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固定收益部市场日报-20250725
Zhao Yin Guo Ji· 2025-07-25 06:38
Report Industry Investment Rating - Not provided in the documents Core Viewpoints - Maintain a buy recommendation for HYUELEs due to SK Hynix's resilience against trade - wars, strong global market position, solid operating cash flow, and a more balanced risk - return profile [2][6] - Expect SK Hynix's revenue and operating profit growth momentum to continue in 2025, supported by strong demand for memory used in AI services [11] Summary by Relevant Catalogs Trading Desk Comments - In Chinese IGs, TENCNT 30/BABA 31 tightened 1bp, MEITUA 30 widened 1bp, ZHOSHK 28 tightened 5bps [1] - In financials, CMINLE/CSILTD/BCLMHK Float 27 - 30s were unchanged to 2bps tighter, SUMIBK/MIZUHO 30 - 31s were 1 - 2bps tighter, BBLTB 36 - 40s closed 1 - 3bps tighter [1] - In insurance, CATLIF 34 tightened 1bp, NSINTW 34 widened 1bp, MYLIFE/NIPLIF 55s were up 0.1pt [1] - In AT1s, BNP 7.75/HSBC 6.95 Perps were up 0.2 - 0.4pt, EFGBNK 5.5/INTNED 4.25 Perps were up 0.4 - 0.6pt [1] - In HK, DAHSIN/BNKEA 32 - 34s were 1 - 2bps tighter, REGH 6.5 Perp/HYSAN 4.1 Perp/LASUDE 26 lowered 0.5 - 0.9pt [1] - In Chinese properties, ROADKG 28 - 30s were 0.2 - 2.3pts lower, ROADKG Perps were unchanged. Road King launched a holder identification for all of its three perps [1] - Outside properties, WESCHI 26 was 1.7pts higher following 1H25 positive profit alert, FOSUNI 25 - 28s were up 0.1 - 0.5pt after Fosun announced early redemption [1] - In SEA, GLPSP Perps were up 0.4 - 0.5pt, VLLPM 29 was down 0.7pt [1] - In CNH space, new CNH TEMASE 1.85 30/TEMASE 2.05 35 were 0.1 - 0.2pt lower, TEMASE 2.55 55 was 0.3pt higher; new CNH CHMEDA 2 30/CHMEDA 2.3 35 were 0.2 - 0.3pt lower [2] - LGENSO 27 - 35s tightened 1 - 3bps following a 31% qoq rise in 2Q25 operating profit from 1Q25 [2] - HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 were 2 - 5bps tighter post - results announcement, while HYUELE 6 ¼ 01/17/26 and HYUELE 6 ⅜ 01/17/28 were 2 - 5bps wider [2] - ROADKG 28 - 30s were 0.2 - 2.3pts lower yesterday and unchanged this morning. Road King and CVC seek full exit from Indonesian toll road business for USD1bn [2] - In SOE perps, CHPWCN Perp was up 0.1pt, SPICPD Perp was down 0.1pt [3] Last Trading Day's Top Movers - Top Performers: WESCHI 4.95 07/08/26 price was 92.3 with a change of 1.7; GRNLGR 5 7/8 07/03/30 price was 23.2 with a change of 1.3; NSANY 7 3/4 07/17/32 price was 101.4 with a change of 0.7; NSANY 4.81 09/17/30 price was 91.4 with a change of 0.6; EFGBNK 5 1/2 PERP price was 97.2 with a change of 0.6 [4] - Top Underperformers: ROADKG 5.9 09/05/28 price was 24.8 with a change of - 2.3; ROADKG 5.2 07/12/29 price was 23.7 with a change of - 2.3; ROADKG 6.7 03/30/28 price was 25.1 with a change of - 1.4; ROADKG 6 03/04/29 price was 24.6 with a change of - 1.2; REGH 6 1/2 PERP price was 21.7 with a change of - 0.9 [4] Macro News Recap - On Thursday, S&P was up 0.07%, Dow was down 0.70%, and Nasdaq was up 0.18%. US Jul'25 S&P Global Manufacturing PMI was 49.5 (lower than the market expectation of 52.7), and US Jul'25 S&P Global Services PMI was 55.2 (higher than the market expectation of 53.0) [5] - Trump and Powell clashed at Fed headquarters. UST yield was higher on Thursday, with 2/5/10/30 yield at 3.91%/3.98%/4.43%/4.96% [5] Desk Analyst Comments - Maintain a buy recommendation for HYUELEs. Prefer HYUELE 1 ½ 01/19/26 and HYUELE 2 ⅜ 01/19/31 for lower cash prices. They were traded at YTM of 4.7%/Z + 34bps and YTM of 4.8%/Z + 117bps respectively, and provide 6 - 30bps yield pick - up over Micron's bonds [6] SK Hynix Business and Financial Analysis - SK Hynix achieved record - high revenue and operating profit in 2Q25, driven by aggressive AI investments from leading tech companies and customers accelerating inventory purchases ahead of tariff policy changes [9] - DRAM bit shipments rose by mid - 20% qoq, ASP increased by a low - single digit qoq. NAND bit shipments surged 70% qoq, but ASP declined by a high single - digit qoq [10] - SK Hynix expects DRAM bit shipments to grow by low - to - mid single digit in 3Q25, and increase in NAND bit shipments to be limited. It shipped the industry's first HBM4 samples in Mar'25 and is optimizing performance with partners [11] - As of Jun'25, cash balance increased by 19% qoq to KRW17.0tn. Capex is expected to be higher than the original plan, especially for HBM - related equipment. M15X fab will open in 4Q25 and start full - scale DRAM production in 2026. Yong - in fab (Phase 1) is on track for completion in 2Q27 [12] - SK Hynix's leverage was lower as of Jun'25. Net debts decreased by 46% qoq to KRW4.9tn. Upcoming USD bond maturities are HYUELE Float 11/17/25 of USD300mn due in Nov'25 and two USD bonds totaling USD1.75bn due Jan'26. It is expected to refinance at reasonable costs [13] Offshore Asia New Issues - No new offshore Asia issues were priced today - Pipeline issues include Dazhou Kaisheng Construction Development Group (USD, 3yr, 7.0%, Unrated), Sichuan Zigong Huidong Development (USD, 3yr, 6.8%, Unrated), and Tianjin Binhai New Area Construction & Investment Group (USD, 3yr, 5.8%, Baa2/ - / - ) [17] News and Market Color - 134 credit bonds were issued onshore yesterday with an amount of RMB137bn. Month - to - date, 1,722 credit bonds were issued with a total amount of RMB1,842bn, a 15.8% yoy increase [18] - Adani Enterprises and MetTube partner to build copper tube ecosystem; Adani Energy 1Q26 total EBITDA rises 14.5% yoy to INR20.17bn (cUSD233.5mn) [18] - China Energy Reserve and Chemicals Group adjourns meetings for six bonds due to lack of quorum; Country Garden agrees to key terms with key bank creditors on offshore restructuring [18] - Fosun unit looks to issue RMB1bn yulan bonds by mid - Aug'25; Danantara looks to buy Jiangsu Delong smelter unit in Indonesia through MIND ID [18] - JD.com in advanced talks to buy German retailer Ceconomy for EUR2.2bn (cUSD2.6bn); Mongolian Mining 2Q25 washed coking coal sales drop 25% yoy to 1.74mn tons [18] - Samsung Heavy Industries 1H25 sales rise 6% yoy to KRW5.18tn (cUSD3.76bn); Sands China eyes USD2.7bn annual EBITDA run rate [18] - Sinopec 1H25 oil and gas production rises 2% yoy to 262.81mn barrels of oil equivalent; SoftBank - backed tech startup InMobi plans India IPO at up to USD6bn valuation [18]
X @Forbes
Forbes· 2025-07-24 06:40
Industry Focus - The construction industry is seeing automation through self-driving dirt diggers [1] - Waymo veterans are involved in automating construction sites [1] Technological Advancement - Self-driving technology is being applied to construction equipment [1]
Why 3D printed houses are on the rise
CNBC· 2025-07-23 16:00
This is now the world's largest 3D printed community. 100 homes that they started on two years ago. The homes here start at just under $400,000.That's about comparable to other larger homes in the area. Holly Feings and her husband moved in just over a year ago. We realized, you know, it was really a safe home for two old folks.Single level, no stairs. Icon and LAR announced their plans to build this community in 2022. Since then, large-scale robots worked without a break, squeezing out homes like toothpast ...
North American Construction (NOA) Loses 8.6% in 4 Weeks, Here's Why a Trend Reversal May be Around the Corner
ZACKS· 2025-07-22 14:35
Group 1 - North American Construction (NOA) has experienced significant selling pressure, with a decline of 8.6% over the past four weeks, but is now positioned for a potential trend reversal as it is in oversold territory [1] - The Relative Strength Index (RSI) for NOA is currently at 29.98, indicating that the stock is oversold and may soon experience a reversal towards its previous equilibrium of supply and demand [5] - There is a strong consensus among Wall Street analysts that NOA will report better earnings than previously predicted, with a 0.6% increase in the consensus EPS estimate over the last 30 days [7] Group 2 - NOA holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, suggesting a strong potential for a turnaround [8]
