更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Global | Shipping Equity Research April 28, 2025 Container Shipping: Global Trade Update We are introducing a collaborative report on the container industry and the ocean carriers covered by our analysts based in the US, Japan and China. We assess performance, market strategies and outlooks for the top players in the industry including Maersk, COSCO, MOL and others. Our global coverage provides an overview of container shipping trends, and we provide company- specific updates on ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 China Building Products 1Q25 wrap: Selective growth recovery and margin stabilization; Buy Honglu/Kinlong Following 1Q25 results for China building products names, we highlight key takeaways from the period for six stocks across five sectors (steel structure, glass, construction hardware, ceramic tile, and anti-seismic): Research | Equity Vicky Li +86(21)2401-8926 | vicky.li@goldmansachs.cn Goldman Sachs (China) Securities Company Limited Yi Wang, CFA +86(21)2401-8930 | yi.wang@ ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Latin America Insight 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据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 April 28, 2025 10:12 AM GMT CGN Power Co., Ltd | Asia Pacific M Update Takeaways from 1Q25 Conference Call Key Takeaways Market tariff: The overall market tariff for CGN was Rmb0.36/kwh, down 3.46 cents YoY. In 1Q25, Guangdong had 36.5% market volume, up 8.7 ppts; the larger- than-expected power tariff decline was mainly due to spot market trading, according to management. In 1Q24, CGN had net spot market power procurement of ~400 mn kwh and reached a margin of over 10 cents/kwh ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 30 April 2025 | 11:40AM HKT China: April PMIs – weaker manufacturing PMIs on heightened US tariffs Bottom line: Due to the negative impact of significantly higher US tariffs, the NBS manufacturing PMI fell to 49.0 in April from 50.5 in March, much lower than consensus expectations. The Caixin manufacturing PMI fell to 50.4 in April from 51.2 in March. The NBS non-manufacturing PMI decreased to 50.4 in April from 50.8 in March, moderately below market expectations and driven by w ...

30 April 2025 | 11:37AM HKT 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 COSCO Shipping Energy (1138.HK) 1Q25 results missed on a lower freight rate with cost increase; restocking remains the market focus COSCO Shipping Energy's share prices (A/H) have retreated by 10%/3% YTD (vs. +11%/-4% for HSCEI/CSI 300), likely reflecting the missed freight rate and the implied potential dilution of 17% (see calculation below) under the terms of the private placement. Going forward, we believe the market focus will be the VLCC-TCE (Ch ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 28 April 2025 | 4:57PM CST BYD Co. (002594.SZ/1211.HK) 1Q25 Earnings Review: Resilience amid macro uncertainty & ongoing competition; Buy BYD reported in-line 1Q25 result with net profit of Rmb9.2bn, near mid-point of pre-announcement range of Rmb8.5bn-Rmb10bn (First Take). Looking ahead, we see BYD as one of the most resilient auto OEMs amid macro uncertainty and ongoing competition. (1) Volume: we believe BYD is capable of navigating the uncertain macro economy and competition ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 April 29, 2025 12:20 AM GMT Gongniu Group Co Ltd | Asia Pacific Risk Reward Update What's Changed Gongniu Group Co Ltd (603195.SS) From To Price Target Rmb103.45 Rmb90.00 Bull Case Rmb155.86 Rmb135.60 Base Case Rmb103.45 Rmb90.00 Bear Case Rmb35.86 Rmb31.20 Updated Components EPS Investment Thesis Bull Base Bear Scenarios 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 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 April 30, 2025 01:20 AM GMT LONGi Green Energy Technology Co | Asia Pacific M Update 1Q25 GPM declines; first sign of BC module scaling Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month Source: Company data, Morgan Stanley Research LONGi reported a 2024 net loss of Rmb8.6bn, vs a 2023 net profit of Rmb10.8bn. Inventory impairments were Rmb6.1bn, vs Rmb5.2bn in 2023. GPM narrowed by 11.1ppts ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Global Markets Analyst UK Real Rates — Backcast To The Future UK Real Rates — Backcast To The Future UK real rates, measured by inflation-indexed Gilt yields, are at or near decadal highs following a significant increase through 2021-2023. The UK was one of the earliest adopters of inflation-indexed bonds, and so already has a long timeseries of ex ante (traded) real rates, dating back to the early 1980s. We use this time series to backcast real yields, drawing on an approach by ...