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 USA | REITs 2025 Storage Outlook: Cautious on Initial Guidance; Optimistic on 2H Recovery We are cautiously positive on the Self Storage sector into 2025. We expect initial guidance will be conservative so there is no rush to buy ahead of the quarter; however, we believe that any recovery in the housing market, in 2025, will be met by renewed storage demand and upward revisions to guidance and estimates. We see EXR and NSA as uniquely positioned to drive earnings, but see the lo ...

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 J P M O R G A N North America Equity Research 02 January 2025 SMID Cap Software Comps Vertical Software and Internet Infrastructure Universe Software Mid & Small Cap Alexei Gogolev AC (1-212) 622-9391 alexei.gogolev@jpmorgan.com We update a comparative valuation of our SMID Vertical Software and Internet Infrastructure coverage. Apart from providing relative valuation analysis of our covered universe, we also discuss how we selected peer groups for our covered stocks and sub-sec ...

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 J P M O R G A N Asia Pacific Economic Research 02 January 2025 China December Caixin manufacturing PMI disappointed on external sector uncertainty Following the modest easing in the December NBS manufacturing PMI, today's Caixin manufacturing PMI came in below expectations, falling 1.0-pt to 50.5 (J.P.Morgan and consensus: 51.7), largely reversing the rise of 1.2-pt in November. In its breakdown, the output component of Caixin manufacturing PMI fell rather notably by 2.7-pt to 5 ...

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 2025 U.S. Economic Calendar | 手调研纪要和研报数据加V：shuinu9870 | 手调研纪要和研报数据加V：shuinu9870 | 手调研纪要和研报数据加V：shuinu9870 | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 更多一 | 更多一 | 更多一 | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | 2025 U.S. Economic Calendar | | | | | | | ...

Pivotal Questions | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------|-------------------------------------|----------------|-------------------|------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value drivers | shuinu9870 U.S. Organic Rev Growth | Growth | Int'l Organic Rev | AFFO/sh growth | | | | | $280 upside $245 base $ ...

• The increasingly interconnected mesh of cyber-physical systems (CPS) is expanding attack surfaces and blurring cyber and physical security. • A majority of organizations (76%) suffered a cyberattack in their Operational Technology (OT) environment in 2023, with a quarter of them causing shutdown of operations, as per Palo Alto Network's State of OT Security Report 2024. • IoT/OT Security is increasing in importance, and we expect to see more demand in this space and Security could expand into other budget ...

Source: MS Research M Foundation Exhibit 21: Overview of Absolute USD$Bn of Net Debt vs. Market Cap Exhibit 20: FCF Definition Comparison Across MSe and Company Defined 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 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 | --- | --- | --- | |-----------------------|-------|---------------| | ATUS (EW) \nSATS (EW) | 67.3% | 4.9% \n32.7% | | CHTR (EW) | 60.4% | 39.6% | | RCI (UW) | 57.1% | 42.9% | | SIRI (UW) | 55.2% | 44.8% | | BCE (UW) | 51.8% | 48.2% | | LBRDK (EW) | 49.1% | 50.9% | | T.TO ...

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