China MCU market declined less in 2024: According to WSTS data, China MCU market was down 14% in revenue terms in 2024, while global MCU market was down 19%. This is because China MCU market began to correct earlier, in mid-2022 vs. the global peak in Mar-23. Our US analyst, Joseph Moore, recently upgraded NXP to OW, calling the MCU bottom. We think the China market is first in and first out, and we turned positive on China MCU report in Nov-24 (link). 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 February 17, 2025 08:00 PM ...

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 February 17, 2025 10:13 PM GMT Global Economic Thematic M Global Foundation Multipolar World: Trade Almanac As geopolitics sharpen the focus on supply chains, we introduce a trade database that maps supply chains across sectors, products, and geographies. Using our interactive models, users can pull extensive trade data to track flows over time. Alongside the publication of Multipolar World: Supply Chain Strain, we introduce the Trade Almanac – an interactive trade database that ...

+852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng +852-2978-1681 | verena.jeng@gs.com Goldman Sachs (Asia) L.L.C. 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 | 10:12AM HKT iFlytek (002230.SZ): DeepSeek on iFlytek open platform; Spark X1, Deep reasoning model launched; Neutral iFlytek launched its first deep reasoning model Spark X1 in Jan 2025 and upgraded version of Spark LLM (Large Language Model) V4.0 Turbo post the launch of Spark V4.0 Turbo in Oct 2024 (link). Management h ...

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 | 4:16AM GMT Multi-Industry Heatmap: 4Q24 so far Our Heatmap tracks sequential earnings acceleration/deceleration across various end markets. We are entering the final stage of 4Q24 season, with c.60% of our coverage and c.30% of our globally tracked companies now having reported. It is so far a strong season for our coverage and this week we continued to see solid beats on orders and sales. While most companies are beating on adj EBITA, margins are in line with ...

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 ...

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. Jiangsu Hengli Hydraulic - A Capitalizing on new opportunities amid core business turnaround: raise PT with humanoid bot breakthrough Hengli's stock surged by the daily limit of 10% today, while the CSI300 rema ...

Equity Research U.S. Multi-Industry 17 February 2025 U.S. Multi-Industry Whose numbers look very 2H- loaded? RRX (our EPS ests. are below the Street), LII (our EPS ests. are above the Street), VNT screen as most at risk. VRT, ROP, MMM screen as being least at risk for 2H loading dynamics in 2025 (among Dec. year-end companies) For our thoughts ahead of our 2025 Industrials Select Conference, please see our note here. For a summary of the companies that will be attending our conference, please see our Compan ...

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 Japan Equity Strategy & Thematic Research Trump tariff policy and Japanese stocks: Can Japanese stocks catch up? US tariffs and related deals get underway US President Trump signed executive orders/memoranda on 1 February for increased tariffs on imports from Mexico, Canada and China (Link), on 10 February for additional tariffs on steel and aluminium products, and on 13 February for "reciprocal tariffs" targeting countries with high tariffs o ...

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 ...

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 ...