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 Tesla Inc (TSLA US) Reduce: 4Q24 deliveries miss poses growth question The numbers: Auto miss, storage beat: 4Q24 deliveries came in at 496k, 3% below VA consensus. At 1,789k, 2024 deliveries were down 1% YoY, missing company guidance of "slight growth in 2024". Moreover, production in 4Q24 looked weak; at 459k units, it was down 7% YoY and 7% below deliveries. Weak production could imply soft sales development into 1Q25, raising questions over TSLA's ambition to grow deliveries ...

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 2 January 2025 India Industrials and Infrastructure Electric India: 2025 Outlook — Thermal in 2023, the Grid in 2024, what's the story for this year? Nikhil Nigania +91 226 842 1414 nikhil.nigania@bernsteinsg.com Uma Menon +91 226 842 1490 uma.menon@bernsteinsg.com We believe the best is behind for wind equipment, thermal equipment story, transmission capex estimate revisions & renewable valuation multiples. We see Green H2 struggle to takeoff and pumped storage plans slow down. ...

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 2 January 2025 India Strategy India Strategy Outlook: Start buying selectively Venugopal Garre +65 6236 7643 venugopal.garre@bernsteinsg.com Nikhil Arela +91 226 842 1482 nikhil.arela@bernsteinsg.com The title may raise several questions. After an entire year of cautioning on macro and earnings risks, and now that both have surfaced, we now advise to start buying selectively. What's influencing this strategy and what does "selectively" entail? Let's find the answers. Forecasting ...

Industry/Company Involved * **Goldman Sachs Global Investment Research** - The document is a report from Goldman Sachs' Global Investment Research division, focusing on inflation trends across various economies. Core Points and Arguments 1. **Core Inflation Trends**: * Core goods inflation slowed in Japan and Canada, but increased in the US, the Euro area, and the UK. * Core services inflation slowed in most economies, with the largest decline in the Euro area and acceleration in Canada. * Traditional core inflation measures preferred by major central banks differ in terms of included categories and measurement approaches. * Goldman Sachs' trimmed core inflation measure systematically trims a weighted one-third of month-to-month changes across all core inflation categories and then takes the weighted average of the remaining two-thirds. * The trimmed core inflation rate stands at +3.7% in the UK, +2.9% in Canada, +2.5% in the US, and +2.4% in the Euro area. * Core goods inflation slowed in Canada and Japan but increased elsewhere. * Core services inflation generally declined in most economies. * Rent inflation declined in Canada and the US but increased in the UK. * Energy inflation increased in Japan and the UK, remained in negative territory elsewhere. * Food inflation increased in the UK and US but slowed elsewhere. * The breadth of inflationary pressures continues to moderate. * The share of the headline basket running above 4% on a six-month annualized basis declined across DMs. * The share of the basket with year-over-year inflation increasing ticked up outside of the US. * The distribution of three-month inflation rates across items continued to shift back towards pre-pandemic norms in most economies, but remains more dispersed in Canada. 2. **Inflation Forecasts**: * Goldman Sachs revised up its end-2024 forecasts for core inflation in Canada and the Euro area, and its end-2025 forecast for core inflation in the UK. * Goldman Sachs revised its end-2024 headline inflation forecasts by +0.1pp in the UK and -0.1pp in Canada. * Goldman Sachs expects further disinflation in most economies in 2025, with year-over-year core inflation slowing to +2.1% in Japan, +2.4% in the US, +2.0% in the Euro area, +2.8% in the UK, and +2.0% in Canada. * The GS harmonized core excludes a consistent set of items from CPI in all economies. Other Important Points * The document includes various charts and tables illustrating inflation trends and forecasts. * The document provides a detailed explanation of the methodology used to calculate trimmed core inflation. * The document includes disclosures regarding the authorship and distribution of the report.

Andrew Webb AC (44-20) 7134-0121 andrew.x.webb@jpmorgan.com Europe Credit Research 20 December 2024 J P M O R G A N Germany: The four player market features the incumbent, DT, maintaining a leading share, at the other end of the market share spectrum is 1&1 with ~10% subscriber market share. The company transitioned from MVNO to MNO after acquiring 5G spectrum in the 2019 auctions. 1&1 is presently rolling out its mobile network (Open RAN), while making use of roaming agreements. The company surprised the m ...

shuinu9870 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： shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 • What We Prefer: Companies that are well positioned for the next phase of growth and can take advantage of the long term retirement and international growth thesis. In this case, we prefer Equitable and MetLife. • What We Avoid...for Now: Currently, we are Underweight Principal Financial due to valuation and Brighthouse due to capital concerns. • We are also incrementally po ...

See the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 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 更多一手调研纪要和研报数据加V：shuinu9870 更多 ...

Global ESG Research 06 December 2024 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. 2025 Global Sustainable Investing Outlook It's all about performance Global Head of ESG Integration & Methodology Virginia Martin Heriz AC (44-20) 7134 5197 virginia.martinh ...

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