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

Equity Bottom-Up

<ul><li>Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.</li><li>The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.</li><li>Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.</li></ul>

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips and HarmonyOS operating system in a direct challenge to the long-standing dominance of Windows-Intel (Wintel) and Apple’s macOS technology.The MateBook Fold, priced from 23,999 yuan ($3,328), features an 18-inch foldable screen and a split keyboard, while the lighter MateBook Pro, starting at 7,999 yuan, follows a more conventional laptop design with a 14.2-inch display.Huawei did not disclose the specific chip used in either model, but industry observers believe the devices are equipped with the company’s Kirin X90 processor built on an Arm architecture.

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly 

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  </li>
<li>While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  </li>
<li>The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.</li>
</ul>


Indian equities have delivered envious returns and consistently rewarded shareholders, showcasing superior per share earnings growth and a high number of firms with strong Return on Equity.  
While GDP grows robustly (projected 6.3% FY25, 6.4% 2026), earnings growth, robust household consumption (7.1% CAGR over 34 years), and increasing investments are key drivers.  
The FY26 outlook is cautiously optimistic, with potential 12-15% Nifty returns driven by tailwinds, but current valuations and global risks necessitate a careful approach.


Can India’s Equity Outperformance Last?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.</li>
<li>Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   </li>
<li>Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.</li>
</ul>


Typical Intel? 18A node was going to be a great success with customers lining up. CFO now says that revenues from external customers is "not significant", limited to packaging only.
Intel CFO toned expectation of significant external 18A revenues by 2027: some revenues with UMC, Tower, some packaging, some older gen Intel16 “not a ton has to come from 18A”.   
Clear admission that Intel Foundry won't be ready for external clients before 14A in 2028 due to lack of design tools (PDK). All that is good for TSMC.


Intel 18A: Cracks in the Wall. Good for TSMC.

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.

<ul><li>Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.</li><li>During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).</li><li>The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. </li></ul><p><em>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.</em></p>

Overseas hyperscalers (Amazon, Google, Meta, and Microsoft, covered by our internet team) have all released their CY1Q25 earnings.During the quarter, the aggregated capex of the Big Four held strong at US$73bn, up 63% YoY and flattish QoQ, after hitting a record of US$72.8bn in CY4Q24 (up 68% YoY / 22% QoQ).The outlook for the rest of 2025 remains optimistic. Amazon, Google and Microsoft doubled down on their spending plans, while Meta revised up its capex target by 7%-11% from its previous plan. 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.

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.</li>
<li>As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.</li>
<li>While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.</li>
</ul>


Continuing the trend from last week's report (4/29/25), we are seeing more and more signs that lead us to believe SPX made a major bottom at 4800-4820, initially discussed 4/8/25.
As a result, we have been short-term bullish since our 4/22/25 report, when we noted SPX was testing 5100-5120 support, potential bounce spot and a level to trade long against.
While SPX is approaching short-term resistance levels and reducing risk is prudent, we remain short-term bullish if SPX is above its 20-day MA and 21-day EMA.


Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

Can India’s Equity Outperformance Last?

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Intel 18A: Cracks in the Wall. Good for TSMC.

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Bloomberg consensus projects the Big Four’s capex to increase by 48% YoY / 8% QoQ to ~US$78.6bn in CY2Q25E, and full-year capex to top US$319bn...

CMB International

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Huawei Unveils HarmonyOS PCs in Challenge to Windows–MacOS Duopoly

Huawei Technologies Co. Ltd. unveiled its first personal computers Monday in Chengdu, with machines powered by the company’s self-developed chips...

Caixin Global

Can India’s Equity Outperformance Last?

​Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Nimish Maheshwari

Intel 18A: Cracks in the Wall. Good for TSMC.

​Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...

Nicolas Baratte

Semiconductors - Thematic Investing and Megatrends: Resilient 1Q25 Capex Among Hyperscalers

Bloomberg consensus projects the Big Four’s capex to increase by 48% YoY / 8% QoQ to ~US$78.6bn in CY2Q25E, and full-year capex to top US$319bn...

CMB International

Lockout Rally in Full Swing; Watching Resistance Levels But Stay Short-Term Bullish Above 20-DMA

Lockout Rally in Full Swing; Watching Resistance Levels from here to 5910, But Stay Short-Term Bullish if Above 20-DMA and 21-EMAs. Still bullish...

Vermilion Research

Indian equities have delivered strong returns with high EPS and RoE, driven by robust GDP & consumption. FY26 outlook is cautiously optimistic,...

Intel's 18A node not expected to bring significant external revenues, CFO says limited to packaging only. Foundry won't be ready for external...