刚才各位主讲人已经从宏观和政策环节很好地解读了对二五年做投资的一些大的脉络方针我就从我们以一个外资视角看全球投资者对中国现在主要关注的视角以及海外也来了一个特朗普2.0对全球经济和市场配置可能产生的潜在影响做一些补充聚焦三个话题 首先是特朗普2.0对全球市场的影响其次是9月24日以来中国一系列增量政策可能代表着怎样的转向对后续经济有怎样的预期最后也是涉及到跟今天的主题有关尽管宏观大环境挑战还是比较大的这个过程中资产多样化配置的一些结构性调整的机遇我想 首先我还是从中国经济讲起来从9月24日以来的这一轮政策转向基本上经历了两个步骤第一步是9月下旬到11月以解决一些存量问题特别是地方债务的置换为主但是第二轮则是以刚刚结束的中央经济工作会议到今年3月份两会之间陆续采取一些财政的增量刺激为主 这两部曲我觉得还是有非常积极的意义的它一举打破了过去三年间一些相对比较悲观的 叙事方式尤其是像我接触到的一些外资投资者长线的跨国企业过去两三年他们总担忧中国进入了新时代之后可能尽管我们叫发展和安全并重但是有些外资投资者经历了一些监管环境的变化之后觉得是不是很多领域安全大于了发展 作为投资人他是想享受到发展的红利所以他们对于投资中 ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 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 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： ab 12 December 2024 Global Research First Read Global Oil Fundamentals Market balance still in a surplus even with lower OPEC+ supply shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： Mixed update; neutral for 2024 and bullish for 2025 The IEA's December Oil Market Report (OMR), released today, is again mixed: a neutral update for 2024 ...

shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： 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 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 Source: FactSet, Morgan Stanley Research estimates. 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： M Update China Data Centers | Asia Pacific November 27, 2024 07:07 AM GMT Where are they trading now? Key Takeaways shuinu9870 Contrary to the recent re-rating of US DCs post interest rate cut, China IDCs have 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： de-rated ...

Key Points Industry Overview 1. **Programmatic Advertising Landscape**: The industry is complex and requires significant technical expertise. It involves various components like DSP, DMP, and data platforms, and focuses on efficient ad placement and targeting. 2. **Global vs. Domestic Market**: The global programmatic advertising market is more standardized and diverse, with multiple players and platforms. In contrast, the domestic market in China is less standardized due to different protocols and standards among major internet companies. 3. **Data and Technology**: Data and technology play a crucial role in programmatic advertising, with companies like Apploving leveraging data and AI algorithms for better targeting and efficiency. Apploving 1. **Success Factors**: Apploving's success can be attributed to its strong data and algorithmic capabilities, data accuracy, and comprehensive ecosystem covering various components of the programmatic advertising chain. 2. **Data Collection and Utilization**: Apploving collects data through its SDK and utilizes AI algorithms to analyze and process the data for better targeting and optimization. 3. **Challenges and Opportunities**: Apploving faces challenges in expanding into new markets like e-commerce, but sees opportunities in leveraging its data and technology to serve Chinese developers and advertisers. Domestic Programmatic Advertising Companies 1. **Competitive Landscape**: Domestic companies like Huiliang and OneTap are actively participating in the global programmatic advertising market, competing with established players like Apploving and TTD. 2. **Advantages**: Chinese companies have advantages in serving local developers and advertisers, leveraging their understanding of the market and customer needs. 3. **Challenges**: Domestic companies need to invest in technology and data to compete with established players and capture a larger market share. Technology and AI 1. **AI in Programmatic Advertising**: AI is increasingly being used in programmatic advertising for data analysis, targeting, and optimization. 2. **Data and Algorithmic Advancements**: Companies with strong data and algorithmic capabilities are likely to be the winners in the programmatic advertising market. 3. **Challenges**: Data quality and processing capabilities are crucial for successful implementation of AI in programmatic advertising. Future Outlook 1. **Market Growth**: The programmatic advertising market is expected to continue growing, driven by increasing digital advertising spend and advancements in technology. 2. **Emerging Opportunities**: New opportunities are emerging in areas like e-commerce and cross-border advertising, which can be leveraged by companies with strong data and technology capabilities. 3. **Challenges**: Companies need to invest in technology, data, and talent to stay competitive in the evolving programmatic advertising landscape.

M Update China Property | Asia Pacific October 18, 2024 04:33 AM GMT Property Market Remained Lukewarm in September Property sales remained weak in September amid fast home price decline. Meanwhile, construction and REI remained sluggish. While Politburo tone change may improve resident sentiment, policy implementation still bears watching. We continue to suggest sticking with defensive SOE plays. Property sales decline slightly narrowed in September on lower base, with rebased national sales dropping 11.0% ...

M Update China Economics | Asia Pacific October 18, 2024 06:07 AM GMT Nominal GDP Stayed Subdued Nominal GDP stayed weak, at 4%Y in 3Q. While Beijing's policy pivot could alleviate the downside risk of a deflation spiral, reflation remains a bumpy road, given possibly a modest initial stimulus check and still underwhelming consumption measures. Key Takeaways 3Q nominal GDP stayed unchanged at a subdued 4%Y, on persistent deflation (particularly in the industrial sector). That said, Sept. activity growth bea ...

M Foundation | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------|-------| | | | | | October 18, 2024 12:05 AM GMT | | | | China Economics \| Asia Pacific | Morgan Stanley Asia Limited Robin Xing | | | Bull vs. Bear: ...

Deutsche Bank Research 7T2se3r0Ot6kwoPa Emerging Europe Emerging Markets EM Special Publication Date 18 October 2024 EM local markets vs. externals: how much is priced in? - October update We provide our monthly update on what external variables tell us about EM fixed income (EMFI) performance. In this report, we examine: a) explanatory power estimates of EMFI vs. externals in aggregates and individually, b) projections of what DB's forecasts imply for EMFI returns, and c) a ranking of which pairs stand out ...

COLI, Greentown and Yuexiu) could outperform on potentially stronger sales. M Idea | --- | --- | --- | |-------- ...

M Update | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------| | | | | | | | October 18, 2024 11:5 ...