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 | Jefferies | | --- | 2 January 2025 Warning signs Uluwatu Estate A key issue facing investors at the start of 2025 is the self-evident contradictory nature of the President-elect Donald Trump's policy agenda and how those contradictions are resolved. Still investors were not letting such issues bother them too much in the final weeks of last year. At least such was the case in America. The US stock market ended last year in a bullish frenzy. The focus was on the deregulation dr ...

J P M O R G A N Global Markets Strategy 02 January 2025 China/Hong Kong Monthly Wrap Dec 2024: the fourth year is the charm In 2024, China and HK equity indices reversed course after a three-year correction. MXCN/HSI/HSCEI/HSTECH rose by +2.7%/+3.4%/+5.1%/+2.8% in USD during December, for USD price returns of +16%/+18%/+27%/+19% during 2024. MXCN's large-cap high yielders were well bid as the 10Y CGB yield dipped to a record low of 1.68% (Figure 4Southbnd iflowsnt HKlised hgyilers & Figure 5MXCN andMXHK: Cy ...

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 2 January 2025 | | 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 | | 2 January 2025 | | | | FX Market | | Currencies Global | | | | | December | 2024 shuinu9870 | | shuinu9870 | | shuinu9870 | | Main Events | 手调研纪要和研报数据加V： ◆ Fed cuts by 25bp to 4.25-4.50%; median "dot plot" projections | Paul Mackel | | | | | | | Global Head of FX Research 手调研纪要 ...

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 2 January 2025 | 9:03AM CST China New Energy Vehicle Weekly Chartbook 2024 Week 52 - 47% NEV penetration; NEV/ICE dealer discount widened wow Bottom line: Intensifying price competition into year-end with widening dealer discount. A curated compilation of the most topical charts on weekly passenger vehicle market performance organized into the following categories: (1) PV and NEV industry weekly insurance registration volume/penetration, (2) Key NEV brands' weekly insurance regi ...

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 January 2, 2025 11:17 AM GMT M Update Geely Automobile Holdings | Asia Pacific Ambitious 2025 target | shuinu9870 | shuinu9870 | | shuinu9870 | | --- | --- | --- | --- | | 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： 更多一 | | | M 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 | Morgan Stanley Asia Limited+ Tim Hsiao Equity Analyst Tim.Hsiao@morganstanley.com +852 2848-1982 Cindy.Huang@morganstanley.com +852 3963-3568 shuinu9870 | | | | Update | | | | | January 2, 2025 11:17 AM ...

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 2 January 2025 Global Software Global Software: Top 25 research notes of 2024 Mark L. Moerdler, Ph.D. +1 212 756 1857 mark.moerdler@bernsteinsg.com Firoz Valliji, CFA +1 212 969 1226 firoz.valliji@bernsteinsg.com Shelly Tang, CFA +1 212 969 6559 shelly.tang@bernsteinsg.com As investors refine their 2025 strategy, we want to look back at the research we published in 2024 and highlight the notes that investors found most valuable. Unfortunately, we are not clairvoyant (especially ...

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 J P M O R G A N Asia Pacific Equity Research 02 January 2025 China wind power – blowing in the wind Applying AI to identify wind power stock opportunities: generation decline in December could be a negative event We apply machine learning techniques to predict China wind farms' monthly power generation using weather data. Power generation for wind farms is a function of installed capacity and wind energy available (fairly consistent in the long term). However, monthly wind speed ...

1. Can valuations go any higher? We asked this question a year ago and it is even 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 31 December 2024 | 11:48AM EST End of YEAR Market Intelligence: what a(nother) year! US stocks are trading lower on Tuesday, but still on pace for a ~23.6% gain for the year (for the S&P 500 as of 11:30 AM ET today) as investors have been navigating a steadily growing US economy, and end to the Fed's rate hiking cycle (starting in July), and a continued concentration of market cap (and market share ...

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 J P M O R G A N Asia Pacific Economic Research 02 January 2025 China December Caixin manufacturing PMI disappointed on external sector uncertainty Following the modest easing in the December NBS manufacturing PMI, today's Caixin manufacturing PMI came in below expectations, falling 1.0-pt to 50.5 (J.P.Morgan and consensus: 51.7), largely reversing the rise of 1.2-pt in November. In its breakdown, the output component of Caixin manufacturing PMI fell rather notably by 2.7-pt to 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 January 1, 2025 09:00 PM GMT China Financials | Asia Pacific Banks' shares hitting new highs; what to do from here? Risk control and high dividend yields have sent banks shares to new highs. We believe first natural economic cycles bottom in China, a modest LPR cut of only 15-20 bps and resumption of interest rate reform could support banks' NIM and drive further bank outperformance in 2025. Attractive dividend yields and rational policy combo have driven major banks' shares to ...