大家好欢迎参加华金宏观形态周日下午查第67期解读Q3需求结构财政数据LPR下调还有多少空间目前所有参会者均处于静音状态下面开始播报名字声明本次会议为华金证券客户开发设计在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 本次会议内容的知识产权仅为华经证券所有未经华经证券事先书面许可任何机构和或个人不得以任何形式转发、翻版、复制、发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部分内容 不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负反全所有 违者必究各位朋友下午好欢迎参加华新宏观周日下午茶系列线上录影电话会 我是华健正券业研究所所长助理首席宏观分析师首席金融地产分析师秦泰今天的电话会是我们的第67期我们在今天主要给大家进行三季度经济需求结构的解读以及9月份财政数据的分析还有我们结合近期的LPR下调来分析一下未来还有多少的LPR下调空间本系列的电话会所涉及的所有报告 都在我们的微信公众号华经宏观研究里面给大家做了及时的推送欢迎关注华经宏观研究公众号首先 ...

大家好欢迎参加华金宏观形态周日下午查第67期解读Q3需求结构财政数据LPR下调还有多少空间目前所有参会者均处于静音状态下面开始播报名字声明本次会议为华金证券客户开发设计在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 本次会议内容的知识产权仅为华经证券所有未经华经证券事先书面许可任何机构和或个人不得以任何形式转发、翻版、复制、发布或引用会议全部或部分内容亦不得从未经华经证券书面授权的任何机构、个人或其运营的媒体平台接收、翻版、复制或引用会议的全部或部分内容 不得制作会议纪要对外发送擅自制作会议纪要引起不当传播的后果自负反全所有 违者必究各位朋友下午好欢迎参加华新宏观周日下午茶系列线上录影电话会 我是华健正券业研究所所长助理首席宏观分析师首席金融地产分析师秦泰今天的电话会是我们的第67期我们在今天主要给大家进行三季度经济需求结构的解读以及9月份财政数据的分析还有我们结合近期的LPR下调来分析一下未来还有多少的LPR下调空间本系列的电话会所涉及的所有报告 都在我们的微信公众号华经宏观研究里面给大家做了及时的推送欢迎关注华经宏观研究公众号首先 ...

Investment Rating - The report suggests a cautious approach towards the China property sector, recommending to buy quality State-Owned Enterprises (SOEs) on dips, specifically mentioning CR Land, CR Mixc, and Poly PS [1]. Core Insights - The report indicates that the property market continues to show weaknesses in sales, construction activities, and home prices as of September, with expectations for a rebound in October due to recent policy easing [1]. - Residential sales value dropped 17% year-on-year (Y/Y) in September, with a forecast of a 20% decline for the full year 2024 [1]. - New starts in construction declined 21% Y/Y in September, with a full-year forecast of a 20% decline [1]. - Completions saw a slight improvement, dropping 31% Y/Y in September, with a full-year forecast of a 15% decline [1]. - Home prices showed a marginal month-on-month (M/M) decline, with primary home prices decreasing by 0.71% in September [1]. - Retail sales improved by 3.2% Y/Y in September, indicating some positive consumer sentiment [1]. Sales Performance - Residential sales value decreased by 17% Y/Y in September, driven by an 11% drop in volume and a 7% drop in average selling price (ASP) [1]. - Compared to the four-year average, September sales were 39% below, showing slight improvement from a 44% drop in August [1]. - The report forecasts a 20% Y/Y decline in sales for FY24, implying an 8% decline for the remainder of the year [1]. Construction Activity - New starts in construction declined by 21% Y/Y in September, worsening from a 17% decline in August [1]. - New starts were 53% below the four-year average in September, indicating continued caution among developers [1]. - The full-year forecast for new starts is a 20% Y/Y decline, suggesting a 14% decline for the rest of the year [1]. Completion Trends - Overall completions dropped 31% Y/Y in September, showing a mild improvement from a 37% decline in August [1]. - Completions were 22% below the four-year average in September, with a full-year forecast of a 15% Y/Y drop [1]. Home Price Trends - Primary home prices saw a marginal M/M decline of 0.71% in September, with only three out of 70 cities reporting an M/M increase [1]. - Secondary home prices also experienced a slight improvement, with a decline of 0.93% M/M in September [1]. Retail Sales - Retail sales grew by 3.2% Y/Y in September, improving from a 2.1% growth in August, indicating a potential recovery in consumer spending [1].

October 20, 2024 03:15 PM GMT M Update Shenzhen Inovance Technology | Asia Pacific 3Q24 Prelims – Revenue In-line; Core Earnings Miss Reaction to earnings Weakens our investment thesis Modest shortfall Modest revision lower Impact to our investment thesis Financial results versus consensus Impact to next 12-month consensus EPS Key Takeaways 3Q revenue was up 15%-25% y-y, midpoint of Rmb9.2bn (+20% y-y) was in-line with MSe and consensus, as NEV powertrain business was the key growth driver... Automation and ...

政策持续落地，重视数据要素与信创产业 20241021 摘要 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | • | 上周市场表现强劲，指数上涨 ...

Investment Rating - The industry view for Communications Infrastructure in North America is rated as In-Line [3]. Core Insights - Data centers are expected to report solid bookings for Q3 2024, driven by strong demand from AI [3]. - Digital Realty (DLR) has outperformed Equinix (EQIX) year-to-date, with DLR up 19% compared to EQIX's 8%, while the sector lags behind the S&P 500's 23% increase [3]. - Data centers currently trade at approximately 25x NTM AFFO, representing a 25% premium to towers and a 15% premium to the REITs sector [3]. - CIO survey indicates a modest acceleration in IT budget growth expectations for 2025, with a forecast of 3.6% growth, up from 3.4% in 2024 [3][6]. - The demand for AI and cloud optimization continues to drive spending, with a projected 52% year-over-year growth in cloud capex for 2024 [6][22]. Summary by Sections Data Center Performance - DLR will report earnings on October 24, followed by EQIX on October 30 [3]. - The relative valuation gap between data centers and towers has slightly tightened recently [3]. - DLR's leverage has improved, with a current ratio of 5.3x, down from over 7x in early 2023 [8]. Growth Expectations - The 3Q24 CIO survey suggests that 41% of CIOs expect IT spending to increase as a percentage of total revenue over the next three years [22]. - Generative AI continues to be a priority for CIOs, influencing IT investment decisions [6][22]. Company-Specific Insights - For Equinix, focus will be on the $15 billion joint venture announced on October 1, 2024, and its implications for future growth [9][13]. - DLR's recent asset sales and liquidity improvements are key areas of interest, with ongoing efforts to reduce leverage [8][9]. Market Trends - The overall environment for M&A remains unattractive due to the disconnect between public and private multiples [13]. - Pricing trends and churn levels are critical metrics to monitor, with churn expected to moderate in the second half of 2024 [9][13].

更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 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 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 M Update | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The industry investment rating is "In-Line" [8] Core Insights - Weekly primary unit sales decreased by 16.5% year-over-year (YoY) but increased by 81% week-over-week (WoW) [2] - Weekly secondary unit sales increased by 32% YoY and 457% WoW, indicating a significant recovery in the secondary market [3] - The total sell-through rate reached 66%, a notable increase from 23% in the previous week [4] Section Summaries Section 1: Weekly Primary Market Data - Primary unit sales in Tier 1 cities were down 2.8% YoY but up 140% WoW, while Tier 2 cities saw a decline of 11.3% YoY and an increase of 77% WoW [2] - Tier 3 cities experienced a significant drop of 42% YoY but a 47% increase WoW [2] Section 2: Weekly Secondary Market Data - Secondary unit sales in Tier 1 cities rose by 56% YoY and 305% WoW, while Tier 2 cities saw a 20% YoY increase and a 637% WoW surge [3] - Nanning had the strongest performance among Tier 2 cities, with a 126% YoY increase [3] Section 3: Monthly Primary Market Data - The report includes data on unit sales and price index changes, reflecting ongoing trends in the primary market [10] Section 4: Monthly Secondary Market Data - Similar to the primary market, the secondary market data includes unit sales and price index changes, highlighting market dynamics [10] Section 5: Developers' Monthly Sales - The report tracks developers' sales performance, providing insights into their market strategies and outcomes [10]

添加剂出口数据-9 月更新 氨基酸：2024 年 1-9 月赖氨酸酯和赖氨酸盐出口量为 81.5 万吨，同比增长 17.2%； 2024 年 1-9 月其他氨基醇酚、氨基酸酚等（苏氨酸）出口量为 53.5 万吨，同比 增长 31.2%。2024 年 9 月赖氨酸酯和赖氨酸盐出口量为 9.7 万吨，同比增加 17.2%，环比增加 15.4%；9 月份其他氨基醇酚、氨基酸酚等（苏氨酸）出口量 为 5.7 万吨，同比增长 6.9%，环比增加 1.4%。 维生素：2024 年 1-9 月维生素总出口量为 30.3 万吨，同比增长 15.9%；2024 年 1-9 月维生素 E 出口量为 8.2 万吨，同比增长 32.6%；2024 年 1-9 月维生素 A 出口量为 4112 吨，同比增长 31.2%。其中，2024 年 9 月份维生素出口量为 3.1 万吨，同比增长 7.8%，环比减少 11.3%；9 月份维生素 E 出口量为 1.0 万 吨，同比增长 41.4%，环比增长 2.9%；9 月份维生素 A 出口量为 547 吨，同比 增长 61.6%，环比减少 7.2%。 代糖：2024 年 1-9 月三氯蔗糖总出口 ...

Hello, everyone. Welcome to the program. I'm Shen Han from Guolian Qihuo. Today is Friday, October 18th. A very fast week. But on Friday, it was supposed to be a split line between workday and weekend. But we will find that today's board seems to have a split line, right? That is to say, this morning, if we look at the big board, it seems to be compared with yesterday. It's just that it's not like yesterday, the confidence is a bit lost, it's stable. But I'm not sure if it can be talked about. But in the se ...