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摩根士丹利：半导体生产设备_Blackwell 收入增长及其对日本 SPE 的影响
摩根大通· 2024-10-13 16:43
October 8, 2024 10:26 AM GMT M Update Semiconductor Production Equipment | Japan | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根大通：ASML 市场过于悲观，因为 ASML 可能在 25 年增长近 25%，在 26 年增长两位数
摩根大通· 2024-10-13 16:43
Europe Equity Research 09 October 2024 J P M O R G A N ASML Market too bearish as ASML will likely grow close to 25% in '25 and double-digit % in '26 The investor base has suddenly gotten very bearish on ASML through the summer. Clearly there are some reasons for this, namely the Intel capex cut; the slow recovery of the consumer semi market; and worries about China restrictions on semicap companies. In this note, we argue that the long-term bear thesis on ASML is overstated and in fact 1) Litho intensity i ...
摩根士丹利：中远海运能源运输_风险回报更新
摩根大通· 2024-10-13 16:43
October 8, 2024 04:46 PM GMT M Update | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：大中华半导体_ WFE_进一步实体名单风险 – 我们的想法
摩根大通· 2024-10-13 16:43
the advanced packaging development of Chinese OSAT companies like JCET. M Idea | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------- ...
摩根士丹利：不锈钢_第三季度业绩信号混杂 – 碳钢优于不锈钢
摩根大通· 2024-10-13 16:43
M Idea Stainless Steel | Europe October 8, 2024 09:00 PM GMT Mixed Signals into Q3 Results – Prefer Carbon Steel over Stainless Following China's policy pivot, we see a better risk-reward in carbon steel, as stainless may see possible benefits with a lag. The softening US backdrop and sluggish European market prompt us to neutralise Outokumpu but keep ACX at relative Overweight. APAM remains most geared to an EU inflection. Key Takeaways We forecast Q3 EBITDA largely stable, Q4 up 7% q/q on average across t ...
摩根士丹利：TSMC_2024 年强势收官；Top Pick
摩根大通· 2024-10-13 16:43
M Idea TSMC | Asia Pacific October 8, 2024 04:34 PM GMT 2024 to finish strongly; Top Pick Thanks to growing AI semi demand, we expect 4Q24 revenue to grow another 9% QoQ, with gross margin improving to 55.5%. At 18x our 2025e EPS, the stock still looks attractive; OW. 4Q24 revenue may grow 9% Q/Q; full-year revenue to grow 27% YoY in USD: TSMC will host an earnings call on October 17. For 3Q24, we expect both revenue (up 11% Q/Q) and GM (55%) to be at the higher end of guidance ( Exhibit 1 ). Key growth dri ...
摩根士丹利：REITs_2Q24 流动性、杠杆率和 FCF_杠杆率达到新冠疫情后低位支持资产负债表可选性
摩根大通· 2024-10-13 16:43
M Foundation | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：石油手册_地缘政治与未解决的 2025 年盈余
摩根大通· 2024-10-13 16:43
M Idea The Oil Manual | Europe October 8, 2024 08:31 PM GMT Geopolitics vs the Unresolved 2025 Surplus Heightened geopolitical risks have supported oil prices and appear likely to continue to do so. However, the underlying balance has continued to weaken. Without an actual supply disruption, the expected surplus in 2025 has grown. We increase our near-term Brent forecast but lower our forecasts further out. Key Takeaways Concerns over a potential disruption in Middle East supply have driven prices higher. A ...
摩根士丹利：中国工业_ 9 月重卡销量同比下降 32% 至 58,000 辆
摩根大通· 2024-10-13 16:43
M Update October 8, 2024 06:59 AM GMT | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：资本货物_海运订单追踪_2024 年下半年油轮市场前景疲软
摩根大通· 2024-10-11 14:13
October 7, 2024 04:00 AM GMT Marine Order Tracker: A Softer Backdrop for Tankers in 2H24 2024 is rounding off as another solid year of headline contracting, though the setup for 2025 is more challenging. 90 ships were ordered in September, with Tankers and Gas Carriers easing into year-end. Tankers remain the weak spot, and a risk for Alfa order momentum into year end. Following the release of the new Clarksons ship ordering data for September, we take a look at the main moving parts within the data and als ...