M Update China Materials | Asia Pacific 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 November 3, 2024 08:19 PM GMT Demand Tracker – November 1 Steel and cement consumption showed some slowdown. Production/sales of industrial goods: The US Department of Commerce has stated it will not issue antidumping duty orders on aluminum extrusions from 14 countries including China. A large alumina plant in East China cut daily output by ~3kt following emergency emission reduction measures. Guangxi Huasheng Phase II 更多一手调研纪要和海外投行报告加V：s ...

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 (0123.HK), could also outperform given their potentially stronger sales. M Idea | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 Deutsche Bank Research 更多一手调研纪要和海外投行报告加V：shuinu9870 7T2se3r0Ot6kwoPa Global Metals & Mining Metals & Mining Industry Metals & Mining Date 3 November 2024 Periodical 更多一手调研纪要和海外投行报告加V：shuinu9870 Copper & US election. China NPC. GLEN & results wrap. LUN preview 更多一手调研纪要和海外投行报告加V：shuinu9870 Global Copper: US election implications for the copper market With the US election less than a week away, we analysed copper's performance during previous election cycles. Historically, election ...

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海外投行报告加V：shuinu9870 November 3, 2024 09:00 PM GMT M Update Greater China IT Services and Software | Asia Pacific Chart of the Day: Sector Growth vs. Nominal GDP Growth Key Takeaways 更多一手调研纪要和海外投行报告加V：shuinu9870 3Q24 revenue growth for A-share software & IT services names under our coverage (excl. iSoftStone due to M&A) deteriorated further to -6.3% YoY on average. Nominal GDP growth was stable at 4% YoY in 3Q24. Sector growth underperformed nominal GDP growth. 更多一手调研纪要和 ...

Flash | 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 22:12:01 ET │ 11 pages China Yangtze Power (600900.SS) Maintain Neutral on Hydropower Utilization Cut Risk in 2025E and Excessive Valuations CITI'S TAKE While China Yangtze Power's ('CYP') 9M24 net profit (+30.2% yoy to Rmb28,025m) was better than expected mainly driven by utilization rise (+16.0% yoy to 3,285 hours) of its hydropower plants, we reiterate our cautious view and our market only Neutral rating as (i) the high hydropo ...

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 2131d4eaf4cb4d50b1d51c8af07b64b4 4 November 2024 | 12:08AM HKT | --- | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 4 November 2024 | 9:13AM HKT 更多一手调研纪要和海外投行报告加V：shuinu9870 2131d4eaf4cb4d50b1d51c8af07b64b4 更多一手调研纪要和海外投行报告加V：shuinu9870 更多一手调研纪要和海外投行报告加V：shuinu9870 China Software: Sep revenue growth slowed to 8.2% YoY; 3Q24 results remained soft 更多一手调研纪要和海外投行报告加V：shuinu9870 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------- ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **European Metals, Mining & Steel** industry, particularly analyzing trends in **China's metal inventories** including steel, iron ore, copper, aluminum, and zinc [2][4]. Key Insights Steel Production and Inventory - **Steel Output**: Recent data indicates a **1% increase** in steel production over a 10-day period ending October 25, but a **2% week-over-week decline** was noted in the week ending November 1, marking the first decline since stimulus hopes were raised in September [2][8]. - **Steel Prices and Margins**: Steel prices remained flat, but steel mill margins improved to their highest levels in approximately **two years**, although they are still negative or close to breakeven [2][14]. - **Inventory Levels**: Total steel inventory in China decreased by **1.9% week-over-week** to **12.35 million tons**, which is a **13.2% decline year-over-year** [7][16]. Iron Ore Trends - **Iron Ore Shipments**: Iron ore shipments to China increased by **2.9% week-over-week** to **25.44 million tons**, but year-over-year shipments are down **8.6%** [7][19]. - **Port Inventories**: Iron ore port inventories rose by **2 million tons** to **149 million tons**, which is above the normal seasonal average [18][19]. Copper Market Dynamics - **Copper Inventory**: There has been a significant slowdown in copper de-stocking, with inventories falling by **15,000 tons** in the last two weeks, indicating weaker downstream demand [4][25]. - **Copper Premiums**: The copper premium fell by **10%** last week to **$48 per ton**, which is a **30% decrease** since October 10, reflecting increased consumer sensitivity to high prices [4][25]. Aluminum and Zinc Insights - **Aluminum Inventory**: Aluminum inventories are at their lowest levels for this time of year compared to the previous five years, indicating strong de-stocking trends [11][26]. - **Zinc Inventory**: Zinc inventories are in line with historical averages after a rapid de-stocking phase [30][32]. Additional Observations - **Construction Activity**: A slowdown in construction activity is expected in November and December, which may further constrain steel production as China's peak season for downstream steel consumption ends [2][8]. - **Environmental Factors**: Heavy air pollution occurrences in steel-producing regions may also impact production levels [2][8]. Conclusion - The current trends in China's metal inventories suggest a complex interplay of production, demand, and environmental factors that could influence future market dynamics. The steel and copper markets are particularly sensitive to changes in consumer demand and construction activity, while aluminum and zinc inventories indicate a tighter supply situation.

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 4 November 2024 | 10:41PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------|---------|------------------------------------------------------------------|---------------------------------------------------------|------------------------|------------------------------|------------| | | | | | | | | | Sany Heavy (600031.SS) Virtual China Corporate ...

a E s s e n t i a l s | 31 Oct 2024 05:01:42 ET │ 65 pages China Machinery Forklifted by Electrification, Overseas Forays: Initiate Hangcha at Buy, Heli at Neutral CITI'S TAKE We initiate Anhui Heli at Neutral (TP Rmb19.00) and Hangcha Group at Buy (TP Rmb22.40), respectively China's #1 and #2 forklift companies. Both stocks performed well from Oct'23, led by lower steel prices and robust exports, until May '24, when they reversed course amid China macro and export growth concerns - stemming from higher shi ...