Daily Brief Thematic (Sector/Industry): Ohayo Japan | A Healthy Correction and more

• The market is experiencing its first bout of volatility this year, with the S&P trading below 50-day moving average
• Toshiba is considering cutting its domestic workforce by 5,000, approximately 7% of its total in Japan, in its latest move to accelerate restructuring
• ASML’s Q1 orders fall short, reflecting chipmakers’ cautious stance on equipment purchases.

• PDD US: Temu merchants report a new round of forced price reductions (+)
• 3690 HK: Meituan Restructures Delivery Business to Boost Efficiency, Refine Operations Amid Slowing Order Growth(+)
• Douyin/1797 HK/2618 HK/3690 HK: JD Logistics Partners with EastBuy to Launch “Delivery in hours” Service, Directly Competing with Meituan(+/-)

• 1810 HK: Xiaomi SU7 confirmed order exceeded 60K, monetization means starting to emerge（/）
• HTHT US/ATAT US: Orange Crystal Hotel will launch a new version with a goal of reach 750 hotels by 2025, intensifying competition with Atour.（-） 
• 300750 SZ: GAC announced that its in-house all-solid-state batteries will be put into mass production in 2026（/）

• With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.
• Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.
• With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.

• Google introduces Axion, their new CPU designed for cloud-based workloads
• Facebook unveils second version of RiSC-V based processor for AI workloads
• Marvell announces custom projects with another big hyperscaler, highlighting the trend towards custom silicon solutions for AI workloads

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