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. ...

Investment Rating - The investment rating for the aerospace and defense sector is predominantly "Buy" for several key companies including Textron, Boeing, and TransDigm [7][72]. Core Insights - The overall commercial aerospace market is fundamentally strong, with significant recovery and growth in air traffic post-pandemic. New aircraft orders are robust, driven by both growth and replacement needs [7]. - International air traffic increased by 19% year-over-year in March, with a forecasted growth of 12% for April. Freight traffic also showed positive trends, with an 11% increase in March [8][12]. - Business jet operations are stabilizing above pre-pandemic levels, with strong demand for new jets despite tight supply [7][41]. Summary by Sections Overview - The aerospace end market is currently strong, with substantial recovery in air traffic and high demand for new aircraft orders [7]. Air Traffic: Commercial Travel - International air traffic grew 19% year-over-year in March, with a forecast of 12% growth for April. Load factors for global airlines were at 82% in March [8][12]. Air Traffic: Freight - International freight traffic increased by 11% year-over-year in March, with freight capacity also up by 11% [16]. Airline Fundamentals - Airline profits are improving, which is driving higher aircraft orders. Average airline yields are down approximately 3% year-over-year in Q1 2024 [29]. Large Commercial OE - Boeing reported 7 new orders and 33 cancellations in April, while Airbus had 57 new orders and 5 cancellations. Net orders are consistent with prior mid-cycle periods [33][36]. Business Jet - US business jet operations are stabilizing above pre-pandemic levels, with a 1% increase in EU operations in April [41][49]. Credit and Aircraft Financing - Airline credit issuance was below the trailing twelve-month average, while high-yield airline spreads are trading in line with the high-yield market [54][58]. Economic Leading Indicators - GDP growth is expected to average around 2.7% over the next four quarters, indicating a stable economic environment for the aerospace sector [65].

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 ...

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 ...

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 ...

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 ...

Business | May 18th 2024 Edition economist.com/the-world-this-week/2024/05/16/business Joe Biden imposed another round of tariffs on Chinese exports to America, most notably increasing the duties on electric vehicles to 100%. America imports relatively few Chinese EVs but Mr Biden suggested his steps were pre-emptive. Chinese carmakers are expanding in Europe, but “We’re not going to let China flood our market,” said the president, with one eye on votes in Michigan, the centre of America’s car industry and ...