Ascendis Pharma A/S J.P. Morgan Healthcare Conference San Francisco January 2025 For investor communication only. Not for use in product promotion. Not for further distribution. Cautionary Note on Forward-Looking Statements 1. Approved in the U.S., EU, and other territories, including Norway, Iceland, Liechtenstein, and Great Britain (covering England, Wales, Scotland). 2. Calculated as unaudited preliminary estimate of full year 2024 SKYTROFA revenue of ~€197 million plus ~€5 million of sales deductions re ...

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 04:00 AM GMT China Internet | Asia Pacific 2025 Outlook – Equity Implications: OTAs and Entertainment We maintain our preferences for OTAs despite TCOM's notable outperformance over the past two years. We upgrade NTES to OW as its strong PC game pipeline should drive an earnings turnaround. We roll our valuations forward to December 2025 from mid-2025, with a new USD/ CNY assumption of 7.6 as per our macro economic team's forecast. We also extend our D ...

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 | M 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 | | | | --- | --- | --- | | | | Foundation | | January 8, 2025 08:50 AM GMT | | | | Asia EM Equity Strategy | Asia Pacific Kristal Ji | Morgan Stanley Asia (Singapore) Pte.+ | | | Equity Strategist | | | | Flows & Positioning Guide | Kristal.Ji@morganstanley.com Daniel K Blake | +65 6834-6949 | | Equity Strategist | | | | Daniel.Blake@morganstanley.com | | +65 6834-6597 | EM weekly flows – Outflows continued, led by China an ...

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 Asia Solar Equities Solar patent disputes gain momentum Asia Patent disputes heating up: In a sector that has seen its share of intense competition in product pricing, solar producers in the first echelon have been involved in several patent disputes over the past two years. Patent disputes started to gain momentum in 2024 (see table in page 2). Stepping into 2025, the first case came as Jinko Solar sued LONGi Green (601012 CH, RMB15.24, Hold) for paten ...

TW is likely to remain under pressure led by valuation downcycle, rising ERP and now peak in earnings. KR could find some tactical support as valuations have fallen to 2022 lows with early signs of inflection in downward revisions and quite light positioning. Within ASEAN, SG/MY is less likely to continue their 2023 strong run as earnings cycle seems to be peaking. However, TW/SG/MY are the best stock-pickers markets in the region with above average dispersion. AU could start the year on a positive note, ho ...

Memory – Winds of Change? No fundamental changes post the Jan. 6 rally – we expect more conservative 1Q25 guidance, confirming the cycle inflecting lower. Channel checks do not support upgrades. At a high level, more scraping the bottom of the AI narrative barrel (CES), but we maintain a cautious view in our base case. Justifying the recent rally... When share prices are up, then sentiment is up. And vice-versa. Last December was unpleasant for the DRAM sector, with stocks down 2% as a group (Hynix +8%, Sam ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 January 2, 2025 02:23 PM GMT Asia Economics | Asia Pacific M Update PMI Update: Stable Headline, Better Details Aggregate PMI held steady at a six-month high in December. Better new orders and new export orders suggest demand held up, although the outlook remains clouded by looming tariff hikes. Key Takeaways Key observations: Asia's PMI stabilising at six-month high: The aggregate Asia manufacturing PMI held firm at a six-month high of 51.5, with moderation in China, India, and ...

更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 North America Specialist Sales 19 December 2024 J P M O R G A N shuinu9870 shuinu9870 MU (and the Asia View), Semis Outlook Call, CES & Taiwan/Korea Conf? 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： Joshua Meyers +1 617 310 0767 joshua.meyers@jpmorgan.com • Did you miss Harlan Sur's 2025 Outlook: Semis & Semi Cap Equipment call yesterday morning? The replay is here. Contact me for the presentation. • Harlan, Samik & Team are hosting a bunch of events at CES Jan 6~8, with CRDO, D ...

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| --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------| | Global Technology: Semiconductors Top 10 Takeaways from our Asia Tech Tour | | | We visited ~25 companies throughout the IT supply chain last week across the ma ...