September 24, 2024 05:54 AM GMT M Foundation Video | Japan Morgan Stanley MUFG Securities Co., Ltd.+ Takuya Osaka Equity Analyst Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438 Toshiyuki Anegawa Equity Analyst Toshiyuki.Anegawa@morganstanleymufg.com +81 3 6836-8914 Ryo Yagi Equity Analyst Ryo.Yagi@morganstanleymufg.com +81 3 6836-8938 Takuya Sato Equity Analyst Takuya.Sato@morganstanleymufg.com +81 3 6836-8913 Morgan Stanley Japan Research is here to help you navigate the investment debates that matter. ...

M Update Container Shipping | Asia Pacific Morgan Stanley Asia Limited+ Qianlei Fan, CFA Equity Analyst Qianlei.Fan@morganstanley.com +852 2239-1875 Jasmine Qiu Research Associate Jasmine.Qiu@morganstanley.com +852 2848-8906 Tenny Song Equity Analyst Tenny.Song@morganstanley.com +852 3963-1737 September 24, 2024 10:34 AM GMT Spot Pressure Sustained The Shanghai Containerized Freight Index has corrected by 37% from its recent peak since early July, led by corrections of 46-49% on Europe / Mediterranean route ...

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: Semiconductor industry, particularly memory and technology sectors in Asia Pacific, with emphasis on companies like Samsung, SK Hynix, and Micron [3][4][32]. Core Insights and Arguments - **Semiconductor Cycle**: The semiconductor sales year-over-year (YoY) growth has peaked, indicating a transition from an optimistic phase to a more cautious outlook [6][4]. - **Supply Chain Dynamics**: DRAM and NAND supply chain inventories are at historically high levels, with DRAM inventory particularly elevated [20][22]. - **Production Expectations**: DRAM wafer starts are expected to increase by 15% YoY in 2025, primarily for High Bandwidth Memory (HBM), while NAND wafer starts are projected to rise by 13% YoY in 2024 [22][20]. - **Valuation Concerns**: The valuation for DRAM has reversed from its peak, with multiples correcting between 41-60%, and average market capitalization falling by 32-56% [26][27]. - **Market Sentiment**: There is a cautious sentiment towards memory stocks, with companies like SK Hynix and Nanya Tech being viewed as more vulnerable in the current downcycle [32][35]. Important but Overlooked Content - **Cloud Capital Expenditure**: Cloud capital expenditure is projected to grow by 52% in 2024 (excluding Amazon) and 8% in 2025, indicating strong demand in the cloud sector [15][16]. - **CIO Insights**: 75% of Chief Information Officers (CIOs) report that recent innovations in Generative AI and Large Language Models (LLMs) are directly impacting their IT investment priorities for 2024 [17]. - **Investment Ratings**: Various companies have received updated ratings, with Samsung Electronics rated as a safe haven due to its strong balance sheet, while SK Hynix has been downgraded due to concerns over its NAND business [32][35]. Company-Specific Insights - **Samsung Electronics**: Rated as a preferred investment due to its robust balance sheet and potential for margin improvement through price hikes [32]. - **SK Hynix**: Downgraded with a target price reduction from 260,000 KRW to 120,000 KRW, reflecting a 54% downside risk [32]. - **Micron Technology**: Rated as equal-weight with a target price of 140 USD, indicating a cautious outlook amid market volatility [32]. Conclusion - The semiconductor industry is experiencing a significant transition, with high inventory levels and cautious market sentiment. Companies are advised to focus on innovation and strategic investments in cloud and AI technologies to navigate the current challenges.

Deutsche Bank Research 7T2se3r0Ot6kwoPa North America United States Consumer Gaming & Lodging Industry U.S. Lodging Industry Date 24 September 2024 Industry Update Monthly Domestic Supply Monitor Review of Domestic Supply Outlook In this report, we examine the U.S. hotel pipeline as of the end of August. U.S. supply of ~5.7 mm rooms is up ~50 bps Y/Y and is essentially unchanged M/M. The active pipeline stands at ~762K rooms and is up 20.4% Y/Y and flat M/M. The ~762K rooms in the active pipeline represent ...

J.P.Morgan Asia Pacific Equity Research 24 September 2024 | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------ ...

Americas ab 20 September 2024 Global Research and Evidence Lab US Industrial REITs Bringing Down The (Ware)house? Industrial warehouse supply/demand to return to equilibrium over time We believe that the outlook for Industrial REITs will improve in the coming years as supply pressure abates and demand recovers, driving a return to landlord pricing power. The group is undergoing a supply/demand digestion period that that has pressured Industrial REITs in 2024. We see this as a function of an uncertain macro ...

Latin America Equity Research 22 September 2024 J P M O R G A N Iron ore Trimming prices on lower Chinese steel output, but marginal mine curtailments have rebalanced markets | --- | --- | --- | |-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Mortgage Finance Weekly - 20 September 2024 Industry Overview - **Industry**: Mortgage Finance - **Key Focus**: Trends in mortgage applications, existing home sales, and origination forecasts Core Insights and Arguments 1. **Refinance Applications**: There was a **24.2% increase** in refinance applications week-over-week, indicating a significant uptick in refinancing activity compared to earlier in the year, with a **75% increase** in the non-seasonally adjusted 4-week average compared to three months ago [1][1][1] 2. **Existing Home Sales**: Existing home sales fell **2.5%** month-over-month to **3.86 million** (SAAR) in August, marking the lowest level in 10 months. The median existing-home sales price increased by **3.1%** year-over-year [1][1][1] 3. **Mortgage Applications**: The MBA purchase index rose **5.4%** for the week but showed a **0.6%** decline year-over-year, the lowest year-over-year decline since May 2021 [1][1][1] 4. **MBS Spreads**: Nominal Agency MBS spreads tightened by **7 basis points** to **120 bps**, which is **12 bps tighter** than the long-term average, indicating relatively tight spreads compared to interest rate volatility [1][1][1] 5. **Origination Forecasts**: Fannie Mae revised its 2024 origination forecast down by **1.1%** to **$1.68 trillion**, while raising the 2025 forecast by **0.5%** to **$2.16 trillion**. The purchase forecast for 2024 and 2025 was lowered by **1.5%** and **0.8%**, respectively [1][1][1] Additional Important Insights 1. **Regional Performance**: Existing home sales were particularly weak in the South, which saw a **4.3%** decline, while the Midwest performed the best but still experienced flat growth [1][1][1] 2. **Housing Starts**: Single-family housing starts rose to **992K** in August from **857K** in July, indicating a rebound likely driven by recovery from Hurricane Beryl's impact [1][1][1] 3. **Market Sentiment**: The current market sentiment reflects a cautious outlook, with the origination forecast being lower than the MBA forecast for 2024 by **4.3%** [1][1][1] 4. **Dividend Announcements**: Among the mREITs covered, **20 out of 23** announced dividends, with **2 increasing** and **4 decreasing**, indicating mixed performance in dividend distributions [4][4][4] Conclusion The mortgage finance industry is experiencing a complex landscape characterized by rising refinance activity, declining existing home sales, and cautious origination forecasts. The tightening of MBS spreads and mixed regional performance further complicate the outlook, suggesting a need for careful monitoring of market conditions and potential investment opportunities.

Summary of Key Points from the Conference Call Industry and Company Involvement - **Industry**: Sustainable Transition and Investment Strategies in the APAC region - **Companies Mentioned**: - Adani Green Energy - Daiseki Co., Ltd. - KEPCO Engineering & Construction Co., Inc. - LS Electric Co., Ltd. - Taihan Electric Wire Co., Ltd. - Topco Scientific Co., Ltd. - BAIC BluePark New Energy Technology Co. - OMRON Corporation - Jinhong Gas Co. Ltd. - Mitsubishi Chemical Group Corporation - POSCO M-TECH Co., Ltd. - Jain Irrigation Systems Limited - MMG Ltd. - Zijin Mining Group Co., Ltd. - Wonik Materials Co., Ltd. - Jiangxi Copper Company Limited - DUK SAN NEOLUX CO.LTD - Evolution Mining Limited - BHP Group Ltd. Core Insights and Arguments - **Sustainable Transition Toolkit**: The toolkit includes a framework of over 450 technology solutions, a systematic thematic assessment, a proprietary stock universe navigator, and a portfolio construction toolkit to identify sustainable investment opportunities [2][3] - **Interest Rate Sensitivity**: The analysis shows that certain APAC-based sustainable transition stocks have varying sensitivities to interest rate changes, particularly in light of the Federal Reserve's recent rate cut of 0.5% [4] - **Positive and Negative Exposures**: - Positive exposure to rate cuts includes Adani Green Energy, Daiseki, and KEPCO, while LS Electric, Taihan Electric Wire, and Topco Scientific show negative exposure [4][9][10] - **Theme Level Sensitivity**: Sustainable Materials exhibit the most negative correlation to rate cuts, while Low Carbon Heating/Cooking and Demand Side - Food System show the most positive exposures [4][11] - **Economic Conditions**: The report discusses positioning strategies for stocks based on expected economic conditions, suggesting high-quality stocks for a hard landing and high-growth stocks for a soft landing [5] Additional Important Insights - **Macro Sensitivity Screens**: The toolkit allows for the application of various macro sensitivity screens, including interest rates and other economic indicators, to identify investment opportunities [3][4] - **Growth and Quality Quintiles**: The report categorizes stocks based on growth and quality metrics, which can help investors make informed decisions based on their risk appetite [8] - **Valuation and Risk Considerations**: The report emphasizes the importance of understanding the risks associated with sustainable investments, given the lack of a universally accepted definition of sustainability [12] - **Analyst Certifications**: Analysts involved in the report certify that their views reflect their personal opinions and are prepared independently [14] This summary encapsulates the key points from the conference call, focusing on the sustainable transition industry and the implications of interest rate changes on various companies within the APAC region.

Industry/Company Involved * **Industry**: China's economy, labor market, fiscal policy, monetary policy * **Company**: Not specified, general analysis of the Chinese economy Core Views and Arguments 1. **Deterioration in China Social Dynamics Indicator (SDI)**: The SDI has deteriorated but has not reached previous policy pivot thresholds. This suggests that policy changes may be on the horizon. * [2] 2. **Rapid Deterioration in Labor Market**: Unemployment rate has increased at an abnormally fast pace since May, indicating a weakening labor market. * [4] 3. **Weakening Labor Market Sentiment**: Sentiment has weakened significantly, further indicating a struggling labor market. * [5] 4. **Downward Pressure on Wage Growth**: Wage growth is facing further downward pressure as corporate profits decline, particularly affecting the bottom 20% of earners. * [7] 5. **Rising Social Risk**: Household living standards have deteriorated at the margin, and the number of labor incidents has increased, indicating rising social risk. * [9], [10] 6. **Pro-Cyclical Fiscal Policy**: Fiscal policy may remain pro-cyclical in the near term, with on-budget fiscal rollout catching up but overall augmented fiscal deficit remaining plateaued. * [11] 7. **Potential Policy Pivot Points**: The document outlines several potential policy pivot points, including the NPC Standing Committee meeting in late October 2024, the possibility of a supplementary budget, and the Politburo economic meeting in early December 2024. * [2] 8. **Potential Policy Initiatives**: The document suggests potential policy initiatives, such as expanding the consumer goods trade-in program, providing welfare with fiscal policy, and shoring up the housing market. * [2] 9. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 10. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 11. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 12. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 13. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 14. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 15. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 16. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 17. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 18. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 19. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 20. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 21. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 22. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 23. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 24. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 25. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 26. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 27. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 28. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 29. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 30. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 31. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 32. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 33. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 34. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 35. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 36. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 37. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 38. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 39. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 40. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 41. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 42. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 43. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 44. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 45. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 46. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 47. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 48. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 49. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 50. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 51. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 52. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 53. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 54. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 55. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 56. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 57. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 58. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 59. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 60. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 61. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 62. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 63. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 64. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 65. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 66. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 67. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 68. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 69. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 70. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 71. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 72. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 73. **