Group 1 - Manus has opened registration for its AI platform, allowing users to execute one task daily for free and receive a one-time bonus of 1000 points [2] - Alibaba has open-sourced its video generation and editing model, Wan2.1-VACE, which supports various video generation and editing capabilities [3] - Weilian Meishi has introduced ByteDance's Feishu as its collaboration platform to enhance organizational efficiency and digital transformation [4] Group 2 - Cambrian's R&D investment increased by 38.33% year-on-year, reaching approximately 235 million yuan in Q1 2024, focusing on optimizing chip architecture and software ecosystem [4] - A report indicates that Chinese respondents show a significantly higher acceptance of AI compared to the global average, with a 93% application rate in workplaces [5][6] - The Ministry of Education has issued guidelines prohibiting elementary students from independently using generative AI tools [6] Group 3 - ByteDance has released its Seed1.5-Embedding model, achieving state-of-the-art performance in Chinese and English on the MTEB benchmark [7] - Alipay has launched a voice call feature that displays the real name of the caller, ensuring user privacy and security [8] - Tencent has expanded its earthquake warning feature to cover the entire country, enhancing user notifications during potential seismic events [9] Group 4 - Baotong Technology has signed a contract with Yushu for the secondary development of industrial robots, with strong demand from downstream customers [10] - Tencent has open-sourced a unified multi-modal reward model, enhancing reasoning capabilities across visual tasks [11] - Volcano Engine has released the Seedance 1 lite video generation model, supporting various video generation formats [12] Group 5 - The AI model "Moon's Dark Side" is optimizing its Kimi product for professional search quality in finance, law, and medicine [13] - ByteDance has unveiled its Seed1.5-VL model, which demonstrates strong multi-modal understanding and reasoning capabilities [13] - Honor has established a new AI division and restructured key positions in its China operations, focusing on AI development [14] Group 6 - Kunlun Wanwei has open-sourced the Matrix-Game model for interactive video generation, aimed at creating detailed virtual worlds [14] - Shanghai Jiao Tong University won the ASC 2025 supercomputing competition, showcasing advancements in various computational tasks [14] - Hongjing Technology has signed a 563 million yuan contract for computing power services [15] Group 7 - Tencent's ToB business achieved revenue of 549 billion yuan, driven by rapid growth in AI-related income [15] - Xiaomi has applied for trademarks related to its MiMo reasoning model, set to be open-sourced in April 2025 [16] - Ant Group's enterprise-level AI products are expanding into international markets, showcasing a full-stack AI product matrix [17] Group 8 - Alibaba's CEO highlighted AI as a historic opportunity for growth, focusing on e-commerce and AI-cloud integration [17] - Alibaba Cloud reported an 18% year-on-year revenue increase, with AI-related income maintaining triple-digit growth [17] - The Ministry of Education has issued guidelines for the use of generative AI in primary and secondary education [6] Group 9 - Vivo has launched a talent recruitment program targeting top talent in AI and chip technology, offering competitive compensation [19] - MiniMax has released a new speech model, outperforming major competitors in international evaluations [20] - Huawei has established a city-wide network in Wuhan, integrating various digital services for urban governance [21] Group 10 - NVIDIA announced plans to export 18,000 AI chips to Saudi Arabia, enhancing the region's AI capabilities [28] - The White House reported that major tech companies have committed to investing $800 billion in advanced technology in the U.S. and Saudi Arabia [28] - Apple is reportedly entering the brain-computer interface field, allowing users to control devices through brain signals [29]

+91 226 842 1482 With Nifty nearing 25,000, we are now back to usual business after a dramatic weekend that culminated in India-Pakistan ceasefire (an uneasy calm, but we'll take it). We had advised in our previous notes to buy the dip given instances of sharp market recovery immediately once the escalation is behind. This report marks a return from the geopolitical Nikhil Arela to the fundamental, as we dissect the earnings to see what lies ahead. We retain our nikhil.arela@bernsteinsg.com positive view on ...

Core Viewpoint - The recent U.S.-China trade negotiations have led to a significant reduction in tariffs, with U.S. tariffs on Chinese goods dropping from 145% to 10%, creating a temporary boost for foreign trade companies in Dongguan [3][5]. Group 1: Impact of Tariff Reduction - Following the announcement of tariff reductions, Dongguan's foreign trade companies experienced a surge in orders, prompting many to resume production and expedite shipments [1][3]. - Companies like Guangdong Haixin Intelligent Kitchen Co., Ltd. reported a quick recovery in shipments, with many clients requesting faster delivery of previously paused orders [1][3]. - Logistics companies, such as Lianyu Group, noted a 50% increase in shipping volume within a day of the announcement, indicating a rapid response from the market [5]. Group 2: Market Adaptation Strategies - Many Dongguan companies are actively seeking new markets to mitigate risks associated with U.S. tariffs, with a noticeable shift towards Europe and Southeast Asia [6][8]. - The uncertainty in the U.S. market has led companies to diversify their client base, with some businesses reporting significant cancellations of U.S. orders due to high tariffs [8][9]. - Companies are also exploring domestic sales channels, with initiatives like live-streaming events aimed at promoting products to the local market [9][10]. Group 3: Focus on Brand Development - There is a strong emphasis on developing proprietary brands as a long-term strategy, with companies like JSoul and Wanle Toy focusing on innovation and brand recognition [10][12]. - The shift from OEM (Original Equipment Manufacturer) to self-branded products is seen as essential for maintaining competitiveness in a changing trade environment [12]. - Companies are investing in R&D, with some allocating 6-7% of revenue to innovation, aiming to enhance product quality and design for both domestic and international markets [12].

Core Viewpoint - Analysts believe Unilever's stock price has the potential to reach new highs by 2025, supported by improved sentiment and a rising price target [1][2]. Group 1: Analyst Sentiment and Price Target - The price target for Unilever is projected to increase by 28% over the next 12 months, reaching an all-time high [2]. - Analysts have upgraded their sentiment on Unilever from Reduce to Hold, indicating potential for the stock to exceed $70 in the long term [2]. Group 2: Company Performance and Market Position - Unilever holds a market-leading position in the Consumer Staples sector, which is less cyclical and offers stable revenue and cash flow [4]. - The company has a diverse portfolio of globally recognized brands, contributing to steady year-over-year growth and cash flow generation [5]. Group 3: Financial Health and Capital Returns - Unilever's dividend yield is approximately 3.4%, with a reliable payout ratio of 60% of earnings, and a trend of increasing payouts annually [6]. - The company is on track to complete a $2 billion share buyback authorization, enhancing its capital return strategy [7]. Group 4: Recent Financial Performance - In Q1, Unilever reported organic growth of 3.5% and solid margins, with positive contributions from all five operating segments [8][9]. - The company anticipates organic business growth of 3% to 5%, potentially exceeding guidance due to favorable macroeconomic conditions [9]. Group 5: Strategic Moves - Unilever is progressing with the divestiture of its Ice Cream segment, which could raise up to $8 billion, strengthening its balance sheet [10].

Company Overview - Colgate-Palmolive Company is represented by key executives at the Goldman Sachs Global Staples Forum, including John Hazlin, President of Hill's Pet Nutrition, and John Faucher, Chief IR and EVP, M&A [1] - John Hazlin has nearly 30 years of experience at Colgate and has been leading Hill's Pet Nutrition since 2022, which has shown significant sales growth under his leadership [2] Business Performance - Hill's Pet Nutrition is a crucial segment for Colgate, with notable sales growth and a projected recovery in segment margins, including a 500 basis points expansion in Q1 [2] Strategic Focus - The discussion at the forum aims to explore Hill's future trajectory and its alignment with Colgate's broader strategic objectives [3]

Group 1: Market Reaction to Tariff Reduction - The market experienced significant gains after President Trump announced a reduction of tariffs on Chinese imports from 145% to 30% for at least 90 days, indicating a potential easing of trade tensions [1] - Retail companies, particularly Mattel, Deckers Outdoor, and Best Buy, saw substantial stock price increases, with Mattel peaking at a 11.1% gain and Best Buy at 11% [2] Group 2: Impact on Specific Companies - Mattel's CEO highlighted that tariffs would increase costs for consumers without boosting U.S. manufacturing, leading to potential diversification of supply chains outside of China [4] - Despite previous threats from Trump regarding specific tariffs on Mattel, the company is now positioned to benefit from the announced lower tariffs [5] - Best Buy faced rising costs for electronic devices due to supplier price increases, but the 30% tariff may be absorbed by producers or retailers, minimizing the impact on retail prices [9] Group 3: Broader Industry Implications - The imposition of tariffs has created a dual challenge for product companies like Mattel and Deckers Outdoor, as higher costs could reduce consumer demand for goods, potentially leading to lower sales during the holiday season [6] - While tariffs are seen as an incremental headwind for the retail industry, the current reduction provides a more favorable environment compared to previous conditions [10] Group 4: Future Uncertainties - Despite the positive market reaction, the uncertainty surrounding tariffs remains, as they are still higher than at the beginning of the year, and the 90-day pause does not guarantee long-term stability [11]

Investment Rating - The report highlights ten stock picks rated as "Buy" that are expected to be resilient in the current uncertain economic environment [11][23]. Core Insights - The initial sell-off in the market was broad-based, with 99% of S&P 500 stocks declining, but the recovery has been uneven, primarily driven by technology stocks [3][11]. - A bottom-up approach is recommended to understand how policies impact individual companies, especially in light of ongoing macroeconomic and policy uncertainties [4][11]. - The report anticipates continued volatility in equity markets as macro and micro data worsen, with a focus on defensive sectors [4][11]. Summary by Relevant Sections Market Overview - The S&P 500 has outperformed the equal-weighted index, with a significant contribution from technology stocks, while many sectors, particularly recession-resilient ones like healthcare, remain below pre-sell-off levels [3][22][19]. - Only 35% of S&P 500 stocks have recovered to pre-Liberation Day levels, indicating a challenging recovery landscape [3][11]. Stock Picks - **AIG (AIG US)**: Rated "Buy" with a target price of USD 93.00, expected to benefit from its solid risk management and low leverage [6][23]. - **American Tower (AMT US)**: Rated "Buy" with a target price of USD 245.00, noted for its geographical diversification and resilience in a high-tariff environment [6][24]. - **Coca-Cola (KO US)**: Rated "Buy" with a target price of USD 82.00, positioned to leverage its brand strength and local sourcing to mitigate tariff impacts [6][29]. - **Johnson & Johnson (JNJ US)**: Rated "Buy" with a target price of USD 184.00, recognized for its diversified portfolio and strong R&D pipeline [6][30]. - **McDonald's (MCD US)**: Rated "Buy" with a target price of USD 343.00, expected to benefit from its franchise model and focus on affordability [6][34]. - **Oracle (ORCL US)**: Rated "Buy" with a target price of USD 246.00, anticipated to capitalize on AI demand and improve revenue growth [6][37]. - **Procter & Gamble (PG US)**: Rated "Buy" with a target price of USD 185.00, noted for its strong brand equity and global supply chain [6][40]. - **TechnipFMC (FTI US)**: Rated "Buy" with a target price of USD 36.00, positioned to benefit from its operational efficiencies [6][43]. - **Walmart (WMT US)**: Rated "Buy" with a target price of USD 108.00, expected to maintain its market position amid economic challenges [6]. - **Waste Management (WM US)**: Rated "Buy" with a target price of USD 265.00, recognized for its stable revenue model [6].

Investment Rating - The report maintains a "Buy" rating for selected stocks within the industry, indicating a positive outlook for potential price appreciation over the next 12 months [39]. Core Insights - The report emphasizes that higher volatility in the market is likely to persist, primarily driven by tariff news and external shocks, with MSCI China experiencing an increase in daily share price volatility from 1.8% to 2.4% [2][4]. - Historical data suggests that during periods of rising volatility, the MSCI China index typically sees negative returns, averaging a decline of 6%, but often rebounds with an average return of 5% as volatility decreases [4]. - The report identifies that sectors such as banks and utilities perform well during rising volatility, while growth stocks like internet and tech tend to underperform [5]. - A "Low volatility" investment strategy has consistently yielded positive results during both rising and declining volatility environments [5]. Sector Performance Analysis - During rising volatility, defensive sectors such as utilities and banks have shown resilience, while property stocks have also outperformed as investors seek domestic policy support [5]. - Growth sectors, including internet and technology, generally underperform in high volatility scenarios due to increased discounting of future earnings [5]. - The report highlights that value factors like Price-to-Book (P/B) and Free Cash Flow Yield (FCFY) perform well in rising volatility, whereas Return on Equity (ROE) and Earnings Per Share (EPS) growth are more favorable in declining volatility [5]. Volatility Indicators - The HSI Volatility index has recently decreased from a peak of over 45 to around 25, indicating mixed return profiles for investors entering the market at this level [6]. - The report suggests that a spike in volatility could present a more favorable entry point for investors, while current levels warrant a cautious approach due to fundamental concerns such as potential tariff impacts and EPS forecast revisions [6]. Quantitative Factor Analysis - The report includes a quantitative analysis showing that stocks with low volatility have consistently outperformed during periods of rising volatility [12][14]. - It also identifies large-cap stocks that score highly on various factors, including low volatility and high quality, which are recommended for investment [18][21]. Top Stock Picks - The report lists several "Buy" rated stocks that have historically performed well during periods of rising volatility, including Qinghai Salt Lake Industry Co., Bank of Chengdu, and China Railway Group [15]. - Additionally, it highlights stocks that are expected to perform well after volatility peaks, suggesting a strategic focus on these selections for potential gains [16].

·近半数新三板挂牌公司去年净利润增长 全国股转公司近日发布2024年业绩总结，截至2025年4月30日，共有5844家挂牌公司披露去年年报，共 实现营业收入1.71万亿元，同比增长0.88%，净利润655.81亿元。近半数挂牌公司净利润增长，超两成 增速50%以上。总体来看，挂牌公司业绩表现韧性较足，专精特新特点鲜明。据统计，截至目前，78家 挂牌公司披露2025年一季度报告，共实现营业收入89.39亿元，其中45家公司实现营收增长；共实现净 利润10.03亿元，其中44家公司实现净利润增长。 ·深圳印发建设产业金融中心行动方案推动长期资本精准服务"硬科技"发展 日前，深圳市地方金融管理局、深圳证监局联合印发《深圳市关于发挥资本市场作用建设产业金融中心 行动方案(2025-2026年)》。《行动方案》明确，"十五五"期间，深圳力争构建形成适配经济社会高质量 发展需求、优质创新资本集聚的高质量资本市场，以一流的创新资本形成机制、一流的标杆企业、一流 的行业机构、一流的市场发展生态、一流的风险防控体系，助力推进中国式现代化深圳新样本、新实 践，并推出20项具体举措。 ·大厂各显神通 AI人才争夺战打响 新华财经北 ...

Financial Data and Key Metrics Changes - Revenue for Q1 2025 grew by 95% year over year to $6,750,000 compared to $3,470,000 in Q1 2024 [5][27] - Operating expenses decreased by 10% year over year from $16,100,000 in Q1 2024 to $14,400,000 in Q1 2025 [6][29] - Gross margin expanded to 58% in Q1 2025 from 43% in Q1 2024 [8][27] Business Line Data and Key Metrics Changes - The FinTech division contributed $3,050,000 to revenue, while the brand segment contributed $3,270,000 [5] - The Public Square marketplace added just over $400,000 in revenue [5] - Subscription orders in the EveryLife brand accounted for 68% or $2,200,000 of Q1 revenue, indicating strong repeat customer strength [23] Market Data and Key Metrics Changes - The buy now pay later segment saw a slight dip in originations volume due to seasonal shifts post-Christmas [12] - The database of prequalified applicants for the buy now pay later services grew by 198,196 in Q1 [13] Company Strategy and Development Direction - The company is focusing on integrating synergies between its payments and marketplace segments, emphasizing a Made in America product assortment [17][20] - The strategy includes leveraging AI tools to enhance underwriting and mitigate risks, which is seen as critical for future growth [16] - The company aims to turn operating cash flow positive by the end of 2025 while maintaining a focus on reducing operating expenses [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for their payment processing services, particularly from merchants facing cancellations from other providers [33] - The company anticipates significant revenue growth in the latter half of 2025 as it ramps up its marketplace and payment services [24] - Management highlighted the importance of grassroots marketing and community engagement as key drivers for growth [19] Other Important Information - The company has made strategic decisions to purchase leases and retain high-quality consumer receivables, totaling $1,100,000 in cash outflows [28] - A new line of credit is expected to reduce the cost of capital by approximately 50% by the end of Q3 2025 [17] Q&A Session Summary Question: Can you talk about the surprises, both favorable and unfavorable, on your payments rollout? - Management noted overwhelming demand for payment services, driven by merchants seeking reliable solutions after being dropped by other providers [32][33] - A challenge mentioned was the need for merchants to prioritize their technology replacements, which could slow down onboarding [36] Question: How should we think about your product pipeline and plans to move beyond baby and feminine hygiene? - Future product development is driven by customer feedback, with a focus on expanding into home essentials [40][42] Question: Could you talk about some of the cross-selling you've been working on? - Currently, 90% of synergies are from buy now pay later to payments, with plans to shift focus to marketplace merchants in the second half of the year [46][49] Question: What specific milestones or developments does Public Square anticipate could drive profitability? - Key milestones include onboarding signed GMV and the organic growth of the Public Square marketplace [62][63] Question: Will you ever accept Bitcoin as a form of payment on your platform? - Management expressed strong interest in exploring nontraditional payment methods, including Bitcoin and stable coins, as part of their future strategy [76][78]