Risk Reward - Jiangxi Copper (0358.HK) finitiv, the highest favored Quintile and 5 is the least favored Quintile | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------------------------------------------------------- ...

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 China Property Expect de-stocking cycle in 2025-27E; sales resilient in Dec but cooler in 1Q25E — Nov sales were more resilient than expected after policies & we expect Dec sales likely posting mild "tail bounce" in T1 & good T2 cities, but potentially cooling down in 1Q25E. We see property destocking cycle & price stabilization could continue in 2025-27E, thus est. continued REI decline in '25E. With new starts and land sales both at new lows since 2005, we see likely further d ...

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 16 December 2024 Drew Pettit Director Drew.pettit@citi.com +1 (415) 951-1621 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 conflict ofinterestthat could affectthe objectivity ofthis report. Investors should cons ...

Source: CEIC, National Bureau of Statistics, Morgan Stanley Research China's retail sales growth in November slowed down to +3.0% YoY, vs 4.8% in October, below expectations (vs. consensus at +4.6%), partly due to the front-loading effect of 11.11 promotion into Oct sales. Implied recovery pace vs. 2019 lowered to 115%, vs. 119% in October. Exhibit 1: Summary of Retail Sales Trend Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research. As a result, investors should be ...

The property sector remained the weak link in the economy. On the one hand, property sales reversed to pick up, by 3.2% y/y versus a decline of 1.6% in October, the first increase since May 2023. On a sequential basis, declines in both the new- (November: -0.2%, October: -0.5%) and second-home (November: -0.3%, October: -0.5%) prices eased for a second month. The NBS said 58 out of the 70 major cities it monitors reported declines in secondary home prices in the month, which improved slightly from 59 in Oct ...

Asia Pacific Economic Research 16 December 2024 J P M O R G A N Housing price contraction narrowed further, though on the margin... The NBS 70 cities' new home prices inched down 0.2%m/m nsa in November, along with a 0.3% fall in secondary home sales. Both narrowed modestly from the 0.5% fall in October. In %oya terms, new home prices declined 6.1% (vs. -6.2% in October) and secondary home prices declined 8.5% (vs. -8.9% in October). Compared to the previous month, new home prices declined in 49 cities (vs. ...

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 that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsistent with the author's published research) are available only on Citi's portals. Companie ...

16 Dec 2024 00:28:37 ET │ 10 pages Activity Improvement Stalls into Year-End CITI'S TAKE 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 that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Certain products (not inconsis ...

Source: CEIC, Morgan Stanley Research. E= Hong Kong Govt. estimate Morgan Stanley Research 5 M Foundation Source: HKMA, CEIC, Morgan Stanley Research Source: HKMA, CEIC, Morgan Stanley Research 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 summary M Foundation Hong Kong Economics | Asia Pacific December 16, 2024 09:00 PM GMT 2025 Outlook: Duel Challenges Ahead Real GDP growth is set to moderate in 2025-26, as rising USChina trade tensions and increased price competitiveness in Mainland China weigh on investment and consumpt ...

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 16 December 2024 Global Research China Economic Perspectives Mixed growth momentum in November Economics China Growth momentum showed a mixed picture in November After better-than-expected growth momentum in October, China had a mixed growth picture in November. Owing to major policy easing in the past several months, property sales growth rebounded to a positive YoY reading with its seasonally adjusted level improving further sequentially, lifting retail sales of related goo ...