Flash | 16 Mar 2025 15:16:09 ET │ 9 pages China Materials Takeaways from On-ground Demand Monitor Call Series #5- Aluminum product CITI'S TAKE In our China Materials On-ground Demand Monitor Call Series, we aim to track and analyze high-frequency demand trends to see the demand recovery pace post CNY. Our market update call with Mr. Tong Yilai, Aluminum Product Research Analyst of Mysteel. Due to low processing fee currently, the aluminum profile producers are less incentivized to fill the orders from solar ...

The staples sector is up c.7% YTD (on a mkt cap weighted avg basis) and up c.6% on average this week (vs. MSCI China YTD rally at 20%). Meanwhile, we observe market sentiment gradually improving with steadier consumer confidence index and higher interest in potential upside from policy stimulus implementation (see our Europe marketing feedback takeaways) post the Two Sessions this year which ranks domestic consumption demand recovery as one of the top priorities. Therefore, we expect that market would likel ...

14 March 2025 | 5:53PM EDT US Weekly Kickstart n The S&P 500 entered -10% correction territory this week as investors digested the implications of policy uncertainty on the economic outlook. We trimmed our S&P 500 earnings estimates and reduced our year-end price target to 6200, representing 10% upside from current levels. n Due to the softer macroeconomic and market backdrop, we reduce our forecast for completed 2025 US M&A volume growth to +7% (from +25%). We model completed M&A activity as a function of ...

USA | US Insights Equity Research March 15, 2025 What You Need to Know We are pleased to present a selection of our most insightful, best-read, and most-watched US content. This week, we share knowledge gained from more than 80 healthcare management teams who joined us in Miami at Biotech on the Bay. We expect new products from NVDA next week and provide a tech primer for investors. We update the strong earnings power we forecast for top picks EQH and IP, and see a more balanced risk/reward for PEP and SHW. ...

14 March 2025 | 2:23PM EDT Global Economics Wrap-Up: March 14, 2025 Global Economics o But we"nd no economicaly or staicly sgni"cant relaionship between AI exposure and job growth, unemployment, wages, and most Joseph Briggs +1(212)902-2163 | joseph.briggs@gs.com Goldman Sachs & Co. LLC Andrew Tilton +852-2978-1802 | andrew.tilton@gs.com Goldman Sachs (Asia) L.L.C. Giovanni Pierdomenico +44(20)7051-6807 | giovanni.pierdomenico@gs.com Goldman Sachs International Jessica Rindels +1(972)368-1516 | jessica.rind ...

Flash | 16 Mar 2025 15:21:05 ET │ 10 pages 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 ...

China (PRC) | China Consumer Consumption Stimulus Action Plan On 16 March, China announced a 'special action plan for stimulating consumption,' with 30 actions covering eight areas. A press conference is to be held at 3PM HK time on 17 March. Markets are likely expecting more concrete (and quantifiable) policies to be announced in due course, either by local or central govt. Event: A 'special action plan for stimulating consumption' was announced on 16 March. A) Action to increase income: 1) encourage reaso ...

14 March 2025 | 5:26PM EDT Americas Technology: Internet Online Dating - Analyzing the Industry Debates Exiting Q4'24 earnings, we look to frame key investor debates and the current state of operating dynamics for the Online Dating sector (covered companies include MTCH, BMBL and GRND). Within this report, we update our global addressable user market analysis to help address key investor debates on the level of saturation in online dating and the remaining secular growth opportunity in the category. Key tak ...

Summary of Key Points from the Conference Call Industry Overview - The discussion focused on the **Medical Device, Tools, and Diagnostics sectors** in China, the US, and Europe, highlighting the impact of policy issues, funding, consumer demand, and product cycles on companies in these industries [1][16]. Core Insights - **China MedTech Recovery**: The MedTech sector in China is expected to bottom out and gradually recover in 2025, with a focus on equipment value-based pricing (VBP) [16]. - **US MedTech Trends**: There is rising interest in key catalysts and policy rollouts that may stabilize the market, with expectations for the fourth quarter to show signs of improvement [16]. - **European MedTech Landscape**: Insights from the European market indicate a need for adaptation to changing regulations and consumer preferences [16]. - **Life Sciences Tools & Diagnostics**: The US Life Sciences Tools & Diagnostics sector is experiencing shifts in demand, with analysts noting the importance of innovation and market responsiveness [16]. Additional Important Points - **Investment Sentiment**: Investor feedback indicates a growing focus on key catalysts and the rollout of supportive policies, which could enhance market stability [16]. - **CapEx Trends**: There is a stabilization in hospital capital expenditures in China, suggesting a gradual improvement in the healthcare infrastructure [16]. - **Consumer Demand**: The discussions emphasized the importance of understanding consumer demand dynamics in shaping product offerings and market strategies [16]. Conclusion - The conference call provided a comprehensive overview of the current state and future outlook of the MedTech and diagnostics sectors across major markets, with a particular emphasis on the recovery trajectory in China and the evolving landscape in the US and Europe [1][16].

Summary of Key Points from Conference Call Records Industry Overview - **China Industrial Tech**: Focus on data center supply chain with a positive outlook for companies like Kstar and Envicool, which have seen significant share price increases of 44% and 21% respectively since December 2024. The expected capital expenditure (capex) from internet customers is projected to increase by 75-100% in 2025E, with additional demand anticipated from telcos and enterprises due to AI applications [1][1][1]. Company-Specific Insights Kstar - Upgraded from Neutral to Buy due to expected revenue growth of 20% year-over-year (yoy) in 2025E/26E, supported by a better margin and return profile, despite a 33% valuation discount compared to peers [1][1][1]. Envicool - Reiterated Buy rating, benefiting from advancements in cooling technology [1][1][1]. Kehua and Jianghai - Downgraded from Buy to Neutral as the market may have overestimated their potential earnings and valuation upgrades [1][1][1]. Centre Testing - Identified as a potential beneficiary of productivity gains due to proactive adoption of AI technologies, with labor costs constituting over 50% of operational costs [1][1][1]. Greater China Tech Sector - **Semiconductors**: Positive outlook driven by advanced node technology, RISC V, and generative AI. Companies like AMEC and VeriSilicon upgraded to Buy due to strong demand and recovery in revenues [4][4][4]. Healthcare Sector Insights MedTech - The sector is stabilizing with expectations of a turnaround in 2025, driven by pent-up demand and stimulus measures. GEHC upgraded from Neutral to Buy based on these insights [6][6][6]. United Imaging and Mindray - United Imaging is expected to benefit from capex recovery, while Mindray faces potential revenue exposure risks due to regional value-based pricing (VBP) impacts [8][8][8]. JD.com - Healthy growth and profit outlook for 2025, with expectations of double-digit revenue growth in 1Q25 and high-single-digit growth for the fiscal year. The company is focusing on disciplined investments in on-demand retail and food delivery [12][12][12]. Nidec - Management expressed confidence in executing a profitability-focused growth strategy, with expectations of improved operating margins over the medium term [12][12][12]. NAURA - Announced acquisition of Kingsemi shares, which could lead to a 7% increase in revenues and a 4% increase in operating income for 2025E if control is achieved [15][15][15]. Other Notable Points - The Tokyo Stock Exchange is pushing for the elimination of parent-subsidiary listings, which could lead to significant returns for investors [5][5][5]. - The healthcare sector is experiencing increasing visibility on VBP policy direction, which is expected to lead to market consolidation and product upgrades [8][8][8]. This summary encapsulates the key insights and projections from the conference call records, highlighting the dynamics within the China Industrial Tech, Greater China Tech, and Healthcare sectors, along with specific company performances and strategic outlooks.