CSC Research Daily Highlights August 13, 2024 Research Department China Securities Co., Ltd This compilation is an abndged translation of the corresponding Chinese reports Please refer to the important statement on the last page Daily Highlights * This complation is distributed by China Securities Co., Ltd. in the People's Republic of China (for the purposes of this Report only, excluding Hong Kong, Macao and Taiwan), and subject to applicable laws and regulations, this compliation may be distributed by Chi ...

Global Investme GOAL: Asset Allocation Summertime Sadness; Neutral 3m and looking t August 2024 Christian Mueller-Glissmann, CFA Andrea Ferrario Global Strategist Global Strategist Goldman Sachs International Goldman Sachs International 44-20-7774-1714 chrisban musiler-gliss 44-20 7552-4353 androa.forrado@gs.se Investors should consider this report as only at single factor in making that investment decision. For Rog AC certification and other important disclosures; so or go to www.gs.com/research/hedge.html ...

9 August 2024 | 11:07AM HKT China: CPI inflation increased in July on higher food prices Bottom line: China's headline CPI inflation increased to +0.5% yoy in July from +0.2% yoy in June, while headline PPI inflation was flat at -0.8% yoy in July. Food price inflation rose across the board in July due to a decrease in supply from adverse weather. Both non-food price inflation and core inflation edged down in July, indicating continued weakness of domestic demand. PPI inflation in upstream sectors rose modes ...

Equity Research Report Strategy Market Dynamics Post Carry Trade Reversal Huatai Research 13 August 2024 | China (Mainland) Weekly Market to remain volatile in short run, with focus on high-low rotation Weak M1 data in yoy terms, low expectations for the long-term credit cycle, and foreign capital outflow due to election trading have rapidly driven up market risk premiums since June. Strengthened expectations for Fed rate cuts and RMB appreciation have unlocked room for domestic monetary policy, in our view ...

Investment Ratings - Palo Alto Networks (PANW) is rated Overweight with a price target (PT) of $340/share [5][19] - Target Corporation (TGT) is rated Neutral with a PT of $153/share [11][19] Core Insights - PANW shares have risen 12.4% year-to-date, performing in line with the S&P 500 index (+13% YTD) and the Nasdaq Composite index (+12% YTD) [5] - Despite a nearly 4% drop following billings weakness in F3Q'24 results, PANW is well-positioned for future growth due to better margin expansion and potential revenue recovery [5] - TGT shares have underperformed, falling almost 4% YTD, as the company faces challenges related to consumer discretionary spending and sales declines [10][11] Summary by Sections Palo Alto Networks (PANW) - The report recommends bullish investors to overlay positions with a September 13th $335/$360 strike 1x2 Call Spread Booster, indicating a 0.1% option premium against a reference price of $331.48 [5] - The implied move for PANW stands at almost 10%, which is above its 5-year (8.3%) and 10-year (8.0%) averages [3] - The valuation is based on a 31.7x EV/FCF multiple of CY24 estimates, implying a 29.6x multiple on CY25 FCF estimates, which is slightly discounted compared to peers [5] Target Corporation (TGT) - The report suggests bearish investors buy a September 13th $150/$132/$127 strike Collared Put Spread, paying a 0.2% option premium against a reference price of $135.50 [6] - TGT's implied move is almost 8%, in line with its medium-term average but above its longer-term history [10] - The team expects management to narrow down guidance for both comps and EPS, potentially leading to downward revisions and pressure on shares [11]

J.P.Morgan Asia Pacific Emerging Markets Research 12 August 2024 Korea: Customs exports rose in early August Customs exports during the first 10-days of August rose 16.7%oya, despite fewer trading days this month than a year ago. As a result, we estimate that the full-month exports should rise 21.4%oya in August vs. 13.9%oya actual growth in July. If seasonally adjusted, the first 10-day exports rebounded 5.5%m/m, sa after a 5.6% fall in July (although it is a noisy 10-day series, not the actual full month ...

Investment Rating - The report indicates a potential for a larger than previously forecasted 25 basis point cut in September, with a likelihood of 40% to 50% [2]. Core Insights - The South African Reserve Bank (SARB) has been cautious in starting an easing cycle despite diminishing local political and fiscal risks. Inflation risks are skewed to the upside, particularly due to foreign exchange pressures and services inflation [2][3]. - The near-term outlook for non-core inflation, especially transport inflation, has improved, which may lead to a reduction in headline inflation by 0.5 percentage points below the target in the next quarter [2]. - The SARB is expected to update its inflation risk assessment to a more balanced view at the next Monetary Policy Committee (MPC) meeting, potentially revising down its inflation outlook by 0.2 percentage points in the near term [2][3]. Economic Data Summary - The report highlights various economic indicators, including: - July CPI for Romania at 5.0%, down from 5.2% in June [4]. - Current account data for Turkey showing a deficit of 0.3 billion USD in January, improving from a deficit of 1.2 billion USD [4]. - A strong rebound in GDP growth for Romania is expected, driven by retail sales data, with a forecast of 6.1% growth for Q2 [4]. - The report also provides forecasts for inflation and monetary policy changes across various countries, indicating a general trend towards easing in several emerging markets [6][10]. Foreign Exchange Outlook - The report presents forecasts for various currency pairs, including: - EUR/USD expected to be 1.09 in 2024, with a slight decrease to 1.05 in 2025 [8]. - USD/ZAR forecasted to decrease from 18.37 to 17.25 by 2025 [8]. - The report indicates a general trend of currency depreciation against the USD for several emerging market currencies [8].

J.P.Morgan Global Markets Strategy 12 August 2024 EM Equity ETF Flows Daily net subscriptions/redemptions of major EM Equity ETFs – 9 August 2024 Total EM: Net redemptions of US$12mn. o EM Broad: Net redemptions of US$1mn. o EM Asia: Net redemptions of US$11mn. o Brazil: Net redemptions of US$38mn. o Mexico: Strong subscriptions of US$28mn. o China: Net redemptions of US$10mn. o Korea: Net subscriptions of US$4mn. o Equity Macro Research Rajiv Batra Ac (65) 6882-8151 rajiv.j.batra@jpmorgan.com Khoi Vu, CFA ...

J.P.Morgan Global Markets Strategy 11 August 2024 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. China Equity Data Tracker A macro and results-heavy week ahead | --- | --- | |---------------------------------------------------------------------------------- ...

Investment Rating - The report does not explicitly state an investment rating for the industry or specific securities [1]. Core Insights - The analysis focuses on the spreads to Treasury Spline and Swap Analysis, indicating a detailed examination of the relative value of various securities [2][34]. - The report highlights the importance of monitoring the average spreads and their fluctuations over a 61-day data history, which is crucial for understanding market trends [3][34]. - The report emphasizes the significance of coupon rates and their impact on investment returns, particularly in the context of different maturities [12][62]. Summary by Sections Treasury Spline and Swap Analysis - The report provides a comprehensive overview of the Treasury Spline and Swap Spread, detailing various maturities and their corresponding spreads [31][34]. - It includes specific data points such as the average, maximum, and minimum spreads, which are essential for evaluating investment opportunities [36][50]. Spread to Treasury Spline - The analysis includes a breakdown of spreads to Treasury Spline, indicating the relative performance of different securities against benchmark rates [48][60]. - The report notes that the bars representing spreads are shaded to indicate significant deviations from the average, which can signal potential investment opportunities [22][41]. Interpolated Swap Spread - The report discusses the interpolated swap spread, providing insights into how these spreads relate to overall market conditions and investor sentiment [23][55]. - It highlights the importance of understanding the dynamics of swap spreads in relation to Treasury yields, which can influence investment decisions [10][37].