M Update Source: Bloomberg, Morgan Stanley Research estimates based on price and duration from December 23, 2024 Germany should have the largest extension this month (0.069y) compared to other countries, close to its average December extension of 0.072y. The higher extension is mainly caused by BKO 3.1% Dec-2025 (market value €19.2 billion, weight 1.3%) falling out of the index. 1-5y index will extend by 0.047y. Exhibit 7: December euro extensions by sovereign Morgan Stanley Research 3 United States UK UKT ...

c45a43530f604d12bcb9a82b5aa6b9f6 Buy c45a43530f604d12bcb9a82b5aa6b9f6 Pony AI Inc. (PONY) c45a43530f604d12bcb9a82b5aa6b9f6 Goldman Sachs Pony AI Inc. (PONY) - 5,000 10,000 15,000 20,000 25,000 2025E 2026E 2027E 2028E 2029E 2030E Remote assistant cost TNC cut Depreciation - Vehicle Depreciation - ADK Fleet operation and maintenance (US$)Segment Partners/ Clients 124 396 1,490 3,441 11,401 58,237 180,790 - 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 180,000 200,000 2024E 2025E 2026E 2027E 2028 ...

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Andrew Webb AC (44-20) 7134-0121 andrew.x.webb@jpmorgan.com Europe Credit Research 20 December 2024 J P M O R G A N Germany: The four player market features the incumbent, DT, maintaining a leading share, at the other end of the market share spectrum is 1&1 with ~10% subscriber market share. The company transitioned from MVNO to MNO after acquiring 5G spectrum in the 2019 auctions. 1&1 is presently rolling out its mobile network (Open RAN), while making use of roaming agreements. The company surprised the m ...

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/ ...

Company and Industry Key Points 1. **Company Overview**: Cambricon is a leading Chinese AI chipset supplier. The company focuses on AI chipsets for various applications, including intelligent cluster systems for governments and autonomous driving chips. [44] 2. **Revenue Growth**: Goldman Sachs expects Cambricon's revenue to grow by 4%, 9%, and 16% in 2025E-2027E, driven by ongoing demand from government projects and the widening applications of AI technology. [5] 3. **Valuation**: Goldman Sachs uses a discounted EV/EBITDA methodology to derive a target price of Rmb538.0 for Cambricon. The target EV/EBITDA multiple is based on peers' trading EV/EBITDA vs. forward-year fundamentals. [2, 56] 4. **Key Risks**: The key risks identified include weaker/stronger-than-expected government projects, competition in AI chips and accelerators, slower/faster-than-expected local foundry supplies, slower/faster-than-expected expansion to non-government projects, and the company's addition to the US Entity List in December 2022. [3] 5. **M&A Rank**: Cambricon has an M&A rank of 3, indicating a low probability (0%-15%) of being acquired. [14] 6. **Market Cap**: Cambricon's market cap is Rmb281.6bn ($38.6bn) as of December 2024. [45] 7. **Enterprise Value**: Cambricon's enterprise value is Rmb280.5bn ($38.4bn) as of December 2024. [45] 8. **Beta**: Cambricon's beta is 1.3. [23] 9. **Risk-Free Rate**: The risk-free rate is 3.0%. [23] 10. **Market Risk Premium**: The market risk premium is 6.5%. [23] 11. **Revenue Breakdown**: Cambricon's revenue breakdown by region is 49% global, 34% Greater China, and 17% other regions. [27] 12. **Revenue Breakdown by Segment**: Cambricon's revenue breakdown by segment includes 63% AI chips (government projects), 57% other segments, and 40% other segments. [54] 13. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 14. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 15. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 16. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 17. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 18. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54] 19. **Revenue Growth by Segment**: Cambricon's revenue growth by segment includes 57% AI chips (government projects), 40% other segments, and 40% other segments. [54] 20. **Revenue Growth by Region**: Cambricon's revenue growth by region includes 49% global, 34% Greater China, and 17% other regions. [54]

US Machinery J P M O R G A N See page 5 for analyst certification and important disclosures. J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. www.jpmorganmarkets.com Company-Specific Disclosures: Important disclosures, including price ch ...

North America Equity Research 23 December 2024 Within we highlight data center interconnect, transport, optical, and fiber-to-thehome commentary from Hardware & Networking companies and other vendors during the most recent earnings cycle as well as the recent J.P. Morgan Hardware, Networking & Semis Bus Tour hosted by J.P. Morgan Hardware and Networking Analyst Samik Chatterjee. Telecom Services, Cable & Satellite Sebastiano C Petti AC (1-212) 622-8529 sebastiano.c.petti@jpmorgan.com Jerome Darling (1-212) ...

更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 The authors wish to thank Harshit Mittal, of the J.P. Morgan Global Research Center, for contributions to this report. 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Outline 2025 Outlook Overview and Top Picks 2025 Buyside Survey Highlights Intermodal Outlook 4 Railroad Outlook Truckload Carriers and Brokers Outlook LTL & Logistics Outlook 4 Key Sector Themes and Fundamentals 5 62 80 10 76 Parcel Outlook St ...

更多一手调研纪要和研报数据加V： shuinu9870 Figure 4: Parcel volume growth vs. GMV growth Figure 6: China express industry pricing 8.5 9.0 8.4 8.9 8.1 8.0 7.8 8.0 7.8 7.9 7.9 7.7 8.3 -20% -15% -10% -5% 0% 5% 6 7 7 8 8 9 9 10 10 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Rmb Industry pricing trend Industry ASP y-y (RHS) 5 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： Table 1: HK/China logistics comps table shuinu9870 更多一手调研纪要和研报数据加V： 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： ...