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 USA | Energy 2025 Energy Outlook: 10 Questions, 40 Charts 2024 was a rollercoaster year for energy, with significant dispersion being the group's defining characteristic. We believe 2025 will be similar, with US deregulation and global demand growth being primary drivers of sub-sector performance. We summarize key themes and sub-sectors within, focusing particularly on equities with exposure to demand pull and/or self-help initiatives 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：s ...

J P M O R G A N Global Markets Strategy 02 January 2025 China/Hong Kong Monthly Wrap Dec 2024: the fourth year is the charm In 2024, China and HK equity indices reversed course after a three-year correction. MXCN/HSI/HSCEI/HSTECH rose by +2.7%/+3.4%/+5.1%/+2.8% in USD during December, for USD price returns of +16%/+18%/+27%/+19% during 2024. MXCN's large-cap high yielders were well bid as the 10Y CGB yield dipped to a record low of 1.68% (Figure 4Southbnd iflowsnt HKlised hgyilers & Figure 5MXCN andMXHK: Cy ...

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 January 1, 2025 11:40 PM GMT China Property | Asia Pacific M Update Major Developers' December Sales Remained Decent CRIC preliminary sales data show contracted sales of 30 major developers we track down 10% y-y but up 11% m-m in December. SOEs continued to outperform with positive y-y growth. Major developers recorded decent December sales, with the top 50 and top 100 developers up 2% and 0% y-y, respectively (vs. -1% and -3% in November), and +22% and +28% m-m on seasonality. ...

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 January 2, 2025 11:14 AM GMT China Steel | Asia Pacific China Steel and Iron Ore Weekly Update Apparent consumption of rebar continued to fall, while that of flat products remained at a relatively high level. Steel inventory up at traders but down at mills: Inventory at traders increased 75kt, or 1.0% WoW, with that for long products up 2.9% WoW and that for flat products down 0.4% WoW as of January 2. Steel inventory at mills was 3,491kt as of January 2, down 0.3% WoW. We estim ...

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 ab 2 January 2025 Global Research China Oil, Gas and Chemical Thematic Research Offshore oilfield services likely to remain buoyant; we prefer COSL Offshore OFS utilisation fluctuated at high level, day rates increased in 2024 With oil prices starting to pick up in 2021, global oil companies have kept expanding capex, sending the oilfield services (OFS) industry as a beneficiary into an upcycle. Global offshore rig utilisation has risen over 2021-24 (annual average utilisation a ...

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 January 2, 2025 06:02 AM GMT China Property | Asia Pacific Secondary Home Prices Weakened In December December secondary home prices in major cities witnessed m-m decline after a two-month up-trend amid diminishing policy impact. In combination with slightly increased listings and seasonality, there could be downside pressure on home sales in 1Q25. December transaction home prices weakened as expected, with -1.1% m-m (-9.8% y-y) in the ~50 sample cities we track (vs. +0.5% in No ...

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 China Consumer Staples Snack: Revisit industry channel reshuffle; Initiate Three Squirrels at Neutral on valuation and Buy Yanker We revisit the themes we identified in our industry in-depth report from early 2024: opportunities for fast topline growth arising from channel reshuffle/expansion and threats to brands' margin and intensified competition from private labels. Looking ahead, we continue to see disruption given still fast growth of discounters thanks to category expansi ...

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 2 January 2025 China Semiconductors China Semiconductors: 2024 review and 2025 outlook Qingyuan Lin, Ph.D. +852 2918 5759 qingyuan.lin@bernsteinsg.com Zheng Cui +852 2123 2694 zheng.cui@bernsteinsg.com Farewell 2024, hello 2025. We initiated at the beginning of the year with the thesis on domestic substitution, in this call we provide 2024 review and 2025 outlook for the sector. We expect China semis will continue to ride on the trend of domestic substitution in 2025 as geopolit ...

Weekly primary unit sales were +13.0% YoY and +23% WoW. Weekly secondary unit sales were +55% YoY and +6.9% WoW. The total sell-through rate was 67% last week. Weekly secondary unit sales in 10 cities were +55% YoY (vs. +58% YoY last week) and +6.9% WoW: Tier 1 city weekly secondary unit sales were +36% YoY (vs. +75% YoY last week) but -1.3% WoW. Tier 2 city weekly secondary unit sales were +66% YoY (vs. +47% YoY last week) and +13.2% WoW. Among them, Nanning had the strongest performance, at +329% YoY. Cen ...

Issuance 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Rmb bn Accumulated Total Issuance of Local Government Special Bond 2020 2021 2022 2023 2024 Source: Mysteel, Morgan Stanley Research | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...