金盘科技 Daiwa 交流 2025.1.7 近况更新 订单情况 1-11 月新签 84 亿，同比增长十几个点。国内 52 亿，海外 32 亿+。 海外增速 70%+；国内上半年光伏板块影响，1-6 月下滑 10-20% YoY，目前 3Q24 追回下滑收窄，1- 11 月预计持平到个位数。 全年预计整体十几个点订单增速，国内下滑个位数，海外同比+60%+。 国内表现好的板块，数据中心，1-9 月同比 100%+；风电，10-20MW 风机和漂浮式应用。 海外订单年初目标 30 亿，目前 33 亿。 Q：字节跳动订单情况？ A：公司不直接回复没有披露的订单。 数据中心，干变 1 配 2，对安全可靠性要求高。 单 9 月有 1 亿+订单，国内全年 5 亿+(不含税)。 Q：2025 年国内情况展望？ A：订单占比比较分散，之前年度光伏占比 20%+，今年电站和硅料影响，下降比例很多，目前占 比十几。其他每个业务板块占比都不大。 新能源风电相对有门槛，干变海外应用多，国内风机大型化等会持续带动需求； 光伏，依旧会做，硅料不再扩产，电站方向发力；储能变压器体量不大，正在陆续谈客户； 非新能源和整体经济相关，数据中心 ...

Our answer: Yes. 8. Will the Fed cut at least four times? 1. Will GDP grow faster than consensus and the FOMC expect? Our answer: Yes. Verdict: Correct. Our strong growth forecast was our core out-of-consensus view for 2024. At the end of 2023, the Bloomberg consensus forecast for 2024 Q4/Q4 GDP growth was just 0.9% and the FOMC's forecast was just 1.4%, likely because many forecasters still expected pain from the lagged impact of past rate hikes. We forecasted 2% growth because our analysis suggested that ...

shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 Datacenter Market Insights, Part 2 – ODM Direct shuinu9870 更多一手调研纪要和研报数据加V： 3Q ODM direct shipments were up 2% q/q, with Wiwynn's unit share increasing the most. GB200 remains on track to ramp more meaningfully from mid-Feb. Stock-wise, we prefer Hon Hai/ FII, Wiwynn, Wistron and Quanta. Global ODM direct server shipments were 1.33mn in 3Q24 (+2% q/q, +16% y/y): This accounted for 36.4% of global server shipments of 3.7mn units (+1% q/q, +19% y/y), up from 36.0% in 2Q2 ...

更多一手调研纪要和研报数据加V： 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： Securities Japan Co., Ltd. is the author, publisher and distributor of the report. Distributed by UBS AG, Tokyo Branch to Professional Investors (except as otherwise permitted) in relation to foreign exchange and other banking businesses when relevant. Australia: Clients of UBS AG: Distributed by UBS AG (ABN 47 088 129 613 and holder of Australian Financial Services License No. 231087). For all other recipients: Distr ...

Global Miners – Valuation Tables P10 Commodities: Nickel P37 Charts, analysis and comparables for the global mining sector. Exhibit 1: November 2024 saw pure China EV sales +% MoM and+30% YoY. 30% 20% 10% - 10% 20% 30% 40% 50% 60% YoY growth (%) Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of Morgan Stanley Research. Investors should consid ...

Global Oil: Monthly Agency Data Snapshot 16 December 2024 ab 12 -120% -90% -60% -30% 0% 30% 60% 90% 120% Jan-20 Sep-20 May-21 Jan-22 Sep-22 May-23 Jan-24 Sep-24 Africa USA Rest of Americas China Rest of Asia Europe Oceania Global We raise our global supply growth forecasts by 60kb/d in 2024 and 0.11Mb/d in 2025 to 0.59Mb/d and 1.35Mb/d respectively. Within this, we cut OPEC+ supply forecasts by 40kb/d for 2025 anticipating improving compliance and reflecting the recent trend in Iranian output, which is larg ...

M Update China Property | Asia Pacific December 16, 2024 01:44 PM GMT Weekly Database Tracker #49 Weekly secondary unit sales in 10 cities were +70% YoY (vs. +92% YoY last week) but -14.9% WoW: Tier 1 city weekly secondary unit sales were +126% YoY (vs. +106% YoY last week) but -1.9% WoW. Tier 2 city weekly secondary unit sales were +43% YoY (vs. +85% YoY last week) but -23% WoW. Among them, Shenzhen had the strongest performance, at +185% YoY. Exhibit 1: Weekly unit sales and four-week moving average – Tot ...

Morgan Stanley Research 3 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 후원부출장샵출장샵δεξέρξερξέρδεξέρδριαδέλλβλορια == AMD = ARM Others mintol = Others 4 Morgan Stanley Research 5 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 Morgan Stanley Research 7 M Idea 8 in research on the same stock. This may be the result of differing time horizons, methodologies, market events, or other factors. For all research available on a particular stock, please contact your sales representative or go to Matrix at http://www.morganstanley.com/matri ...

ab 12 December 2024 Global Research 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 US Economic Data A volatile time for claims Initial claims rise 17K to 242K, continuing rise too Initial claims for unemployment insurance rose 17K to 242K in the week ending December 7, above our estimate (232K) but further above consensus (220K). We emphasize, though, that as we wrote in Friday's US Economics Weekly, we are entering a volatile time of year for claims. The weeks between Thanksgiving and New Year's Day can see some of the larg ...

M Idea Gaming, Lodging and Real Estate | Asia Pacific December 6, 2024 02:30 PM GMT TWA#49: 4Q Data better than feared, but only marginally Macau November GGR and October HK retail sales beat expectations. China RevPAR is also tracking better than 3Q. However, sentiment remains weak across the board. Potential RBI rate cut in Feb could be positive for India Property stocks. Buy side could have already been expecting a much weaker Dec GGR for Macau, which could be positive for stocks. China RevPAR is seeing ...