Group 1: Smartphone Industry - Retail shipments of smartphones in China have started to accelerate recently, primarily due to a low base from January last year (Spring Festival), but adjusted year-to-date shipments are still down 4% year-on-year [1] - Strong supply momentum is indicated by CAICT/IDC data, showing a year-on-year shipment increase of 68%/11% in January [1] Group 2: Global Technology Trends - There is an increasing trend of smartphone brands in China actively localizing component supply, with feedback from the CIS and PA supply chains indicating that fabless customers in China continued to place orders after the holidays [3] - Despite a recent decrease in orders from U.S. customers, TSMC's advanced process nodes have shown resilience, benefiting from seasonal demand and new designs below 3/5 nanometers being put into use [4] Group 3: AI and Investment Opportunities - Hon Hai (Foxconn) is expected to gain market share in the upcoming Oberon rack solutions due to strong AI demand and its advantages in vertical integration and liquid cooling technology, with AI projected to contribute 20-25% to its earnings by 2025 [7] - The report suggests focusing on lagging AI concept stocks, indicating potential investment opportunities in this sector [5]

Group 1 - The report highlights a decline in China's general public fiscal revenue by 2.3% year-on-year for January-February 2024, indicating a negative growth trend influenced by VAT, personal income tax, and export tax rebates [7] - The report notes that while fiscal spending remains high, driven by the issuance of government bonds for infrastructure projects, there is a slowdown in government fund revenue growth [7] - The theme of fiscal policy for 2024 is characterized as "central expansion, local tightening," suggesting a potential convergence in the growth of urban investment debt, albeit with risks of weaker infrastructure work volume [7] Group 2 - The report discusses the performance of major stock indices, noting that the A-share market experienced a decline, with the Shanghai Composite Index closing at 3,048.03 points, down 0.95% [26] - It mentions that the Hang Seng Index and the Hang Seng Tech Index also saw significant declines, with the former dropping 2.16% [24] - The report indicates that the U.S. stock market showed mixed results, with the Dow Jones down 0.77% and the Nasdaq up 0.16%, reflecting varied sector performances [13] Group 3 - The report emphasizes the resilience of Huazhu Group's operations during the off-season, with Q4 2023 revenue exceeding expectations, growing by 50.7% year-on-year to 5.585 billion yuan [23] - It highlights that Meituan's core local business saw a profit margin decline of 2.1 percentage points, attributed to investments in live streaming and self-operated models [25] - The report notes that ZTO Express achieved a net profit increase of 28.5% to 8.75 billion yuan in 2023, aligning with previous expectations, and plans to enhance shareholder returns through increased dividends [25] Group 4 - The report indicates that China Nuclear Power plans to invest 121.6 billion yuan in 2024, a 52% year-on-year increase, primarily for nuclear power unit construction and renewable energy investments [27] - It suggests that the acceleration of approvals in the nuclear sector could lead to steady investment growth, benefiting related equipment and component manufacturers [27] - The report recommends focusing on companies that will benefit from increased nuclear investment and technological upgrades, such as China First Heavy Industries and China Nuclear Power [27]

Group 1 - The report highlights that the demand for technology terminals is stabilizing, with a focus on AI-related stocks such as Hon Hai and Wistron Technology [1] - In the US market, the key investment theme for the year is whether AI can drive a recovery in earnings per share (EPS), with companies like CrowdStrike and Sea being closely monitored [1][55] - The Japanese market is expected to maintain negative real interest rates after ending its easing policy, benefiting insurance and banking sectors, particularly Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group [1] Group 2 - CrowdStrike has provided a positive outlook for FY24Q4, exceeding previous guidance, and is expected to achieve low double-digit growth in its net new annual recurring revenue (NNARR) for FY25Q1 [58] - Sea's Q4 2023 performance surpassed expectations, with projections for high double-digit growth in gross merchandise volume (GMV) for Shopee in 2024, alongside a potential positive adjusted EBITDA in the second half of the year [58]