Flash | 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 10:59:36 ET │ 11 pages Li Auto (LI.O) Li Auto incentives updates (Oct version) CITI'S TAKE By end-Oct, Li Auto narrowed its car purchase incentives across L-series while lifting total incentives for Mega. L6 end-Oct incentives were reduced by -11.3% (vs. early-Oct) to Rmb15.9k, with cash incentives down -16% to Rmb13.1k. L7/L8 saw total incentives cut -15% to Rmb12.4k by end-Oct, with cash incentives decreasing by -29.4% to Rmb9.6k. L9's cash incentives down ...

M Update Greater China Technology Hardware | Asia Pacific November 3, 2024 09:15 PM GMT 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 Implications from Intel Call, IDC's 3Q PC Shipment Data Intel expects 4Q PCs to see q/q growth off a sub-seasonal 3Q, and expects DCAI revenue to be flat q/q in 4Q off an elevated base in 3Q. Overall comments were largely in line with what we have been hearing from the supply chain. 更多一手调研纪要和海外投行报告加V：shuinu9870 PCs: Intel 3Q Client revenue fell 1% q/q, in line with the sub-seasonal flat-to-do ...

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 04 Nov 2024 10:58:42 ET │ 15 pages US Economics Inflation Weekly – Wage pressures returning to normal CITI'S TAKE Core PCE inflation rose 0.25%MoM in September, a bit stronger than the 0.21% increase we had been expecting but with Q3 inflation still rising close to target with a 2.16%QoQ annualized increase. Core inflation could remain volatile month to month, with some upside risk in October from components like medical and financial services. But h ...

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 M Foundation | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-----------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------| | | | | | | | | November 3, 2024 08:23 PM ...

30 October 2024 | 11:47PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Innovent Biologics (1801.HK): Tyvyt-led 3Q beat with eyes on next wave of approvals 3Q sales beat with strong momentum maintained: Innovent reported 3Q24 product revenue to exceed Rmb2.3bn (vs. GSe of c.Rmb2bn, +40% y/y, c.15% q/q), maintaining its strong sales performance in the past few quarters (average teens growth q/q since 1Q23) amid the lingering industry-wide anti-corruption disruptions. With accelerated qoq growth, Tyvyt became the majo ...

Action | 30 Oct 2024 00:52:42 ET │ 10 pages Hengli Hydraulic (601100.SS) Adding Downside 90-Day Catalyst Watch View original report on this Catalyst Watch | --- | --- | |------------|--------------------------------------| | | | | Direction: | Downside | | Duration: | Within 90 Days (expires 29 Jan 2025) | | Catalyst: | Earnings | We open a 90-Day downside catalyst watch on Hengli as we are concerned that the market may not be fully aware that 4Q24 could still be a weak quarter after weakerthan-expected 3Q2 ...

31 October 2024 | 10:14PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Key numbers: Main points: Bottom line: The preliminary reading of 2024 Q3 Hong Kong GDP growth came in at +1.8% yoy, significantly below consensus expectations. In quarter-over-quarter seasonally-adjusted non-annualized terms, real GDP fell by 1.1% in Q3 2024 (vs. +0.3% in Q2 2024). The moderation of year-over-year growth is primarily due to a larger goods trade deficit in Q3, driven by slowed goods export growth. Looking ahead, goods export gro ...

29 October 2024 | 10:01PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | | | | Global Tech Server TAM: Introducing rack-level AI server forecasts | | | Post the launch of our global server TAM estimates in Oct 2023 (report link), to better cap ...

Summary of Global FX Strategy - 31 October 2024 Company and Industry Involved - **Company**: Citigroup Global Markets Inc. - **Industry**: Foreign Exchange (FX) Strategy Key Points and Arguments 1. **Exit of AUDNZD Short Position**: Citigroup has exited its tactical AUDNZD short position for no gain, with a spot reference of 1.1011 as of 10/31. The short was initiated at 1.1010 on 10/28 due to hawkish RBA pricing and stretched positioning, which created attractive asymmetry for AUDNZD downside [1][4][5] 2. **Market Conditions**: Despite the unwinding of leveraged AUD longs, the AUDNZD pair has remained within a tight range, influenced by stickier real money longs. The exit was timed ahead of key event risks including RBA announcements, NZ Jobs data, and the US election [1][5][6] 3. **Positioning Insights**: The report highlights that AUD leveraged longs have steeply unwound, while real money longs have remained persistent. This indicates a shift in market sentiment and positioning ahead of significant economic events [5][6] 4. **CPI and RBA Expectations**: Australian Consumer Price Index (CPI) details were strong enough to avoid dovish repricing by the RBA, although Australian rates have been affected by a recent global selloff. This suggests that inflationary pressures may influence future monetary policy decisions [5][6] 5. **Strategic Flexibility**: The decision to exit the position allows Citigroup to maintain flexibility to act on developing opportunities in a noisy market environment over the coming days [1][4][5] Other Important but Possibly Overlooked Content 1. **Analyst Certification and Disclosures**: The report includes important disclosures regarding potential conflicts of interest, as Citigroup may have business relationships with companies covered in its research reports. Investors are advised to consider this when making investment decisions [2][7][8] 2. **Market Sentiment Indicators**: The report provides insights into market sentiment through positioning data, which can be critical for understanding potential market movements and making informed trading decisions [5][6] 3. **Global Economic Context**: The report situates the AUDNZD strategy within a broader global economic context, indicating that external factors such as the US election and global market trends are influencing local currency movements [1][5][6] This summary encapsulates the critical insights and strategic decisions made by Citigroup regarding the AUDNZD currency pair, reflecting both market conditions and broader economic influences.

Summary of Bloomage Biotechnology Corp. (688363.SS) 3Q24 Earnings Call Company Overview - **Company**: Bloomage Biotechnology Corp. (688363.SS) - **Industry**: Biotechnology, specifically focusing on skincare and medical devices Key Financial Highlights - **3Q24 Net Profit**: Declined by 77% year-over-year (yoy) to RMB 20.3 million, missing consensus estimates by 80% and 84% [2][16] - **3Q24 Sales**: Fell by 7.1% yoy to RMB 1,064 million, which was 12% lower than Goldman Sachs estimates [8][9] - **Operating Profit**: Decreased by 80.9% yoy to RMB 14 million, significantly below estimates [8][15] - **Gross Margin**: Increased by 1.2 percentage points yoy to 72.4%, but was slightly below estimates [12] Segment Performance - **Functional Skincare**: Contributed approximately 36% to revenue, declining by 22% yoy [11] - **Medical Devices**: Contributed about 28% to revenue, showing a growth of 10% yoy, primarily driven by medical aesthetics [11] - **Raw Materials**: Also contributed around 28% to revenue, with a slight decline of 2% yoy [11] Management Insights 1. **Recovery Outlook**: Management expects improvement in the skincare business starting from 4Q24, attributing 3Q24's weakness to ongoing transformation efforts [4] 2. **New Product Launches**: Two key products for the Double 11 shopping festival were introduced: Biohyalux Facial Cream and QuadHA Skin Dynamic Youth Cream [4][22] 3. **Medical Aesthetics**: Management targets RMB 400-500 million in sales from a new injectable HA filler for neck wrinkles within 1-3 years [4][21] 4. **Raw Materials Growth**: The company aims for over RMB 100 million in sales from sterile-grade HA and ergothioneine within three years [4][20] Cost Management - **Selling Expenses**: Decreased by 13% yoy to RMB 452 million, with a selling expenses to sales ratio declining by 3.1 percentage points [13] - **Administrative Expenses**: Increased by 55% yoy to RMB 176 million, primarily due to one-off restructuring costs [14] - **R&D Expenses**: Rose by 25% yoy to RMB 113 million, reflecting increased investment in innovation [14] Market Position and Risks - **Market Performance**: Despite a recent positive trend in gross merchandise value (GMV) during the Double 11 period, Bloomage ranked last among local brands, indicating challenges in achieving a turnaround [5] - **Investment Rating**: Goldman Sachs maintains a "Sell" rating on Bloomage with a target price of RMB 50, reflecting concerns over the company's recovery trajectory [23][25] Conclusion Bloomage Biotechnology Corp. is currently facing significant challenges in its functional skincare segment, with a notable decline in sales and profits. However, management is optimistic about future recovery driven by strategic transformations and new product launches. The company is also focusing on cost management to improve profitability. Investors should remain cautious due to the ongoing risks and the company's current market position.