M Idea Greater China Semiconductors | Asia Pacific December 5, 2024 06:54 AM GMT We expect WFE players to outperform in 2025 We remain optimistic for China's wafer fab equipment (WFE) market, given robust capital investment from local memory and logic players and further share gains due to increased demand for localization. We expect 2025 to be a transition year for global WFE, with local China players to outperform: Following record outperformance by WFE stocks globally in 2024, lead by DRAM and China in p ...

EEMEA Oil and Gas Chartbook Equities Oil & Gas No rush EEMEA ◆ OPEC+ agrees to postpone output hikes as oil demand remains weak ◆ The third wave of Saudi jack up rigs suspensions may be larger than expected previously ◆ Oil imports to China rebound on stockpiling, refining margins weakened again, tanker and LNG spot freight rates remain under pressure and European gas inventories dropped below 2022 levels This chartbook provides a monthly commentary about oil and gas markets across EEMEA (page 3). Please cl ...

7 December 2024 China Construction Machinery Equities Machinery 2025 Outlook: Opportunity Emerging China ◆ Export sees solid demand in B&R regions and provides higher margins, albeit tariffs are a downside risk ◆ Domestic sees limited downside and some signs of recovery; we expect mild growth in 2025 and stimulus brings upside ◆ We like Sany and Zoomlion-H; adjust Zoomlion H/A TP to HKD6.2/RMB7.9 (from HKD5.7/RMB8.0), ratings unchanged Looking into 1Q25e, we see investment opportunities emerging, as: 1) Exp ...

V i e w p o i n t | 06 Dec 2024 16:00:00 ET │ 29 pages Global Economics Global Indicators November Chartbook: The World in Pictures CITI'S TAKE Our global indicators chartbook highlights ongoing resilience as global growth has continued to run a notch below its 3% trend. The global PMIs at the same time highlight a two-track global economy with strong services sectors and struggling manufacturing activity. While the global manufacturing PMI increased to 50 in November, it had languished in contractionary te ...

Extel Asia Survey 2025 12 Nov – 6 Dec 2024 Equity Research Report | 6 December 2024 China Energy Storage Equities Industrials & Renewables China From boom to bloom ◆ We raise our 2025-26 energy storage system installation forecasts given a better demand outlook ◆ China is liberalizing its ancillary service market, which could lead to better returns for ESS operators ◆ Compared with Sungrow, Eve has more upside potential given bottoming battery prices We raise our 2025/26 global energy storage system (ESS) i ...

Europe Equity Research 02 December 2024 J P M O R G A N Metal Inventories in China China metals channel check: steel production & China steel demand flat week on week & stable across November. JPM latest iron ore market review. We present our high frequency inventory trends for steel, iron ore, copper, aluminium and zinc in China, for the week ended 29 November. The period captures the last 9-week period since China announced coordinated monetary policy loosening on 24 Sept. Last week's high frequency data ...

2 December 2024 | 3:15PM HKT China Smartphones: Foldable phone patents on new form factors and components upgrade; new models pipeline We reviewed foldable phone patents and models pipeline, and are positive on the rising foldable phone penetration rate. More patents have been filed in 2024, reflecting the trend of (1) New form factors: from flip-types and horizontal-folding to Tri-Fold and Quad-Fold phones, which are positive for supply chain dollar content increase; (2) Components upgrade: more durable pa ...

J P M O R G A N | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------| | | Asia Pacific Equity Research 02 December 2024 | | This material is neither intended to be distributed to Mainland China inv ...

M Idea Commodity Matters | Europe December 2, 2024 02:34 PM GMT China's Surging Coal Imports China's thermal coal imports have risen 80% in the last 2 years and are showing no sign yet of peaking out. New coal contract guidelines from 2025, including relaxed minimum captive sourcing requirements and improved linkages to international prices, are likely a further boost to import volumes. Key Takeaways New contract guidelines lower the minimum captive share requirement from 80% to 75% from 2025, giving genera ...

M Update GDS Holdings Ltd | Asia Pacific December 2, 2024 02:22 AM GMT China Core Internet Trip Takeaways We see a positive outlook for the overseas and domestic business. Overseas: Domestic: REITs in focus: • GDS maintained its target of 1GW committed capacity by 2027; sales pipeline is more skewed to overseas customers. • Beyond the 430MW current committed capacity, it still has 100-200MW capacity reserved by hyperscale customers, which will be transferred to contract in following quarters. • Customer mov ...