M Idea Commodity Matters | Europe December 2, 2024 02:34 PM GMT China's Surging Coal Imports China's thermal coal imports have risen 80% in the last 2 years and are showing no sign yet of peaking out. New coal contract guidelines from 2025, including relaxed minimum captive sourcing requirements and improved linkages to international prices, are likely a further boost to import volumes. Key Takeaways New contract guidelines lower the minimum captive share requirement from 80% to 75% from 2025, giving genera ...

Flash | 02 Dec 2024 09:12:54 ET │ 11 pages China Hardware and Semiconductors Initial Assessment of Potential Handset Subsidy Impact CITI'S TAKE The market is excited about the potential national handset trade-in subsidy, which we believe to fall in 1H25 as there are several provincial handset subsidy policies in 2H24. The latest Jiangsu subsidy is apparently more effective on higher cap, which benefits part of high-price smartphones, yet overall smartphone sell-out shipment was weak in 2H24 even with subsid ...

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Asia Pacific Equity Research 03 December 2024 J P M O R G A N Asian Tech Thoughts from the supply chain on GB200 delays and GB300 status | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

M Update GDS Holdings Ltd | Asia Pacific December 2, 2024 02:22 AM GMT China Core Internet Trip Takeaways We see a positive outlook for the overseas and domestic business. Overseas: Domestic: REITs in focus: • GDS maintained its target of 1GW committed capacity by 2027; sales pipeline is more skewed to overseas customers. • Beyond the 430MW current committed capacity, it still has 100-200MW capacity reserved by hyperscale customers, which will be transferred to contract in following quarters. • Customer mov ...

Summary of Key Insights from the 2025 Hospital Outlook Survey Industry Overview - The survey focuses on the US healthcare industry, specifically hospital executives' expectations regarding utilization, capital spending, and procedure dynamics for 2025 [2][8]. Core Insights Utilization Trends - **Overall Utilization Growth**: 55% of hospital executives expect utilization growth in 2025 to be above 2024 levels, a decrease from 60% in the previous year [8][17]. - **Outpatient vs. Inpatient**: 64% anticipate outpatient utilization growth above 2024 levels, while only 34% expect similar growth for inpatient services [8][17]. - **Elective Procedures**: 64% expect elective procedures to grow above or in line with 2024 levels, indicating a recovery potential despite macroeconomic challenges [9][17]. Capital Expenditures (CapEx) - **CapEx Growth Expectations**: Hospital capital spending is projected to increase by 3.5% in 2025, slightly down from 4.0% in 2024. This reflects a stable environment for capital equipment purchases [10][40]. - **Spending Categories**: Hospitals are most likely to increase spending on CT and healthcare IT, with 73% of respondents indicating a willingness to invest in IT [10][47]. - **Purchasing Timelines**: There is a noted uncertainty regarding purchases within the next 12 months, with expectations for orthopedic robotics purchases declining from 64% to 48% [12][50]. IT Investments - **Growth in IT Spending**: IT investments are expected to grow by 5.5% in 2025, up from 4.5% in 2024. Cybersecurity is the top priority for 59% of respondents, followed by electronic health records (53%) and AI (43%) [58][59]. - **Challenges**: Despite the focus on cybersecurity, staffing and labor retention are viewed as more significant challenges for hospitals [61]. Patient Acuity and Payor Mix - **Patient Mix Stability**: The mix of patient acuity is expected to remain stable, with moderate-risk patients making up 27% and complex/high-risk patients 35% of the total [25][26]. - **Payor Mix**: The payor mix is projected to remain consistent, with 56% from Medicare/Medicaid and 38% from commercial insurers [25][28]. Value-Based Care (VBC) - **Interest in VBC**: While nearly all hospitals have some revenue tied to VBC arrangements, the average share has decreased from 26% to 22%. Interest in establishing VBC partnerships is also declining [30][34]. Additional Insights - **Surgical Robotics**: Hospitals continue to invest in surgical robotics, particularly in soft-tissue robotics from Intuitive Surgical, despite a slight decline in orthopedic robotics purchasing expectations [12][40]. - **Economic Pressures**: Executives express concerns about inflation, labor costs, and reimbursement pressures impacting capital spending and procedure volumes [41][52]. This comprehensive overview highlights the evolving landscape of the healthcare industry as hospitals navigate utilization trends, capital expenditures, and the integration of technology in patient care.

Jefferies Spain | Utilities Endesa CEO/CFO Breakfast: Increase Grid Investments or Dividend Boost Conclusion We feel Endesa's strategy is clearer after an investor breakfast with the CEO and CFO earlier today. Endesa is ready to invest more in grids if the new allowed return reaches an adequate level; otherwise, it will increase its dividend policy (5.6% JEFe 2025 D/Y). We should expect a draft regulatory proposal on grids during December 2024 or January next year. Additionally, the CEO highlighted potentia ...

Asia Pacific Equity Research 02 December 2024 J P M O R G A N Asian Tech Key takeaways (and transcript) from expert call on AI ASIC development | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------- ...

2 December 2024 | 7:18PM CST Taiwan PA foundry Downcycle in 2025, with high inventory level and limited technology upgrade; DG AWSC/Win to Neutral/Sell Cellular PA industry downcycle will continue into 2025, with high inventory level We believe the Cellular PA foundry industry downcycle has started from 4Q24, and expect it to continue through 2025, considering (1) the increasing inventory at PA design houses, (2) unfavorable order momentum from both US and China design house customers, and (3) PA foundries' ...

Fiserv, Inc. (NYSE:FI) UBS Global Technology and AI Conference December 4, 2024 4:15 AM ET Company Participants Bob Hau - CFO Conference Call Participants Tim Chiodo - UBS Tim Chiodo All right. Great. We're going to get started. My name is Tim Chiodo. I'm the lead payments processors and fintech analyst here at UBS. I want to start by saying thank you to the Fiserv team. With us here on stage, we have Bob Hau, who is the CFO. Also joining us here is Julie Chariell from the SVP or Head of Investor Relations. ...