Equity Research 7 February 2025 Barclays Metals & Mining Mined Matters - Ukraine ceasefire winners and losers Our weekly briefing covering top news flow in the space, chart of the week, latest positioning data, commodity price moves, sound bites from the supply chain, recent global research, upcoming events and corporate access. We appreciate your 5-star vote in the 2025 Extel Developed Europe Research Survey in the Metals & Mining category. View our analysts → Vote for Barclays → Chart of the Week FIGURE 1 ...

CITI'S TAKE We expect Meituan to report 4Q24 by end-Mar and expect in-line result with possible slight upside on core-local commerce Op. Into 1Q25/2025E, investors are concerned about on-demand delivery volume growth, unit- economics trend amid high-base, potential revival of competition in local services and margins drag from its accelerated pace of overseas expansion initiatives. Keeta has progressed rapidly in topping download chart in Saudi Arabia, which we believe could prompt Keeta to expand into othe ...

FICC Research Economics 7 February 2025 Global Economics Weekly The art of rapid deal-making Last-minute negotiations averted tariffs on Mexico and Canada for now, showing a still-transactional Trump. But the trade war with China has begun and Trump's attention is expanding to the EU and geopolitical deals. Meanwhile, payrolls indicate a robust US labour market ahead of next week's CPI. Global Synthesis The art of rapid deal-making. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

V i e w p o i n t | 07 Feb 2025 02:47:34 ET │ 26 pages Global Macro Strategy - Views and Trade Ideas Macro Themes for the Tariff-Fatigued (And One That Is Not) CITI'S TAKE There is a lot going on outside of the threat of tariffs for various countries. A Ukraine peace deal could be discussed soon. We sell EURPLN. National security-driven tariffs may be put on various industries. We go long COMEX/LME copper basis. US banks' capital requirements may be eased. We counsel patience for US steepeners. The BoE is s ...

Summary of Lenovo's Conference Call Company Overview - **Company**: Lenovo Group Limited - **Industry**: Greater China Technology Hardware Key Points Smartphone Shipments - Lenovo shipped **14.6 million units** of smartphones in the December quarter, representing a **-2% quarter-over-quarter (q/q)** change but a **+11% year-over-year (y/y)** increase [1][2] - This performance exceeded market expectations by **2.4%** and surpassed street estimates by **3.9%** [1] - Growth regions include: - **EMEA**: Shipments increased by **16% q/q** to approximately **2.7 million units** [1] - **India**: Shipments grew by **7% q/q** to around **2.8 million units** [1] Financial Outlook - Analysts express confidence that Lenovo's upcoming December quarter report, due on **February 20**, will exceed expectations based on current performance trends [2] - Lenovo is well-positioned to benefit from: - A rising enterprise PC refresh cycle - Increasing AI PC penetration rates - Growth in AI server sales [2] Stock Performance and Valuation - **Current Stock Price**: HK$11.50 (as of February 6, 2025) - **Price Target**: HK$13.80, indicating a **20% upside potential** [4] - **Market Capitalization**: Approximately **US$17.732 billion** [4] - **Revenue Projections**: - FY 2025: **US$67.777 million** - FY 2026: **US$72.533 million** - FY 2027: **US$80.099 million** [4] - **Earnings Per Share (EPS)** projections: - FY 2025: **US$0.10** - FY 2026: **US$0.13** - FY 2027: **US$0.15** [4] Risks and Opportunities - **Upside Risks**: - Faster-than-expected recovery in smartphone and data center segments - Stronger demand recovery for PCs in China - Improved cost savings and product mix [11] - **Downside Risks**: - Slower-than-expected recovery in smartphone and data center segments - Weaker demand recovery for PCs in China - Deterioration in cost savings and product mix [11] Analyst Ratings - Lenovo is rated as **Overweight** by Morgan Stanley, indicating a positive outlook compared to its industry peers [4][27] Additional Information - Lenovo is currently in the process of acquiring **Infinidat Ltd.**, with Morgan Stanley acting as the financial advisor [7] - The report includes various disclosures regarding potential conflicts of interest and investment banking relationships [5][19] This summary encapsulates the key insights from Lenovo's conference call, highlighting its performance, financial outlook, and market positioning within the technology hardware sector.

第03期 总第3005期 2025年1月18日 WEEKLY ON STOCKS 投 ना 之 日 资 元 海内外精英共话蛇年投资 灵蛇献瑞启新岁,春风送暖迎佳节! 值此蛇年春节来临之际, 《证券市场周刊》特邀数十位海内外精英共聚一堂 深入探讨蛇年投资新机遇! P08 . . C ISSN 1004-6291 875 82- 邮发代号: 人民币30元 大陆地区零售价: 台港澳地区零售价:港币50元 P44 春季攻势看好超跌股 P48 2025年国补启动 家电、数码等产业链受益 P72 2024年IPO数据全览：100家企业成功上市 439家企业IPO终止 A 股春之声 谢长艳 灵蛇舞动,新春来临! 行业中脱颖而出。 本期,海内外知名机构、知名投资人齐聚一堂,展望蛇 年的投资机会。种种迹象都彰显着,中国经济和资本市场正 在蛇年向春而行,充满无限生机和蓬勃希望。 回首龙年,新"国九条"等各项政策对中国经济和资本 市场有效托举,尤其是以"国家队"为代表的各类资金大规 模入市,为市场注入了强大的稳定性力量。以市值管理为指 引的"中特估"战略,更是为资本市场带来了全新的估值视 角。上市公司通过分红、回购等方式前所未有地 ...

10 February 2025 U.S. Machinery Electrical Infrastructure: AI Data Center Investment.... How Can You Tell When Enough is Enough? Chad Dillard +1 212 969 1017 chad.dillard@bernsteinsg.com Miguel Marques, CFA +1 212 823 3907 miguel.marques@bernsteinsg.com Alasdair Leslie +44 20 7762 4952 alasdair.leslie@bernsteinsg.com Luke Rochussen, CFA, CA +44 207 170 5110 luke.rochussen@bernsteinsg.com Specialist Sales Steve Song +1 212 969 1070 steve.song@bernsteinsg.com The DeepSeek news pulled forward the possibility o ...

J P M O R G A N Asia Pacific Equity Research 11 February 2025 TSMC Advanced packaging and CoWoS updates Overweight 2330.TW, 2330 TT Price (10 Feb 25):NT$1105.0 Price Target (Dec-25):NT$1500.0 Technology and Telecoms Gokul Hariharan AC (852) 2800-8564 gokul.hariharan@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Robert Hsu (886-2) 2725-9864 robert.hsu@jpmorgan.com J.P. Morgan Securities (Taiwan) Limited Lakshya Jain Gokul Hariharan AC (852) 2800-8564 goku ...

USA | Semiconductors Astera Labs Strong AI ASIC Tailwinds, Scorpio Interest High Strong numbers across the board driven by ongoing ASIC ramps with at least two major hyperscalers (likely AMZN/GOOG) and Blackwell likely to kick-in stronger in 2H25 led by new Scorpio P-Series switch. Scorpio family seeing continued design momentum with X-Series in pre-product and family sales on track to be >10% of sales this year and the largest product line over time. Very strong print with growth tied to combination of ong ...

包括我们如何去构建AI主题投资框架和紧急框架包括我们如何去选择一些中长期的维度去构建AI的紧急分级投资图谱这个都是我们在第二部分重点会讨论的问题首先对于市场来看的话我们总体还是维持之前的观点就是二月份还是继续看好春季躁动 然后AI的这个主题配置的话正当时这是我们总体的一个观点是没有变的原因是因为我们整体看到了基本面的数据还是编辑在改善的包括PMI之前也算是也讲过包括我们看到了一些像这个隐秘数据语言是这个向上的这一点的话实际上对于支持流动性是非常有帮助的 那只要有效流动性是活跃的话那整体的这两股这些肯定是有机会的至少是结构性的机会至少是结构性的机会大家从9月24号到现在也是能够感受出来的这边市场出现波折但是成长的这些主线AI的主线是没有改变过的然后结构性机会是不缺乏的不断会涌出的 本次电话会议顶面向国经证券的专业投资机构客户或涉疆客户请共交流研究观点专家发言内容仅代表其个人观点会议内容并不构成对任何人的投资建议未经国经证券事先书面许可任何机构或个人严禁以任何形式向会议内容和相关信息对外公布转发、转载、传播、复制、编辑、修改、解读等 尊敬的各位投资者大家好我是国际策略分析师张驰今天和大家一起分享一下我们本周的一些 ...