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 ab 7 January 2025 Global Research Japan Equity Strategy & Thematic Research Event Watch: Preparing for uncertainty in 2025 In 2024, Japan share prices advanced in H1 and reached new highs in July TOPIX advanced +4% mom in December 2024 and +18% yoy in 2024. In H1 2024, there were increased domestic and overseas investor expectations for the normalisation of Japan's economy and financial policy, which pushed up TOPIX to a new high in July. In August, concerns about the ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the solar energy industry, focusing on polysilicon, wafers, cells, modules, and related materials such as EVA and POE resins. Core Insights and Arguments - **Polysilicon Prices**: Domestic polysilicon prices remained stable at Rmb39/kg, with bidding prices ranging from Rmb35-40/kg. Overseas prices were reported at US$21/kg [13][14]. - **Wafer Prices**: N-type wafer prices decreased by 1.8% week-over-week (WoW), while P-type wafer prices remained stable. The average price for N-type wafers (182*210mm) was noted [6][7]. - **Cell Prices**: N-type cell prices also fell by 1.8% WoW, with P-type cell prices remaining flat. The average price for N-type cells was reported [6][7]. - **Module Prices**: Domestic module prices were largely stable, with PERC modules priced at Rmb0.68/W and TOPCon modules at Rmb0.71/W [34][35]. - **EVA and POE Resins**: Prices for solar films and EVA resin remained flat WoW, while POE resin prices increased by 1.4% WoW [35][36]. Price Changes and Trends - **Monthly and Yearly Changes**: - Polysilicon prices showed a year-over-year (YoY) decrease of 40%, while wafer prices decreased by 42.5% YoY. Cell prices also reflected significant declines, with PERC cells down by 30.6% YoY [8][36]. - The year-to-date (YTD) changes for polysilicon and cells were similarly negative, indicating a continuing trend of price reductions in the solar supply chain [8][36]. Additional Important Information - **Market Stability**: Despite the fluctuations in specific product prices, the overall market for solar products appears stable, with no significant disruptions reported in supply chains or demand [14][35]. - **Investment Ratings**: The report includes investment ratings for various companies within the solar industry, indicating a mix of overweight, equal-weight, and underweight recommendations based on expected performance over the next 12-18 months [77][78]. Conclusion - The solar industry is experiencing price adjustments across various segments, with significant declines in polysilicon and cell prices. However, the overall market remains stable, and investment opportunities may still exist depending on specific company performance and market conditions.

North America Equity Research 16 December 2024 J P M O R G A N CrowdStrike (CRWD) • Our Bull case is centered on a bottom-up analysis by product segment. We expect CRWD will continue to gain market share within its endpoint market while taking meaningful share with emerging products. CrowdStrike grew its Endpoint market share by 30bp in CY23 (FY24) according to IDC and our bull-case scenario considers that CRWD's endpoint market share can grow to 25.0% in FY27, assuming that we'll see capitulation from ente ...

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 Global Investment Research Daan Struyven Managing Director Co-Head of Commodities Research Goldman Sachs & Co. LLC +1 212-357-4172 daan.struyven@gs.com Goldman Sachs & Co. LLC +1 212-902-3053 callum.bruce@gs.com Yulia Z Grigsby Vice President Senior Commodity Strategist Goldman Sachs & Co. LLC +1 917-709-0571 yulia.grigsby@gs.com 2025 Oil Outlook: A Tale of Two Tails November 2024 Callum Andrew Bruce, CFA Vice President Senior Commodity Strategist Investors should consider this ...

Industry/Company Involved * **Global Macro Outlook 2025**: The document discusses the global macroeconomic outlook for 2025, covering various regions including the US, Europe, China, and beyond. It focuses on growth prospects and investment opportunities across different asset classes such as equities, credit, commodities, and bonds. Core Views and Arguments * **Growth Prospects**: The document highlights that growth prospects for 2025 are positive, driven by factors such as improving economic conditions, increasing consumer spending, and supportive monetary policies. * **Tailwinds Overhead**: The document emphasizes that tailwinds are likely to outweigh headwinds, such as geopolitical tensions and rising inflation, leading to overall positive growth. * **Asset Class Performance**: The document provides insights into the expected performance of different asset classes in 2025. It suggests that equities and credit markets may benefit from improving economic conditions, while commodities and bonds may experience mixed performance. Other Important Content * **Research Areas**: The document mentions various research areas covered by Goldman Sachs, including inflation, central banks, private markets, consumer trends, and innovation in sectors like AI, fintech, and healthcare. * **Market Themes**: The document highlights key market themes for 2025, such as carbonomics, the Inflation Reduction Act, GS SUSTAIN, green capex, electrification in Europe, obesity, and China's transition. * **Research Products**: The document provides information about Goldman Sachs' research products and services, including the GS Factor Profile, M&A Rank, and Quantum database. * **Disclosures**: The document includes various disclosures related to the research report, such as regulatory disclosures, ratings distribution, and investment banking relationships.

6 November 2024 | 9:57AM EST US Equity Views US Equities and the Once and Future President Republican White House and Senate: Former President Trump was re-elected to a non-consecutive second term. In addition to winning the contest for the Presidency, the Republican Party has also won majority control the US Senate. House of Representatives: In the 435-seat House of Representatives, there are a number of uncalled races and it is too soon to determine whether the Republicans maintained their slim majority, ...

Investment Rating - The report does not explicitly provide an investment rating for the cybersecurity industry or specific companies within it. Core Insights - The cybersecurity landscape is increasingly complex, with CISOs facing heightened concerns about material cyber attacks while also experiencing growing confidence in their preparedness [2][8][91]. - Human error is identified as the most significant vulnerability, with 74% of CISOs acknowledging it as their organization's biggest cyber risk [23][24]. - The rise of generative AI presents both opportunities and risks, with 54% of CISOs believing it poses a security risk to their organizations [49][53]. Summary by Sections Introduction - The report discusses the challenges faced by CISOs in the context of a post-pandemic world, including remote work and increased employee turnover [2][5]. Heightened Concerns But Growing Confidence - 70% of CISOs feel at risk of a material cyber attack in the next 12 months, a slight increase from previous years [8][9]. - There is a notable disconnect between awareness of risks and preparedness, with 43% of CISOs feeling unprepared for a targeted cyber attack [12][13]. Human Error: The Persistent Vulnerability - 74% of CISOs view human error as the biggest cyber vulnerability, a significant increase from previous years [24][25]. - 87% of CISOs are looking to deploy AI-powered technology to mitigate human error and advanced cyber threats [28][29]. Data Protection and Insider Threats - Fewer than half (46%) of CISOs reported a material loss of sensitive information, down from 63% last year [31]. - Negligent insiders are cited as the leading cause of data loss, with 42% attributing it to employee carelessness [35][36]. The Cyber Realities for a CISO in 2024 - CISOs are cautious about generative AI, with 54% believing it poses a security risk [49][53]. - Economic conditions are impacting cybersecurity budgets, with 59% of CISOs agreeing that these conditions have negatively affected their organizations [56][59]. Strengthening Board-CISO Relations - 84% of CISOs report alignment with board members on cybersecurity issues, a significant increase from previous years [64][68]. - The growing recognition of cybersecurity as a board-level concern is evident, with 84% of CISOs believing cybersecurity expertise should be required at the board level [65][68]. The Story Continues... Unrelenting Pressure on CISOs - 66% of CISOs feel that expectations for their role are unrealistic, reflecting a growing concern about burnout and personal liability [84][86]. - The pressure on CISOs is compounded by the need for effective communication with the board regarding cybersecurity risks and strategies [80][83]. Conclusion - Despite challenges, CISOs are finding reasons for optimism, with improved relationships with stakeholders and a greater focus on human-centric security strategies [91][92].