10 February 2025 U.S. Semiconductors and Semiconductor Capital Equipment U.S. Semiconductors - Deconstructing 2024 Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com On the surface, 2024 was a solid upturn for the semiconductor industry, with total sales rising 19% YoY following an 8% decline in 2023. Growth was however dominated by memory (which rose 79% YoY following 2023 ...

Summary of Key Points from the FX Outlook Presentation Industry Overview - The document pertains to the **Foreign Exchange (FX) Strategy** industry, specifically focusing on the outlook for various currencies against the US dollar. Core Insights and Arguments 1. **Near-term USD Outlook**: The USD is expected to remain bullish in the near term, with a significant probability (approximately 70%) of a 10% tariff rate being priced in, which should support the dollar [5][6][12] 2. **Tariff Impact**: Tariffs are anticipated to be a key driver for USD strength, although their long-term effectiveness is questioned due to potential delays and uncertainties surrounding their implementation [8][14] 3. **Currency Forecasts**: - EUR/USD is projected to reach 0.99 in Q1 2025 - USD/JPY is expected to be 148 by Q4 2025 - AUD/USD is forecasted at 0.65 in Q2 2025 - USD/CAD is anticipated to be 1.45 in Q2 2025 [4][62] 4. **Long-term Risks**: Potential long-term bearish drivers for the USD include geopolitical factors such as a cease-fire in the Russia/Ukraine conflict and shifts in US growth relative to the rest of the world [4][12] 5. **JPY Dynamics**: The Japanese yen is highlighted as a currency to be overweight on crosses, with expectations of a gradual recovery due to rising policy rates in Japan relative to the rest of the world [10][23] 6. **GBP Weakness**: The British pound is facing downside risks due to a dovish Bank of England and weak growth indicators, with the EUR/GBP pair returning to fair value [24][26] 7. **CHF Sensitivity**: The trajectory of EUR/CHF is expected to be influenced by European tariff narratives, with the Swiss economy vulnerable to trade wars [29][30] 8. **NOK and SEK Outlook**: The Norwegian krone is supported by favorable terms of trade and domestic growth, while the Swedish krona is seen as vulnerable against the USD but not as much against the EUR [32][36] 9. **AUD and NZD Performance**: The Australian dollar's upside is capped despite a reduction in acute shock risks, while the New Zealand dollar faces ongoing rate cuts that may restrain any tariff relief [38][43] 10. **CAD Concerns**: The Canadian dollar is downgraded due to soft domestic growth and lingering tariff threats, with expectations of a significant negative shock if tariffs are fully implemented [48][50] Additional Important Insights - **Market Volatility**: The document notes that the FX market has experienced volatility due to tariff announcements and geopolitical tensions, impacting various currencies differently [43][50] - **Hedging Strategies**: Recommendations include hedging against potential market drawdowns through specific currency options and risk reversals [51][56] - **Global Carry Strategies**: There has been a slight rebound in global carry strategies, particularly in emerging markets, indicating a shift in investment focus [57][59] This summary encapsulates the key points and insights from the FX Outlook Presentation, providing a comprehensive overview of the current state and future expectations within the foreign exchange market.

Summary of Shenzhen Inovance Technology Conference Call Company Overview - **Company**: Shenzhen Inovance Technology (300124.SZ) - **Industry**: New Energy Vehicles (NEV) Electric Controllers and E-axle Systems Key Points Market Performance - Inovance's electric controller shipments grew by **59% YoY** in 2024, with market share increasing by **0.5 percentage points** to **10.7%** from **10.2%** in 2023, ranking **No. 2** in the market [1] - E-axle system shipments increased by **79% YoY** in 2024, with market share improving by **1.3 percentage points** to **6.3%** from **5.0%** in 2023, ranking **No. 4** in the market [1] - Both product categories outperformed the industry growth rates of **50%** for electric controllers and **42%** for E-axle systems in 2024 [1] Financial Metrics - The net profit margin (NPM) for Inovance's NEV powertrain business improved to **2.8%** in 2023 and **6.3%** in the first half of 2024 [1] - The upcoming IPO of the NEV powertrain business is expected to drive aggressive growth in this segment [1] Competitive Landscape - Inovance's position in the NEV electric controller market is highlighted by the following data: - **2023**: 848,129 units shipped, **10.2%** market share - **2024**: 1,332,458 units shipped, **10.7%** market share [5] - In the E-axle system market: - **2023**: 274,353 units shipped, **5.0%** market share - **2024**: 489,783 units shipped, **6.3%** market share [7] Valuation and Investment Outlook - Target price for Inovance is set at **Rmb 70.0**, based on approximately **30x FY25E EPS of Rmb 2.32**, reflecting ongoing gross profit margin (GPM) pressure due to product mix changes [11] - Expected total return of **2.1%**, with a dividend yield of **0.7%** [2] Risks - Key risks to achieving the target price include: - Slower recovery in China’s automation demand - Weaker-than-expected growth in elevator demand - Weaker-than-expected GPM [12] Additional Insights - The strong performance of Inovance is attributed to significant installations with key customers, particularly **Li Auto** [1] - Continuous scale-up in production is anticipated to further enhance profitability in the NEV powertrain business [1]

12 February 2025 | 6:59AM HKT China Data Centers AI investments with efficiency to drive sustainable IDC development and valuation re-rating; Buy VNET/GDS The emergence of DeepSeek is challenging the traditional assumptions of AI training costs, and is enabling faster growth of AI inference demand. More importantly, this development along with other recent AI model launches (e.g. ByteDance Doubao 1.5 Pro, Moonshot Kimi k1.5, Alibaba Qwen2.5, S1 developed by a team led by Professor Li Fei-Fei at Stanford Uni ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Technology in China - **Date**: February 10, 2025 Core Insights and Arguments 1. **Government Initiatives**: China is implementing measures to enhance consumption and attract foreign investment, addressing structural issues in various industries. The 2025 action plan aims to increase household incomes and promote reasonable wage growth, with a focus on new consumption types like "AI + consumption" [5][6][8] 2. **Consumption Vouchers**: Shanghai is distributing RMB 500 million in consumption vouchers from March to June, allocated as follows: RMB 360 million for catering, RMB 90 million for travel, RMB 30 million for movies, and RMB 20 million for sports [5][6][8] 3. **New Energy Vehicle Market**: In 2024, China captured 70.4% of the new energy passenger vehicle market, with global car sales reaching 90.6 million units and NEV deliveries exceeding 16.03 million units. The NEV penetration rate was approximately 19.7%, with BEV at 11.4% [5][6][8] Company-Specific Developments 1. **BYD Innovations**: BYD has launched three new DiPilot ADAS systems: DiPilot 600 for the Yang Wang brand, DiPilot 300 for Denza and BYD brands, and DiPilot 100 for all BYD models priced under RMB 100,000. All new models will maintain the same pricing as previous versions [5][6][8] 2. **Integration of AI**: BYD plans to integrate the DeepSeek R1 LLM into its intelligent driving system to enhance reasoning capabilities [5][6][8] 3. **Xpeng's Autonomous Driving Goals**: Xpeng aims to deliver L3 autonomous driving software by the end of 2025, requiring significant computing power and memory [5][6][8] 4. **JD's National Subsidies**: JD is rolling out national subsidies for new product categories, including consumer electronics and robotics [5][6][8] 5. **Temu's Market Expansion**: Temu is preparing to enter the Korean market, hiring local employees for various departments and establishing a logistics system [5][6][8] 6. **Meituan's Strategic Focus**: Meituan is prioritizing overseas markets, lower-tier domestic markets, and AI development, including an internal LLM project named Longcat [5][6][8] 7. **Doubao's Open Source Initiative**: Doubao is open-sourcing its video generation model, VideoWorld, developed in collaboration with Chinese universities [5][6][8] Additional Important Information - The report highlights potential conflicts of interest due to Barclays' business relationships with covered companies, advising investors to consider this report as one of many factors in their investment decisions [4][6][8] - The report is intended for institutional investors and not for retail investors, emphasizing the need for independent evaluation of investment opportunities [23][6][8]

J P M O R G A N Asia Pacific Equity Research 10 February 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Renewables NDRC's push on 100% RE power market sales drives mixed implications: Negative for ESS; Neutral for off- shore wind; Positive for RE ...

January 28, 2025 01:38 PM GMT Embodied AI | North America Humanoid Disruptors: Unitree - Humanoids Starting at $16K China continues to make impressive progress in humanoid robotics where startups are benefitting from established supply chains, local adoption opportunities, and strong degrees of national government support. We profile Unitree, an emerging developer of cost-effective AI robots. We continue to believe that new players capable of developing cost-effective humanoid/AI robotics solutions will pla ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific trades discussed Core Insights - The report identifies five consensus Trump trades that have shown reversal patterns similar to those during his first presidency, indicating potential market shifts [4] - It highlights that the macroeconomic backdrop is affecting equity markets differently, with a focus on the implications of a potential trade war [4][22] - The report discusses the impact of the DeepSeek effect on tech stocks, suggesting that markets may be past peak valuations and emphasizing the need for revenue generation [4][65] - It notes the significance of European elections and their potential impact on markets, particularly in light of Trump-related uncertainties [4][83] - The report addresses inflation, indicating that recent yield increases are more related to term premiums rather than inflation expectations, which may have an indirect impact on markets [4][110] Summary by Sections Five Consensus Trump Trades - The report outlines five key trades influenced by Trump, noting that these trades have reversed during his presidency [4][8] - It emphasizes the macro backdrop's varying effects on different markets, questioning whether a trade war could alter this dynamic [4][22] - The report discusses the DeepSeek effect, indicating that tech stocks may be experiencing a shift in valuation dynamics [4][50] Macro Backdrop - The report states that US sensitivity to local macro-driven assets is at its lowest since 2007, suggesting a potential shift in market behavior [24] - It highlights that European and Canadian markets may be more vulnerable to trade shocks due to lower profit margins compared to the US [36] Tech Stocks and the DeepSeek Effect - The report notes that the DeepSeek narrative has created significant market reactions, particularly affecting utilities and semiconductor stocks [52][55] - It discusses the resilience of tech stocks outside of AI, while also highlighting the unequal value distribution across the tech industry [61] European Elections and Markets - The report indicates that German elections may layer additional uncertainty on European markets, but suggests that risk assets are not overly priced [83][85] - It mentions that European stocks have outperformed the S&P 500 recently, driven by specific sector dynamics and low domestic exposure [83][84] Inflation – The Indirect Impact - The report discusses how inflation expectations are above targets but manageable, with recent yield increases attributed to recovering term premiums rather than inflation fears [102][110] - It highlights that the correlation between stock and bond markets has shifted, with positive correlations observed in Europe [112]

最后两套投权时间会相对比较晚,其实已经在12月本年底的一个时间做投权了。其他三套的话,第二次年的长廊登岗还是有一定贡献的。 2014年整个聚纸职榜进增长大概只有104万吨民意产能到年级大概是在1276万吨增长的增速大概是2.5%期片榜这边的话 进增比较少全年都只有6万吨另外还要淘汰5万吨的一个光源四的期片榜 所以二次元的基本法增长基本上其实可以忽略不计的所以我们总的二次元的敌人长测它的硬产能增长就只有在0.5万吨年底的民意产能就是5273产能的增速刚好是2点 那二五年这边的话 我们目前了解到的投产的这些专制里面 一个有金凤银的一个中股 一期跟二期其中一期的话是25万吨 那么我们了解到的话就是本周末 下周初他可能就要做投产了 第二套的话是同昆安徽的三十万吨这套装置我们了解到的投放时间大概是四到五月份第三套的话就是同昆的福建恒海项目它的投放时间大概是在五六月份同样也是三十万吨 另外就是我们测试工厂汇隆它也配套一个15万吨的序组当然它实际上这边可能就只配套两万吨汇双就比较少时间是在三季度另外就是重分的新疆的第二场项目 三十万尊可能大概会放在三季度最后的话就是年底有可能会释放的新凤明总统的第二套四十万尊以及圣母赐养的 ...

高盛闭门电话会：关税、汇率、通胀、AI，高盛把脉中国经济四大命门！ 摘要 Q&A 高盛对中国关税的基本假设是什么？ 高盛认为特朗普政府对中国的关税将进一步上调，预计在现有 10%的基础上再 增加 10%，使得总体有效税率上升 20 个百分点。高盛还预测，取消中国的永久 正常贸易关系（PNTR）地位的可能性为 35%，这将进一步提高关税。此外，高 盛还考虑了其他国家和地区的关税风险，例如对欧盟汽车征收 60 亿美元级别的 关税，以及对全球战略性重要产品征收 6,000 亿美元级别的关税。 高盛如何量化这些关税变化对美国经济的影响？ 高盛通过计算有效税率来量化这些变化。根据最新假设，美国有效税率将增加 4.7 个百分点，相比 11 月份预测时更为严重。这一增长主要是由于最近贸易战 升级所致。高盛因此上调了美国通胀预测，预计核心 PCE 会受到一定压力。在 不同情景下，美国有效税率可能进一步提高，但目前基本假设是 2025 年红色板 • 高盛预测美国有效税率因贸易战升级将增加 4.7 个百分点，上调美国通胀 预期，关注对欧盟汽车及全球战略产品征收关税的风险。 • 中国一月 CPI 受春节因素推动上升至 0.5%，P ...