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 February 17, 2025 10:13 PM GMT Global Economic Thematic M Global Foundation Multipolar World: Trade Almanac As geopolitics sharpen the focus on supply chains, we introduce a trade database that maps supply chains across sectors, products, and geographies. Using our interactive models, users can pull extensive trade data to track flows over time. Alongside the publication of Multipolar World: Supply Chain Strain, we introduce the Trade Almanac – an interactive trade database that ...

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 ab 17 February 2025 Global Research Japan Equity Strategy & Thematic Research Trump tariff policy and Japanese stocks: Can Japanese stocks catch up? US tariffs and related deals get underway US President Trump signed executive orders/memoranda on 1 February for increased tariffs on imports from Mexico, Canada and China (Link), on 10 February for additional tariffs on steel and aluminium products, and on 13 February for "reciprocal tariffs" targeting countries with high tariffs o ...

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Jiangsu Hengli Hydraulic - A Capitalizing on new opportunities amid core business turnaround: raise PT with humanoid bot breakthrough Hengli's stock surged by the daily limit of 10% today, while the CSI300 rema ...

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. 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 17 February 2025 | 10:12AM HKT iFlytek (002230.SZ): DeepSeek on iFlytek open platform; Spark X1, Deep reasoning model launched; Neutral iFlytek launched its first deep reasoning model Spark X1 in Jan 2025 and upgraded version of Spark LLM (Large Language Model) V4.0 Turbo post the launch of Spark V4.0 Turbo in Oct 2024 (link). Management h ...

Equity Research U.S. Multi-Industry 17 February 2025 U.S. Multi-Industry Whose numbers look very 2H- loaded? RRX (our EPS ests. are below the Street), LII (our EPS ests. are above the Street), VNT screen as most at risk. VRT, ROP, MMM screen as being least at risk for 2H loading dynamics in 2025 (among Dec. year-end companies) For our thoughts ahead of our 2025 Industrials Select Conference, please see our note here. For a summary of the companies that will be attending our conference, please see our Compan ...

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 A c t i o n | 17 Feb 2025 10:44:22 ET │ 13 pages Shuanghuan Drive (002472.SZ) Solid Fundamental + Humanoid Robot Optionality; Raise TP to Rmb42.0 and Reiterate Buy CITI'S TAKE While we keep our 2025E earnings estimate unchanged, we raise our TP of Shuanghuan by 50% to Rmb42.0 as we roll over the EPS base from 2024 to 2025 (2024 preliminary results were released on 20 Jan) and apply a higher P/E multiple (from 23x to 28x) to reflect not only solid core business growth (primarily ...

We re-estimate economic exposures to critical import tariffs to account for global supply chains. While Korea is the Emerging Asian economy most vulnerable to auto tariffs, others could catch up in terms of overall exposure if tariffs on semiconductors and pharmaceuticals materialise. US President Donald Trump has provided an update on his plans to impose import tariffs on autos from all trade partners: "We are going to do that on around April 2."1 If so, this would be the second of the product-specific tar ...

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 ab 17 February 2025 New narrative 2: Synergies between DeepSeek and China's spark of innovation Domestic LLM DeepSeek has again piqued global investor interest in Chinese innovation. We expect China's capital markets to play a bigger role in supporting technological innovation and industrial transformation/upgrades. The broader tech sector's share of overall A-share market capitalisation has risen over the past decade to reach 21% to date. We note that sectors more correlated wi ...

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 ab 17 February 2025 Global Research Asia Semiconductors Mid/Small Cap Semis: AI theme remains intact; revisiting design service Equities Asia Semiconductors Haas Liu Analyst haas.liu@ubs.com +886-2-8722 7348 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9 ...

The most obvious upside risk to growth is a gain in productivity, and frequent readers of Morgan Stanley research will know we are bullish on AI. Indeed, the level of productivity is higher than pre-Covid levels, and some tentative estimates could point to faster growth as well. A cyclically tight labor market no doubt contributes, and there could be some measurement error. But gains from AI do appear to be happening faster than in prior tech cycles, so we can rule little out. In our year ahead outlook we p ...