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 January 2, 2025 08:22 PM GMT US Economics | North America M Idea Employment Report Preview: Solid, but slowing We forecast 150k in December payrolls, following November's 227k rise that we estimate at 127k ex storms and strikes. We see no further fundamental weakening in December, but payrolls have slowed from earlier in the year. The UE rate increases to 4.3% and AHE rises 0.3%. Exhibit 1: Employment forecast details | Employment Report: Forecasts & Recent History | | | | | | | ...

We believe the company will continue to ramp up its production capacity, as a result, further upward revision of its shipments target is likely in 2025, we think. 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 January 2, 2025 12:00 AM GMT Xiaomi Corp | Asia Pacific M Update EV Delivery Volume Upbeat in 2024, Raise Shipments Target to 300k in 2025 Key Takeaways 2024 EV shipments exceeded 135k units. 2025 EV shipments target raised to 300k units. According to Xiaomi, its EV delivery volume exceeded 135k units in 2024, which is ...

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 2 January 2025 India Strategy India Strategy Outlook: Start buying selectively Venugopal Garre +65 6236 7643 venugopal.garre@bernsteinsg.com Nikhil Arela +91 226 842 1482 nikhil.arela@bernsteinsg.com The title may raise several questions. After an entire year of cautioning on macro and earnings risks, and now that both have surfaced, we now advise to start buying selectively. What's influencing this strategy and what does "selectively" entail? Let's find the answers. Forecasting ...

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 Derek R. Bingham +1(415)249-7435 | derek.bingham@gs.com Goldman Sachs & Co. LLC Brendan Corbett +1(415)249-7440 | brendan.corbett@gs.com Goldman Sachs & Co. LLC Varsha Venugopal +1(415)393-7554 | varsha.venugopal@gs.com Goldman Sachs & Co. LLC Brian Singer, CFA +1(212)902-8259 | brian.singer@gs.com Goldman Sachs & Co. LLC Evan Tylenda, CFA +44(20)7774-1153 | evan.tylenda@gs.com Goldman Sachs International Emma Jones +61(2)9320-1041 | emma.jones@gs.com Goldman Sachs Australia Pty ...

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 J P M O R G A N North America Equity Research 02 January 2025 SMID Cap Software Comps Vertical Software and Internet Infrastructure Universe Software Mid & Small Cap Alexei Gogolev AC (1-212) 622-9391 alexei.gogolev@jpmorgan.com We update a comparative valuation of our SMID Vertical Software and Internet Infrastructure coverage. Apart from providing relative valuation analysis of our covered universe, we also discuss how we selected peer groups for our covered stocks and sub-sec ...

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 2 January 2025 India Industrials and Infrastructure Electric India: 2025 Outlook — Thermal in 2023, the Grid in 2024, what's the story for this year? Nikhil Nigania +91 226 842 1414 nikhil.nigania@bernsteinsg.com Uma Menon +91 226 842 1490 uma.menon@bernsteinsg.com We believe the best is behind for wind equipment, thermal equipment story, transmission capex estimate revisions & renewable valuation multiples. We see Green H2 struggle to takeoff and pumped storage plans slow down. ...

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 2 January 2025 | 11:05PM HKT Kweichow Moutai (600519.SS): FY24 Preliminary Results in Line; Moutai Spirits Momentum Maintained Kweichow Moutai pre-announced its 2024 operating results on Jan 2 post market close, with revenue at Rmb173.8bn, up 15.4% yoy and NP at Rmb85.7bn up 14.7% yoy, both slightly higher than our full year estimate. Implied 4Q24 revenue is Rmb50.7bn, up 12.0% yoy, and implied 4Q24 net profit is Rmb24.9bn, up 13.8% yoy, slightly higher vs. GSe of 10.2%/10.5% yo ...

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 January 2, 2025 01:07 PM GMT Global Technology M Global Idea AI Supply Chain: CES Preview, Key Checkpoint for AI PC It remains to be seen whether the new features in AI PC at CES would lead to better graphic demand. Meanwhile, we see smaller possibility of NVIDIA's WoA AI PC chip launch (Computex more likely), as software compatibility may take more time. What to expect? CES is the largest consumer electronics trade show. In recent years, AI + IoT have been the key focus. For ot ...

J P M O R G A N 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 01 January 2025 Hardware & Networking Our Top 10 Predictions for 2025 In keeping with the spirit of a New Year, we thought it would be appropriate to share our top predictions for our coverage universe in Hardware & Networking companies. Happy New Year. 1. Starting with Apple - Expect the stock to surprise through resilience for large part of 2025 in anticipation of the AI cycle - We expect to see continued resilience from the shares ...

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 J P M O R G A N Asia Pacific Economic Research 02 January 2025 Hong Kong Retail sales roughly in line with expectation of an 8.3%oya fall Hong Kong's retail sales fell 8.3%oya in November, in line with our expectation (vs. market consensus: -5.4%oya, J.P. Morgan forecast: -8.6%oya). This widened from October's 4.8% decline. Seasonally adjusted, retail sales volume inched up 0.3%m/m sa, recording month-on-month gains for the third consecutive month. The underlying trend growth pi ...