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banks to further decrease in 2024E/25E/26E 13 June 2024 更多资料加入知识星球：水木调研纪要 关注公众号：永木纪委 Goldman Sachs The 720 Covered banks avg. NIM "trinity" estimate 2.2 数据加V： shuinu987 2.0 2.07 2.01 1.8 1.87 1.68 1.63 8 1.6 1.64 uinu9870 1.4 1.47 1.40 1.39 限数据加V： 1.2 调1.0级理 2020 2021 2022 2023 2024E 2025E 2026E Source: Goldman Sachs Global Investment Research 新报数据加V： shuinu9870 Asia Financial Services Explore > 304 elle GS Events (Home Page here) ■ Greater China Consumer & Leisure Corporate Day | Hybrid | 5-13 Jun -手调研究要和研 ...

Source: Wind, Goldman Sachs Global Investment Research Part 1: More growth in local government debt In our previous Trinity J, we saw limited local goverhiment debt default risk if debts roll over but noted that lower rates could lead to NIM losses for banks. Bank reported NIMs came in below GSe, and we expect NIM risk to continue, as evidenced by 1) greater than expected official government low-rate debt growth. Total local government debt grew പ്രുവരിം vs. prior in Trinity I, mainly driven by official gov ...

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 Goldman Equity Sachs Research 11 June 2024 7:45PM HKT CATL (300750.SZ) 研报数据加V：shuinu987 300750.SZ 12m Price Target: Rmb304.00Price: Rmb188.77Upside: 61.0% Eric Shen 852-2978-7954leric.s n@gs.cor 报数据加V Intensified EV price competition is leading to concerns around CATL and Tesla supply contract renewal in 2025. Some investors see downside risk for CATL, arguing that it enjoys unsustainable price premiums on batteriesysupplied to Tesla. However, we see these concerns as overstated ...

水木调研纪 关注公众号：水木纪要 Goldman 尚篮 Sachs 6 June 2024 |7:48AM CST Global Automation: Future of Robotics IV: Apptronik: building versatile robots; software the bottleneck but need data inputs via hardware As part of our "Global Automation: Future of Robotics" call series, We hosted a Call with Apptronik's co-founder & CEO Jeff Cardenas on Jun 5. Background: Apptronik (an Austin TX based company, founded in 2016) is a spinoui from the Human Centered Robotics Lab at the University of Texas at Austin. Apptronik launche ...

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 28 May 2024 | 7:54PM HKT China Software SaaS and Localization carry better visibility; downgrading Chinasoft Intl/iSoftstone and Thundersoft ： s h u i n u 9 8 7 0 加 V 据 数 报 研 和 要 Lower visibility ahead: We remain positive on Chinasoft Intl. and iSoftstone’s Allen纪 Chang 研 调+852-2978-2930 | allen.k.chang@gs.com business migration towards project-based IT services from traditional IT services, 一 手 Goldman Sachs (Asia) L.L.C. 多 更 and Thundersoft’s diversifying into automotive softw ...

水木调研纪 关注公众号：水木纪要 Goldman 高成 Sachs 可盗 27 May 2024 I 4:17PM CST China Healthcare: Diagnostics and Clinical Labs Intense competition in ICL: Cut Kingmed/Dian's TP/earnings, d/g Kingmed to Neutral; Buy AmoyDx 开报数据 We believe the headwinds ICLs are facing are more than short term pressure from Covid aftermath and may last longer than we had previously expected due to lower volumes, higher-than-expected competition and price cuts for diagnostic items. We now factor in intense competition and declining OPM, and ch ...

21 May 2024 | 10:34PM HKT to normalize in following quarters; 2) outlook for ARPU growth 2024E with a well-managed up-trend pace; 3) opportunities for non-subscription business esp. advertising and artist merchandise as the company monetizes its overall MAU base; 4) further margin expansion underpinned by operating leverage with revenue ] outgrowing content cost and ramp-up of self/co-developed content, with group GPM target at c.42% for 24E and mid-to-long online music GPM unchanged at 45%. We summarize ou ...