证券研究报告 行业研究｜电子 2024 年 10 月 23 日 射频前端行业深度：增长动能形成合力，国产替 代条件充足 证书:S1320523080001 [Table_Author] 刘浩 分析师 王竞萱 研究助理 Email:liuhao3@lczq.com Email:wangjingxuan1@lczq.com | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report upgrades TPG RE Finance Trust (TRTX) to Overweight from Neutral, indicating a positive outlook due to a de-risked portfolio and significant discount to book value [3][11]. Core Insights - The report highlights a positive outlook for Residential Mortgage Real Estate Investment Trusts (MREITs) as they are expected to benefit from falling interest rates and potential spread tightening, while caution remains for Commercial MREITs due to elevated credit risks [12][13]. - Residential MREITs are positioned to see immediate benefits from lower rates, with a positive duration gap that could enhance book value, although prepayment risks are increasing [2][12]. - Commercial MREITs are expected to experience a slower recovery, facing challenges with troubled loans and non-accruals, which may keep valuations under pressure [2][13]. Summary by Sections Rating Changes - TRTX has significantly de-risked its portfolio, achieving a 100% performing status, and is trading at a discount to book value, leading to an upgrade to Overweight [3][11]. Sector Summary - Residential MREITs are viewed positively due to their long-duration assets and potential for income from dividend yields, while Commercial MREITs face a cautious outlook with risks outweighing potential value [12][13]. Coverage Summary - AGNC maintains an Overweight rating as it is expected to recover book value with a focus on Agency MBS, while NLY also maintains Overweight due to favorable positioning for lower rates [14][15]. - TWO is rated Neutral due to lingering uncertainty affecting its price-to-book value multiple, while ABR is rated Underweight due to a premium to book value amidst a deteriorating credit environment [18][19]. Company Previews – Residential MREITs - AGNC reported a tangible book value per share (TBVPS) of $9.48, exceeding consensus estimates, and faces elevated prepayment risk due to its high-coupon MBS concentration [41][42]. - NLY also reported a TBVPS of $21.00, benefiting from spread tightening, and is expected to maintain a mid-teens dividend yield supported by levered returns on Agency MBS [43][44].

Inflation Data - The U.S. CPI for September increased by 2.4% year-on-year, slightly above the expected 2.3% and down from the previous 2.5%[1] - Core CPI rose by 3.3% year-on-year, exceeding the expected 3.2% and matching the previous value[1] - The CPI increased by 0.2% month-on-month, in line with the previous month and above the expected 0.1%[1] Employment Data - The U.S. non-farm payrolls added 254,000 jobs in September, significantly higher than the expected 150,000 and the previous month's 159,000[1] - The unemployment rate fell by 0.1% to 4.1%, better than the expected 4.2%[1] - The labor force participation rate remained stable at 62.7%[1] Market Implications - The strong employment data has led the market to rule out the possibility of a 50 basis points rate cut by the Federal Reserve this year, with expectations shifting to two 25 basis points cuts in November and December[2] - The CPI data further reinforced the market's expectation of a gradual rate cut path by the Federal Reserve[2] Risks - There are risks associated with unexpected changes in the U.S. economy and Federal Reserve monetary policy that could impact these forecasts[2]

Deutsche Bank Research Distributed on: 11/10/2024 20:36:08 GMT 7T2se3r0Ot6kwoPa Fed Watcher: Officials support gradual easing path after close call in September Amy Yang Economist (+1) 212 250 9959 | amy.yang@db.com Matthew Luzzetti Chief US Economist (+1) 212 250 6161 | matthew.luzzetti@db.com Brett Ryan Senior Economist (+1) 212 250 6294 | brett.ryan@db.com Justin Weidner Economist (+1) 212 469 1679 | justin-s.weidner@db.com Avik Chattopadhyay Research Associate avik-a.chattopadhyay@db.com October 11, 202 ...

宏观经济点评 证券研究报告 2024年10月16日 9月金融数据点评:政策转向后,金融数据有望企稳 沈夏宜 分析师 Email:shenxiayi@lczq.com 证书:S1320523020004 陈国文 分析师 Email:chenguowen@lczq.com 证书:S1320524070001 投资要点: 社融存量增速再度回落。9月新增社融 3.76 万亿,同比少增 3692 亿,社 融存量增速环比回落 0.1 个百分点至 8.0%。结构上看,社融仍然延续了 5 月以来的结构特征,政府债同比多增是主要支撑项,人民币贷款同比少增 是主要拖累项。 企业、居民部门信贷同比均少增。企业部门新增短贷 4600亿,同比少增 1086 亿;新增中长期贷款 9600亿,同比少增 2944 亿;从企业短贷来 看,前期"挤水分"影响或边际减弱。9月企业短贷新增规模已修复至过 去五年均值。从企业中长贷来看,当前企业中长期融资需求仍然偏弱。 "融资-投资-生产-销售"的正循环仍然不畅。居民部门新增短期贷款 2700 亿,同比少增 515 亿;新增中长期贷款 2300 亿,同比少增 3170 亿。从居民短贷来看,当月居民短贷 ...

M Global Idea Podcast | Thoughts on the Market October 7, 2024 08:42 AM GMT Why the Fed's Next Move May Matter Less Following the US Federal Reserve's September rate cut, labor data may have more impact on markets than further cuts. Andrew Sheets, Head of Corporate Credit Research, explains why. Play Audio Morgan Stanley & Co. International plc+ Andrew Sheets Strategist Andrew.Sheets@morganstanley.com +44 20 7677-2905 Collection Podcast Series Today's VVebcasts Your daily guide to all Morgan Stanley Researc ...

Good morning, everyone. Thanks for joining the weekly US Micro Call. My name is Abigail Watt, one of the economists in the team. And today I'm joined by my colleagues, Alan Depmeister and Sonia Meskin. Just a small kind of housekeeping reminder, if you would like to submit questions, you should be able to do so online. And we'll be able to get to those at the end of the call. But thanks, everyone, for joining. I think, obviously, the kind of clear news from last week was the stronger than expected gain in e ...

美联储降息落地，四季度债市怎么投 20241009 摘要 • 华富恒稳纯债基金是一款追求低波动、稳健收益的纯债基金，其核心投资 策略是久期和流动性管理，并在动态避险的基础上追求适度收益。该基金 不参与股票、权证及可转换债券的投资，专注于固定收益类资产，以远离 股市波动。 • 该基金适合风险等级为 R2 及以上的投资者，业绩比较基准为中证全债指 数收益率。截至 2023 年 8 月 31 日，华富恒稳纯债 A 今年以来回报率为 3.26%，近一年回报率为 4.53%，大幅超越同期中证存在债券型基金指数， 并在银河同类排名中位列前 16%。 • 近年来，由于权益市场波动加剧，市场风险偏好显著下降，存款利率持续 下行，定期存款吸引力减弱，稳健投资者可选择空间减少，但对低波动、 稳健类产品需求旺盛。纯债基金因其低波动、稳定收益特性受到关注。 • 数据显示，自 2007 年以来，万德短期和中长期纯债基金指数连续 17 年实 现正收益，总体收益曲线长期向上。因此，这类风险可控且正收益概率高 的资产成为了许多投资者的重要选择。 • 根据万德数据，截至2023年6月30日，短期纯债基金融资规模达到14,954 亿元，比上一季 ...

Summary of Conference Call Industry or Company Involved - The discussion revolves around the U.S. Federal Reserve's interest rate cuts and the investment strategies for the bond market in the fourth quarter. The participants include a researcher from Haitong Securities and a representative from Huafu Fund. Core Points and Arguments - The call aims to explore the implications of the Federal Reserve's interest rate cuts on the bond market and investment strategies for the upcoming quarter [1] - The host introduces the topic and the guest speaker, Chen Wenguang from Huafu Fund, who will share insights on the subject [1] Other Important but Possibly Overlooked Content - The call sets the stage for a deeper analysis of market conditions following the Federal Reserve's decisions, indicating a focus on potential investment opportunities and risks in the bond market [1]

各位投资者大家晚上好我是姜静静那今天还是非常高兴跟大家相约在假期最后一天的9点钟的交商宏观周周谈那今天呢我们来聊聊美联储的向西预期降温以及整个假期海外的一些事件的复盘其实关于美联储呢应该说是新股民不关心可能只有老股民关心然后甚至说可能散户也不关心只有机构关心的一个话题 但是为什么我们在这个时间节点要聊这个内容呢有两个原因啊第一呢首先其实大家在整个假期应该对于国内的很多因素都有反复的复盘了所以我们可能再去探讨这些问题呢可能略显有点多余包括我们下午的总量视野还有上一集在29号的周则谈其实也谈了很多我们对于国内的看法第二点呢 在情绪高涨的时候大家可能会忽视所有的利空就像情绪低落的时候也会忽略很多的利多比如说我们在应该9月中旬还是这个下旬天浅密一点可能就是22号或者15号的周周谈其实我们就谈到过9月份的高层数据是有一些边界好转的但是呢我们当时跟很多客户入演的时候大家都觉得这就是季节性 那么讲起来之后呢又会觉得可能这些季节性本身也是基本面的好转只不过没想到后面有这么多政策所以呢我们还是应该在这个时间节点谈一些我觉得比较长期的问题而且坦率地讲现在我们看待很多资本市场的现象行为可能真的不能只在 国内的基本面这样的一个维度上 ...