龙姬下一代龙头是谁大家现在也不好说所以其实你去看光复的他的主任的公司的龙头是在每年可能经过一波周期都是在变化的但是理念不一样理念这么多年下来其实一直都是宁德占据了龙头地位 这样其实对于设备公司来说有好有坏好处就是你可以跟最大的只要你但凡进了龙头的供应链体系或者设备商体系你就可以保持相对来说还不错的份额然后能跟下游的客户能形成不错的反馈坏处其实就是你跟老大做生意你的溢价权可能相对来说并不是特别高 那么我们从过去各家的这个理念设备公司的一个经营情况来看的话呢确实过去的一到两年内呢大家的这个经营状况也是受到了比较大的一个影响因为确实有这么几个特点嘛一个是因为整体的这个行业的紧急度确实不高就是主业公司也在承受比较大的压力所以整体的这个设备的一个验收速度其实是有所放缓的那么从这个验收速度放缓所带来了一个比较大的影响 就是他的应收账款的余额会越来越大应收账款的放缓或者说是你回款的放缓就会带来这个余额的变大那余额变大以后呢因为现在大家的这个性减值损失或者是减值记题其实都是按照会计准则记题一定的比例比如说一年以内的提3%两年以内的提5%然后三年以内的提10% 所以随着你的应收账款一个是账铃的变长还有一个就是你余额的变大所以最 ...

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6 January 2025 Asian Industrial Technology Global Automation: 2025 Outlook -- Acceleration and inflection Jay Huang, Ph.D. +852 2918 5746 jay.huang@bernsteinsg.com Dien Wang, Ph.D. +852 2918 5743 dien.wang@bernsteinsg.com Weibin Liang, Ph.D. +852 2918 5242 weibin.liang@bernsteinsg.com FA demand has turned the corner, albeit only barely (Exhibit 4 to Exhibit 6). FA stocks have not priced in an upcycle (Exhibit 1). In 2025, we expect growth to accelerate from 1H, margin to expand in 2H, and strong stock perfo ...

January 6, 2025 05:02 AM GMT Multi-Industry | North America 2025 Outlook: More Similar Than Different See a return to positive revisions in 2025 behind sustained capex strength & tariff tailwinds. We maintain an Attractive view on US Industrials into 2025. The core pillars of the "Back to GDP +3" thesis from our early September launch have only strengthened — namely stronger & more durable growth behind Improved ROI on Efficiency + US Reshoring. Evolving geopolitics + a Trump presidency signals rising prote ...

Key Points Industry Overview - **2025 Outlook**: China's healthcare sector is expected to see significant growth in 2025, driven by structural changes and increased innovation. - **New Wallet Opening Up**: The integration of commercial insurance as a significant payer is expected to drive market recovery and growth. - **Out-of-Policy Market Rising**: The rise of the out-of-policy market, mirroring trends in the US in the 80s, is expected to benefit private medical services, pharmacies, and online healthcare companies. - **Globalization of China Innovation**: The globalization of China's innovation is speeding up, with increased out-licensing and BD collaborations. Core Views and Evidence - **Commercial Insurance as a New Key Payer**: Data sharing between the NHSA and other ministries will improve insurance margins and lower claim validation expenses. - **Out-of-Policy Market Rising**: DRG/DIP implementation has led to tighter cost control and increased demand for mid/high-end commercial insurance. - **Globalization of China Innovation**: Growing out-licensing and BD collaborations will benefit innovative pharma/biopharma companies with rich pipelines. - **Multiple Inflection Points**: Companies that adapted to the challenges in 2024 are set to rebound in 2025. - **Import Substitution**: Government support for "made in China" devices will accelerate import substitution and benefit domestic equipment/IVD players. - **Geopolitical Risks for CDMOs**: Short-term US sanction risk has diminished, and market interest in China CDMOs has improved. Investment Highlights - **Top Buys**: Hengrui, Hansoh, SSY, Akeso, Kelun Biotech, Mindray, Sinopharm, Wuxi Apptec, Wuxi Bio, Gushengtang. - **Top Sells**: Bloomage, Topchoice. Other Important Points - **Hengrui**: Innovative drug sales reached Rmb6.6bn in 1H24 (+33% yoy), and 10 more innovative products are expected to be approved in 2025/26. - **IQVIA**: Indicated faster Rx sales growth since July 2024. - **Import Substitution**: New policies to boost tender scores of made-in-China products will benefit domestic brands and foreign brands with local fully integrated manufacturing capacity. - **Geopolitical Risks**: Short-term US sanction risk has diminished, and market interest in China CDMOs has improved. - **Top Picks**: Hengrui, Hansoh, SSY, Akeso, Kelun Biotech, Mindray, Sinopharm, Wuxi Apptec, Wuxi Bio, Gushengtang.

Summary of Pan-Asia Internet 2025 Outlook Industry Overview - The report focuses on the Pan-Asia internet sector, highlighting performance variations across regions in 2024, with India leading at +73.7%, followed by Southeast Asia (SEA) at +35.3%, Japan at +35.0%, and the US at +33.8%. China and Korea lagged with +15.6% and -11.4% respectively [2][12][13]. Key Themes and Trends China 1. **AI Opportunities and Challenges**: The adoption and monetization of AI applications are expected to grow, with a focus on cloud computing and AI search capabilities. However, competition in AI chat assistants is anticipated to intensify [4][37]. 2. **Overseas Strategies**: A shift towards exporting services rather than goods is noted, with companies like Trip.com and Meituan focusing on international service offerings [4][38]. 3. **Consumption Behavior**: A continued shift towards services and experiences over discretionary goods is expected, benefiting local service providers [4][40]. 4. **Content Quality and Innovation**: High-quality content is crucial for user engagement and monetization, with companies focusing on enhancing existing franchises [4][40]. 5. **Shareholder Returns**: A slower pace of share buybacks is anticipated, potentially offset by increased dividend payouts [4][40]. Korea 1. **Selective Investment Approach**: Due to economic and political uncertainties, a selective approach is favored, focusing on market-share gaining platforms like Naver and defensive gaming companies [5][39]. 2. **K-Pop Sector Resilience**: The K-pop entertainment sector is expected to grow significantly, driven by album sales recovery and the return of major artists [5][57]. India 1. **Competitive Intensity**: Rising competition in e-commerce and fintech is expected, but margins are improving across all sub-sectors [5][41]. 2. **Growth in Quick Commerce**: Quick commerce and online travel are projected to sustain strong growth due to low online penetration [5][41]. Southeast Asia 1. **Stable Landscape**: The region is expected to maintain a stable competitive environment with improving monetization and profitability trends [5][42]. 2. **E-commerce and Fintech Growth**: E-commerce competition remains intense, but companies are focusing on profitability and cost optimization [5][42]. Investment Recommendations Top Picks by Region - **China**: Tencent, Trip.com, Meituan, JD.com, Full Truck Alliance, 37 Interactive [3]. - **Korea**: Naver, Krafton, Hybe [3]. - **India**: Zomato, MakeMyTrip [3]. - **Southeast Asia**: Grab, with Goto as the top pick in Indonesia [3]. Market Outlook and Risks 1. **Market Outlook**: Anticipated consequences of US tariff hikes, potential capital raising activities, and increased regional industry consolidation [6]. 2. **Investment Risks**: Geopolitical instability, slow macroeconomic recovery in China, and potential fund reallocations out of APAC pose significant risks [7]. Conclusion The Pan-Asia internet sector is poised for growth in 2025, driven by advancements in AI, shifts in consumer behavior, and strategic overseas expansions. However, geopolitical tensions and economic uncertainties remain critical factors influencing investment decisions across the region [2][5][6][7].

Global Research ab 6 January 2025 US Equity Strategy - Large Cap Core Large Cap Core Manager Performance - January 2025 Manager Performance vs. S&P 500 Large Cap Core managers trailed the S&P 500 by -2.8% in 2024 (22.2% vs. 25.0%), net of fees. During 4Q, managers lagged by -0.7%, with the underperformance taking place primarily in December. Sector vs. Stock Impacts on Manager Performance 2024: Sector decisions added +1.0% to performance in 2024. An overweight position in Financials and Industrials added 1. ...

ab 6 January 2025 Global Research US Equity Strategy Roadmap - January 2025 Stocks Deliver Another Strong Year The S&P 500 returned 25.0% in 2024, 70.1% since October 2022 lows. Big 6 TECH+ stocks once again provided an outsized contribution to this success, delivering 47.5% and 145.4%. Excluding these 6 outperformers, the market returned 16.0% and 48.3%. Small Caps lagged (11.5% and 36.5%) relative to Large, the result of weaker earnings. EAFE did particularly poorly (4.3% and 47.0%) when measured in US$. ...

ab 6 January 2025 Factor Impacts on Manager Performance 2024: Funds with a greater focus on Price Momentum and ROE outperformed by 5.7% and 3.8% during 2024 when compared with less exposed funds. 4Q24: Managers with an emphasis on stocks with high Beta to the Market outperformed their less exposed peers by 1.7% during 4Q. Global Research US Equity Strategy - Large Cap Value Large Cap Value Manager Performance - January 2025 Manager Performance vs. Russell 1000 Value Large Cap Value managers trailed the Russ ...

6 January 2025 Global Semiconductors & Hardware China Smartphone Tracker (Nov 2024): An unusual surge in sub- flagship segment Mark Li +852 2918 5752 mark.li@bernsteinsg.com A.M. (Toni) Sacconaghi, Jr. +1 212 407 5843 sacconaghi@bernsteinsg.com Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Sara Russo +44 207 544 1792 sara.russo@bernsteinsg.com Aleksander Peterc +44 20 7762 4785 aleksander.peterc@bernsteinsg.com Edward Hou, CFA +852 2918 5796 edward.hou@bernsteinsg.com Alrick Shaw +1 21 ...