February 7, 2025 12:44 PM GMT G10 FX Strategy | Global G10 Currency Summaries Morgan Stanley's top G10 FX strategy views including key fundamental catalysts and technical levels to watch. Key Takeaways USD View: Bearish | Skew: Bearish We are bearish on the DXY as we think US fiscal expectations have ample scope to unwind and US exceptionalism is largely priced. EUR View: Bullish | Skew: Bullish We see scope for market pricing of US neutral rates to fall versus the euro area, providing a tailwind for EUR/US ...

06 Dec 2024 16:00:00 ET │ 24 pages US Equity Strategy 2025 Outlook: Expect a Volatile Bull CITI'S TAKE We maintain a positive view on US equities headed into 2025. A base case 6500 S&P 500 target allows for mid-single digit gains on the heels of backto-back 20%+ years. Ongoing soft landing and Artificial Intelligence tailwinds now interact with Trump policy promises, and risks. Continued broadening beyond Mega Cap Growth impacts is critical but an extended valuation starting point will be an ongoing hurdle. ...

Key Points Industry/Company Involved - **Starlink**: A satellite internet product developed by SpaceX, targeting underserved areas or developing countries. - **SpaceX**: The company behind Starlink, founded by Elon Musk. Core Views and Arguments - **Undervalued Potential**: Starlink's value is underestimated due to its potential to generate vast amounts of data from a global user base, which can be highly valuable for analysis. - **Data Analysis Value**: The data generated by Starlink could be valuable for AI applications and analysis, similar to how American companies like Scientia benefit from U.S. data. - **High Demand for Internet Access**: As more countries adopt Starlink, the demand for high-speed, low-latency internet access will increase, further enhancing Starlink's value. - **Product Advantages**: Starlink offers several advantages over traditional communication systems, including low latency, high-speed internet access, and no reliance on ground infrastructure. Other Important Points - **Product Overview**: Starlink consists of an outdoor antenna and indoor router and power supply. The outdoor antenna needs to be placed in an open area with a clear view of the sky. - **APP Interface**: The Starlink app provides information on network stability, device connections, satellite communication status, and speed tests. - **Performance Comparison**: Starlink offers significantly faster download speeds compared to traditional WiFi and 5G networks, with download speeds reaching up to 147 Mbps and upload speeds around 15 Mbps. - **Use Cases**: Starlink can be used in various scenarios, including remote areas, developing countries, emergency services, and military applications. - **Pricing**: The residential version of Starlink costs 40 euros per month and 349 euros for the hardware. The mobile version is slightly more expensive, with prices ranging from 40 euros per month for 50 GB of data to 72 euros per month for unlimited data. - **Market Potential**: Starlink has a significant market potential, especially in remote areas and developing countries. The product is also gaining popularity in Europe, with many people showing interest in purchasing it.

18 November 2024 | 9:01PM GMT EM Equity Strategy 2025 EM Equity Outlook: Domestic reliance amid external risks n Leaning on policy offsets and micro fundamentals amid tough macro. A stronger dollar, higher China and auto tariffs in our baseline forecasts post US elections, and shallower easing cycles in EM, provide a more challenging backdrop for EM equities in 2025. We think EM markets with strong domestic micro fundamentals, that are relatively insulated from external risks and have supportive local polic ...

06 Nov 2024 12:25:45 ET │ 11 pages Global FX Strategy Trump wins…what next for the USD? CITI'S TAKE President Trump's re-election is USD positive – but after a sharp move overnight and with positioning still long, we prefer to buy dips than chase here. The Fed is unlikely to respond to potential future policy, and we expect Powell can once again out-dove markets tomorrow; we like buying a USD dip should the Fed provide better levels. We reiterate our view from before the election that EUR and Scandies would ...

27 Oct 2024 21:25:43 ET │ 9 pages Japan Rates Steeper with the election results CITI'S TAKE Political instability may result in larger greater expenditure, and the JGB curve steepened at the start of the week. The USDJPY level is likely to be key for the BoJ to determine when to hike. The ruling LDP-Komeito coalition clearly fell short of securing a majority in the Lower House election held on October 27. As additional 18 seats is needed to achieve a majority, so the LDP-Komeito may need to add another part ...

- 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24 (RMB) Pop Mart Consensus EPS Revisions (Year-end Dec) F2020E F2021E F2022E F2023E F2024E F2025E F2026E F23E F24E F20E F21E F25E F22E F26E Source: Refinitiv Eikon, Morgan Stanley Research Exhibit 14: Pop Mart: EPS Revision M Idea May 29, 2024 08:00 AM GMT Pop Mart | Asia Pacific IP – Power of Large Archive Every bit of creativity counts: We e ...

Key Points Industry: Biopharma | North America * **Overall Market**: The biopharma industry in North America is experiencing growth, with various therapies showing positive sales trends. * **Oncology**: Oncology drugs, particularly immuno-oncology therapies, are driving growth in the biopharma industry. Key players include Bristol Myers Squibb (Opdivo, Yervoy), Merck (Keytruda), and AstraZeneca (Lynparza). * **BTK Inhibitors**: BTK inhibitors are also a significant growth area, with drugs like Imbruvica, Calquence, and Brukinsa showing strong sales growth. * **Biosimilars**: Biosimilars are gaining market share, with examples including Neulasta, Avastin, and Herceptin biosimilars. Companies * **Bristol Myers Squibb (BMY)**: * Opdivo and Yervoy are leading oncology drugs, with strong sales growth. * Opdivo sales by indication: NSCLC (25%), Melanoma (15%), RCC (10%), HNSCC (5%), Urothelial Carcinoma (5%), and others (5%). * Keytruda sales by indication: NSCLC (24%), Melanoma (8%), H&N (8%), Bladder (8%), MSI-High (11.2%), RCC (8%), TNBC (8%), and others (12.5%). * **Merck (MRK)**: * Keytruda is a leading oncology drug, with strong sales growth. * Keytruda sales by indication: NSCLC (24%), Melanoma (8%), H&N (8%), Bladder (8%), MSI-High (11.2%), RCC (8%), TNBC (8%), and others (12.5%). * **AstraZeneca (AZN)**: * Lynparza is a leading PARP inhibitor, with strong sales growth. * Lynparza received additional approvals for first-line maintenance therapy in ovarian cancer and metastatic castration-resistant prostate cancer. * **AbbVie (ABBV)**: * Imbruvica is a leading BTK inhibitor, with strong sales growth. * Imbruvica sales by indication: MCL (50%), CLL (30%), Waldenstrom's Macroglobulinemia (10%), Marginal Zone Lymphoma (5%), and Chronic GVHD (5%). * **Pfizer (PFE)**: * Bavencio and Imfinzi are leading immuno-oncology drugs, with strong sales growth. * Bavencio sales by indication: Melanoma (50%), NSCLC (25%), SCLC (25%), and others (0%). * Imfinzi sales by indication: NSCLC (50%), SCLC (25%), H&N (25%), and others (0%). * **Johnson & Johnson (JNJ)**: * Erleada and Zytiga are leading androgen receptor inhibitors, with strong sales growth. * Erleada sales by indication: Castration-resistant prostate cancer (metastatic high-risk). * Zytiga sales by indication: Castration-resistant prostate cancer (non-metastatic). * **Amgen (AMGN)**: * Kyprolis is a leading proteasome inhibitor, with strong sales growth. * Kyprolis sales by indication: Multiple Myeloma (100%). Other Important Points * **IQVIA Sales Data**: The report uses IQVIA sales data to analyze market trends and drug sales. * **Normalization**: Sales data is normalized to a 4-week basis to compare with other months. * **Reporting Restrictions**: Some drugs have reporting restrictions due to contractual conditions between suppliers and manufacturers. * **Market Share**: The report also analyzes market share for various drugs and therapies.

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 29 May 2024 | 8:15PM BST European Daily: UK—Fiscal Policy Pledges Stocktake (Moberly) n As the UK heads towards a general election, we take stock of the latest Sven Jari Stehn +44(20)7774-8061 | jari.stehn@gs.com economic policy commitments from the two major parties, Labour and the Goldman Sachs International Conservatives. Filippo Taddei +44(20)7774-5458 | filippo.taddei@gs.com n In terms of fiscal rules, Labour have indicated that they would be similar to the Goldman Sachs In ...

M Asia Pacific Insight April 22, 2024 12:55 AM GMT China's 3D Journey 中国"3D"系列 Morgan Stanley Asia Limited+ 王滢 股票策略师 全球化战略： 股榜单及行业 20 L aura.Wang@morganstanley.com +852 2848-6853 陈欣阳 展望 股票策略师 C atherine.Chen@morganstanley.com +852 3963-4186 刘星辰 股票策略师 R aymond.K.Liu@morganstanley.com +852 2848-7293 我们发布了摩根士丹利中国全球化战略选股榜单，通过自上 王宇和 而下题材筛选与自下而上的分析相结合，辅以宏观/量化因子 量化研究股票策略师 G ilbert.Wong@morganstanley.com +852 2848-7102 选股，选出了我们最看好的20只股票，并探讨了行业前景和 吴典霖 个股投资依据(cid:1398) 量化研究股票策略师 J ason.Dl.Ng@morganstanley.com +852 28 ...