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 22 Nov 2024 05:00:00 ET │ 34 pages V i e w p o i n t | Global Healthcare Citi's 2024 Global Healthcare Conference: Key Debates Across the | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

CIS 行业专题 20241008 摘要 • 智能手机市场已从增量竞争转变为存量竞争，用户换机周期延长，影像技 术升级成为关键竞争点。 • CMOS 图像传感器（CIS）是影像技术核心，其结构分为前照式、背照式和 堆栈式，分别对应不同光线利用率和成本控制。 • CIS 行业市场集中度高，索尼、三星和华为占据主要份额，但国产厂商如 韦尔股份凭借技术进步和市场需求，有望实现快速赶超。 • 韦尔股份作为国产 CIS 龙头企业，2024 年上半年业绩优秀，得益于智能 手机和汽车市场需求推动，未来将持续导入高端智能手机市场，并加大在 汽车电子特别是自动驾驶应用中的渗透力度。 • 华为、小米等国产厂商逐渐采用华为相关 CIS 产品，体现了国产化进程中 本土企业不断增强的竞争力与创新能力。 • 索尼和三星在 CIS 技术方面存在战略调整，未来几年将重心转向 HBM（高 带宽存储），为其他企业提供了发展机遇。 Q&A 请介绍一下当前智能手机市场的竞争态势以及影像技术在其中的重要性。 智能手机市场已经从增量竞争转变为存量竞争，用户换机周期逐渐延长。尽管创 新速度相较早期有所放缓，但各大厂商仍在处理器、屏幕、材料和 AI 模型等 ...

Viewpoint | Citi Research 12 Aug 2024 01:10:13 ET | 28 pages South Africa Economics and Equities Two-pot retirement reform to boost GDP with stock implications CITI'S TAKE We expect the two-pot retirement reform (effective 1 September 2024) to boost GDP growth to 2.0% by 2025. We see upside for South African equities given the expected positive impact on consumption, namely for consumer stocks, while the impact on banks is likely to be more nuanced given our expectation that the reform will lead to repaymen ...

Viewpoint | Citi Research 09 Aug 2024 16:10:46 ET | 25 pages US Economics Weekly Rising unemployment is not "transitory" CITI'S TAKE The rise in the unemployment rate is the clearest sign yet that rather than achieving a "soft landing" the US economy is more likely to slide into recession. Attempts to explain away softer labor market data as a weather- related distortion are reminiscent of claims that elevated inflation would prove to be "transitory." Standard macroeconomics provides a more straightforward ...

Viewpoint | Citi Research 12 Aug 2024 03:13:20 ET | 26 pages UK Economics July Inflation Preview – Undershoots now, further questions into August CITI'S TAKE We expect the slew of data this week to show UK disinflation to be broadly on track. Friday's growth data will we think indicate an ongoing, supply-led recovery. We expect the labour market to have continued to soften, although uncertainties around the LFS will still merit caution. On the inflation side, we expect a downside surprise, with services inf ...

Viewpoint | Citi Research 11 Aug 2024 20:07:29 ET | 9 pages European Economics Week Ahead Week of 12 August CITI'S TAKE The data in Europe may continue to play second fiddle to global market developments next week. Nonetheless, a slew of top tier data in the UK – including inflation and labour market releases, merit close attention. ZEW investor expectations, the only relevant Eurozone data out next week, likely turned down in August, on market risk-off moves and global growth concerns. In the Scandies, the ...

Viewpoint | Citi Research 12 Aug 2024 02:00:16 ET | 13 pages The Morning Call The Week Ahead: 12-16 August CITI'S TAKE Jamie Searle AC +44-20-7986-9493 jamie.searle@citi.com We discuss the key macro events for the week ahead, a summary of our latest rates views, and upcoming supply for EMU-11, UK, and the US. Andrea Appeddu Ac +39-02-8906-4316 andrea.appeddu@citi.com Aman Bansal, CFA sc +44-20-7986-1007 aman.bansal@citi.com Jussi Harju, CFA nc +49-69-1366-5655 jussi.harju@citi.com Puja V Sawant AC +91-22-42 ...

Viewpoint | Citi Research 11 Aug 2024 20:45:32 ET | 11 pages Global FX Strategy Still all about risk CITI'S TAKE Recent developments accelerated our bearish view on risk and drove unwinds in crowded FX positions. This creates a cleaner setup into upcoming catalysts but keeps focus squarely on the risk backdrop for G10 FX. In this context, we think US initial claims and retail sales matter more than CPI. Daniel Tobon Ac +1-212-816-8340 daniel.tobon@citi.com Brian Levine AC +1-212-816-6896 brian.levine@citi.c ...

Citi Research 11 August 2024 Multi-Asset: EM Equity Strategy Compass Deep Dive After the Correction, Into the Election Equity Strategy EM / Global David GromanAc david.groman@citi.com +44 20 7986 4346 Nikhil N Jadhav, CFAAC nikhil.nitin.jadhavi@citi.com +44 20 7508 0895 Beata Manthey, PhDAC beata.manthey@citi.com +44 20 7986 4349 Asia Surendra Goyal, CFAAC surendra.goyal@citi.com +91-22-6175-9870 Pierre Lau, CFAAC pierre.lau@citi.com +852-2501-2716 Ferry Wong, CFAAC ferry.wong@citi.com +62-21-2924-9213 Pete ...

CitiFX Wire Market Commentary - FXLM - Intended for Institutional clients only Europe Open - Gentle breeze By Naveen Nair A quieter day for markets in Asia with Japan observing a local holiday. Interbank FX volumes are ~60% lower than 30d averages according to our etraders. DXY trades flat, with JPY down 0.4% on the day though we flag no news behind this. The rest of the G10 FX complex trade in tight ranges. Elsewhere, US stock futures are flat, while cash US treasuries are closed on account of the Japan ho ...