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 30 May 2024 | 4:41PM EDT Dell Technologies Inc. (DELL): F1Q25 First Take: DELL AI server orders of $2.6 bn; EPS in-line DELL’s F1Q25 EPS of $1.27 met consensus, but missed our estimate of $1.30. Michael Ng, CFA +1(212)902-8618 | michael.ng@gs.com Revenue of $22.2 bn beat GS/consensus of $21.8/$21.7 bn with a beat on CSG Goldman Sachs & Co. LLC ($12.0 bn v. GS/consensus of $11.6/$11.7 bn) and ISG largely in-line ($9.2 bn v. Katherine Campagna +1(212)902-1151 | GS/consensus of $9. ...

30 May 2024 | 9:56PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 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 China battery and components Slowing CAPEX points to sequential recovery; Buy CATL, Gotion, EVE Energy Battery utilisation recovering from 1Q24 trough, affirming our 'soft landing' thesis. With demand rising again from Feb 2024, we have observed a sustained battery capacity utilisation recovery from the 1Q24 low of 34% to 61% in May (further improving to 62% in Jun, according to ICC). We see 2024E as likely the trough of ...

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 | 5:07PM EDT Aerospace & Defense Aerospace in Pictures: May 2024 Aerospace in Pictures aims to provide the Aerospace is 12.7%, up 10bps month over month. Noah Poponak, CFA +1(212)357-0954 | investor every data point needed to follow the sector noah.poponak@gs.com Private jet travel: In Europe, April bizjet ops were up 1% Goldman Sachs & Co. LLC including commercial, business, freight, airport, airline, yoy, after down (3)% in March and up 3% in February. In Anthony 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 28 May 2024 | 4:05PM HKT Asia-Pacific Inflation Monitor: Low inflation in EMs, still above-target in DMs n This publication summarizes regional and economy-specific inflation data across Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com the Asia-Pacific economies we cover. The latest data points are for April 2024 in Goldman Sachs (Asia) L.L.C. most cases. Andrew Boak, CFA +61(2)9321-8576 | andrew.boak@gs.com n Headline CPI inflation was mixed across the region after slightly ...

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 | 4:32PM BST Global Markets Daily: BoJ’s JGB Holdings – Still Waters Run Deep (Cole/Zu/Raj) n The BoJ’s balance sheet is among the largest in the G10. As a result, as policy George Cole +44(20)7552-1214 | rates are normalised in coming years, the potential for a shift in the BoJ’s george.cole@gs.com Goldman Sachs International balance sheet is likely to be closely watched by the JGB market. The recent Bill Zu reduction in 5-10y purchase offers, together with Governor ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or asset markets discussed Core Insights - The upcoming US presidential election is anticipated to have significant impacts on asset markets, with various potential outcomes leading to different market reactions [2][7] - The report outlines four baseline scenarios based on election outcomes: Republican sweep, Democratic sweep, Trump with divided government, and Biden with divided government, each with distinct implications for equities, yields, and the US Dollar [3][36] Summary by Sections Election Impact on Asset Markets - The first presidential debate is expected to provide insights into market reactions and asset footprints related to different election outcomes [2][8] - The report emphasizes that the market's focus on the election is likely to increase as the election date approaches, particularly around the conventions and debates [6][54] Fiscal and Tax Policy Implications - The report predicts modest fiscal and tax shifts compared to 2020, with the largest impacts expected under unified government scenarios [11][18] - A Republican sweep is likely to result in a fiscal boost from tax cuts, while a Democratic sweep may lead to higher corporate taxes offset by expanded child tax credits [14][18] Asset Market Reactions - In a Republican sweep, the report anticipates a modest rally in equities, higher yields, and a stronger USD, while a Democratic sweep may lead to modest equity downside and higher yields [3][36] - The report highlights that the market's reaction to potential tariff proposals could be a significant swing factor, potentially altering the expected outcomes [42][48] Tariff Policy Considerations - The report discusses the potential impacts of tariff policies, noting that they could lead to inflationary pressures and affect corporate profitability [21][24] - The market's reaction to tariffs is seen as a critical factor that could influence asset prices, particularly in the context of the upcoming election [42][46] Conclusion and Market Positioning - The report suggests that positioning for a Republican victory may be favorable, particularly in terms of USD strength, while remaining cautious about potential equity downside due to tariff risks [52][53] - The uncertainty surrounding election outcomes and their implications for fiscal policy and tariffs necessitates a flexible investment approach [41][54]

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 30 May 2024 | 5:39AM BST Europe Healthcare: Pharmaceuticals Innovation is the key to success; initiating on six large-cap stocks Innovation momentum a key focus - Buy AstraZeneca, Novo Nordisk and James Quigley +44(20)7051-3800 | Novartis. We initiate coverage on AstraZeneca, Novo Nordisk and Novartis with james.quigley@gs.com Goldman Sachs International Buy ratings. We like Astra’s best-in-class pipeline and solid margin progression. We Rajan Sharma note a number of de-risking ...

Good morning, everyone. This is Melanie, and I'm one of the account manager at Weave Information. I'm very glad to be here and to have the chance to share some functions within our terminals with you guys today. And our topic today is going to be unveiling investment opportunities in Azure Stock Market. Before we start with our terminal demonstration, please allow me to briefly introduce our company. We are the leading financial data vendor in China since our foundation in 1998 in Shanghai. We specialize in ...

【中金风光公用环保】维斯塔斯1Q24业绩跟踪 *欢迎交流 陈显帆/车昀佶/李佳瑛 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能有误差，仅 供参考。 正文末附业绩展示PPT、 业绩报告、 业绩纪要原文 维斯塔斯相关纪要汇总 2021年维斯塔斯Earnings call 纪要：https://note.youdao.com/s/5gwF97XD 1Q22维斯塔斯Earnings call纪要：https://note.youdao.com/s/8kYgVu6O 2Q22维斯塔斯Earnings call纪要：https://note.youdao.com/s/JzH6dQzU 3Q22维斯塔斯Earnings call纪要：https://note.youdao.com/s/PgPf6KW4 4Q22维斯塔斯Earnings call纪要：https://note.youdao.com/s/c4mGbQmy 1Q23维斯塔斯Earnings call纪要：https://note.youdao.com/s/TLAkxQ0J 2Q23维斯塔斯Earnings call纪要：http ...

Why are copper prices going up? Supply shortages, hedge fund speculation, China demand, AI demand, and green energy demand Torsten Slok and Rajvi Shah Apollo Global Management May 2024 Unless otherwise noted, information as of May 2024 Confid ...