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 M Idea - JAZZ (+45% to our $175 price target): Ziihera for HER2+ BTC. The 2L BTC commercial launch is underway following Ziihera accelerated approval on November 20, 2024. Further out, we expect additional Ziihera topline growth could come from gastroesophageal adenocarcinoma (GEA) and the pivotal HERIZON-GEA-01 topline in 2Q25. | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|--------------------------------------------------------------- ...

Exhibit 2: -10 -20 -50 Source: Bloomberg, Macrobond, Morgan Stanley Research; Data as of Tuesday, Exhibit 7: Exhibit 10: Options data and data from the futures market suggest that USD positioning is long ( Exhibit 7 ). USD/CAD is the preferred short and AUD/USD the preferred long from our short-term (weekly) contrarian strategy model ( Exhibit 8 ). Source: DTCC, Bloomberg, Macrobond, Morgan Stanley Research; Options data as of Friday, December 13; Futures data as of Tuesday, December 10. Note: Using options ...

Key Points Industry or Company Involved * **Hyperscalers**: Microsoft (MSFT), Amazon (AMZN), Google (GOOGL), Meta (META), Oracle (ORCL) * **Software Companies**: Salesforce (CRM), Adobe (ADBE), Intuit (INTU), Microsoft (MSFT), Amazon (AMZN), Meta (META), Google (GOOGL) * **AI Startups**: Adept, MosaicML, Together.AI, Cohere, xAI, Inflection, Anthropic, AI21 Labs, Stability AI, Mistral AI Core Views and Evidence * **AI is a significant growth driver for hyperscalers and software companies**: AI is expected to drive significant revenue growth for hyperscalers and software companies over the next few years. This is driven by increasing demand for AI applications across various industries and the ability of these companies to leverage their existing infrastructure and data to develop and deploy AI solutions. * **AI adoption is accelerating**: AI adoption is accelerating across various industries, with increasing interest in AI applications for productivity, customer service, and other use cases. This is supported by evidence of growing AI budgets and increasing adoption of AI tools and platforms. * **Cloud providers are key beneficiaries of AI growth**: Cloud providers are well-positioned to benefit from AI growth due to their existing infrastructure and data, as well as their ability to offer AI services and platforms to customers. * **AI infrastructure is a key barrier to AI adoption**: AI infrastructure, including computing power, data storage, and data management tools, is a key barrier to AI adoption for many organizations. This is particularly challenging for smaller companies with limited resources. * **AI is still in the early stages**: While AI is growing rapidly, it is still in the early stages of development and adoption. This means that there is significant potential for future growth and innovation. Other Important Points * **AI is driving increased cloud consumption**: AI is driving increased demand for cloud services, as organizations need cloud infrastructure to support AI workloads. This is benefiting cloud providers and infrastructure companies. * **AI is creating new monetization opportunities**: AI is creating new monetization opportunities for software companies, including through the development of new AI-powered products and services, as well as through the integration of AI into existing products and services. * **AI is transforming the software industry**: AI is transforming the software industry by enabling new types of applications and services, and by changing the way software is developed and delivered. * **AI is creating new challenges**: AI is also creating new challenges, including ethical and societal challenges, as well as technical challenges related to AI safety and security. 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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 ...

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. ...

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 ...

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 ...

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 ...

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 ...

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