Group 1: Core Insights - The automotive industry is witnessing a significant shift towards technological innovation and smart vehicle development, with domestic brands leading the participation at the 2025 Shanghai Auto Show, showcasing 45 models, accounting for 46% of the total [1][2] - The competition in the mid-to-large SUV segment is intensifying, with several brands, including domestic ones like Li Auto i8 and Zeekr 9X, launching new models priced above 300,000 yuan, which currently only represents 14% of the passenger car sales in 2024 [1][2] Group 2: Market Trends - The share of domestic brands in the Chinese passenger car market is projected to reach approximately 60% in 2024, indicating strong performance and a focus on integrating advanced technologies such as intelligent driving and high-speed charging [2] - The introduction of new models at the auto show, including the Li Auto L90 and the Audi A5L equipped with Huawei's smart driving system, highlights the ongoing trend of high-end smart upgrades among joint venture brands [1][2]

Investment Rating - The report assigns a "Buy" rating to several companies in the automotive sector, including BYD (1211 HK), XPeng Motors (9868 HK), and others, indicating a positive outlook for their stock performance in the next 12 months [18]. Core Insights - The automotive industry is experiencing a significant shift towards intelligent and electric vehicles, with a notable increase in the number of new energy vehicles (NEVs) showcased at the 2025 Shanghai Auto Show, where 67 out of 97 models are NEVs [3][4]. - Domestic brands continue to dominate the market, accounting for approximately 60% of the passenger vehicle market share in mainland China, with a strong emphasis on technological advancements in smart driving and intelligent cockpit systems [3][4]. - The competition in the SUV segment is intensifying, particularly in the large and mid-large SUV categories, which are projected to see substantial growth in sales [3][4]. Summary by Sections Auto Show Overview - The 2025 Shanghai Auto Show will feature 97 models, with 41 new models, 30 traditional fuel models, and 67 new energy models [3][4]. - Domestic brands will showcase 45 models, representing 46% of the total, while German brands will present 32 models, accounting for 34% [3][4]. SUV Market Dynamics - The SUV segment will see a significant presence at the auto show, with 53% of the showcased models being SUVs, including 6 A-SUVs, 16 B-SUVs, 15 C-SUVs, and 13 D-SUVs [3][4]. - The retail sales of large and mid-large SUVs in mainland China are expected to reach 1.646 million units in 2024, marking a 52.5% year-on-year increase, with NEVs making up about 80% of this segment [3][4]. Technological Innovations - The report highlights advancements in smart driving technologies, with models like the Lynk & Co 900 being the first to feature NVIDIA's Thor chip, and Leap Motor introducing lidar technology in more affordable models [3][4]. - The integration of high-performance chips, such as Qualcomm's Snapdragon 8295P, is becoming common in various models, enhancing the capabilities of intelligent cockpits [3][4]. Investment Recommendations - The report suggests focusing on newly launched models such as the Leap L90, Zeekr 9X, and the XPeng G7, as well as the Audi A5L and Cadillac LYRIQ-V, which represent significant advancements in smart technology [3][4]. - Specific stocks recommended for investment include BYD (1211 HK) and XPeng Motors (9868 HK), both of which are expected to benefit from the ongoing trends in smart driving and export growth [3][4].

Company Insights - Anbo's Q1 2025 performance met expectations with rental and related income of $1.99 billion, a year-on-year increase of approximately 8.7% [1] - Adjusted EBITDA for Q1 2025 was $1.77 billion, reflecting a year-on-year growth of 10.8% [1] - The company reported a core FFO per share of $1.42, up 10.9% year-on-year, and proposed a distribution of $1.01 per share for Q1 2025 [1] - The overall occupancy rate, including owned and managed portfolios, remained high at 94.9% as of the end of Q1 2025, with a net effective rent change growth of 53.7% [2] - The debt-to-EBITDA ratio stood at 4.9 times, and the debt-to-total market value ratio was 25.7%, with a weighted average interest cost of 3.2% [2] - The company maintains a buy rating with a target price of $134.94, supported by a favorable supply-demand balance and improving fundamentals [2] Industry Insights - The online penetration rate for food delivery reached 30%, while non-food categories remain in single digits, indicating room for growth [3] - Meituan and JD have announced strategic upgrades in the instant retail sector, with Meituan planning a $100 billion investment in the food ecosystem over the next three years [3] - The competitive landscape suggests that while short-term subsidies may help cultivate user awareness, long-term market share will depend on supply chain and operational capabilities [3] - Meituan's scale advantage and superior merchant services, along with a new membership system, are expected to enhance user stickiness and cross-scenario conversion [5] - The FDA's recent policy changes, including the elimination of animal testing requirements for certain drugs, are anticipated to benefit AI pharmaceutical companies by reducing R&D costs [6][7]

Investment Rating - The report maintains a "Buy" rating for Prologis (PLD US) with a target price of $134.94, indicating a potential upside of 34.6% from the current price of $100.29 [5]. Core Insights - Prologis reported Q1 2025 results that were broadly in line with expectations, with rental and related income of $1.99 billion, a year-on-year increase of 8.7%. Adjusted EBITDA was $1.77 billion, up 10.8% year-on-year [1][2]. - The company maintains its 2025 earnings guidance, projecting net income per share of $3.45-$3.70 and core FFO per share of $5.65-$5.81 [1][2]. - Prologis signed new leases totaling over 58 million square feet and made progress in its data center business, expanding power capacity to meet growing demand [1]. Financial Performance Summary - As of Q1 2025, the overall occupancy rate remained high at 94.9%, with a tenant retention rate of 72.9% and net effective rent growth slowing to 53.7% [1]. - The debt to EBITDA ratio stood at 4.9 times, with a debt to total market value ratio of 25.7%, indicating a healthy financial position [1]. - The average cost of debt was 3.2%, with a weighted average maturity of 8.7 years, suggesting stable financial costs in the coming years [1].

交银国际研究 行业更新 2025 年 4 月 17 日 互联网行业 行业评级 领先 即时零售成本优化能力及平台运营是维持稳定市占率的关键 行业与大盘一年趋势图 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% -10% 0% 10% 20% 30% 40% 50% 60% 行业表现 MSCI中国指数 谷馨瑜, CPA connie.gu@bocomgroup.com (86) 10 8393 5330 孙梦琪 mengqi.sun@bocomgroup.com (86) 10 8393 5333 赵丽, CFA 资料来源：彭博，交银国际预测，每股盈利基于 Non-GAAP 基础 * 数据截至 2025 年 4 月 17 日 zhao.li@bocomgroup.com (86) 10 8393 5332 蔡涵 hanna.cai@bocomgroup.com (86) 10 8393 5334 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.c ...

交银国际研究 每日晨报 2025 年 4 月 17 日 今日焦点 | 同程旅行 | | | 780 HK | | --- | --- | --- | --- | | 预计 2025 年 | 1 季度业绩增长符合预期，OTA | 利 | 评级: 买入 | | 润率改善趋势不变 | | | | | 收盘价: 港元 22.40 | 目标价: 港元 25.50↑ | | 潜在涨幅: +13.8% | | 孙梦琪 | mengqi.sun@bocomgroup.com | | | 预计 2025 年 1 季度公司业绩增长符合预期，OTA 延续收入快速增长以及 利润率同比提升的趋势。五一假期临近，数据显示热度有望再创新高， 提振投资情绪，按行业可比公司 16 倍市盈率，我们将目标价从 24 港元 上调至 25.5 港元，维持买入评级。 | 互联网行业月报 3 月带电品类增长加速，预计 | 1 季度电商平台稳 | 评级: | 领先 | | --- | --- | --- | --- | | 健增长 | | | | | 谷馨瑜, CPA | connie.gu@bocomgroup.com | | | 每日晨报 2025 年 ...

交银国际研究 行业更新 互联网行业月报 3 月带电品类增长加速，预计 1 季度电商平台稳健增长 估值概要 | 公司名称 | 股票代码 | | 评级 | 目标价 | 收盘价 | ——每股盈利—— | | ——市盈率—— | | ——市销率—— | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | FY25E | FY26E | FY25E | FY26E | FY25E | FY26E | | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | | 阿里巴巴 | BABA | US | 买入 | 165.0 | 112.3 | 86.3 | 103.9 | 9.5 | 7.9 | 1.9 | 1.7 | | 拼多多 | PDD | US | 买入 | 165.0 | 94.1 | 94.1 | 128.5 | 7.3 | 5.4 | 1.9 | 1.6 | | 美团 | 3690 | HK | 买入 ...

交银国际研究 行业更新 互联网行业月报 3 月带电品类增长加速，预计 1 季度电商平台稳健增长 估值概要 | 公司名称 | 股票代码 | | 评级 | 目标价 | 收盘价 | ——每股盈利—— | | ——市盈率—— | | ——市销率—— | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | FY25E | FY26E | FY25E | FY26E | FY25E | FY26E | | | | | | | (当地货币) (当地货币) (报表货币) (报表货币) | | | (倍) | (倍) | (倍) | (倍) | | 阿里巴巴 | BABA | US | 买入 | 165.0 | 112.3 | 86.3 | 103.9 | 9.5 | 7.9 | 1.9 | 1.7 | | 拼多多 | PDD | US | 买入 | 165.0 | 94.1 | 94.1 | 128.5 | 7.3 | 5.4 | 1.9 | 1.6 | | 美团 | 3690 | HK | 买入 ...

交银国际研究 每日晨报 2025 年 4 月 16 日 | | | 三个月 | 年初至 | | --- | --- | --- | --- | | | 收盘价 | 升跌% | 今升跌 | | 布兰特 | 64.93 | -20.85 | -12.94% | | 期金 | 3,204.80 | 18.15 | 21.89 | | 期银 | 32.28 | 7.62 | 11.66 | | 期铜 | 9,145.00 | 1.39 | 5.04 | | 日圆 | 142.73 | 9.52 | 10.11 | | 英镑 | 1.32 | 8.05 | 5.76 | | 欧元 | 1.13 | 9.92 | 9.40 | | 基点变动 | | 三个月 六个月 | | | HIBOR | 4.58 | 0.00 | 0.00 | | 美国10年债息 yield | 4.34 | -6.67 | 7.64 | | 资料来源： FactSet | | | | 今日焦点 | 恒指技术走势 | | | --- | --- | | 恒生指数 | 21,466.27 | | 50 天平均线 | 23,045.66 | | 200 ...

市场策略 港股周报 李少金 Evan.Li@bocomgroup.com (852)37661849 钱昊 Alan.Qian@bocomgroup.com (852)37661853 2025年4月16日 "对等关税"反复，港股稳住阵脚 新一轮关税冲击超预期， 4月7日亚太市场普遍遭遇"黑色星期一"，中国资产展现韧性： 宏观不确定因素持续存在背景下，短期风险资产面临调整。尽管如此，我们认为港股市场仍具备结构性支撑： 2025年4月16日 2 • 美方"对等关税"出台后，我国对等反制，并多措并举维护资本市场稳定。受特朗普新一轮"对等关税"冲击影响，亚太市场 普遍历经大幅回调。港股跟随全球主要股指调整，4月7日单日调整近3000点。港股在经历调整后展现了较强的韧性，主要 得益于多方面支持。在中国对美国"对等关税"做出对等反制后，中国央行等部门积极表态给予资本市场支持。以中央汇金为 代表的中国版"平准基金"入市，托底资本市场，加上百家国企积极增持和回购，迅速稳定了市场走势，并增强了市场信心。 同时，南向资金逆流而上，持续净买入，港股走势企稳。 • "对等关税"政策反复仍将持续扰动资本市场。特朗普上周宣布暂缓对等关 ...