shuinu9870 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： M Update shuinu9870 shuinu9870 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： the x-date have the potential to create significant risks across many markets. These Eliminating the debt ceiling would not authorize new spending, nor would it cost shuinu9870 Indeed, these risks were emphasized by Treasury Secretary Yellen in a letter to the US 2 Although the two policy debates can be ...

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： December 19, 2024 08:16 AM GMT shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 shuinu9870 M Update Hong Kong/China Leisure & Lodging | Asia Pacific 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： Key Takeaways China's weekly hotel RevPAR was -4% YoY for the week, reflecting December 8- 14, 2024 vs. December 10-16, 2023. This slightly worsened from the prior week's -2%. However, the YoY decline in December has been narrower than we thought, reflecting flatte ...

J P M O R G A N Figure 2.2: Industrial production - Steel 更多一手调研纪要和研报数据加V： 4. Housing, consumption and production 更多一手调研纪要和研报数据加V： 6 7 8 9 10 11 12 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 2020 2021 2022 2023 2024 Figure 3.5: Deadweight tonnage of departing ships - Bulk Ton mn Source: Elane Shipping Statistics, J.P. Morgan shuinu9870 更多一手调研纪要和研报数据加V： Source: Elane Shipping Statistics, J.P. Morgan • New home sales stayed modest, with hesitation for a year-end surge; secondary home sales slowed do ...

更多一手调研纪要和研报数据加V： Ziyi Chen +852-2978-0526 | ziyi.chen@gs.com Goldman Sachs (Asia) L.L.C. Honglin Yan +852-2978-6666 | honglin.yan@gs.com Goldman Sachs (Asia) L.L.C. 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 Disclosure Appendix GS Factor Profile Quantum The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, "Goldman Sachs") and companies covered by Goldman Sachs Global Investment Research and ref ...

Summary of Datacenter Market Insights, Part 2 – ODM Direct Industry Overview - The report focuses on the **Datacenter Market**, specifically the **ODM Direct** segment, which includes major players like **Foxconn**, **Wiwynn**, **Inventec**, **Quanta**, and **Wistron** [3][40]. Key Insights 1. **Shipment Growth**: - ODM direct shipments increased by **2% quarter-over-quarter (q/q)** and **16% year-over-year (y/y)**, totaling **1.33 million units** in **3Q24** [3][40]. - Global server shipments reached **3.7 million units**, reflecting a **1% q/q** and **19% y/y** growth, with ODM direct accounting for **36.4%** of total shipments, up from **36.0%** in **2Q24** [3][40]. 2. **Market Share Dynamics**: - **Foxconn** led the ODMs with a **24.6%** market share, followed closely by **Wiwynn** at **24.4%**. Other players included **Inventec** at **21.2%** and **Quanta** at **16.8%** [3][42]. - **Wiwynn** saw the most significant increase in unit share, gaining **640 basis points (bps)** q/q [3][42]. 3. **Shipment Value**: - The value of ODM direct server shipments was **US$28.9 billion**, marking a **41% q/q** and **132% y/y** increase [3][40]. 4. **Regional Performance**: - The **Rest of World (RoW)** region exhibited the highest growth at **74% y/y**, followed by the **USA** at **20% y/y**, and **Western Europe** at **12% y/y**. However, **Japan** experienced a decline of **13% y/y** [3][40]. 5. **CPU Vendor Market Share**: - In **3Q24**, **Intel** held a **42.9%** share of the CPU market within ODM direct shipments, while **AMD** had **38.1%** and other Arm-based vendors accounted for **19.0%** [22][25]. 6. **Future Projections**: - The report anticipates a significant ramp-up in **AI server** demand, particularly with **GB200 racks** expected to increase from **500 racks in 4Q24** to **5-10k racks in 2Q25** [3][40]. Investment Recommendations - The report suggests a preference for investing in ODMs over component manufacturers, specifically recommending **Hon Hai**, **FII**, **Wiwynn**, **Wistron**, and **Quanta** based on their performance and market positioning [3][40]. Additional Considerations - The recovery in server demand is primarily driven by cloud demand, while enterprise demand remains stable but subdued [3][40]. - The report highlights potential risks, including competition in the mega data center segment and slower-than-expected AI server penetration [3][40]. This summary encapsulates the critical insights and data from the conference call regarding the ODM direct segment of the datacenter market, providing a comprehensive overview of current trends, market dynamics, and future expectations.

5 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 Global Metals & Mining 19 December 2024 Citi Research of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating and target price and assign "Rating Suspended" status for regulatory and/or internal policy reasons. Citi Research may also suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of information critical to the analyst's thesis, trading suspen ...

更多一手调研纪要和研报数据加V： Charting the course: preliminary 2025 outlook and November review of pricing and volume trends shuinu9870 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 Analysts' compensation is determined by Citi Research management and Citigroup's senior management and is based upon activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the "Firm"). Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive compensation that is impacted by overall Firm profitability which includes investment banking, sales ...

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **Alternative Investment** sector, particularly regarding the expected growth in distributable earnings (DE) in 2025, projected at approximately **27%** year-over-year [2][8][19]. Core Insights and Arguments 1. **Reopening of Capital Markets**: The anticipated growth in the Alternative sector's distributable earnings is heavily reliant on the reopening of capital markets, which have been subdued for years, leading to pressure in private markets [2][8]. 2. **Monetization Activity**: A significant portion of the expected earnings growth will come from increased monetization activity, with net realized performance income projected to grow by approximately **88%** in 2025, contributing to about **1/3rd** of the sector's distributable earnings growth [2][8][12]. 3. **Transaction Advisory Revenue Growth**: The Alternative sector has been enhancing its capital markets and transaction advisory capabilities, leading to an expected **35%** increase in transaction advisory revenues in 2024, with an additional **18%** growth forecasted for 2025 [12][19]. 4. **Retail Participation**: The retail trading sector is expected to continue its growth, driven by factors such as the resurgence of crypto, new product developments, and increased trading volumes, particularly in the context of a favorable market environment [12][86]. 5. **Interest Rate Environment**: The current interest rate backdrop is expected to impact traditional asset managers positively, with a potential increase in fixed income inflows as rates remain elevated [26][87]. Additional Important Insights 1. **Private Wealth Focus**: The Alternative sector is increasingly targeting private wealth, with estimates suggesting that only **1%** of the approximately **$80 trillion** global private wealth is currently allocated to private assets [19]. 2. **Web Traffic Trends**: There has been a recent uptick in web traffic towards Alternative private wealth offerings, indicating growing interest and engagement in this area [19]. 3. **Regulatory Changes**: The changing regulatory landscape, particularly regarding capital requirements for Global Systemically Important Banks (G-SIBs), may support higher capital returns and facilitate M&A activities [78][87]. 4. **M&A Activity**: There is an expectation of increased M&A activity in 2025, with sponsor-backed deals projected to recover as political uncertainties diminish and interest rates stabilize [95][116]. Conclusion - The Alternative Investment sector is poised for significant growth in 2025, driven by a combination of increased capital market activity, enhanced monetization efforts, and a favorable regulatory environment. The focus on retail participation and private wealth also presents new opportunities for growth.

shuinu9870 更多一手调研纪要和研报数据加V： shuinu9870 continue to deliver solid growth with channel penetration increase, while seeing less 2025. 4) By consumption scenario, company is developing the banquets market shuinu9870 更多一手调研纪要和研报数据加V： 19 December 2024 | 4:00PM HKT (Rmb1.5bn in 2024, 20% yoy sales growth in 1H24 and slowdown in 3Q24); T68 to negative impact from shipment control of customized non-standard products in 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： The following are additional required disclosures: Ow ...