Global Research ab 20 February 2025 First Read EHang Holdings Takeaways from management call We hosted a conference call with EHang Key takeaways: 1) as Two Sessions near, EHang sees continued government support, including project funds of low-altitude economy as well as efforts to build out infrastructure and to clear policy hurdles; 2) EHang estimates the 1st operating certificate would be released soon; 3) EHang plans to launch facelift of EH216 and VT-35 (updated version of VT-30) in the coming months; ...

February 20, 2025 04:20 PM GMT NetEase, Inc | Asia Pacific Overseas expansion and overall recovery on track We think Netease's overseas expansion and overall growth recovery are well on track. The market seems to have overreacted to the top-line miss despite the healthy game grossing and profit beat. We stay OW and highlight the FragPunk release on March 6 as the next catalyst. Overseas expansion in focus: Management spoke highly of Marvel Rivals' performance and targets to run this game as a 10-year evergr ...

China Financials | Asia Pacific Tracking industrial risks – some progress on capex rationalization in 2H24 Key Takeaways We believe a continued slowdown in industrial capex will be needed to ease industrial profit pressure and credit risks. While many industrial sectors still felt pressures in 2024, we believe the policy shift from pushing to containing capex expansion and abating loan window guidance since mid-2024 is bearing some fruit, with progress on rationalization of industrial credit and investment ...

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 Luxshare Precision Industry Connecting the new dots: diversification to non- Apple market Shifting gears to new emerging tangible markets We assume coverage of Luxshare with a Buy rating and Rmb58.00 price target. Luxshare's past growth was heavily associated with Apple and its valuation was often penalised as Apple's hardware sales growth slowed. While Apple will remain core to Luxshare's consumer electronics business for the foreseeable futu ...

China MCU market declined less in 2024: According to WSTS data, China MCU market was down 14% in revenue terms in 2024, while global MCU market was down 19%. This is because China MCU market began to correct earlier, in mid-2022 vs. the global peak in Mar-23. Our US analyst, Joseph Moore, recently upgraded NXP to OW, calling the MCU bottom. We think the China market is first in and first out, and we turned positive on China MCU report in Nov-24 (link). 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 08:00 PM ...

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 10:13 PM GMT Global Economic Thematic M Global Foundation Multipolar World: Trade Almanac As geopolitics sharpen the focus on supply chains, we introduce a trade database that maps supply chains across sectors, products, and geographies. Using our interactive models, users can pull extensive trade data to track flows over time. Alongside the publication of Multipolar World: Supply Chain Strain, we introduce the Trade Almanac – an interactive trade database that ...

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. 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 | 10:12AM HKT iFlytek (002230.SZ): DeepSeek on iFlytek open platform; Spark X1, Deep reasoning model launched; Neutral iFlytek launched its first deep reasoning model Spark X1 in Jan 2025 and upgraded version of Spark LLM (Large Language Model) V4.0 Turbo post the launch of Spark V4.0 Turbo in Oct 2024 (link). Management h ...

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 | 4:16AM GMT Multi-Industry Heatmap: 4Q24 so far Our Heatmap tracks sequential earnings acceleration/deceleration across various end markets. We are entering the final stage of 4Q24 season, with c.60% of our coverage and c.30% of our globally tracked companies now having reported. It is so far a strong season for our coverage and this week we continued to see solid beats on orders and sales. While most companies are beating on adj EBITA, margins are in line with ...

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 A c t i o n | 17 Feb 2025 10:44:22 ET │ 13 pages Shuanghuan Drive (002472.SZ) Solid Fundamental + Humanoid Robot Optionality; Raise TP to Rmb42.0 and Reiterate Buy CITI'S TAKE While we keep our 2025E earnings estimate unchanged, we raise our TP of Shuanghuan by 50% to Rmb42.0 as we roll over the EPS base from 2024 to 2025 (2024 preliminary results were released on 20 Jan) and apply a higher P/E multiple (from 23x to 28x) to reflect not only solid core business growth (primarily ...

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. Jiangsu Hengli Hydraulic - A Capitalizing on new opportunities amid core business turnaround: raise PT with humanoid bot breakthrough Hengli's stock surged by the daily limit of 10% today, while the CSI300 rema ...