Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com Asia Pacific Economic Research Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com 13 October 2024 J P M O R G A N Greater China • China: NDRC did not provide further stimulus details, all eyes on the Saturday MOF press conference • FX reserves a touch above expectation, two-sided risks around 7 for USD/CNY • Taiwan: September exports moderated, partly paying back ...

M Update Sunny Optical | Asia Pacific October 13, 2024 09:00 PM GMT September: Handset Lens Shipments to Beat while CCM to Miss in 2024? With mix improvement the top priority, handset CCM still recorded weak shipments. Handset lenses delivered solid growth, and shipments appear highly likely to beat the target. Key Takeaways Handset CCM YTD growth rate decelerated from +3% in Jan-Aug to -1% in Jan- Sep. Handset lenses recorded +6% YoY growth in Sep and +20% in Jan-Sep. Vehicle lenses' YTD growth slightly im ...

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Deutsche Bank Research Q3 European Earnings Preview – Easy beats Maximilian Uleer, Head of European Equity- and Cross Asset Strategy +49 (0)69-910 41355 | maximilian.uleer@db.com Carolin Raab, European Equity- and Cross Asset Strategist +49 (0)69-910 43958 | carolin.raab@db.com Francesca Mazzali, European Equity- and Cross Asset Strategist +49 (0)69-910 47636 | francesca.mazzali@db.com October 2024 IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks ...

M Update S. Korea Autos/EV Batteries | Asia Pacific October 4, 2024 05:07 AM GMT Asia Marketing Feedback + Recent Developments Post our S. Korea EV battery upgrades in September, we met with a wide range of investors in Asia. Below, we highlight the key feedback for both EV Batteries and Autos from those meetings. Key feedback for EV Batteries: Improving sentiment: Compared to early September, when we upgraded LG Energy Solution (373220.KS) and the Korea EV battery sector, our recent discussions with invest ...

Investment Rating - The report indicates a cautious approach towards H-shares, suggesting that while momentum-driven rallies may overshoot, the risk-reward profile is not very attractive [7]. Core Insights - There is a significant increase in net buying from long-only investors, amounting to US$ 3.4 billion over the past two weeks, indicating a shift in positioning towards a fuller allocation [1]. - Global investors are preparing for an influx of retail money post the National Day holiday, which may lead to shallow dips in the market [1]. - The forward P/E ratio for the HSCEI is nearing 10x, historically associated with negative skewed returns when exceeding this threshold [7]. - A-share valuations may experience a more substantial re-rating compared to H-shares if the current market sentiment mirrors the 2014-2015 bull market [9]. - There is a notable increase in margin financing turnover, indicating that domestic retail investors are beginning to engage more actively in the market [9]. - Policymakers are likely to continue supporting the market, reducing the chances of abrupt policy changes that could halt the current rally [14]. - The consensus for potential stimulus measures is between CNY 3-5 trillion, with a focus on direct consumer transfers rather than liquidity easing [16][17]. - The report highlights a significant cash reserve in the market, with household bank deposits growing by CNY 40 trillion prior to the current rally, suggesting potential for further market support [13]. Summary by Sections Section 1: Market Positioning - Long-only investors have net bought US$ 3.4 billion recently, indicating a shift towards fuller positioning [1]. - Global investors are front-running expected retail inflows, anticipating shallow market dips [1]. Section 2: Valuation and Returns - HSCEI's forward P/E ratio is close to 10x, historically linked to negative returns when exceeding this level [7]. - A-shares may see a more significant re-rating compared to H-shares if market sentiment aligns with previous bull markets [9]. Section 3: Retail Investor Activity - Margin financing turnover has increased, indicating growing participation from domestic retail investors [9]. Section 4: Policy and Stimulus - Policymakers are expected to maintain support for the market, reducing the likelihood of abrupt policy changes [14]. - Expected stimulus measures range from CNY 3-5 trillion, focusing on direct consumer transfers [16][17]. Section 5: Cash Reserves - Household bank deposits have increased by CNY 40 trillion leading up to the current market rally, indicating substantial cash reserves available for investment [13].

For the exclusive use of ACCOUNTS@KARUNADUCABS.COM Lower rates and sluggish deal recovery leaves downside risks across most Capital Markets stocks into 3Q 30 September 2024 | 4:11AM EDT Americas Capital Markets Prospects of faster rate cuts and stronger equity markets have propelled the risk-on behavior across many Capital Markets stocks in 3Q. That said, deal activity rates (M&A, ECM) remain sluggish - a continued headwind for many Alt Managers amid very stretched valuation multiples, organic growth for mo ...

_ 27 September 2024 | 10:22AM EDT Weekly Fund Flows A Shifting Mix Global fund flows, week ending September 25 n Flows into mutual funds and related investment products showed firm demand for both equity and bond funds. n Net flows into global equity funds were strong in the week ending September 25, driven by flows into US and mainland China equities (+$25bn vs +$39bn in the previous week). Flows into US equities have strongly outpaced those into the Euro area and mainland China this year, but recent news ...