亚太地区市场重点分析

Wednesday, 03 June 2026 Top Call | Country Top Calls TopCall Tencent Holdings (0700.HK) - Assessing Reported News On WeChat AI AgentTesting & Near Launch Tencent's share price is up ~10%+ during Asia trading hours on June 2 on reportednews in the FT (2 June 2026) that the company plans to launch an embedded AIagent for WeChat. During the 4Q25 earnings call, Tencent management commented that a new agentic AI in WeChat was under development. Wepreviously commented that the release should enhance Tencent's positioning toride on the agentic moment that fosters a proliferation of AI agents operating andexecuting through a decentralized network ecosystem similar to WeChat's Mini Alicia Yap, CFA China Technology & Communications - NVDA and Qualcomm KeynoteTakeaways NVDA CEO Jensen Huang delivered a GTC keynote today where he noted: (1) VeraRubin has reached full commercial production, seemingly confirming the 2H26ramp for the NVDA supply chain (FII, VGT, WUS). (2) NVDA has evolved from beinga GPU-focused system company into a full-stack AI infrastructure company,which may extend its partnerships to power/cooling supply chains including Chinese players. (3) With the introduction of the Vera CPU specifically for the"Agentic AI" era and reinforcement learning, we see positive implications forLenovo,which is also one of ecosystem partners set to benefit from the new GPUserver platform and Nvidia Windows–based laptops with higher ASPs. We also Kyna Wong | Kevin Chen | Karen Huang Japan Equity Strategy Market Explorer - Indexes to top out soon but we see theNikkei breaking above 70,000 by year-end Japanese equities have performed solidly over the past month, despite short-termcorrections. Supporting factors have included: 1) hopes for a US-Iran ceasefire agreement and a peak in crude oil prices, 2) the continuation of the global AI andsemiconductor boom, and 3) initial company guidance shown in earningsannouncements remaining at normal levels of conservatism. Given that not onlythe Nikkei 225, driven by the tech boom, but also TOPIX recently hit YTD highs,and that earnings revision deterioration is expected in the immediate future, Ryota Sakagami | Keishi Ueda China Consumer-Cosmetics - 618 Stage 1 Color: Stable/Improved Performancefor Domestic Brands at Tmall/Douyin; Maogeping Stands Out With the stage 1 of Tmall 618 and Douyin's May sales now concluded, Citi expectsthe overall cosmetics industry to maintain the moderate improvement trendobserved during the latest Double 11 and this year's Goddess Festival. At Tmall,major domestic brands maintained rankings as compared with last year while Tiffany Feng | Xiaopo Wei, CFA | Brian Cho CountryTopCalls Tongcheng Travel Holdings (0780.HK) - Positive Read-through on PotentialClose Collaboration with Upcoming WeChat AI Agent According to the SCMP (2 June), citing an article published by Financial Times on 2June, Tencent has begun testing a prototype for its AI agent on the WeChat app(see here for related Tencent report). Given its all-in WeChat strategy, thesophisticated and comprehensive functions of its mini-program, its relationshipwith Tencent, and being the sole OTA service provider under WeChat wallet, wethink Tongcheng could become one of the beneficiaries under the WeChat Brian Gong | Alicia Yap, CFA Gujarat Energy (GGAS.BO) - CGD Volume Resurgence Improves Risk-Reward;Upgrade To Buy Gujarat Energy Ltd (GEL), the renamed entity formed following the merger of GSPC& GSPL with GGAS, recently reported 4QFY26 & restated FY26 results. While GELhas transitioned into an integrated energy player, its two main business segments,viz. city gas distribution (erstwhile GGAS) and gas trading (part of erstwhile GSPC),contribute ~98-100% of its EBITDA & EBIT. We recalibrate our model to reflect thenew structure and upgrade from Sell to Buy with a Rs490 TP. GEL is benefitingfrom a near-term resurgence in gas demand at Morbi amid the Middle East conflict Global Semiconductors - Key Takeaways from Computex 2026: Personal AI, AICPU, and Physical AI During Computex 2026 in Taiwan, Nvidia (Covered by Atif Malik) shared keyupdates across personal AI, AI CPU, and Physical AI. With RTX Spark and DGXStation loading >10x higher DRAM content vs. traditional laptop/desktop PC, weexpect strong upside to DRAM demand. While Vera CPU should drive the demandfor server DDR5 and SoCAMM2 thanks to AI inference, the ongoing transition into Peter Lee Airtac (1590.TW) - Strong QTD Sales Suggest Upside to Market's Expectation Airtac reported May-26 sales of NT$3.9bn (or Rmb844mn, +26% y/y) rose 40%y/y driven mostly by sustained strong demand for pneumatics. Daily shipment ofpneumatics increased 27% y/y and flat m/m to Rmb38.5mn bolstered by soliddemand from battery, machine tools and machinery. Mgmt continues to observestrong order backlog, and expects positive policy support along with upward FAcycle to boost pneumatic demand for the remainder of the year. QTD sales grew32% y/y, ac