Key Points Industry or Company Involved - The document primarily focuses on the U.S. economy and various sectors, including capital goods, materials, and logistics. Core Views and Arguments - **U.S. Economy Outlook**: The document discusses the outlook for the U.S. economy in 2025, highlighting factors such as inflation, unemployment, and interest rates. It also examines the potential impact of the Federal Reserve's monetary policy on the economy. - **Capital Goods**: The document provides an outlook for the European capital goods sector, focusing on themes such as reforms, corporate actions, and the battery cycle. It also offers top picks within the sector. - **Materials**: The document discusses the outlook for the Chinese materials sector, emphasizing selectivity and three key themes. It also provides six stock picks within the sector. - **Logistics**: The document delves into the synergies from the DB Schenker integration across all four segments, estimating potential capital unlocking and efficiency gains. Other Important Points - **Citi Research Equity Ratings Distribution**: The document provides a breakdown of Citi Research's equity ratings distribution, including buy, hold, and sell ratings for various sectors and companies. - **Thematic Equity Strategy**: The document outlines Citi's 10 favorite themes for 2025, based on five pillars: valuation, growth, quality, revisions, and macro connections. - **Global Macro Strategy**: The document presents "The Eight Trades of Hanukkah," offering macro themes and trades relevant for the year ahead. - **Important Disclosures**: The document includes important disclosures regarding the research report, including conflicts of interest, data sources, and regulatory information. References - [doc id='7'] - [doc id='14'] - [doc id='17'] - [doc id='94'] - [doc id='97'] - [doc id='98'] - [doc id='99'] - [doc id='100'] - [doc id='102'] - [doc id='107'] - [doc id='110'] - [doc id='114'] - [doc id='115'] - [doc id='118'] - [doc id='119'] - [doc id='120'] - [doc id='122'] - [doc id='124'] - [doc id='126'] - [doc id='128'] - [doc id='129'] - [doc id='131'] - [doc id='133'] - [doc id='135'] - [doc id='136'] - [doc id='137'] - [doc id='138'] - [doc id='139'] - [doc id='140'] - [doc id='141']

更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 M Update Embodied AI | North America The development of the robot 'brain' is the critical enabler driving the rise of embodied AI. In our opinion, future development of fully autonomous AI-enabled robots (humanoids, AMR's, drones, etc.) will require continued progress in general- purpose and/or specialized robotics models, also known as Vision-Language-Action models or VLA's, capable of transforming human-like sensory inputs to robotic movement and manipulation. Today, ...

Exhibit 4: New investors (scaled to 0-100% based on the percentage away from its high and low levels since January 2014) vs. CSI 300 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Mar-14Sep-14Mar-15Sep-15Mar-16Sep-16Mar-17Sep-17Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Sep-23Mar-24Sep-24Mar-25 New Investors Registered CSI300 (RHS) 1500 2000 2500 3000 3500 4000 4500 5000 5500 6000 6500 Source: CEIC, Bloomberg, Morgan Stanley Research. Data as of Dec 18, 2024. Latest new investors registe ...

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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： shuinu9870 shuinu9870 V i e w p o i n t | Youdao (DAO.N) shuinu9870 Decent ads growth momentum — Youdao's ads business momentum remained decent in 3Q24, with small scale last year, expansion into new verticals, and strong RAT revs growth with improving algorithm and AI capabilities. Mgmt sees decent growth potential for both domestic and int'l markets over LT and opportunities from entertainment industries, AI tools related ad demand, and auto industries. Having ...

shuinu9870 7 shuinu9870 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： 更多一手调研纪要和研报数据加V： shuinu9870 更多一手调研纪要和研报数据加V： Harlan Sur AC (1-415) 315-6700 harlan.sur@jpmorgan.com North America Equity Research 19 December 2024 J P M O R G A N "expert investors" or "institutional investors," as defined under Section 4A of the SFA. Recipients of this material in Singapore are to contact JPMSS or JPMCB Singapore in respect of any matters arising from, or in connection with, the material. South Africa: J.P. Morgan Equitie ...

Source: IEA, EIA, Wood Mackenzie, Rystad, Genscape, FlightAware, MariTrace, Google, TomTom, US Department of Transportation, J.P. Morgan Commodities Research 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------|-------|-------|------------------|-------|-------|-------|-------|-------|-------|-------|-------|-------| ...

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： 更多一手调研纪要和研报数据加V： Solar Products Price Tracker – Week 51, 2024 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： Polysilicon prices stayed stable WoW; N-type wafer prices edged down 1.8% WoW; N-type cell prices fell 1.8% WoW; Module prices were largely stable. Prices of solar films and EVA resin stayed flat WoW. POE resin prices increased 1.4% WoW. N-type wafer prices (182*210mm) dropped 1.8% WoW and P-type wafer prices were stable; N-type ...

M Foundation Potential Higher US Tariff Could Be (Partly) Offset by Major Domestic Cycles Bottoming or Lead to Further Rationalization of Industrial Investment 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 更多一手调研纪要和研报数据加V：shuinu9870 Milder scenario: only 50%/60% tariff on imports from China According to our economist' assessment, potential 50%/60% tariff on imports from China could result in milder real GDP impact than in the 2018-19 episode (~1ppt). In our view, the negative impact from tariff incr ...

shuinu9870 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： shuinu9870 更多一手调研纪要和研报数据加V： US Economic Perspectives Fed funds in 2024 At the end of January, the funds rate was expected to fall 137 bps this year. After the Q1 inflation data, in April the market expected the funds rate to fall just 28 bps. Those two lines mark the range in the chart below. In the event, the actual funds rate ended up below the mid-point of those expectations, which was 88 bps of rate cuts in 2024. The FOMC lowered the target range b ...