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. backdrop). Our top-picks for China consumer industry: Haier, Midea, YUMC, Anta, Tsingtao (H) and CRB. China Nov offline retail sales were up 6.1% yoy, while online went down by 2.7% yoy, due to the early start ...

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 Ecommerce According to the National Bureau of Statistics (NBS), China online retail sales in 11M24 increased 7.4% YoY to Rmb14,031bn, slower than the 8.8% YoY increase as of October. On a monthly basis, online retail sales in November declined 2% YoY vs. 10% YoY growth in October, reflecting the earlier Singles Day promotion this year. We believe the better way to read the numbers is to look at accumulated online retail sales growth in OctoberNovember, which normalizes the ...

Company and Industry Overview * **Company**: Pfizer Inc. (NYSE:PFE) * **Industry**: Pharmaceuticals, Biotechnology Key Points and Arguments 1. **2024 Financial Guidance Reaffirmed**: Pfizer reaffirmed its full-year 2024 financial guidance, expecting revenues in the range of $61 billion to $64 billion and adjusted diluted earnings per share in the range of $2.75 to $2.95 [16]. 2. **2025 Financial Guidance**: Pfizer provided guidance for 2025, anticipating revenues in the range of $61 billion to $64 billion and adjusted diluted earnings per share in the range of $2.80 to $3.00 per share [19]. 3. **Revenue Growth**: Pfizer expects operational revenue growth of approximately flat to up 5% in 2025, driven by the growth of its oncology and non-COVID vaccine products [19]. 4. **Adjusted Diluted Earnings Per Share Growth**: Pfizer expects adjusted diluted earnings per share to grow operationally by approximately 10% to 18% in 2025, reflecting an operating margin expansion of over 250 basis points versus 2024 [19]. 5. **COVID-19 Products**: Pfizer expects its COVID-19 products, Comirnaty and Paxlovid, to contribute to stable revenue in 2025, with both maintaining their market shares with stable pricing [20]. 6. **Oncology**: Pfizer expects its oncology products, such as Padcev, Lorbrena, and Ibrance, to contribute significantly to growth in the later part of the decade [24]. 7. **Non-COVID Vaccine Products**: Pfizer expects its non-COVID vaccine products, such as Abrysvo and Prevnar, to remain key contributors to its business [22]. 8. **Cost Reduction**: Pfizer achieved its goal of $4 billion in net cost savings by the end of 2024 and expects an additional $500 million in net cost savings in 2025 [11]. 9. **Capital Allocation**: Pfizer remains committed to maintaining and growing its dividend, investing in its business, and de-leveraging its balance sheet [31]. Other Important Content * **Seagen Acquisition**: Pfizer highlighted the successful integration of Seagen and the positive impact of the acquisition on its oncology portfolio [8]. * **Pipeline**: Pfizer discussed its robust pipeline, including several Phase 3 studies and potential new products in various therapeutic areas [9]. * **R&D Leadership**: Pfizer announced the appointment of Dr. Chris Boshoff as its Chief Scientific Officer and President of R&D [9]. * **Capital Return**: Pfizer plans to continue monetizing its stake in Haleon over time, considering its cash flow requirements and future market conditions [31]. * **Drug Pricing**: Pfizer discussed the impact of the IRA Medicare Part D redesign on its revenue and its commitment to transparency and passing savings to patients [53].

. DJIA 43717.48 g 110.58 0.25% NASDAQ 20173.89 À 1.2% STOXX 600 515.83 g 0.1% 10-YR. TREAS. yield 4.397% OIL $70.71 g $0.58 GOLD $2,651.40 g $4.60 EURO $1.0514 YEN 154.15 s 2024 Dow Jones & Company, Inc. All Rights Reserved ***** TUESDAY, DECEMBER 17, 2024 ~ VOL. CCLXXXIV NO. 143 WSJ.com HHHH $5.00 Germany's Chancellor Loses Confidence Vote LOW POINT: German Chancellor Olaf Scholz, center, on Monday lost a confidence vote, which he called to clear the way for FREDERIC KERN/DDP/ZUMA PRESS the dissolution of ...

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shuinu9870 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： 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 12 December 2024 | 3:13AM EST shuinu9870 shuinu9870 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： Americas Transportation 2025 Outlook: Manufacturing Output Key to Unlocking Better Mix and Operational Torque 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： For Transport Outlook 2025, we primarily remain focused on more asset intensive names to reflect the most potential for operational leve ...

shuinu9870 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： 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 12 December 2024 | 12:13AM HKT shuinu9870 更多一手调研纪要和研报数据加V： Source: Company data shuinu9870 shuinu9870 更多一手调研纪要和研报数据加V： Kingsoft Office (688111.SS): WPS AI and Super membership discount to drive adoption; new AI function launched; Buy shuinu9870 Kingsoft Office (KO) is now offering higher discounts for WPS AI and WPS Super Membership (from late Nov) (Exhibit 1) to (1) engage new AI users and drive ...

ab 12 December 2024 Global 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 US Economic Data A volatile time for claims Initial claims rise 17K to 242K, continuing rise too Initial claims for unemployment insurance rose 17K to 242K in the week ending December 7, above our estimate (232K) but further above consensus (220K). We emphasize, though, that as we wrote in Friday's US Economics Weekly, we are entering a volatile time of year for claims. The weeks between Thanksgiving and New Year's Day can see some of the larg ...

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shuinu9870 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： 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 shuinu9870 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： The Point for CEEMEA Thursday, 12 December 2024 Point | shuinu9870 shuinu9870 Top Call | Emerging Europe | Sector | Strategy & Economics | Key Rating and Target Price Changes 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： TopCall Tiger Brands Ltd (TBSJ.J) - Margin recovery (Bakery) & disposals supporting special div/ROIC and higher multiple In ...