Investment Rating - The report emphasizes the hybrid working model as a critical differentiator for companies in attracting and retaining talent, indicating a strong positive outlook for businesses adopting this model [3][21][50]. Core Insights - The hybrid working model is essential for modern companies to thrive, as it leads to happier, more loyal employees and enhances productivity [5][24][30]. - A significant majority of HR leaders (92%) utilize hybrid working as a recruitment tool, with 85% citing it as effective for retention [10][30]. - The demand for local flexible workspaces is increasing, aligning with the concept of '15-minute cities' where daily necessities are accessible within a short distance [39][40]. Summary by Sections Introduction - Hybrid working is a top employee benefit for attracting and retaining talent, with companies lacking this option struggling to recruit quality employees [3][4]. Importance of Hybrid Working - The hybrid model is confirmed as crucial for talent acquisition, with a notable exodus of talent from companies that do not offer flexibility [4][5]. - HR leaders agree that hybrid working improves work-life balance and job satisfaction, driving productivity [5][24]. Recruitment and Retention - 92% of HR leaders use hybrid working to recruit talent, and 75% of candidates have declined roles due to lack of hybrid options [10][12]. - Over 77% of HR leaders believe offering office space close to home aids in talent acquisition [11]. Employee Wellbeing - Hybrid working is linked to improved employee wellbeing, with 86% of hybrid workers feeling less drained and better able to cope with daily life [27][25]. - The model is seen as a major wellness benefit, with 57% citing improved work-life balance as a key advantage [25]. Productivity - 85% of HR leaders believe hybrid working increases productivity, with 56% of hybrid workers reporting higher productivity compared to full-time office work [30][18]. - Academic studies suggest a productivity increase of around 3% to 4% due to hybrid working [30][18]. Equity and Inclusion - The hybrid model supports a more inclusive workforce, allowing individuals with caregiving responsibilities to remain employed [33][34]. - Companies adopting flexible working policies have seen improvements in recruitment and retention, particularly among diverse groups [35]. Learning and Development - 81% of HR leaders state that the hybrid model provides an optimal environment for employee learning and development [44][47]. - The model allows for both in-person mentoring and self-directed learning, appealing particularly to younger generations [45][46]. Conclusion - The hybrid working model is a powerful tool for companies to attract and retain top talent, significantly impacting overall business success [49][50].

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry or specific companies within it. Core Insights - The recent US election results are expected to delay the adoption of Battery Electric Vehicles (BEVs) in North America due to a less stringent stance on emissions regulations under the Trump administration [1][4][10] - The delayed adoption of BEVs will have cascading effects on the entire automotive value chain, prolonging profitability challenges for electrification-focused players while extending opportunities for Internal Combustion Engine (ICE)-focused legacy players [2][12] - The regulatory landscape, particularly changes in the US Environmental Protection Agency (EPA) and California Air Resources Board (CARB) standards, is a significant factor influencing electrification forecasts [3][4][19] Summary by Sections Regulatory Impact - The incoming Trump administration is expected to soften EPA emissions and fuel economy standards beyond model year 2027, which will prolong ICE production and hinder EV adoption [11][19] - CARB's Advanced Clean Cars II rule mandates that by 2035, all new cars and light trucks sold must be zero-emission vehicles (ZEVs), but OEMs can only meet 20% of their ZEV requirement with plug-in hybrid electric vehicles (PHEVs) [5][19] Market Scenarios - The report outlines three scenarios for North American light vehicle xEV shares: upside, base, and downside cases, reflecting different regulatory environments and adoption rates [14][20] - In the base case, the repeal of current EPA emissions standards will reduce the need for BEVs, leading OEMs to rely more on hybrids [19] - The downside case assumes a challenge to CARB's ability to set emissions standards, delaying California's 100% ZEV sales target from 2035 to 2040 [20] OEM and Supplier Strategies - Traditional manufacturers must manage a triple powertrain strategy, integrating ICEs, HEVs, and BEVs, while EV-focused OEMs need to compete with hybrids due to anticipated profitability challenges [21][22] - Suppliers are expected to reevaluate their participation in electrification, which may create opportunities, but many sub-scale suppliers may exit the market due to low volumes and profitability issues [23][24]

Investment Rating - The report does not provide a specific investment rating for the industry Core Insights - The report emphasizes the importance of centering health equity in climate action, highlighting that climate change disproportionately affects vulnerable communities and that businesses must prioritize these impacts in their strategies [4][6][11] Summary by Sections Introduction - The Centering Health Equity in Climate Action (CHEC) initiative aims to integrate health and equity into climate action, ensuring that all communities thrive and are not adversely affected by climate change [4][5][7] The Climate/Health Nexus - Climate change is projected to cost $12.5 trillion in economic losses and $1.1 trillion in healthcare costs by 2050, with vulnerable communities facing the greatest health impacts [11][12] - Historical inequities exacerbate the health impacts of climate change, with specific demographic groups, such as Black and Hispanic individuals, being more likely to experience severe consequences [15][17][18] Impacts to Business - Businesses that ignore health equity in their climate strategies risk exacerbating inequities and harming public health, which is essential for their long-term viability [26][30] - The report outlines that integrating health equity can lead to reduced healthcare costs and improved productivity, with a return of $2.30 for every dollar saved on healthcare [39] Recommendations for Businesses - Businesses are encouraged to understand their climate and health equity impacts, starting with the most affected populations in their value chain [44][65] - The report outlines a four-step approach: understanding impacts, prioritizing affected stakeholders, measuring and managing impacts, and embedding equity throughout the organization [46][109][133] Case Studies - Johnson & Johnson's initiative to address heat stress through community clinics demonstrates the importance of partnerships and data-driven approaches to improve health outcomes [50][52] - Kaiser Permanente's community health needs assessment highlights the significance of understanding local environmental impacts on health to inform business strategies [58][60] - Sodexo's development of culturally relevant, plant-based menus in hospitals illustrates how businesses can engage stakeholders to create positive health and climate outcomes [74][78] Next Steps - The report calls for urgent action from businesses to center health within their climate plans and engage with affected stakeholders to create equitable solutions [151]

Investment Rating - The report indicates a gradual economic growth in Thailand, supported by strong external demand and a slight recovery in private consumption, suggesting a positive outlook for the economy [1][2]. Core Insights - Economic activity in November showed gradual expansion, driven by solid goods exports and improving tourism, with private consumption also seeing a slight uptick due to fiscal stimulus measures [1][2]. - Manufacturing production contracted by 3.6 percent, primarily due to a significant decline in the automotive sector, which faced challenges from tighter credit and price competition in electric vehicles [2][3]. - Goods exports grew by 9.6 percent year-on-year in November, although this was a decrease from the previous month's 14.2 percent growth, with strong performance in electronics and agricultural exports [3]. - Tourism remained a crucial growth driver, with a 4.3 percent increase in tourist arrivals in December, reaching 86 percent of pre-pandemic levels [4][14]. - Inflation rose slightly to 1.0 percent year-on-year in November, remaining below the central bank's target, driven by core inflation and energy prices [15][20]. - The Bank of Thailand maintained its policy rate at 2.25 percent, anticipating continued economic expansion despite external challenges [16][27]. Summary by Sections Economic Activity - November economic data indicates gradual growth, with strong external demand and a slight recovery in private consumption supported by fiscal measures [1][2]. - Manufacturing production saw a notable contraction of 3.6 percent, the deepest decline in eight months, largely due to the automotive sector [2]. Exports and Tourism - Goods exports expanded by 9.6 percent year-on-year in November, with notable growth in electronics and agricultural exports, while automotive exports declined [3]. - Tourist arrivals increased by 4.3 percent year-on-year in December, contributing significantly to economic growth [4][14]. Inflation and Monetary Policy - Headline inflation rose to 1.0 percent year-on-year in November, remaining the lowest among ASEAN countries [15][20]. - The Bank of Thailand held the policy rate steady at 2.25 percent, projecting continued economic growth despite external pressures [16][27]. Government Initiatives - The Thai government introduced a debt relief initiative aimed at alleviating household debt pressures, targeting vulnerable groups with various support measures [17]. - Plans for future economic relief and structural reforms were outlined, focusing on community empowerment and sustainable development [26].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Index of Industrial Production (IIP) increased by 2.1 percent month-on-month in December 2024, indicating a ramp-up in production to meet year-end consumer demand, although the PMI fell to 49.8, suggesting contraction in manufacturing sales prospects [7][8] - Exports grew by 12.8 percent year-on-year in December, driven by computers, electric products, and textiles, while imports increased by 19.2 percent year-on-year, leading to a trade balance of US$ 524 million [12][14] - Retail sales rose by 1.2 percent month-on-month and 9.3 percent year-on-year in December, supported by increased sales of goods and services, with international visitors increasing by 27.4 percent year-on-year [10][11] - FDI commitments surged to US$ 6.8 billion in December, with disbursement reaching US$ 25.4 billion, a 9.4 percent increase from the previous year, indicating strong interest in the manufacturing sector [14] - CPI inflation slightly increased to 2.9 percent in December, driven by higher costs of building materials, while credit growth reached 15.1 percent year-on-year, aligning with the SBV's target [17][19] - Revenue collection for 2024 was 16.2 percent higher than in 2023, while public investment disbursement was estimated at 77.5 percent of the approved budget allocation, below the previous year's rate [23] Summary by Sections Recent Economic Developments - Industrial production increased by 2.1 percent month-on-month in December, with key export products seeing growth, although the PMI indicated a slowdown in new orders [8] - Retail sales improved by 1.2 percent month-on-month and 9.3 percent year-on-year, with a notable recovery in foreign tourism [10] - Exports and imports increased by 4.1 percent and 6.1 percent month-on-month respectively, with a significant year-on-year growth in both categories [12] Foreign Direct Investment - FDI commitments rose to US$ 6.8 billion in December, with disbursement increasing to US$ 25.4 billion, reflecting a strong manufacturing sector [14] Inflation and Credit Growth - CPI inflation rose to 2.9 percent in December, while credit growth reached 15.1 percent year-on-year, meeting the SBV's target [17][19] Government Revenue and Expenditure - Revenue collection was 16.2 percent higher than in 2023, while public investment disbursement faced challenges, estimated at 77.5 percent of the approved budget [23]

Investment Rating - The report does not explicitly state an investment rating for the EV charging infrastructure industry in Scotland Core Insights - The EV charging infrastructure in Scotland is experiencing significant growth, with over 6,100 charge points and more than 11,000 connectors currently available, of which 54% are operated by the private sector [15][13][14] - The report highlights the importance of collaboration between public and private sectors to enhance the EV charging network and meet future demands [126][127] - The Scottish Government aims to transition to a commercially viable model for EV charging, emphasizing the need for private sector involvement [217][218] Summary by Sections Current Landscape - Scotland has over 6,100 charge points, with 54% operated by the private sector and a strong growth forecast in the next 12-18 months [15][13] - The majority of the charging estate consists of slow and fast destination charging points, with nearly 74% categorized as such [14] Public Sector Perspectives - The Glasgow City Region is collaborating among eight local authorities to enhance EV charging infrastructure, with a focus on a managed service model [60][71] - The region has a population of approximately 1.84 million, representing about one-third of Scotland's economic activity [71] - Key milestones include a £3.5 million EV Infrastructure Fund grant and the appointment of technical consultants for project support [76][100] Private Sector Perspectives - The report emphasizes the need for attractive contracts for Charge Point Operators (CPOs) to stimulate investment and ensure a reliable network [295][296] - Collaboration and clear communication between local authorities and CPOs are essential for successful project implementation [336][337] Industry Panel Discussion - The industry panel discussed the importance of a well-maintained network and the need for a balanced risk profile between local authorities and CPOs [312][313] - The report highlights the necessity of realistic KPIs and service level agreements to ensure the sustainability of the EV charging infrastructure [324][325] Future Opportunities - The report identifies opportunities for expanding the EV charging network, particularly in urban areas where off-street parking is limited [224][225] - The anticipated investment in the South of Scotland's EV infrastructure is projected to be around £27.92 million, with significant contributions from local authorities [226][227]

Group 1: Market Trends - 2025 is expected to be the year when global investors recognize China's competitive edge over the rest of the world, leading to the disappearance of the China discount[1] - China's manufacturing sector accounts for 30% of global manufacturing value added, with exports of merchandise being double that of the US[5] - China's exports rose by 7% in 2024, with significant increases to Brazil (23%), UAE (19%), and Saudi Arabia (18%)[32] Group 2: Technological Advancements - China has emerged as a leader in various high-value industries, including EVs, telecom equipment, and defense technologies, with a notable launch of the world's first sixth-generation fighter plane in 2025[2][3] - China holds around 70% of patents in the EV sector and nearly half of all patents applied for globally in 2023[13][14] Group 3: Investment Opportunities - The MSCI China Index is trading at a record discount of 10 P/E points compared to the world index, indicating substantial room for growth in Chinese equities[52] - The anticipated financial liberalization in China could enhance corporate profitability and attract more foreign investment, driving a bull market[28] Group 4: Economic Comparisons - China's economic growth rate is more than double that of most developed markets, despite facing cyclical slowdowns[5] - Comparisons are drawn between China's current economic trajectory and Japan's in the early 1980s, suggesting a similar rise in value-added manufacturing and innovation[6][18]

Investment Rating - The report emphasizes the importance of integrating food into urban development, suggesting a positive outlook for urban agriculture as a sustainable investment opportunity [5][6][7]. Core Insights - Urban agriculture is recognized as a critical factor for enhancing human health and environmental sustainability, with a significant portion of the world's food supply being produced through urban farming [11][13]. - The report identifies key drivers for urban food growing, including sustainability, social cohesion, health and wellbeing, placemaking, and public/private sector collaboration [14][27]. Summary by Sections Foreword - Food is central to urban development and should be integrated into urban projects to enhance community health and sustainability [5][6][10]. Context - Urban farming contributes to sustainability by reducing food transport, promoting local economies, and addressing climate change [11][13]. Toolkit - A standardized approach for developing urban farming within masterplanning is provided, including identifying opportunities, exploring KPIs, selecting typologies, and understanding precedents [18][20][22]. KPI Framework - The report outlines a KPI framework with 25 indicators to evaluate urban agriculture initiatives, focusing on food growing areas, community functions, and environmental impacts [25][26]. Locations, Possibilities, Typologies - Six typologies for urban food development are identified, including market gardens, edible landscapes, private food growing, rooftop gardens, mobile gardens, and community gardens [27][28]. Case Study - The Huerta del Valle Community Garden in Ontario, California, serves as a practical example of urban agriculture, demonstrating its benefits in food access, education, and community engagement [29][31][39]. Insights - Urban farming can enhance civic spaces and foster connections between urban and rural communities, with low management costs and various operational models [52][54].

Investment Rating - The report maintains a "BUY" rating for Meta, with a target price raised to US$835, reflecting a potential upside of 21.2% from the current price of US$689.18 [1][2][9]. Core Insights - Meta reported solid 4Q24 results, with total revenue increasing by 21% year-over-year to US$48.4 billion, exceeding Bloomberg consensus estimates by 3%. Net income rose by 49% year-over-year to US$20.8 billion, 18% above consensus, largely due to favorable legal accrual reductions and lower restructuring costs [1][2]. - For FY24, total revenue and net income grew by 22% and 59% year-over-year, reaching US$164.5 billion and US$62.4 billion, respectively. Management anticipates revenue growth of 8-15% year-over-year for 1Q25, with total revenue projected between US$39.5 billion and US$41.8 billion [1][2][11]. - The company is significantly increasing investments in AI, with total expenses expected to grow by 20-25% year-over-year to US$114-119 billion, and capital expenditures projected to rise by 53-66% year-over-year to US$60-65 billion [1][2][11]. Financial Performance - In 4Q24, the Family of Apps ad revenue grew by 21% year-over-year to US$47.3 billion, driven by a 6% increase in ad impressions and a 14% rise in average price per ad, aided by AI optimizations [6][11]. - The annual revenue run-rate for Advantage+ shopping campaigns surpassed US$20 billion in 4Q24, marking a 70% year-over-year increase, with over 4 million advertisers utilizing Meta's generative AI ad creative tools [6][11]. - The report outlines a forecast for FY25E total revenue of US$187.7 billion, with net profit expected to reach US$65.9 billion, reflecting a 2.1% increase from previous estimates [7][8][11]. Valuation Metrics - The target price of US$835 is based on a 32x FY25E P/E ratio, which is a premium to the sector average of 24x, indicating confidence in Meta's long-term growth potential [9][10]. - The report highlights that Meta's P/E ratio is projected to decrease from 28.0 in FY24 to 26.4 in FY25, suggesting a favorable valuation compared to peers [11].

Investment Rating - The report emphasizes the critical need for investment in AI and quantum technologies to enhance defense capabilities and secure Europe's strategic autonomy [2][17][20]. Core Insights - The integration of AI and post-quantum cryptography (PQC) is essential for safeguarding Europe's security in a rapidly evolving technological landscape [10][19][20]. - The report highlights the transformative impact of AI on military operations, decision-making, and crisis management, while also addressing the vulnerabilities introduced by these technologies [18][32][34]. - The urgency of adopting PQC is underscored, as quantum computing poses significant threats to current encryption methods, necessitating a proactive approach to secure communications [19][34][86]. Summary of Recommendations - **Accelerate Innovation and Integration**: Emphasize a balanced approach to testing emerging technologies, adapt procurement procedures to align with rapid development cycles, and utilize high-quality synthetic data for AI training [21][25][130]. - **Strengthen Technological Sovereignty**: Increase domestic production of critical components to reduce dependencies, centralize expertise through an EU agency, and enhance training for the defense workforce [22][24][137]. - **Enhance Trust and Interoperability**: Develop a transatlantic common data strategy for AI training data sharing, establish ethical guidelines for AI and quantum technologies, and create a robust framework for AI development and management [23][28][142]. Global Trends in AI R&D - The United States leads in AI research and development funding, with significant investments from the Department of Defense increasing from $190 million in 2022 to $557 million in 2023 [72][73]. - China aims for global AI dominance by 2030, with a market size of 578.4 billion RMB and a growth rate of 13.9% in 2023 [73][74]. - The European Union is increasing investments in AI through the European Defense Fund, supporting initiatives like AI-enabled drones and military 5G networks [77][78]. Shaping Security for the Quantum Age - The report identifies PQC as a key measure for securing digital infrastructure against quantum threats, emphasizing the need for immediate adoption to protect sensitive communications [80][86]. - Quantum computing is expected to revolutionize various sectors, but its military applications remain speculative and require further research and development [85][87]. Conclusion - The report concludes that the future of European security hinges on mastering transformative technologies like AI and quantum innovations, necessitating a holistic approach to integrate these advancements into defense strategies [146][148].