Macro Strategy - The recent US-China trade negotiations have led to a significant reduction in tariffs, with the highest tariffs dropping from 145% to 30% before May 14, 2025, and a complete cancellation of 91% of retaliatory tariffs, reducing export uncertainties [1][9][10] - The negotiations are driven by increasing political and economic pressures in the US, with a framework agreement expected to be reached within the year, particularly as the midterm elections approach [1][9][10] - The trade conflict has resulted in a 14% month-on-month increase in the US trade deficit for March, with consumer goods imports hitting a record high, indicating a pressing need for tariff reductions from the US side [1][9][10] Industry Insights - The report highlights a shift in local state-owned enterprises' bond financing from infrastructure and real estate projects to technology innovation, with a 31.41% increase in bonds issued for equity or fund investments and a 47.85% decrease for infrastructure or real estate investments in the first four months of 2025 [4][13] - The technology sector is becoming a key driver of economic growth, with the digital economy's core industries expected to contribute around 10% to GDP by the end of 2024, reflecting a significant increase in China's global market share in high-tech manufacturing [11][13] - The report emphasizes the importance of building a robust technological infrastructure to enhance competitiveness and drive domestic demand, particularly in the context of global trade uncertainties [11][13] Company Recommendations - Hai Tian Wei Ye (603288) is projected to maintain steady growth with revenue expectations of 29.7 billion, 32.8 billion, and 36.3 billion yuan for 2025-2027, reflecting a year-on-year growth of 10% [8] - Zhejiang Dingli (603338) is expected to see a net profit of 2.1 billion, 2.4 billion, and 2.8 billion yuan for 2025-2027, with a current market valuation corresponding to a PE ratio of 12, 10, and 9 times, maintaining a "buy" rating [8] - UBTECH (09880.HK) has signed a comprehensive cooperation agreement with Huawei, which is anticipated to accelerate the application of humanoid robots in real-world scenarios, with revenue forecasts of 2.016 billion, 2.823 billion, and 3.705 billion yuan for 2025-2027 [8]

Group 1 - The US-China trade negotiations have resulted in a 90-day window where tariffs on Chinese exports to the US will be 30%, with a potential increase to 54% after this period, enhancing the certainty of performance for companies involved [1] - The adjustment in tariffs is expected to provide a short-term shipping and stocking window, while in the long term, domestic production capacity for exports to the US is likely to maintain good profitability [1] Group 2 - The European Union has imposed anti-dumping duties on Chinese mobile elevating work platforms, with the lowest duty at 20.6% for Dingli, which is lower than foreign brands, indicating recognition of compliance and market operations [2] - The impact of these duties on the company's export orders and profitability is considered limited, as price increases are expected to be a trend, allowing for cost transfer to end customers [2] - The company is expected to enhance its market share in Europe as new production capacity is released in 2025, despite high tariffs acting as a barrier [2] Group 3 - The company is anticipated to see sustained performance growth due to successful trials with overseas clients, extended stocking windows, and the introduction of high-value products in Europe [3] - The company is also expanding into emerging markets and new business segments, which will contribute to steady growth [3] - Profit forecasts for the company indicate a net profit of 21 billion (31% YoY growth), 24 billion (14% YoY growth), and 28 billion (14% YoY growth) from 2025 to 2027, with corresponding PE ratios of 12, 10, and 9 [3]

Core Viewpoint - The European Union (EU) has begun imposing tariffs on over 80 Chinese products, responding to pressure from the United States amid ongoing trade tensions initiated by President Trump [1][3]. Group 1: EU Actions - The EU has previously imposed tariffs on certain Chinese goods since January, citing "anti-dumping" measures, and the recent tariffs on mobile elevating work platforms add to this list [3]. - The EU claims that Chinese products benefit from unfair subsidies and are sold below normal prices, justifying the tariffs [3]. Group 2: Impact on China - The tariffs are expected to significantly reduce the competitiveness of Chinese products in the EU market, leading to a decrease in orders for affected companies [3]. - China's Ministry of Commerce has criticized the EU's actions as "selective enforcement," arguing that it creates trade barriers and violates World Trade Organization (WTO) rules [3]. Group 3: China's Response - China has indicated that it understands some countries may negotiate under pressure from the US, but any actions that harm Chinese interests will lead to reciprocal measures [5]. - A recent bilingual video released by China's Ministry of Foreign Affairs emphasized China's refusal to submit to US "bullying" tactics, asserting the need for a firm stance to protect national interests [5][7]. - China does not oppose countries aligning with the US, provided it does not come at the expense of Chinese interests, warning of potential retaliation if such boundaries are crossed [7].

Core Viewpoint - The European Commission has issued a final ruling on countervailing duties and modified anti-dumping duties on mobile elevating work platforms originating from China, with measures effective from the day after the announcement [1] Group 1: Countervailing and Anti-Dumping Duties - The final countervailing duty rates and adjusted anti-dumping duty rates for various Chinese exporters are detailed in the announcement [1] - Hunan Sinoboom has a countervailing duty of 7.3% and an anti-dumping duty of 42.0% [2] - Zoomlion Intelligent Access Machinery Co., Ltd. faces a countervailing duty of 11.6% and an anti-dumping duty of 30.1% [2] - Zhejiang Dingli Machinery Co., Ltd. has a countervailing duty of 14.2% and an anti-dumping duty of 6.4% [2] - Terex (Changzhou) Machinery Co., Ltd. has a countervailing duty of 12.1% and an anti-dumping duty of 22.9% [2] - Other cooperating companies have a countervailing duty of 12.1% and an anti-dumping duty of 30.1% [2] - Non-cooperating companies in the anti-dumping investigation but cooperating in the countervailing investigation face a countervailing duty of 14.2% and an anti-dumping duty of 30.1% [2] - Other companies that do not cooperate in the anti-dumping investigation but do cooperate in the countervailing investigation have a countervailing duty of 12.1% and an anti-dumping duty of 54.6% [3] Group 2: Investigation Periods - The subsidy investigation period is from October 1, 2022, to September 30, 2023, while the injury investigation period is from January 1, 2020, to the end of the subsidy investigation period [1] - The European Commission initiated an anti-dumping investigation on November 13, 2023, for mobile elevating work platforms originating from China [1]