11 October 2024 | 11:07AM CST China Real Estate Expert sees large-scale fiscal stimulus on housing market unlikely but price could stabilize next year On Oct 10, we hosted an expert call with Ms. Qin Hong (senior researcher at the National Institute of Development and Strategy at Renmin University of China and Director of the Urban Renewal Research Center), to share insights on housing policy and property market outlook. In short, Ms. Qin sees direct, large-scale fiscal stimulus for the housing market as un ...

12 October 2024 | 1:29AM HKT continue to grow solidly. Global Economics Wrap-Up: October 11, 2024 | --- | --- | --- | --- | |-------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------| | | | | | | | | Global Economics | Andrew Tilton +852-2978-1802 \| andrew.tilton@gs.com | | n | | Recent data have st ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 Bulks, Base, Steel: LME week confirmed challenges miners face maintaining volumes - risk of guidance 11 October 2024 | 6:47AM BST Europe Metals & Mining The broad monetary easing announced by China coupled with guidance on further easing ahead, led to a financially driven rally in commodities. The shift in sentiment/positioning saw to a significant swing to long positioning in base metals, particularly copper (that saw one of the highest volume weeks in history) and a ...

11 October 2024 | 1:33PM BST Global Markets Analyst Lessons From Two Decades of EM Fixed Income Investing n The growth in EM local debt in the aftermath of the EM BoP crises in the late 1990s and early 2000s led to a significant increase in EM local debt issuance and the creation of a new sovereign asset class alongside EM hard currency sovereign bonds. Two decades on, we draw four broad lessons for investors. n A more mature asset class, with less outperformance but more resilience. Growing up is not all i ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 11 October 2024 | 8:00PM HKT China Restaurants: Monthly Tracker: Sep update: Sequentially softer than Aug while improvement in National Day holiday Sep SSS recovery was softer than Aug, which is similar to the trend we've seen in other consumer sectors (e.g. sportswear). By brand, Haidilao table turn declined by MSD-HSD% yoy and dropped to below 4x based on our calculation entering off-peak season, implying a lower vs. pre-Covid recovery level at low 70%s vs. low-80%s ...

10 October 2024 | 10:53PM EDT Global Credit Trader Dispersion reversion Dispersion: Not just a CCC story n Dispersion in the USD HY market has started to show convincing signs of a decline for the first time since 2022. n While most of the compression has been driven by a rally in CCCs and Wirelines and Cable & Satellite, the B bucket has also become less disperse. n We expect full normalization of dispersion in the B bucket but a slower recovery in the CCC bucket. Why we favor leveraged loans even as the F ...

11 October 2024 | 3:10PM BRT As China returns from the long Golden Week holidays, buyers and sellers are slowly resuming market conversations. For now our conversations suggest a continuation of the past month: buyers are buying regular volumes, seasonality is disappointing and paper prices are still under pressure. Recent announced China monetary and fiscal policies have failed to trigger a significant change in sentiment and/or paper demand, but pulp prices are expected to remain flat in October (maybe so ...

本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 10 October 2024 | 10:56PM EDT Americas Clean Technology: Water: WEFTEC Takeaways: Infrastructure Act spending starting to emerge and wastewater We attended the Water Environment Federation's Technical Exhibition and Conference (WEFTEC) in New Orleans this week. We met with MWA, PNR, VLTO, and XYL within our water coverage and a number of other companies within the water value chain at WEFTEC. Conversations included infrastructure spending, new product launches, produc ...

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10 October 2024 | 4:09PM EDT about subsequent stages of the AI build-out. 本文档仅供上海信鱼私募基金管理有限公司18860455898研究使用，请勿外传 | --- | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|--------------------------------------------------------------------------------| | | | | | | | US Equity Views AI and US ...