Rmb25.8tn, down 37% YoY. M Update October 13, 2024 09:10 PM GMT | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Asia Pacific Equity Research 13 October 2024 China Commercial Property Luxury malls' tenant sales bleak in 3Q; improved but mixed in Golden Week We participated in the property tour hosted by Hang Lung Properties (HLP), visiting two luxury malls in Shanghai (Plaza 66 and Grand Gateway 66) and one in Dalian (Olympia 66). The overall picture echoes our recent takeaways from luxury malls visits in top-tier cities, where HLP's 3Q24 tenant sales remained tepid, particularly in Shanghai. For the Golden Week, foot ...

MENA Equity Research 14 October 2024 J P M O R G A N MENA Equities Geopolitical risk - impact on stocks and sectors | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------- ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Chinese Aviation and Transportation - **Date**: October 13, 2024 Key Insights on Capacity and Slots - **CAAC Slot Plans for 2024/25**: - Domestic slots are projected to decline by 1% year-over-year (YoY), with a 24.2% increase compared to 2019 levels. In the previous season, there was a 0.7% YoY increase to 29.5% above 2019 levels [2] - International passenger slots are expected to grow by 5% YoY, reaching 77% of 2019 levels, while regional passenger slots are anticipated to drop by 13% YoY to 80% of 2019 levels [2] Performance of Chinese Airlines - **Domestic Slots**: - Spring season shows a 7% YoY decline in domestic slots, with the "Big 3" airlines experiencing a reduction of 4% to 2% YoY. Compared to 2019, the Spring season shows a 51% increase, with the Big 3 up by 13% to 25% [3] - Overall, regional slots are expected to be at 94% of 2019 levels, and international slots at 88% of 2019 levels [3] Airport Performance Insights - **Shanghai**: - Chinese airlines' international routes are only 8.5% below 2019 levels, while foreign airlines remain 32.5% below. Domestic slots are 15% above 2019 levels, affected by capacity constraints at Hongqiao Airport [4] - **Guangzhou**: - Domestic slots are projected to be 21% above 2019 levels, while international routes for Chinese airlines are 20% below 2019 levels [4] - **Beijing**: - Domestic slots are 26% above 2019 levels, but international routes for Chinese airlines remain 21% below 2019 levels [4] - **HMIA**: - Domestic slots are 25% above 2019 levels, outperforming Sanya's 16% increase [5] Analyst Ratings and Coverage - **Analyst Ratings**: - The report includes various stock ratings for companies in the aviation sector, with a focus on relative performance expectations over the next 12-18 months [9][10] - **Investment Banking Clients**: - Morgan Stanley has received compensation from several airlines, indicating potential conflicts of interest in their research [11] Additional Considerations - **Market Dynamics**: - The recovery of non-domestic capacity is noted, but demand headwinds amid macroeconomic challenges are acknowledged [2] - **Regulatory Disclosures**: - The report includes important disclosures regarding the relationships between Morgan Stanley and the companies covered, emphasizing the need for investors to consider potential conflicts of interest [12][13] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the Chinese aviation industry.

M Update Sunny Optical | Asia Pacific October 13, 2024 09:00 PM GMT September: Handset Lens Shipments to Beat while CCM to Miss in 2024? With mix improvement the top priority, handset CCM still recorded weak shipments. Handset lenses delivered solid growth, and shipments appear highly likely to beat the target. Key Takeaways Handset CCM YTD growth rate decelerated from +3% in Jan-Aug to -1% in Jan- Sep. Handset lenses recorded +6% YoY growth in Sep and +20% in Jan-Sep. Vehicle lenses' YTD growth slightly im ...

Tingting Ge (852) 2800-0143 tingting.ge@jpmorgan.com Asia Pacific Economic Research Haibin Zhu (852) 2800-7039 haibin.zhu@jpmorgan.com JPMorgan Chase Bank, N.A., Hong Kong Branch Grace Ng (852) 2800-7002 grace.h.ng@jpmorgan.com 13 October 2024 J P M O R G A N Greater China • China: NDRC did not provide further stimulus details, all eyes on the Saturday MOF press conference • FX reserves a touch above expectation, two-sided risks around 7 for USD/CNY • Taiwan: September exports moderated, partly paying back ...

Key Points Industry/Company - **Company**: Adobe Inc. (NASDAQ:ADBE) - **Event**: Adobe MAX 2024 Investor Q&A with Company Leadership - **Date**: October 14, 2024 Core Points and Arguments - **AI Innovation**: Adobe has made significant strides in AI, focusing on data, models, and interfaces. They have integrated AI into various products, including Firefly, Acrobat, and GenStudio. - **Monetization**: Adobe is monetizing AI through subscriptions, add-on offerings, Digital Experience solutions, and new AI-first standalone offerings like Firefly services and custom models. - **Revenue Growth**: Adobe exceeded its fiscal 2024 targets and is confident in delivering another strong quarter. - **MAX Event**: Adobe MAX 2024 showcased the company's commitment to innovation and collaboration, with over 10,000 attendees and 200 sessions. - **Digital Experience**: Adobe Experience Cloud and Creative Cloud are uniquely positioned to bring together content, data, and journeys to deliver personalized experiences at scale. - **GenStudio**: GenStudio for performance marketing is a key initiative that connects the Creative Cloud and Experience Cloud, enabling brands to create and measure the impact of their content. Other Important Points - **ARR Reporting**: Adobe will report ending ARR on an annual basis to provide better visibility into the true underlying longer-term trajectory of the business. - **Product Integrations**: Adobe is integrating AI capabilities throughout its suite of product offerings, leveraging its large user base and cross-product surfaces. - **Go-to-Market Strategy**: Adobe has a diverse and geographically distributed go-to-market strategy, focusing on web and mobile, small businesses, and large enterprises. - **Firefly Video**: Firefly Video is monetized through a subscription model, similar to Acrobat, due to its specialized nature and cost. - **Express**: Adobe Express is gaining traction among solopreneurs, small businesses, education, and enterprises, with partnerships with Box and Wix. References - [1] - [2] - [3] - [4] - [5] - [6] - [7] - [8] - [9] - [10] - [11] - [12] - [13] - [14] - [15] - [16] - [17] - [18] - [19] - [20] - [21] - [22] - [23] - [24] - [25] - [26] - [27] - [28] - [29] - [30] - [31] - [32] - [33] - [34] - [35] - [36] - [37] - [38] - [39] - [40] - [41] - [42] - [43] - [44] - [45] - [46] - [47] - [48] - [49] - [50] - [51] - [52] - [53] - [54] - [55] - [56] - [57] - [58] - [59] - [60] - [61] - [62] - [63] - [64] - [65] - [66] - [67] - [68] - [69] - [70] - [71] - [72] - [73] - [74] - [75] - [76] - [77] - [78] - [79] - [80] - [81] - [82] - [83] - [84] - [85] - [86] - [87] - [88] - [89] - [90] - [91] - [92] - [93] - [94] - [95] - [96] - [97] - [98] - [99] - [100] - [101] - [102] - [103] - [104] - [105] - [106] - [107] - [108] - [109]

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Global Markets Research Asia Insights 9 October 2024 Economics - Asia ex-Japan China: What's next (II)? While the National Development and Reform Commission (NDRC) press conference on 8 October seemingly disappointed markets, market should know that it is not within the NDRC's mandate to make fiscal stimulus announcements. The corrections in stock markets may not be a bad thing as, in our view, preventing a stock mania and crash is a precondition to successfully jumpstart China's economy. We firmly expect B ...

Hewlett Packard Enterprise Company (NYSE:HPE) HPE AI Day Executive Session October 10, 2024 1:45 PM ET Company Participants Paul Glaser - Head of Investor Relations Antonio Neri - President & CEO Fidelma Russo - EVP & General Manager, Hybrid Cloud & CTO Neil MacDonald - EVP and GM, Server Shannon Cross - Chief Strategy Officer Conference Call Participants Timothy Long - Barclays Bank Aaron Rakers - Wells Fargo Asiya Merchant - Citigroup Mehdi Hosseini - Susquehanna Meta Marshall - Morgan Stanley Daniel Zhu ...