ab Global Research 2 June 2025 APAC Tech Strategy Sector Keys June 2025 – Awaiting Tariff Outcomes Equities Asia Pacific Technology Nicolas Gaudois Analyst nicolas.gaudois@ubs.com +65-6495 5148 Jimmy Yoon Analyst jimmy.yoon@ubs.com +65-6495 4617 This report has been prepared by UBS Securities Pte. Ltd. (Reg. No. 198500648C) ANALYST CERTIFICATION AND REQUIRED DISCLOSURES, including information on the Quantitative Research Review published by UBS, begin on page 192. UBS does and seeks to do business with comp ...

报告行业投资评级 - 东京应化工业（4186.T）评级为买入，30 日股价为 3744 日元 [26] - 东丽工业（3402.T）评级为买入，30 日股价为 998 日元 [26] 报告的核心观点 - 日本经济虽面临财政挑战和人口下降等结构问题，但未来经济有望由公司治理和劳动力流动等改革驱动 [3] - 日本股票受投资者关注程度超预期，中期表现积极，投资者对日本股票看法积极，包括全球蓝天情景概率上升、资产多元化益处及公司改革进展显著等因素 [4][5] - 不同行业表现分化，ESG 领域关注气候变化政策和脱碳战略；机械行业受全球机构投资者关注；化工行业投资者态度谨慎，但对东丽和东京应化工业较为看好 [6] 各行业情况总结 ESG 行业 - 多数参会者认为 AI 将改变世界，但气候变化对世界的改变也不容忽视，预计明年平均气温将上升超 1.5°C [8] - 美国可持续发展政策转变使绿色产业领导权向亚洲转移，美国可能需 15 年重回正轨 [8] - 许多公司将“脱碳 + 产品/解决方案”视为核心业务盈利和竞争力来源，ESG 投资者关注气候变化物理风险、低碳产品成本竞争力等问题 [8] 机械行业 - 全球机构投资者对日本机械股兴趣浓厚，主要关注资本支出宏观环境和关税导致成本上升对盈利的影响 [9] - 部分投资者对资本支出复苏持怀疑态度，但也有全球机构投资者持乐观态度，讨论常涉及小松、大福和日本电梯服务控股等公司 [9] 化工行业 - 香港投资者对化工行业持谨慎态度，因美国高关税走向和影响不明，预计未来 3 - 6 个月化工公司盈利恶化 [10] - 投资者相对看好东丽和东京应化工业，东丽有望实现成本降低和战略定价目标，其股东回报政策受期待；东京应化工业 2025 年 1 - 3 月营业利润处于历史季度第三高水平，因半导体生产分散带来对其先进半导体光刻胶需求增加 [10] 公司历史评级与价格信息 东京应化工业 - 2022 年 2 月 28 日至 2025 年 2 月 13 日期间多次评级为买入，不同时间有不同股价和目标价 [30][31] 东丽工业 - 2022 年 2 月 28 日至 2025 年 2 月 13 日期间多次评级为买入，不同时间有不同股价和目标价 [34] 其他公司 - 30 日日本电梯服务控股股价 3610 日元，大福股价 3868 日元，小松股价 4422 日元 [35]

Global Research ab 2 June 2025 First Read China Property Top 100 developers' sales softened in May The month of contract sales with relieved trade tariff tensions Despite the relief of the US-China tariff tension in mid-May, top 100 developers' contract sales weakened by 10% YoY in May 2025, widening slightly from -9% in April 2025. On a sequential basis, top 100 developers' contract sales increased by 3% MoM, worse than +5% MoM on average from 2020 to 2024 (see Figure 2Top 10devloprs' cntales incraed by5%M ...

ab 2 June 2025 Global Research Global I/O Tech Hardware & Semis Global Tech Hardware & Semis: AIC 2025 key takeaways AI outlook well supported, pull-ins continue Still maintaining a Value bias within APAC Tech We outline our APAC Tech Most / Least Preferred names below in Page 2. Equities Global Technology Nicolas Gaudois AI-related takeaways were by and large positive, echoing Computex the week before (link). Microsoft CSO as well as our panelists outlined significantly strong momentum for enterprise AI ad ...

报告行业投资评级 - 对NVIDIA Corp的12个月评级为“Buy” [3] 报告的核心观点 - 投资者对NVDA收益的疑问得到解答，关键辩论被重新审视 [1] - NVDA数据中心业务有增长潜力，缓解投资者对增长可持续性的担忧；GB200机架问题解决；网络业务因NVLink增长；游戏业务增长由填补渠道库存驱动；毛利率有望提升 [4][7] 根据相关目录分别进行总结 公司概况 - NVIDIA Corp设计和制造图形处理单元等产品，有图形处理单元和Tegra处理器等业务板块 [11] 财务数据 - 营收方面，2023 - 2030E呈现增长趋势，2026E为204,776百万美元，较2025年增长56.9% [2][8] - 盈利方面，净收益（UBS）从2023年的8,365百万美元增长到2029E的168,425百万美元 [2] - 资产负债方面，现金及等价物从2023年的13,296百万美元增长到2030E的373,287百万美元 [8] 估值与目标价 - 目标价为175美元，基于约29倍的目标倍数和2026/2027财年每股收益6.05美元得出 [6] 业务分析 - 数据中心业务，NVDA有“数十吉瓦”AI基础设施项目可见性，预计带来可观收入；GB200机架问题解决，大量机架交付客户 [4] - 网络业务，2026财年第一季度营收达约50亿美元，NVLink贡献10亿美元，与GB200 NVL72机架系统出货量相关 [4][5] - 游戏业务，2026财年第一季度营收大幅增长近50%，主要由填补渠道库存驱动 [7] 预测回报 - 预测价格升值27.4%，股息收益率0.0%，股票回报27.4%，超额回报18.5% [10] 量化研究评估 - 对行业结构、监管环境等方面进行评估，如未来六个月行业结构和监管环境预计无变化 [14]

ab Global Research owered by UBS Evidence Lab YES P Last week's spot container freight rate between China and the US increased +58%/ +46% WoW on the West coast and East coast, respectively. Number of international freight flights rose 21% YoY last week, similar to 22% YoY in week 21. 2 June 2025 China Industrials Tracking trade flows amid changing US tariffs on China (week 22) Key highlights from high frequency data on trade flows We gather weekly data from UBS Evidence Lab, the Ministry of Transport and ot ...

UBS's US and Canadian coverage universe now includes over 610 stocks with market capitalizations of $10B or below - representing nearly half the stocks we cover. UBS will also be hosting a SMID-Cap Multi-Sector Virtual Conference on June 24th, featuring management teams from ~40 small and mid-sized companies. For details, please contact your UBS sales representative. ab 2 June 2025 Global Research High Quality & High Growth Stocks 25 SMID Cap Stocks from HOLT + Fundamental Research Screening for Quality and ...

Global Research ab 2 June 2025 First Read Futu Holdings 2025 AIC: crypto business update, impact of falling HIBOR and HK market headroom Building up crypto-related capability Brokerage for crypto trading: In HK, FUTU launched crypto trading services in Q324. Recently FUTU introduced crypto deposit services, allowing retail investors to transfer crypto directly from their personal wallets. The new function is widely acclaimed by the Web3 community. Further, FUTU is the 1st regulated crypto platform in HK tha ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha ab 1 June 2025 Global Research Global First Read Global Oil Fundamentals OPEC+ members keep pace of production ramp- up OPEC+ to add another 411kb/d in July The eight OPEC+ members carrying out the voluntary cuts announced on Saturday that they would raise oil production by another 411kb/d in July (link). While we had factored in only a smaller 138kb/d in our forecasts, we believe the announcement was in line with consensus expectations as recent press reports had indicated t ...

ab Global Research owered by UBS Evidence Lab YES P 30 May 2025 China Semis Equipment APAC Focus: Turning more optimistic on demand Based on the third UBS Evidence Lab survey and our bottom-up analysis, we think the market has significantly underestimated the resilience of China wafer fabrication equipment (WFE) demand for 2025-26 and beyond. We now forecast China WFE demand to decline a modest 9.5% YoY in 2025 (consensus down about 20% YoY), and grow 6.0% YoY in 2026. With technology advancement and more r ...