2025-06-13-Jefferies-客户关注-亚洲_9页_102kb

Summary of Key Insights from Asia Insights Equity Research June 13, 2025

📅 Context and Focus Areas

A selection of insights and research top of interest to readers across regions, highlighted for their relevance to investors. Covers strategy, economics, AI-driven trends, sector performance, and specific company recommendations.

�旬 Global Economic and Trade Updates

• Tariff Situation: Tariff talks are in a rapid two-day cycle, with threats from the US to increase tariffs on Europe from 50% and extend agreement deadlines, reflecting a tense geopolitical environment.
• India Central Bank: The RBI maintained a pro-growth stance with a 50bps rate cut, easing liquidity conditions; a further 25bps cut is expected, targeting 7-8% GDP growth with additional stimulus.

🤖 Tech and AI-Driven Growth

• Healthcare in China: AI is reshaping healthcare in areas like drug R&D and diagnostics. UIH and JMED are strong AI-adopted players in imaging and health management.
• Autos and Robotics: LiDAR tech is central to autonomous driving and robotics. Leading companies Robosense and Hesai are projected to dominate the global market, which is expected to reach RMB75bn by 2030.
• Data Centers: Investment in Australia's data centers is expected to drive growth in this sector, led by companies like NXT and IFT, buoyed by demand from hyperscalers.
• Japan R&D & AI: AI algorithm upgrades are enhancing surgical robots from Medbot/Toumai, with AI narrowing the technology gap compared to international solutions.

📈 Market Predictions and Sector Analysis

• US Leisure: Key drivers include partnerships and asset-light models, forecasting revenue generation through affiliations and franchising for cruise and lodging sectors.
• US Biotech: Regulation changes like MFN could boost healthcare stocks with candidates such as MDGL, EXEL, JAZZ, with expectations of growth amidst US policy reforms.
• Emerging Markets: AI in electronics (ASICs) is surging, boosting high-end CCL suppliers like TUC with this trend expected to gain momentum by 2025-2026.
• Market Performance: A respite from a weak dollar is unlikely, with periods of dollar weakness historically positive for Asian and emerging markets stocks.

📊 Valuation and Investment Outlook

• Jefferies Ratings and Targets: Several key picks emphasize growth sectors. Broader selections include Axis Bank and Nuvama (replacing axis in model portfolio) and Welspun Living. Strong upside in stocks like JD Health and Franchise picks UIH and WIH AI imaging solution.
• AI and AI-Focused Stocks: Companies in AI, healthcare, gaming, and tech are prioritized with high potential upside, reflecting Jefferies' pro-growth stance.

Overall, the report highlights a move toward recovery in key Asian economies, with a heavy emphasis on AI, technological innovation, and targeted central bank policies to spur growth.