ab Global Research 19 June 2025 Global Equity Strategy The dollar: why the bear market continues and UBS forecasts the dollar to continue to weaken to EUR/USD1.23-year end and YEN/ USD130 year-end. Of the major currencies, only the RMB and the Mexican Peso are forecast by UBS to depreciate beyond their forward rate against the dollar by year-end. Tactically, the dollar can continue to weaken despite DXY being close to a three- year low: UBS forecasts US GDP growth to slow from 1.7% YoY in Q2 to 0.9% Q4 YoY ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha Specialist Sales APAC Specialist Sales 19 May 2025 J P M O R G A N JPM | APAC Market Thematics - China Summit: 3x investment themes / HF Positioning: Back to Neutral / APAC Tech: New spec sales! Matthew See +852 2800 8889 matthew.see@jpmorgan.com 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数 ...

Core Insights - Harmonic has expanded its partnership with Cignal TV to modernize channel origination, playout, and disaster recovery workflows using its VOS360 Media SaaS platform, which operates on the public cloud [1][2] - The VOS360 Media SaaS enhances Cignal TV's video streaming and broadcast services by providing greater flexibility, agility, and scalability, allowing for the rapid launch of streaming services [2][4] - The solution enables remote switching of local playout operations to the cloud for disaster recovery, ensuring service continuity and high availability for Cignal TV [3][4] Company Overview - Harmonic is a leader in virtualized broadband and video delivery solutions, enabling media companies and service providers to deliver high-quality video streaming and broadcast services globally [6] - The company has revolutionized broadband networking with the first virtualized broadband solution, allowing operators to deploy gigabit internet services more flexibly [6] - Harmonic's innovative cloud and software platforms simplify OTT video delivery and enhance the monetization of live and on-demand content across various screens [6]

Gambling hasn't always worked out for SoftBank's Masayoshi Son. But as the Japanese billionaire begins to see his technology empire turn a corner, he'll be hoping he can pull off a huge bet on AI. On Tuesday, SoftBank, which has positioned itself as one of the most important backers to Sam Altman's OpenAI, posted its first annual profit in four years. Net income of 1.15 trillion yen ($7.8 billion) for the year ended March overcame a $1.5 billion loss the previous year.Fourth quarter gains helped overall pr ...

May 5, 2025 09:00 PM GMT Asia Technology | Asia Pacific M Idea China 1H25 CIO Survey – Spending Cuts Worsen China CIOs' view on near-term spending has fallen to a new low with long-term expectations seeing only marginal improvements. AI is the top priority with adoption accelerating. We offer views on key IT spending trends and stock positioning. M Key Takeaways AlphaWise survey Investment implications Most preferred Morgan Stanley Asia Limited+ Gary Yu Equity Analyst Gary.Yu@morganstanley.com +852 2848-691 ...

Investment Rating - The investment rating for China Tower Corp Ltd is Overweight, with an industry view classified as Attractive [4][62]. Core Insights - The total revenue for 1Q25 was Rmb24.8 billion, reflecting a year-over-year increase of 3.3% [7]. - The tower business revenue decreased by 0.4% year-over-year, while the DAS business grew by 15.2% year-over-year [2][7]. - The smart tower and energy business saw a year-over-year increase of 17.9%, although it experienced a quarter-over-quarter decline of 18.5% [2][7]. - EBITDA increased by 4.2% year-over-year to Rmb17.3 billion, with a margin expansion of 0.6 percentage points [7]. - Net profit rose by 8.6% year-over-year to Rmb3 billion, with a margin increase of 0.6 percentage points [7]. Summary by Sections Financial Performance - Tower business revenue: Rmb18,877 million, down 0.4% YoY, up 0.5% QoQ [2]. - DAS business revenue: Rmb2,347 million, up 15.2% YoY, up 6.3% QoQ [2]. - Smart Tower and Energy business revenue: Rmb3,457 million, up 17.9% YoY, down 18.5% QoQ [2]. - Total revenue: Rmb24,771 million, up 3.3% YoY, down 2.2% QoQ [2]. - EBITDA: Rmb17,295 million, up 4.2% YoY, margin at 69.8% [2][7]. - Profit before taxation: Rmb4,006 million, up 8.6% YoY, margin at 16.2% [2]. - Net profit: Rmb3,024 million, up 8.6% YoY, margin at 12.2% [2]. Market Position - Current market capitalization is US$24.8 billion, with an enterprise value of US$33.99 billion [4]. - The average daily trading value is US$71 million [4].