July 15, 2025 12:36 AM GMT Morgan Stanley & Co. International plc, Seoul Branch+ Joon Seok Equity Analyst Joon.Seok@morganstanley.com +82 2 399-4934 Heewon Choi Equity Analyst Heewon.Choi@morganstanley.com +82 2 399-4836 Minseo Kang Research Associate Minseo.Kang@morganstanley.com +82 2 399-4816 Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity ...

[Music] If it's Tuesday, President Trump hits battleground Pennsylvania, touting new investments in artificial intelligence as the White House and congressional Republicans look to drum up support for Trump's sweeping domestic agenda. Plus, the fight for the future of the Democratic Party playing out in Arizona and New York City, where voters are set to choose between younger candidates calling for generational change and those with more experience and name ID. And inside the renewed bipartisan push to pass ...

As the Trump administration ramps up its mass deportation efforts today, a group of bipartisan lawmakers announced a bill that would provide legal status for some undocumented immigrants. The Dignity Act, sponsored by Florida Republican Congresswoman Maria Salazar and Texas Democratic Congresswoman Veronica Escobar, would allow undocumented immigrants who have been in the US since before 2021 to apply for up to 7 years of legal status with work authorization, provided that they pay restitution and check in ...

New Mechanism for the Reimbursement of Skin Substitutes Aimed at Curbing Fraud, Waste and AbuseMARIETTA, Ga., July 15, 2025 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”) today commented on the Centers for Medicare and Medicaid Services (“CMS”) release of the CY 2026 Physician Fee Schedule (“PFS”) proposal. “We welcome and support improvements to Medicare’s reimbursement of skin substitutes across all care settings. The proposed rule, which was published yesterday afternoo ...

Investment Rating - The report maintains an overweight stance on Financials and Industrials sectors, indicating a positive outlook for these areas [6][31]. Core Insights - The equity market has shown resilience despite new tariff announcements due to limited import cost exposure for S&P 500 industries, perceived temporary nature of higher tariff rates, and significant drawdowns already experienced by tariff-sensitive equities [5][7]. - The new tax bill is supportive of large-cap equity indices, with reinstated and expanded expensing likely to lower the "cash" tax rate, positively impacting cash flow for companies, particularly in Tech, Communication Services, and Healthcare sectors [21][22][30]. - Earnings revisions breadth has improved significantly, transitioning from -25% in mid-April to +3% currently, which has supported market stability amid trade and macroeconomic uncertainties [6][13]. Summary by Sections Tariff Impacts - Limited import cost exposure for S&P 500 industries due to exemptions and ongoing negotiations has mitigated immediate risks from tariffs [5][8]. - Significant risks remain if tariff rates on China increase or if the USMCA exemption for Mexico is discontinued, which could affect multiple industries with high import cost exposure [10][21]. Tax Bill Implications - The "One Big Beautiful Bill" is expected to enhance cash flow for large-cap corporates through upfront R&D expensing and bonus depreciation, particularly benefiting capital-intensive sectors [21][30]. - The Foreign-Derived Intangible Income (FDII) incentive is designed to encourage US companies to retain intellectual property domestically, benefiting sectors with significant foreign sales [34][35]. Earnings Revisions and Market Trends - The breadth of earnings revisions has shown a positive trend, with Financials and Industrials sectors experiencing the most significant rebounds [6][13][24]. - The upcoming earnings season is expected to reflect a low bar for 2Q earnings, with a consensus expectation of 4% year-over-year EPS growth and 3% sales growth [52][63].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - Supply-side reform in China is evolving, focusing on mid-to-downstream sectors rather than solely on upstream sectors as in previous reforms [2] - The current reform approach is more nuanced and balanced, addressing advanced capacity rather than outdated capacity [2] - The report anticipates a slowdown in China's real GDP growth to below 4.5% in the second half of 2025 due to diminishing export momentum and fiscal easing [11] Summary by Sections Supply-Side Reform - The current supply-side reform is characterized as "new wine in an old bottle," emphasizing the importance of demand for economic reflation [2] - The targeted sectors have shifted from SOE-dominated to POE-dominated firms, indicating a change in ownership dynamics [2] Economic Growth - China's real GDP growth is projected to decline to less than 4.5% in the latter half of 2025, influenced by fading export growth and fiscal easing measures [11] - The economy is expected to remain on a slow reflation path, indicating ongoing challenges in achieving robust growth [11] Housing Market - The housing market continues to face challenges, with elevated inventory levels in lower-tier cities and a persistent decline in housing prices [21] - The National Development and Reform Commission (NDRC) is considering expanding funding channels to address housing inventory issues, which may depend on various factors including funding size and developer selection [22] Fiscal Policy - The fiscal space in China is becoming more constrained, with major tax revenues and land sales underperforming against budget expectations [38][43] - The report suggests that China needs not only new stimulus measures but also a reformed growth algorithm to address structural issues in the economy [44] Reflation Strategy - The report outlines a "5R" reflation strategy, which includes measures such as expanding fiscal deficits, monetary easing, and social welfare spending to stimulate consumption [47] - The strategy aims for a gradual and uneven progress towards economic recovery, with various policy measures expected to be implemented by the end of 2025 [47]

V i e w p o i n t | 10 Jul 2025 01:27:04 ET │ 10 pages For the upcoming July Politburo meeting (held on the 30th last year), we keep our expectations low on cyclical policy given the steady growth backdrop. Policymakers could confirm a wait-and-see mode while keeping the door open for incremental mini support in 25H2E, especially for potential ~RMB500bn quasi-fiscal stimulus. Anti-involution (or nei juan) initiatives could be underscored again with further guidance. The Politburo could also announce the dec ...

The Best Canadian Marijuana Stocks For Long-Term Investing2025 has been a troubled time for marijuana stock investors. With a lack of momentum and no sign of any upward trading, what are shareholders to do? Now, the cannabis industry outside of the public sector has been doing phenomenally. Some cannabis companies continue to grow and become even bigger and profitable. At this time, the legal market still faces an uphill climb, but as long as companies can fulfill the increase in consumer demand there is a ...

Flash | 07 Jul 2025 10:52:51 ET │ 9 pages China Battery Materials China Battery Supply Chain Check with SMM: Battery production pipeline is estimated to be +1% MoM CITI'S TAKE According to SMM, the battery production pipeline is estimated to be up by 1% MoM and 39% YoY in Jul-25. Within that, EV battery production pipeline might be flattish MoM, while that of ESS battery demand is forecast to continually be +4% MoM. Most of the battery materials follow the largely flattish MoM trend, barring lithium carbona ...

July 9, 2025 01:56 AM GMT China Solar | Asia Pacific Our thoughts on the recent share price rally The central government has escalated its attention to disorderly competition in the solar industry. However, we see uncertainties in implementing supply-side reform on the solar industry. Key Takeaways We see execution risks: weak demand, market participants dominated by private firms, and local government resistance. Industry View Attractive Chinese solar stocks – especially polysilicon players (Tongwei, Daqo, ...