字幕由Amara.org社区提供 咱们先看一下这个画面是不是已经出来了看一下 哦有了已经有了好的看到咱们其实已经有已经也已经有朋友们来到咱们的直播间了好的那我们各位投资者朋友们大家早上好了今天是啊那其实以前平时我们大家都知道可能一般来说直播的时间可能是 各位线上的朋友大家早上好我是国特瑞易改革的经纪人马克非常高兴今天能够在线上跟大家做一个直播的交流 其实咱们一直熟悉咱们直播间的朋友们也会发现其实我们平时的直播主题很多比如说有像新能源包括比如说像白银有些固收的一些内容其实关于科技这一块的话其实确实相对来说比较少但是我们也发现其实我们的措辑者朋友们咱们看咱们直播的朋友们其实很多都非常关心近期科技的这样子的一个情况 那我们今天也是请到咱们马克总这边给我们对这个科技这个板块啊或者说这个芯片啊包括三立今天这个主题这些的内容啊做一些咱们做一些介绍咱们做个交流啊那么大家在观看直播同时也可以在评论区和我们去做一些互动包括留言有关信息的市场科技包括投资的各方面的问题也都欢迎大家去提问咱们家里马克总也会去一一的给大家去解答 那咱们屏幕左上角呢也可以关注咱们国策瑞营也不会去错过很多跟产品和行情相关的一些内容右下角呢也可以给咱们的直 ...

Industry and Company Analysis **1. Market Performance and Style Factors**: * **Momentum performed best in 1H24**: Momentum, Quality, and Size factors posted strong returns in June, with 12-month Momentum and Momentum Composite leading the gains. Value factors, however, suffered losses. * **Macroeconomic Factors**: The explanatory power of macro factors, particularly the USD Index, declined slightly. The US 10Y-2Y Spread saw an increase in explanatory power. * **Market Valuations**: Asia ex-Japan market valuations increased from 12.6x 12-month forward PE in May to 12.8x in June. Financials traded below their lower quartile of historical PE ranges, while IT and Materials traded above their upper quartile. **2. Quantitative Style Performance**: * **Momentum Composite**: The best performer YTD, up 22.2%. * **Quality**: Fundamental Growth and High Quality factors saw increases in valuations. * **Value**: Composite Value and Dividend Yield FS factors performed well. **3. Factor Descriptions**: * **Growth**: EPS Growth and Fundamental Growth. * **Momentum**: Momentum Composite, Price Momentum, and Revision to 12m fwd EPS FS. * **Quality**: High Quality and Delta Quality. * **Risk**: Low Price Beta and Low Volatility. * **Size**: Float Adjusted Market Cap. * **Value**: Composite Value, Earnings Yield FS, Dividend Yield FS, Book Value Yield, and FCF Yield. **4. Valuation Method and Risk Statement**: * The quantitative models rely on reported financial statement information, consensus earnings forecasts, and stock prices. * Errors in these numbers are sometimes impossible to prevent. * The models employ historical data to estimate the efficacy of stock selection strategies and the relationships among strategies, which may change in the future. **5. Required Disclosures**: * The document was prepared by UBS Securities Asia Limited. * UBS does and seeks to do business with companies covered in its research reports. * Investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. **6. Analyst Certification**: * Each research analyst primarily responsible for the content of this research report certifies that all of the views expressed accurately reflect his or her personal views about those securities or issuers and were prepared in an independent manner. **7. UBS Global Research Disclaimer**: * This document has been prepared by UBS Securities Asia Limited, an affiliate of UBS AG. * Any opinions expressed in this document may change without notice and are only current as of the date of publication. * Different areas, groups, and personnel within UBS may produce and distribute separate research products independently of each other.

Tesla, Inc. 12 July 2024 ab 12 Tesla, Inc. UBS Research 更多一手调研纪要和研报数据加V：shuinu9870 We took a detailed look at the addressable market for the upcoming lower-cost vehicle. We utilize the UBS Evidence Lab Global EV Survey to support our view on demographics in the US and their willingness/ability to use an EV. We also looked at various UBS Evidence Lab datasets on Tesla's perception in China. At current levels, all else equal, we believe 2030 deliveries would need to be ~6.9mm units vs. UBS forecast of ~3.9mm ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 ab 12 July 2024 Global Research and Evidence Lab Equity Strategy Stocks Rotate on Weaker Inflation, Falling Yields 更多一手调研纪要和研报数据加V：shuinu9870 Historically, when the market experiences a significant one-day rotation from large to small caps, the trend tends to continue for the following four weeks. When reviewing the top 5 instances, the largest 10 companies underperformed the rest of the market by -4.8% over the next month. Importantly, the S&P 500 advanced by 4.5% over the same ...

Summary of UBS Global Wealth Management Conference Call Company and Industry Overview - **Company**: UBS Global Wealth Management (GWM) - **Industry**: US Stock Market and Investment Strategies Key Points and Arguments 1. **Market Outlook**: UBS GWM's top strategist, David Lefkowitz, advises caution for investors who have benefited from the recent market rally, although he believes it is not yet time to exit the market [3][5][7] 2. **S&P 500 Performance**: The S&P 500 has rebounded 11.1% since early May, with a year-to-date increase of 16.9%. UBS has raised its year-end target for the index to 5,500 and 5,700 in a bull scenario, up from previous targets of 5,200 and 5,500 [3][5] 3. **Equity Upside**: Despite the positive performance, UBS strategists do not foresee significant upside for equities, suggesting that most gains for the year are already realized [5][6] 4. **Earnings Growth**: Earnings are a critical driver of stock returns. Lefkowitz is closely monitoring second-quarter results, noting that early reports have been disappointing compared to the first quarter [12][14] 5. **Economic Conditions**: The US economy is experiencing a "soft landing," characterized by steady growth, a healthy labor market, and declining inflation towards the Federal Reserve's 2% target [7][9] 6. **Interest Rate Expectations**: If current conditions persist, the Fed may cut interest rates as early as September, with expectations for additional cuts later in the year [9][17] 7. **Risks to Growth**: Key risks include the potential for weaker-than-expected economic data and corporate earnings, which could disrupt the current favorable conditions [10][11] 8. **Market Concentration**: The top 10 companies in the S&P 500 now account for 38% of the index's market capitalization, indicating a narrow market breadth that could lead to volatility if these companies underperform [14][15] 9. **Investment Recommendations**: UBS GWM remains bullish on technology and industrial sectors due to spending in AI and infrastructure, while advising against investments in healthcare and small caps [22][23] 10. **Quality Stocks**: In uncertain environments, quality stocks are recommended as they tend to perform well in late-cycle conditions [23] 11. **Diversification Strategies**: Investors are encouraged to diversify with medium-term bonds and gold, with UBS GWM particularly favoring investment-grade bonds maturing in five to ten years [24][25] 12. **Gold Price Forecast**: Gold is expected to rise to $2,600 per ounce by the end of 2024, driven by geopolitical volatility and election risks [25][26] 13. **Political Impact**: The outcome of the US elections could significantly influence market conditions, with potential implications for Fed independence if Donald Trump is re-elected [28][29] Additional Important Insights - **Market Sentiment**: There is a prevailing uncertainty in the market ahead of the elections, which typically resolves post-election [20][21] - **Hedging Strategies**: Investors are advised to consider gold as a hedge against potential market disruptions, especially in light of political uncertainties [28][29]

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 YES ab P Uow Be Sre d E b vy idence Lab Global Research and E 2v 4i d Jue nn ece 2 L 0a 2b 4 China Industrials Equities Industrial insights (June) — more negative signs China vs. May Industrial Robin Xu Analyst bin.xu@ubs.com More negative signals observed in June +86-21-3866 8872 We present key industrial data in our monthly China Industrials Chartbook. Positives for Phyllis Wang June include positive YoY growth in excavator sales, still-resilient container port Analyst through ...

米UBS 20 ● Physical demand likely to also re-engage on a price deeper pullback Gold near-term positioning has picked up y 据加V: shuinu987 Seasonally slower period over the next few months Source: Bloomberg, UBS. Global Precious Metals Comment 5 June 2024 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Palladium net shorts make the market vulnerable to interim squeezes • Global Precious Metals Comment 5 June 2024 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 120 100 80 60 Average = ~68 40 20 2012 2015 2018 2021 2000 2003 2006 2009 2024 Source: B ...

资产继续集中在北美 分地区资产配置(全球平均) Global Family Office Report 2024 21 相比之下，只有超过四分之一(27%)的资产配 置在西欧，西欧拥有奢侈品和自动化等行业 内市场领先的企业。 展望未来五年，对北美和亚太地区(不包 括大中华区)的信心是持久的。 在该区域增加 在该区域减少 没有计划改变投 更多一手调研纪要和研报数据加V：shuinu9870 家族办公室正寻求通过积极管理方式实现多元化 目前用于分散投资的六大策略 24 Global Family Office Report 2024 Global Family Office Report 2024 25 智能移动 基因疗法 食品创新 45% 40% 39% 26 Global Family Office Report 2024 Global Family Office Report 2024 27 . 地缘政治是最令人担忧的问题，但气候变化 成为中期的最大风险。 在过去的12个月里，58%的家族办公室表示 他们担心发生重大地缘政治冲突的可能性及其 对其财务目标的可能影响。似乎还有家族办公 室担心央行可能只能缓慢降 ...

ab 30 May 2024 Global Research and Evidence Lab Freeport, Glencore, Zijin crowded long – Antofagasta, Southern Copper, Capstone crowded shorts Flows. Global investors increased net positions in Glencore, Sumitomo & First Quantum this past month, while they reduced net positions in Lundin, Teck Resources & Southern Copper (Figure 1). Crowding. The most crowded copper longs are Freeport, Glencore & Zijin while the most crowded shorts are Antofagasta, Southern Copper & Capstone (Figure 2), according to UBS Cro ...

ForUBSmarketingpurposes 全球家族 办公室报告 2024 CoverimagebyMaxRive.Takenwithadrone,it’sapanoramicviewoftheRomsdalenValley, 目录 a 60-kilometer long valley in western Norway. The photo is a metaphor for how the family office takes in a broad panorama before setting a strategic path towards its objective. 前言 4 Section4 44 ...