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 North America Equity Research 03 November 2024 J P M O R G A N Clean Tech Weekly Highlights: Election Playbook, EV Charging / AAM 3Q Previews, ENVX 3Q Results & More Please see below for 1) recent research, headlines, and data points, 2) company and sector price movements, and 3) an archive of recent publications. Thematic Highlights 更多一手调研纪要和海外投行报告加V：shuinu9870 *JPM Equity Opportunities Forum (11/13-11/14) – 1x1s Still Available* EVGO, ENVX & ACHR are participating in JPM's Equ ...

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 U.S. Semiconductors Qualcomm Inc Rating Outperform Price Target QCOM 200.00 USD (240.00 OLD) 4 November 2024 Stacy A. Rasgon, Ph.D. +1 212 756 4403 stacy.rasgon@bernsteinsg.com Alrick Shaw +1 212 969 1458 alrick.shaw@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Arpad von Nemes +1 212 969 1518 arpad.vonnemes@bernsteinsg.com 更多一手调研纪要和海外投行报告加V：shuinu9870 Qualcomm reports FQ424 earnings on Wednesday, November 6, after the market close (call at 4:45pm ET; dial-in (877) 407-0832 or (2 ...

Summary of Earnings Call and Industry Analysis Industry Overview - The analysis focuses on the Indian market, particularly the NSE100 firms, highlighting a significant slowdown in earnings growth expectations for Q2 FY2025 compared to initial forecasts [4][5][9]. Key Points Earnings Performance - Over 65% of NSE100 firms reported earnings, with 48% missing expectations by more than 4%, marking the highest miss rate since March 2020 [4][21]. - Initial growth expectations for Q2 were set at 9% YoY, but actual growth is projected to be around 0.6%, indicating a material contraction in earnings [16][9]. - The automotive sector has been particularly affected, with demand for passenger vehicles (PVs) and premium two-wheelers (2Ws) declining [16][9]. Sector-Specific Insights - **Banks and IT**: These sectors have shown resilience, with banks benefiting from larger names and IT finally hitting a bottom [5][9]. - **Healthcare**: Results have been in line with expectations, slightly better than other sectors [16]. - **Consumer Staples**: An urban slowdown is noted, with expectations of rural recovery being cautious [5][31]. - **Utilities and Industrials**: Both sectors are experiencing low demand due to weak capital expenditure (capex) and adverse weather conditions [5][9]. Future Expectations - Despite a flat H1, full-year earnings growth forecasts remain in double digits at 10.2%, although this is a decrease from 13% prior to Q2 [16][9]. - Q3 earnings expectations have increased, particularly for utilities and autos, driven by anticipated festive demand [16][9]. - There is skepticism regarding the ability to meet high expectations for Q3, given the weak performance in Q2 [29][30]. Macroeconomic Context - The broader economic slowdown is acknowledged, with indicators showing a loss of momentum across various sectors [9][30]. - The Reserve Bank of India (RBI) has not yet adjusted growth estimates, but there are indications that a policy response may be necessary if the slowdown continues [36][30]. - The commentary from firms suggests a tendency to attribute poor performance to external factors like monsoons and elections, rather than acknowledging underlying issues [30][31]. Investment Implications - The market has not fully priced in the extent of the slowdown, and there is a risk of further earnings cuts as reality sets in [9][30]. - A bottom-up investment strategy in select sectors is recommended, as the overall market may face volatility [9][30]. Additional Insights - The commentary from earnings calls indicates a reluctance to fully acknowledge the slowdown, with many firms maintaining a positive outlook for Q3 despite recent performance [24][29]. - The urban-rural demand dynamic is complex, with urban areas showing weakness while rural areas exhibit signs of recovery, but not enough to offset urban declines [31][30]. This summary encapsulates the critical insights from the earnings call and industry analysis, providing a comprehensive overview of the current state and future expectations for the Indian market.

更多一手调研纪要和海外投行报告加V：shuinu9870 更多一手调研纪要和海外投行报告加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海外投行报告加V：shuinu9870 Citi Research November 1, 2024 更多一手调研纪要和海外投行报告加V：shuinu9870 FX Flows Weekly See AppendixA-1 for AnalystCertification, Important Disclosures and ResearchAnalystAffiliations Citi Research is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its research reports. As a result, investors should be aware thatthe Firm may have a co ...

更多一手调研纪要和海外投行报告加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 03 Nov 2024 16:41:54 ET │ 12 pages China Insurance 3Q24 Results Wrap: NBV Robust with Sales & Margin Hikes; CoR Sapped by NAT CAT; Earnings Soared on Inv't CITI'S TAKE In 9M24, life insurers delivered robust NBV growth, with PICC Life leading (+114% yoy), followed by NCI/CPIC/Ping An/China Life at 79%/38%/34%/25% yoy. Ping An/CPIC's 3Q24 NBV growth accelerated to 1.1x/75% yoy, underpinned by both accelerated FYP growth and widened NB margin. In 3Q24, ...

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **European Metals, Mining & Steel** industry, particularly analyzing trends in **China's metal inventories** including steel, iron ore, copper, aluminum, and zinc [2][4]. Key Insights Steel Production and Inventory - **Steel Output**: Recent data indicates a **1% increase** in steel production over a 10-day period ending October 25, but a **2% week-over-week decline** was noted in the week ending November 1, marking the first decline since stimulus hopes were raised in September [2][8]. - **Steel Prices and Margins**: Steel prices remained flat, but steel mill margins improved to their highest levels in approximately **two years**, although they are still negative or close to breakeven [2][14]. - **Inventory Levels**: Total steel inventory in China decreased by **1.9% week-over-week** to **12.35 million tons**, which is a **13.2% decline year-over-year** [7][16]. Iron Ore Trends - **Iron Ore Shipments**: Iron ore shipments to China increased by **2.9% week-over-week** to **25.44 million tons**, but year-over-year shipments are down **8.6%** [7][19]. - **Port Inventories**: Iron ore port inventories rose by **2 million tons** to **149 million tons**, which is above the normal seasonal average [18][19]. Copper Market Dynamics - **Copper Inventory**: There has been a significant slowdown in copper de-stocking, with inventories falling by **15,000 tons** in the last two weeks, indicating weaker downstream demand [4][25]. - **Copper Premiums**: The copper premium fell by **10%** last week to **$48 per ton**, which is a **30% decrease** since October 10, reflecting increased consumer sensitivity to high prices [4][25]. Aluminum and Zinc Insights - **Aluminum Inventory**: Aluminum inventories are at their lowest levels for this time of year compared to the previous five years, indicating strong de-stocking trends [11][26]. - **Zinc Inventory**: Zinc inventories are in line with historical averages after a rapid de-stocking phase [30][32]. Additional Observations - **Construction Activity**: A slowdown in construction activity is expected in November and December, which may further constrain steel production as China's peak season for downstream steel consumption ends [2][8]. - **Environmental Factors**: Heavy air pollution occurrences in steel-producing regions may also impact production levels [2][8]. Conclusion - The current trends in China's metal inventories suggest a complex interplay of production, demand, and environmental factors that could influence future market dynamics. The steel and copper markets are particularly sensitive to changes in consumer demand and construction activity, while aluminum and zinc inventories indicate a tighter supply situation.

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海外投行报告加V：shuinu9870 2131d4eaf4cb4d50b1d51c8af07b64b4 AIA Group (1299.HK): China Virtual Corporate Day Takeaways 4 November 2024 | 8:46PM HKT We hosted AIA IR team at our China Virtual Corporate Day on Nov 4. Investor questions were focused on the mainland China operation, especially given the two new provincial branch approvals received on Oct 28. In addition, AIA also talked about HK growth outlook and capital allocation, including potential ways to improve capital eff ...

Flash | 更多一手调研纪要和海外投行报告加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 04 Nov 2024 05:26:49 ET │ 12 pages SK Hynix (000660.KS) SK AI Summit Review: Evolving into AI Infra Solution Provider through Global Partnerships CITI'S TAKE On Nov 4th, SK Group Chairman, Taewon Chey, hosted SK AI summit conference. Chey highlighted SK group's future strategy on AI infra solutions encompassing semiconductor, data center, energy, materials, and AI services. He emphasized global partnerships centered on AI memory and AI data c ...

Summary of Shenzhen Inovance Technology (300124.SZ) Conference Call Company Overview - **Company**: Shenzhen Inovance Technology - **Stock Code**: 300124.SZ - **Date of Report**: November 4, 2024 - **Market Capitalization**: Rmb148,905 million (approximately US$20,907 million) [2][5] Key Industry Insights - **Industry**: Factory Automation (FA) in China - **Recent Performance**: General automation orders increased by +10% year-over-year (YoY) in October 2024, marking a recovery after two months of decline in August and September 2024 [2][5] - **Sector Impact**: The growth in orders is attributed to a reduction in negative impacts from the solar and electric vehicle (EV) battery sectors [2][5] Financial Performance - **4Q24 Revenue Outlook**: Concerns exist regarding a potential decline in general automation revenue YoY due to a high base in 4Q23, which saw a 37% YoY increase [2][5] - **Elevator Business**: The elevator segment continues to struggle, with a persistent YoY decline in orders reported for October 2024 [2][5] Analyst Ratings and Price Target - **Current Price**: Rmb55.600 (as of November 1, 2024) - **Target Price**: Rmb55.000, indicating an expected return of -1.1% [2][5] - **Expected Dividend Yield**: 0.8% [2][5] - **Total Expected Return**: -0.2% [2][5] Risks and Opportunities - **Downside Risks**: 1. Slower recovery in China’s automation demand 2. Worse-than-expected growth in elevator demand 3. Weaker-than-expected gross profit margin (GPM) [2][5] - **Upside Risks**: 1. Faster recovery in automation demand 2. Better-than-expected elevator demand growth 3. Stronger-than-expected GPM [2][5] Conclusion - The positive growth in general automation orders is a significant indicator for the company and the broader factory automation sector in China. However, challenges remain, particularly in the elevator business, and the overall revenue outlook for 4Q24 is cautious due to high comparative figures from the previous year. The target price reflects a conservative approach given the current market conditions and potential risks involved.

Flash | 更多一手调研纪要和海外投行报告加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 03 Nov 2024 05:30:00 ET │ 15 pages China K12 Educational Services Oct '24 Pulse: May-Oct Tutoring License Review: K9 Non-Academic (+5,998) vs. High School Academic Balance CITI'S TAKE The licensing data shows continued market expansion in K9 nonacademic segment (5,998 additions from May-Oct, with steady 200-500 monthly pace) and controlled growth in high school academic segment. While EDU's leading network coverage provides structural advanta ...