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米イラン協議の決裂とGDP見通しの改善を受け、中国株は低調な動きにとどまる

-- 中国株式市場は、米国によるホルムズ海峡封鎖の脅威による序盤の下げ幅をやや縮小し、ほぼ横ばい、あるいはプラス圏で取引を終えた。 上海総合指数は小幅上昇し、月曜日の取引を3,988.56で終えた。深セン成分指数は0.7%(98.39ポイント)上昇し、14,407.86となった。 米国とイランの協議が決裂し、ドナルド・トランプ大統領が重要な国際石油輸送路であるホルムズ海峡の即時海上封鎖を発表したことを受け、投資家は依然として慎重な姿勢を崩していない。 中東情勢の緊張が高まる中、アジア開発銀行(ADB)は中国の今年の経済成長率予測を上方修正し、従来の4.3%から4.6%に引き上げた。アジア開発銀行(ADB)は、中国政府のハイテクイノベーション支援と、米国以外の貿易相手国への傾倒に伴う輸出継続が、景気見通しの改善につながったと分析した。 企業ニュースでは、ハイスコ・ファーマシューティカル(SHE:002653)が、アッヴィにNav1.8阻害剤の独占販売権を付与したことを受け、株価が急騰した。 済南盛泉(SHA:605589)は、25億元相当の転換社債発行計画を発表し、株価が2.7%上昇した。

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Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.

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Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled

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Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.

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