• 2023 年智能眼镜市场经历显著转变，从功能性为主转向轻便、舒适的佩 戴体验，雷朋与 Facebook 合作的 Ray-Ban 智能眼镜引领市场潮流，销量 突破百万。 • 智能眼镜发展路径分为综合型和垂直领域型，前者追求全功能，后者专注 特定应用场景，如 AI 拍拍镜等。 • AI 技术迭代加速智能眼镜发展，但多模态解决方案可能导致产品体积和 价格过高，影响消费者接受度。 • 智能眼镜未来发展存在两种观点：部分替代手机或作为智能穿戴单品满足 特定需求，目前后者更贴合市场现状。 • 技术瓶颈包括大模型迭代、AR 显示技术和验光服务，后者尤其重要，影 响用户佩戴舒适度和市场普及。 • 智能眼镜市场将在2024年底至2025年上半年加速发展，大量新产品涌现， 传统科技公司面临转型压力，需适应新技术趋势。 • 镜片厂商需适应前装模式，发展贴合式方案，提升柔性化生产能力，以满 足智能眼镜定制化需求，康奈特和明月等企业将受益于此。 智能眼镜&新型烟草产业分享 20241230 摘要 Q&A 智能眼镜产业目前的发展现状和未来趋势如何？ 智能眼镜产业在 2023 年经历了显著的转变。早期，智能眼镜产品如苹果和 B 星 Q ...

什么样的公司会受益于微信小店送礼物功能？- 微信小店使用场景分析 20241230 摘要 • 微信小店送礼功能受益于具备强社交属性和适合送礼品类的公司，美妆、 零食、小家电等标品类公司将率先受益，部分市值较小但有潜力的品牌也 将积极尝试。 • 该功能目前处于灰度测试阶段，预计 2025 年 1 月后正式上线，以迎接年 货节、元旦等重要节日，届时将迎来用户送礼的高峰期。 • 代运营公司和 MCN 机构由于其运营基础，将积极拥抱这一新功能，并可能 帮助新兴品牌打造爆款产品。 • 公司推广送礼功能需重点打造适合送礼的产品，并通过多媒体平台进行广 泛曝光，塑造产品送礼属性而非直接销售。 • 2025 年预计的消费促进政策将利好线下百货商超、旅游景区、酒店以及 线上代运营和品牌公司，企业需关注线下零售与线上宣发渠道协同效应。 • 教育和黄金珠宝首饰板块未来也可能开通送礼功能，值得关注。 Q&A 微信小店的送礼物功能对于哪些公司具有较大的应用空间？ 微信小店的送礼物功能主要受益于那些具备强社交属性和适合送礼品类的公司。 首先，微信拥有 10 亿级别用户，其社交关系网络为送礼功能提供了广阔的应用 空间。类似于巨人集团曾经推 ...

今天晚上的话我来汇报一下每趟行业2025年这个年度策略啊我们报告标题的话叫增量稳 存量优实际上是在把握的这样一个价值资产增量的话指的是这个利润表主要是利润这块然后存量的话主要是指的这个资产这块啊应该说每趟的话在2025年的话这个利润的话应该还是维持一个比较好的这样一个水平然后这个资产的话实际上是维持一个非常有竞争力的这样一个状态啊这就是关于这个标题之外一个情况 包括的话我们主要是从这个六个维度啊第一呢就是说这个行情复盘啊第二呢就是复盘一下东里面最后一个基本面那第三呢就是复盘一下零九美这块一个基本面第四呢就是说这个2025年展望啊这是重点啊第五呢是这个行业比例成本这块一个研究吧这块也是重点啊那第六方面的话是投资建议还有分析形式啊这块的话也是重点那么重点的话是后面三后面三节那么第一节的话就是说这个行情回顾啊这块的话简单过一下啊那么2024年的话我们看到这个美团板块的话 我们这个报告的话提交的时候是12月13号棉花板块的话这个涨幅是7.5%在31个行业里面的话是位列第21位应该说的话和这个三级度啊这个分割切换的话是有很大关系的啊我们看到这个202028年的话这个棉花的话应该是涨幅的话是31个行业里面的话位列第6位啊 ...

那今天我们其实主要还是分成四个大部分来讲第一部分的话就是整个金融行业的一个政策以及架构的梳理那第二部分的话就是证券科技服务商和证券IT推荐标的的一个梳理第三部分的话就是银行IT和保险IT推荐标的逻辑的梳理那第四部分的话就是结论以及投资建议那我们先来看一下这个第一部分 IT投入占比净利润或者说营收的一个占比之外的话另外其实还有两个没有在监管文件里面的要求那一个的话就是如果把信创提前完成的话其实券商评级是会有加分的一个体现的第二个的话就是所有券商大概率会在27年之前把这个信创系统都基本完成一个更新或者更换是一个小小的窗口之道吧算是 那我们再来看一下证券科技服务商其实证券科技服务商的话就是各家都会有一些差别但总的来说的话他们都是一个通过自由流量去获客然后再通过金融信息产品去做一些服务进行变现再通过自己收了一张牌照或者二张牌照或者更多的牌照去产生再一次的这个变现那这里面比较具有代表性的话其实就主要有四家公司 那第四家公司的话就是九方之头控股那它可能业务更加集中一点主要就是去做这个证券投库服务就类似于指南针里面的这个金融信息服务一样它是做出各种各样的证券投库服务的产品然后去给散户去销售再给他们增加一些这个证券投库的服务 ...

那么微信这种十亿级别客户的APP这个就是这个人与人之间的这个社交的关系那我们说其实就是它是具备着非常大的一个这个就是应用空间的所以这个场景呢首先我们认为选的是非常好的 现在微信小店处于什么样的进度呢 微信小店它的进度大概是24年12月19号微信小店启动了送礼物功能的灰度测试他们刚才说过是24年8月份将视频号小店升级为微信小店那么到12月份12月19号启动了送礼物功能的灰度测试就是说在功能正式在所有人在发布前选择了小规模用户的测试验证这个功能然后修正效果修复潜在问题 那么其实这个事情呢就是很多人就是在想说这个送礼功能怎么还没开放呢他还在内测中可以理解他还在内测中然后这个就是目前只是针对小规模的一个用户就是开放了功能的测试 那么我们现在还无法大规模使用这个东西我们估计它的选择在一个进入一月份以后年货节 元旦 春节 情人节 女生节 重要的节日作为人际关系跟互动的一个高峰时刻这个功能可能就会上线 然后我们说成为送礼物的新入口那么这个是时间上目前的一个时间轴然后我们说什么样的品类适合微信小店 那么第三呢就是这个呃就是强社交的这个属性呢啊使得就是他呃本身具有很好的这个应用场景但是就是这个送礼物这个功能呢和这个呃就是这个这 ...

Industry and Company Key Points **1. Information Services Sector**: * The Information Services sector saw an average increase of +1% this week and +11% YTD. * Top movers included MCO (+3%), SPGI (+3%), CSGP (+2%), CLVT (+2%), and FDS (+2%). * Investors had mixed views on credit bureaus, with slightly negative feedback on EFX and TRU and more positive feedback on EXPN. * FactSet consensus estimates for 2025 mortgage revenue and EBITDA margin at EFX and TRU were considered overly elevated. **2. CoStar Group (CSGP, Buy)**: * Homes.com online traffic accelerated in y/y growth over the past three months, surpassing traffic growth at Zillow. * CSGP's residential revenue is expected to increase from $46mn in 2023 to $300mn+ by 2026, representing an 85%+ 3-year CAGR. * CSGP's residential business is expected to drive robust earnings growth and valuation upside, with EBITDA margins expanding from 8% in 2024 to 27% in 2026 and 40% over the medium-term. **3. Bright Horizons Family Solutions (BFAM, Buy)**: * Kastle swipe data shows an ongoing recovery in return-to-office, which is positive for BFAM's child care center occupancy rates. * BFAM's child care center occupancy rates are expected to increase from low-60s in 2024 to ~65% in 2025 and ~70% in 2026. * BFAM's NTM P/E multiple of 27x based on FactSet consensus compares favorably to the 10-year average of 34x. **4. KinderCare (KLC, Buy)**: * Kastle swipe data shows an ongoing recovery in return-to-office, which is positive for KLC's child care center occupancy rates. * KLC's child care center occupancy rates are expected to increase from 69% in 2024 to ~70% in 2025 and ~71% in 2026. * KLC's valuation upside is leveraged to its differentiated focus on community-based centers and targeting of customers across all income demographics. **5. Robert Half (RHI)**: * Investors expressed cautious sentiment on RHI due to risks from AI and the impact on revenue. * There is a high probability that RHI will not achieve FactSet consensus EPS expectations of $4/shr by 2026. **6. Korn Ferry (KFY)**: * Investors expressed positive sentiment on KFY, given its insulation from AI risks with its focus on recruiting for executive roles. * KFY's 8% sell-off in response to F2Q earnings earlier this month presents an attractive buying opportunity. **7. Staffing Industry**: * The Staffing industry saw an average increase of +1% this week and +13% YTD. * Top movers included NATL (+10%), BV (+3%), KFY (+3%), BFAM (+2%), and VSTS (-4%). * Staffing revenue demonstrated signs of stability, including positive growth in exec search and narrowing y/y declines in RPO and professional search & interim. **8. Business Services**: * The Business Services sector saw an average increase of +1% this week and +13% YTD. * Top movers included NATL (+10%), BV (+3%), KFY (+3%), BFAM (+2%), and VSTS (-4%). * Investors had negative feedback on RHI and positive feedback on KFY. **9. Diversified Business Services**: * The Diversified Business Services sector saw an average increase of +1% this week and +13% YTD. * Top movers included NATL (+10%), BV (+3%), KFY (+3%), BFAM (+2%), and VSTS (-4%). * Investors had negative feedback on RHI and positive feedback on KFY. **10. Macro Developments**: * The Consumer Confidence Index decreased to 104.7 in December from 112.8 in November. * Initial jobless claims decreased to 219k for the week ending 12/21 from 220k the prior week. * The tightening labor market is incrementally positive for temp staffers MAN and RHI.

Company and Industry Overview * **Company**: NIO Inc. (NIO/9866.HK) * **Industry**: Electric Vehicle (EV) and New Energy Vehicle (NEV) industry in China * **Research Firm**: Goldman Sachs Global Investment Research Key Points and Arguments * **New Product Cycle**: NIO is entering a new product cycle in 2025E-26E with the launch of two new Onvo models and facelift versions of existing NIO models. * **Volume Targets**: Management is confident of achieving 30k units of delivery in Dec 2024, with a target of 100% yoy volume growth in 2025E driven by Onvo and NIO facelift models. * **Operational Efficiency**: The company aims to improve operational efficiency and ensure smooth production and delivery of upcoming new models, learning from the lower-than-expected sales performance of NT2.0 products. * **Market Competition**: Management believes the Chinese passenger vehicle industry will remain fragmented, especially in the premium segment, due to diverse consumer needs and a large market size. * **Battery Swapping Stations**: NIO plans to expand its battery swapping network, aiming to have 3,000 stations by end-2024, up from 2,800 as of Dec 16, 2024. * **Financial Performance**: Management expects sequentially improving vehicle gross margin in 4Q24, with close to 15% for the Nio brand and approx. 5% for the Onvo brand. * **Rating**: Goldman Sachs has a Sell rating on NIO with a 12m DCF-based (WACC 11.8%, TGR 3.5%) target price of US$3.9/HK$30 on the ADR/H share. Additional Important Content * **Onvo Brand**: The Onvo brand will launch a 6/7-seat SUV benchmarking Li Auto L8 in 2H25E, followed by a 5-seat SUV benchmarking Li Auto L7. * **Firefly Brand**: The Firefly brand, focused on the small-size vehicle market, started presales of the firefly model at Rmb148.8k on Dec 21, 2024. * **ADAS**: NIO's ADAS team announced a series of organizational adjustment plans, with Mr. Shaoqing Ren leading the large model department to accelerate the delivery pace of the "end-to-end" model. * **M&A Rank**: NIO has a M&A rank of 3, indicating a low probability (0%-15%) of being acquired. * **Investment Thesis**: Goldman Sachs expects lukewarm order momentum, slow production ramp-up, and intensifying price competition to be downside catalysts for NIO's stock price.

Key Points Industry or Company Involved - **Municipal bond funds** in the United States Core Views and Arguments - **Net outflows** from municipal bond funds for the third consecutive week, totaling $878 million for the week ending December 25, 2024. - **Outflows driven by open-end funds** (-$1.0 billion), with significant outflows across Investment Grade (-$465 million), High Yield (-$414 million), and Long Duration (Long Term funds lost $747 million). - **ETFs posted modest inflows** of $160 million. - **Duration** was a key factor, with Long Term funds seeing the majority of outflows. - **Credit quality** also played a role, with Investment Grade funds experiencing the largest outflows. - **State-focused funds** saw negative flows, particularly in New York and California. Other Important Content - **YTD inflows** are now tracking slightly lower at +$40.5 billion (+$26.6 billion open-end funds/+$13.9 billion ETFs). - **HY municipal funds** have attracted 13% of their aggregate assets under management (AUM) from the beginning of the year, compared to just 3% for IG fund inflows relative to their AUM at the year's start. - **Market valuations** are calculated as the difference between the change in reported AUM and the week's reported fund flows. - **LSEG Lipper Global Fund Flows** data is used for analysis. References - [15] - [19] - [26] - [27] - [32]

Asia Pacific Equity Research 26 December 2024 J P M O R G A N We revise down our 1Q25 estimates for AVC to factor in the delayed shipment schedule of GB200 components. Our new estimates suggest 5% QoQ decline in 1Q25 (vs. Bloomberg consensus of +2% QoQ rev in 1Q25), given a smaller contribution liquid cooling products, as we now assume more meaningful shipments of GB200 components will be delayed at least until late 1Q25 (component-level schedule). For 2H25 and 2026, we remain positive and keep our estimate ...

J P M O R G A N Asia Pacific Equity Research 26 December 2024 See page 4 for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Important Disclosures Th ...