As of December 27, the total market cap of the nine companies we cover was down 0.4% from end-November. Their market cap decline is halting in absolute value terms, but they underperformed TOPIX by 4.9ppt. We believe uncertainty over the 2025 business environment is holding sector companies back. Meanwhile, the most recent data point of note is that exports of both cosmetics and sanitary products rose markedly in November. In particular, hygiene product exports to China rose strongly YoY for the second mont ...

Greetings, and welcome to the UiPath Third Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. We ask that you please ask one question and one follow-up, then return to the queue. As a reminder, this conference ...

Asia Pacific Equity Research 02 December 2024 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Battery Recycling EU's battery regulation to drive a big demand as well as regulatory burden; CATL to benefit from Brunp's operation | --- | --- | |---------------- ...

29 Nov 2024 07:01:50 ET │ 9 pages China Auto Manufacturers Weekly Battery — CATL Gained Market Share at 1.1ppt MTD MoM Thanks to Tesla CITI'S TAKE Weekly Battery Installations: We estimate last week's (18-24 Nov) NEVPV battery installations were up +1.7% WoW to 12.9GWh (+5.8% MoM); Nov MTD installation up +14.7% MoM. YTD installation up +31.5% YoY, with PHEV and BEV installation up +86.7% and +23.2% YTD YoY, respectively. Lithium-carbonate price declined WoW: As of 29-Nov, lithium-carbonate spot prices were ...

Global Investment Research The Goldman Sachs Group, Inc. 2025 US Equity Market Outlook The Art of the Deal November 19, 2024 David J. Kostin Chief US Equity Strategist Goldman, Sachs & Co. 1-212-902-6781 david.kostin@gs.com | --- | --- | --- | --- | |-----------------------------------|----------------------|----------------|---------------------| | | | | | | Ben Snider | | | | | Senior US Equity Strategist | Goldman, Sachs & Co. | 1-212-357-1744 | ben.snider@gs.com | | Ryan Hammond US Equity Strategist | G ...

15 Nov 2024 12:24:00 ET │ 15 pages Asia Oil & Gas, Refining China Slashing Export VAT Rebate of Oil Products / UCO CITI'S TAKE Chinese government announced a reduction in export VAT rebate for gasoline, diesel, and jet fuel from 13% to 9%, effective 1 Dec 2024 (link). Recall China re-instated full tax rebate since Nov-2016 (0% for 10 years before) to ease surplus refining capacity. Given soft PRC demand, we find the shift somewhat surprising, but it may reflect growing focus on the nation's carbon-peaking p ...

更多一手调研纪要和海外投行报告加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 03 Nov 2024 16:41:54 ET │ 12 pages China Insurance 3Q24 Results Wrap: NBV Robust with Sales & Margin Hikes; CoR Sapped by NAT CAT; Earnings Soared on Inv't CITI'S TAKE In 9M24, life insurers delivered robust NBV growth, with PICC Life leading (+114% yoy), followed by NCI/CPIC/Ping An/China Life at 79%/38%/34%/25% yoy. Ping An/CPIC's 3Q24 NBV growth accelerated to 1.1x/75% yoy, underpinned by both accelerated FYP growth and widened NB margin. In 3Q24, ...

Good day, and welcome to the Wasco Third Quarter 2024 Earnings Conference Call. Please note that today's event is being recorded, and all participants will be in a listen-only mode. Should you need any assistance on today's call, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. If you would like to ask a question, you may press star, then one on your telephone keypad. And to withdraw a question, please ...

企稳了么？ 2024.08.12 系统化洞察，多元化适应。大家好！这里是每周跟大家见面的 Alice 报告。 上一周海外市场经历了黑色星期一，很多恐慌指数、隐含波动率和我们的尾部风 险指数都达到了 2020 年疫情 3 月份时候的这个水平。大家知道那个时候美股熔断，美 债熔断，但是还好这一次没有出现连续的熔断。那么上一周五基本上整个的恐慌情绪 已经过去，美元的流动性溢价也大幅回落到了 6 月末这样一个中低的水平，那么下一 步市场怎么走？下一步我们看 carry trade，也就是说套利交易是不是已经都平仓大部 分了。只能说在交易所头寸里面，我们看到一些套息交易确实已经全部平仓，但是在 隐含在场外的一些头寸其实还是不明确的，那么这么大的波动率，我们可以说基本击 溃了整个的杠杆头寸。 那么下面一个重要的问题就是配置型的 real money 会选择什么样的方向？那么这 个就需要一个比较长的尺度去看目前各个资产的定价问题。那么我们用中美两个视角， 股票、债券、大宗商品我们用不同的尺度，长期和中短期的尺度，我们来对比一下中 美的各类资产。 首先我们看股票市场。那么以3到5年这个尺度上来看，中美股市在2023年之前， ...