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 A c t i o n | 17 Feb 2025 10:44:22 ET │ 13 pages Shuanghuan Drive (002472.SZ) Solid Fundamental + Humanoid Robot Optionality; Raise TP to Rmb42.0 and Reiterate Buy CITI'S TAKE While we keep our 2025E earnings estimate unchanged, we raise our TP of Shuanghuan by 50% to Rmb42.0 as we roll over the EPS base from 2024 to 2025 (2024 preliminary results were released on 20 Jan) and apply a higher P/E multiple (from 23x to 28x) to reflect not only solid core business growth (primarily ...

We re-estimate economic exposures to critical import tariffs to account for global supply chains. While Korea is the Emerging Asian economy most vulnerable to auto tariffs, others could catch up in terms of overall exposure if tariffs on semiconductors and pharmaceuticals materialise. US President Donald Trump has provided an update on his plans to impose import tariffs on autos from all trade partners: "We are going to do that on around April 2."1 If so, this would be the second of the product-specific tar ...

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 17 February 2025 New narrative 2: Synergies between DeepSeek and China's spark of innovation Domestic LLM DeepSeek has again piqued global investor interest in Chinese innovation. We expect China's capital markets to play a bigger role in supporting technological innovation and industrial transformation/upgrades. The broader tech sector's share of overall A-share market capitalisation has risen over the past decade to reach 21% to date. We note that sectors more correlated wi ...

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 17 February 2025 Global Research Asia Semiconductors Mid/Small Cap Semis: AI theme remains intact; revisiting design service Equities Asia Semiconductors Haas Liu Analyst haas.liu@ubs.com +886-2-8722 7348 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9870 更多一手调研纪要和海外投行研报数据加V：shuinu9 ...

The most obvious upside risk to growth is a gain in productivity, and frequent readers of Morgan Stanley research will know we are bullish on AI. Indeed, the level of productivity is higher than pre-Covid levels, and some tentative estimates could point to faster growth as well. A cyclically tight labor market no doubt contributes, and there could be some measurement error. But gains from AI do appear to be happening faster than in prior tech cycles, so we can rule little out. In our year ahead outlook we p ...

J P M O R G A N 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 Commodities Research 17 February 2025 Commodity Market Positioning & Flows See page 10 for analyst certification and important disclosures. www.jpmorganmarkets.com {[{xTcfaSlj-ZSQMv-ljRpIM7mZxxDsxAx02hj0alK6B258vvpGfnQ4uw}]} Global commodity inflows support seasonally record high open interest value Global Commodities Research Tracey Allen (44-20) 7134-6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc Gregory C. Shearer (44-20) 7134-8161 gregory. ...

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 17 February 2025 | 10:01AM HKT GC Tech: Introducing TAM forecast for China vehicle cams; ADAS/AD to drive vehicle camera shipment growth and specification upgrades We expect vehicle camera shipments in China to reach 126m in 2025E and increase to 343m in 2030E, or a +22% CAGR, driven by the smart driving trend, and the technology feature could enhance driving safety, reducing the burden on drivers, and provide product differentiation to attract buyers. The smart driving trend is ...

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 Europe Equity Research 17 February 2025 China Metals Activity Tracker Copper & Iron Ore at 4 month highs as China activity returns post New Year. China steel output is at strongest since 2021. Copper, aluminium & zinc inventories are at >5-year lows. We present our high frequency inventory trends for steel, iron ore, copper, aluminium and zinc in China, for the week ended 14 February, the second week of China activity post Lunar New Year. Normal seasonality typic ...

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 17 February 2025 U.S. Machinery and Global Software Electrical & Global Software: How Shifting From Training To Inferencing Impacts Data Center Investment - Expert Takeaways Chad Dillard +1 212 969 1017 chad.dillard@bernsteinsg.com Mark L. Moerdler, Ph.D. +1 212 756 1857 mark.moerdler@bernsteinsg.com Miguel Marques, CFA +1 212 823 3907 miguel.marques@bernsteinsg.com Firoz Valliji, CFA +1 212 969 1226 firoz.valliji@bernsteinsg.com Shelly Tang, CFA +1 212 969 6559 shelly.tang@bern ...

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 Asia Pacific Equity Research 17 February 2025 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. China Healthcare Takeaways from JPM's China Opportunities Forum We attended JPM's China Opportunities Forum in Shenzhen on February 13- ...