交银国际研究 宏观策略 2025 年 5 月 13 日 港股策略 内外形势积极变化下，港股修复了多少？ 近期全球关税形势显著缓和，特别是在中美日内瓦经贸会谈后，美方暂停对华 24%的"对等关税"并取消 2025 年 4 月 8 日后实施的关税措施，中方也暂停或 取消对美对等反制后的关税。这一进展使美对华关税水平从最高 145%降至 30%，中方对美关税从 125%降至 10%，进一步推动全球风险情绪改善。 随着风险情绪持续改善，MSCI 全球指数、MSCI 发达市场指数以及 MSCI 新兴市 场指数均已突破"对等关税"宣布前的水平。美股方面，标普 500 指数和纳斯 达克指数同样呈现出显著的修复态势，已重新回到历史高位区域。港股市场自 "对等关税"宣布后呈现持续修复态势，从低点稳步回升，目前已完全收回 "对等关税" 宣布后的失地，当前已超过 2024 年 10 月的高点，但距离 2025 年 3 月中旬创下的前高仍有一些距离。从驱动因素分析，港股修复主要归因于 风险溢价的显著回落，而无风险利率或企业盈利预期均变动不大。与此同时， 4 月南向资金延续了年初以来的净买入态势，也为港股市场提供了强有力支 撑，并有效 ...

Summary of the Conference Call for 首程控股 Company Overview - **Company**: 首程控股 (Shou Cheng Holdings) - **Industry**: Smart Infrastructure and Asset Management Key Points and Arguments Financial Performance - **Q1 2025 Revenue**: 2.58 billion HKD, a 27% increase year-on-year, driven by new property company and parking projects, as well as price increases at Beijing airport and breakthroughs in advertising business [2][3][5] - **Net Profit**: 2.13 billion HKD, an 80% increase year-on-year, primarily due to investment income [3] - **Asset Financing Revenue**: 0.94 billion HKD, with ongoing fundraising and investment efforts through regional funds and a 100 billion HKD stabilization fund with China Life [2][3][5] Business Strategy - **Focus on Smart Infrastructure**: Positioned as a service provider for smart infrastructure assets, with investments in nearly 20 robotics companies and plans for further expansion [4][14] - **Parking Business**: A crucial component of the company’s strategy, leveraging innovative value-added services and digital operations to enhance value [11][27] - **Future Revenue Structure**: Expected stable growth in fund management fees and a strategic exit from invested projects to achieve excess returns [6][7][8] Market Outlook - **New Airport Projects**: Optimistic about revenue growth from new airport projects like Xi'an Xianyang Airport and parking business, with a market-driven pricing strategy [10][12] - **Emerging Markets**: Anticipation of significant contributions from new projects, particularly in the electric power inspection market, which is expected to explode in 2025 [26] Robotics and Technology - **Investment in Robotics**: Focus on enabling robotics companies through open scenarios, addressing funding and supply-demand mismatches [4][23][25] - **Future Development**: Plans to engage in sales agency, financing leasing, and supply chain management to facilitate the application of robotics in various sectors [17][30] Challenges and Solutions - **Funding Issues**: Addressing funding challenges for local manufacturers through financing solutions [25] - **Market Dynamics**: Awareness of market bubbles and the importance of maintaining clarity in investment decisions [15][16] Dividend Policy - **High Dividend Strategy**: The company aims to maintain a high dividend policy due to its asset cycling model, which allows for risk control while expanding its asset base [22] Conclusion - **Long-term Vision**: The company is committed to becoming a leading player in smart infrastructure and robotics, with a focus on sustainable growth and innovation in asset management and technology applications [19][21]

摘要 • 零跑汽车海外出口表现超预期，年报显示其海外盈利能力较强，仅一个季 度就实现盈利，1-4 月出口量达 13,600 辆，位居新势力首位，其中 4 月 出口超 6,000 辆，主要出口车型为 T03。 • 4 月上旬零跑股价调整受多重因素影响，包括美国加征关税导致市场整体 下跌，B10 上市后大定转化率低于预期，以及欧盟可能实施新的最低价政 策，引发对海外销量的担忧。 • 若欧洲实施最低价政策，预计 2025 年四季度对 T03 出口量产生影响，但 随着西班牙工厂落地，本地生产能力将规避此限制，预计影响仅持续一个 季度左右。 • 零跑汽车近期股价上涨主要源于市场对其一季度财报的乐观预期，尤其是 在零部件外供方面取得显著进展，与一汽红旗、捷达等品牌签订协议，预 计 2025 年贡献 6,700 万元营收。 • 2025 年零跑汽车国内市场销售预期乐观，B10 车型稳态月销预计 15,000 辆，B01 轿车稳态月销逐步修复至六七千辆级别，全年国内销量预计可达 55-56 万辆。 零跑汽车 20250515 Q&A 领跑汽车在 2025 年 3 月之后股价上涨的主要原因是什么？ 领跑汽车在 2025 年 3 ...

海丰国际 20250515 摘要 • 海丰国际通过逆周期扩张运力，构建了成本优势，并充分受益于市场周期 上行。公司提高自有资金比例，增强了抗周期能力，目前自有船比例维持 在 85%-90%区间。 • 中美贸易摩擦加速产业向东南亚转移，打破原有物流集群效应，增加国际 贸易运输需求。双子星联盟调整航线模式，由钟摆式转向枢纽式，增加小 型船舶运输需求，利好海丰国际。 • 小型集装箱船市场供给格局优于其他航运市场，灵活性更强。亚洲区域内 70%运力为 3,000TEU 以下小型船，手持订单占比仅 3.6%，老龄化问题 突出，未来供给增速有限。 • 预计海丰国际 2025-2027 年归母净利润分别为 10.48 亿、8.6 亿和 7.9 亿美元，同比增幅分别为 1.3%、-18%和-8%。若业绩预期修复，估值有 望从 5-7 倍回升至 10-15 倍，市值上涨空间可达 40%-110%。 • 市场低估了中国产业转移对支线运输量的积极影响，以及红海航线不确定 性对集运市场的潜在利好。关税变化、同行超预期业绩、淡季不淡、港口 拥堵及红海危机持续等因素可能催化股价上涨。 海丰国际在经营发展方面有哪些特点和优势？ 海丰国际一 ...

Summary of First Pacific Company Limited Investor Conference Company Overview - **Company Name**: First Pacific Company Limited - **Stock Symbols**: 142 (Hong Kong Stock Exchange), FPAFY (OTC Markets) [2] Key Industry Focus - **Geographical Focus**: Emerging Asia, identified as the fastest-growing region globally according to the IMF [5] - **Core Business Segments**: - Consumer food products - Infrastructure - Telecommunications - Natural resources [6] Financial Performance Highlights - **Gross Asset Value**: Approximately $5.3 billion as of March [10] - **Record Profits**: 2024 marked the fourth consecutive year of record high profits, leading to the highest dividends distributed to shareholders [12] - **Dividend Policy**: Commitment to a progressive dividend policy, expecting annual increases in dividends [12] - **Cash Position**: Opening cash of $71 million at the beginning of the year, with expectations for dividend income to exceed $300 million in the future [13][14] Business Segment Performance Indofood - **Revenue Growth**: Revenues rose 4% to over 100 trillion rupiah, with core profit increasing by 16% [17] - **Key Product**: Instant noodles, contributing 46% of total sales [21] - **Cash Reserves**: $2.4 billion in cash at the end of 2024, potential for strategic acquisitions [22] Metro Pacific Investments Corporation (MPIC) - **Ownership**: Approximately 50% stake in MPIC, contributing 25% to gross asset value [24] - **Earnings Growth**: Consistent record highs in earnings, with contributions from power, toll roads, and water sectors [25][26] - **Upcoming IPO**: Mainalad, the largest water company in the Philippines, is set for an IPO in July [32] PLDT (Telecommunications) - **Market Position**: Over a quarter ownership in PLDT, the largest phone company in the Philippines [8] - **Revenue Drivers**: Growth in mobile and fixed-line data services [33] - **Digital Banking**: Maya, PLDT's fintech unit, has achieved profitability and is positioned to capture the unbanked population [35] Pacific Light Power (Power Generation) - **Performance**: Achieved record high earnings in 2023 due to favorable supply-demand dynamics [37] - **Future Projects**: Plans to build a 600 MW hydrogen-ready power plant by 2029 [37] Felix Mining Corporation - **Upcoming Production**: New mine expected to begin production in 2026, with significantly higher ore grades compared to current operations [40][41] Market Valuation and Analyst Coverage - **Share Price Performance**: Share price increased from $2.33 at the end of 2022 to approximately $5.40, reflecting growing confidence in earnings and dividends [42][44] - **Analyst Valuations**: Citi estimates gross asset value at $8.8 billion, with price targets significantly higher than current valuations [45][46] Conclusion - **Investment Outlook**: First Pacific Company Limited is positioned for continued growth across its diverse portfolio, with strong fundamentals and a commitment to shareholder returns. The company remains resilient against global trade challenges, particularly in the context of tariff fluctuations [12][13]

Summary of Via Biotechnology Conference Call Company Overview - **Company**: Via Biotechnology - **Industry**: Biotechnology and Pharmaceutical Development Key Points and Arguments AI-Driven Drug Design - Via Biotechnology utilizes an AI drug expert model that combines protein and chemical large language models to enhance structure-based drug design capabilities, particularly in understanding protein-small molecule interactions, significantly accelerating lead compound discovery and optimization [2][3] - The AI-driven drug design process allows for modeling and molecular generation that considers multiple properties such as activity and ADMET, reducing the R&D cycle time by 2-3 times and cutting costs by approximately 50%, outperforming traditional drug design methods [2][6] Antibody Discovery Efficiency - The AI-driven antibody discovery process can complete sequence design in less than a week, reducing the number of tests by 10^7 to 10^8 times and shortening experimental validation periods to 2-3 weeks, thus significantly improving efficiency and data quality [2][7] AI Drug Design Platform - The AI-driven drug design platform includes three modules: V-Sector, V-Orb, and V-Mental, which provide foundational computational chemistry tools, principles of molecular interactions, and generative AI models, respectively. This platform enhances R&D efficiency by 400% with a success rate exceeding 85% [2][8] PCSK9 Molecule Development - Via Biotechnology designed the PCSK9 molecule, which is currently in clinical phase II development by AstraZeneca. Results indicate that patients' low-density lipoprotein levels reached target ranges, with ADMET data showing an accuracy exceeding 80% compared to platform predictions, validating the AI algorithm's early-stage application value in drug development [2][9] CDMO Business Growth - The CDMO (Contract Development and Manufacturing Organization) business is progressing steadily, with multiple projects on track for commercialization by the end of 2025 and 2026. Current project capacity utilization has reached over 70%, contributing significantly to revenue and profit growth [4][23][24] Competitive Landscape and Advantages - In the AI pharmaceutical sector, Via Biotechnology's main advantage lies in its deep understanding of mechanisms and a comprehensive platform, which is crucial for integrating drug design and computational technology. The company emphasizes the importance of collaboration and communication among teams to enhance research and development [18][19] Geopolitical Factors - The impact of U.S.-China relations and geopolitical factors on Via Biotechnology's business is currently unclear, though potential tariff changes could affect operations. However, the company has not observed significant shifts in customer behavior due to political tensions [20][21] AI's Impact on Business Growth - AI is increasingly recognized for its value in drug development, with many pharmaceutical companies exploring AI-driven methods. The integration of AI is expected to save time and costs while enhancing project outcomes, leading to significant business growth for Via Biotechnology [22] Project and Client Development - Via Biotechnology is actively pursuing new clients in the CDMO sector, with ongoing discussions with major pharmaceutical companies in Europe to explore commercialization opportunities [27] Overall Business Development - The company is experiencing positive developments across its various business segments, with a strong focus on integrating AI technology to drive further growth and innovation [28]

Summary of Huahong Semiconductor Conference Call Company Overview - **Company**: Huahong Semiconductor - **Industry**: Semiconductor Manufacturing Key Points and Arguments 1. **Capacity Expansion**: Huahong Semiconductor's total capacity reached 413,000 wafers (equivalent to 8-inch) in Q1 2025, with the new Wuxi plant contributing an additional 25,000 wafers not fully accounted for yet. Significant delivery increases are expected in Q2 due to new capacity release [2][5][6]. 2. **Average Selling Price (ASP) Trends**: In Q1 2025, the ASP for 8-inch wafers slightly decreased while the ASP for 12-inch wafers slightly increased, leading to an overall ASP decline of approximately 0.x%. ASP is expected to rise in Q2 to Q4, despite initial operational pressures from the new plant [2][7][8]. 3. **Growth in Application Areas**: Rapid growth is observed in power management, RF, high-voltage power semiconductors, and embedded flash memory. Power device capacity is fully utilized, with potential price increases anticipated. Demand in the industrial robotics sector is recovering, and high-voltage power device demand remains strong [2][9]. 4. **Sales Performance by Product Type**: In Q1, sales revenue for analog and power management products grew by 34.8% year-over-year, while logic and RF products saw slower growth at 4%. The CIS business impacted overall growth, although WiFi RF showed good growth [2][10]. 5. **Cost and Margin Outlook**: The new plant's initial high fixed costs are pressuring gross margins, but as capacity increases, these pressures are expected to ease. The goal is to gradually increase overall gross margin from 10% to 20% [2][12][14]. 6. **Technological Advancements**: The company plans to advance to 28nm and 22nm processes, primarily for high-performance computing, IoT devices, and automotive electronics, with production taking place at the new Wuxi plant [2][12]. 7. **Utilization Rates**: The first 12-inch wafer fab has maintained full capacity, with actual production exceeding 100,000 wafers since early 2025. The second fab is expected to reach 83,000 wafers by mid-2026 [4][6]. 8. **Market Demand and Inventory Risks**: The company maintains a positive outlook for market demand in the second half of the year, despite some potential inventory risks in domestic applications. Overall, demand remains strong [15]. 9. **AI Impact**: The development of AI is significantly boosting power management business growth in North America, with expectations for continued acceleration in performance in the coming quarters [3][17][18]. 10. **Strategic Partnerships**: A strategic cooperation agreement with STMicroelectronics focuses on 40nm products, with expected sales growth starting in late 2025 and into 2026 [25]. Additional Important Insights - **MCU Market Performance**: The MCU market is gradually improving, with expectations for better performance in Q2 compared to Q1. Smart card sales showed significant growth in Q1 [11][15]. - **Revenue Distribution**: Future revenue distribution across product categories is expected to change, with power management anticipated to grow the fastest, while logic and RF may see adjustments to optimize high-value capacity utilization [22]. - **Stock Price Reaction**: The recent stock price decline may be attributed to market misunderstanding of the company's guidance, despite sales growth. This presents an opportunity for interested investors [27][28].

摘要 • 红星建发通过并购马来西亚东庆公司，旨在绕过当地二手设备进口法规限 制，快速获取本土客户资源，提升服务质量和效率，增强客户粘性，避免 过度依赖中资客户的价格竞争。 • 马来西亚设备租赁市场稳定增长，高空作业平台保有量已达 1.2 万台，红 星建发与东庆合计占据约 35%的市场份额，市场需求受益于楼新特区数据 中心项目。 • 东庆公司是马来西亚最大的设备租赁公司，拥有约 1,400 台设备，服务超 过 1,000 家客户，本土客户复购率高达 90%，净资产约 1 亿马币，EBIT 达 4,000 万马币，ROE 超过 10%。 • 合资后的战略目标包括互补客户群、影响行业政策制定、降低运营成本 （场地租赁、物流、物联网系统），并通过 buy and build 模式吸收中小 型租赁商，形成多品类强运营能力。 • 红星建发预计未来 3-5 年马来西亚设备保有量将增至 1.9-2 万台，将通过 销售代理模式加强新机销售，并保持严格的 PMA 认证规则，限制二手设备 涌入。 Q&A 红一建发在海外市场的布局和变化情况如何？特别是最近一次马来西亚市场的 并购背景及其影响？ 宏信建发 20250512 红一建发自 ...

零跑汽车 20250512 摘要 • 零跑汽车 4 月批售 41,000 辆，连续两月位居新势力车企批发销量榜首， 环比增长 4,000 台，主要受益于 B10 完整交付月及海外批发高增长，其 中海外出口 6,086 台，位居新势力第一，显示出海战略加速。 • 五一期间零跑汽车订单量创新高，5 月 1 日至 5 日总订单超 18,000 台，5 月 5 日单日订单突破 3,700 台，反映市场需求强劲，预示未来销量增长潜 力。 • B 平台第二款新车 B01 在上海车展亮相，定位紧凑型纯电轿车，预计售价 更具竞争力，续航达 650 公里，搭载 LIP3.5 架构、激光雷达、高通 8,295 座舱芯片及 8,650 智驾芯片，强化智驾平权策略。 • 新款 C10 已开启预售，纯电版续航提升至 605 公里，采用 800 伏高压快 充平台，电机功率提升至 220 千瓦，搭载 LIP3.5 架构，售价区间为 12.98 至 14.98 万元，降价增配提升市场竞争力。 • 零跑汽车与中国一汽签署战略合作备忘录，将在新能源乘用车联合开发、 零部件技术融合及资本合作等方面展开深入合作，一汽采购红旗品牌 G117 产品整车 ...

CIFI Holdings (Group) Co (00884) Update / Briefing May 12, 2025 05:00 AM ET Speaker0 Good afternoon, everyone, and welcome to Sify Holdings Creditors' open call. As many of you already know, Sify has received a convening order from the Hong Kong court on the April 23. In accordance with this order, the company has scheduled to hold a scheme meeting on the June 3. The purpose of today's meeting is to update you on the current business operations of the company as well as to discuss the overview of the offsho ...