Investment Rating - The report indicates a slight underweight positioning in equities for the first time since August 2023, suggesting a cautious outlook on the equity market [1][3]. Core Insights - Equity positioning has declined and is now slightly below neutral, with a Z-score of -0.06, placing it in the 38th percentile since 2010 [11][22]. - Implied volatility has increased but remains at average levels, with the volatility premium relative to realized volatility also being average [11]. - There has been a significant inflow into European equity funds, reaching levels not seen since 2015, indicating strong investor interest in this region [1][14]. Summary by Sections Investor Positioning - Aggregate equity positioning has fallen further, with discretionary investor positioning at the 49th percentile and systematic strategies at the 38th percentile [11][24]. - Total net call volume has increased modestly, driven by index net call volume, while single stock options have seen a decline [11][12]. - Investor sentiment remains low, with the bull-bear spread at the 1st percentile, indicating a predominantly bearish outlook among investors [11][12]. Fund Flows - Equity funds attracted inflows of $22.9 billion, with notable inflows into European equities ($4.1 billion) and Japan ($3.0 billion) [14]. - Bond inflows slowed to $12.0 billion, with government bonds experiencing outflows of $1.2 billion [14]. - Money market funds saw robust inflows of $53.1 billion, primarily from the US [14]. Sector Positioning - Positioning across sectors has declined, with Mega-cap Growth and Technology remaining above average but below recent peaks [11][13]. - Consumer Staples and Utilities are slightly above average, while Energy and Materials are well below average [13][42]. - Financials and Consumer Cyclicals are just above average, while Healthcare and Industrial Cyclicals are notably below average [13][42]. Volatility and Systematic Strategies - Volatility control funds have reduced their equity exposure, with current holdings at the 32nd percentile [11][68]. - CTAs have continued to cut their aggregate equity longs, particularly in the US, while maintaining elevated positions in Europe [11][12].

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The expected growth target for China in 2025 is likely to remain at 5%, unchanged from 2024, with a fiscal deficit target set at 4% of GDP, reflecting a 1 percentage point increase from 2024 [3][6] - The government is expected to announce an inflation target of 2% for 2025, a significant reduction from the previous target of 3% [5][6] - Special government bonds (CGBs) and local government special bonds (LGSBs) quotas are anticipated to increase, with special CGBs expected to rise to CNY2 trillion from CNY1 trillion [6][7] - The property sector may receive additional support measures due to slow construction activity, with potential funding sources being monitored [7] - The government is likely to promote private sector development, with new laws being expedited to address challenges faced by private enterprises [7] - There is a strong focus on supporting the technology and AI sectors, with expectations for concrete policy announcements to promote AI development [7] Summary by Sections Economic Growth and Fiscal Policy - The national growth target for 2025 is likely to be set at 5%, with provincial targets averaging 5.3% [3][9] - The fiscal deficit is expected to be set at 4% of GDP, with increased government bond issuance [3][10] Inflation and Bond Issuance - The inflation target may be adjusted to 2%, aligning with provincial targets [5][6] - Special CGBs are expected to increase to CNY2 trillion, with LGSBs projected to rise to CNY4.5 trillion [6][7] Property Sector Support - The report highlights the need for further measures to support the property sector, including potential funding for unfinished projects [7] Private Sector and Technology Development - The government is expected to expedite laws promoting private sector growth and support for technology and AI sectors [7]

Group 1: Investment Outlook - 2025 is expected to be the year investors recognize China's dominance over other regions, with a projected bull market for Hong Kong/China stocks starting in 2024[1] - China's manufacturing exports are twice that of the US, contributing 30% of global manufacturing value added, with growth rates exceeding those of most developed markets[5] - The anticipated financial liberalization and policy shifts towards consumption may lead to unexpected upward profitability during the cycle[1] Group 2: Technological Advancements - China has emerged as a global leader in various sectors, including textiles, electronics, and recently, electric vehicles, with a significant focus on high-value industries[2] - The launch of the sixth-generation fighter jet and the AI system DeepSeek is seen as a pivotal moment for China's technological recognition[3] - China holds approximately 70% of patents in the electric vehicle sector and a similar share in 5G and 6G telecommunications equipment[12] Group 3: Market Dynamics - Global investors are underexposed to Chinese investments, similar to past trends with fossil fuels, indicating a potential market correction as awareness grows[3] - China's market capitalization share is expected to rise significantly, moving away from single-digit percentages as leading companies gain market share across various industries[5] - The trade policies and tariffs imposed by the US may have a manageable impact on China's GDP, estimated at a 0.5% headwind due to tariffs, as US exports account for only 3% of China's GDP[27] Group 4: Economic Comparisons - China's economic growth is compared to Japan's in the 1980s, with current growth rates potentially being viewed as a "miracle" in hindsight[15] - The financial system in China is expected to undergo liberalization similar to Japan's past, which could enhance corporate profitability and attract foreign investment[22] - Despite a declining population, China's advantages in automation and regional initiatives like the Belt and Road Initiative may sustain its economic growth[26]

Key Points **Industry/Company Involved**: - The research focuses on the Hong Kong and Chinese equity markets, specifically the HSI and CSI300 indices. **Core Views and Evidence**: 1. **Trend Change, Not Just a Rally**: - The current market rally is not just a short covering but indicates ongoing strength. - Historical data shows that after four consecutive down years, the market tends to see strong rebounds. - The HSI and CSI300 have fallen more in the past four years than the DJTA did in five years. - The correlation between GDP and market performance has been low, suggesting that economic growth is not the primary driver of the current rally. - The government's focus on accelerating spending and reducing debt is supportive of the market. - The industrial profitability has been weak, but this has coincided with previous market rallies, indicating a bullish outlook for investors. - There is a significant amount of cash on hand, with households ready to spend or invest. - Listed companies have strong balance sheets, with many having net cash positions. - The US market is becoming less concentrated, which could benefit Asian markets. - Valuations of the CSI300 are normal, while the HSI remains undervalued. - The dividend yield in Hong Kong is attractive compared to other markets. - Asian markets are undervalued compared to historical levels. - The model portfolio suggests overweighting Hong Kong/China and energy/commodities sectors. 2. **China's Economic Outlook**: - China's GDP has grown significantly, outpacing the West by 2-3x. - The market correlation to GDP is not evident, suggesting that other factors are driving the market. - China's USD6.5tn cash build-up is expected to be unleashed, making equities attractive compared to bank deposits. - China is under-owned globally, similar to the new fossil fuels. 3. **Market Risks**: - The APAC region has consistently fallen during US rate rise cycles, suggesting caution in markets that have risen sharply since 2009. - The correlation between GDP and market performance is low, indicating that economic growth is not the primary driver of the current rally. **Other Important Points**: - The research highlights the importance of understanding the historical context and market dynamics when analyzing the Hong Kong and Chinese equity markets. - The research provides a comprehensive analysis of the current market conditions and future outlook, offering valuable insights for investors. - The model portfolio provides a specific investment strategy based on the research findings.

Industry/Company Involved * **China**: The document focuses on the Chinese economy, including GDP growth, industrial production, retail sales, property investment, and new home prices. * **United States**: The document discusses the US housing market, including housing starts and building permits. * **United Kingdom**: The document analyzes UK retail sales data. * **Japan**: The document examines Japanese CPI data. * **Europe**: The document discusses European services inflation and German consumer confidence. Core Points and Arguments * **China GDP Growth**: China's GDP grew by 0.9% quarter-on-quarter and 4.6% year-on-year in Q3 2024, beating market expectations. This growth was driven by strong industrial production and retail sales. * **US Housing Market**: US housing starts decreased by 0.5% month-on-month in September, while building permits declined by 2.9% month-on-month. * **UK Retail Sales**: UK retail sales increased by 0.3% month-on-month and 3.9% year-on-year in September, exceeding market expectations. * **Japanese CPI**: Japan's headline CPI increased by 2.5% year-on-year in September, in line with market expectations. * **European Services Inflation**: There is evidence of a turning point in European services inflation, with underlying measures easing. * **German Consumer Confidence**: There is a generational gulf in German consumer confidence, with young people's confidence higher than at any point since reunification. Other Important Points * **Equities Pricing**: The document suggests that equities may be increasingly pricing in a Trump win, but the dollar is not. * **Inflation**: The document discusses the potential for inflation to undershoot target in 2025, particularly if the labor market weakens. * **Week Ahead**: The document provides a preview of upcoming economic data and events, including flash PMIs, central bank policy decisions, and speeches by central bank governors. * **Data Calendar**: The document includes a detailed data calendar for the week ahead, providing information on upcoming economic releases and events in various countries. References * [doc id='2'] * [doc id='3'] * [doc id='4'] * [doc id='5'] * [doc id='6'] * [doc id='7'] * [doc id='8'] * [doc id='9'] * [doc id='10'] * [doc id='11'] * [doc id='12'] * [doc id='13'] * [doc id='14'] * [doc id='15'] * [doc id='16'] * [doc id='17'] * [doc id='18'] * [doc id='19'] * [doc id='20'] * [doc id='21'] * [doc id='22'] * [doc id='23'] * [doc id='24'] * [doc id='25'] * [doc id='26'] * [doc id='27'] * [doc id='28'] * [doc id='29'] * [doc id='30'] * [doc id='31'] * [doc id='32'] * [doc id='33'] * [doc id='34'] * [doc id='35'] * [doc id='36'] * [doc id='37'] * [doc id='38'] * [doc id='39'] * [doc id='40'] * [doc id='41'] * [doc id='42'] * [doc id='43'] * [doc id='44'] * [doc id='45'] * [doc id='46'] * [doc id='47'] * [doc id='48']

Company and Industry * **Company**: Fuyao * **Industry**: Autos & Auto Technology Key Points and Arguments 1. **3Q Results Beat Expectations**: Fuyao's aggregate reported net profit for the first three quarters of 2024 increased by 33% YoY to RMB5.48bn, exceeding market expectations. 3Q 2024 reported net profit jumped by 54% YoY to RMB1.98bn, driven by record-high revenue of RMB9.97bn and a four-year-high quarterly gross margin of 38.8% [2]. 2. **Gross Profit Growth**: 3Q gross profit rose by 21% YoY and 8% QoQ to RMB3.87bn, the company's highest quarterly gross profit since inception. This growth is attributed to decent revenue growth and an expanding gross margin [4]. 3. **Improving Gross Margin**: Gross margin improvement is attributed to falling raw material prices, including sodium carbonate and external sourcing of float glass, as well as a potential improvement in product mix [4]. 4. **Valuation**: The target price of HK$71.00 is derived via a discounted cash flow (DCF) analysis, considering the full maturation of China's auto industry trends – electrification and intelligentization. This implies a 24.6x 2024E P/E, a premium to Fuyao's average 16.9x 12-month forward P/E over the past five years [5]. 5. **Risks**: Key downside risks include weaker-than-expected foreign sales volume due to an exit on favorable new energy vehicle policies in Europe and lower-than-expected margins due to slower-than-expected product mix improvement [7]. Other Important Content * **Rating**: Buy [1] * **Price Target**: HK$71.00 [3] * **Analyst Certifications**: Bin Wang, Laura Li, Edison Yu [10] * **Equity Rating Dispersion**: The Equity Rating Dispersion Chart shows the proportion of recommendations that are rated "buy", "sell", and "hold" over the previous 12 months [13] * **Additional Information**: The report includes various disclosures and certifications regarding the research process and potential conflicts of interest [16-22]

Key Points **Industry/Company Involved**: - Eli Lilly and Company (LLY.N) **Core Views and Arguments**: - **Rating**: Buy - **Revenue and EPS Outlook**: LLY's 3Q24 revenue is expected to miss consensus estimates, but the company maintains its full-year revenue guidance. Non-GAAP EPS guidance is updated to reflect incremental IPR&D charges. - **Tirzepatide (Mounjaro)**: IQVIA scripts for Tirzepatide look softer than expected, but demand remains solid. LLY's manufacturing capacity for Tirzepatide is estimated at approximately 12 million injectors per month. - **Verzenio**: Sales growth is modest, with pressure from Kisqali. CDK4/6 class share is stable. - **Jardiance**: Sales growth is in line with expectations. - **Operating Margin**: Street's OpEx looks fine and in line with LLY's FY24 Operating Margin guide. - **R&D and SG&A**: LLY continues to invest in pipeline development, with R&D and SG&A increasing significantly in 2025. **Other Important Points**: - **Hurricane Helene**: Disrupted retail pharmacies and long-term care facilities in the southeastern US, potentially impacting Tirzepatide scripts by <65bps in a worst-case scenario. - **GLP-1s**: Mounjaro and Ozempic's continuous scripts (CBRx) are growing, while Trulicity's CBRx is eroding. Switching to Zepbound seems to be gaining steam, while Wegovy trends down. - **New Starts**: Mounjaro and Ozempic scripts are running parallel, with Ozempic having slightly higher new starts. - **Humalog**: Sales growth is modest, with a slight decrease in implied net price. - **Valuation**: Price target is $1,025.00, with a 52-week range of $960.02 - $553.93. - **Risks**: Macroeconomic fluctuations, counterparty exposure, issuer creditworthiness, client segmentation, regulation, changes in tax policies, currency convertibility, and settlement issues related to local clearing houses. **References**: - [1] - [2] - [3] - [4] - [5] - [6] - [7] - [8] - [9] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29] - [30] - [31] - [32] - [33] - [34] - [35] - [36] - [37] - [38] - [39] - [40] - [41] - [42] - [43] - [44] - [45] - [46] - [47] - [48] - [49] - [50] - [51] - [52] - [53] - [54] - [55] - [56] - [57] - [58] - [59] - [60]

Company and Industry * **Company**: Meta Platforms, Inc. (META.OQ, NAS META) * **Industry**: Internet, Social Media, Advertising Key Points and Evidence 1. **Rating and Price Target**: Deutsche Bank maintains a 'Buy' rating on Meta with a target price of $650, based on a 26x multiple of 2025E GAAP EPS of $24.98. 2. **3Q24E Revenue Estimate**: Deutsche Bank estimates 3Q24E revenue at $40.4 billion, up 18% y/y, with a 17% y/y OI margin. 3. **4Q24E Revenue Estimate**: Deutsche Bank estimates 4Q24E revenue at $46.8 billion, up 17% y/y, with a 22% y/y OI margin. 4. **5Q24E Revenue Estimate**: Deutsche Bank models 15.5% y/y FXN growth for 4Q24E, implying 16% q/q revenue growth. 5. **CapEx Outlook**: Deutsche Bank raises its CapEx outlook to $51 billion for FY25, up from $48 billion previously. 6. **Valuation Multiple**: Deutsche Bank raises its valuation multiple to account for incremental AI-related revenue streams and potential slowing RL losses in FY25. 7. **Ad Spend**: Meta continues to gain share as the highest ROI platform in Social for advertisers, driven by ongoing engagement growth, resilient pricing, and increasing revenue contributions from new surfaces. 8. **AI Investments**: Meta's AI investments are driving enhanced performance, leading to a contracting cost per action and durable ad wallet share gains. 9. **Risks**: Risks include future privacy changes, growing competition for users' time, and deterioration of the macro environment in 2024. Additional Important Content * **3Q24E Revenue Breakdown**: Advertising revenue is expected to be the largest contributor, followed by Other revenue and Reality Labs. * **OI Margin Breakdown**: Family of Apps is expected to have the highest OI margin, followed by Reality Labs. * **Net Income Breakdown**: Net income is expected to be the highest in 4Q24E, followed by 3Q24E and 2Q24E. * **EPS Breakdown**: Diluted EPS is expected to be the highest in 4Q24E, followed by 3Q24E and 2Q24E. * **Target Price Changes**: Deutsche Bank has increased its target price from $585 to $650 based on the updated outlook and valuation multiple.

Key Points 1. RIO - Arcadium Lithium Deal - **Company**: Rio Tinto - **Deal**: Acquisition of 100% of Arcadium Lithium for US$5.85/sh, valuing the company at $6.7bn (EV) - **Strategy**: Expand RIO's lithium production and establish it as a top 3 global producer - **Valuation**: 20x 2025E EV/EBITDA, dropping to 7-8x in 2028E - **Post-Acquisition**: RIO's net debt to increase to ~$12bn, maintaining 60% dividend payout level [2] 2. China Macro - **Fiscal Stimulus**: No details announced yet, likely in mid-to-late October after NPC Standing Committee approval - **Government Goals**: Achieve annual growth target, provide financial support to low-income groups, ensure policy continuity [3] 3. Q3 Base Metals Previews - **FCX**: Focus on Manyar smelter ramp-up, steady state by Q2'25 more realistic than year-end target - **LUN**: Production at Candelaria to improve in Q3, offsetting Caserones strike - **Teck**: Delivery of QB2 project key for sentiment, management confident in hitting nameplate capacity by year-end - **FM**: FY24 guidance achievable despite operational headwinds in Zambia - **ANTO**: FY24 guidance a stretch, FY25 group production guidance likely to be flat YoY - **BOL**: Smelting margins key focus, material adjustment down in annual contract terms next year for copper and zinc - **Hydro**: Upstream results strong, downstream recovery timeline uncertain [4] 4. Week Ahead - **Data Points**: Peru copper production, CISA steel production rate, steel mills inventory, China trade data, CRU copper operating rates, NBS steel production, property investment, retail sales, industrial production, GDP growth, unemployment rate - **Reporting**: Rio, Vale, ANTO, BHP [6] 5. Key Data Points and Newsflow - **Chile Copper Production**: Up 6% MoM and 7% YoY, driven by Codelco, Escondida, QB2, and Candelaria - **Teck QB2 Production**: Rebounded to 19.7 kt in August, matching previous monthly high [7] 6. Commodity Price and FX Trends - **Commodities**: Decreased due to uncertainty over China's fiscal stimulus plans - **Base Metals**: Aluminium (-2%), copper (-1%), zinc (-1%), nickel (-1%) - **Bulk Commodities**: Coking coal (-5%), iron ore (-4%) - **Mining Currencies**: Depreciated against the USD [8] 7. MTM Earnings and Valuations - **Upgrade/Downgrade Risks**: Mixed for base metals names, with Hydro, FM, and Teck facing upgrade risks, ANTO and LUN facing downgrade risks, and FCX facing upgrade risk [9] 8. DB Mining Latest Research Highlights - **RIO Tinto**: Arcadium Lithium deal confirmed, strategic sense but full price [10] - **FCX**: Q3 preview: key period ahead in Indonesia, Hold [11] - **Lundin**: Q3 preview: H2 production recovery, European asset interest [11] - **FM**: Q3 preview: tracking to guidance despite Zambia headwinds, Buy [11] - **Boliden**: Q3 preview: operational inflection point delayed, Hold [11] - **Anto**: Q3 preview: FY24 guidance a stretch, Hold [11] - **Teck**: Q3 preview: QB delivery on the near-term horizon, Buy [11] - **Anglo American**: AMS stake sale: committed to the simplification plan, Buy [11] - **BHP**: Deep dive on copper growth: >$20bn in capex will depress cash flows [11] - **Global Survey Results**: less conviction in the global energy transition [11] - **Commodities Outlook**: Reality check; a pause before further gains [11] - **FM**: Hedged copper play with significant upside potential: upgrade to Buy [11] - **Rio Tinto**: Could the Jadar lithium project be coming back to life? [11] 9. Reporting Calendar & Earnings Snapshot - **Upcoming Results**: Boliden, First Quantum, Lundin Mining, Norsk Hydro, Teck Resources, Freeport [14] 10. Sector Valuation Snapshot - **European Mining**: Composite valuation at a 8% discount to trend levels [16] 11. European Mining Valuations - **Diversified Miners**: Anglo American, Glencore, Rio Tinto, BHP, Vale [18] 12. Commodity & FX Trends - **Base Metals**: Aluminium, Cobalt, Copper, Nickel, Zinc [21] - **Precious Metals**: Gold, Palladium, Platinum, Silver [21] - **Energy**: Thermal Coal, South Africa Coal, Brent Oil, European natural gas [21] - **Bulk Commodities**: Iron ore fines, Coking coal, Alumina spot [21] - **Currencies**: USD vs key currencies [22] 13. Decarbonisation Ranking and Metrics - **Diversified Miners**: AAL, GLEN, RIO, BHP, VALE [29] - **Base Metal Miners**: ANTO, BOL, FCX, FM, LUN, NHY, TECK [29] 14. Balance Sheets and Performance - **Capital Expenditure**: Sector capital expenditure progression [34] - **Net Debt**: Sector net debt progression [34] - **Net Debt to EBITDA**: 2025E net debt to EBITDA [34] - **Dividend and Buyback Yield**: 2025E dividend and buyback yield [34] 15. Key FX and Raw Material Opex Drivers - **DB Cost Index**: Yearly and weekly changes in key opex drivers [35] 16. Share Price Performance - **Global Share Price Performance**: Performance of diversified large caps and mid caps [42] 17. Additional Information - **Important Disclosures**: Conflicts of interest, data sources, and other important information [44] - **Analyst Certification**: Personal views of the lead analyst [45] - **Equity Rating Dispersion and Banking Relationships**: Equity rating dispersion chart and banking relationships [46] - **Additional Information**: Information and opinions in the report, conflicts of interest, and other important information [49-55] - **Deutsche Bank Research Department**: Organizational arrangements and information barriers [56] - **Macroeconomic Fluctuations**: Risks associated with fixed-rate instruments [57] - **Derivative Transactions**: Risks associated with derivative transactions [58] - **Foreign Exchange Transactions**: Risks associated with foreign exchange transactions [59] - **Additional Information**: Additional information relative to securities, other financial products, or issuers discussed in the report [74] - **Backtested, Hypothetical, or Simulated Performance**: Limitations of backtested, hypothetical, or simulated performance results [75] - **ESG Scores**: Methodology and limitations of ESG scores [76] - **Copyright**: Copyright information [77] - **Research Contacts**: Contact information for various research departments and locations [78]

Key Points **Industry/Company Involved**: - The report focuses on the Multi-Industry & Electrical Equipment (MI/EE) industry, specifically analyzing the impact of China's stimulus measures on various companies within the sector. **Core Views and Arguments**: 1. **China Stimulus Measures**: The People's Bank of China (PBoC) announced a series of monetary policy measures to stimulate the Chinese economy, including rate cuts, reserve requirement ratio (RRR) cuts, and mortgage loan rate cuts. Additionally, fiscal policy measures were announced, including increased bond issuance and capital injections to state-owned banks. 2. **Impact on MI/EE Companies**: Most MI/EE companies indicated that business in China has stabilized sequentially, with Y/Y organic sales trends in China seeing a material sequential uptick from 4% growth in 1Q24 to 8.5% in 2Q24. However, this uptick is attributed to easing prior year comparisons rather than a measurable improvement in demand. 3. **China Revenue Exposure**: VRT, IR, and EMR have the highest China revenue exposure and would likely disproportionately benefit from a recovery in demand. BMI, HUBB, LII, SWK, SYM, and ZWS have no China revenue exposure. 4. **Share Price Performance**: Since the China stimulus announcement, share price performance within the MI/EE coverage universe has been mixed, with VRT (+11%), ZWS (+5%), and EMR (+4%) being the strongest performers, while DOV (-2%), LII (-2%), and SWK (-1%) being the weakest performers. 5. **Skepticism about China Recovery**: While the China recovery could be a theme for 2025, the report remains somewhat skeptical about a material recovery in China over the next 12 months, describing it as a 'free call option' for applicable companies within the group. **Other Important Points**: 1. **MI/EE Global Trading Comps**: The report provides a detailed analysis of MI/EE global trading comparisons, including key performance indicators (KPIs) and price performance charts. 2. **Commodities & Currencies**: The report includes an analysis of energy commodity performance, mined commodity performance, agriculture commodity performance, and currency performance. 3. **Macro/Industry Stats**: The report provides an overview of macroeconomic and industry statistics, including ISM readings, industrial production, capacity utilization, durable goods shipments, construction expenditure, and more. 4. **Company News**: The report includes updates on various MI/EE companies, including Airbus, A.O. Smith, Boeing, Carrier, Daimler Truck, Dover, Fastenal, Honeywell, Lincoln Electric, Middleby, Siemens AG, Supermicro, Symbotic, Trane Technologies, TRATON, Veralto, and more. 5. **Latest DB MI/EE Research**: The report includes insights from recent research reports on topics such as WEFTEC Water Quality Exhibition, Honeywell's Advanced Materials spin-off, Veralto's acquisition of TraceGains, and more. 6. **Valuation**: The report discusses the valuation of the MI/EE group, noting that it now trades at a median NTM P/E multiple of 25x, which represents an all-time high when looking back at valuation over the past decade. 7. **3Q24 Earnings Preview**: The report provides a preview of the 3Q24 earnings season for the MI/EE group, noting that the group is 'priced for perfection' going into the earnings season. 8. **Catalyst Calls**: The report includes catalyst calls for various MI/EE companies, including Rockwell Automation and Carrier. 9. **Water Tech. 3Q24 Earnings Preview**: The report provides a preview of the 3Q24 earnings season for water technology companies, noting that all five of the DB Water Tech. names are expected to post 3Q24 beats. 10. **Dover Catalyst Call**: The report includes a catalyst call for Dover, noting that the company's 3Q adj. EPS forecast sits in line with the Street, and there is downside risk to management's assessment that book-to-bill can surpass 1x in 3Q (and 2H24). 11. **Non-Resi Update**: The report discusses the non-residential construction market, noting that while data points remain mixed to cautious, the recent Fed cut has put a more optimistic spin on the outlook. 12. **DB vs. Consensus Ests**: The report compares Deutsche Bank's estimates with consensus estimates for various MI/EE companies, including EPS, sales, and other financial metrics. 13. **Equity Rating Dispersion and Banking Relationships**: The report provides information on equity rating dispersion and banking relationships for various MI/EE companies. 14. **Additional Information**: The report includes additional information on various topics, including conflicts of interest, investment strategies, and more.