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摩根士丹利：中国航空_ CAAC – 2024_25 W_S 赛季时刻计划
摩根大通· 2024-10-19 02:35
M Update Chinese Aviation | Asia Pacific October 13, 2024 05:51 PM GMT CAAC – Slot Plans for 2024/25 W/S Season Capacity is not necessarily a constraint to supply in the Winter/ Spring season, we think, considering demand headwinds amid macro challenges. Non-domestic capacity continued to recover to pre-Covid levels. On 12 October, CAAC released slot plans for the 2024 Winter/Spring flight season (October 2024 - March 2025). • Domestic slots to decline by 1% YoY, to +24.2% vs. 2019's level (+0.7% YoY, to +2 ...
摩根士丹利：全球宏观的下一步_长寿_老龄化时代已经到来
摩根大通· 2024-10-19 02:35
M Global Foundation | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：新兴市场主权信用战略_国际货币基金组织“削减”利率
摩根大通· 2024-10-19 02:35
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摩根士丹利：中国在线旅行社_3Q24预览及黄金周旅游更新
摩根大通· 2024-10-19 02:35
M Idea China Online Travel Agencies | Asia Pacific October 13, 2024 08:15 PM GMT 3Q24 Preview and Golden Week Travel Update Golden Week data came largely in line and 3Q guidance is well on track. We stay OW on China OTAs on resilient travel demand and easier comps ahead, with risk skewed to the upside on potential consumption recovery. Valuation is still attractive. Domestic tourists and receipts rose 5.9% and 6.3% YoY (adjusted for seven days in 2024 vs. 8 days in 2023), respectively, according to Minister ...
摩根士丹利：舜宇光学_9 月_手机镜头出货量将超过预期，而 CCM 将在 2024 年达不到预期
摩根大通· 2024-10-19 02:35
M Update Sunny Optical | Asia Pacific October 13, 2024 09:00 PM GMT September: Handset Lens Shipments to Beat while CCM to Miss in 2024? With mix improvement the top priority, handset CCM still recorded weak shipments. Handset lenses delivered solid growth, and shipments appear highly likely to beat the target. Key Takeaways Handset CCM YTD growth rate decelerated from +3% in Jan-Aug to -1% in Jan- Sep. Handset lenses recorded +6% YoY growth in Sep and +20% in Jan-Sep. Vehicle lenses' YTD growth slightly im ...
摩根大通：中国金属库存-中国刺激计划三周期间实物库存趋势_2024年周度钢铁产量最大增幅，上周螺纹钢需求激增+33%
摩根大通· 2024-10-19 02:34
Europe Equity Research 14 October 2024 J P M O R G A N Metal Inventories in China China physical inventory trends during 3 weeks of stimulus: largest increase in weekly steel output of 2024, steel rebar demand surged +33% last week | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：中国材料_需求追踪 – 刺激措施改善需求前景
摩根大通· 2024-10-19 02:34
Rmb25.8tn, down 37% YoY. M Update October 13, 2024 09:10 PM GMT | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根士丹利：中国股票策略_财政部新闻发布会后的市场影响
摩根大通· 2024-10-19 02:34
M Idea October 13, 2024 09:23 PM GMT | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...
摩根大通：中国房地产财政部将加大政策支持_专家电话会议总结
摩根大通· 2024-10-19 02:34
China Property More policy support from MOF/takeaways from expert call The MOF press conference on 12 October laid out three policies for the property sector. Although no concrete number/scale was given, the direction (i.e. allowing special LGB for purchasing idle land/unsold units and lowering tax rates) is mostly in line with our expectation. Theoretically, these moves, albeit not game changers per se, help optimize the supply/demand dynamics, but practically we see hurdles in execution. That said, with V ...
摩根士丹利：高风险业务_9 月 24 日保险定价放缓_这意味着什么
摩根大通· 2024-10-19 02:34
M Update Risky Business | Asia Pacific October 13, 2024 07:00 PM GMT Insurance Pricing Slowing In Sep-24: What Does It Mean? Our Sep-24 new business survey shows slowing premium growth vs peak levels in both Motor (+7%Y) and Home (+12%Y). We still see SUN and IAG's margins expanding in FY25E alongside double-digit insurance profit growth, but investors could start questioning insurers' margin momentum into FY26E. -30% -20% -10% 0% 10% 20% 30% 40% 50% 60% Home Premium Index Motor Premium Index Yo-Y change in ...