shuinu9870 shuinu9870 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： 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 更多一手调研纪要和研报数据加V： 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 ab 12 December 2024 Global Research Healthcare Facilities & Managed Care Nash Dash 2024: Top 10 Takeaways 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： #1 - HCA Outlines a Favorable Outlook for 2025 Even as hospital stocks have come under pressure post election, the three hospital companies we met with on our Nash-Dash tour said that fundamen ...

Summary of Greater China Semiconductors Conference Call Industry Overview - The focus is on the **Greater China Semiconductors** industry, specifically the **memory sector** in China, with a highlight on **CXMT** (ChangXin Memory Technologies) as a key player in DRAM production [2][9]. Key Points and Arguments CXMT Capacity Expansion - CXMT plans to add **50,000 wpm** (wafers per month) capacity in **2025**, primarily for **DDR5**, bringing total capacity to **200,000 wpm** by year-end, split evenly between **DDR4** and **DDR5** [2][3]. - Current production capacity is **100,000 wpm** for DDR4 and **50,000 wpm** for DDR5 [3]. Production Yield Improvement - CXMT's production yield is currently estimated at **90%** for DDR4 and **80%** for DDR5, with expectations to reach **90%** for DDR5 by the end of **2025** [4]. - The DDR5 yield started at **50%**, leveraging experience from DDR4 production [4]. Technology and Process Limitations - CXMT utilizes **19nm** for DDR4 and **17nm** for DDR5 production, which are not advanced enough to be affected by US technology restrictions [5]. - There are concerns that CXMT's products may underperform compared to those from **Samsung** and **SK Hynix**, which use more advanced **12nm** processes [5]. Market Demand and Localization - The semiconductor supply localization is prioritized, with CXMT targeting domestic smartphone and computing OEMs for mass-market DRAM products [9]. - Despite higher power consumption, Chinese OEMs are incentivized to adopt domestic memory products due to supply security and lower costs [2][9]. Future Production Plans - CXMT is expected to begin low-volume production of **HBM 2** (High Bandwidth Memory) by mid-2025, pending customer verification [6]. Company Valuation and Recommendations - **ASMPT** (0522.HK) is preferred within the coverage due to increasing demand for advanced packaging solutions, with a target price of **HK$105**, based on a **25x** P/E ratio for **2025E** [11]. - Risks to ASMPT's target price include a worsening semiconductor industry outlook, failure to penetrate key foundry customers, and intensified competition [12]. Additional Insights - The report emphasizes the importance of **advanced packaging** and AI-driven revenue contributions for valuation re-rating in the semiconductor sector [11]. - The ongoing **US export restrictions** pose challenges for CXMT's future technological advancements and production capabilities [5]. This summary encapsulates the critical insights from the conference call regarding the current state and future outlook of the Greater China Semiconductors industry, particularly focusing on CXMT's strategic initiatives and market positioning.

Morgan Stanley Research Global November 29, 2024 04:39 PM GMT EM Sovereign Credit 2025 Outlook Morgan Stanley & Co. LLC Simon Waever, Global Head of EM Sovereign Credit Strategy | Strategist Morgan Stanley & Co. International plc+ Neville Mandimika | Strategist Pascal Bode | Strategist Morgan Stanley & Co. LLC Emma Cerda | Strategist Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of inte ...

29 November 2024 | 9:26AM JST Japan Technology: Semiconductor Capital Equipment: Responding to investor FAQs on China semi/SPE export restriction news Update on China export restrictions reportedly to come next week Bloomberg and other media reported during the morning of November 28 Japan time that the US government may issue a proposal to strengthen semiconductor and SPE export restrictions to China as soon as the beginning of the next week (December 2). As previously reported, the US Department of Commer ...

Flash | 29 Nov 2024 08:02:13 ET │ 9 pages China Materials Takeaways from Copper Expert Call with SMM CITI'S TAKE We hosted an Expert Call on Nov 29th with Mr. Ye Jianhua, Chief Copper Analyst at Shanghai Metals Market (SMM) on copper market update. Mr. Ye expects copper price in 2025E to average US$9,800-9,900/t with a price movement range of approximately US$8,500/t to US$10,000/t+. He believes copper price may be higher in 2H25E than 1H25E due to fiscal stimulus packages and expansionary monetary policies ...

Joining the race Automotive's drive to catch up with customer experience #GetTheFutureYouWant Joining the race: Automotive's drive to catch up with customer experience Ta b l e o f c o n t e n t s 2 Capgemini Research Institute 2024 Joining the race: Automotive's drive to catch up with customer experience 3 Capgemini Research Institute 2024 4 Joining the race: Automotive's drive to catch up with customer experience Compared with other industries, automotive offers a substandard customer experience (CX): • A ...