EU Semiconductors ASML Holding NV Rating Our analysis leads us to conclude that our 2025 estimates are covered by the current backlog, assuming that all non-EUV bookings are for 2025. There is a risk that some have been pushed to 2026, but as lead times for these systems are typically 6-9 months, we believe the risk that the backlog would not be covered in time is low. This also implies that ASML still needs just over 19B of bookings to cover the 2026 backlog for our estimates, with just over 7B (or ~32 uni ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the North American internet industry, highlighting trends in website traffic and app usage across various companies, including META, Amazon (AMZN), DoorDash (DASH), Google (GOOGL), and GoDaddy (GDDY) [2][16][21]. Core Insights 1. **Website Traffic Trends**: - November U.S. web traffic growth showed a positive inflection of +7% Y/Y after three months of declines [2]. - eCommerce web traffic remained mostly negative, with Amazon's traffic declining by 5% Y/Y, eBay's by 1% Y/Y, and Wayfair's by 18% Y/Y [4][16]. 2. **App Usage Trends**: - META's core apps saw a +3% Y/Y increase in Monthly Active Users (MAUs), with Instagram's minutes per DAU rising for the second consecutive month [2]. - DoorDash's U.S. app MAU growth accelerated to +11% Y/Y [2]. - Amazon's global app MAUs grew by +4% Y/Y, while Temu's global app MAUs surged by +145% Y/Y [4]. 3. **Social Media App Performance**: - META accounted for 4 of the top 25 downloaded apps in November, with Threads experiencing a download growth of +102% Y/Y despite falling to 3 in rankings [2]. - TikTok's downloads fell by -42% Y/Y, and it dropped to 9 in the rankings [22]. 4. **Search Engine Market Share**: - Google's global search engine market share improved by ~70bps M/M to 90.0%, with U.S. share rising by +170bps M/M to 90.4% [17]. - Bing's web UVs rose by +32% Y/Y, although it remains significantly smaller than Google's user base [17]. 5. **Online Travel and Autos**: - Booking.com and Airbnb reported MAU growth of +10% and +11% Y/Y, respectively, while Carvana's U.S. web traffic grew by +21% Y/Y [18][20]. - Vrbo's app downloads rose by +5% in November, marking the seventh consecutive month of positive growth [19]. Additional Noteworthy Points - **SMB Servicers**: GoDaddy's U.S. traffic growth accelerated to +7% Y/Y, while Wix's traffic declined by -1% Y/Y [6]. - **Online Dating Trends**: Tinder's global MAUs declined by -11% Y/Y, while Hinge's MAUs grew by +29% Y/Y [7]. - **App Engagement**: Instagram's engagement was approximately 60 minutes per day, compared to TikTok's ~91 minutes, indicating potential for increased usage [13]. Conclusion - The North American internet industry is experiencing mixed trends, with some companies like META and DoorDash showing positive growth, while others in eCommerce face challenges. The search engine market remains dominated by Google, and there are signs of recovery in online travel and auto sectors.

Hello, everyone, and welcome to Asana's third quarter fiscal year 2025 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To participate, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 11 again. Please be advised that today's conference is being recorded. Now we'll pass the call over to the Head of Inve ...

19 Nov 2024 18:36:13 ET │ 14 pages Weibo (WB.O) 3Q24 Beat Expectation on Strong Olympics Ad Spend & Higher VAS CITI'S TAKE Weibo reported a better-than-expected 3Q24 with total revs +5% yoy to US465mn, 7.8%/6.1% higher than our/consensus expectation attributed to outperformance of VAS, which grew 25% yoy while online ad grew 2% yoy and was 7% ahead of our forecast, thanks to robust ad demand from food and beverage, apparel and automobile industry during the Olympics in 3Q24. Into 4Q24, mgmt commented that w ...

Summary of the China Property Monthly Tracker Industry Overview - The report focuses on the **Chinese property market**, highlighting trends in property sales, prices, and completions as of October 2024. Key Points 1. **National Property Sales**: - Nationwide property sales showed a cumulative decline of approximately **10%** since the last positive print in March 2022, with sales volume and value down **21%** and **13%** month-over-month (MoM) respectively in October 2024. Year-to-date (YTD) sales volume and value were down **16%** and **21%** year-over-year (YoY) respectively [4][5][6]. 2. **Average Selling Price (ASP)**: - The blended ASP increased by **10%** MoM and **1%** YoY, contrasting with a decline of **5%** MoM and **6%** YoY in September 2024. The average ASP for the first ten months of 2024 was down **6%** YoY [4][5][6]. 3. **Completion and New Starts**: - Gross floor area (GFA) completions were down **20%** YoY in October 2024, with a total of **2.85 million units** delivered YTD, which is a **450,000 unit** increase in one month. New starts recorded a **27%** YoY decline in October 2024 [4][5][6]. 4. **Secondary Market Activity**: - Secondary transaction volumes in 15 major cities rose **29%** MoM and **27%** YoY in October 2024. Tier-1 cities recorded a **58%** YoY increase in secondary sales volume [4][5][6][17]. 5. **Market Sentiment and Future Outlook**: - The sentiment among agencies and homebuyers improved, with a **10 percentage point** increase above pre-easing levels. However, the new home search demand index softened shortly after easing, indicating limited upside potential due to curtailed new project launches by developers [4][5][6]. 6. **Government Policy Impact**: - Recent policy easing measures, including deed tax and VAT cuts, have contributed to a slight recovery in market sentiment. Upcoming fiscal stimulus and land bank buyback guidance from the Ministry of Natural Resources (MNR) are anticipated to support the market further [4][5][6]. 7. **Inventory Levels**: - Completed but unsold residential inventory saw an **8th consecutive monthly decline**, reaching **375 million square meters**, which is a **7%** decrease from the all-time high in February 2024 [4][5][6]. 8. **Regional Variations**: - Type-A cities, characterized by stronger fundamentals, experienced positive MoM ASP growth in the secondary market for the first time since March 2023. In contrast, smaller cities continued to see ASP declines [4][5][6]. Additional Insights - The report emphasizes the importance of stabilization trends in major cities to boost market confidence for broader price recovery. The clarity of these trends will be essential for future market dynamics [3][4][5][6]. This summary encapsulates the critical insights from the telephone conference regarding the current state and outlook of the Chinese property market, highlighting both challenges and potential recovery signals.

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 Innovent Biologics (1801) Overweight 1801.HK, 1801 HK An eventful weekend: Fortvita deal terminated, robust 3Q24 product sales, and semaglutide's success in MASH Asia Pacific Equity Research 04 November 2024 Price: HK$35.05 01 Nov 2024 Price Target: HK$50.00 PT End Date: 30 Jun 2025 更多一手调研纪要和海外投行报告加V：shuinu9870 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Summary of Conference Call Company and Industry - The conference call discusses advancements in the field of cell therapy, particularly focusing on the company's product, a universal CAR-T therapy referred to as 0590, and its potential market impact. Key Points and Arguments 1. **Product Development and Market Potential** - The company has made significant progress with three products, especially the universal CAR-T therapy (0590), which is seen as a breakthrough in the industry [1] - The universal CAR-T therapy is positioned to tap into a market worth over $100 billion globally, with specific reference to the U.S. market for lymphatic treatments [2][3] 2. **Cost Efficiency and Production** - The production cost of the therapy is expected to decrease significantly, with estimates suggesting a cost of around $10,000 per patient if produced in batches [3] - The ability to pre-manufacture the therapy allows for global distribution, making it comparable to traditional medications [3] 3. **Clinical Trial Results** - The therapy has shown promising results in clinical trials, with a 71% success rate in meeting release standards for cell therapies, compared to 74% for competitors [4] - The duration of response (DOR) for the therapy is reported to be significantly higher than existing treatments, with some patients achieving over 20 months of remission [8][10] 4. **Technological Innovations** - The company introduced a new technology called "Thank You CAR," which aims to enhance the efficacy of the therapy by blocking NK cell activity, thus improving patient outcomes [5][6] - A new platform, "ThinkPlus," is being developed to further enhance the therapy's effectiveness across different patient populations [12][16] 5. **Safety and Side Effects** - The safety profile of the therapy is reported to be favorable, with no severe adverse events or patient dropouts due to side effects during trials [10][22] - The incidence of severe infections related to treatment is comparable to existing therapies, indicating a manageable safety profile [24] 6. **Future Development Plans** - The company plans to expand its clinical trials globally, with a focus on various indications, including autoimmune diseases and potentially anti-aging treatments [20][30] - There is an emphasis on the need for continuous innovation and the development of additional product lines to maintain competitive advantage in the market [36][37] Other Important but Overlooked Content - The discussion highlighted the competitive landscape, noting that many existing therapies have limitations in patient eligibility and response rates, which the new therapy aims to overcome [27][28] - The potential for the therapy to be used in a broader range of conditions beyond its initial indications was mentioned, indicating a strategic vision for market expansion [20][30] - The call concluded with a strong emphasis on the revolutionary nature of cell therapies and the company's commitment to leading in this space through technological advancements and strategic partnerships [36][37]

Total net sales for the quarter came in at 7.5 billion, which is above guidance. A couple of reasons for that. First off, we had stronger DPV sales, but also the installed base management business was higher than expected at 1.54 billion euros. Gross margin for the quarter came in at 50.8%, which is within guidance. Net income at 2.1 billion. Bookings came in at €2.6 billion, which I think is a reflection of some of the market dynamics that we're going to talk about later on. Part of the €2.6 billion was €1 ...