BIWEEKLY SPOTLIGHT：CICC RESEARCH BIWEEKLY SPOTLIGHT
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2025-10-16 21:43:42
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CICC Research is proud to present to you a premium selection of our research reports, carefully chosen and meticulously summarized from our extensive range of research products to meet your unique needs. We hope this collection of our reports will enable you to comprehend our most valuable research views efficiently and effortlessly. With Chinese roots and international reach, CICC Research is fully committed to bringing profound research insights and world-class services to clients across the globe.
Chinese vs. US economies and markets after imposition of “reciprocal” tariffs: Macro paradigm shifts observed through abnormal US dollar depreciation After the US government imposed “reciprocal” tariffs in April 2025, movements of global capital markets have defied traditional economic theories: While the tariffs were levied by the US, they did not lead to US dollar appreciation as expected. The US Dollar Index tumbled from 104 in early April to 98 and remained low. In contrast, Chinese assets and the renminbi have exhibited relative resilience. These anomalies in asset pricing are signals of a major transformation in the global economic landscape: Policy uncertainties in the US have exacerbated the risk of stagflation, while China’s resilient manufacturing sector is helping offset external demand shocks.
Yanliang MIAO, Xinli XIANG, Xiaoqing YANG
Drivers and momentum of the Chinese and US markets Over July–August, A-shares, especially the SSE STAR Market, recorded robust performance. In contrast, the performance of H-shares was tepid. However, the situation changed in September. Ashares fluctuated, while H-shares outperformed again driven by expectations for the US Fed’s policy easing and robust performance of the AI and internet sectors. The HSTECH Index rose above its high level in late March. Meanwhile, the US market hit a new high supported by the Fed’s rate cut.
Kevin Gang LIU, CFA, Weihan ZHANG
Chinese passenger vehicle value chain is poised to benefit from reshaping of global landscape
We believe the global automotive industry is undergoing a structural transformation. We recommend watching two opportunities. First, the expansion of Chinese brands abroad. Second, more orders for Chinese suppliers, driven by the accelerated transition to new energy vehicles (NEVs) among Western and Japanese automakers.
Xue DENG, Jing CHANG, Yating CHEN, Danlin REN, Jiachen SHUI
SSTs to reshape AIDC power supply architecture
We are optimistic that solid-state transformers (SSTs) will become the preferred solution for future data center power supply architectures thanks to their high efficiency, small size, high flexibility, and prefabricated design. This outlook is supported by the ongoing boom in AI computing center construction, NVIDIA’s adoption of 800V high-voltage direct current (HVDC) architecture, and growing demand for direct green power connection.
Haoyuan QU, Xiyu YAN, Peng JIANG 机构：中国国际金融股份有限公司 研究员： 日期：2025-10-16
Chinese vs. US economies and markets after imposition of “reciprocal” tariffs: Macro paradigm shifts observed through abnormal US dollar depreciation After the US government imposed “reciprocal” tariffs in April 2025, movements of global capital markets have defied traditional economic theories: While the tariffs were levied by the US, they did not lead to US dollar appreciation as expected. The US Dollar Index tumbled from 104 in early April to 98 and remained low. In contrast, Chinese assets and the renminbi have exhibited relative resilience. These anomalies in asset pricing are signals of a major transformation in the global economic landscape: Policy uncertainties in the US have exacerbated the risk of stagflation, while China’s resilient manufacturing sector is helping offset external demand shocks.
Yanliang MIAO, Xinli XIANG, Xiaoqing YANG
Drivers and momentum of the Chinese and US markets Over July–August, A-shares, especially the SSE STAR Market, recorded robust performance. In contrast, the performance of H-shares was tepid. However, the situation changed in September. Ashares fluctuated, while H-shares outperformed again driven by expectations for the US Fed’s policy easing and robust performance of the AI and internet sectors. The HSTECH Index rose above its high level in late March. Meanwhile, the US market hit a new high supported by the Fed’s rate cut.
Kevin Gang LIU, CFA, Weihan ZHANG
Chinese passenger vehicle value chain is poised to benefit from reshaping of global landscape
We believe the global automotive industry is undergoing a structural transformation. We recommend watching two opportunities. First, the expansion of Chinese brands abroad. Second, more orders for Chinese suppliers, driven by the accelerated transition to new energy vehicles (NEVs) among Western and Japanese automakers.
Xue DENG, Jing CHANG, Yating CHEN, Danlin REN, Jiachen SHUI
SSTs to reshape AIDC power supply architecture
We are optimistic that solid-state transformers (SSTs) will become the preferred solution for future data center power supply architectures thanks to their high efficiency, small size, high flexibility, and prefabricated design. This outlook is supported by the ongoing boom in AI computing center construction, NVIDIA’s adoption of 800V high-voltage direct current (HVDC) architecture, and growing demand for direct green power connection.
Haoyuan QU, Xiyu YAN, Peng JIANG 机构：中国国际金融股份有限公司 研究员： 日期：2025-10-16
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