progress, stating, "Don't think about difficulties, just do it step by step" [3]. - The company acknowledges the challenges posed by external pressures, particularly in the semiconductor industry, but emphasizes that many Chinese chip companies are making significant strides [4][5]. - Ren highlights the importance of education and talent development in overcoming challenges, indicating that China has the potential to excel in mid-to-low-end chips and compound semiconductors [5]. Group 2: Research and Development - Huawei invests approximately 180 billion yuan annually in R&D, with around 60 billion yuan dedicated to foundational theoretical research, which is not subject to performance assessments [12]. - The company believes that without foundational research, breakthroughs are unattainable, and this investment is crucial for keeping pace with global competitors [12]. - Ren stresses the need for strategic patience in supporting theoretical research, as significant scientific breakthroughs often take decades to materialize [9][11]. Group 3: Social and Economic Context - The article discusses the role of socialism in facilitating infrastructure development in China, contrasting it with capitalism's profit-driven approach [14][15]. - Ren argues that the socialist market economy is essential for building critical infrastructure, which supports industrial and agricultural modernization [15]. - The discussion includes the importance of a unified market and the potential for overcoming external barriers through national unity and strategic openness [22]. Group 4: Future Outlook - Ren views artificial intelligence as a pivotal technological revolution for humanity, emphasizing China's advantages in youth population and infrastructure for AI development [16][17]. - He reassures that concerns regarding chip technology are manageable through innovative methods, and anticipates a future with diverse open-source software solutions [18]. - The article concludes with a positive outlook on China's manufacturing capabilities, particularly in integrating AI into production processes [19].

Investment Rating - The report assigns a rating of "Buy" to Hansoh Pharmaceutical (3692 HK) with a target price of HKD 29.30 [6][8]. Core Insights - Hansoh Pharmaceutical has successfully entered into an overseas licensing agreement with Regeneron, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.93 billion, along with royalties on sales [6][8]. - The report highlights the strong performance of the new consumption stocks, particularly the significant price increases of companies like Blok (325 HK) and the mixed performance of Gu Ming (1364 HK) and Mixue Group (2097 HK) after being included in the Hong Kong Stock Connect [3][4]. - The healthcare sector, particularly the biotech companies, has shown robust growth, with the Hang Seng Healthcare Index rising by 4.8%, outperforming the Hang Seng Index [4]. Summary by Sections Macro Dynamics - The new housing transaction volume in major cities has seen a year-on-year decline of 18.1%, indicating a weakening real estate market [2]. Industry Dynamics - The new consumption sector has been positively impacted by the inclusion in the Hong Kong Stock Connect, with notable stock price increases [3]. - The AI sector is gaining traction, with Fourth Paradigm (682 HK) seeing a 9.7% increase due to positive quarterly results and new AI solutions for the healthcare industry [3]. Healthcare Sector - The healthcare index has outperformed the broader market, with significant gains from companies like Innovent Biologics (1801 HK) and others, driven by new drug approvals and clinical trial successes [4]. - The report emphasizes the potential of Hansoh Pharmaceutical's new drug HS-20094, which has completed several Phase II clinical trials and is recognized for its quality by Regeneron [6][8]. Energy Sector - The report suggests a cautious approach towards the new energy sector, with mixed performances observed in solar stocks and a positive outlook for coal-fired power generation due to low coal prices [10][11]. - The nuclear energy sector is expected to benefit from increased demand for uranium, driven by U.S. initiatives to boost domestic nuclear energy production [13][15].

Core Viewpoint - The CEO of Huawei, Ren Zhengfei, emphasized the potential for China in the mid-to-low-end chip market, highlighting the efforts of numerous domestic chip companies and the significant opportunities in compound semiconductors [1] Group 1: Chip Industry Opportunities - China has the potential to excel in mid-to-low-end chips, with many companies actively working in this space [1] - There is a greater opportunity in compound semiconductors compared to silicon-based chips [1] - The use of mathematical principles to enhance physical capabilities can help meet current demands in chip technology [1] Group 2: Software and Talent Development - Software development is not a bottleneck, as it relies on mathematical symbols and algorithms, which are not restricted [1] - The main challenge lies in education and the development of a talent pipeline to support the industry [1] - The future may see hundreds or thousands of operating systems emerging to support advancements in various sectors such as industry, agriculture, and healthcare in China [1]

Core Viewpoint - Morgan Stanley's report indicates that despite policy tightening pressures in the first half of 2025, the U.S. stock market is expected to enter a more optimistic scenario in the second half of 2025 and into 2026 [1] Economic Outlook - The firm does not foresee a recession but anticipates seven interest rate cuts in 2026, which will support above-average valuations [1] - The S&P 500 index target price is set at 6,500 points for the next 12 months, corresponding to an earnings per share (EPS) of $302 and a forward price-to-earnings (P/E) ratio of 21.5 times [1] - Projected EPS for 2025 is $259 (7% growth), for 2026 is $283 (9% growth), and for 2027 is $321 (13% growth) [1] Industry Allocation - **Overweight Sectors**: Financials, Energy, and Utilities are rated as overweight. The financial sector is expected to see a recovery in M&A and capital market transactions by 2028, with potential for accelerated stock buybacks due to regulatory easing [3] - The energy sector is linked to oil price movements, with geopolitical tensions potentially disrupting supply and raising prices. The sector's free cash flow (FCF) margins are significantly above historical averages [3] - Utilities historically perform well in late-cycle phases due to their defensive characteristics and are expected to benefit from rising interest rates and energy capacity concerns [3] Neutral Sectors - Technology, Healthcare, Communication Services, Materials, Real Estate, and Industrials are maintained at neutral. The technology sector shows significant internal differentiation, with AI-related stocks performing well, while hardware faces challenges from weak consumer demand [4] Underweight Sectors - Consumer Discretionary and Consumer Staples are rated for reduction due to poor pricing power and tariff risks. The consumer products sector faces significant cost pressures, with tariffs impacting EBITDA margins by 10% to 70% [4]