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 January 8, 2025 03:42 PM GMT China – Clean Energy | Asia Pacific Solar Products Price Tracker – Week 2, 2025 Polysilicon prices were stable; N-type Wafer prices rebounded WoW. Cell prices recovered while module prices dropped. Prices of most solar films were stable WoW. EVA and POE resin prices remained flat WoW. Key Takeaways Exhibit 1: Solar products – Price summary 1/8/2025 Polysilicon (Rmb/kg) Wafer-182mm (Rmb/pc) Wafer-210mm (Rmb/pc) Cell-182mm (Rmb/W) Cell-210mm ...

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 07 Jan 2025 05:49:04 ET │ 38 pages China Property Long Way Home; New Constraints in the Path to Stabilize in '25E CITI'S TAKE Protracted policy; prolonged recovery — We expect structural decline in REI, starts & completions to widen in '25E and sales & price decline to narrow. We believe policies are in right direction of cutting supply & destocking but a few constraints in '25E. New home supply at 20-year low; risk-reward not justified for new builds — 1) '24E land s ...

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 ab 7 January 2025 Global Research China Internet Sector Our updated thoughts into 2025 Internet sector outperformed in 2024 KWEB rose 8% (HSI +18%) in 2024 with stronger performance in Q4 amid government stimulus hope. Our observations: 1) bottom-up drivers continued to deliver significant alpha, looking at the strong performance of Trip.com/Meituan/Tencent/Bili vs PDD/VIPS; 2) valuations found support at 5-6x PE (eg, Hello Group/Weibo) as long as company earnings sta ...

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 ab 8 January 2025 Global Research China Healthcare Outlook 2025: Structural opportunities amid uncertainty Risks skewed to the upside; we prefer biotech and online pharmacies Biopharma BD momentum to continue; positive on near-term CRO earnings We think biotech could outperform on companies' solid fundamentals, backed by the government's supportive policies on innovation. We believe the historically high level of Chinese out-licensing deals proves China's biopharma R& ...

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 ab 8 January 2025 Global Research China Equity Strategy Implications of Chinese military companies list inclusion Some notable large cap names added to Chinese military companies list On 6 Jan 2024, the US Department of Defense added a number of notable listed Chinese companies such as Tencent and CATL to its list of "Chinese military companies (CMCs)" under section 1260H of the National Defense Authorization Act 2021. While the designation does not prohibit US person ...

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 8 January 2025 | 2:51PM HKT China: Policymakers unveiled implementation details for the 2025 "dual upgrade" plan to boost consumption Bottom line: The National Development and Reform Commission (NDRC), together with several other ministries, held a press conference today to unveil the implementation details for the consumer goods trade-in and equipment upgrade program (the "dual upgrade" program) in 2025. Policymakers highlighted that the "dual upgrade" program proved ...

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 本材料仅可分发给中国大陆的合格投资实体。这是对发布于2024年12月3日的英文报告的中文翻译。若原始报告和翻译版本报告之间存在任 何不一致之处，以原始英文版本为准。 分析师声明及重要披露，包括非美国分析师披露，见第57页。 摩根大通与其研究报告所覆盖的公司开展业务，或寻求与这些公司开展业务。因此，投资者应意识到其中可能存在利益冲突，进而可能会影响本报 告的客观性。投资者在做出投资决策时，本报告之观点应仅作为投资者的考虑因素之一。 {[{xTcfaSlj-ZSQMv-ljRpIMxf0wZ0dcGpo04QSx1061BbSxSm3MleEgw}]} 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 | 目录 | | --- | | 前言 | 03 | | --- | --- | | 2025 年全球展望 | 04 | | 各类资产摘要 | 11 | | 经济 | 11 | | 股票 | 17 | | 利率 | 25 | | 货币 | 34 | | 信用 | 37 | | 新兴市场 | 42 | | 大 ...

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 January 8, 2025 11:50 PM GMT Zijin Mining Group | Asia Pacific China BEST Conference Takeaways Manono was widely discussed: Given media reports, most investors asked about the Manono project in DR Congo. Zijin indicated the determining factor to commence the lithium project is to achieve competitive operating costs among the top 50 percentile of global mines. Among its four lithium projects, Manono has the most sizeable resources and therefore management sees good pot ...

Disclosures & Disclaimer 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 8 January 2025 China Real Estate Equities 100 days into easing 10 key observations after 100 days into policy easing: Key stocks Company Ticker Currency Price TP Rating Upside Market cap (USDbn) 3m ADTV (USDm) CR Land 1109 HK HKD 22.15 35.60 Buy 60.7% 20.3 64 Yuexiu 123 HK HKD 4.93 8.20 Buy 66.3% 2.6 14.6 Longfor 960 HK HKD 9.90 20.50 Buy 107.1% 8.8 49.4 KE Holdings BEKE US USD 17.74 30.40 Buy 71.4% 21.4 187.6 CR Mixc 1209 HK HKD 27.60 44.20 B ...