Wedbush Morning Call - Aug 27 2025 6:45AM

Strategic Play within Last Mile Robotics; Initiating Outperform with $...

Company OverviewServe Robotics develops and operates AI-powered robots designed for last-mile food delivery of food and convenience items in urban cities with operations currently established in Miami, Dallas, Los Angeles, recent deployment in Atlanta as of June 26th, and Chicago confirmed as the f

Elon Musk wants 50 million H100 equivalent up and running by 2030 - Ou...

Musk ambitions to deploy 50m H100-equivalent GPUs for xAI within five years. In this note, we estimate the capex required and explore implications for tech infrastructure, in a single slide.

Ganfeng Lithium (1772 HK): 2Q25: Net loss in line; 3Q25 turnaround on ...

GFL’s 2Q25 core net loss rose 177% qoq to Rmb671m, the high end of the guided range, due to a drop in lithium carbonate prices. We expect GFL to turn around from 3Q25 on the back of a rebound in lithium carbonate prices and cost reduction. We keep our 2025 net loss estimate at Rmb149m, and 2026-27 net profit forecasts at Rmb1.36b/Rmb2.73b respectively. Maintain BUY. Target price: HK$40.00.

Greater China Daily: Monday, August 25, 2025

KEY HIGHLIGHTS Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) CSPC’s 1H25 revenue declined 18.5% yoy and adjusted net earnings fell 27.9% yoy due to VBP price pressure on major products. Management expects revenue to grow 5% hoh and the company to secure two more major BD deals in 2H25. We believe the negatives have been largely priced in, and its persistent R&D efforts and growing BD deals will drive a brighter growth outlook in the long term. Maintain BUY with a hi...

Regional Morning Meeting Notes: Monday, August 25, 2025

GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...

China Automobile Weekly: YOY PV sales growth turns positive on price c...

China’s yoy PV and PEV sales growth returned to positive territory (at +6.2%/+13.5%) in the 33rd week of 2025, as OEMs cut prices again. Geely’s insurance registrations spiked 21% wow during the week, beating our expectation, driven by the blockbuster new model Galaxy A7. However, BYD, Tesla China and Li Auto still posted a yoy sales decline during the week, albeit a wow rebound. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.

Vermilion Compass: Weekly Equity Strategy

Speculative Areas Still Leading; Staying Bullish We have discussed since late-July how the S&P 500 (SPX) had not closed below its 20-day MA for three months, but that even when it does, "all we would expect to happen is for a new, less-steep uptrend to form." That is precisely what has happened after the SPX finally lost its 20-day MA (for one whole day) on 8/1/25, only to get back to all-time highs last week. Therefore, we remain near-term bullish since our 4/22/25 Compass, and our intermediat...

CoreWeave profitability; DeepSeek’s ASIC try; Semicap; PC pull-forward...

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 9 names we followed last week, follow the link below.

China Automobile Weekly: Yoy growth of China’s PEV sales turns negativ...

China’s PEV yoy sales growth turned negative (at -0.5%) during the week. BYD and Li Auto posted a yoy sales decline. We expect EV sales to recover from September with the launch of new models and interest subsidies for auto loans. Lithium carbonate prices rebounded to >Rmb80,000/tonne due to better supply discipline. We upgrade Ganfeng Lithium from HOLD to BUY thanks to lithium price recovery. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.

Regional Morning Meeting Notes: Friday, August 15, 2025

GREATER CHINA Sector Automobile Weekly: Yoy growth of China’s PEV sales turns negative; lithium price recovers. Maintain MARKET WEIGHT on the sector. Top BUYs: CATL, Geely and Tuopu. Results Geely Auto (175 HK/BUY/HK$18.95/Target: HK$42.00) 2Q25: Core earnings surge 93% yoy, in line; raise target price to HK$42.00. Maintain BUY. Hysan Development (14 HK/BUY/HK$15.67/Target: HK$17.84) ...

AMD GPUs, Cyber HW refresh, Arista, Auto cycle and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 34 names we followed last week, follow the link below.

Wedbush Morning Call - Aug 11 2025 6:57AM

Director's Cut: Trading Risk Rising, Bull Market Intact

Dojo cancelled – AMD must be rejoicing: If even Elon can’t do it, who...

Bloomberg reported overnight that Tesla is shutting down its Dojo supercomputer. See below for key facts and our take.

July Sales Review

China Automobile Weekly: YOY PV sales growth remains negative for thre...

China’s PV insurance registrations rebounded 5.3% wow but dipped 1.9% yoy in the 31st week of 2025, marking the third consecutive week of a yoy decline, due to the stand-off between OEMs and consumers on pricing. PEV yoy sales growth slowed to below 10% (at 7.5%) again during the week. Three out of the eight OEMs on our radar posted yoy sales declines. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu. Downgrade Li Auto to SELL.

US EV Charging Infrastructure Update - July 2025

This report provides the latest update on the US EV Charging Infrastructure. It contains information - about number of charging stations, number of charging ports, state-level information on EV Charging infrastructure as well as information on which company currently has the largest network of EV charging stations/ports in the United States.

Wedbush Morning Call - Aug 06 2025 6:58AM

Bull and Bear Debates Remain Unchanged