Flash | 12 Jan 2025 15:34:20 ET │ 11 pages AAC Technologies Holdings (2018.HK) What's New from Citi China Tech & Telecom Corp Day – Multiple Growth Drivers in 2025 CITI'S TAKE AAC attended our Citi China Technology & Telecom Corporate Day on 10 Jan and key takeaways are: (1) Recap 2024 revenue growth target of 30% including PSS, several business segments also performed better than expected. Opex growth lower than revenue growth; (2) 2025 revenue could grow by 10-15% YoY on high base with GM target of 22-25% ...

Industry Investment Rating - The report maintains a positive outlook on the APAC tech sector, particularly for AI-related plays, with a focus on semiconductors and memory [8][13] Core Views - AI-related investments are expected to continue performing well in 2025, driven by new AI accelerators and Gen AI applications [8] - Smartphone demand may see a resurgence as edge AI becomes more relevant, with a forecast of 2% YoY growth in 2025 [8] - Memory sector recovery is anticipated, with DRAM expected to rebound starting in 4Q25 due to capacity allocation to HBM [8] - CoWoS capacity is projected to grow significantly, from 35-40k wpm at the end of 2024 to 120-130k wpm by the end of 2026 [8] Market and Sector Preferences - Overweight on Korea and Taiwan, particularly in semiconductors, memory, and leading-edge foundries [13] - Neutral on PC OEMs/ODMs and smartphones, while underweight on China semis and displays [13] - Most preferred stocks include ASE, Hon Hai Precision, MediaTek, Quanta, and TSMC, with significant upside potential [11] Key Stock Coverage - Samsung Electronics and SK Hynix are rated as Buy, with price targets indicating 17.6% and 19.5% upside, respectively [9] - TSMC is also rated as Buy, with an 18.2% upside potential [9] - LG Display is rated as Sell, with limited upside potential [9] Semiconductor Cycle Indicators - Semiconductor revenue growth is expected to peak in 1Q25, with memory operating profits peaking in 3Q26 [34] - Foundry capacity utilization rates are projected to recover, reaching a peak in 4Q25 [34] Tech End-Market Sensitivity to GDP - Mobile phone unit growth shows a 48% correlation with global GDP growth, while PC and server unit growth show weaker correlations [68] - Upside scenarios for non-AI end-markets include stronger global GDP growth and AI-driven replacement cycles for PCs and smartphones [76] PC Demand Recovery - PC demand is expected to recover with the introduction of Edge AI and Windows 12, with total PC units forecasted to grow by 5.7% YoY in 2025 [78] - Notebook units are projected to grow by 6.1% YoY, while desktop units are expected to grow by 4.7% YoY [78]

Industry Overview - The report focuses on the APAC Technology sector, with key events such as CES 2025 and updates on AI, PC gaming, and semiconductor developments [4] - CES 2025 is expected to feature over 4,000 exhibitors and 138k+ attendees, with keynotes from NVIDIA, Intel, Samsung, and AMD [4] - The report highlights Microsoft's planned $80 billion investment in data centers for AI and cloud-based applications in FY2025, with over half of the investment in the US [4][16] PC and Gaming Sector - NVIDIA is expected to launch RTX 50 gaming GPUs during CES 2025, focusing on PC gaming and AI advancements [4] - Intel, AMD, and Qualcomm are also expected to launch AI PC platforms, targeting both high-end and mainstream markets [4] - The PC market is projected to grow by 6% YoY in 2025, recovering from a flat to -1% YoY performance in 2024 [4] - Top picks in the PC space include Asustek, ASMedia, and Gigabyte [4] Semiconductor and Hardware - TSMC's 2nm process is on track, with wafer production starting in Q425 and output expected in H126 [15] - TSMC is expected to maintain a high market share in 2nm technology, serving major clients like Apple, Mediatek, Qualcomm, NVIDIA, and AMD [15] - NVIDIA's GB200 racks are expected to ramp up at ODMs in Q125, with GB300 ramps launching in June 2025 [4] China Smartphone Market - China may extend consumer subsidies to smartphones, tablets, and smartwatches, potentially boosting sales [5] - Smartphone sales in China declined by 9% YoY in November 2024, lagging behind the global growth estimate of 4% YoY [6] - The subsidy program could offer 15-20% of the retail price, up to 2,000 RMB per purchase, benefiting companies like Mediatek, Semco, ASE, and TSMC [6] Key Companies and Updates - Apple is offering discounts of up to 500 yuan on its latest iPhone models in China to compete with domestic rivals like Huawei [5] - Mediatek's next flagship Dimensity 9500 processor, launching in H225, may use TSMC's N3P process instead of N2 [7] - NVIDIA and Qualcomm are considering switching to Samsung's 2nm process for cutting-edge chips due to high costs and limited production capacity at TSMC [7]

Mosaic ™ by ACT ® 社会情绪学习筛选器技术手册 2024 年 12 月 © 2024 由 ACT 教育公司保留所有权利。 | 第一章导言 … … … … … … | | --- | | 第二章筛选器概述 … … … … … … … … … … … … … … … … … | | --- | | 2.1 社会情感技能定义 2 | | 2.2 社会情感技能框架 2 | | 2.3 学校氛围 3 | | 2.4 项目详情 4 | | 2.5 评分与报告 5 | ® Mosaic ™ by ACT 社会情绪学习筛选器技术手册 iii 表列表 Table 2.1. 评估技能 ， 定义和与五大和 CASEL 能力的一致性 | Table 3.1. 小学样本 1 人口统计信息。。。。。。。。。。。。。。。。。。。。。。。。。 | | --- | | 。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。 | | 。。。。。。。。。。。。。。。。。。。。 7 表 3.2 。 小学样本 2 人口统计信息。。。。。 | | 。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。。 ...

Academic Preparation - 70% of students entering two-year institutions and 40% entering four-year institutions require remedial courses[2] - Over 40% of 2023 high school graduates did not meet ACT college readiness benchmarks in English, math, reading, and science[2] - Students emphasize readiness for college-level courses (465 responses), mastery of foundational knowledge (344 responses), and strong study habits (295 responses) as key aspects of academic preparation[6] Self-Assessment vs. ACT Benchmarks - 82% of students self-assessed as prepared in English, but only 61% met ACT benchmarks[25] - 15% of students overestimated their readiness in English, while 32% overestimated in science[25] - Students who accurately assessed their readiness were more likely to use multiple academic indicators (e.g., standardized test scores, course rigor)[34] Factors Influencing College Readiness - Students who took more college credit courses (average of 5) were 1.3 times more likely to meet ACT benchmarks[47] - Self-reported learning skills (e.g., time management, note-taking) were significant predictors of meeting benchmarks in English (1.52x), math (1.30x), and science (1.28x)[56] - Availability of academic resources (e.g., tutoring, test prep) increased the likelihood of meeting benchmarks in math (1.15x) and science (1.12x)[62] Student Perspectives on Support - Advanced/rigorous courses (558 responses) and learning skills (258 responses) were cited as most helpful for college preparation[64] - Students highlighted the importance of professional support from knowledgeable adults (195 responses) and access to academic resources (136 responses)[65][70]

研究报告 2024-11 高中 GPA 和 ACT 综合分数对毕业时大学 GP A 的预测有效性：探讨第一年大学 GPA 作为 中介变量的研究 EDGAR I. SANCHEZ, PhD © 2024 由 ACT Education Corp. 保留所有权利。 | R2417 ACT 研究 | 研究报告 | 2024 年 11 月 Conclusions 研究得出结论，高中成绩平均分（HSGPA）和ACT分数都是大学成功的重要预测指标，特别是 大一学年成绩平均分（FYGPA）。然而，FYGPA在ACT分数与累计平均分（CGPA）之间起中 介作用，但HSGPA与CGPA之间并非如此。值得注意的是，HSGPA与ACT分数的交互作用是C GPA的一个重要预测指标，一致的学业表现对于取得更好的结果至关重要。研究强调了同时使 用HSGPA和ACT分数进行更准确预测和个性化学术支持的价值。 那又怎样 ？ 对于学生而言，研究建议需关注保持高成绩和在标准化考试中表现出色，以确保在大学取得 良好的开端。教师可以利用这些见解更好地识别需要在不同评估标准上提升学术表现的学生 ，从而提供额外的帮助。对于高等教育专业人士而言，研究结果 ...