各位投资者大家下午好我是华信许志燕自从咱们这个黄金一点通双周的节目推动以来投资者也特别关注 华安的确作为管的这么大的黄金一切,我们作为服务我们的客户,在咱们平台上推送了这个《万德》推送咱们黄金联通,今天是第八期,我会中间隔一期才参加。 感谢大家时间,在A股市场发生了比较大的变化的时候,我们还坚持咱们的黄金的投降,我想对我们的投资者也是一个相对负责的态度。当然A股市场本身发生了很多变化,早上我们E7F的盘线播报,今天我也做了一个介绍。 所以但是我们的黄金的确它是一种另类资产也是在大洲期货人士中对我们的投资者在过去的时间也是占了比较多的配置贡献在当前整个市场黄金市场还是应该说超过很多人的预期我们去年年底这行情对市场中长期也有个判断的确在我们这个分析框架下我们的黄金也是 讲的非常多就是说在当下我们怎么去看待黄金怎么去看待在美元降息通道、地缘政治冲突等等也包括我们A股温暖下我们的黄金的退出问题今天由我来给大家做一个相对详细的分析和解读这是咱们的节目应该说每一期咱们也得到了很多投资者的关注 黄金作为一类大类资产的非常重要的甚至可以说稀缺的这样一个配属品种到今年在全球上依然是领先 领导全球但十月份本身虽然我们还是涨得非常 ...

Investment Rating - The report does not explicitly mention an investment rating for the industry or specific companies [1][2][3] Core Views - The report focuses on global macro strategy, analyzing what is priced in across G10 and emerging markets (EM) [12][18] - It provides a cross-asset monitor highlighting large sigma deviations across equities, rates, FX, and commodities [13] G10 Central Bank Rates - The US policy rate is 5.00%, with a market-implied max rate of 4.78% and min rate of 3.25% by end-2024 [19] - Eurozone policy rate is 3.50%, with a market-implied max rate of 3.32% and min rate of 1.94% [19] - Japan's policy rate is 0.25%, with a market-implied max rate of 0.35% and min rate of 0.23% [19] Emerging Markets (EM) Rate Movements - India's target rate is 6.50%, with a 3-month rate movement of 9bp and a 12-month movement of -4bp [24] - China's target rate is 2.35%, with a 3-month rate movement of -22bp and a 12-month movement of -35bp [24] - Brazil's target rate is 10.75%, with a 3-month rate movement of 102bp and a 12-month movement of 178bp [24] Cross-Asset Performance - Top performers in cross-asset include JPY 5y, ILS 5y, and CNH 5y, while bottom performers include CAD 2y, CNH 10y, and CSI 300 [26] - Equity performers show significant movements, with the CSI 300 experiencing a 22.6% change over 1 month [31] Equity Market Performance - The DOW JONES showed a 1-day change of 0.5% and a 1-month change of 4.8% [31] - The S&P 500 had a 1-day change of 0.8% and a 1-month change of 4.9% [31] - The NASDAQ experienced a 1-day change of 0.8% and a 1-month change of 5.4% [31] Inflation Rates - The US headline CPI is at 2.40% YoY, while core CPI is at 3.30% YoY [19] - Eurozone headline CPI is at 1.80% YoY, with core CPI at 2.70% YoY [19] - Japan's headline CPI is at 3.00% YoY [19]

Summary of Conference Call Company/Industry Involved - The conference call discusses the current state of the domestic market, focusing on trading policy shifts and the high volatility in the market environment [1] Core Points and Arguments - There is a general sense of confusion among participants regarding the significant changes and high volatility in the market [1] - The emphasis is placed on the recent shift in trading policies, which has been a focal point in discussions among various institutions [1] - Continuous news releases from different ministries are contributing to the current market dynamics [1] Other Important but Possibly Overlooked Content - The call highlights the need for stakeholders to stay informed about policy changes and their implications for market behavior [1]

11 Oct 2024 10:42:26 ET │ 14 pages Global Macro Strategy Latest Marked to Market CITI'S TAKE Please note that this publication is not distributed via email. Please check citivelocity.com. Suggested positions for macro portfolio managers. See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations. Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, i ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The macro outlook indicates steady global growth into the next year, with easing inflation and significant rate cuts expected from the Fed and ECB, while Japan is expected to hike rates [12][15] - The report highlights a stronger USD and lower oil prices as part of the economic forecast [12][15] - The average stock level macro risk contribution varies by region, with North America at 42.1%, Europe at 26.8%, Japan at 24.4%, and Asia/Pacific Ex Japan at 23.8% [7] - Sector performance shows Energy leading with 43% macro risk contribution, followed closely by Information Technology at 41% and Financials at 37% [7] Summary by Sections Macro Insights - The report forecasts a stronger USD and lower oil prices, with policy rates expected to decrease in the US and Euro Area by the end of 2024 [15][16] - Inflation is projected to decline, with a focus on the dynamics of core goods and services [18] Fund Performance - The annual median performance for various fund categories shows significant variation, with Equity Long Only at 22% and Multi-Strat Event Driven at 6% for 2024 YTD [11] - The report provides insights into fund flows, indicating a shift towards defensive sectors and away from Energy [66][68] Style Performance - The report outlines global style performance, with Value and Growth styles showing mixed results across regions [23][27] - Tactical style recommendations suggest a preference for sectors like Financials and Health Care, while Energy is rated lower [27] Market Positioning - The report includes a positioning matrix indicating market sentiment, with increasing long positions in certain sectors and decreasing in others [69][81] - Fund flows indicate a trend towards defensive sectors, with significant inflows into Consumer Staples and Utilities [66][68]

Investment Rating - The report assigns a "Buy" rating for both Novo Nordisk and Eli Lilly, with target prices set at DKr975 and $1,060 respectively [17][20]. Core Insights - The GLP-1 market is experiencing significant growth, with a rolling 4-week TRx growth of 260% in obesity and 23% in diabetes. Forecasts predict Novo generating $23 billion in diabetes sales and $9 billion in obesity sales for 2024, with peak sales reaching $52 billion and $30 billion respectively [2][8]. - Novo Nordisk is currently supplying over 12 million patients with GLP-1 medications and has plans to increase capacity to supply 50-100 million patients at peak [4][7]. - The report highlights key themes for 2024, including increased access to GLP-1 medications in the US and abroad, broadening indications for treatments, and increased promotional efforts by Novo [4][7]. Summary by Sections GLP-1 Market Dynamics - The report notes that Wegovy and Zepbound have a TRx market share of 56% and 43% respectively, with a year-to-date US GLP-1 Rx growth of 29% after a 70% growth in 2023 [3][8]. - Ozempic retains a leading market share of 46% in the diabetes segment, with recent trends showing improved supply dynamics [3][4]. Company Performance and Projections - Novo Nordisk's management has indicated confidence in upwardly adjusting FY24 guidance due to favorable GLP-1 and insulin dynamics, despite a recent pullback in share prices [2][4]. - The report anticipates that Novo's fill-finish capacity will more than triple through 2024, supporting continuity of supply for patients [7][8]. Market Size and Future Outlook - The global GLP-1 market is projected to exceed $170 billion by 2035, with Novo and Eli Lilly expected to dominate this market [8][20]. - The report emphasizes the potential for GLP-1 medications to expand into additional therapeutic areas, including cardiovascular disease and chronic kidney disease, which could further enhance market growth [4][20].

Citi Research October 11, 2024 FX Flows Weekly See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware thatthe Firm may have a conflict ofinterestthat could affectthe objectivity ofthis report. Investors should considerthis report as only a single factor in making their inv ...

Summary of Conference Call Industry or Company Involved - The discussion revolves around the macroeconomic analysis related to U.S. Treasury yields, specifically their rise to around 4% [1]. Core Points and Arguments - The analysis presented by the macro analyst indicates a significant focus on the implications of U.S. Treasury yields reaching approximately 4% [1]. Other Important but Possibly Overlooked Content - The context of the discussion suggests a broader examination of the economic environment and its potential impact on investment strategies, although specific details were not provided in the excerpt [1].

Welcome to the weekly UBS Asia Trading Floor Insights Call. My name is Jamie Briggs from UBS Knowledge Network Asia. From across the floor today, I'm joined by Alex Lim, Shane Carroll, Chris Ma and Ken Yin-tse. Please stay tuned to the end for an important disclaimer. Over the past week, we've seen the Hong Kong indices rise between 9% and 10% whilst China enjoyed the Golden Week holiday. They've given almost all of that back today as China's reopened and the NDRC didn't amount to any new force behind the p ...

Summary of the Conference Call Industry Overview - The discussion focused on the global markets, particularly the repricing of implied volatilities across various asset classes over the past couple of months [1]. Key Points - There has been a notable adjustment in implied volatilities for the S&P 500 index, as well as for currencies such as the dollar, yen, and euro, and for oil [1]. Additional Important Content - The presentation included a chart illustrating the two-month implied volatilities, highlighting the trends and changes in these asset classes [1].