Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Rate /: China needs more than monetary stimulus to bolster flagging economy, analysts say</li><li>Kissinger /: Kissinger meets China Defense Chief in pursuing closer ties</li><li>Consumption /Chart of the Day: China’s consumer spending data show sluggish housing growth</li></ul>

Rate /: China needs more than monetary stimulus to bolster flagging economy, analysts sayKissinger /: Kissinger meets China Defense Chief in pursuing closer tiesConsumption /Chart of the Day: China’s consumer spending data show sluggish housing growth

CX Daily: China Needs More Than Monetary Stimulus to Bolster Flagging Economy, Analysts Say

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).</li><li>Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.</li></ul>

During the week ended June 16, 2023, the WTR Sustainable Index outperformed the broader market, rising 5.9% W/W versus the S&amp;P 500 Index (up 2.6%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 3.2%).Advanced Transportation Solutions (74.4% of the index) drove the index’s performance, rising 7.0%, while Energy Technology (6.8% of the index) was up 5.3% and Industrial Climate and Ag Technology was up 2.0%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

<ul><li>WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).</li><li>Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&amp;P 500 Index (up 1.9%), the Russell 2000 Index (up 2.0%), and the Nasdaq Composite Index (up 2.6%).Energy Technology (8.5% of the index) drove the index performance, rising 4.4%, while Advanced Transportation Solutions (69.6% of the index) was up 1.2% and Industrial Climate and Ag Technology was up 3.4%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.0x versus 18.3x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.</li><li>While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.</li><li>Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EHang’s eVTOL aircraft delivery in 2Q25 grew 39% YoY to 68 units, which also suggests a strong sequential recovery from only 11 units in 1Q25.While EHang slashed the full-year revenue target by &gt;40% to RMB500mn (implying +10% YoY), management emphasized that the change in delivery plan is a result of the pursuit of safety instead of a slowdown of end-demand.Management expects the growth to accelerate in 2026E and we still like EHang’s structural growth potential in both China and overseas’ eVTOL market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EHang Holdings (EH US) - Expect Growth to Accelerate in 2026E...

<ul><li>EHang’s electric vertical take-off and landing (eVTOL) aircrafts delivery surprisingly declined 58% YoY in 1Q25 to only 11 units, due to certain delay of delivery.</li><li>Management explained that the delay was due to weather, CNY seasonality, as well as the time needed for operator certificates (OC) approval.</li><li>EHang is confident of achieving a recovery of sales in delivery in 2Q25E. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EHang’s electric vertical take-off and landing (eVTOL) aircrafts delivery surprisingly declined 58% YoY in 1Q25 to only 11 units, due to certain delay of delivery.Management explained that the delay was due to weather, CNY seasonality, as well as the time needed for operator certificates (OC) approval.EHang is confident of achieving a recovery of sales in delivery in 2Q25E. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

EHang Holdings (EH US) - 1Q25 Results Below Expectations Due to Delay of Product Delivery

China

EHang Holdings Limited operates as a holding company. The Company, through its subsidiaries, focuses on aerial vehicle technology, as well as offers passenger transportation and logistics services. EHang Holdings serves customers in China.

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EHang Holdings (EH US)

CX Daily: China Needs More Than Monetary Stimulus to Bolster Flagging Economy, Analysts Say

Rate /: China needs more than monetary stimulus to bolster flagging economy, analysts say Kissinger /: Kissinger meets China Defense Chief in...

Caixin Global

Weekly Sustainable Investing Surveyor : Week Ended June 16, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.2x versus 20.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 3, 2023

During the week ended March 3, 2023, the WTR Sustainable Index performed in line with the broader market, rising 2.0% W/W versus the S&P 500 Index...

Water Tower Research