固定收益每日市场更新

CMBI Credit Commentary Fixed Income Daily Market Update固定收益部市场日报 This morning, JP names MIZUHO/SUMIBK/SOFTBKs widened 1-3bps.CHGDNU 4.8 09/11/48 was down 1.5pts. TSIVMG 1.55 12/17/29 andGWFOOD 3.258 10/29/30 rose 0.9-1pt. KOREAT 6 1/2/ 07/07/34 was up0.7pt. Glenn Ko, CFA高志和(852) 36576235glennko@cmbi.com.hk MEITUA:Meituan’s brand Keeta was taken to court in Brazil by Chineserival (Didi Global, 99Food) for allegedtrademark infringement. MEITUA 28-30s were unchanged this movement. Cyrena Ng, CPA吳蒨瑩(852) 3900 0801cyrenang@cmbi.com.hk XIAOMI:2Q25 smartphone sales decline offset by surged in smart EVrevenue.XIAOMI 30-51s were unchanged to 0.1pt lower post resultsannouncement. See below. Yujing Zhang张钰婧(852)3900 0830zhangyujing@cmbi.com.hk Trading desk comments交易台市场观点 Yesterday, the new ALVGR 6.55 Perp increased by 0.6pt from RO. We sawdemand from Asia PBs and Chinese AMs. The IG space was overall +/-2bpsamid two-way flows. China TMT WB 30s tightened 2bps, and BABA 10-20yrtightened 2-3bps. XIAOMI tightened 1bp. See comments on 1H25 resultsbelow. HK bank T2 NANYAN/BNKEA 34s were 1-2bps tighter. CTFSHK 28-29s were 0.1pt lower. In TW, TAISEMs and lifers SHIKON/CATLIF/NSINTWtightened 1-2bps. WYNMAC 6 ¾ 02/15/34 was 0.1pt higher. WESCHI 26 was0.1pt higher. In Chinese properties, FUTLAN/FTLNHD were unchanged to0.2pt higher despite the profit warning on 1H25 results. In Korea space,LGENSO/HYUELE widened 1-3bps. We saw front-end selling for quasi-sovereign names KOROIL/KORELE/KORGAS fixed-rate notes and FRNs. InJapan, MARUB 29/TACHEM 35-64s tightened 1-2bps. We saw balancedtwo-way flows for NTTs. Yankee and Japanese insurance hybrids and AT1swere up to 0.3pt lower. In SEA, Thai banks T2 BBLTB sub curve widened 1-2bps, and KBANK was unchanged. GARUDA 31s rose 0.7-1.1pts. AmongtheReNew Energy bonds,RNW 26/INGPHL 27/RPVIN 27/INCLEN27/RPVIN 28 were unchanged to 0.1pt lower. See our commentsyesterdayon INCLEN’s 1QFY26 EBITDA growth momentum driven by its module andcell manufacturing operations. ADANEM 3.867 07/22/31 and ADANEM 3.94902/12/30 decreased by 0.7-1pt, and VEDLN 30-33s were 0.6pt lower. LGFVscontinued to consolidate as yield retraced 5-10bps wider across the creditcurve. Last Trading Day’s Top Movers Marco News Recap宏观新闻回顾 Macro–S&P (-0.24%), Dow (+0.04%) and Nasdaq (-0.67%) were mixed on Wednesday. The US Crude OilInventories was-6.014mn, compared to the market expectation of-0.8mnUST yield was lower onWednesday,2/5/10/30 yield at 3.74%/3.81%/4.29%/4.89%. Desk Analyst Comments分析员市场观点 XIAOMI: 2Q25 smartphone sales decline offset by surged in smart EV revenue Xiaomi’s growth momentum continued in 2Q25, with revenue increasing by 30% yoy to RMB116.0bn in 2Q25,driven by growth in both smartphone x AIoT and smart EV segments. Smartphone revenue declined 2.1% yoyin 2Q25 due tolower ASP, partly offset by higher shipment volumes. The ASP fell by 2.7% yoy to RMB1,073per unit in 2Q25, as the lower ASP of the REDMI A5 Series launched overseas partially offset by higher ASPof premium shipments in China. Shipments increased by 0.6%yoy to 42.4mn units in 2Q25. In 2Q25, Xiaomiranked the world’s 3rdlargest smartphone manufacturer (after Samsung and Apple) by shipments with 14.7%market shares. The company revised the shipment guidance to 175mn units in FY25 (from 175-180mn units),the shipments in 1H25 represented 48% of the full-year target. IoT revenue reached a record high in 2Q25, supported by strong sales of smart large home appliances,wearables and certain lifestyle products in mainland China, as well as tablets in the globalmarket. Key growthdrivers included air conditioner, refrigerator, washing machine, smart bands and smart watch.This segmentcontinues to benefit from government policies aimed at boosting domestic consumption through subsidies. Smart EV revenue increased significantly yoy in 2Q25, driven by higher delivery volumes and ASP. Xiaomidelivered 81.3k EV units in 2Q25, up from 27.3k units in 2Q24, reflecting the ramp-up in production capacity.The ASP of EV rose by 10.9% yoy to RMB253.7k per unit. The operating loss in this segment continued tonarrow, to RMB0.3bn in 2Q25 from RMB2.0bn in 2Q24. Xiaomi aims for monthly profit from smart EV segmentin the 2H25. Moreover, Xiaomi intends to sell its first EV in Europe by 2027. The growing contribution fromsmart EV should help to mitigate the softened smartphone market, in our view. Xiaomi’s GP margin improved to 22.5% in 2Q25, mainly due to a higher margin in the smart EV segment.Adecrease in the cost of key components and lower manufacturing cost per unitcontributed to margin expansion.During 2Q25, Xiaomicontinued to invest in R&D, with R&D expenses rising 41.2% yoy to RMB7.8bn focusingon core technologies such as chips, AI and OS. While the capex continues to rise in FY25, we expect Xiaomito fund itsinvestment through operating cash inflow, as well as cash and ST investments on hand. As of Jun’25, Xiaomi had net cash of RMB83.0bn, representing 7% i