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 February 17, 2025 04:04 PM GMT China Coal | Asia Pacific Weekly Coal Update: Elevated Inventory Both thermal and coking coal prices weakened in the week. Inventory build-up at ports further suppresses price recovery potential. Soft thermal coal prices: QHD 5500 was down 0.1% WoW to Rmb703/t as of February 14. CCI 5500 was down 1.7% WoW at Rmb748/t. BSPI was flat WoW at Rmb698/t. Mine-mouth prices for Shanxi Datong 5800 decreased 4.1% WoW, to Rmb606/t; for Inner Mongolia (IM) Erd ...

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 17 February 2025 | 8:21AM HKT Navigating China Internet: Top 400 app tracker: Rise of AI applications with DeepSeek launches; softer eComm trend in Jan on earlier CNY China's top 400 mobile apps maintained the prior month's momentum with total time spent up +4% yoy in January 2025 (vs. +5% in Dec 2024), with healthy WeChat time spent growth (+4% yoy) and robust Douyin app engagement performance (main app +20% yoy/Lite +17% yoy), slower eCommerce time spent -9% yoy on an earlier ...

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 February 17, 2025 04:45 PM GMT China Economics | Asia Pacific Jack Ma Returns, But will Animal Spirits? Key Takeaways We think the tone of today's symposium was modestly supportive: Similar to the Nov-2018 symposium, top leaders today reaffirmed the institutional foundation for private sector's continued development, pledging to overcome its current difficulties by lower financing cost, resolving pending receivables, and optimizing enforcement of laws and regulations. The commit ...

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 ab 17 February 2025 Global Research China Economic Comment China Weekly: January Credit Beat, Weak Work Resumption, Q4 BOP & PBC Report High frequency: Chunyun passenger turnover grew by 7% YoY Passenger turnover during the Chinese New Year travelling peak season (CNY Chunyun) in 2025 picked up from 2024 and was notably higher than pre-Covid 2019 level. During the first 33 days of Chunyun (Jan 14 to Feb 15, 2025), cross-region passenger turnover increased by 7% YoY from 2024 and ...

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 February 17, 2025 09:00 PM GMT Global Technology M Global Idea AI Supply Chain: Stargate and China Demand Are Coming Stargate is a new component in global AI capex; we are starting to see orders to NVDIA and its ODM partner. As well, China's version of H20 GPU demand is coming back, thanks to DeepSeek application. We like GPU and ASIC in AI semis, preferring NVIDIA to AMD in GPU, Alchip to Marvell in ASIC. Global cloud capex remains robust, indicating strong AI semi/hardware dem ...

Growing brands' strength remain solid: OEMs continue to see good shipment growth to sports brands such as Adidas, Hoka, New Balance, Asics, and On Running, evidenced by related OEMs' solid January sales growth despite the fewer working days YoY given CNY (Lai Yih at +21% YoY, thanks to Hoka; Chung Jye at +22%, thanks to New Balance; and Sports Gear at +37%, thanks to Adidas and Asics). Further, OEMs' comments on growing brands' order growth remain solid for 2025, e.g. Adidas' apparel at +mid-teens to 20% an ...

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 ab 17 February 2025 First Read China Consumer Appliances Sector Xiaomi debuts HVAC; what are the implications to incumbents? What's new? On February 17, LU Weibing, Partner and President of Xiaomi, has announced the launch of the first HVAC (more specifically Variable Refrigerant Flow product), Mijia Pro, at the end of February, benchmarks Daikin, the global HVAC leader known for premium products. LU thinks the new release is the first key product under its premiumization strate ...

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 ab 17 February 2025 Global Research BYD Company Limited Rising growth visibility by Celestial Eye Raise price target to HK$450.00; reiterate Buy We raise our PT of BYD to HK$450 from HK$327, on back of 7-14% 25/26E EPS upward revision. We believe the full-scale rollout of autopilot functions without raising product prices will enhance product competitiveness and help BYD gain market share. The company's dominant volume and strong bargaining power in the supply chain should help ...

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 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. AP Technology Tracker For Important Disclosures, click here Asia Pacific Reports/Notes SMIC (0981) (Underweight), China Valuations at all-time high; Profitability and growth still s ...

Summary of Key Points from the Conference Call Industry Overview - The discussion centers around the **private sector in China**, particularly in the context of recent regulatory changes and economic policies aimed at revitalizing private enterprises amid economic challenges [2][3][6]. Core Insights and Arguments - **Supportive Tone from Leadership**: The symposium indicated a modestly supportive tone towards private enterprises, contrasting with previous sentiments that suggested the private sector had fulfilled its purpose [2][4]. - **Regulatory Reset**: The return of a high-profile business leader, previously affected by regulatory tightening, signals the end of the regulatory tightening cycle and a shift towards revitalization of the private sector [3][6]. - **Policy Commitments**: The government has pledged to lower financing costs, resolve overdue payments, and optimize law enforcement to support private enterprises [2][6]. - **Economic Contributions**: Private enterprises are encouraged to contribute to national economic and social objectives, including technological innovation and social responsibilities [2][6]. Important but Overlooked Content - **Comparative Analysis**: The symposium's stance in February 2025 is more balanced compared to November 2018, highlighting a shift in the government's approach towards private enterprises [4]. - **Future Expectations**: A more predictable regulatory environment is anticipated over the next 2-3 years, although there is a need for consumption-centric reforms to sustain corporate confidence [6]. - **Specific Policy Measures**: Key measures discussed include cutting taxes and fees, ensuring the safety of entrepreneurs' personal and property rights, and promoting equal access to infrastructure [6]. Conclusion - The overall sentiment from the symposium reflects a significant shift in the government's approach to the private sector, indicating a potential for growth and development in the coming years, provided that the outlined policies are effectively implemented [2][3][6].