Deutsche Bank Research 7T2se3r0Ot6kwoPa Global Metals & Mining Metals & Mining Industry Metals & Mining Date 22 September 2024 Periodical Global Copper Conference - 24/25 Sep. LUN growth outlook. FM Panama Global Copper CEO Conference The dbAccess Virtual Copper CEO Conference takes place next week on Tuesday 24 - Wednesday 25 September, 2024. A number of global copper leaders and experts will be participating this year including CEOs or divisional heads from Freeport, Anglo American, BHP, Teck Resources, F ...

ab 20 September 2024 Global Research and Evidence Lab Mortgage Finance Weekly 24% Increase in Refi Applications, Existing Home Sales Decline Americas Diversified Financial Doug Harter Analyst douglas.harter@ubs.com +1-212-882 0080 Cory Johnson Associate Analyst cory.johnson@ubs.com +1-212-882 0078 William Nasta Associate Analyst william.nasta@ubs.com +1-212-713 3011 Marissa Lobo Analyst marissa.lobo@ubs.com +1-212-713 3922 MBS Spreads: Nominal Agency MBS spreads (current coupon vs. 5/10-year Treasury) tight ...

North America Equity Research 22 September 2024 J P M O R G A N | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | | | | Qualcomm | Overweight | | T ...

ab 20 September 2024 Global Research and Evidence Lab Sustainable Transition APAC positioning for a rate cut cycle Sustainable Transition Investment Strategy Toolkit As a reminder, the Sustainable Transition Investor Toolkit encapsulates how we identify the most attractive sustainable investing opportunities. It is made up of four key toolkits: 1) a 450+ technology solutions Thematic Framework; 2) a systematic Thematic Assessment to determine the most attractive themes; 3) a proprietary Theme Stock Universe ...

M Idea Hong Kong/China Insurance | Asia Pacific September 22, 2024 09:00 PM GMT What's next after insurers' 1H24 results? Better equity performance helped 1H24 earnings beat. Life business quality improved due to strengthened regulation, and P&C business remained healthy. VNB growth could still be healthy, but 3Q earnings might face some pressure on equity market trends. We maintain our Attractive industry view. We are pleased with insurers' 1H results, with improved business quality, especially for life na ...

Industry/Company Involved * **Industry**: China's economy, labor market, fiscal policy, monetary policy * **Company**: Not specified, general analysis of the Chinese economy Core Views and Arguments 1. **Deterioration in China Social Dynamics Indicator (SDI)**: The SDI has deteriorated but has not reached previous policy pivot thresholds. This suggests that policy changes may be on the horizon. * [2] 2. **Rapid Deterioration in Labor Market**: Unemployment rate has increased at an abnormally fast pace since May, indicating a weakening labor market. * [4] 3. **Weakening Labor Market Sentiment**: Sentiment has weakened significantly, further indicating a struggling labor market. * [5] 4. **Downward Pressure on Wage Growth**: Wage growth is facing further downward pressure as corporate profits decline, particularly affecting the bottom 20% of earners. * [7] 5. **Rising Social Risk**: Household living standards have deteriorated at the margin, and the number of labor incidents has increased, indicating rising social risk. * [9], [10] 6. **Pro-Cyclical Fiscal Policy**: Fiscal policy may remain pro-cyclical in the near term, with on-budget fiscal rollout catching up but overall augmented fiscal deficit remaining plateaued. * [11] 7. **Potential Policy Pivot Points**: The document outlines several potential policy pivot points, including the NPC Standing Committee meeting in late October 2024, the possibility of a supplementary budget, and the Politburo economic meeting in early December 2024. * [2] 8. **Potential Policy Initiatives**: The document suggests potential policy initiatives, such as expanding the consumer goods trade-in program, providing welfare with fiscal policy, and shoring up the housing market. * [2] 9. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 10. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 11. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 12. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 13. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 14. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 15. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 16. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 17. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 18. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 19. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 20. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 21. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 22. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 23. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 24. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 25. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 26. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 27. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 28. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 29. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 30. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 31. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 32. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 33. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 34. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 35. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 36. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 37. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 38. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 39. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 40. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 41. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 42. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 43. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 44. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 45. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 46. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 47. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 48. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 49. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 50. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 51. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 52. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 53. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 54. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 55. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 56. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 57. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 58. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 59. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 60. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 61. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 62. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 63. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 64. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 65. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 66. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 67. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 68. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 69. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 70. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 71. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 72. **Potential Policy Pivot Towards Housing and Social Welfare**: The Politburo meeting and CEWC in December 2024 may offer the first hint on policy pivot toward more orderly housing/LGFV deleveraging and social welfare reforms, with central budget expansion. * [2] 73. **

abc 20 September 2024 Global Research and Evidence Lab YES Powered by UBS Evidence Lab Gongniu Group Core category sales deceleration in sight; downgrade to Neutral Property-dragged core category sales will not be fully offset by share gains We expect demand for China's sockets & switches, Gongniu's core category (c30% of sales/profit currently), to decelerate into H224, dragged by a significant decline in residential GFA completions in H124. We do not think this can be fully offset by a share gain. We also ...

Deutsche Bank Research 7T2se3r0Ot6kwoPa North America United States Industrials Multi - Industry & Electrical Equipment Industry DeBLASEing the Trail Date 22 September 2024 Industry Update The First (Fed) Cut Is the Deepest? | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------- ...

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