J P M O R G A N Figure 2.2: Industrial production - Steel 更多一手调研纪要和研报数据加V： 4. Housing, consumption and production 更多一手调研纪要和研报数据加V： 6 7 8 9 10 11 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 2024 Figure 3.5: Deadweight tonnage of departing ships - Bulk Ton mn Source: Elane Shipping Statistics, J.P. Morgan shuinu9870 更多一手调研纪要和研报数据加V： Source: Elane Shipping Statistics, J.P. Morgan • New home sales stayed modest, with hesitation for a year-end surge; secondary home sales slowed do ...

shuinu9870 更多一手调研纪要和研报数据加V： 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： December 19, 2024 08:16 AM GMT shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 M Update Hong Kong/China Leisure & Lodging | Asia Pacific 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： Key Takeaways China's weekly hotel RevPAR was -4% YoY for the week, reflecting December 8- 14, 2024 vs. December 10-16, 2023. This slightly worsened from the prior week's -2%. However, the YoY decline in December has been narrower than we thought, reflecting flatte ...

5 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 Global Metals & Mining 19 December 2024 Citi Research of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating and target price and assign "Rating Suspended" status for regulatory and/or internal policy reasons. Citi Research may also suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of information critical to the analyst's thesis, trading suspen ...

shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 Datacenter Market Insights, Part 2 – ODM Direct shuinu9870 更多一手调研纪要和研报数据加V： 3Q ODM direct shipments were up 2% q/q, with Wiwynn's unit share increasing the most. GB200 remains on track to ramp more meaningfully from mid-Feb. Stock-wise, we prefer Hon Hai/ FII, Wiwynn, Wistron and Quanta. Global ODM direct server shipments were 1.33mn in 3Q24 (+2% q/q, +16% y/y): This accounted for 36.4% of global server shipments of 3.7mn units (+1% q/q, +19% y/y), up from 36.0% in 2Q2 ...

shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 continue to deliver solid growth with channel penetration increase, while seeing less 2025. 4) By consumption scenario, company is developing the banquets market shuinu9870 更多一手调研纪要和研报数据加V： 19 December 2024 | 4:00PM HKT (Rmb1.5bn in 2024, 20% yoy sales growth in 1H24 and slowdown in 3Q24); T68 to negative impact from shipment control of customized non-standard products in 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： The following are additional required disclosures: Ow ...

First Read: China Property 19 December 2024 ab 12 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 First Read: China Property 19 December 2024 ab 13 Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report. For a complete set of disclosure statements associated with the companies discussed in this report, including information on valuation and risk, please contact UBS Securities LLC, 1285 Avenue of Americas, New York, NY 10019, USA, Attention: Investment R ...

更多一手调研纪要和研报数据加V： Charting the course: preliminary 2025 outlook and November review of pricing and volume trends 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 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 Analysts' compensation is determined by Citi Research management and Citigroup's senior management and is based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the "Firm"). Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive compensation that is impacted by overall Firm profitability which includes investment banking, sales ...

shuinu9870 Exhibit 8 - Recent & Forecasted Results as a % of Rolling 10-Yr Average - Advisory . 80% 100% 120% 140% 0% 20% 40% 60% . 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% shuinu9870 Source: Company data, Jefferies, Visible Alpha Consensus as of 12/17/24 for JPM/BAC/C, JEFe for GS/MS Reopening of Capital Markets Critical for Alts - Much of the Alternative's expected ~27% distributable earnings growth in 2025 hinges on the reopening of capital markets. Years of subdued capital markets activity and depres ...

Industry and Company Overview * **Industry**: China Entertainment, specifically focusing on short and mini dramas. * **Key Company**: Hongguo Drama (ByteDance Group), a free short drama app. * **Analyst Firm**: Goldman Sachs China Entertainment. Key Points 1. **Rapid Growth of Short and Mini Drama Industry**: * The short and mini drama industry has experienced significant growth, with a TAM of RMB 50 billion in 2024E, surpassing the domestic box office of the movie industry. * The industry is expected to grow at a 22% CAGR from 2024 to 2027E, reaching RMB 91 billion by 2027E. * The format is gaining popularity due to its convenience, affordability, and diverse content offerings. 2. **Monetization Model Shift**: * The monetization model is shifting from In-App Purchase (IAP) to In-App Advertising (IAA), with IAA expected to account for 70% of total revenue by 2027E. * The freemium model, particularly with Hongguo Drama, is becoming increasingly popular, driven by its free access and ad-supported content. 3. **Key Players and Value Chain**: * Key players include short drama producers, advertising platforms (e.g., Douyin, Kuaishou, Tencent), and content producers/IP owners. * Advertising platforms, particularly Douyin and Kuaishou, are expected to benefit significantly from the rising short drama TAM and advertising spend. * Producers typically earn around 12% of total revenue, with the majority of revenue going to advertising platforms for marketing and user acquisition. 4. **Overseas Opportunities**: * The overseas short drama market is still in its early stages, with the US being the largest market. * The overseas TAM is expected to reach over US$10 billion with 200-300 million users in the future. * Challenges include enriching localized content offerings and improving profitability due to higher production costs in overseas regions. 5. **Impact on Long-Form Video (LFV) Platforms**: * The rise of short and mini dramas is gaining time share and may affect content consumption habits, potentially challenging LFV incumbents like IQ and Mango. * LFV platforms are increasingly introducing mini and short dramas to their content libraries to stay competitive. Potential Winners and Losers * **Winners**: * Advertising platforms (e.g., Douyin, Kuaishou, Tencent) * Short drama producers * Hongguo Drama (ByteDance Group) * **Losers**: * LFV platforms (e.g., IQ, Mango) * Traditional LFV producers