January 20, 2026 05:14 PM GMT Energy Services | Europe Outlook 2026: Selectivity Amid a Softer Macro | What's Changed | | | | --- | --- | --- | | SBM Offshore NV (SBMO.AS) | From | To | | Price Target | €30.00 | €32.50 | | Technip Energies NV (TE.PA) | | | | Price Target | €35.00 | €32.20 | As energy producers tighten belts ahead of a period of soft macro, we see some pockets of resilience within our coverage, such as offshore and Middle East. SBM Offshore is our Top Pick, and we continue to avoid LNG-expos ...

The overseas EV opportunities & the risks that may ensue 20 January 2026 | 5:16PM CST Equity Research CHINA AUTOMOBILES Framework to assess potential future price competition overseas We expect the overseas market to be the bright spot for China EV sales this year, with +35% yoy volume growth. At the same time, we are cognizant that Chinese OEMs could adopt a more premium pricing strategy when first entering the overseas market, and execute more price cuts/sales incentives later to drive up volume, similar ...

Summary of Conference Call on China PCB Industry Industry Overview - The conference call focused on the PCB (Printed Circuit Board) and CCL (Copper Clad Laminate) industry in China, particularly in relation to AI infrastructure and its growth potential [1][2]. Key Trends and Insights - **Higher Speed and Capacity Expansion**: The demand for higher speed connections (800G / 1.6T) in AI servers is driving an increase in PCB and CCL dollar content. This is coupled with a significant ramp-up in AI server production, leading to overall growth in the Total Addressable Market (TAM) for PCBs and CCLs [1][2]. - **Revenue Growth**: Revenue growth for companies like Victory Giant, WUS, and Shengyi Tech is projected to increase from an average of +2% in 2022 to +58% YoY in 9M25, driven by the AI infrastructure cycle [2]. - **Future Projections**: The expected Compound Annual Growth Rate (CAGR) for net income (NI) for Victory Giant, WUS, and Shengyi Tech from 2026 to 2028 is forecasted at 57%, 47%, and 50% respectively, with operating profit margins (OPM) expanding to 33%, 26%, and 20% by 2028 [2]. Competitive Landscape - **Market Dynamics**: There is a debate among investors regarding the maturity of the AI infrastructure market, which could lead to slower growth and increased competition. However, the report argues that ongoing specification upgrades and the transition from copper cables to PCBs in AI servers will mitigate competitive intensity [3]. - **Customer Base Expansion**: The shift from GPU AI server clients to ASIC AI server clients is expected to increase, supported by local customer growth and strong commitments from Chinese suppliers to R&D and capacity expansion [2][3]. Financial Highlights - **Valuation and Price Targets**: - Victory Giant is initiated with a Buy rating and a target price (TP) of Rmb550, reflecting a 26.3x 2027E PE ratio and an expected +57% NI YoY growth on average in 2027-28E [36]. - WUS and Shengyi Tech are also rated Buy with target prices of Rmb127 and Rmb111 respectively, indicating strong growth potential [8]. - **Risks**: Key downside risks include slower-than-expected AI server ramp-up, increased competition, and delays in new capacity expansion [8]. Operational Efficiency - **R&D and Automation**: The companies are heavily investing in R&D and automation, which is expected to enhance yield rates, operational efficiency, and fast delivery times [37][40]. - **Financial Metrics**: The report anticipates a gross margin increase from 36% in 2025E to 42% in 2030E, driven by a product mix upgrade towards AI server PCBs [41]. Conclusion - The China PCB and CCL industry is poised for significant growth driven by the AI infrastructure boom, with key players like Victory Giant, WUS, and Shengyi Tech expected to benefit from rising demand, specification upgrades, and operational efficiencies. The overall sentiment is positive, with strong revenue and profit growth projections despite potential competitive challenges.

20 January 2026 | 11:04PM HKT Equity Research Anta Sports Products (2020.HK) 2020.HK 12m Price Target: HK$108.00 Price: HK$82.55 Upside: 30.8% Anta Sports reported mixed 4Q25 in line with market expectations and signaled a prudent stance on its 2026 topline/OPM outlook. More specifically in 4Q25, Anta brand saw a -LSD% yoy decline (slowdown from Q3's +LSD%) growth driven by weaker demand, heightened competition and increased price sensitivity among mass-market consumers; Fila accelerated to +MSD% yoy growth ...

January 20, 2026 09:41 PM GMT US Rates Strategy | North America Callable Supply Opens the Door to Bear Steepeners Callable issuance surged early in 2026, making January one of the most active months in years. This created vol dislocations across the surface. We unwind our prior bull steepener trade and shift to a 1y 3s30s bear steepener with a better carry profile. Key Takeaways Please add me to your distribution list. | M US Rates Strategy North America Callable Supply Opens the | Morgan Stanley & Co. LLC ...

January 20, 2026 12:55 PM GMT Hangzhou Tigermed Consulting | Asia Pacific M Update Ten Takeaways from Updated Company Presentation Tigermed's updated presentation at a broker conference last week in the US shed light on China's clinical CRO industry. Key Takeaways 1. About 50% of clinical trials conducted in China were outsourced to CROs from 2019-2025. 2. Market CAGR slowed from Covid's 25% (2020-2022) to post-Covid's 4% (2023- 2024), but is projected to accelerate to 13% (2025-2028, Frost & Sullivan, Huma ...

January 20, 2026 04:30 PM GMT Sustainability | Europe Defence in Sustainability: Six Trends into 2026 In 2025, we closely monitored the Defence in Sustainability debate; we spoke to >100 stakeholders, incl. investors, regulators, think-tanks and national banks. We highlight six trends for 2026 across exclusions, positioning, dual-use, autonomous weapons, anti-defence tech, and ripple effects. M Key Takeaways Exclusions easing across conventional and nuclear weapons. Positioning up by ~5pp and ~10pp in Artic ...

20 January 2026 | 5:50PM GMT Commodities Research FERROUS ANALYST Iron Ore: Multi-Year Surplus Ahead, But a Road to Rebalancing the Market Iron Ore: Multi-Year Surplus Ahead, But a Road to Rebalancing the Market Aurelia Waltham +44(20)7051-2547 | aurelia.waltham@gs.com Goldman Sachs International Eoin Dinsmore +65-6889-2401 | eoin.dinsmore@gs.com Goldman Sachs (Singapore) Pte Daan Struyven +1(212)357-4172 | daan.struyven@gs.com Goldman Sachs & Co. LLC Samantha Dart +1(212)357-9428 | samantha.dart@gs.com Gol ...

Company profile: PNC (603690.SS, Not Covered) is the local supplier of wet cleaning tools, high purity system and components, mainly targeting semiconductor clients (87% of total revenues in 1H25). Key products include single wafer cleaning tools (S300D/ S300C) and trough cleaning tools (B300/ B200). Company's semi clients including foundry (SMIC/ Hua Hong/ Huali), memory (YMTC/ CXMT), and IDM (CR Micro, Silan) etc. Besides long-term orders, the company notes orders on hand were at Rmb5bn, and 85% of orders ...

Key Takeaways In this report, we discuss why we think RMB appreciation will be more limited than the emerging consensus, and why it would not help ease deflationary pressures and rebalance the economy. Asia Economics | Asia Pacific M Idea The Viewpoint: China: Will RMB Appreciation Help Rebalancing? We disagree with the emerging view that RMB appreciation will help in rebalancing China's economy. A meaningful RMB appreciation would hinder the exit from deflation, hit corporate margins, and slow wage growth. ...