摩根大通：美联储重启宽松预期升温 - 对市场的影响

Investment Ratings - Infineon Technologies: Positive Catalyst Watch with a price target of €40.30 [4] - Aldar Properties: Overweight with a price target of AED 11.00 [13] - Hapvida: Overweight with a price target of R$60.00 [14] - Nubank: Overweight with a price target of $16.00 [34] Core Insights - The semiconductor industry, particularly analog semiconductors, is expected to see potential upside due to easing inventory corrections, especially in China, with STMicro and Infineon positioned to benefit [3][4] - The oil and gas sector in India is experiencing margin upgrades due to declining crude prices, with OMCs like BPCL and IOCL favored for investment [6] - The consumer sector in India shows cautious optimism, with a focus on companies with strong revenue growth visibility and execution capabilities [7] - The TMT sector highlights strong growth expectations for Coforge and Bharti, driven by large deals and mid-teens EBITDA CAGR [8] - The ASEAN Power Grid initiative is gaining traction, with TNB in Malaysia identified as a key beneficiary [9] Summary by Sections Semiconductor Industry - Analog semiconductors are expected to outperform due to inventory corrections easing, particularly for STMicro and Infineon, which are placed on Positive Catalyst Watch [3][4] Oil and Gas Sector - The decline in crude prices is leading to significant margin upgrades for Indian OMCs, with BPCL and IOCL as preferred stocks [6] Consumer Sector - Demand trends indicate cautious optimism, with a focus on companies that demonstrate good revenue growth visibility and execution [7] TMT Sector - Top investment ideas include Coforge, Eternal, and Bharti, with expectations of strong revenue growth and margin expansion [8] ASEAN Power Grid - The APG initiative is expected to accelerate, benefiting TNB in Malaysia and Chinese power equipment players [9]