The Stock Ratings described below apply to Morgan Stanley's Fundamental Equity Research and do not apply to Debt Research produced by the Firm. For disclosure purposes only (in accordance with FINRA requirements), we include the category headings of Buy, Hold, and Sell alongside our ratings of Overweight, Equal-weight, Not-Rated and Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks we cover. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of bu ...

Equity Research Report China Strategy Tracker Equity Strategy China ◆ Most economic indicators missed in November, indicating that the economy is still not out of the woods ◆ More proactive policy support is in the pipeline ◆ The 10Y CGB yield has fallen to a record low of 1.70%; recovering house prices in first-tier cities a positive signal * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is not registered/ qualified pursuant to FINRA regulations. Issuer of report: HSBC Qianhai Securities ...

ab 26 December 2024 Global Research China China Industrials Nowcasting on US economics and China's export/import (Dec.) Preliminary retail spending estimates +0.76% MoM, still accelerating from last month's reported 0.20% MoM. For December, UBS Evidence Lab Nowcast expects the core CPI to continue to stabilize with increase of 0.20% MoM, below the US Economics team's preliminary estimate of a 28 bp increase. All major components suggest relatively stable MoM trends except for airfares which is suggesting so ...

Source: CISA, Mysteel, Morgan Stanley Research Exhibit 58: Weekly Cement Shipments in Central China -60% -30% 0% 30% 60% - 100 200 300 400 500 20022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024 Source: SMM, Morgan Stanley Research China Materials: Feb-24 Lab-grown Diamond Trade Data (18 Mar 2024) Greater China Materials: China Gold - Adding Alpha to Beta (11 Dec 2024) Zijin Mining Group: Asia Pacific Summit 2024 Feedback (21 Nov 2024) Huaxin Cement Co: Milestone Acq ...

M Foundation Officials are examining whether the gold movements within SEZ's are double counted. located at the end of this report. 2 Our View Inflation – uncertain global environment adds a layer of challenge: The outlook hinges on food inflation, which constitutes the bulk of the CPI basket. As such, with an improved outlook for summer and winter crops, we expect food inflation to moderate in the next 12 months. Further, while core inflation has been trending down in the past 12 months, it is likely to fa ...

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Source: Wind Secondary sales 7-day moving average - Shanghai - 200 400 600 800 1,000 1,200 1-Jan 1-Feb 1-Mar 1-Apr 1-May 1-Jun 1-Jul 1-Aug 1-Sep 1-Oct 1-Nov 1-Dec 2023 2024 6 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 0 20 40 60 80 100 120 140 Sep-21Oct-21Nov-21Dec-21Jan-22Feb-22Mar-22Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24Nov-24Dec-24 ...

ab 23 December 2024 Global Research China Economic Comment China Weekly: Robust Dec momentum, mixed Nov growth, lower CGB yields Our UBS China Activity Tracker shows a largely robust growth momentum in December. 30-city new property sales growth moderated to 15% YoY in the first 21 days of December (vs 20% YoY in November), with tier-1 cities recording much stronger YoY growth than lower-tier cities (see Figures 3-5). In particular, 30-city property sales growth decelerated to 5% YoY in the 3rd week on a hi ...

December 23, 2024 12:52 PM GMT Weekly primary unit sales in 50 cities were +5.0% YoY (vs. +31% YoY last week) and +5.9% WoW for the week ended December 22: Tier 1 city sales were +3.3% YoY (vs. +71% YoY last week) but -34% WoW. Tier 2 city sales were +4.5% YoY (vs. +21% YoY last week) and +25% WoW. Tier 3 city sales were +10.3% YoY (vs. +29% YoY last week) but -10.1% WoW. M Update China Property | Asia Pacific Weekly primary unit sales were +5.0% YoY and +5.9% WoW. Weekly secondary unit sales were +58% YoY ...

更多一手调研纪要和研报数据加V： shuinu9870 Figure 4: Parcel volume growth vs. GMV growth Figure 6: China express industry pricing 8.5 9.0 8.4 8.9 8.1 8.0 7.8 8.0 7.8 7.9 7.9 7.7 8.3 -20% -15% -10% -5% 0% 5% 6 7 7 8 8 9 9 10 10 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Rmb Industry pricing trend Industry ASP y-y (RHS) 5 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： Table 1: HK/China logistics comps table shuinu9870 更多一手调研纪要和研报数据加V： 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： ...