Core Viewpoint - VinFast has shown significant growth in electric vehicle deliveries and revenue, focusing on Southeast Asian markets while adjusting its global expansion strategy to prioritize cost-effective production and local market penetration [2][3][4]. Group 1: Financial Performance - In Q1, VinFast delivered 36,330 electric vehicles, a year-on-year increase of 296%, surpassing the total deliveries of the previous year [2]. - The total revenue for Q1 reached 16.3064 trillion Vietnamese Dong (approximately $6.57 billion), reflecting a year-on-year growth of 149.9% [2]. - Despite revenue growth, the company reported a net loss of $712.4 million in Q1, a 20% increase compared to the previous year, indicating challenges in achieving profitability [5][7]. Group 2: Market Strategy - VinFast is shifting its strategic focus to the Indian market, driven by high logistics costs in North America and Europe, and plans to establish a new factory in Indonesia by October [4][6]. - The company aims to deliver over 200,000 electric vehicles in Vietnam this year, with a target of doubling global deliveries by 2025 [4][5]. - VinFast is actively seeking financing, negotiating a loan of up to $200 million with Indian state banks to support its $500 million investment plan in India [3][4]. Group 3: Competitive Landscape - The electric vehicle market in Southeast Asia is becoming increasingly competitive, with major players like Tesla and Toyota intensifying their focus on this region [5][6]. - VinFast's local brand advantage may face dilution as competition escalates, necessitating a balance between expansion and cost control [5][7]. - The company’s ability to achieve positive gross margins and meet delivery targets by 2025 will be critical in assessing its business model viability [7].

Core Insights - Despite a bleak macroeconomic backdrop, investor sentiment towards the Chinese market has improved, leading to increased allocation intentions, particularly in the technology and new consumption sectors [1] Group 1: Investor Consensus - Global diversification demand is driving an increase in interest for Chinese stock allocations, with global investors expressing a desire to increase exposure to the Chinese market [2] - The investability of the Chinese market is gradually improving, with a particular focus on new consumption themes and artificial intelligence [2] Group 2: Market Performance Discrepancies - The A-share market has significantly underperformed compared to the Hong Kong market and overseas Chinese stocks, with the CSI 300 index down 1.5% year-to-date, while the Hang Seng Index and MSCI China Index are up 19% and 16% respectively [4] - Three main factors contribute to the performance divergence between domestic and overseas markets: 1. More opportunities related to artificial intelligence and new consumption are concentrated in the Hong Kong market, with many high-quality A-share companies opting for dual listings in Hong Kong [4] 2. Significant differences in industry composition between the two markets, with high-quality, high ROE companies dominating the MSCI China Index [4] 3. Limited liquidity support from state-owned entities for the A-share market at current index levels [5] Group 3: Currency Outlook - Morgan Stanley has shifted its view on the RMB against the USD, predicting a mild appreciation of the RMB to 7.05 by the end of 2026, despite challenges such as higher tariffs [5] Group 4: Investor Concerns - Ongoing deflationary pressures are expected to deter investors, with predictions of continued deflation until at least 2027 [6] - Concerns regarding high valuations in the technology and new consumption sectors, suggesting a balanced approach to achieve excess returns while maintaining exposure to high dividend stocks for stable cash returns [6]

比亚迪作为全球第一大电动汽车厂，一直在开拓海外市场。有台媒称，台湾也是其下一目标。这让民进党当局相当紧张。 台湾《财讯》双周刊近日报道称，比亚迪已经制订全球计划，预计在2030年前实现全球销售"一半来自大陆以外市场"。该公司也将台湾视为"重点 战略市场"。报道称，业界传出，比亚迪已委托港商太古汽车为台湾总代理，并开始招募经销商。据已接触的业者透露，比亚迪集团最快今年年底 以腾势品牌登台，并以豪华MPV车型D9为首发产品，车辆从泰国进口，售价只要100多万元新台币，"同级产品根本无法招架"。 资料图： 比亚迪新能源电动汽车停车场。（视觉中国） 此消息一出，立即在台湾业界引起广泛关注，并引发当局的高度警惕。台"经济部"回应称，依据台"交通部""车辆型式安全审验管理办法"规定， 所有进口整车进入台湾市场，都要取得台"交通部"核发的车型合格证明书；经查，"本案BYD并未取得车型合格证明书，故并不能在台销售"。至 于比亚迪通过第三地转运来台，台"经济部"称，此举可能构成违规转运，"经济部"对违规转运采取四项措施，包括监测进口量、从严处罚等，违 规者最高罚300万元新台币，甚至停止其一个月以上一年以下输出、输入货品。 有 ...

港股科技板块迎来重估机遇 港股市场在这轮中国资产重估中表现尤为突出。截至6月10日收盘，恒生指数、恒生科技指数年内累计 涨幅均超过20%。与人工智能和新消费相关的个股，特别是大盘股，多数在港股市场上市。部分受青睐 的A股公司选择来港股进行双重上市，如2024年底上市的美的集团等。 外资机构正在重新审视中国资产的投资价值。摩根士丹利最新报告显示，国际投资者对中国股票的配置 意愿显著增强。这一转变源于投资者寻求投资组合多元化，同时担忧错失中国科技进步带来的投资机 遇。 国际投资者此前对中国科技竞争力存在疑虑，认为在先进芯片和人工智能技术获取受限的情况下，中国 可能在全球科技竞赛中落后。然而，中国在人工智能等领域取得的重大突破，促使国际投资者重新评估 中国股票的投资前景。DeepSeek等人工智能公司的技术进展，以及电动汽车和人形机器人领域的发 展，成为推动这一现象的关键因素。 全球投资者对中国的投资敞口仍处于相对较低水平。在MSCI新兴市场基准指数中，中国股票权重为 29%，但全球投资者仅将约26.6%的资金配置给中国股票。这一2.4个百分点的差距为增持提供了较大空 间。近期，全球区域基金、美国区域基金、太平洋区 ...

Core Viewpoint - Foreign investors are reassessing Chinese assets, with a notable increase in their willingness to allocate to Chinese stocks due to concerns about missing out on technological advancements in China [2][6][12]. Group 1: Foreign Investment Trends - According to Morgan Stanley, international investors are seeking to diversify their portfolios and are increasingly interested in Chinese stocks, as their current exposure remains relatively low [2][6]. - As of June 10, the Hang Seng Index and the Hang Seng Tech Index have both seen year-to-date gains exceeding 20% [3][11]. - Recent inflows from long-term foreign capital, including global, U.S., and Pacific regional funds, have started to flow into the Hong Kong stock market [15]. Group 2: Market Outlook - Nomura Oriental International Securities predicts that Chinese equity assets will outperform overseas markets in the second half of the year, supported by strong policy backing for growth sectors [4][19]. - The report highlights that the gap between the weight of Chinese stocks in the MSCI Emerging Markets Index (29%) and the actual allocation by global investors (26.6%) indicates significant room for increased investment [13][14]. - Analysts expect that the performance of Hong Kong tech giants will remain robust, with anticipated earnings growth in 2025 [16]. Group 3: Investment Strategies - Nomura suggests a refined "barbell strategy" focusing on dividend and tech growth sectors, as the static valuation of the CSI 300 Index is still undervalued by 25.6% compared to its ten-year average [21]. - The report emphasizes the importance of stable dividend stocks and specific tech growth sectors, such as new energy and new consumption, for the upcoming market environment [21][20]. - Huatai Securities' chief macroeconomist anticipates an upward adjustment in China's economic growth expectations, indicating potential recovery for the RMB and RMB-denominated assets [22].

周二（6月10日）， 美股三大指数集体上涨，均收于至少3个月来新高 ，其中标普和纳指双 双录得三连阳。 Siebert Financial首席投资官Mark Malek表示，"美联储担心真正的通胀效应尚未显现。基于 目前复杂的关税情况，我们预计汽车、服装、食品等商品将出现关税驱动通胀的初步迹象。" 热门股表现 大型科技股多数走高 ，（按市值排列）英伟达涨0.93%，重新成为全球市值最大公司；微软 跌0.39%，苹果涨0.61%，亚马逊涨0.29%，谷歌C涨1.34%，Meta涨1.2%，博通涨 0.14%。 特斯拉涨5.67%，在连续三天大幅反弹后，市值重回1万亿美元上方。 芯片股整体走强，费城半导体指数涨2.06%，30只成分股仅迈威尔科技（-0.43%）一家下 跌。英特尔涨7.81%，创两个月以来最大单日涨幅，收报22.08美元，上一次收于22美元上方 还是在5月13日。 截至收盘，道琼斯指数涨0.25%，报42,866.87点；标普500指数涨0.55%，报6,038.81点； 纳斯达克综合指数涨0.63%，报19,714.99点。 | 名称 | | 電新价 | 浙大额 | 湖以倡 | | --- | ...

Core Point - Canada will reinstate its electric vehicle subsidy policy, as announced by Industry Minister Melanie Joly [1] Group 1 - The reinstatement of the electric vehicle subsidy is aimed at promoting the adoption of electric vehicles in Canada [1] - This policy change reflects the government's commitment to reducing carbon emissions and supporting the green economy [1] - The specific details regarding the subsidy amount and eligibility criteria have yet to be disclosed [1]

Group 1 - Tesla's stock price increased by 5.03% to $324.1 per share, with a total market capitalization of $1,043.91 billion as of June 11 [1] - For the fiscal year ending March 31, 2025, Tesla reported total revenue of $19.335 billion, a year-over-year decrease of 9.23%, and a net profit of $409 million, down 70.58% year-over-year [1] - Robert W. Baird reaffirmed Tesla's rating as Neutral and raised the target price to $320 on June 9 [1] Group 2 - Tesla is planning to launch electric vehicles to cater to a wide consumer and commercial vehicle market, including models such as Model 3, Model Y, Model S, Model X, Cybertruck, Tesla Semi, and a new Tesla Roadster [2] - The electric vehicles feature advanced technology in power systems, autonomous driving, and Full Self-Driving (FSD) hardware, offering advantages in range, charging flexibility, acceleration, handling, safety, and user-friendly infotainment features [2]

金十数据6月10日讯，尽管特斯拉股价下跌，摩根士丹利分析师Adam Jonas重申了对特斯拉的"增持"评 级和410美元的目标价，并指出其在电动汽车以外的领域也拥有优势。Jonas称，尽管近期特斯拉面临估 值压力， 但其在物理AI能力方面拥有巨大的增长潜力，例如自动驾驶汽车、机器人技术、储能和制造 基础设施。他认为，没有其他公司在数据、人工智能、机器人技术和支持网络方面能与特斯拉匹敌。尽 管传统电动汽车面临阻力，但特斯拉更广泛的技术生态系统仍然引人注目。乔纳斯展望了马斯克旗下公 司未来的协同效应， 例如SpaceX与特斯拉汽车的整合，以及xAI和Optimus等人工智能系统的协同工 作。特斯拉仍然是他眼中美国汽车行业的首选。 订阅特斯拉动态 +订阅 摩根士丹利：维持特斯拉"增持"评级 看好AI生态破局 ...

Core Viewpoint - The global electric vehicle (EV) market is entering a "China-dominated era," characterized by a fundamental restructuring of the industry landscape, with Chinese brands outperforming traditional giants in sales, technological innovation, and cost control [4][5]. Market Performance - In April 2025, global sales of pure electric vehicles reached 1.0797 million units, a year-on-year increase of 38%, with China contributing over 60% of the sales and experiencing a growth rate of 51% [1][3]. - China's EV sales reached 662,500 units, with a penetration rate increasing from 22.4% to 30.2% year-on-year [7]. - The European market saw sales of 214,300 units, a 30% increase, with a penetration rate of 19.9% [7]. - The U.S. market, however, showed a decline, with sales of 95,400 units, down 4%, and a penetration rate dropping from 7.4% to 6.5% [7]. Brand Rankings - BYD led the global EV manufacturers with sales of 181,009 units and a market share of 17%, marking a 40% year-on-year increase [8][12]. - Geely followed with sales of 100,764 units and a market share of 9%, significantly up from 39,400 units last year [9][12]. - General Motors ranked third with sales of 96,014 units [10][12]. - Tesla faced challenges, with sales of 84,780 units, a 17% decline, and a market share dropping from 10.7% to 7.9% [11][12]. Battery Technology - In April, global battery deployment reached 66,800 MWh, a 32% year-on-year increase [17]. - The market share of lithium iron phosphate (LFP) batteries rose from 35% to 44%, while the share of nickel-cobalt-manganese (NCM) batteries fell from 54% to 47%, indicating a strategic advantage for Chinese manufacturers in cost control and technology choices [19].