19 December 2024 6 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 Goldman Sachs Americas Media | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------|----------------|------------------------|--------|-----------------------------|-------|------------------------------------------------------------------------------------------|-------|---------------|-------|---------------------------------------|-------|-------------------------------------|---- ...

Key Points Industry or Company Involved * **American Tower Corporation (AMT)**: A REIT that owns and operates wireless communications towers in the U.S., Latin America, Europe, and Africa. * **Cognex Corp (CGNX)**: A leading provider of machine vision products used in various end markets, including consumer electronics, automotive, and retail distribution. * **Comfort Systems USA Inc (FIX)**: A provider of mechanical and electrical contracting services for nonresidential construction end markets, with a particular skew towards manufacturing, technology, and institutional verticals. * **ConocoPhillips (COP)**: A leading exploration and production company with a globally diversified asset portfolio. * **CyberArk Software Ltd (CYBR)**: A leading identity security vendor specializing in privileged account security. * **Dell Technologies (DELL)**: A provider of personal computers, servers, networking, storage arrays, and security solutions to enterprise and consumer markets. * **Elevance Health Inc (ELV)**: A managed care company offering Medicare, Medicaid, and commercial insurance through its BCBSA state subsidiaries. * **Energy Transfer LP (ET)**: A company that owns and operates one of the largest and most diversified portfolios of energy assets in the U.S. * **First Citizens BancShares Inc (FCNCA)**: A bank with a footprint largely concentrated in the Southeast, Mid-Atlantic, and West Coast markets. * **First Solar Inc (FSLR)**: The largest manufacturer of thin film solar modules globally. * **Keurig Dr Pepper Inc (KDP)**: A leading producer of innovative single-serve coffee brewing systems and the coffee pods (KCups) used in those brewers. * **Legend Biotech Corp (LEGN)**: An early commercial biotechnology company developing therapies for rare disorders, primarily Duchenne muscular dystrophy (DMD). * **Mastercard Inc (MA)**: A global payment solutions company providing various services in support of credit, debit, and related payment programs of financial institutions. * **Oracle Corp (ORCL)**: A leading provider of database, middleware, business application software, and cloud infrastructure. * **Reinsurance Group of America Inc (RGA)**: A holding company offering traditional and non-traditional life and health reinsurance products and solutions. * **Sarepta Therapeutics (SRPT)**: A commercial-stage biopharmaceutical company developing therapies for rare disorders, primarily Duchenne muscular dystrophy (DMD). * **Texas Instruments Inc (TXN)**: A designer and manufacturer of analog and embedded processing semiconductors. * **Ulta Beauty, Inc (ULTA)**: A leading specialty beauty retailer in the U.S. Core Views and Evidence * **AMT**: Expected to sustain ~5% domestic organic revenue growth in 2025 and accelerate to 5%+ in 2026 due to rising data traffic and increased carrier activity. [doc id='215'] * **CGNX**: Expected to see an acceleration to double-digit organic sales growth in 2025, driven by early cycle momentum in Logistics and Semiconductors and a positive inflection in short cycle Industrial and Consumer Electronics. [doc id='385'] * **FIX**: Expected to sustain EBIT margins of ~10% in 2024E into 2025E and 2026E due to strong demand backdrop and constrained labor environment. [doc id='367'] * **COP**: Expected to see a more capital efficient 2025 outlook and an increase in shareholder returns due to MRO integration catalysts and continued strong operational execution. [doc id='373'] * **CYBR**: Expected to maintain a 20%+ ARR growth profile while delivering on the margin story. [doc id='396'] * **DELL**: Expected to be a winner in the AI server market relative to peer HPE across Tier 2 Cloud and Enterprise markets, driving at least 10% ISG revenue growth next year. [doc id='416'] * **ELV**: Expected to return to normalized margins in 2026 as Medicaid rates improve and the company continues to win business and grow its Carelon business. [doc id='67'] * **ET**: Expected to benefit from strong growth in natural gas demand driven by the need to power data centers, coal to gas switching, and LNG exports. [doc id='426'] * **FCNCA**: Expected to see loan growth of 9%-10% in 2025/2026 and repurchase 14% of shares by YE2025. [doc id='410'] * **FSLR**: Expected to see EPS grow from $13.14 in 2024E to $30.79 in 2027E with incremental upside from capital redeployment. [doc id='104'] * **KDP**: Expected to deliver on its long-term algorithm with +MSD constant-FX revenue growth in 2025 and +HSD constant-FX EPS growth next year. [doc id='95'] * **LEGN**: Expected to see Carvykti sales performance surprise to the upside, with potential revenue reaching $1.7bn in 2025E. [doc id='136'] * **MA**: Expected to provide a balanced exposure to spend and support from value-added services, with attractive qualities including high FCF conversion and deep competitive moats. [doc id='144'] * **ORCL**: Expected to sustain 50%+ cloud infrastructure growth for the next several years, driving an overall topline revenue reacceleration to +10%/14% in FY25/26. [doc id='173'] * **RGA**: Expected to benefit from favorable global mortality and morbidity trends, supported by medical advancements like GLP-1 drugs, and upside to premium growth from key growth markets like Asia. [doc id='159'] * **SRPT**: Expected to see significant upside from its Elevidys launch in DMD and pipeline programs in LGMD, DM1, and FSHD. [doc id='167'] * **TXN**: Expected to see top analog semi companies grow +12% in 2025, with TXN exceeding this at +30% as it begins to undo its pandemic era share losses. [doc id='435'] * **ULTA**: Expected to stabilize its top-line performance and drive positive estimate revisions, leading to upward pressure on its multiple. [doc id='570'] Other Important Points * **Market Trends**: The report discusses various market trends, including the rise of AI, the transition from on-premise to cloud, and the increasing importance of sustainability. * **Valuation**: The report provides valuation analysis for each company, including price targets and multiples. * **Catalysts**: The report identifies potential catalysts for each company, such as product launches, regulatory decisions, and earnings reports.

shuinu9870 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： 19 Dec 2024 05:45:43 ET │ 9 pages Production – According to Sxcoal, from 12th to 18th Dec, China's 100 sample mines' thermal coal output was 12,583kt, down 0.5% WoW, up 5.0% YoY, and up 6.7% YoY on the lunar calendar, of which sample mines' output in Shanxi/Shaanxi/Inner Mongolia was 3,001/3,870/5,712kt, +0.2%/-0.4%/-0.9% WoW, +1.4%/+14.5%/+1.6% YoY and flat/+15.2%/+5.2% YoY on the lunar calendar, respectively. The YTD sample mines' thermal coal output ...

Exhibit 4: New investors (scaled to 0-100% based on the percentage away from its high and low levels since January 2014) vs. CSI 300 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-14Sep-14Mar-15Sep-15Mar-16Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25 New Investors Registered CSI300 (RHS) 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 Source: CEIC, Bloomberg, Morgan Stanley Research. Data as of Dec 18, 2024. Latest new investors registe ...

更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 M Update Embodied AI | North America The development of the robot 'brain' is the critical enabler driving the rise of embodied AI. In our opinion, future development of fully autonomous AI-enabled robots (humanoids, AMR's, drones, etc.) will require continued progress in general- purpose and/or specialized robotics models, also known as Vision-Language-Action models or VLA's, capable of transforming human-like sensory inputs to robotic movement and manipulation. Today, ...

Key Points Industry or Company Involved - The document primarily focuses on the U.S. economy and various sectors, including capital goods, materials, and logistics. Core Views and Arguments - **U.S. Economy Outlook**: The document discusses the outlook for the U.S. economy in 2025, highlighting factors such as inflation, unemployment, and interest rates. It also examines the potential impact of the Federal Reserve's monetary policy on the economy. - **Capital Goods**: The document provides an outlook for the European capital goods sector, focusing on themes such as reforms, corporate actions, and the battery cycle. It also offers top picks within the sector. - **Materials**: The document discusses the outlook for the Chinese materials sector, emphasizing selectivity and three key themes. It also provides six stock picks within the sector. - **Logistics**: The document delves into the synergies from the DB Schenker integration across all four segments, estimating potential capital unlocking and efficiency gains. Other Important Points - **Citi Research Equity Ratings Distribution**: The document provides a breakdown of Citi Research's equity ratings distribution, including buy, hold, and sell ratings for various sectors and companies. - **Thematic Equity Strategy**: The document outlines Citi's 10 favorite themes for 2025, based on five pillars: valuation, growth, quality, revisions, and macro connections. - **Global Macro Strategy**: The document presents "The Eight Trades of Hanukkah," offering macro themes and trades relevant for the year ahead. - **Important Disclosures**: The document includes important disclosures regarding the research report, including conflicts of interest, data sources, and regulatory information. References - [doc id='7'] - [doc id='14'] - [doc id='17'] - [doc id='94'] - [doc id='97'] - [doc id='98'] - [doc id='99'] - [doc id='100'] - [doc id='102'] - [doc id='107'] - [doc id='110'] - [doc id='114'] - [doc id='115'] - [doc id='118'] - [doc id='119'] - [doc id='120'] - [doc id='122'] - [doc id='124'] - [doc id='126'] - [doc id='128'] - [doc id='129'] - [doc id='131'] - [doc id='133'] - [doc id='135'] - [doc id='136'] - [doc id='137'] - [doc id='138'] - [doc id='139'] - [doc id='140'] - [doc id='141']

shuinu9870 7 shuinu9870 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： 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： Harlan Sur AC (1-415) 315-6700 harlan.sur@jpmorgan.com North America Equity Research 19 December 2024 J P M O R G A N "expert investors" or "institutional investors," as defined under Section 4A of the SFA. Recipients of this material in Singapore are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the material. South Africa: J.P. Morgan Equitie ...

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 shuinu9870 V i e w p o i n t | Youdao (DAO.N) shuinu9870 Decent ads growth momentum — Youdao's ads business momentum remained decent in 3Q24, with small scale last year, expansion into new verticals, and strong RAT revs growth with improving algorithm and AI capabilities. Mgmt sees decent growth potential for both domestic and int'l markets over LT and opportunities from entertainment industries, AI tools related ad demand, and auto industries. Having ...

shuinu9870 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 shuinu9870 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： 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 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 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： North America Economic Research US: Already good 3Q GDP gets a little better 19 December 2024 J P M O R G A N shuinu9870 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： 更多一手调研纪要和研报数据加V： 更多资料加入知识星 ...

shuinu9870 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： US Economic Perspectives Fed funds in 2024 At the end of January, the funds rate was expected to fall 137 bps this year. After the Q1 inflation data, in April the market expected the funds rate to fall just 28 bps. Those two lines mark the range in the chart below. In the event, the actual funds rate ended up below the mid-point of those expectations, which was 88 bps of rate cuts in 2024. The FOMC lowered the target range b ...